LayerZero completes initial airdrop snapshot, Bitcoin ETFs see record $563M outflow, PayPal expands crypto options with MoonPay.
LayerZero Completes First Snapshot for Airdrop

LayerZero Completes First Snapshot for Airdrop

LayerZero completes initial airdrop snapshot, Bitcoin ETFs see record $563M outflow, PayPal expands crypto options with MoonPay.

May 3, 2024
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Welcome to the latest edition of Datawallet Daily. As always, we have scoured Crypto Twitter and the news to bring you the top stories of the last 24 hours:

LayerZero Completes First Snapshot for Upcoming Airdrop

LayerZero, a protocol specializing in cross-chain interoperability, has completed the initial snapshot for an upcoming airdrop, as confirmed via an X post by LayerZero Labs. This snapshot is part of the protocol’s strategy to incentivize early users and decentralize governance within its network. Notably, the snapshot is labeled as the “first,” hinting at more airdrop events in the future.

The airdrop initiative aligns with the company’s previous announcement of planning a token launch in early 2024. LayerZero previously raised $120 million in a Series B funding round, valuing it at $3 billion. Further details on the airdrop are anticipated.

Bitcoin ETF Outflows Reach Record $563M in One Day

BlackRock’s Bitcoin ETF experienced its first day of outflows, leading a record exit of $563 million from U.S. spot bitcoin ETFs, despite Federal Reserve Chair Jerome Powell’s statement dismissing a rate hike. Fidelity’s FBTC saw the most significant outflow, losing $191 million, followed by GBTC, ARKB, and IBIT. 

This significant withdrawal trend marks a concerning development as FBTC and IBIT had previously shown strong inflows. Meanwhile, Powell’s dovish stance briefly pushed bitcoin prices up, indicating market sensitivity to liquidity expectations. Overall, this massive outflow from U.S. bitcoin ETFs could signal a shaky period for cryptocurrency investors.

PayPal Integrates MoonPay to Expand Cryptocurrency Options

PayPal has enhanced its cryptocurrency services by partnering with MoonPay, allowing its 426 million customers to access over 100 digital assets directly through its app. This integration addresses banking rules that often hinder crypto purchases via debit cards, offering a more reliable transaction success rate. 

Previously limited to five cryptocurrencies, PayPal users can now buy additional ones such as Solana and Cardano without needing to provide personal or card information to MoonPay. This expansion offers users more flexibility and choices, with encrypted transaction capabilities extending across all 50 states. 

MicroStrategy Introduces Bitcoin Decentralized ID Solution

MicroStrategy, a major corporate Bitcoin holder, has developed a decentralized identity solution named “MicroStrategy Orange,” which it unveiled at its Bitcoin For Corporations conference. This solution utilizes the Bitcoin network to handle decentralized identifiers (DIDs) without relying on sidechains, and can process up to 10,000 DIDs in a single Bitcoin transaction. 

MicroStrategy Orange includes services and tools like Orange Service and Orange SDK, enabling customization on various platforms. The application also supports digital signature integrations for email verification. This initiative is open-source and aims to expand into various digital platforms.

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