After a week of regression in the crypto money market, it is wondered what developments will occur in altcoins this week.
Here are the key points to follow this week.
Highlights of the Last Week
- After Elon Musk tweeted about the Miladys, the ERC-20 token LADYS, supposedly linked to Milady Maker, skyrocketed to a market cap of $150 million.
- UNI discusses introducing protocol fees by opening the fee system. However, this could have potential regulatory implications as the Uniswap Foundation is US-based.
- BRC-20 adoption has increased significantly, causing severe congestion on the Bitcoin network and leading to high transaction fees. Block fees outstripped rewards in two blocks, a rare event that has only happened a few times in Bitcoin's history. Binance also announced that it will support Ordinals in the NFT market.
- Although the redistribution of CrvUSD contracts is still ongoing, Curve Finance has announced that it will soon launch the UI for the token.
- MakerDAO's lending marketplace Spark Protocol launches, further driving demand and usage for DAI.
- PancakeSwap burned $16 million worth of CAKE and cut emissions to 3-5%, the platform plans to cut emissions further.
- Synthetix has increased the weekly OP trade rewards by 200%, which will positively impact Kwenta and Polynomial users.
- Aave V3 was launched on Metis and will likely trigger a liquidity flow to the platform.
- Launch of CHZ Mainnet, a blockchain infrastructure designed for sports and entertainment.
- Opensea Pro hinted that PEPE could be included as a payment method.
- AIOZ has completed its network hard fork and updated it to v1.4.0 which provides connectivity to Cosmos and EVM compatible ecosystems.
- Kiln, a staking services protocol, is now available on the Sui network.
- The ODOS protocol, a DeFi swap collector, is now available for use on the Phantom network.
- Neutrinos Bridge is operational, currently connecting BNB Chain to Neutrinos Mainnet.
Important Developments in Altcoins in the New Week
- The Lido V2 upgrade scheduled for May 15 will enable stETH withdrawals. Given that Lido is the largest ETH staker, this could be the last significant wave of withdrawals before net flows turn positive as amounts deposited in ETH will exceed withdrawals.
- BIT will unlock $90.9 million on May 15, corresponding to 2% of the total supply.
- APE is set to unlock $51.3 million, or 1.6% of the total supply, on May 17.
- Arbitrum plans to redistribute accumulated transaction fees to DAOs.
- Incentive testnet for Dymension will be launched soon.
- EnLight Finance, an ETH LSD protocol, is preparing to launch an incentivized testnet on BSC.
*Not investment advice.
Naim