Bitcoin-Backed Synthetic Dollar,EigenLayer's Airdrop Strategy & ZKasino Scandal😳🚨
Exploring USDh: Hermetica's groundbreaking Bitcoin-Backed synthetic dollar, EigenLayer's restrictive airdrop strategy, Dutch Authorities arrest suspect in ZKasino crypto rug pull scandal & much more.
Hello OGsss! 🙌🏻
Welcome to the 44th edition of our Newsletter! 🎉
Let’s go through what’s been happening in the world of web3! 🤩
USDh: Hermetica's Groundbreaking Bitcoin-Backed Synthetic Dollar💵
Hermetica has announced the launch of USDh, the first Bitcoin-backed synthetic U.S. dollar, set to debut in June with a yield of up to 25%. This new DeFi product allows Bitcoin holders to earn a yield on a U.S. dollar asset without traditional banking.😳
USDh operates on Hermetica's Stacks-native protocol within the growing sector of Bitcoin-native decentralized finance. Jakob Schillinger, CEO of Hermetica, noted that the yield is backed by the structural demand in Bitcoin futures markets, highlighting robust backtest data supporting the sustainability of these returns. ✅
Schillinger also emphasized the potential of BTCFi, spurred by the introduction of Ordinals, predicting significant growth and a potential to surpass Ethereum DeFi in scale within five years. 📈
Funding Frenzy💰
Crestal: A dynamic modular service platform, announced the completion of a $2 million pre-seed financing round, with investors including MH Ventures, Cogitent Ventures, and NxGen. The new funds will be used to accelerate the construction of modular services.
Airstack: The farcaster SocialFi company announced $4M in Seed Financing at Farcon, the annual conference for the Farcaster community.
The new round was led by Red Beard Ventures with Superlayer, Polymorphic, Superscrypt, HashedEM, Delta Blockchain Fund, CSP DAO, Primal Capital, Kyber, NGC, Resolute Ventures, Will Holt, Jeff Gann, Allen Day, Eddie Lou, Justin Soh, and Fibo.
Mitosis, a modular liquidity protocol, has successfully completed a $7 million funding round. The financing was led by Amber Group and Foresight Ventures, with participation from a host of other investors
EigenLayer's Restrictive Airdrop Strategy😒
EigenLayer, an Ethereum restaking protocol, has announced an airdrop that has sparked significant controversy due to its restrictive eligibility criteria and unexpected release strategy. 🤐
The protocol plans to distribute only 5% of the initial token supply to early participants from "Season One," excluding users from 30 countries, including the US, Canada, China, and Russia. This exclusion led to widespread community dissatisfaction.👎
EigenLayer announces an additional airdrop of 28 million EIGEN tokens to 280,000 wallets in response to the feedback. Industry leaders have criticized the surprise nature of the airdrop, arguing it is unsustainable and often results in disappointment.🤦♂️
🌎Web3 WONDERS 🤯
Startup Spotlight 🔦
Capture: Capture, powered by Numbers Protocol, is a creator-focused platform that safeguards the provenance of creative work. It offers ownership of digital media via secure authentication, blockchain-based metadata, decentralized storage, licensing, and AI mining consent.
People to know 👥
Bryan Pellegrino: is the co-founder and CEO of LayerZero Labs, known for his background in professional online poker and ventures into AI and machine learning before entering the blockchain industry. He spearheaded LayerZero to address blockchain interoperability challenges, aiming to enhance cross-chain communication.
Tech Talk 🎙️
web3 with a16z crypto: They dig into zkVMs, or "zero knowledge virtual machines," which use SNARKs, and we discuss a new design for them that the guests on this episode helped develop — work that resulted in , the most performant, easy-for-developers-to-use zkVM to date.
Dutch Authorities Arrest Suspect in ZKasino Crypto Rug Pull Scandal🚨
In a recent crackdown on a suspected fraudulent scheme, Dutch financial crime authorities arrested a 26-year-old associated with the Web3 gambling platform, ZKasino. 🚓
The arrest, made on charges including fraud, embezzlement, and money laundering, followed allegations of a "rug pull" scam where over $33 million in crypto investments were reportedly trapped due to a sudden policy change by ZKasino. 🤨
The Fiscal Information and Investigation Service of the Netherlands (FIOD) conducted a search of the suspect’s residence, seizing assets valued at approximately 11.4 million euros, including real estate and cryptocurrencies. 😨
NFT Drops ☔️
Based Ape Yacht Club: Grab a banana and get ready for the much-anticipated launch of the Based Ape Yacht Club Official NFT collection! We're dropping 3333 NFTs on Base, holding one of these gains you access our exclusive members club which itself is packed with a plethora of benefits!
Weird Guy on Base: Weirdguy is a unique 5555 generative image on Etherium (Base Chain).
Radicals: Radicals, is a groundbreaking NFT project of 5140 RAD dudes that fuses art and fashion through 3D animation. We specialize in hyper-realistic digital apparel and accessories, pushing the limits of digital fashion.
Hanura: It is an original beautiful piece designed by artist Sakakura Katsumi and inspired by Hokusai Universe.
Thugni: NFT presale is live! Don’t miss your chance to be a part of history and own one of these rare NFTs that gives a glimpse into the Jugni gang life era.
📢 OG Shots:
Cardano Founder Considers Partnership With Bitcoin Cash – What Is It About?
Dogecoin’s Astronomical Flight To $1 Price Looks Nigh As Tesla Officially Adds DOGE Payment Option
Summer will offer ‘perfect opportunity’ for investing in crypto — Arthur Hayes
In the world of crypto, trust is not given; it is encoded, block by block, building a chain that unites us all.
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