Monthly Archives: March 2023

37% of Eligible Wallets Missed Out on Arbitrum Airdrop Worth $596 Million

• Arbitrum recently held a token airdrop, resulting in a frenzy of traffic to their website.
• Nearly 240,000 eligible wallets still need to claim their ARB tokens worth roughly $596 million.
• The 428 million unclaimed tokens represents 37% of the total 1.1 billion ARB allocated for the airdrop.

Arbitrum Airdrop Causes Frenzy

Arbitrum’s token airdrop started off in a frenzy that broke multiple websites, with 61% of eligible crypto wallets – traders, decentralized finance (DeFi) protocols and investment firms – having already claimed their ARB allocation. Despite this, nearly 240,000 addresses still needed to claim their governance tokens late Thursday – representing 428 million ARB worth roughly $596 million that had yet to enter the market.

Heavy Traffic Overwhelms Claims Website

The effect that token supply can have on emerging markets was on full display Thursday morning when Arbitrum’s claims website collapsed due to heavy traffic, artificially restricting the airdrop’s initial redemption rate. This meant fewer tokens in circulation during a period of peak demand; causing ARB prices to soar as high as $14 on some venues before settling out around $1.42 once more wallets had claimed their allocations.

184 Days Left For Eligible Wallets To Claim Tokens

Eligible addresses have 184 days left to claim their tokens if they haven’t already. Token holders will be able to use them for staking or voting on decisions regarding the network’s development direction and protocol upgrades post-mainnet launch later this year.

Impact Of Token Supply On Emerging Markets

Token supply has been shown to be an important factor in forming emerging markets; too much available supply can lead to price drops while too little can cause prices to spike due to increased demand relative to limited availability.. The overall effect is determined by how many people are willing and financially able purchase newly-released tokens such as those from an airdrop like Arbitum’s recent one.

Updated Privacy Policy & Terms Of Use

In light of these events CoinDesk reminds users of its updated privacy policy, terms of use, cookies and do not sell my personal information policies which should be adhered when engaging with any cryptocurrency or blockchain related products or services online or offline.

Silicon Valley Bank Collapse Tanked NFT Trading Volumes, Report Suggests

• Collapse of Silicon Valley Bank caused a drop in NFT trading.
• Daily NFT trades dropped to 33,112 and the overall trading volumes decreased by 51%.
• Despite this, some collections such as Bored Ape Yacht Club and CryptoPunks saw their floor prices dip slightly but quickly recover.

Silicon Valley Bank Collapse Tanks NFT Trading Volumes

The day after Silicon Valley Bank collapsed, the number of active NFT traders dropped to its lowest point since November 2021 according to DappRadar. Single NFT trades totaled 33,112 on that day, the lowest daily tally so far this year. Since the beginning of March, NFT trading volume has fallen 51%, with sales declining about 16%.

NFT Projects React To Changes

Not all collections of non-fungible tokens were affected in the same way. Projects from NFT issuer Yuga Labs including Bored Ape Yacht Club and CryptoPunks saw their floor prices dip slightly on Saturday but quickly recovered. One Twitter user compared CryptoPunks to USDC claiming it was more stable than the stablecoin which lost its peg to the U.S Dollar after Silicon Valley Banks collapse.

Animoca Brands Co-Founder Reacts To Report

Animoca Brands co-founder and Executive Chairman Yat Siu reacts to this report and discusses his outlook for the NFT market and the broader state of Web3. Plus insights into Animoca backing Nuqtah Saudi Arabia’s first NFT marketplace platform.

Yuga Labs New CEO Makes First Appearance

Hear from Yuga Labs new CEO in his first public appearance since assuming the position as he gives his thoughts on what lies ahead for Web3 and shares insights into Animoca Brands backing Nuqtah Saudi Arabia’s first ever NFT Marketplace platform.


In conclusion, since Silicon Valley Banks collapse there has been a significant decrease in activity within the Non Fungible Token (NFT) space however not all projects have been affected in a negative manner with some seeing slight decreases followed by quick recoveries despite USDC losing its peg with US Dollar due to SVB’s collapse.

Rebrand DAI Stablecoin for Global Growth, MakerDAO Founder Urges

• Rune Christensen, founder of Ethereum’s MakerDAO, called for the rebranding of its flagship token DAI to appeal to a wider audience.
• He suggested that DAI should be rebranded with a name that includes “USD” to indicate it is pegged to the U.S. dollar, but also highlighted there is no guarantee this will be the case in the future.
• As part of his “Endgame” proposal for MakerDAO, Christensen argued that DAI should be positioned as a currency users can generate yield with and seen as “the safest and most reliable gamified crypto of all.”

