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The SPX index was up by 0.25% on Tuesday, boosted by strong performance in AI-related semiconductor stocks such as Nvidia. Investors are now focusing on upcoming economic reports, including US housing starts, building permits, and initial jobless claims. The broader cryptocurrency market is up, with Bitcoin and Ether rising by 0.76% and 2.64%, respectively in the past 24 hours
Today's top performer is DEGEN, which surged 19.6% following the announcement of the Rarible and $DEGEN partnership that offers points and airdrops with NFTs.
Degen (DEGEN), launched in January 2024, is a token on the Base blockchain, originally designed as a meme coin for the Farcaster decentralized social network. It has evolved beyond its initial scope to attract a diverse community of developers, content creators, and cryptocurrency enthusiasts, symbolizing community-driven innovation in blockchain. Rarible now supports the DEGEN token, allowing users to create, collect, and bid on NFTs using DEGEN. Participants can earn points by minting a special open edition NFT, creating a listing, and following Rarible on Farcaster. To mark the partnership with Rarible, Degen is collaborating with Stack to issue points for minting the Rarible x Degen NFT, which qualifies users for a $DEGEN airdrop as a token of appreciation to the community.
Check Out the Latest Prices, Charts, and Data of DEGENUSDT Perp and DEGEN/USDT Spot!
LayerZero, an omnichain interoperability protocol, has announced the launch of ZRO, its native token, with claims starting on June 20. The fixed supply of 1 billion tokens will be distributed among community members (38.3%), strategic partners (32.2%), and core contributors (25.5%), with a rigorous anti-Sybil campaign to ensure fair allocation. Approximately 8.5% of the total supply will be claimable immediately, with additional distributions planned for future initiatives and ecosystem growth. The distribution process incorporates eligibility based on past transactions and engagement with the protocol to align and reward enduring contributors. Eligible users can verify their status via the LayerZero website and claim their tokens on the specified date, fostering long-term protocol and community development.
Category | Flow (millions) |
GBTC | 0.0 |
Non-GBTC | 0.0 |
Total | 0.0 |
Bitcoin spot ETFs have seen $714.4 million withdrawn over four consecutive trading days, indicating waning investor confidence. Major funds like Fidelity's FBTC and Grayscale's GBTC experienced significant outflows, with a notable single-day withdrawal of $83 million from FBTC. Despite these outflows, the total net asset value of Bitcoin ETFs is still substantial at $56.056 billion. Analyst Willy Woo attributes the price dip in Bitcoin, from $70,000 to approximately $65,153, to reduced mining activity and prevalent paper trading. Some analysts suggest a shift in investor focus towards upcoming Ethereum ETFs while maintaining a generally bullish outlook on the cryptocurrency sector.
Mitosis, a Cosmos-based liquidity protocol, has launched Expedition Epoch 4, enhancing yield opportunities for users depositing EtherFi’s eETH liquid restaking token (LRT) across multiple platforms including Ethereum and various layer-2 solutions. This phase introduces five new sources of yield, integrating various point multipliers based on the deposit platform. The protocol, with a total value locked (TVL) of $40 million, provides liquidity providers with convertible derivative tokens for further DeFi integration, boosting capital efficiency within the modular blockchain ecosystem. Meanwhile, the broader liquid restaking sector, led by EtherFi and EigenLayer, has reached significant growth, with the latter achieving a TVL of $18 billion despite facing criticism for its restrictive airdrop policies.