Week in DeFi: Wormhole's W Token Launching on April 3

Week in DeFi: Wormhole's W Token Launching on April 3

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Week in DeFi: Wormhole's W Token Launching on April 3

Week in DeFi: Wormhole’s W Token Launching on April 3

Delta-neutral ETH-backed stablecoin protocol, Ethena Labs, announces the end of their Shards campaign, which coincides with the release of the ENA token and the airdrop for participants. BadgerDAO drops their latest product, eBTC, as well, while Ethereum L2, Linea, unveils yet another campaign in a bid to attract liquidity to their chain.

Overview

Total Value Locked (TVL) across all chains recovers slightly as Bitcoin reclaims key levels through the week and Bitcoin ETF inflows turn positive again after five consecutive days of net outflows. Notable outperformers to the trend include Ethereum L2s, Linea, Base, Blast and Mode, which have all seen increases in TVL in the 30% range.

Source: https://coinmarketcap.com/chain-ranking/

Welcome to Alpha Central

Nouveau discusses the airdrops space and how users should assess and decide on which airdrops to farm.

TL;DR:

  • Airdrops are a positive flywheel, rewarding users while pumping protocol metrics which help them achieve higher valuations

  • Airdrops should be viewed similarly to a trade in terms of protocol chosen, capital used, fees incurred and return on investment

  • Focus capital on high-conviction airdrops and spray and pray with smaller amounts of capital

  • Explore more on-chain, use more tokenless protocols in your regular actions and don’t be afraid to move on from a poorly performing farm.

Ethereum: BadgerDAO Drops eBTC

BadgerDAO launches eBTC, the most decentralized form of BTC on Ethereum. Users can now deposit ETH, WETH, stETH or wstETH to borrow eBTC at zero fees, while earning staking yields from Lido Finance.

Rollup-as-a-Service protocol, AltLayer, unveils staking for the ALT token. Staking is the first step in the release of MACH Alpha, a fast finality layer leveraging EigenLayer’s technology. The layer will be designed to support Optimism and Arbitrum initially.

Other Product Launches and Updates

L2s: Introducing Linea Voyage: Surge Campaign

ConsenSys-backed L2, Linea, announces a new campaign for the chain, the Linea Voyage: Surge, which will last for the upcoming six months or until Linea reaches 3 billion in TVL, whichever occurs first. This campaign is also implied to be the last campaign on the chain.

Other Product Launches and Updates

Another Week, Another Airdrop

Stablecoin protocol, Ethena, announces the wrap up of their Shards campaign on 1st April, with the token generation event (TGE) and airdrop occurring on 2nd April. The top 2,000 accounts by number of Shards will be subjected to a linear vesting period for 50% of their allocated tokens.

Interoperability layer, Wormhole, announces the claim date for the W token airdrop as 3rd April.

Omni-chain orderbook DEX, Orderly Network, launches their gamified trading campaign, “The Road to Order,” where users earn “Merits” for a share of the Orderly Network token when it launches. A significant portion of the token airdrop will be allocated to participants in this campaign.

Tweet of the Week

Eugene discusses the reality of memecoins taking the place as the optimal beta for the L1 trade, with WIF surging to new highs over the week and a similar observation on Base with Base memecoins.

Stay updated on your favorite projects and stay tuned for next week’s edition, and keep supporting your favorite projects, degens!

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