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Thursday, April 4, 2024

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Have a terrific Thursday, Geckos!

Things may be a little slow right now, but exciting things are on the horizon. Perhaps its time to unwind with some blockchain games and maybe a trip to Coachella?

In today's news:

The hype is real 🧊
Coachella doubles down 🎪

Read on!

24h Hot Searches Worldwide 🔥

GALA (-3.5%)
Catcoin (-12.8%)
GameGPT (-2.8%)
Artrade (-9.4%)
Wormhole (-30.0%)
Brickken (+1.5%)
Ethena (+7.1%)

Most Profitable Crypto Narratives

The memecoin narrative recorded the highest gains by far in Q1 at 1313%, followed by RWA (+286%) and AI (+222%).

In contrast, Layer 2 was the least profitable major narrative, with just a 40% return in Q1.

The hype is real 🧊

Are you ready to relive your Minecraft days once more?

The creators of Hytopia, Hychain Games, have mentioned their plans to launch a closed beta of their highly anticipated title later this month.

Hytopia is a Minecraft-inspired Web3 game that runs on its own Layer-2 blockchain 'Hychain', using the same technology as Arbitrum Nova.

Hychain will allow users and node operators to contribute towards the chain's security in exchange for up to 250M of the network's native TOPIA token.

The Hychain network has been up and running since March 9th and has processed over 334K transactions to date.

Hychain Games ran its first node sale last month, raising 2098 ETH (~$8M) in the process and distributing over 254 ETH (~$1M) to creators.

The first batch of Hychain nodes went live just two days ago and has attracted over 7,000 participants known as 'Guardians' as well as 12,000 daily active users.

However, since the news broke of the impending closed beta, TOPIA has risen by just 2.7% from $0.0699 to $0.0717 as of the time of writing.

Editor's Take:

With a closed beta on the horizon, it's impressive to see how far the team has come since Minecraft's NFT ban in 2022 nearly buried the project. While Hytopia still has a long way to go before a full release, one can only hope that this is another good sign for the resurgence of the GameFi sector.

Frax, a veteran DeFi protocol, has also launched its own Ethereum liquid staking product in the past year. Find out how to stake and earn ETH with Frax Ether in this video.

Watch now

Coachella doubles down 🎪

Besides the launch of the festival's NFT passes on the Avalanche blockchain, Coachella will also be launching its own blockchain-based game.

Developed by Ava Labs and Coachella's Innovations division, Coachella Quests will allow attendees to complete quests at the festival and on the Coachella Discord server to earn real-world rewards.

Players will be able to collect NFT tokens in the form of 'stamps' and points, which can be redeemed for access to the Oasis VIP Lounge, unreleased music, and also a rare NFT that comes with two guest passes for next year's Coachella festival.

On the other side of Coachella quests, the team will be able to gain valuable data on how the players' experience during the event.

Additionally, Coachella has released a Canvas app that allows users to create their own personal passports, known as Canvas Cards, and document their experiences on the app.

Learn about Drift Protocol, a DEX on Solana with a TVL of almost $340 million, and how you can earn Drift Points.

Learn more

In Other News...

Wormhole airdrop begins as Solana token debuts to $3B market cap. More than 400K wallets can claim the W token.
An honest mistake. Ethena airdrop claimers received an additional 20% on top of their initial allocation after a discrepancy was found between Ethena's claim page and the Liquifi vesting platform.
Migration. Reboot, the crypto gaming protocol powering Pixel Vault's flagship game BattlePlan, announces plans to migrate the game from Arbitrum Nova to the Xai gaming network on Ethereum.
$100M capital injection. Galaxy Digital to launch a $100M fund for early-stage crypto companies.
Capital is still flowing into the crypto market. The cumulative supply of the top three stablecoins (USDT,USDC & DAI), has increased to $141B, the highest since May 2022, despite the stall in the BTC rally.
Introducing Project Agora. Bank of International Settlements and seven central banks to explore asset tokenization through Project Agora.

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