Ethereum

Cosmos

Solana

Avalanche

Optimism

Arbitrum

<p>Delta-neutral <a href="https://coinmarketcap.com/currencies/ethereum/">ETH</a>-backed <a href="https://coinmarketcap.com/academy/glossary/stablecoin">stablecoin</a> protocol, <a href="https://coinmarketcap.com/currencies/ethena/">Ethena Labs</a>, announces the end of their Shards campaign, which coincides with the release of the ENA token and the <a href="https://coinmarketcap.com/academy/glossary/airdrop">airdrop</a> for participants. <a href="https://coinmarketcap.com/currencies/badger-dao/">BadgerDAO</a> drops their latest product, eBTC, as well, while Ethereum <a href="https://coinmarketcap.com/academy/glossary/layer-2">L2</a>, <a href="https://coinmarketcap.com/academy/article/what-is-linea-network">Linea</a>, unveils yet another campaign in a bid to attract liquidity to their chain.</p><h2 id="header-0">Overview</h2><p><a href="https://coinmarketcap.com/academy/glossary/total-value-locked-tvl">Total Value Locked</a> (TVL) across all chains recovers slightly as <a href="https://coinmarketcap.com/currencies/bitcoin/">Bitcoin</a> reclaims key levels through the week and <a href="https://coinmarketcap.com/academy/glossary/bitcoin-etf">Bitcoin ETF</a> inflows turn positive again after five consecutive days of net outflows. Notable outperformers to the trend include Ethereum L2s, Linea, <a href="https://coinmarketcap.com/academy/article/what-is-base-the-ultimate-guide-to-the-base-ecosystem">Base</a>, <a href="https://coinmarketcap.com/academy/article/what-is-layer-2-blast">Blast</a> and Mode, which have all seen increases in TVL in the 30% range.</p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/c25acddf60024e95be777dbf9faa2b7d.png"/></p><p><em>Source: <a href="https://coinmarketcap.com/chain-ranking/">https://coinmarketcap.com/chain-ranking/</a></em></p><h2 id="header-1">Welcome to Alpha Central</h2><p>Nouveau discusses the airdrops space and how users should assess and decide on which airdrops to farm.</p><p>TL;DR:</p><ul><li>Airdrops are a positive flywheel, rewarding users while pumping protocol metrics which help them achieve higher valuations</li><li>Airdrops should be viewed similarly to a trade in terms of protocol chosen, capital used, fees incurred and <a href="https://coinmarketcap.com/academy/glossary/roi">return on investment</a></li><li>Focus capital on high-conviction airdrops and spray and pray with smaller amounts of capital</li><li>Explore more <a href="https://coinmarketcap.com/academy/glossary/on-chain">on-chain</a>, use more tokenless protocols in your regular actions and don’t be afraid to move on from a poorly performing farm.</li></ul><tweet-embed url="https://twitter.com/0xnouveau/status/1771923355450651036"></tweet-embed><p></p><h2 id="header-2">Ethereum: BadgerDAO Drops eBTC</h2><p>BadgerDAO launches eBTC, the most <a href="https://coinmarketcap.com/academy/glossary/decentralized">decentralized</a> form of BTC on Ethereum. Users can now deposit ETH, <a href="https://coinmarketcap.com/currencies/weth/">WETH</a>, <a href="https://coinmarketcap.com/currencies/steth/">stETH</a> or <a href="https://coinmarketcap.com/currencies/lido-finance-wsteth/">wstETH</a> to borrow eBTC at zero fees, while earning <a href="https://coinmarketcap.com/academy/glossary/staking">staking</a> yields from <a href="https://coinmarketcap.com/currencies/lido-dao/">Lido Finance</a>.</p><tweet-embed url="https://twitter.com/BadgerDAO/status/1772622088584495464"></tweet-embed><p></p><p><a href="https://coinmarketcap.com/academy/glossary/optimistic-rollup">Rollup</a>-as-a-Service protocol, <a href="https://coinmarketcap.com/currencies/altlayer/">AltLayer</a>, unveils staking for the ALT token. Staking is the first step in the release of MACH Alpha, a fast finality layer leveraging <a href="https://coinmarketcap.com/academy/article/a-deep-dive-into-eigenlayer">EigenLayer</a>’s technology. The layer will be designed to support <a href="https://coinmarketcap.com/currencies/optimism-ethereum/">Optimism</a> and <a href="https://coinmarketcap.com/currencies/arbitrum/">Arbitrum</a> initially.