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Last week, the SPX index is up 1.6%, buoyed by Nvidia's strong earnings from AI demand. Despite the Federal Reserve's hawkish stance, indicated by Fed Governor Christopher Waller's comments on delaying rate cuts, markets remained optimistic. The broader cryptocurrency market is down, with Bitcoin and Ether dropping by 0.43% and 0.26%, respectively in the past 24 hours.
Today’s outperformer is SPELL, which jumped 11.4% after AbracadabraV3 Launches with Improved $MIM Access and New Testnet Cauldrons on Berachain.
Abracadabra Money (SPELL), launched on May 2021, is a DeFi protocol that allows users to lend various assets, including interest-bearing and other assets like WBTC, WETH, and staked SPELL, as collateral to borrow its USD-pegged stablecoin, Magic Internet Money (MIM). Users can opt for leveraged or non-leveraged borrowing. SPELL introduces AbracadabraV3, a new front end, enhancing access to its stablecoin $MIM and other DAO products with improved design and functionality. It promises a more intuitive user experience with upgraded features and smoother access to $MIM. Also, the launch of $MIM and its first cauldrons on Berachain's Artio Testnet has been announced, enabling users to borrow testnet $MIM using HONEY/MIM LP tokens directly on Artio.
Check Out the Latest Prices, Charts, and Data of SPELLUSDT Perp and SPELL/USDT Spot!
The UNI token experienced increase in value after the Uniswap Foundation proposed allowing UNI stakers to earn a portion of the protocol's fees. This move, aimed at enhancing the token's utility beyond governance, has significantly raised UNI's market cap to over $8 billion. The initiative, known as the 'fee switch,' has been positively received by the UNI community. Erin Koen, the governance lead for the Uniswap Foundation, introduced the proposal to reward those who have staked and delegated their UNI tokens. With a Snapshot vote scheduled for March 1 and an on-chain vote on March 8, the proposal aims to strengthen Uniswap Governance by linking staking with active governance participation. This approach seeks to increase governance involvement and decentralization within the Uniswap ecosystem, which is crucial given its status as Ethereum’s leading decentralized exchange with a significant daily processing volume and a total value locked (TVL) of $4.9 billion.
Kelp DAO introduces $KEP (Kelp Earned Points) to provide liquidity for EigenLayer Points, allowing users to transfer, trade, and use their earned points in DeFi activities. $KEP, pegged 1:1 to EigenLayer Points, transforms these previously illiquid points into an ERC-20 token that can be freely traded and utilized. Since its inception in December 2023, Kelp has seen over 18,000 users deposit more than 170,000 $ETH, earning both EigenLayer Points and Kelp Miles. The launch of $KEP aims to make restaking rewards more accessible and versatile, enabling various DeFi opportunities like trading, providing liquidity on DEXs, and more. Users can claim their $KEP through the Kelp dApp, with a 0.5% fee applied to claims to support DeFi operations within Kelp DAO. Unclaimed $KEP will benefit active claimants, with future rewards from EigenLayer or other protocols distributed proportionally to $KEP holders.