Decentral Block Post

The total amount of funds bridged to zkSync reached $115 million within 10 days of the public mainnet launch as users rush to farm the airdrop of the Ethereum rollup’s expected native token, per L2BEAT data.

The zkSync era mainnet was launched one day after the March 24 Arbitrum airdrop. The median airdrop for eligible wallets was 1,250 ARB, earning its owners around $1,500 in free money. As users rushed to farm the next airdrop, zkSync has emerged as one of the most popular airdrop plays for the market.

The new Zero-knowledge proof (ZK) based Layer-2 is also giving an opportunity for developers to establish an economic moat within the fresh ecosystem by gaining a first-mover advantage. Moreover, these projects also become eligible for an expected airdrop of the platform’s native token, similar to Arbitrum.

DeFi Liquidity on zkSync skyrockets

The total value locked in DeFi applications surged to $50 million on April 4 led by deposits across decentralized exchanges and derivatives trading platforms.

More than 43% of zkSync deposits of $115 million have been added as liquidity across DeFi platforms on the blockchain.

Bitcoin (BTC) might have shown strength after successfully defending the $28,000 support amid unfounded rumors regarding Binance, but an interesting development to note is BTC is becoming less correlated to traditional markets after the U.S. Federal Reserve elected to provide emergency liquidity to banks. 

This change in attitude from the central bank has caused a shift in the trajectory of US Treasuries as traders sought refuge from the inflationary upward pressure. Bitcoin appears to be agnostic to the movement and its price has been hovering around $28,000 for the past week.

Meanwhile, the yield on the 5-year note fell to 3.50% on April 3, a drop from 3.70% in the previous week. Higher demand for debt instruments reduces payout, resulting in a lower yield. The $152.6 billion in outstanding borrowings from the U.S. Federal Reserve's backstop lending program has been the driving factor.

The general public's lack of trust in banks has also caused them to reconsider what the Federal Deposit Insurance Corporation (FDIC) is and how the Fed no longer controls the inflation trajectory. The question of whether Bitcoin can serve as a reliable store of value during a crisis remains open, but the 70% year-to-date gains certainly demonstrate a point.

Investors are reducing their cash positions

According to data from Bank of America, the total assets of money market funds in the United States reached a record high of $5.1 trillion. These instruments invest in short-term debt securities such as the U.S. Treasuries, certificates of deposit and commercial paper. Furthermore, fund manager and analyst Genevieve Roch-Decter, CFA, states that investors have withdrawn $1 trillion from banks because money market funds offer a much higher return.

Arbitrum suffered a big blow during the April 1 to April 2 weekend due to a conflict between the ARB token holders and the Arbitrum Foundation on the allocation of $750 million ARB tokens worth around $900 million.

Data from on-chain analysis firm Arkham Intelligence shows that the transfer of $50.5 million out of the disputed allocation of 750 million ARB tokens. They shared with Cointelegraph that,

“Only 50.5 million of those tokens have been moved. 10 million tokens have been sent to be sold on exchanges, 40 million have been loaned to Wintermute and the remaining 500K remain untouched in a multisig wallet (labeled Gnosis Safe Proxy).”

On April 3 morning, the Arbitrum Foundation conceded to the community's opposition and decided to break up the said proposal in question into multiple proposals for allocating the funds for the project's ecosystem growth.

Another on-chain transfer of 2.694 billion ARB tokens from the DAOs Treasury to 140 addresses spooked the market. The transfers ranged from 100,000 to 71.6 million ARB per address.

Arbitrum suffered a big blow during the April 1–2 weekend due to a conflict between ARB tokenholders and the Arbitrum Foundation on the allocation of 750 million ARB tokens worth around $900 million.

Data from on-chain analysis firm Arkham Intelligence shows a transfer of $50.5 million out of the disputed allocation of 750 million ARB tokens. They shared with Cointelegraph:

“Only 50.5 million of those tokens have been moved. 10 million tokens have been sent to be sold on exchanges, 40 million have been loaned to Wintermute and the remaining 500,000 remain untouched in a multisig wallet (labeled Gnosis Safe Proxy).”

On April 3, the Arbitrum Foundation conceded to the community’s opposition and decided to break up the said proposal in question into multiple proposals for allocating the funds for the project’s ecosystem growth.

Another on-chain transfer of 2.694 billion ARB tokens from the decentralized autonomous organization’s treasury to 140 addresses spooked the market. The transfers ranged from 100,000 to 71.6 million ARB per address.

The price of Shiba Inu (SHIB) increased over 10% in a day amid broader upside moves across meme cryptocurrencies in the past 24 hours. But will SHIB price rally further

SHIB price tails Dogecoin's gains

On April 4, SHIB's price reached $0.00001159 a day after rebounding from its local low of $0.00001049 — a 10.5% increase. Still, the meme-token underperformed most of its rivals, including Dogecoin (DOGE), which jumped over 30% in the same period.

On a year-to-date timeframe, SHIB and DOGE's gains are nearly identical around 38%. 

SHIB price started rallying after Twitter, owned by self-proclaimed Dogecoin supporter Elon Musk, replaced its iconic blue bird logo with Dogecoin's Shiba Inu symbol. SHIB/U has rallied similarly in the past due to Musk's Dogecoin mentions on Twitter.

Interestingly, in October 2021, Musk clarified that he does not hold Shiba Inu.

The price of Shiba Inu (SHIB) increased over 10% in a day amid broader upside moves across meme cryptocurrencies in the past 24 hours. But will SHIB price rally further

SHIB price tails Dogecoin's gains

On April 4, SHIB's price reached $0.00001159 a day after rebounding from its local low of $0.00001049 — a 10.5% increase. Still, the meme-token underperformed most of its rivals, including Dogecoin (DOGE), which jumped over 30% in the same period.

On a year-to-date timeframe, SHIB and DOGE's gains are nearly identical around 38%. 

SHIB price started rallying after Twitter, owned by self-proclaimed Dogecoin supporter Elon Musk, replaced its iconic blue bird logo with Dogecoin's Shiba Inu symbol. SHIB/U has rallied similarly in the past due to Musk's Dogecoin mentions on Twitter.

Interestingly, in October 2021, Musk clarified that he does not hold Shiba Inu.