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GM, Tim Here.
EigenLayer's token hits the market. Mango Markets settled with the SEC. How Two DeFi Founders Outsmarted Their Rivalry
EIGEN Token Trades
Six months after EigenLayer airdropped its token, holders can finally sell it.
On Tuesday, the EIGEN Foundation, the non-profit organization that manages the EIGEN governance token, upgraded the EIGEN code to be tradable.
Traders are flocking to EIGEN hoping to profit from the volatility.
Bulls have an adequate amount of:
Only estimates are kept 2.5% EIGEN's supply is available for trading. EIGEN will unlock the protocol for the team and investors will not be initiated for one year. The broader crypto market is getting pumped.
There are also reasons to be cautious:
Whales have many tokens. Top Wallet is out 2.5 million.Most airdropped tokens this year have failed to rally. EIGEN's fully diluted valuation is already over $7 billion.
Initialized tokens with higher values equal to EIGEN performed poorly.
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The May launch of the EIGEN token sparked controversy.
Recipients criticized the confusing communication surrounding the announcement, the small number of tokens allocated for the airdrop, and the decision to exclude US users.
In response, EigenLayer spoke Confusion and increased airdrop allocations for small users.
SEC Terminates Mango DAO
The US Securities and Exchange Commission announced a settlement Friday with the companies behind Solana DeFi Protocol Mango Markets.
Mango DAO, Blackworks Foundation, and Mango Labs agreed to pay a $700,000 fine without admitting or denying the allegations from the SEC.
The solution The Mango DAO, which governs the protocol, also dictates the closure of the collective.
They agree to destroy their MNGO Tokens, request the removal of MNGO from trading platforms, and refrain from requesting any trading platform to allow them to trade or offer or sell MNGO.
Separately, the pseudonymous Mango DAO member Daffy plans to file a Legal complaint against the two leaders of the DAO — John Kramer and Max Schneider — for alleged fraud.
A DeFi bromance
Ave founder Stani Kulechov and Sky co-founder Rune Christensen never saw eye-to-eye.
Neither do their communities.
But that's all in the past, say the protocol's founders News In interviews.
The two DeFi giants are now working closer than ever.
“We're having this DeFi renaissance moment where people are looking back at what was built in DeFi and actually had legs and fundamentals,” Kulechov said.
“That's it, that's Skye.”
“It's about sending a message to a wider place,” Christensen said. “Sky and Eve can figure out how to work together.”
This week on DeFi Governance
Vote: Arbitrum DAO Treasury increases security with time lock extension
Vote: Uniswap DAO onboards force by StableLab as data service provider
Vote: The Jupiter DAO will decide what to do with the 215 million unclaimed tokens
Post of the week
Crypto Twitter captures the EigenLayer and its EIGEN token.
Yes, another project using blockchain technology, the purpose of which no one can explain, is the bidding of billions of dollars
— Sisyphus (@0xSisyphus) October 1, 2024
Yes, another project using blockchain technology, the purpose of which no one can explain, is the bidding of billions of dollars
— Sisyphus (@0xSisyphus) October 1, 2024
What we see
Su Zhu and Kyle Davis, founders of disgraced crypto trading firm Three Arrows Capital, have created a new memecoin investing fund and launched a token for it.
Run it again @threearrowzcap
— 朱新 🐂 (3/AC) (@zhusu) September 27, 2024
Run it again @threearrowzcap
— 朱新 🐂 (3/AC) (@zhusu) September 27, 2024
Got a tip about DeFi? arrive at [email protected].
Related TopicsEIGENLAYER
