Friend.tech has launched version 2 of its blockchain-based social platform with new features and anticipation for a 100% airdrop of its FRIEND token.

The SPX index is down 1.6%, driven by a rise in bond yields following higher-than-expected employment cost data, raising concerns that the Fed might maintain higher interest rates. The broader cryptocurrency market is down, with Bitcoin and Ether dropping by 6.02% and 6.79%, respectively in the past 24 hours.

Today’s outperformer is FRONT, which jumped 4.6% after Frontier Wallet enabled secure cross-chain asset swaps to Cronos Chain with XY Finance.

Frontier (FRONT), founded in 2019, is a multi-chain DeFi and NFT wallet that supports over 65 blockchains and enables secure trading, staking, and asset management through a single interface. It integrates with top wallets via WalletConnect and simplifies the user experience by minimizing the need for multiple extensions and seed phrases. Frontier Wallet now 

 cross-chain asset swaps to Cronos Chain via XY Finance, enabling secure bridging to $CRO from over 20 blockchains. Users can also participate in the Spring Odyssey event, promising enhanced on-chain experiences with Frontier.

Check Out the Latest Prices, Charts, and Data of 

 for Bitcoin’s Lightning Network in partnership with Lightspark, offering users instant, low-cost Bitcoin transactions as an alternative to the slower, more expensive traditional Bitcoin network. This integration supports Coinbase's goal of creating a global payments system with transactions costing just one cent and processing within one second. The Lightning Network, operational since 2017, significantly reduces transaction costs compared to traditional finance methods, such as credit cards and wire transfers. This move not only enhances the utility of Bitcoin for Coinbase's customers but also advances the broader crypto ecosystem by supporting faster, more affordable, and more secure global payments.

After the debut of Hong Kong's first spot Bitcoin ETFs, Bitcoin's price fell below $61,000, with concerns it could drop further below $60,000. The launch triggered a "sell-the-news" reaction, contributing to a downward trend and negative net flows in U.S. Bitcoin ETFs. This situation poses risks but may also present a buying opportunity for long-term investors.

 version 2 of its blockchain-based social platform with new features and anticipation for a 100% airdrop of its FRIEND token. The company has already taken a snapshot for the airdrop, which may occur as soon as next week when points balances become blockchain-based. Friend.tech, which debuted in August 2023 on Base, a Coinbase-incubated Ethereum Layer 2, had initially seen significant activity but later experienced a decline. The latest update introduces the Money Club for managing community treasuries and minting tradable collectibles, a new points system for the airdrop, and custom engagement metrics. Additionally, version 2 allows users to customize their chat spaces. The platform currently has $34.4 million in total value locked, down from its peak of $52 million.

Beginner

Daily_Bits_Title_Subtitle_&_Eyebrow_1600x900_(10).png

Friend.tech Launches Version 2 and Announces Airdrop

Learn how you can import your mnemonic phrase for Bybit Wallet with our comprehensive article.

For new users, it's recommended that they familiarize themselves with the wallet's basic operations, understand its features and characteristics, and then start using and importing mnemonic phrases.

If you haven't installed Bybit Wallet yet, please click 

After installation, you can pin the Bybit Wallet to the toolbar through the following steps:

 icon in the upper right corner of your browser, and the Bybit Wallet will pop up the initialization interface.

Before using your Bybit Wallet, please set a password first. This password is used to unlock your wallet and encrypt your key information. The local password will not be uploaded to our server, so please keep it carefully. Once lost, the password cannot be retrieved.

After entering the password, please check the 

If you are already using Bybit Wallet, then you only need one step to import your mnemonic phrase.

Please click on the wallet address to enter the wallet management page:

Next, enter the device password you created for the wallet and click 

After setting the local password, please select 

If your mnemonic phrase length is 12, you can click the 

 input box and paste it directly. Of course, you can also manually enter them one by one.

In addition, we also support mnemonic phrases of different lengths, which are 12-, 15-, 18-, 21-, and 24-word mnemonic phrases, all of which can be imported into Bybit Wallet. Please choose the one that suits you.

 button to import. Bybit Wallet will search for the wallet address that has assets under the mnemonic phrase and automatically import it into Bybit Wallet.

At this point, the mnemonic phrase has been successfully imported into Bybit Wallet.

In the import wallet interface, you can also choose to import the wallet using your private key. Just click 

, then enter your private key in the input box, and then click 

Now, you can start using Bybit Wallet to your heart's content. Remember to update your wallet regularly to get the latest features and optimizations. We are always working hard to improve and enhance the user experience of Bybit Wallet. If you have any suggestions or feedback, feel free to let us know any time.

