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🪂SOL Stakers Rejoice After Jito Announces Airdrop

The Defiant

DeFi Daily

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Jito, a Solana-based liquid staking protocol with $375M in TVL, unveiled plans for an airdrop. The token will allow holders to participate in governance and serves as the latest bullish announcement for the Solana ecosystem.

In other news, the web3 game studio Oh Baby! Games is teaming up with Paramount, Vertex is driving $1.5B in daily volume, and Magic Eden is launching an NFT-focussed wallet, and Vitalik Buterin outlined his philosophy for technological innovation.

Plus, Cosmos infighting may soon resolve in a chain-split, and Paradigm has responded to widespread criticism targeting its portfolio company, Blast.

✍️ In today’s newsletter:

  • Jito announces airdrop
  • Web3 game studio inks deal with Paramount
  • Vertex volume skyrockets
  • Magic Eden launches cross-chain wallet
  • Cosmos co-founder wants to fork the network
  • Paradigm on Blast pushback
  • Vitalik's techno-optimism

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🎬 WATCH

Check out our recent interviews with Ethereum's chief scientist, Vitalik Buterin, and MakerDAO's co-founder, Rune Christensen, from the Devconnect conference in Istanbul. And watch our podcast with David Gogel of the dYdX Foundation to find out why his team migrated from an Ethereum Layer 2 to a Cosmos appchain.


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Solana

Solana-based Jito Announces JTO Governance Token and Airdrop for Past Users

TLDR Solana's second-largest protocol will airdrop a governance token to past users. 10% of JTO's supply is allocated to users based on a Nov. 25 snapshot of wallets.

SO WHAT Jito is Solana's leading liquid staking protocol, with TVL surging 635% since the start of October. The news serves as the latest bullish boon to Solana, with SOL up 150% in six weeks amid impressive growth.

READ MORE: Solana-based Jito Announces JTO Governance Token and Airdrop for Past Users


GameFi

Web3 Gaming Company OhBaby! Partners With Paramount

TLDR The web3 gaming studio, Oh Baby! Games, said its kart racing title will launch on Steam this year following the completion of beta testing. The company also announced a partnership with the major media firm Paramount.

SO WHAT The news comes as GameFi projects are rallying, with the sector's combined capitalization at $12.9B following a 39% gain this month. Oh Baby!'s deal with Paramount shows mainstream firms are taking notice.

Read More: Web3 Gaming Company OhBaby! Partners With Paramount


DEXes

Vertex Activity Surges With $1.5B In Daily Volume

TLDR The Arbitrum-based perpetuals exchange, Vertex, surpassed dYdX to rank as the sector's top protocol with daily volume exceeding $1.5B. The platform has also broken into the top 10 DEXes by spot trading activity.

SO WHAT Vertex's soaring activity follows the launch of an incentive campaign distributing both its native VRTX and Arbitrum's ARB tokens. However, some researchers believe wash-traders farming rewards are responsible for Vertex's surge in adoption, with each active wallet trading $2M worth of perps on average over the past day.

Read More: Vertex Activity Surges With $1.5B In Daily Volume


NFTs

Magic Eden Launches Cross-chain Wallet

TLDR Solana's Magic Eden NFT marketplace launched a multi-chain wallet specializing in non-fungibles in beta. The product supports cross-chain token swaps across the Solana, Ethereum, Bitcoin, and Polygon networks.

SO WHAT Despite Magic Eden starting life on Solana, Bitcoin Ordinals now account for two-thirds of its total volume. The roll-out of a cross-chain wallet would consolidate activity across its main markets within a single application.

Read More: Magic Eden Launches Cross-chain Wallet


Cosmos

Cosmos Co-Founder Wants To Fork The Network After Contentious Proposal Passes

TLDR Jae Kwon, the co-founder of Cosmos, is rallying community members to coalesce around a fork of the network he helped create. The new network, dubbed AtomOne, would airdrop a new token to Cosmos stakers and support the existing ATOM coin.

SO WHAT Kwon's proposed fork follows years of infighting within the Cosmos ecosystem. Kwon's efforts come after a contentious governance proposal to reduce ATOM inflation passed despite garnering only 41% support from voters.

Read More: Cosmos Co-Founder Wants To Fork The Network After Contentious Proposal Passes


Layer 2

Paradigm Responds To Criticism Levied At Its Portfolio Project, Blast

TLDR Dan Robinson of Paradigm took to social media to address criticism levied against the leading crypto VC's portfolio project, Blast. The project copped flak for launching a one-way deposit contract for a yet-to-be-released Layer 2 network last week, with users unable to withdraw their funds until the L2 launches in February.

SO WHAT Blast will provide yield for bridged assets by depositing ETH into Lido for staking and sending stablecoins to MakerDAO, alongside rewards in the form of Blast Points. However, the project has already absorbed more than $500M in one week despite a lack of security assurances, testnet, or working product.

Read More: Paradigm Responds To Criticism Levied At Its Portfolio Project, Blast


Philosophy

Vitalik Buterin Proposes 'd/acc' Philosophy in Techno-Optimism Post

TLDR Vitalik Buterin, the chief scientist and co-founder of Ethereum, published a new blog post advocating for a techno-optimist philosophy to underpin technological innovation. Buterin believes developers across all technological fields should build products that promote decentralization, defense, and the flourishment of humanity.

SO WHAT Buterin's post advocates for considered technological innovation, warning that uncontrolled development could exacerbate major challenges facing humanity such as climate change and artificial intelligence.

Read More: Vitalik Buterin Proposes 'd/acc' Philosophy in Techno-Optimism Post


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🌍 ELSEWHERE

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  • ​​Hong Kong authorities say 145 victims, $18.9M lost in Hounax scam ( Cointelegraph)
  • Cathie Wood's Ark Invest sells $5.3 million Coinbase shares, buys $1.2 million Robinhood ( The Block)