Decentralized Finance Weekly Insights: Starknet Airdrop, Ethereum Gas Highs, Uniswap Scam Alert and DeFi Market Overview
Summary:
This week's Finance Redefined report discusses the Starknet airdrop where users reportedly received minimal or no expected airdrop, a new Ethereum Name Service scam warning issued by Uniswap's founder, an new eight-month high for Ethereum gas prices amid the ERC-404 excitement, and EigenLayer becoming the fourth-largest restaking protocol with $7 billion TVL. Additionally, the top 100 DeFi tokens had a bullish week, and a record annual high for TVL in DeFi protocols was reached at over $72 billion.
Welcome to Finance Redefined, your go-to guide for indispensable insights into the decentralized finance (DeFi) world — a consistent, weekly update, keeping you informed about significant events in the preceding week. The recent week was tumultuous for DeFi with Starknet's airdrop, with many users reporting to only have received the minimal expected airdrop or no airdrop at all. Meanwhile, the creator of Uniswap cautioned against a fresh Ethereum Name Service (ENS) domain scam. Amid the ERC-404 excitement, Ethereum gas costs reached a fresh eight-month peak, while EigenLayer emerged as the fourth biggest restaking protocol with a total value locked (TVL) of $7 billion. The leading 100 DeFi tokens witnessed another positive week, with majority of them trading with gains, with the TVL soaring to a new annual record, exceeding $72 billion.
Eagerly awaited by airdrop seekers, Starknet is set to launch its token. A recent report (Feb. 15) from Yearn.finance's developer, Banteg, indicates that possibly 1,854 individuals either renamed or erased their accounts following the taking of a blockchain snapshot, which laid the foundation for Starknet's airdrop on Feb. 19. On Feb. 20, the Starknet Foundation is planning to allocate 700 million STRK tokens out of 1.8 billion to around 1.3 million qualified wallet addresses, with 50% of the tokens directly benefitting the protocols' users.
The Ethereum restaking protocol, EigenLayer, has ascended to the position of the fourth biggest protocol as per their TVL, outperforming the crypto lending protocol, JustLend. On Feb. 15, Eigenlayer's TVL increased by 5.73% to $6.99 billion. The protocol's TVL has witnessed a surge of 47.95% in the past week and 307% over the past month, based on data from DefiLlama.
Uniswap’s founder, Hayden Adams, alerts the crypto community about a potential scam involving wallet addresses being disguised as Ethereum Name Service domains. On Feb. 14, Adams issued a warning regarding scammers impersonating his Ether (ETH) wallet. He detailed that the fraudsters copied and created his wallet address as an ENS wallet with .eth.
An intense interest in the new, unofficial token standard, ERC-404, has seen Ethereum network gas prices reach an eight-month peak. The Ethereum network gas prices hit an average high of 70 gwei ($60 for a standard transaction) on Feb. 9, with the peak gas expenses skyrocketing to 377 gwei - the highest level noted since May 12, 2023.
As per data from Cointelegraph Markets Pro and TradingView, the leading 100 DeFi tokens by market capitalization had a positive week, with most showing green on the weekly charts. For the first time in over a year, the TVL in DeFi protocols crossed the $70 billion mark.
Stay tuned for another batch of significant DeFi stories, knowledge, and insights next Friday. Thanks for catching up with us for this week's most noteworthy DeFi updates.
Published At
2/16/2024 10:25:00 PM
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