APR24_R47_How_to_Import_Mnemonic_Phrase_for_Bybit_Wallet.png

How to Import Your Mnemonic Phrase for Bybit Wallet

Today’s outperformer is ENA, which jumped 7.3% after Ethena's synthetic dollar launched on Swell L2 with rewards and airdrops in pre-launch phase.

The SPX index is up 0.32%, the Federal Reserve is expected to maintain borrowing costs, but investor focus will be on any changes in rhetoric after recent high inflation data. Market expectations for rate cuts this year have decreased, with only one 25 basis point reduction now anticipated, compared to three a month ago. The broader cryptocurrency market is down, with Bitcoin and Ether dropping by 1.23% and 4.01%, respectively in the past 24 hours.

Ethena Labs (ENA), founded in 2023, introduces USDe, a synthetic dollar on Ethereum, offering a decentralized alternative to traditional stablecoins. It features the 'Internet Bond' for global savings, using delta-hedging to manage volatility and aiming to transform the financial ecosystem by enhancing Ethereum's utility. Recently, $USDe is now available on 

. By depositing $USDe during the Pre-Launch phase, users can earn Sats, qualify for a Season 2 airdrop upon the L2 launch, receive additional airdrops from projects on Swell L2, and share 1 million EigenLayer Points. For more details, visit the Swell Network website.

Omnity has launched a new integration that allows for the fee-free trading of Runes tokens without impacting the Bitcoin network. This 

 utilizes the Internet Computer Protocol's chain fusion technology, enabling interactions with the Bitcoin blockchain and other networks without the need for wrapped tokens or off-chain relayers. The initiative, which distinguishes Omnity from other Bitcoin interoperability solutions, aims to address the scalability challenges of the Bitcoin network, particularly in light of increased activity from new technologies and Bitcoin ETFs. On April 20, the Bitcoin network hit a record high of over 926,000 transactions, with Runes tokens constituting a significant portion of this traffic.

Bernstein analysts believe the recent decline in Bitcoin ETF flows is temporary and predict a bullish future with a $150,000 BTC price target by 2025. They remain optimistic about Bitcoin's integration into financial platforms and its long-term acceptance. Additionally, they suggest that a denial of an Ether ETF could benefit Ether and Ethereum Layer 2 tokens. The firm expects the crypto market cap to triple to $7.5 trillion within two years.

 plans to distribute EIGEN tokens via airdrop from May 10 to September 7, targeting users who participated in Ethereum restaking on the EigenLayer protocol. The initial distribution, termed a "stakedrop," will allocate 5% of the total token supply based on activities as of March 15. The airdrop is divided into two phases, with 90% of tokens going to initially eligible users and the remaining 10% to those who interacted with EigenLayer in more complex ways. However, the airdrop excludes users from several countries, including the US and Canada, and implements strict measures to block VPN and proxy users. Future airdrops will reserve an additional 15% of the token supply. The EIGEN token, designed to address specific protocol faults, will initially be non-transferable and non-forkable to support the protocol's growth, with full functionality enabled later.

Daily_Bits_Title_Subtitle_&_Eyebrow_1600x900_(66).png

Ethena’s USDe Launches on Swell’s Layer 2 Network

cat in a dogs world (MEW) is a no-utility, cat-themed meme coin built on Solana challenging the dominance of dog-themed coins in the crypto space.

The world of meme coins is wild and filled with all types of animals, such as dogs, cats, penguins and frogs. In 2024, the meme coin craze is back in full swing, evidenced by the astronomical gains made by top crypto meme coins like 

During this meme coin season, Solana-based meme coins have stolen the show with dog-themed tokens dominating the space. However, a recent cat-themed meme coin is seeking to challenge this dog-themed coin narrative.

cat in a dogs world (MEW) stormed into the meme coin space on Mar 27, 2024, and has been causing a stir with its remarkable price surge. Upon listing, MEW’s price soared by 385% to reach an ATH of $0.0097 within four days.

Let’s explore the MEW coin and find out why it’s one to watch in the thriving 

cat in a dogs world is a no-utility, cat-themed meme coin built on Solana (

It was launched on Mar 27, 2024, to provide a cat-themed token that would be a worthy competitor to the dog-themed meme coins dominating the space.

Barely 96 hours into the market, MEW had pumped by 385% to hit a price of $0.0097, during which its market capitalization reached around $848 million, a figure reserved for more established projects in the market such as 

MEW’s market cap has since shrunk to a more conservative figure of $357 million, with a 24-hour trading volume of $59 million on Apr 30, 2024. It’s currently trading around $0.004.

cat in a dogs world has a total/max supply of 88,888,888,888 tokens, of which 90% were burned as 

, while the remaining 10% were allocated as an 

MEW’s formidable success could be attributed to its tokenomics strategy, as burning most of the LP tokens creates a stable price floor and cushions the token against market volatility. The airdrop is also an excellent way to attract attention to the project and create brand awareness, further solidifying MEW's presence on Solana and in the cryptocurrency market as a whole.