</p><tweet-embed url="https://twitter.com/alt_layer/status/1772898570053583358"></tweet-embed><p></p><p><strong>Other Product Launches and Updates</strong></p><ul><li><a href="https://coinmarketcap.com/academy/article/real-world-assets-rwa-bridging-the-gap-between-defi-and-tradfi">Real-world asset</a> (RWA) platform, <a href="https://twitter.com/OndoFinance/status/1773035556277993694">Ondo Finance, enables 24/7 redemption and subscription to OUSG</a>, their product which invests in <a href="https://coinmarketcap.com/academy/glossary/treasury-bills-t-bills">US Treasuries</a>. Beyond that, <a href="https://coinmarketcap.com/currencies/ondo-finance/">Ondo</a> will also be transferring $95 million of <a href="https://coinmarketcap.com/currencies/ondo-short-term-us-government-bond-fund/">OUSG</a>’s backing to BlackRock’s latest BUIDL fund.</li><li><a href="https://coinmarketcap.com/academy/glossary/cross-chain">Cross-chain</a> <a href="https://coinmarketcap.com/academy/glossary/money-market">money market</a> platform, <a href="https://twitter.com/PikeFinance/status/1771160157231468658">Pike Finance, announces the tokenomics for their governance token, P</a>. In the same week, Pike conducted their presale, where PIU token holders can burn their PIU for a discounted price during the presale.</li><li>Liquid restaking protocol, <a href="https://twitter.com/ether_fi/status/1771584500343939191">EtherFi, kick off Points Season 2</a>, which will run until 30th June, whereby 5% of the <a href="https://coinmarketcap.com/currencies/ether-fi-ethfi/">ETHFI</a> supply will be distributed to participants. Stakers will receive more points the longer they stake their ETH with EtherFi.</li><li>Lending protocol, <a href="https://twitter.com/NotionalFinance/status/1772294260588433809">Notional Finance, launches V3 on Ethereum mainnet</a>, opens up for deposits in <a href="https://coinmarketcap.com/currencies/usd-coin/">USDC</a>, <a href="https://coinmarketcap.com/currencies/tether/">USDT</a>, ETH and <a href="https://coinmarketcap.com/currencies/rocket-pool-eth/">rETH</a>. <a href="https://coinmarketcap.com/currencies/notional-finance/">NOTE</a> incentives are also live for users and can be maximized using <a href="https://coinmarketcap.com/academy/glossary/leverage">leveraged</a> lending or borrowing strategies on Notional Finance.</li><li><a href="https://coinmarketcap.com/academy/glossary/stablecoin">Stablecoin</a> protocol, <a href="https://twitter.com/AngleProtocol/status/1772641388120699281">Angle Protocol, unveils USDA, their USD-pegged stablecoin</a>, which operates alongside EURA, their Euro-<a href="https://coinmarketcap.com/academy/glossary/peg">pegged</a> stablecoin. USDA holders can also stake their tokens for a yield derived from real-world assets.</li><li>ETH <a href="https://coinmarketcap.com/academy/glossary/liquid-staking-derivatives">liquid staking token</a> (LST) stablecoin protocol, <a href="https://twitter.com/PrismaFi/status/1773371030129524957">PrismaFi, has been hacked for $12 million worth in mkUSD and wstETH</a>. The protocol has since been paused by the team. Their two stablecoins, <a href="https://coinmarketcap.com/currencies/prisma-mkusd/">mkUSD</a> and <a href="https://coinmarketcap.com/currencies/ultra-prisma-finance/">ULTRA</a> are also reported to have remained overcollateralized.</li><li><a href="https://coinmarketcap.com/academy/glossary/liquidity-bootstrapping-pool-lbp">Liquidity bootstrapping pool</a> (LBP) platform, <a href="https://twitter.com/fjordfoundry/status/1773496543808733556">Fjord Foundry, announces their upcoming LBP token sale on April 13</a>, as well as the airdrop for the FJO token to users of Fjord V1 and V2 LBPs.</li></ul><h2 id="header-3">L2s: Introducing Linea Voyage: Surge Campaign</h2><p><a href="https://coinmarketcap.com/academy/glossary/consensys">ConsenSys</a>-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.