Welcome to the first edition of Datawallet Daily for the month. As always, we have scoured Crypto Twitter and the news to bring you the top stories of the last 24 hours:
- Degen Chain Layer 3 Sees Surge in Meme Coin Volume
- Telegram Introduces Revenue Sharing for Channel Owners
- Tether Surpasses $5 Billion in Bitcoin Holdings
- Liquid Restaking Platforms Approach $8B in Total Value Locked
Degen Chain Layer 3 Sees Surge in Meme Coin Volume
Launched last week, Degen Chain, a layer-3 blockchain built atop Ethereum’s L2 protocol Base, has quickly become a hub for meme coin transactions. In just four days, it saw nearly $100 million in transaction volume and over 272,000 unique transactions. The network hosts over 7,500 contracts and 2,300 tokens, many of which are considered scams. Degen Swap and Degen Pepe are the leading tokens by capitalization, valued at $14 million and $23 million, respectively.
The platform, lacking stablecoin support, relies on its native DEGEN token, which surged over 500% since its inception. Layer-3 blockchains like Degen Chain specialize in specific applications, offering faster and cheaper transactions than their underlying chains.
Telegram Introduces Revenue Sharing for Channel Owners
Telegram Messenger, the third most downloaded messaging app after WhatsApp and Snapchat, has announced a new revenue-sharing model for public channel owners. Starting March 31, channels with over 1,000 subscribers can earn 50% of ad revenue in Toncoin, Telegram’s cryptocurrency. This initiative, revealed by CEO Pavel Durov, aims to monetize channel viewership, which generates over one trillion views monthly.
The move to include Toncoin as a payment option for ad purchases supports Telegram’s broader strategy to integrate blockchain technology seamlessly, potentially bringing 500 million users to blockchain by 2028 through user-friendly Mini Apps.
Tether Surpasses $5 Billion in Bitcoin Holdings
Tether, the leading stablecoin issuer, significantly expanded its Bitcoin portfolio, purchasing 8,888 more Bitcoins in the first quarter of 2024, bringing its total holdings to approximately 75,354 BTC, valued at over $5.2 billion. This acquisition marks Tether’s holdings surpassing the $5 billion threshold for the first time, aligning with Bitcoin’s all-time high price of around $69,500.
The purchase, confirmed by CEO Paolo Ardoino, positions Tether as the seventh-largest Bitcoin holder globally. Beyond cryptocurrency investments, Tether is diversifying into bitcoin mining, energy production, and pioneering AI technology development, all while maintaining its dominance in the stablecoin market with a supply of over 109 billion USDT.
Liquid Restaking Platforms Approach $8B in Total Value Locked
The TVL in liquid restaking tokens (LRTs) is on the brink of hitting $8 billion, with Etherfi leading at over $3.2 billion, followed by significant players like Renzo and Puffer. This surge in TVL is attributed to the adoption of EigenLayer by these platforms, allowing users to restake and maintain access to their funds. Etherfi tops the chart with the highest TVL, with Renzo and Puffer trailing at $2 billion and $1.3 billion, respectively. Smaller protocols like Bedrock, Prime, and ClayStack also contribute to the ecosystem.
Liquid restaking on EigenLayer, which surpasses $13 billion in TVL, enables users to stake ETH for securing third-party protocols. Despite the closure of direct restaking windows on EigenLayer, LRTs offer an alternative for depositing funds and earning rewards, including potential dual airdrops from EigenLayer and the LRTs themselves, thereby incentivizing the ecosystem’s growth and security enhancements.
Other breaking news
- Tron Challenges SEC’s Global Regulatory Reach
- UK Court Orders Freeze on $7.6 Million of Craig Wright’s Assets
- Former McKinsey Executive Joins Ondo Finance
- Bitkub, Thailand’s Leading Crypto Exchange, Plans IPO in 2025
- Echo’s First Deal Raises $300,000 for Ethena
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