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.
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
- $24M in Staked SOL Frozen on Broken Lido Smart Contract
- Van Eck Heir Unveils $12M-Backed USD Stablecoin
- Paradigm Seeks $850M for New Crypto Fund: Bloomberg
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.
.@wormhole's governance token $W is trading at a $3 billion market cap after issuing early users with an airdrop. Reporting by @oknightcrypto.https://t.co/rq0anjUZFY
— CoinDesk (@CoinDesk) April 3, 2024
$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.
the solana channel of the lido discord is a mess
— j | sanctum (@eggpanned) March 29, 2024
stSOL holders trying to unstake completely lost and abandoned, CLI tooling broken.
there is over $24m of SOL stuck in stSOL.
i know stSOL is depreciated, but i don't think this the right way to treat your users @LidoFinance
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.
Nick Van Eck, son of investment management veteran Jan Van Eck, is making a bet on crypto with the help of his namesake family business https://t.co/CIRfskHY3o
— Bloomberg Crypto (@crypto) April 2, 2024
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.
Crypto VC firm @paradigm is looking to raise between $750 and $850 million for a new fund, according to a report. by @Aoyon_Ahttps://t.co/W73MYAE4F7
— CoinDesk (@CoinDesk) April 2, 2024
Other breaking news
- Bithumb Reports 57% Annual Loss Amid Delayed IPO
- Bitfarms Plans $240M Mining Upgrade to Triple Hash Rate
- Coinbase Warns of ‘Hidden Risks’ in Ethereum Restaking
- Galaxy Digital’s GK8 Debuts Tokenization Wizard
- Ark Invest’s Bitcoin ETF Outflows Surpass $87M, Exceeding GBTC
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