EigenLayer to Distribute 86M Tokens in Season 2 Rewards

EigenLayer to Distribute 86M Tokens in Season 2 Rewards

EigenLayer, an Ethereum-based restaking protocol, is launching its second round of airdrop rewards, distributing 86 million tokens to its community. Starting on September 17, the “Season 2 stakedrop” will reward users who staked and operated nodes with 70 million tokens, while 10 million will be given to ecosystem partners and 6 million to open-source contributors.

The initiative aims to reward individuals who actively supported the protocol since its inception. EigenLayer held a similar event in May, known as “Season 1” which allocated 5% of the total token supply. The EIGEN token is not yet available for trading, and future token unlocks are contingent upon key product milestones. The project aims to further decentralize and reward its active contributors.

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Synthetix Launches SNAXchain on Optimism’s Superchain

Synthetix, a decentralized finance protocol, has announced the development of SNAXchain, its dedicated blockchain built on Optimism’s Superchain infrastructure. The new app chain will serve as a neutral hub for governance and protocol decisions as Synthetix continues to expand across multiple blockchains. The launch also coincides with a new governance epoch for Synthetix.

SNAXchain is being developed in partnership with Conduit for infrastructure and Wormhole for cross-chain messaging, ensuring seamless communication between different blockchain networks. Optimism’s Superchain ecosystem, powered by optimistic rollups, is expected to reduce transaction costs and enhance interoperability.

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Robinhood Settles $3.9M Fine Over Crypto Withdrawals

Robinhood has agreed to pay a $3.9 million settlement with the California Department of Justice (DoJ) after an investigation found the company restricted crypto withdrawals from 2018 to 2022. During this period, customers were unable to move their crypto to external wallets and were forced to sell their assets back to Robinhood to exit the platform.

The settlement followed accusations that Robinhood misled users about competitive pricing across trading venues. As part of the agreement, Robinhood will allow customers to transfer crypto assets and improve transparency regarding custody and trading delays. The company expressed satisfaction in resolving the issue, and Robinhood remains focused on expanding its crypto offerings.

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Mercuryo Launches Virtual Debit Card for Crypto Payments

Mercuryo, a crypto payments infrastructure platform, has introduced Spend, a virtual euro-denominated Mastercard that allows users to pay with cryptocurrencies from non-custodial wallets. This innovative card bridges the gap between digital assets and traditional payment methods, enabling users to spend 40 cryptocurrencies at over 100 million merchants within the Mastercard network.

Spend can be integrated with Apple Pay or Google Pay, and the system automatically converts crypto to fiat for merchant transactions. Though it provides a familiar payment method, users must complete KYC and AML verification. Mercuryo’s goal is to make digital tokens as accessible for spending as fiat currencies, with plans to expand Spend to other regions beyond the European Economic Area.

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Data of the Day

Polymarket, a leading decentralized prediction market, has seen its open interest surge past $100 million, driven largely by bets on the upcoming US presidential election. The platform has experienced remarkable growth, with open interest skyrocketing by 1,429% from $7 million at the beginning of the year.

As the election looms, 77% of Polymarket’s weekly volume is centered on predictions about the political race, reflecting growing public interest in crypto-based election forecasting. While Polymarket continues to dominate, emerging competitors like Drift's BET are attempting to challenge its lead.

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More Breaking News

• Ether has underperformed BTC by 44% since Ethereum's switch to proof-of-stake, and analysts warn it could face further declines due to weaker network activity.
• Telegram CEO Pavel Durov expressed his readiness to exit markets that conflict their principles. However Telegram might start moderating private chats.
• A recent report shows that nearly 90% of applications from crypto firms in the UK were rejected over the past year for not having strong enough AML measures.
• DWF Labs has completed the design of a synthetic collateralized stablecoin, supporting multiple assets such as USDT, USDC, and Bitcoin, offering different APYs.
• Donald Trump has widened his lead over Kamala Harris by 7% in US election odds on Polymarket, with stronger showings in key swing states.
• Skyscanner has integrated with Travala, enabling users to book hotels using over 100 cryptocurrencies.

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