PIXEL token launches with a $441M cap, Bankman-Fried sports a new look in prison, and Ethena draws $300M with a novel yield strategy.
Web3 Farming Game Pixels Launches its PIXEL Token

Web3 Farming Game Pixels Launches its PIXEL Token

PIXEL token launches with a $441M cap, Bankman-Fried sports a new look in prison, and Ethena draws $300M with a novel yield strategy.

Last update:
Feb 21, 2024
| Issue

Welcome to the latest edition of Datawallet Daily. Here are the top stories that have been shaping the crypto landscape over the last 24 hours:

Web3 Farming Game Pixels Launched its PIXEL Token

The crypto game Pixels launched its PIXEL token, reaching a $441M market cap post-airdrop to Ronin gamers. The token’s debut followed play-to-airdrop campaigns and a Binance Launchpool rewards program. With a current price of over $0.58, PIXEL ranks among the top 200 cryptocurrencies by market cap. 

The game, reminiscent of Harvest Moon and Stardew Valley, operates on a crypto economy with NFT elements. Originally on Polygon, Pixels moved to Ronin, boosting its adoption. A surprise PIXEL airdrop to Ronin stakers and Binance’s listing of PIXEL contributed to its successful launch.

Sam Bankman-Fried’s Prison Photo Unveils New Look

In a recent photo from New York’s Metropolitan Detention Centre, former FTX CEO Sam Bankman-Fried appears with a new beard and slimmer figure, indicating a significant change from his pre-incarceration appearance. The image, shared by Tiffany Fong, marks the first visual of Bankman-Fried since his fraud conviction in August 2023. Insights from a former inmate, “G Lock,” suggest Bankman-Fried is adapting to prison life, showing resilience by not engaging in violence or betrayal.

Ethena Attacts $300M in TVL With Unique Yield Strategy

Ethena, a DeFi platform, has drawn $300M by offering 27% annualized rewards on its USDe stablecoins, achieved by shorting Ether futures. With over $287M in USDe minted, the platform allows users to deposit stablecoins for USDe, which can be staked for yield, generated through Ether validator staking and shorting Ether futures.

Despite its success, the model has faced skepticism due to past failures of similar strategies and concerns over risk management. Ethena’s approach, reliant on high demand for long positions in Ether and negative funding rates, aims to maintain its yield strategy despite these challenges.

Airdrop Hunters Begin Spamming GitHub in Hopes of Airdrops

Airdrop farming has escalated as enthusiasts spam GitHub, hoping for rewards from future token distributions, following lucrative airdrops by Celestia and Starknet. Over 1,000 comments flooded the Scroll GitHub repository over a single weekend, primarily from those aiming to secure a share in potential airdrops, burdening developers. 

This trend, which started with on-chain activities, has shifted focus to GitHub contributions, particularly after the Starknet Foundation rewarded developers with part of its airdrop. While this activity highlights community engagement, it also strains project teams and detracts from meaningful contributions, despite the humorous upside of improved grammar in project repositories.

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