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🪂Weekly Recap: Airdrop Season Kicks Into High Gear

Happy weekend Defiers!

Airdrop season is well and truly in full swing.

LayerZero launched its long-awaited ZRO token, distributing nearly 24% of the supply to 1.28 million wallets. Despite the token debuting at a $1.1 billion market cap, many recipients predictably complained about the value of their allocations.

LayerZero’s airdrop also drove a spike in activity and revenue on Arbitrum. Combined with a surge in action on the Xai Layer 3 network, the combined throughput of the Ethereum ecosystem tagged new all-time highs.

In other airdrop news, the second phase of EigenLayer’s stakedrop is claimable (but not transferable), nearly half of ZkSync’s airdrop was claimed in less than two hours, and Blast is readying to launch its token next week.

CertiK made headlines after taking advantage of a vulnerability to siphon $3 million from Kraken as part of purported “research.” The company returned the funds after coming under fire from the crypto community after Kraken accused the company of holding the funds hostage to negotiate a bug bounty.

Consensys, the blockchain software company that recently sued the SEC over the agency’s efforts to regulate Ethereum, announced that the SEC said it is dropping its investigation into whether ETH is a security.

Despite the news driving a brief rally for digital assets, most cryptocurrencies traded lower for the week, with only five assets ranked among the top 100 by market cap posting gains of more than 1%.

Altcoins were hit particularly hard, with many tokens posting double-digit draw-downs. DEX activity on Solana is also in decline as memecoin mania winds down.

Ethereum-based NFT collections continue to crash amid the end of Blur’s third season of incentives. Each of the top five collections by market cap posted heavy losses over the past 30 days.

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