</p><tweet-embed url="https://twitter.com/LineaBuild/status/1773055480396444044"></tweet-embed><p></p><p><strong>Other Product Launches and Updates</strong></p><ul><li>Arbitrum-based <a href="https://coinmarketcap.com/academy/glossary/perpetual-contracts">perpetuals</a> <a href="https://coinmarketcap.com/academy/glossary/decentralized-exchange-dex">decentralized exchange</a> (DEX), <a href="https://twitter.com/HyperliquidX/status/1773531180815507473">Hyperliquid, announces upcoming support for spot trading on the platform as well as an upcoming airdrop of the PURR token to Hyperliquid point holders</a>. 50% of the token supply will be dropped proportionally to points held, with the remaining 50% used for <a href="https://coinmarketcap.com/academy/glossary/liquidity-provider">liquidity provision</a>.</li><li>Liquidity management solution, <a href="https://twitter.com/mavprotocol/status/1773477129822363854">Maverick Protocol, announces the upcoming Maverick V2 upgrade to their protocol</a>, which will introduce greater <a href="https://coinmarketcap.com/academy/search?term=gas">gas</a> efficiency, more flexibility over <a href="https://coinmarketcap.com/academy/glossary/liquidity-pool">liquidity pool</a> and directed <a href="https://coinmarketcap.com/currencies/maverick-protocol/">MAV</a> token incentives, which will be controlled via their <a href="https://coinmarketcap.com/academy/article/what-is-vote-escrow">vote-escrow</a> token model.</li><li><a href="https://coinmarketcap.com/currencies/starknet-token/">StarkNet</a>-native DEX, <a href="https://twitter.com/SithSwap/status/1772958326889857422">SithSwap, kicks off the token sale for their governance token, SITH</a>. Users can contribute to the token sale in STRK tokens, with 15% of the total token supply up for grabs. The token sale will end on 5th April.</li><li>Blast-based <a href="https://coinmarketcap.com/academy/glossary/non-fungible-token">NFT</a> game, <a href="https://twitter.com/_munchables_/status/1772739713687752761">Munchables, has been exploited for $62.5 million</a>, due to a rogue developer on the team. The funds have, fortunately, since been transferred back to the protocol.</li></ul><h2 id="header-4">Another Week, Another Airdrop</h2><p>Stablecoin protocol, Ethena, announces the wrap up of their Shards campaign on 1st April, with the <a href="https://coinmarketcap.com/academy/glossary/token-generation-event">token generation event</a> (TGE) and airdrop occurring on 2nd April. The top 2,000 accounts by number of Shards will be subjected to a linear <a href="https://coinmarketcap.com/academy/glossary/vesting-period">vesting period</a> for 50% of their allocated tokens.</p><tweet-embed url="https://twitter.com/ethena_labs/status/1773077175790444952"></tweet-embed><p></p><p><a href="https://coinmarketcap.com/academy/glossary/interoperability">Interoperability</a> layer, <a href="https://coinmarketcap.com/currencies/wormhole/">Wormhole</a>, announces the claim date for the W token airdrop as 3rd April.</p><tweet-embed url="https://twitter.com/wormholecrypto/status/1773410190118768807"></tweet-embed><p></p><p>Omni-chain <a href="https://coinmarketcap.com/academy/glossary/order-book">orderbook</a> 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.</p><tweet-embed url="https://twitter.com/OrderlyNetwork/status/1772247420291723384"></tweet-embed><p></p><h2 id="header-5">Tweet of the Week</h2><p>Eugene discusses the reality of <a href="https://coinmarketcap.com/academy/glossary/memecoin">memecoins</a> taking the place as the optimal beta for the <a href="https://coinmarketcap.com/academy/glossary/layer-1-blockchain">L1</a> trade, with <a href="https://coinmarketcap.com/currencies/dogwifhat/">WIF</a> surging to new highs over the week and a similar observation on Base with Base memecoins.</p><tweet-embed url="https://twitter.com/0xENAS/status/1773578127458898139"></tweet-embed><p></p><p>Stay updated on your favorite projects and stay tuned for next week’s edition, and keep supporting your favorite projects, <em>degens!</em></p>

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

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