Catch up on Wormhole's $W token airdrop at $3B, SOL's frozen $24M ordeal, Van Eck's stablecoin, and Paradigm's ambitious $850M fund.
Wormhole Launches its $W Token with $3B Valuation

Wormhole Launches its $W Token with $3B Valuation

Catch up on Wormhole's $W token airdrop at $3B, SOL's frozen $24M ordeal, Van Eck's stablecoin, and Paradigm's ambitious $850M fund.

Apr 4, 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:

Wormhole Launches its $W Token with $3B Valuation 

Wormhole, a cross-chain bridge, marked its entry into the crypto space with a significant airdrop, distributing 617 million $W tokens to early users, leading to a debut valuation of $3 billion. The token launched at $1.66 on the Solana-based DEX OpenBook, but heavy traffic caused accessibility issues. 

This airdrop represents 6% of the total token supply, with additional allocations for core contributors and the foundation’s treasury. Initially launched on Solana, Wormhole plans to extend its presence to Ethereum and layer-2 networks, aiming to enhance cross-chain interoperability and accessibility.

$24M in Staked SOL Frozen on Broken Lido Smart Contract

Five months after Lido on Solana’s liquid-staking program was discontinued due to financial unsustainability, $24 million in tokenized staked Solana (stSOL) remains locked due to a smart contract error. Initially offering a 5% yield, the program’s closure and the subsequent shutdown of its user-friendly unstaking option have left users with only the complex manual unstaking via Solana’s CLI, frustrating many. 

Despite efforts and a recently updated withdrawal bot, the issue persists, largely due to a problematic withdrawal smart contract. P2P Validator has identified the problem but lacks direct influence, seeking Lido DAO’s intervention for a solution, with no immediate fix or timeline provided.

Van Eck Heir Unveils $12M-Backed USD Stablecoin

Nick van Eck, alongside crypto experts Drake Evans and Joe McGrady, is launching a new USD-backed stablecoin named Agora digital dollar (AUSD) after securing $12 million in venture capital. Aiming for transparency and trust, AUSD will be backed by cash, U.S. Treasury bills, and overnight repo agreements, with VanEck, a firm led by Nick’s father Jan van Eck, managing its reserves. 

Despite its U.S. incorporation, Agora will initially target non-U.S. markets, awaiting federal stablecoin legislation. The venture, supported by Dragonfly and other investors, enters a competitive space dominated by giants like Tether and Circle but aims to differentiate through strong industry partnerships and a focus on financial integrity.

Paradigm Seeks $850M for New Crypto Fund: Bloomberg

Crypto venture capital firm Paradigm is reportedly seeking to raise $750 to $850 million for a new fund, according to Bloomberg. This move could result in the largest industry fundraise since the downturn of the crypto market. Paradigm, co-founded by Coinbase’s Fred Ehrsam and ex-Sequoia partner Matt Huang, previously secured $2.5 billion in November 2021 during a market peak. 

The firm’s new fundraising efforts coincide with a resurgence in the crypto sector, following regulatory approval of Bitcoin ETFs in the U.S., and a noticeable increase in venture capital activity within the crypto space, highlighting a renewed investor confidence in the web3 industry. 

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