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The SPX index is down 0.32%, as investors reacted to a spike in treasury yields and amended expectations for a near-term rate cut. The broader cryptocurrency market is down, with Bitcoin and Ether dropping by 0.12% and 0.2%, respectively in the past 24 hours.
Today’s outperformer is ENS, which jumped 11.84% after ENS announced a collaboration with GoDaddy to link web domains with blockchain names.
Ethereum Name Service (ENS) has partnered with GoDaddy to enable the linking of traditional domain names with blockchain-based ENS names, aiming to integrate DNS protocol with blockchain without additional costs or technical expertise needed. This collaboration will allow GoDaddy's over 20 million users to utilize ENS for blockchain benefits, like receiving crypto payments easily by connecting their domain to an ENS-compatible crypto wallet. The initiative seeks to simplify the interaction between web domains and blockchain technology, overcoming obstacles like high gas fees with new smart contracts for cost-free linking, and further integrating ENS with the traditional web by supporting domains like (.box).
EigenLayer removed its 200,000 ETH staking cap, causing its total value locked (TVL) to surge to over $3 billion. This move attracted over 1 million ETH in deposits shortly after, with Lido's stETH tokens comprising about 80% of new inflows. The protocol, which allows additional earning on staked ETH through restaking, plans to reapply a new cap temporarily and eventually remove deposit limits permanently. Despite its popularity and the upcoming mainnet launch and EigenDA service, there are concerns about the potential strain on the Ethereum network due to its shared security model.
Arbitrum, the largest Layer 2 by market cap, hosts Xai as its largest orbit by market cap. The first game to launch on Xai is Tarochi. Tarochi is an onchain RPG on XAI network is hinting on an airdrop to $XAI stakers.
Aevo, a decentralized exchange on Ethereum for perpetual futures and options, announced an airdrop program rewarding early users and traders engaging in volume and loyalty-based farming activities. Users can earn AEVO tokens by actively trading and incurring standard exchange fees. The program, leveraging Optimism technology, has not disclosed its end date, encouraging ongoing participation without specifying the multiplier details for the farming boost.
Frax Finance, known for its stablecoin, FRAX, is launching a layer 2 blockchain, Fraxtal $FXTL, in February 2024. CEO Sam Kazemian expects it to attract several hundred million dollars in crypto assets within its first month, potentially reaching over $1 billion in Q1. Fraxtal aims to be among the top 5 chains, leveraging rollups technology for efficiency and frxETH as its gas. It will feature significant project launches, Etherscan support via Fraxscan from day one, and unique incentives like the Flox blockspace program to encourage usage and investment. It has been teased that staking $FXS earns your $FXTL points which could lead to a $FXTL airdrop when the token launches.