Research Summary
The report provides an overview of recent developments in the crypto space, including updates on DeFi protocols, governance proposals, and news from major players in the industry. It covers a range of topics from protocol updates, token launches, and airdrops to regulatory actions and partnerships.
Key Takeaways
DeFi Protocol Updates
- SNX Inflation Halted: Synthetix (SNX) has stopped $SNX inflation and plans to use accumulated fees to buy back and burn $SNX with the upcoming Andromeda update.
- Prisma’s Fee Distribution: Prisma is set to distribute protocol fees to $vePRISMA holders, with users receiving a weekly total of $100k $mkUSD.
- Boost Protocol Launch: Boost, a protocol enabling selling or leverage farming of Blastโs future airdrop, has launched a points program to earn $BOOST in the future.
Token Launches and Airdrops
- Merchant Moe’s Token Launch: Merchant Moe, a DEX built for the Mantle network, will launch 5% of their $MOE token exclusively to $JOE holders.
- Hashstack’s Airdrop: Hashstack, a leveraging lending and yield farming protocol, has announced its $HASH airdrop to V1 mainnet users.
Regulatory Actions
- Tether’s Wallet Freeze: Tether has frozen 161 wallets sanctioned by the US.
- KuCoin’s Fine and Refund: KuCoin has been fined $5.3M, will refund $16.8M, and terminate access to New York customers.
Partnerships and Integrations
- Polygon’s Celestia Integration: Polygon will integrate Celestia as a Data Availability option in its SDK in early 2024.
- Worldcoin’s Tech Firm Integration: Worldcoin has introduced World ID 2.0, integrating with major tech firms such as Shopify, Minecraft, Reddit, and others.
Actionable Insights
- Monitor SNX’s Andromeda Update: The halt of $SNX inflation and the plan to use accumulated fees for buyback and burn could impact the token’s value. Stakeholders should keep an eye on the Andromeda update.
- Assess Impact of Prisma’s Fee Distribution: Prisma’s decision to distribute protocol fees to $vePRISMA holders could incentivize more users to hold $vePRISMA. The impact on the token’s demand and price should be assessed.
- Consider Implications of Regulatory Actions: The regulatory actions against Tether and KuCoin highlight the increasing scrutiny of crypto platforms. Stakeholders should consider the potential implications for other platforms and tokens.
