Friday, February 23, 2024
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Starkware flips the script, and are the hackers back in action? In today's news:
Read on! | | 24h Hot Searches Worldwide 🔥 | | Airdrop Season: When Should You Sell? | | 23 out of the 50 biggest airdrops reached peak prices within 2 weeks of trading, such as Blur (+90% by day 6 of trading) and Heroes of Mavia (+217% by day 13).
Given that Optimism took over a year to reach peak gains of 186%, it remains to be seen if more recent airdrops will be able to surpass their current price highs. | | |
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There's been a change of plans 🔏 After some very intense 'community feedback', Starkware has decided to change the token release structure of Starknet's native token, STRK. With the latest change, Starkware will unlock STRK more gradually for early investors, with the bulk of the tokens being shifted toward later years. First off, the team will shrink the first batch of tokens unlocked from 13.4% to 0.64%. Instead of a 1.3B token unlock, worth approximately $2.7B, on April 15, investors will now only receive 64M tokens (~$131M). After that, an additional 64M tokens will be unlocked every month up to March 2025, where the monthly unlocks will then be increased to 127M tokens and will continue for another 2 years until 2027. Ultimately, the new unlock plan will drastically reduce the amount of tokens in circulation by the end of 2024 by 71% from 2B to 580M. With this update in place, users seem satisfied for now, as the price of STRK climbed by 9.1% from $1.86 to $2.03 after the team announced the change.
Editor's Take:
Credit where credit is due. It's interesting to see that the Starkware team actually take action regarding the so-called 'predatory' unlocks. However, the lack of any shifts or extensions in vesting periods is still a core issue to be addressed, which could very well set an unsavory precedent for the tokenomics of future projects. | | | Will Web3 music get its run this cycle? In this video, we introduce Gala Music, a decentralized streaming platform for both artists and fans. Learn more about the platform and how to get started! | | | This time, it's not the bridge 🌉 Proof that anyone can be a victim. Earlier today, Axie Infinity and Ronin co-founder Jeff Zirlin, known as 'Jihoz', lost 3,248 ETH (~$9.7M) from two compromised wallet addresses.
Various assets were stolen from both wallets on the Ronin network, which were then converted to ETH and bridged to Ethereum. The funds were then routed through Tornado Cash, and the trail ends there. While many quickly assumed that the Ronin bridge was hacked yet again, Ronin's co-founder Aleksander Larsen pointed out that the bridge's improved security meant that it was a wallet hack instead.
The hack affected several tokens related to the ecosystem, where the chain's native token, RON, plunged by 13.6% from $3.17 to $2.74 but has since recovered to $2.96. | | | | | Rabby Wallet offers users a smooth multi-chain experience combined with security features to keep your assets safe. Learn about how to use Rabby Wallet in today's article. | | | In Other News... Ronin's RPG. Originally planned for Immutable X, the webcomic-based Kaidro game will instead launch on Ronin, home of Pixels and Axie Infinity.
Proof of Play, the studio responsible for the RPG Pirate Nation, is introducing Multichain, a network of chains built on Arbitrum. This initiative aims to facilitate fully on-chain games, beginning with Pirate Nation.
Something or nothing? Notcoin players have mined trillions of virtual coins by tapping on Telegram, hoping for a potential airdrop in the future.
A glimmer of hope! FTX can now sell its $1B stake in Anthropic to repay creditors.
Money is flowing into restaking. a16z invests $100M in restaking protocol Eigenlayer, while Binance Labs has invested in EigenLayer-based liquid restaking protocol Renzo after investing in another similar protocol, Puffer Finance, last month.
'Fair value of Bitcoin is 0', says European Central Bank officials. Their main complaints about BTC are that its transactions are slow and costly, it is not a suitable investment, and that the act of mining bitcoin pollutes the environment.
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