Deliberately airdropping and burning the LP tokens enhances the value of the MEW token, while giving it a competitive advantage in the cutthroat world of meme coins.

Cat meme coins have been generating a lot of hype lately. Let's look at a brief comparison between MEW and two other cat-themed coins in the meme coin space.

 (CATS) have caused a stir in the meme coin space. Not only are they both trying to change the dog-eat-dog landscape, but they’ve also approached the market in an innovative way.

That said, unlike MEW, CATS has various utilities in its ecosystem, such as 

. Catcoin’s ecosystem is also filled with a variety of products, such as the Caring Cats charity and a non-fungible token (

) collection. While the two tokens entered the meme coin space at different times, they’ve both managed to draw attention to feline-themed meme coins.

 (OMNI), caused a stir when its price quickly soared after the coin’s debut in December 2023. However, unlike MEW, which is only available within the Solana ecosystem, Omnicat leverages omnichain technology and is available on seven blockchains, including 

While it may be a meme coin, Omnicat leverages 

’s blockchain in order to advance its mission of interoperability in the crypto space. Both MEW and Omnicat have adopted innovative approaches that seem to have paid off despite their meme coin narratives.

You can buy MEW Cat Coin on Bybit as a Spot pair (MEW/USDT) or a USDT perpetual contract (MEWUSDT). To celebrate this Spot listing, Bybit is holding two Token Splash events, 

, with 40 million MEW tokens up for grabs.

, is exclusively for new users, with a prize pool of 25 million MEW. By completing Identity Verification and accumulating a deposit volume of 25,000 MEW (worth 100 USDT), or depositing 100 USDT and trading 100 USDT worth of MEW tokens via your first trade with Bybit, you’ll have a chance to receive 5,000 MEW. Rewards are available on a first-come, first-served basis to the first 5,000 new users.

, has 15 million MEW tokens up for grabs. Simply trade at least 1,000 USDT worth of MEW tokens on Bybit’s Spot market to earn a share of the prize pool. 

Rewards will be capped at 200,000 MEW (around 800 USDT) per user.

While it’s primarily been a dog-eat-dog world in the meme coin space, tokens such as MEW are effectively diluting this narrative. Being one of the top-ranking Solana meme coins, the MEW cat-themed coin has followed others in the ecosystem by skyrocketing in price within a short time of entering the market, flooding Solana with much-needed liquidity.

Despite its slowed momentum — generally attributed to the currently fluctuating price of Bitcoin (

) — MEW remains a Solana cat-themed meme coin to watch when the market starts rallying again.

mew_cat_coin.png

cat in a dogs world (MEW): Pouncing on the Cat Meme Coin Craze

Stablecoin

Binance USD (BUSD) is a stablecoin which once ranked third after USDT and USDC in market cap, but its minting process has been halted due to regulatory concerns. Read on to find out more.

The Binance USD (BUSD) stablecoin is a product of Binance, one of the world's leading crypto exchanges, and Paxos Trust Company, a regulated blockchain and tokenization infrastructure platform. It stands apart from other 

 as one of the few that complies with the regulations set by the New York State Department of Financial Services (NYDFS).

However, in February 2023, following notice from the Securities and Exchange Commission (SEC) to Paxos that BUSD is an unregistered security, NYDFS ordered Paxos to halt the minting of BUSD. Paxos duly complied with this directive and ceased the minting process soon after, ending its relationship with Binance. The Binance USD supply and 

 have plummeted since the announcement, though it retains its peg to the U.S. dollar.

 For those wondering what is BUSD and what the fuss is about, we'll tell you all you need to know about this stablecoin, from its beginnings to what's next. 

What Is Binance USD (BUSD), and What Is It Used For?

As a crypto stablecoin, Binance USD (BUSD) is tied to the value of a fiat currency. Specifically, it’s pegged to the U.S. dollar (USD), which allows it to maintain a stable price. The redemption rate is one BUSD for one USD. Based on market capitalization, Binance USD is ranked the third-largest stablecoin after 

Binance USD has been issued by Paxos on the Ethereum chain as an 

 token. Binance’s crypto exchange also features wrapped BUSD, which NYDFS doesn’t directly regulate. Known as Binance-Peg BUSD, this 

 runs on other major blockchains such as Polygon, Avalanche and BNB Chain. Users can freely swap between ERC-20–based BUSD and Binance-Peg BUSD between supported blockchains.

The BUSD stablecoin supports a seamless user experience on the Binance exchange with a diverse variety of available BUSD products. It’s also traditionally been a desired option for users concerned about the crypto market's volatility. Since BUSD is one of the 

, users can also trade BUSD on many platforms outside Binance, and even use it as a form of payment for various goods and services.

