Justin Sun Farms Swell

Alpha Team
May 06, 2024

🚀 Justin Sun's Strategic Crypto Investments and Airdrops

Major Swell L2 and EtherFi Investments: Justin Sun deposited 120,000 eETH into Swell L2 and $480 million into EtherFi, indicating a strategic move to influence these platforms and potentially benefit from airdrops.

Airdrop Farming Tactics: By making large-scale deposits, Sun aims to maximize his gains from potential airdrops, utilizing his investments to potentially sway token distribution strategies and enhance his influence in the crypto space.

Impacts on Crypto Markets and Protocols: These actions not only demonstrate Sun's investment acumen but also indicate a broader trend of using substantial holdings to drive protocol growth and attract other investors, affecting the overall dynamics and adoption of innovative crypto solutions. Read More.Read More.

️ On today's Top Picks:

🕵️ LayerZero partners with Chaos Labs & Nansen.
🚀 Puffer Mainnet launches May 8th.
🪂 $MODE airdrop claimable May 7th.
📈 Hightower purchases $68M of Bitcoin.

Read time: ⏰ 5 minutes

Crypto News

• ⭐️ Justin Sun deposits 120K Ethereum $ETH into Swell L2, accounting for ~46.6% of total Swell L2 deposits.

• US SEC issues Robinhood with Wells Notice citing alleged securities violations.

• US SEC delays decision on Invesco Galaxy spot Ethereum ETF.

• ⭐️ LayerZero announces collaboration with Chaos Labs & Nansen for sybil detection.

• Bitfinex CTO confirms supposed data breach was fake.

Alpha

• ⭐️ Puffer Mainnet launches May 8th & 5x Puffer Points will end.

• Kelp DAO $rsETH withdrawals are now live.

• Bebop launches commemorative Mode achievement on Rep3.

• Guru Network announces, "$GURU token is coming soon."

• DeBank posts, "Are you ready for this? 😉📸." on X.

Airdrops

• Spectral launches $SPEC airdrop for early adopters, data scientists, artists, and more.

• ZeroLead launches $ZERO airdrop & stake.

• ⭐️ Mode Season 1 ends, $MODE claimable May 7th.

• Avail Unification Drop phase 1 closes with phase 2 coming soon.

• Tabi unveils $TABI airdrop season 1 for Voyager event participants, $GG holders, and more.

Finance News

• ⭐️ Hightower asset manager purchases $68M worth of Spot Bitcoin ETFs.

• Swiss National Bank explores ways to tokenize financial assets.

• Investors pull $9.9B from hedge funds in March, up from $780M in February.

Security and Exploits

• SlowMist Weekly Security Report highlights over ~$71M in losses.

• Scam Sniffer warns wallet drainers are using legitimate contracts to bypass wallet security.

• GitLab flaw allowing account takeover actively exploited.

• Xiaomi Android devices vulnerable to multiple security flaws.

Token Unlocks

• Hashflow / 13.62M $HFT / ~$4.5M / MAY 07
• Euler / 67.94K $EUL / ~$391K / MAY 09
• Moonbeam / 3.04M $GLMR / ~$941K / MAY 11
• Aptos / 11.31M $APT / ~$104M / MAY 12

Funding

• Crestal, an L1 built on the Cosmos SDK; raises $2M in Pre-Seed funding.

The Degen Farmer

Top stablecoin yield farms of the day, more than $3,000,000 in TVL. DYOR and step up your farming game!

PROTOCOL	ASSETS	APY
Ramses V2 (Arbitrum)	USDCUSDC	98.35%
Avantis (Base)	USDC	71.92%
Abracadabra Spell (Arbitrum)	MIMUSDCUSDT	57.02%
Morpho Blue (Ethereum)	STEAKUSDT	44.97%
Aerodrome V1 (Base)	USDCSTAR	43.61%
PancakeSwap AMM V3 (Arbitrum)	USDT+USD+	39.66%
Turbos (Sui)	USDTUSDC	38.65%
fx Protocol (Ethereum)	DOLAFXUSD	37.90%

. . .

Reya: a new L2 with over 200M in liquidity

Airdrop Opportunity 🪂: Reya's LGE is very close, and users that stake can start farming $REYA.

Backed by some of the best: investors include the likes of Coinbase Ventures, Wintermute, Robot Ventures, and more.

Reya Labs (creator of Reya Network) is run by a team of DeFi OGs with multiple successful startups launched in the past, such as Voltz Protocol.

How to get the airdrop? - Users can deposit USDC while the LGE event lasts to get boosted XP. XP is expected to convert into rewards in the future.

👉 Farm $REYA's XP by staking USDC

. . .

That’s it for today’s edition! See you soon.

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