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Uniswap CEO weighs In on ethical token distribution

The Uniswap CEO strongly disapproved of low float tokens, considering them malicious and his biggest pet peeve.

Hayden Adams, Uniswap’s founder and CEO, has outlined his take on ethical considerations for effective token distribution. This comes a few days after the crypto community raised concerns about the transparency and fairness of token distribution on EigenLayer.

In an X post, Adams emphasized that he was discussing tokens, not points. He then criticized the practice of teasing and creating ambiguity during token distribution to inflate engagement metrics.

Adams cautioned against public speculation, mainly when the team is uncertain about future developments. He advised against teasing if one possesses information about a token distribution but does not plan to disclose the details.

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Sui Network clears up misunderstandings on token supply

According to Sui Network feedback, the Sui Foundation manages the main wallet with locked tokens released strategically to enhance the ecosystem.

Sui Network, a layer-1 decentralized platform, has responded to and corrected common misunderstandings about its token supply. This statement, posted on the X platform, refutes criticisms about its tokenomics, specifically addressing concerns about token distribution and founder control. 

The platform maintains that its token economics are sound, utilizing reputable third-party custodians to manage locked tokens. Tokens are released according to a predetermined emission schedule and are publicly accessible. The foundation emphasizes that founders cannot control the treasury or tokens allocated to investors, including the community reserve.

According to feedback from the Sui Network, the Sui Foundation manages the primary wallet holding locked tokens, which are released under specific conditions to enhance the ecosystem. These allocations support various projects, including Move programming language development, network security enhancements, hackathons, and developer grants.

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Glassnode: Crypto Market Shifting to Selling Phase as Big Whales Dump Bitcoin

LayerZero tackles sybil activity with self-reporting mechanism

LayerZero Labs will enforce consequences for those who don’t self-report by May 17, 2024.

LayerZero Labs has unveiled a solution to address sybil activity, often known as ‘airdrop farming.' The creator of the cross-chain communication protocol introduced a self-reporting mechanism, offering sybil users 15% of their planned token allocation for honesty within a defined 14-day period.

The developer stated in a May 3 post on X that it believes it’s important for their protocol to distribute tokens to genuine, committed network users rather than individuals who engage in sybil farming.

Sybil farming refers to the practice of creating multiple fake accounts to unfairly acquire tokens or rewards. The developers want to ensure that their token distribution benefits those who contribute positively to the network’s growth and sustainability rather than those who exploit it through deceptive tactics like sybil farming.

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Web3 gaming startup GFAL raises $3.2 million from Supercell, Mitch Lasky

Web3 video games startup GFAL has raised $3.2 million in a seed funding round from investors including Supercell and Mitch Lasky to expand its team and accelerate production.

The post Web3 gaming startup GFAL raises $3.2 million from Supercell, Mitch Lasky appeared first on Crypto Briefing.

Glassnode: Crypto Market Shifting to Selling Phase as Big Whales Dump Bitcoin

Taiwanese Prosecutors Indict 32 Individuals Implicated in $24.5 Million ACE Exchange Fraud Scheme

Taiwanese Prosecutors Indict 32 Individuals Implicated in .5 Million ACE Exchange Fraud SchemeAt least 32 individuals connected to the now-defunct Taiwan-based cryptocurrency exchange, ACE Exchange, have been indicted on fraud charges. Prosecutors have recommended 20-year jail terms for the founder, David Pan, and his business partner, while a 12-year jail term has been proposed for Chairman Wang Chen-huan. Token Prices Plummet Taiwanese prosecutors recently indicted at least […]

Glassnode: Crypto Market Shifting to Selling Phase as Big Whales Dump Bitcoin

Memecoin sector’s continued growth hinges on long-term utility

Many memecoins have produced staggering returns since the start of 2024, but their lack of utility and the proliferation of scams have raised questions about their long-term stability.

Despite the recent craze surrounding Bitcoin (BTC) — which saw the digital asset hit an all-time high of $73,600 in March — the memecoin sector has been the most profitable crypto narrative so far in 2024, registering average returns of over 1,300% across the top tokens by market capitalization. 

Several memecoins have seemingly taken the market by storm overnight, with newly launched offerings, such as Book of Meme (BOME), Brett (BRETT) and Cat in a Dogs World (MEW), shooting up the rankings to become top 10 meme projects in a matter of weeks. Amid this frenzy, many traders have managed to turn small investments into life-changing sums.

For example, one investor turned $13,000 into over $2 million in just an hour by investing in the Donotfomoew (MOEW) token shortly after its initial decentralized exchange (DEX) listing on April 3. According to reports, the trader first purchased 499.9 million MOEW for four Ether (ETH) minutes after its debut. Less than an hour later, the trader sold 111.65 million MOEW tokens for 99 ETH, worth around $328,000 at the time.

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Glassnode: Crypto Market Shifting to Selling Phase as Big Whales Dump Bitcoin