Rune Christensen Calls for Rebranding of DAI Stablecoin

Rune Christensen, founder of Ethereum’s MakerDAO, said on a call with community members that the stablecoin-issuing protocol should rebrand its flagship token DAI in order to make it more understandable and appealing for “normal people.” He suggested that DAI should be rebranded with a name including “USD” to indicate it is pegged to the U.S. dollar, although he acknowledged there is no guarantee this would remain the case in the future.

The Opportunity For A Rebrand

The discussion around rebranding came up during a broader debate about Christensen’s “Endgame” proposal for MakerDAO – an initiative which aims to decentralize governance within MakerDAO while creating opportunities for improved branding and user acquisition approaches. According to Christensen, this could involve “a complete rebrand, complete new name,” along with a different approach towards user acquisition – something he believes is necessary in order take control of the narrative surrounding MakerDAO and its flagship token DAI.

Positioning DAI As A Currency

In regards to positioning itself in order to expand on its existing user base, Christensen proposed that instead of simply being seen as just another stablecoin backed by USD or other assets – such as Bitcoin or Ether – DAI should instead be seen as a currency through which users can generate yield from their holdings. He also argued that if successfully marketed correctly (and given its role within Ethereum’s growing DeFi ecosystem), then users may come see it as “the safest and most reliable gamified crypto of all.”

Debate Among Community Members

Despite these arguments put forward by Christensen during Thursday’s call, not all attendees were convinced by his reasoning behind wanting to pursue such an ambitious project – particularly one so focused on branding and marketing initiatives rather than technical improvements within MakerDAO itself (which are arguably more important).


In conclusion then while Rune Christense’ ideas around potentially repositioning and renaming its flagship token have been met with some degree skepticism from within community circles – there can still be little doubt that doing so could perhaps bring about significant benefits for both MakerDao itself (in terms providing access too broader market segments) but also open up greater opportunities for growth across DeFi space more generally going forward into 2023 and beyond!

Bitcoin Miners Reemerge After Crypto Winter as BTC Price Rallies

• Bitcoin miners are starting to see some relief after a brutal crypto winter that saw bankruptcies and fire sales.
• Investor sentiment is still largely driven by BTC price action rather than mining fundamentals.
• Lower energy costs have given miners some breathing room and public stocks of bitcoin mining firms have outpaced bitcoin this year.

Bitcoin Mining Industry Recovering from Crypto Winter

The bitcoin mining industry appears to be getting back on its feet after a long crypto winter that saw major bankruptcies and fire sales. Even though mining economics have improved only marginally as bitcoin trades above $20,000, capital is starting to flow into the sector once again. “This shows that investor sentiment is still largely driven by BTC price action rather than mining fundamentals,” Ethan Vera, chief operating officer at Luxor Technologies, said.

Lower Energy Costs Provide Relief

Lower energy costs in the last few months have also given miners some breathing room. Shares of publicly traded bitcoin mining firms have outpaced bitcoin this year. A composite index of public mining rig manufacturers, foundries and miners compiled by Luxor is up by 52% so far this year, compared with bitcoin’s 44% rise. In terms of percentage growth, the biggest winner has been Core Scientific (CORZQ), which is still traded over-the-counter amid its Chapter 11 bankruptcy but has seen its equity grow 693%.

Stock Prices Still Low Compared To Last Year

Bitcoin miners’ stock prices have rebounded so far in 2023 but they still have a long way to go compared to where they were last year. Many companies are struggling to stay afloat as miner revenue continues to remain low due to high difficulty levels and other factors hindering profitability even with higher BTC prices.. Some entities such as Bitmain are trying new strategies such as expanding their reach into cryptocurrency lending markets in order to increase their income streams in the face of dwindling profits from traditional crypto-mining operations.

Mining Companies Focus On Cost Efficiency

As a result of rising difficulty levels and competition among miners for rewards resulting from block rewards halvings, many companies are now focusing on cost efficiency in order to remain profitable while maximizing profits from current market conditions. Companies like Blockcap (BCAP) are using proprietary hardware solutions such as ASICs (Application Specific Integrated Circuits) in order to streamline processes and reduce energy costs associated with typical mining operations.. Additionally, some companies like Hut 8 Mining Corp (HUTMF) are exploring green initiatives such as renewable energy sources for added cost savings measures that can help them remain competitive despite unfavorable market conditions..

Outlook For The Future

The overall outlook for the future seems positive despite challenging conditions faced by many players within the industry right now; however it remains unclear if this will be enough for all players involved or if further consolidation may be necessary before recovery can be fully realized. With continuing volatile market conditions across asset classes it’s difficult predict how successful most attempts at diversification might ultimately prove for specific projects or whether operating expenses will continue outpacing revenues leaving many participants unable break even operationally let alone turn a profit over time .