Under the regulatory oversight of NYDFS, Paxos has conducted monthly audits on the BUSD reserves, alongside with a third-party accounting firm, to ensure they’re 100% backed by cash or cash equivalents, with BUSD’s value supported by assets kept in reserve. Paxos also has the authority to mint and burn BUSD, as well as the ability to freeze or confiscate BUSD assets from malicious users.

The notable partnership between Paxos and Binance and the launch of the BUSD token was announced in September 2019. BUSD immediately became popular upon its launch, stemming partly from a thoughtful marketing strategy. In less than two years, BUSD’s market cap exceeded $1 billion, with its price as a stablecoin remaining relatively stable ever since.

As the entity responsible for minting BUSD tokens, Paxos is also the custodian that ensures enough USD is kept in reserve to back the BUSD tokens. Binance, on the other hand, is responsible for providing customer support and listing BUSD tokens on exchanges.

Regulatory Challenges Faced by Binance USD (BUSD)

Ever since the series of crypto market meltdowns brought about by recent major incidents like the 

, the regulatory crackdown on crypto has gained momentum. Now the third-largest stablecoin, BUSD has also come under scrutiny following the SEC's 

 to Paxos alleging that BUSD isn’t a registered security, and outlining its intention to charge Paxos for violating federal security laws. Paxos released a statement objecting to SEC's claim, stressing that BUSD isn’t categorically considered a security. Just 10 days later, however, NYDFS 

 Binance USD tokens to comply with the order. By Sep 11, 2023, BUSD’s market cap has 

, and will continue to decline as users continue to redeem BUSD. In contrast, its peak was over $23 billion in November 2022.

Until February 2024, Binance USD tokens will continue to be backed by Paxos Trust Company, and holders can redeem them for U.S. dollars at a rate of 1:1 with Paxos. In addition, customers can choose to convert their tokens to 

Notably, Binance has also stated that it will no longer support Binance USD tokens after this date. It has recommended that its users convert their BUSD to 

 (FDUSD) instead, a stablecoin that launched in June 2023 and was listed on Binance in July. There’s no fee for this conversion.

Other Stablecoin Alternatives to Binance USD (BUSD)

As the market capitalization and circulation of BUSD has fallen dramatically due to the recent regulatory issues, Binance has taken steps to reassure its users that their assets are safe.

One of these steps has been to replace the Binance USD held in the Binance emergency insurance fund with 

 (TUSD) and USDT. The purpose of the emergency insurance fund is to provide financial protection to Binance users in the event of security issues. The fund’s value was $1 billion in January 2022, comprising a combination of 

. Now, the fund holds BTC, BNB, USDT and TUSD.

In March, Binance also promoted fee-free trading of TUSD and added numerous TUSD trading pairs in a bid to get users to convert their BUSD holdings to TUSD, resulting in the rapid growth of TUSD's market cap to the fifth position among stablecoins. In late June 2023, however, TUSD 

, trading as low as $0.80. This caused a switch in Binance's strategy to a relatively unknown stablecoin, FDUSD, which recently launched on BNB Chain and Ethereum on Jun 1, 2023. Binance users were encouraged to convert BUSD to FDUSD with offers such as fee-free 1:1 conversions and trades.

While FDUSD’s market cap has risen considerably following Binance's action, it’s still relatively small compared to the two largest stablecoins in the market, USDT and USDC. Additionally, FDUSD has yet to gain traction in the market, with Binance being the only exchange offering trading pairs for this stablecoin.

For now, USDT and USDC will remain the market go-tos for stablecoins due to their history of reliability and wide adoption across exchanges. USDT continues to take the lead with a market cap of over $82 billion, while USDC's market cap is over $26 billion (as of Sep 18, 2023). 

Now that the Binance USD is no longer being minted, many investors are choosing to convert their BUSD holdings to other stablecoins, such as USDT and USDC. Both coins are available via Bybit’s 

 feature, which is compatible with numerous payment types and currencies. USDT can be traded on Bybit as a 

 (USDT/EUR). USDC can be traded as a Spot pair in USDT (USDC/USDT) or EUR (USDC/EUR), and is also available as a 

The tumultuous nature of the cryptocurrency market extends to stablecoins, and has most recently resulted in the decline of the Binance USD token. Since BUSD tokens are no longer being minted and exchanges are already limiting trades, investors holding BUSD may consider alternative stablecoins for their holdings. While Binance is advocating for conversion to FDUSD, it remains to be seen if FDUSD will gain widespread adoption. Therefore, investors holding BUSD should also consider other stablecoins, particularly the two largest, USDT and USDC.

What Is Binance USD (BUSD)?

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards