👀 Lido Plots Response to Restaking Boom

Together with

GM Defiers!

Lido is plotting action in response to its market share taking a hit from the rise of liquid restaking. A new governance proposal outlines plans for an alliance endorsing stETH-based restaking infrastructure.

Crypto markets fluctuate as investors await updated U.S. inflation data. The move comes after crypto ETPs hosted their first weekly inflow in five weeks.

Plus, MarginFi will launch its LST-backed stablecoin this month, meme assets rally on RoaringKitty’s return, and Pudgy Penguins toys arrive in Target.

✍️ In today’s newsletter:

Cryptocurrencies drop as inflation data looms
Institutional ETPs boast first inflow in five weeks
Lido Alliance proposal targets new restaking protocols
MarginFi to launch LST-backed stablecoin within weeks
RoaringKitty’s return sparks meme asset rallies
Pudgy Penguins arrive in Target stores

🙏Sponsored

📈 Markets in the last 24 hrs:

Ticker	Value	24h
Bitcoin	$63,2843.38	%
Ethereum	$3,054 2.64	%
Gold 1st Future	$2,332 0.80	%
S&P 500	5214.08 0.51	%
Arch Web	32.15 4.45	%
Learn more about Arch Indices		%

🎬WATCH

Check out our latest podcast with Haseeb Qureshi, managing director at Dragonfly Capital. And watch out our explainer on using DeFi to borrow crypto.

THANKING OUR NEWSLETTER SPONSORS

| NEWSLETTER CONTINUES BELOW |

Stellar empowers builders to unlock human and economic potential. Explore the new Stellar smart contract platform, Soroban, designed for scale and sensibility.

Safe{Wallet} is considered the most secure wallet in the web3 space, trusted by Vitalik Buterin and leading projects to safeguard over $100 billion in assets. The smart wallet is widely known for its multisig functionality, offering robust security measures, convenient account recovery, and access to a thriving ecosystem of over 200 integrated apps.

Stacks is the leading Bitcoin L2 gearing up for the largest update yet with the Stacks Nakamoto Release. Tryout BTCFi, Bitcoin Decentralized Finance Apps Available on Stacks.

🎈Crypto Markets Drop Ahead of U.S. Inflation Data

Leading cryptocurrencies are pulling back ahead of updated U.S. inflation data. It isn’t all doom and gloom for the markets, however, with Gamestop-inspired memecoins and Bitcoin mining stocks posting modest gains over the past 24 hours.

💵Institutional ETPs Post First Inflow In Five Weeks Despite Bitcoin Price Pullback

Institutional exchange-traded products hosted their first weekly inflow in more than one month in spite of bearish market momentum. The milestone came despite Ether ETPs suffering outflows and inflows to Hong Kong-based ETFs crashing more than 90%.

🤝Lido Proposes Alliance Promoting stETH-Based Restaking Ecosystem

Lido, the leading liquid staking protocol, is looking to reverse a multi-month trend of outflows as assets flow into liquid restaking rivals. The newly proposed Lido Alliance would seek to foster and endorse and restaking ecosystem built around Lido’s stETH liquid staking token.

🪙MarginFi To Launch Solana LST-Backed Decentralized Stablecoin This Month

MarginFi, a top six DeFi protocol on Solana, revealed plans to launch its liquid staking-backed stablecoin before June. MarginFi’s co-founder, MacBrennan Peet, announced the news at the Solana Crossroads 2024 conference in Istanbul alongside confirmation that the project will issue a governance token in the future.

🐱Gamestop and Memecoins Rally as RoaringKitty Returns

RoaringKitty, the investor and influencer credited with igniting the infamous GameStop short squeeze, returned to social media for the first time in three years. A single innocuous tweet already ignited volatility in the markets, with both memecoins and so-called meme stocks posting eye-watering gains in just a few days.

🐧Pudgy Penguins Puts Toys In Target Stores

A line of physical toys depicting images from the popular Pudgy Penguins NFT collection are available for purchase from Target. The move follows similar launches in partnership with Walmart and Amazon, with the toys driving more than 1 million sales to date.

🌍 ELSEWHERE

State of Wisconsin Investment Board reveals $163 million in spot bitcoin ETFs (The Block)
Biden blocks Chinese-backed crypto mining firm from land ownership near Wyoming military base (PBS)
Deutsche Bank Joins Monetary Authority of Singapore's Global Asset Tokenization Initiative (Ledger Insights)
What President Biden’s Crypto Politics Might Really Be About (Unchained)