Weekly Project Updates: Ripple Plans Stablecoin Issuance, etc

1. Wormhole Initiates Airdrop and Releases Roadmap link

On April 3rd, the cross-chain infrastructure Wormhole initiated its airdrop claim process and unveiled its roadmap, outlining its token W to serve as the native multi-chain token while introducing a multi-chain governance system. The upcoming plans include launching W on Solana, leveraging Wormhole NTT for EVM expansion, locking W for automatic delegation, and implementing multi-chain governance.

It’s noteworthy that Wormhole did not exclude the hacker address responsible for attacking the protocol that year from the airdrop, but instead allocated 2434 W to that address. In February 2022, Wormhole suffered a loss of 120,000 ETH due to a hacker attack, which was subsequently replenished by Jump Crypto to cover the funding gap.

2. Ethena Labs Now Offering ENA Claiming link

Ethena Labs, the developer behind USDe, has now opened the ENA claiming process, with the claiming page now available online. Previously, Ethena Labs announced via Twitter that based on community feedback, the airdrop criteria for April 2nd have been adjusted to include holders of the NFT series Milady Maker in the distribution scope. This means that 0.2% of the total token supply will be allocated to holders of SchizoPosters, Redacted Remilio Babies, and Milady Maker series NFTs. The snapshot for this was taken on March 26th.

3. BNB Chain Announces Launch of ‘Meme Innovation Contest’ with a Maximum $1 Million Prize Pool link

BNB Chain officially announces the launch of the “Meme Innovation Contest,” with a prize pool of $1 million. The contest will run from April 10th to May 9th at 23:59 UTC. The final amount will be determined by the total trading volume of eligible memes during the competition period, with higher trading volumes resulting in larger prize pools. The ultimate prize pool will be distributed based on the rankings of eligible participants in three categories: total trading volume, market value, and meme community holders.

4. Blast Point Bonus is Now Live, Allowing Users to Enhance Blast Points with Specific DApps link

The Blast points multiplier feature is now live, allowing users to enhance their Blast points by using specific DApps like SynFutures Ring. Multipliers enable participants to double their existing Blast points and increase their earning speed. For instance, if a participant currently has 100 Blast points and earns 20 points per hour, obtaining a 2x multiplier will result in owning 200 points and earning 40 points per hour.

5. Ripple Plans to Issue USD-Pegged Stablecoin link

Ripple is set to introduce a stablecoin pegged to the US dollar. The company has announced that this token is scheduled for release later this year and will be “100% backed by US dollar deposits, short-term US government securities, and other cash equivalents.” This stablecoin will initially be deployed on Ripple’s institution-focused XRP Ledger and the Ethereum blockchain, utilizing the Ethereum-based ERC-20 token standard.

6. Pendle Records Daily Capture Fees of $249,000, Setting a New Record High link

The DeFi yield protocol Pendle recorded a staggering daily fee capture of $249,000 yesterday, marking an all-time high in both management and performance fee revenues, totaling $199,000. According to DeFiLlama data, Pendle’s Total Value Locked (TVL) has surged by over 60% in the past month, nearing $4 billion, establishing itself as the largest DeFi yield protocol. Leveraging the prevalent gamification model, Pendle LP, PT, and YT tokens have witnessed significant increments in value.

7. OpenSea Enables Seamless Token Cross-Chain Swaps and Exchanges for Users link

OpenSea has announced a partnership with the cross-chain interoperability protocol Socket, enabling users on the platform to seamlessly conduct token swaps and cross-chain operations. Currently, the service supports multiple networks, including Ethereum, Arbitrum, Optimism, Base, Polygon, and more. It’s worth noting that Socket suffered losses exceeding $3.3 million in a previous hacking incident.

8. MakerDAO Contemplates Allocating 600 Million DAI to USDe link

MakerDAO is considering allocating 600 million DAI to USDe and collateralizing USDe (sUSDe) through the DeFi lending protocol Morpho Labs. Both USDe and sUSDe are issued by the stablecoin developer Ethena Labs. Seraphim Czecker, Growth Lead at Ethena, mentioned in a tweet that while this proposal is currently in the proposal stage, if confirmed by the MakerDAO community, it would contribute to the overall growth of Ethena and align with internal expectations.

It’s worth noting that the Aave Chan Initiative (ACI) has initiated an ARFC proposal in the Aave community titled “Update DAI Risk Parameters,” aimed at updating the risk parameters of the DAI stablecoin by setting all LTVs deployed by Aave to 0% and removing the sDAI booster from the Merit program for the 2nd round and subsequent rounds. The proposal states that MakerDAO’s recent proactive actions on the D3M plan have significantly increased the “D3M” credit limit for DAI, with the credit limit potentially expanding to 1 billion DAI in the short term. The unpredictability of future governance decisions by MakerDAO has raised concerns about the inherent risk nature of DAI as collateral.

9. Bitcoin Ordinals Founder Casey Releases ord 0.17.0 link

Bitcoin Ordinals founder Casey has released ord 0.17.0, which includes the final implementation of Runes and the hard-coded genesis Rune: UNCOMMON•GOODS, among others. The index is initialized with the genesis Rune, and UNCOMMON•GOODS has an open casting from the halving block in April of this year until the end of the next halving block; Rune casting now includes start and end heights, as well as supply limits; Runes can be cast using the ord wallet and more.

10. Binance Launches New Coin Mining for 51st Phase Project Saga (SAGA) link

Binance’s latest coin mining project, Saga (SAGA), has been launched in the 51st phase. Users can participate by depositing BNB and FDUSD into the SAGA mining pool on the Launchpool website after 8:00 AM on April 5, 2024 (UTC+8), to earn SAGA rewards. The SAGA mining will last for a total of 4 days. Binance will list Saga (SAGA) on April 9, 2024, at 10:00 PM (UTC+8). Saga (SAGA) is a Layer 1 protocol designed to help developers quickly launch dedicated chains called Chainlets.