🧑‍🌾 Pendle TVL Explodes Thanks to Airdrops Frenzy

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Pendle is among the top beneficiaries of the ongoing points farming frenzy, with its TVL jumping 40% in two weeks to almost $4 billion amid the launch of USDe pools. On the subject of airdrops, Wormhole’s W token is trading at a more than $2 billion market cap following its highly-anticipated token generation event.

In other news, Vana’s new Reddit Data DAO promises to decentralize user data for AI modeling, Chile’s web3 community is preparing for the introduction of new legislation recognizing “crypto assets” as a distinct financial category, and Zircuit has amassed more than $1 billion in ETH prior to its mainnet launch.

Plus, the SEC has opened up public commentary on the pending cohort of spot Ether ETF hopefuls, but analysts are skeptical the funds will receive approval.

✍️ In today’s newsletter:

Points farming mania drives Pendle growth
Wormhole airdrops more than $2B to early adopters
Reddit Data DAO launches on Vana
Chile prepares to legally recognize ‘crypto assets’
Zircuit lures $1B with pre-mainnet rewards
SEC fields public commentary on Ether ETFs

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🎈 Pendle TVL Approaches $4 Billion On Airdrop Farming Demand

Pendle, the leading yield tokenization protocol, is rocketing through the DeFi rankings as degen farmers seek out boosted yields and points allocations. Its TVL is up 40% in two weeks while daily trade volume posted to a record high above $500 million following the launch of Pendle pools supporting Ethena’s USDe stablecoin.

🕳️ Wormhole's W Token Climbs to $2.5 Billion Market Cap Post Airdrop

Wormhole’s W token boasts a more than $2 billion market cap roughly one day after its token generation. 11% of the token’s supply was airdropped to early adopters, with an additional 6% set to unlock in four months’ time.

🤖 Vana Launches DAO Allowing Users To Control and Sell Their Reddit Data

Vana, a project allowing the creation of decentralized datasets and AI models, announced the launch of the Reddit Data DAO on its network. The DAO will provide tokens incentivizing Reddit users contributing data towards a pooled dataset that can be sold to AI companies pending governance approval.

🇨🇱 Chile Stands to Lead Latin America For Crypto Regulation, Even as it Lags in Adoption

Chile’s web community is gearing up for the country to legally recognize “crypto assets” as a distinct financial category with the February 2025 introduction of a bill passed by lawmakers in 2023. Despite the progressive legal framework, Chile is lagging in local web3 adoption compared to other nations in the Latin region.

💰 Zircuit Attracts More Than $1B In Pre-Mainnet Deposits Over Six Weeks

Zircuit, an upcoming zero-knowledge Ethereum rollup, has amassed more than $1 billion worth of ETH and Ether staking derivatives six weeks into its pre-mainnet points campaign. Zircuit began incentivizing testnet-based development last week with the launch of its Build to Earn program.

📢 SEC Asks For Public Comments On Ethereum ETFs But Experts Say It’s Not Bullish

The SEC opened its 21-day public commentary period on the pending applications from spot Ether ETF hopefuls. However, analysts remain doubtful that funds will soon receive regulatory approval, noting that the commentary period is standard procedure.

🌍 ELSEWHERE

Bitcoin Cash successfully completes halving, price leaps to its highest since 2021 (CryptoSlate)
OneCoin Legal Head Gets Four Years in $4 Billion Crypto Scam (Bloomberg)
Galaxy Plans to Raise $100M for Crypto Venture Fund (CoinDesk)