The price of Bitcoin has dropped below $69,000 as investors wait for U.S. Consumer Price Index data that could influence the Fed's decision on interest rates. Although the market is divided on the possibility of a June rate cut, strong employment data suggests the Fed may maintain current rates, even as inflation is expected to show an increase.
Thursday, April 11, 2024This thread examines the depeg of Renzo's liquid staking token (ezETH), the protocol's airdrop plan, and the misleading token allocation chart. The ezETH depeg was likely caused by a sell-off following the conclusion of the Season 1 Airdrop and misleading chart on token allocation, leading to liquidations on leverage protocols and losses for users.
Over 40 protocols, including StarkNet, ImmutableX, and Aptos, are unlocking a combined $740 of frozen tokens over the next month. The highest unlock is the Gaming L3 XAI, which will unlock $109 million in tokens, followed by Aptos and Arbitrum, which will unlock around $80 million each. Token prices have already begun sliding as investors are concerned about the negative impact of more supply without demand.
L2 blob fees increased dramatically on Monday, accounting for 21% of batch posting costs to Ethereum (blobs submitted per block exceeded the target). This spike, likely caused by the zkSync airdrop, indicates that blob fee dynamics are important for L2 operators to monitor because they can impact cost and revenue projections.
Although the price of Arbitrum has dropped significantly over the last year, its market cap has grown by over 75% to ~$2.23B. This growth has largely been driven by token unlocks, thus although ARB price is almost at an all-time low, the market cap is expected to continue to increase as more tokens are unlocked.
The TON network saw a sharp rise in activity following Telegram founder Pavel Durov's arrest, with daily transactions spiking by over 160% and active addresses hitting record highs. Despite this surge in usage, the TON token's price has plummeted by 30%, likely influenced by both the arrest and broader market conditions.