Babylon Announces 600 Million BABY Token Airdrop

Babylon Announces 600 Million BABY Token Airdrop

The Babylon Foundation will distribute 600 million BABY tokens to early adopters at the launch of the Babylon Genesis network. Eligible recipients include Phase 1 Bitcoin stakers, Pioneer Pass NFT holders, and open-source GitHub developers.

Of the total allocation, 335M BABY will go for base staking rewards, while an additional 200M will be distributed to Phase 2 stakers six months later. To receive this bonus, users must "remain staked, register for staking on Babylon Genesis within 4 weeks of the network launch, and continue staking for at least 100 days."

NFT holders will receive 300 BABY per Pioneer Pass, and 5 million BABY will be distributed among verified GitHub contributors based on a snapshot taken in February. Users who registered but haven’t signed the Airdrop Terms can do so after the launch to receive their tokens.

Babylon emphasized that all allocations are non-claimable and will be transferred directly by Cuneiform Assets, with any unclaimed portions rolling into the community incentives pool. A dedicated airdrop for social media contributors is also planned, pending further announcements.

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House Committee Advances STABLE Act in the United States

The House Financial Services Committee voted 32-17 to advance the STABLE Act, a bill designed to regulate U.S. dollar-backed stablecoins. Sponsored by Reps. French Hill (R-AR) and Bryan Steil (R-WI), the legislation introduces capital requirements, 1:1 reserve backing, and AML protocols for stablecoin issuers.

During the hearing, amendments focused on concerns over President Donald Trump’s growing involvement in crypto, including DeFi platforms and stablecoins. The bill’s path forward may hinge on reconciling differences with the Senate’s GENIUS Act, which has stricter provisions for foreign issuers like Tether.

A key point of contention remains whether stablecoins should be allowed to pay interest to holders, a feature currently offered by Coinbase. While House Republicans push for rapid passage, top Democrat Maxine Waters warned the bill could create conflicts of interest and benefit the president’s inner circle.

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Recession Bets Surge After Trump’s Tariff Plan Rattles Markets

Recession odds for 2025 surged above 50% on Polymarket and Kalshi after President Trump unveiled sweeping tariffs on April 2, according to data reviewed Thursday. The new policy imposes a 10% base rate on all imports and as high as 54% on Chinese goods, prompting fears of global trade retaliation. Markets reacted immediately, with S&P 500 futures down 4.33% and Bitcoin dipping to $81,600.

While the Trump administration claims the tariffs aim to fix trade deficits, analysts warn they could spur inflation and hurt consumer spending. UBS and others predict a slowdown, not a full recession, with possible Fed rate cuts to follow. Some traders see the tariffs as "dovish," anticipating monetary easing if economic conditions worsen, while others describe this as the "Reverse Nixon" moment.

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PayPal Adds Native Solana and Chainlink Support for US Users

On Thursday, PayPal expanded its crypto offerings to include native support for Solana (SOL) and Chainlink (LINK) across the U.S. and territories. Previously available only through MoonPay integrations, the assets can now be bought, sold, held, and transferred directly on the PayPal platform. The update follows a broader trend of mainstream platforms embracing Layer 1 and oracle networks.

This shift comes after regulatory clarity increased under the current administration, easing previous SEC scrutiny of Solana and similar assets. PayPal first enabled crypto in 2020 and launched its stablecoin PYUSD in 2023. Chainlink co-founder Sergey Nazarov and Solana ETF filings suggest rising institutional interest in both assets.

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Data of the Day

Centralized crypto exchange (CEX) token listings have delivered average returns exceeding 80% over the past 180 days, outperforming IPOs on Nasdaq and the Dow, according to an April 3 CoinMarketCap report. Nearly 68% of token listings yielded a positive return, versus 54% for the NYSE and 51% for Nasdaq. The analysis included tokens listed on Binance, Coinbase, Bybit, OKX, Gate, Bitget, and KuCoin.

Despite controversy over listing fees and market manipulation, CEXs have become increasingly dominant in launching and distributing new tokens. Binance, which leads the market in staking rewards and airdrops, reported $2.6 billion in user incentives last year. The exchange recently upgraded its Launchpool and BNB Earn platforms to increase user participation and transparency.

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More Breaking News

• DEX aggregator Matcha, developed by 0x, has expanded to Solana, offering cross-chain trading support and features aimed at helping users avoid memecoin rug pulls.
• Ethereum developers have scheduled the long-awaited Pectra upgrade for May 7, introducing wallet-level smart contract functionality to improve usability.
• Wintermute moved $75 million in FDUSD after the stablecoin depegged, seizing what appears to be a $3 million arbitrage opportunity via redemptions.
• Kraken has secured restricted dealer status in Canada and will offer free Interac e-Transfers to ease crypto access amid growing adoption in the region.
• Curve Finance recorded $35 billion in Q1 trading volume, up 13% year-over-year, as DeFi activity increased despite a broader market downturn.
• The Sei Foundation is bidding to acquire bankrupt DNA firm 23andMe, aiming to use blockchain to give 15 million users control and monetization of their genetic data.

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