.webp)
We are about 29% through the "sell in May and go away" month, and crypto is still holding strong above $2.29 trillion in total market capitalization. While some view Bitcoin's current $62k price as a bearish trend, OGs recall how, exactly two years ago, the catastrophic Terra Luna collapse set off a chain reaction that brought down last bull run titans and are very grateful for the place we're currently at.
Top Story
FTX Plans To Fully Repay All Its Creditors (Users)
Remember FTX, the crypto exchange that went belly up in 2022? Well, it looks like there’s a silver lining for its customers. A new plan has been proposed that could see almost all of the creditors (a legal term that includes regular users) getting not just their original money back, but an extra 18% on top. Only those with claims below $50,000 are eligible for this 118% recovery. FTX reckons this covers about 98% of their creditors. The total value to be distributed is estimated to be a whopping $14.5 to $16.3 billion!
These funds are coming from a pool that FTX’s legal eagles have been gathering for the past 1.5 years. But here’s the kicker: the payout is based on the value of the cryptocurrencies at the time FTX filed for bankruptcy in November 2022. So, if someone lost a Bitcoin in the collapse, he’d get less than $20,000, even though a Bitcoin is worth over $62k now.
More centralized exchange news:
- BitMEX, the creator of perpetual swap, has introduced options trading on its platform in partnership with PowerTrade. With an eye on grabbing a substantial market share from the leading crypto options platform, Deribit, BitMEX is enticing users with initial offerings of zero fees and cash rewards.
Market Updates
SEC Issues Robinhood Crypto With Wells Notice
The SEC sent Robinhood Crypto a Wells Notice on May 6, essentially alerting them to the possibility of enforcement action. According to a recently filed Form 8-K, the SEC staff is accusing Robinhood Crypto of securities violations. But Robinhood isn’t the only one in the hot seat. The SEC also sent Wells Notices to Consensys and Uniswap last month, reigniting the war on crypto.
Uniswap’s founder isn’t taking this lying down. He’s hit back at the SEC, criticizing them for going after reputable organizations. Consensys, on the other hand, decided to fight fire with fire. After getting the notice, they sued the SEC, warning that classifying ether as a security could put a damper on U.S. innovation in blockchain technology.
More crypto trading platform news:
- Fintech giant Revolut has launched Revolut X, a standalone crypto trading platform for U.K. retail customers, offering real-time trading, advanced order types, and in-depth market analytics with a competitive fee structure.
LayerZero Staff Excluded From $ZRO Token Airdrop
Bryan Pellegrino, the co-founder of LayerZero, confirmed that employees of LayerZero Labs won’t be able to get their hands on any $ZRO tokens from the project’s upcoming airdrop. In fact, they’re strictly forbidden from claiming any tokens at all. He made it clear that whoever broke it would be fired. He verified most of the information on Telegram, including other questions from the community.
The announcement of the LayerZero airdrop and the "anti-Sybil farming" campaign is still one of the most discussed topics on social media. Ever since the initial post about the eligibility rules and the self-reporting option, the usage of all dApps within the LayerZero ecosystem has decreased substantially. The top protocol that was flagged as responsible for "Sybil" farming, Merkly, made an official statement that their users who didn't abuse their protocol might still qualify for the $ZRO airdrop.
More airdrop news:
- Mode, a Layer 2 network, launched its initial airdrop of 550 million governance tokens, rewarding users for their DeFi and NFT activities, and has gained around $500 million in total value locked since its January launch, with a Season 2 airdrop campaign planned from May 5 to Sept. 6.
Daily Chart: Top 5 Crypto Coins In The Last Seven Days
The prevailing narratives in the market remain AI and memecoins, and the top gainers over the past week certainly reflect this. Leading the pack is Render (RNDR), with a gain of +38.71%, closely followed by Arweave (AR) at +38.37% and Worldcoin (WLD) at +33.96%. When it comes to memecoins, Pepe (PEPE) and dogwifhat (WIF) are the top performers, with gains of +25.70% and +21.37% respectively.
More interesting research:
- VanEck’s MarketVector has launched the $MEMECOIN index, which currently includes six assets: Dogecoin, Shiba Inu, Pepe, dogwifhat, Floki, and BONK. The index, which is rebalanced monthly, has shown a backtesting performance of +151.45% since the start of 2024.
MORE BITE-SIZED STACKS
DeFi
- Fantasy.top and Pump.fun Break Into Top Ten Crypto Protocols by Fees Generated
- LocalMonero to Shut Down P2P Exchange After Seven Years of Operation
- Injective Labs To Launch Independent Layer-3 Network, Based On Arbitrum
- About 90% of Stablecoin Transactions Linked to Bots, Not Real Users
- ZkSync Hyperchain Sophon Raises $60M Via Node Sale
- The Top DeFi Yield-Farming Pools With At Least $100 Million In TVL
Macro
- Cathie Wood’s Ark Invest Resumes Coinbase Share Sales, Offloading $15 Million
- Trading Giant Susquehanna Bets Over $1 Billion on Bitcoin ETFs
- Australian Tax Office Targets Data from 1.2M Crypto Users
- Grayscale Withdraws Its Ethereum Futures ETF Application
- SEC Files Final Response In Ripple XRP Case
- President Biden To Veto Bill Allowing Financial Firms To Hold Bitcoin
Tweets For Thought
DISCLAIMER: This content is for informational purposes only. It is not intended as financial advice or any form of recommendation for investment strategies. The information provided should not be relied upon in making any financial decisions. Always conduct your own research and exercise caution when dealing with financial matters.
.webp)
.webp)
.webp)
.webp)
.webp)
%20(1).webp)
%20(1).webp)
%20(1).webp)
.png)
.png)
.webp)
%20(1).webp)
.webp)
%20(1).webp)
.webp)
.webp)
%20(2).webp)
.webp)
.webp)
%20(1).webp)
.webp)
.webp)
.webp)
%20(1).webp)
.webp)
.webp)
%20(1).webp)
.webp)
%20(1).webp)
.webp)
.webp)
.webp)
.webp)
%20(1).webp)
.webp)
.webp)
.webp)
.webp)
.webp)
.webp)
.webp)
.webp)
%20(1).webp)
%20(1).webp)
%20(1).webp)
.webp)
.webp)
.webp)
.webp)
.webp)
.webp)
%20(1).webp)
%252520(1).webp)
.webp)
.webp)
.webp)
%20(1).webp)
.webp)
%252520(1).webp)
