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

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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.

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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.

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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.

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

Explainers

Stablecoin

Altcoins

TerraClassicUSD (USTC) is a cryptocurrency on the Terra Classic (LUNC) blockchain. Originally designed as a algorithmic stablecoin, USTC’s peg maintenance mechanism was disabled after the UST crash in May 2022..

May 2022 witnessed one of the major catastrophes in the history of cryptocurrency. The Terra blockchain’s main cryptocurrencies, 

 and the UST stablecoin, crashed and became virtually worthless in just a few days. The obliteration of UST was particularly notable, as this crypto stablecoin had been pegged to the U.S. dollar with a functional mechanism designed to ensure rate stability. When UST lost its peg to the dollar in early May, most investors lost confidence in it and its sister token, LUNA, almost instantly.

After the Terra ecosystem crashed, the blockchain was rebranded to Terra Classic, and new iterations of the LUNA and UST tokens — called 

 and USTC, respectively — were launched. While USTC was still envisioned to achieve parity with the greenback, it was worth less than a cent at the time of the rebranding. In fact, until recently, USTC rarely rose in value above a couple of cents. 

However, a combination of factors has taken the stablecoin from $0.013 on Nov 25, 2023 to over $0.06 a week later. With this recent impressive rally, USTC has been catapulted into the spotlight — and the possibility of it once again achieving parity with USD is being actively discussed.

 (USTC) is a cryptocurrency on the Terra Classic (LUNC) blockchain. Its purpose and working mechanism were originally designed so it would maintain a 1:1 peg to the U.S. dollar. However, following the May 2022 crash of its predecessor, UST, USTC has largely traded for just a few cents, and has lost most of the properties associated with a 

, whose dollar peg is maintained not via fiat reserves, as is the case with assets like 

 mechanism to adjust the token’s price.

USTC's predecessor — UST — had successfully maintained its dollar peg for over one and a half years until May 2022, using a burn and mint system in tandem with Terra's native 

, LUNA. To mint UST, you needed to buy it with LUNA, which was burned in the process. Likewise, to get more LUNA, you would mint it by paying with UST, which would also be burned. Terra employed an automatic swap mechanism to keep the UST peg by minting and burning LUNA and UST when the stablecoin rate deviated from $1.

Following the UST crash and the relaunch under the USTC name in May 2022, the token's price-stabilizing mechanism via mint and burn processes 

. Despite this, many online publications, including from major sources, continue to imprecisely describe USTC as an algorithmic stablecoin.

How TerraUSD (UST) Became TerraClassicUSD (USTC)

In 2018, two young South Korean entrepreneurs, Do Kwon and Daniel Shin, introduced the concept of a blockchain called Terra that would offer stablecoins with algorithmically maintained peg rates. In 2019, Terra’s 

 was launched to much fanfare, and in September 2020, the platform introduced its first algorithmic stablecoin, the U.S. dollar–pegged TerraUSD (UST). As described above, the UST/LUNA swap mechanism maintained the stablecoin's rate.

However, as early as 2018, before Terra’s mainnet launch, some industry analysts questioned the viability of the Terra model. 

, a fundamental weakness in UST’s peg maintenance system wasthat the stablecoin depended upon the LUNA token to correct any large, panic-driven deviations from the $1 peg. However, if UST investors panicked, that was going to quickly hit LUNA as well, and vice versa.

In May 2022, these dire predictions were realized when both UST and LUNA plunged virtually to nothingness. At the start of the month, UST, as any respectable greenback-pegged stablecoin, was worth $1, while LUNA traded at over $80. By mid-May, both tokens were trading for tiny fractions of a cent, essentially becoming worthless.

Following the disaster, the original Terra blockchain was rebranded to Terra Classic, with UST and LUNA changing their tickers to USTC and LUNC, respectively. However, the stablecoin rate maintenance function based on mint/burn swaps was disabled. Effectively, this left USTC an algorithmic stablecoin in name only. The token now has a variable, and at times volatile, rate dependent upon direct market forces. However, this does not mean at all that USTC is an asset without potential.

After UST’s relaunch as USTC, the token's supply levels stabilized somewhat, due to the abandonment of the constant mint and burn processes. In September 2023, the Terra community 

 new USTC altogether in order to boost the token's chances of achieving parity with the U.S. dollar. Additionally, the community has 

As of Dec 4, 2023, USTC's total supply is close to 9.8 billion, while its circulating supply is nearly 9 billion.

In late November 2023, the former stablecoin's price was around $0.01, a price at which USTC had typically stabilized after the turmoil of May 2022. However, the coin has experienced a head-spinning price rally in the last few days, jumping to $0.065 as of Dec 4, 2023.

The chart below shows USTC prices for the fortnight leading to Dec 4, 2023, with the large spike initiated on Nov 26, 2023 clearly observable.

Since USTC is nominally a stablecoin, even if only for historical reasons, many major crypto price prediction portals do not publish long-term forecasts for it. Those who do post its predictions don't see the token ever reaching parity with the dollar. For instance, DigitalCoinPrice expects USTC to 

 at around $0.064 even until 2030. However, CoinCodex holds a rather favorable stance in the long run, 

 USTC to rise as high as $ 0.1198 in 2030. 

The ongoing USTC price rally and the recent supply-limiting measures taken by the Terra Classic governance community have raised hopes that the token might return to parity with USD at some point in the future. For the first time since the original Terra blockchain catastrophe, the possibility of USTC trading for anything close to $1 is being seriously discussed.

In our view, these discussions are driven more by emotive enthusiasm than by any fundamental reasoning. The decisions to stop minting USTC and burn some of its supply are driving the fervor and current price rally. However, in order for USTC to reach the $1 mark, something extraordinary must happen. This might be in the form of a massive (multibillion-dollar) injection of capital. However, few investors would risk such a daring move, given the current state of the Terra Classic network and its tokens, USTC and LUNC.

Although USTC’s parity with the dollar is highly unlikely, that doesn’t mean that the token has no investment potential. Many crypto analysts and investors have excessively focused on the parity issue while disregarding USTC's general growth potential. Between Nov 25 and Dec 4, 2023, USTC experienced a 400% growth rate.

While much of that growth is driven by zealous hype, USTC isn’t just a purely speculative asset. Some factors that might support the token's further price gains:

In general, USTC is likely a good asset for short-term (or at most, mid-term) oriented crypto investors who don’t mind 

. At the moment, with all the hype and solid growth surrounding it, USTC carries both significant risk and great return potential.

You can buy USTC on Bybit as a Spot pair (

 Perpetual contract. If you don’t yet have an account on Bybit, you can easily 

 and trade hundreds of cryptocurrencies in both the Spot and Derivatives markets.

As of early December, USTC's impressive rally is an ongoing event. The current growth spurt offers tremendous profit opportunities for short-term traders with a penchant for risk. For those with a longer-term perspective, things are less clear. The current price spike might go on for a while, perhaps weeks or months, or it might fizzle out just as fast as it started.

USTC's chances of ever reaching parity with the greenback look slim at the moment, but significant positive returns in the future are definitely in the cards. One highly positive factor for the Terra Classic project is that for the first time since the May 2022 calamity, the crypto market is taking USTC and the Terra Classic blockchain seriously.

What Is TerraClassicUSD (USTC) and Will It Ever Repeg to $1?

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