Kraken’s Ink Layer 2 Announces INK Token Airdrop

The Ink Foundation, incubated by Kraken, will launch a 1 billion INK token capped supply alongside an airdrop campaign tied to a new liquidity pool. Built on the Optimism stack, Ink is part of the Superchain and was the first network after Optimism Mainnet to enable permissionless fault proofs.

The INK token won’t play a role in governance and cannot be inflated through votes or forks, according to the foundation. “No fluff. No governance theater. Just aligned incentives from day one,” its X account posted.

The first application will integrate Aave, using INK to incentivize liquidity providers and support trading and lending across the Ink DeFi stack. Airdrop eligibility will be based on participation in this pool, with the foundation hinting at follow-on drops through a subsidiary entity.

Coinbase’s rival Base network has no plans to issue a token, but sees more daily transactions than any other Layer 2 at over 10 million. Kraken, meanwhile, is expected to go public as early as Q1 2026, increasing scrutiny on its Ethereum scaling strategy.

Pump Fun and Others Suspended From X

Solana's meme coin launchpad Pump Fun was one of several crypto-linked accounts suddenly suspended from X this week, with no explanation provided by the company. Other affected platforms include trading bots like BullX, meme launchpad GMGN, and AI tool Eliza OS. Users noted some individual team members, including Pump Fun co-founder Alon Cohen, also lost access.

While no public statement from X clarified the cause, some speculate the bans may stem from API misuse or increased scrutiny of meme coin-related content. Several suspended groups said they are appealing and continue operations outside of X. As of the latest update, Pump Fun’s X account has been reinstated. They marked their return with a meme post captioned, "Is this thing on?"

A16z Crypto Invests $70M In EigenLayer Tokens

Venture capital firm a16z crypto has acquired $70 million worth of EIGEN tokens to support the rollout of EigenCloud, a new blockchain-based developer platform. The firm previously led Eigen Labs’ $100 million Series B and now expands that stake with a direct token investment. EigenCloud officially launched Tuesday after nearly a year of development.

The platform bundles verifiable services like data availability, compute, and dispute resolution under one programmable system. Built on EigenLayer, it is designed to power blockchain-secure apps in sectors like healthcare, AI, and digital marketplaces. Token staking may earn fees as the system scales, with developer access rolling out in stages over the coming months.

Eric Trump Denies Tron Deal Despite Board Role

Eric Trump publicly denied any involvement in Tron’s reverse merger attempt with Nasdaq-listed SRM Entertainment, despite serving on the advisory board of Dominari Securities, the firm brokering the deal. Trump praised Tron founder Justin Sun online, calling him a friend and “crypto icon,” but insisted he holds no official role. He offered no comment on what (if any) informal involvement he may have.

Tron’s $210 million deal would rename SRM as “Tron” and begin accumulating TRX as treasury. Trump and his brother Donald Jr. joined Dominari’s board in February, and the company operates out of Trump Tower. Meanwhile, filings show President Trump earned $58 million from crypto in 2024, a number expected to rise in 2025.

Data of the Day

Ethereum now has 35.35 million ETH staked on its network (nearly 29% of total supply) marking a new all-time high for onchain deposits. The ETH staking contract has grown steadily since its 2020 launch and now holds $89.1 billion in value. Analysts say rising staking levels signal investor preference for holding over selling amid reduced liquid supply.

In parallel, wallets labeled “accumulation addresses” hit a record 22.8 million ETH, reinforcing the trend toward hoarding. These addresses rarely sell and are considered a proxy for long-term conviction. Despite ETH dropping 23% year-to-date, institutions continue buying, with US ETFs now holding $10.56 billion in ether after a 19-day streak of inflows.

More Breaking News

• Bitcoin briefly dropped below $104,000 after Trump threatened military action against Iran’s Supreme Leader, rattling markets with fears of broader conflict.
• Avalanche crossed 1 million daily transactions for the first time in over a year, caused by a surge in ERC-404 minting on arena(dot)trade.
• A trader on HyperLiquid turned a $10M unrealized profit into a $2.5M loss as Bitcoin fell, echoing a May blowup that shook the derivatives scene.
• Coinbase is seeking SEC approval to offer tokenized stocks, challenging traditional brokerages like Robinhood and Schwab in regulated equity trading.
• Thailand approved a crypto tax exemption through 2029, allowing capital gains to remain untaxed if routed through licensed platforms.
• TRM Labs says 99% of stablecoin activity in 2024 was legal, pushing back against narratives tying digital dollars to illicit finance.
• Flashbots warns that MEV bots are consuming blockspace faster than networks can scale, calling for urgent reform to ease growing congestion.

For the latest updates on digital asset markets, follow us on X @Datawalletcom.