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Airdrop Season's Main Event

Weekly Recap: Airdrop fever, Bitcoin rebound
David C David C May 4, 20242 min read
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Airdrop Season's Main Event

1️⃣ Rocky Airdrop Debuts

Two of the largest, if not the largest, airdrops, EigenLayer and Friend.tech, debuted this week. EigenLayer's Monday token launch details release largely disappointed users with plenty of quibbles over geo-blocking, governance, equity distribution, and non-transferrable tokens.

However, EigenLayer proved responsive to feedback, adjusting their plans to, among other things, give 100 EIGEN to all past protocol users. U.S. users, it's time to schedule your international travel!

Friend.tech, on the other hand, faced token claim issues and glitches with their new update. Users also had to interact with V2’s new features to claim most of their tokens, which proved difficult due to errors that hindered transactions going through. Yet, with FRIEND plummeting since launch, some have speculated it has already been oversold.

2️⃣ Bitcoin's Rebound

Bitcoin had a shaky bulk of the week, with U.S. spot BTC ETFs seeing a record $534M in outflows, dropping prices to ~$56K. However, as the week progressed, Bitcoin recovered sharply, nearing $63K after the FOMC meeting and recent employment data. The unexpected soft job data and higher unemployment stand as testaments to the rate hikes working, which could influence the Federal Reserve's next moves. Meanwhile, Hong Kong's new BTC and ETH ETFs debuted strongly, gathering $292M and surpassing some early expectations.

3️⃣ LayerZero Goes After Fake Users

This week, LayerZero's community welcomed the snapshot announcement for their upcoming airdrop. Adding intrigue, the team introduced a 'Sybil turn-in' program, offering individuals who self-report fake accounts 15% of their potential airdrop to combat fraud instead of zero if they get caught. Around 500 wallets have already turned themselves in.

4️⃣ ZKasino Team Member Arrested Over Rug Pull

ZKasino, an onchain casino that recently rugged its community but claimed innocence, already looks to be paying the price. On Friday, Dutch authorities arrested a team member and seized ~$12M of his assets, with many speculating that the team member was the project's founder.

5️⃣ CZ Skates with a 4-Month Sentence

Changpeng Zhao, known as CZ, the former CEO of Binance, faced the music in a Seattle court, receiving a four-month prison sentence for money laundering charges. Initially facing 36 months, the final conviction showcased the positive reputation that CZ had built up over the years, with a judge specifically highlighting the volume of letters he had received pleading for a lenient sentence for Zhao. Seems like it worked.

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David C

Written by David C

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David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.

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