KAITO Token Goes Live with Airdrop and Listings

The KAITO token launched on Base, enabling airdrop claims ahead of listings on Binance and OKX at 1 p.m. UTC. With a total supply of 1 billion tokens, around 24% of KAITO’s supply is circulating, including 10% for community rewards and 2% for Binance Hodlers.

The Kaito network, an AI-powered crypto search engine, rewards social media “Yappers” for engagement and trend detection in the tokenized attention economy. “Kaito is the distribution center of crypto, where information, attention, and capital move seamlessly,” the project states.

A Yapper Leaderboard tracks top contributors, with users capturing over 6% of network mindshare ahead of the February 17 snapshot. Analysts estimate Yaps could be worth between $20 and $140 per point, with KAITO reaching a $1.3 billion FDV in Aevo’s pre-launch market.

Critics argue that Kaito’s tokenomics were released too late, fueling concerns over algorithm-driven engagement incentives. Some, like Flashbots Strategy Lead Hasu, claim the system has “made CT a much s******r place,” increasing outrage marketing and low-quality discussions.

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EigenLayer, Polymarket, and UMA Develop New Oracle System

DeFi infrastructure firm EigenLayer announced a collaboration with Polymarket and UMA to develop a next-generation oracle system for decentralized prediction markets and blockchain data verification. The project will utilize EigenLayer’s restaking mechanism and the EIGEN token to improve security and dispute resolution.

“We’re working with UMA protocol and Polymarket to research a next-gen oracle utilizing the intersubjective security uniquely enabled by EigenLayer,” the company said. Polymarket, which currently uses UMA’s Optimistic Oracle, seeks a scalable and economically reliable system to settle high-volume bets more efficiently.

Unlike traditional decentralized oracle networks like Chainlink, the proposed system will align dispute resolutions with community consensus. By integrating Ethereum’s economic security, EigenLayer’s oracle could set a new standard for real-world data reliability on-chain.

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MANTRA Secures First VARA DeFi License in Dubai

MANTRA Finance became the first DeFi platform to obtain a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This license allows MANTRA to operate as a virtual asset exchange, offer broker-dealer services, and manage investment products, reinforcing its regulatory foothold in the Middle East.

With a focus on real-world asset (RWA) tokenization, MANTRA aims to bridge decentralized finance with traditional finance, providing transparent, compliant, and secure investment products. The approval follows Dubai’s rapid rise as a global Web3 hub, with MANTRA joining a growing list of regulated virtual asset entities.

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Pi Network Token Debuts with $195B FDV and Liquidity Issues

The Pi Network token (PI) launched, surging to a fully diluted valuation (FDV) of $195 billion before losing over 50% of its value in two hours. Initially trading at $1.70 on OKX, PI briefly hit $2.00 before crashing to $0.67, raising concerns over its sustainability and liquidity depth. “There are definite liquidity concerns as 2% market depth on OKX fails to reach $100,000,” analysts warned.

Despite its 60 million users and a referral-based mining system, Pi Network’s market faces thin trading volumes and unstable pricing dynamics. The mainnet launch allows token transfers for the first time, but exchanges struggle to support billions of tradable tokens. To counteract potential dumping, PI holders can lock tokens for up to three years, mirroring strategies used in controversial projects like HEX.

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Data of the Day

A quarter of the top 200 cryptocurrencies have plunged to one-year lows, sparking concerns of market capitulation and potential recovery signals. Analysts like Jamie Coutts of Real Vision note that the February 7 market washout mirrored August 2024’s 28% drop, which preceded a market rebound.

The crypto downturn, exacerbated by Solana liquidations and a drop in market cap to $3.13 trillion, is forcing overleveraged positions to unwind. Some analysts argue this is a short-term correction, pointing to AI-driven valuations and trade tensions as potential catalysts for a bull run.

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More Breaking News

• Coinbase has launched CFTC-regulated Solana futures in the US, paving the way for potential institutional adoption and an eventual SOL ETF.
• Brazil has approved the world’s first spot XRP ETF, with Hashdex’s product set to debut on the B3 exchange.
• The European Central Bank is developing a settlement system for distributed-ledger transactions, starting with integration into its existing Target system.
• The SEC has launched a new Cyber and Emerging Technologies Unit to combat crypto-related fraud, replacing the previous Crypto Assets and Cyber Unit.
• Nigeria is suing Binance for $81.5 billion, alleging economic losses and unpaid taxes from the exchange’s operations in the country.
• A Singaporean woman who defrauded Bybit of $4.2 million and spent it on luxury items, including a Mercedes-Benz, has been sentenced to 10 years in prison.
• Strategy has announced a $2 billion convertible notes offering to acquire more Bitcoin, as part of its aggressive BTC accumulation strategy.

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