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MNT Jumps 64.24% Following Upbit Listing and Launch of “Mantle Rewards Station”
Mantle Network (MNT), launched in June 2022, is a modular Ethereum Layer 2 solution that enhances blockchain performance through optimistic rollups and an improved data availability architecture. The MNT token reached an all-time high this week, propelling its market cap above $4 billion. This surge followed the launch of the "Mantle Rewards Station," whose users can lock MNT tokens to earn rewards, issued as mShard tokens, redeemable for Ethena Lab's ENA token. The reward program started on March 25, 2024, with significant interest highlighted by MNT's listing on the South Korean exchange Upbit. The rise in MNT's value reflects growing investor interest in Layer 2 solutions, due to their scalability benefits and potential high returns.
PENDLE Surges After Michi Protocol Goes Live
PENDLE jumped 9.4% after Michi Protocol went live with YT deposits via Pendle for $MICHI points and liquidity solutions. Launched in June 2021, Pendle is a DeFi protocol on Ethereum for tokenised yield trading that allows users to split assets into Principal Tokens (PT) and Yield Tokens (YT) for flexible trading and various yield strategies. Its platform also supports Arbitrum.
Michi Protocol has now officially launched, allowing its users to deposit YT via the Pendle platform at michiwallet.com to earn $MICHI points. $MICHI represents a new trustless point trading protocol, offering liquidity options for various platforms including EigenLayer, Renzo, ether.fi and Kelp DAO.
DEGEN Token Skyrockets With Expanding Utility and Base Ecosystem Integration
DEGEN, originally a meme coin airdropped to Farcaster users, has surged 1,500% since March 14, 2024, reaching a $212 million market cap, thanks to its growing role in the Base ecosystem projects. As Base, developed by Coinbase, sees record transactions, DEGEN's integration into apps and its use in grants for early-stage projects mark its transition from a meme coin into a significant part of the Base ecosystem.
Despite speculation about Base potentially introducing its native token, Coinbase has remained silent. Among the projects supported by DEGEN are Drakula, a “web3 TikTok” with over $10 million in trading volume, as well as others, such as the prediction game Perl and the finance protocol Superfluid, showcasing DEGEN's expanding utility and adoption.
ONDO Jumps 30.2% After Ondo Finance Expands With Global Markets and Multichain Integration
Ondo Finance (ONDO), founded in 2021, is a decentralised blockchain finance system that offers tokenised versions of real-world, U.S.-based institutional-grade securities to investors. ONDO recently introduced Ondo Global Markets (Ondo GM), expanding access to a wider range of tokenised assets. Additionally, over the past eight months, the firm has emphasised multichain expansion, launching products on the Sui, Solana and Aptos blockchains, facilitated by integrations with Axelar and deBridge.
February’s PCE Price Index Rises 2.8% YoY in Line with Expectations
Excluding food and energy costs, the personal consumption expenditures price index in February 2024 increased 2.8% on a 12-month basis and was up 0.3% from a month ago. Fed Chair Jerome Powell emphasised after the data release that the Fed could keep interest rates at current levels if inflation remains elevated. He also highlighted that interest rates aren’t going back to ultralow levels seen before Covid-19.
U.S. Economy Grows by 3.2% YoY in Q4 2023
The U.S. economy grew by 3.2% in Q4 2023, a slight dip from the initial 3.3% estimate, but down from Q3's 4.9% growth. This revision was primarily due to a reduction in private inventory contributions, offset by increased consumer spending, particularly in services. Meanwhile, government spending also saw a significant uptick, while trade figures exceeded expectations with both exports and imports rising.
Non-residential investment, especially in intellectual property and structures, was revised upward, although equipment investment was downgraded. Residential investment outperformed earlier projections. Overall, the U.S. economy expanded by 2.5% in 2023, improving upon its 1.9% growth in 2022, as reported by the U.S. Bureau of Economic Analysis (BEA).
U.S. Durable Goods Orders Dropped by 6.1% Month-Over-Month in January 2024
In January 2024, U.S. durable goods orders dropped by 6.1% month-over-month, exceeding the expected 4.5% decline and marking the steepest fall since April 2020. The drop was largely due to a downturn in transportation equipment orders, which fell by 16.2%. Moreover, this category's decrease was significantly impacted by a 58.9% drop in nondefense aircraft and parts orders and a slight reduction in motor vehicles and parts.
Additionally, there were declines in orders for fabricated metal products, primary metals and capital goods. However, excluding transportation, orders only dipped by 0.3%, and orders for nondefense capital goods (excluding aircraft) rose slightly by 0.1%, indicating a modest increase in business spending plans.
Ethena’s ENA Token Airdrop Launches on April 2
Ethena, a DeFi protocol with a yield-earning strategy based on Ether derivatives funding rates, is launching its governance token, ENA, next week, with a 750 million token airdrop that constitutes 5% of its total supply. Holders of Ethena's synthetic dollar, USDe — which recently surged from $85 million to $1.3 billion in value — are eligible for the distribution. The ENA tokens will commence trading on exchanges starting April 2, 2024. This initiative follows the protocol's successful yield generation from Ether liquid staking and derivatives trading, capitalising on crypto market dynamics. Post-airdrop, Ethena plans to introduce new incentives to further engage users.
Inception Confirms Methods to Earn Its ING Token Airdrop
Inception, an underfarmed protocol with a confirmed native token, offers a 3:1 airdrop strategy guide focusing on earning 15x Inception Totems for the $ING airdrop, EigenLayer points, yields and interactions with other protocols. Before engaging, users are advised to bookmark the guide, prepare for potentially high Ethereum gas fees, conduct their research due to inherent DeFi risks and note that this is not financial advice.
InceptionLRT specialises in restaking liquid-staked ETH, recently launching a DeFi Integrations product to earn extra Totems by adding liquidity. The strategy involves using a liquid staking token (LST), specifically Swell's swETH, to earn various rewards and points. Steps include staking ETH for swETH, restaking for swETH and contributing liquidity on Uniswap for yields and additional points.
Lista DAO Introduces Creative Team Farming of Its Upcoming Airdrop
Lista DAO (formerly Helio) is introducing a Team feature to enhance its airdrop points farming strategy. Participants are encouraged to form teams, which, upon collectively gathering a certain amount of stardust, can unlock multipliers up to 2x, effectively doubling their points. This team-based approach aims to maximise airdrop rewards, with the airdrop set to occur in April.
Lista DAO has successfully raised $10 million in funding. For newcomers eager to participate, the process involves staking BNB on Synclub to obtain slisBNB, then using slisBNB to borrow lisUSD on Lista and finally staking lisUSD to start earning points. Additional methods to accrue stardust include providing liquidity for lisUSD or slisBNB pairs on PancakeSwap and trading these tokens. This strategy is designed to not only increase airdrop points, but also to foster community engagement within the Lista ecosystem.
Stay tuned for more institutional insights and crypto updates next week!