⬆️Market Momentum Continues For Ethereum Ecosystem

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ETH and many leading Ethereum ecosystem projects are continuing to post new local highs despite Bitcoin and many other top cryptocurrencies pulling back. The DeFi sector is also on a run, with the combined capitalization of DeFi tokens closing in on $100B for the first time since May 2022.

Plus, Uniswap’s UNI token is similarly surging after a proposal that could see its long-anticipated “fee-switch” activated, while Parcl is the latest Solana project to confirm an incoming airdrop.

✍️ In today’s newsletter:

Ethereum ecosystem assets outperform
UNI rallies on fee switch proposal
Parcl users confirmed for April airdrop

📈 Markets in the last 24 hrs:

Ticker	Value	24h
Bitcoin	$51,7020.29	%
Ethereum	$3,098 3.66	%
Gold 1st Future	$2,039 0.94	%
S&P 500	5088.80 0.03	%
Arch Web	32.57 0.56	%
Learn more about Arch Indices		%

🎬 WATCH

Check out our video examining projects at the forefront of the convergence between web3 and artificial intelligence. Also watch our podcast with Brendan Farmer, the co-founder of Polygon, to learn about the project’s vision and roadmap for scaling Ethereum.

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MARKETS

Ethereum Ecosystem Continues To Rally Into New Year-To-Date Highs

TLDR Many projects within the Ethereum ecosystem are continuing to post new highs for 2024 despite Bitcoin and other assets pulling back. ETH above $3,100, its highest level since April 2022, while prominent Layer 2s and sidechains in Mantle, Metis, and Gnosis posted triple-digit gains in recent months.

SO WHAT Ethereum’s continued bullish streak has helped to propel the DeFi sector to new multi-year highs, with both the combined capitalization and TVL of DeFi projects reaching heights last witnessed 22 months ago.

DEFI

UNI Soars 60% On Fee Switch Proposal

TLDR UNI is rallying in response to a governance proposal advocating for the activation of Uniswap’s long-anticipated fee-switch to the benefit of UNI stakers.

SO WHAT The price of UNI jumped 60% in a day in response to the news, with the token gaining 71% in two weeks to trade at its highest level since March 2022. The momentum positioned UNI as the second-strongest performing cryptocurrency of the past seven days

READ MORE: UNI Soars 60% On Fee Switch Proposal

Parcl Announces Airdrop For DeFi Real Estate Traders

TLDR Parcl announced that it will launch a token and airdrop the asset to early adopters in May. The move follows speculation that the recent points campaigns from the decentralized real estate index exchange would culminate in a token generation event.

SO WHAT The move follows several high-profile airdrops bolstering the growth of the Solana ecosystem, with Jupiter, Jito, and Wen each dropping tokens to protocol users in recent months.

🔎 OUR REPORTERS ARE WATCHING

🌍 ELSEWHERE

Judge Approves Binance’s $4.3 Billion Settlement For Anti-Money Laundering, Sanctions Violations (Forbes)
A $30 Billion RIA Platform Greenlights Just Four Spot Bitcoin ETFs (Bloomberg)
US energy data agency to temporarily suspend bitcoin miner survey after lawsuit (Reuters)