Pudgy Penguins NFTs to Launch PENGU Token on Solana

Pudgy Penguins NFTs to Launch PENGU Token on Solana

Pudgy Penguins, a widely recognized NFT project, is set to release its PENGU token on the Solana blockchain, with a total supply of 88.89 billion tokens. The tokenomics allocate 25.9% of the supply to the Pudgy Penguins community and 24.12% to other communities and new "Huddle" members.

Team allocations stand at 17.8% with long-term vesting, while 11.48% is retained by the company under similar terms. Despite launching the token on Solana, Pudgy Penguins NFTs remain Ethereum-based, raising community discussions about cross-chain utility.

However, the decision to launch Pengu on Solana has drawn mixed reactions. Some users argue the token lacks secure bridging to Polkadot, where the Pudgy Penguins’ Mythos operates. Others believe the launch aligns with tapping Solana’s vibrant meme coin market, emphasizing broader audience reach.

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EigenLayer to Upgrade Restaking Rewards

EigenLayer, Ethereum’s leading restaking protocol, announced its Rewards v2 upgrade to increase flexibility for protocols and validators. This upgrade introduces operator-directed rewards based on performance, customizable fee rates, and batch rewards claiming to lower gas costs. The changes aim to better align incentives within EigenLayer’s community and attract diverse participation.

Scheduled for a January mainnet launch, the upgrade follows its December testnet deployment. EigenLayer highlights that this upgrade, governed through its EigenGov process, is crucial for scaling its ecosystem. By allowing actively validated services (AVSs) to design tailored reward mechanisms, the protocol reinforces its position as a value driver in Ethereum’s staking economy.

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Sky (MakerDAO) Faces Scrutiny Over $756M Custodial Risk

Sky, formerly MakerDAO, faces criticism for managing $756 million in USDC reserves using an externally owned account (EOA). This approach has raised concerns about transparency and potential exploitation risks. Critics argue that EOAs lack security features like multi-signature authentication, exposing the funds to vulnerabilities.

Sky’s co-founder clarified that private keys for reconstituting the account were destroyed, reducing some risks. However, unanswered questions about governance and wallet control persist. As Sky transitions its reserves to a new Lite Peg Stability Module, calls for improved security measures grow to safeguard user trust.

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David Sacks Named AI and Crypto Czar by Donald Trump

President-elect Donald Trump appointed David Sacks as the "White House AI and Crypto Czar", signaling a push for regulatory clarity in crypto. Sacks will lead efforts to establish a legal framework fostering innovation in artificial intelligence and cryptocurrency sectors. The move underscores Trump’s focus on emerging technologies critical to US competitiveness.

Sacks, a former PayPal executive, is a known advocate for Bitcoin and its potential to separate money from state control. His appointment has been celebrated by industry leaders, who view his support as a positive step for crypto. Sacks’ leadership is expected to influence policy development, aiming to boost the US’s position in the global digital economy.

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Data of the Day

The NFT market recorded $187 million in sales in the first week of December, led by Ethereum with $92 million. Popular collections like Pudgy Penguins and CryptoPunks contributed significantly, with the former seeing $25 million in sales, a 346% weekly increase. Ethereum’s dominance highlights its continued appeal despite broader market fluctuations.

Bitcoin NFTs followed with $43.8 million in sales, while other blockchains like Solana and Polygon collectively generated $47 million. The resurgence comes after NFTs hit a low in September but recovered with a 57% month-on-month sales increase in November. This momentum signals renewed interest in digital collectibles as the crypto market regains strength.

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More Breaking News

• Czech Republic proposes exempting crypto held for 3+ years from taxation and waiving reporting for transactions under $4,200 annually.
• Pump.fun restricts access to UK users following regulatory compliance measures by the country's financial authority.
• Ripple CTO David Schwartz remains optimistic about launching the USD-pegged stablecoin RLUSD by year-end despite potential holiday-related delays.
• Pepe Coin overtakes Uniswap's token in market capitalization, reaching an all-time high of over $11 billion.
• Cardano Foundation's X account was compromised, spreading fake announcements about a token and an SEC lawsuit before the issue was resolved.
• Metis co-founder Elena Sinelnikova calls for decentralized sequencers in Ethereum layer 2 networks to provide anti-fragility and censorship resistance.
• Dogecoin hit its highest price since 2021 at $0.48 as Bitcoin regains six-figure value and major cryptocurrencies see green momentum.

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