Daily News | Drift Project Launched 100M Token Airdrops; Avalanche Launched HELOC Tokenization on the Chain; AGIX Holders Have Voted on the Proposal of ASI

2024-04-17, 04:12

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## Crypto Daily Digest: Solana Project Drift launched 100 million token airdrops; Avalanche launched HELOC tokenization on the blockchain; Super Artificial Intelligence Alliance ASI proposal approved by AGIX holders
First, let's examine the trading activity of <a href="/id/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETFs. According to Farside Investor data, on April 16, Grayscale's GBTC funds flowed out of $79.4 million. Meanwhile, the Fidelity Bitcoin spot ETF (FBTC) inflow was $1.4 million, and the ARK 21 Shares Bitcoin spot ETF (ARKB) outflow was $12.9 million.

The recent tense economic and political situation has led investors to lean towards risk aversion, resulting in a significant decline in the crypto market and a corresponding net outflow of funds from ETFs. However, even if Bitcoin is hit, it remains the best-performing cryptocurrency, with Bitcoin's market dominance reaching its highest level since April 2021.

DEX Drift on <a href="/id/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> is about to launch its governance token DRIFT airdrop. Drift announced on Tuesday that the total supply of DRIFT tokens is 1 billion, of which 10% (or 100 million) will be distributed through airdrops. These 100 million tokens will be airdropped based on user activities on the Drift platform, and are expected to cover 180,000 users.

Drift was launched on Solana in 2021 and is one of the earliest DeFi projects on the blockchain. Since then, it has facilitated a cumulative transaction volume of over $20 billion. Currently, TVL has exceeded $250 million.

All DRIFT tokens will be allocated within five years, with over 50% allocated to the community. Specifically, communities and ecosystems will receive 53% tokens, 25% for protocol development, and 22% for strategic participants.

It is reported that Drift has taken multiple snapshots in the past three years and conducted comprehensive activity analysis on token airdrops.

The centralized AI network SingularityNET announced on the X platform that most AGIX token holders have passed the proposal of the Artificial Super Intelligence (ASI) Alliance.

Previous reports have shown that SingularityNET, <a href="/id/price/fetch-ai-fet" target="_blank" class="blog_inner_link">Fetch.ai</a>, and Ocean Protocol have announced the establishment of the Artificial Superintelligence Alliance. Create the largest open-source, decentralized network by merging billions of tokens.

In this alliance, the tokens $FET, $OCEAN, and $AGIX used by the three alliance member networks will be merged into one $ASI token, which will be used in the merged decentralized artificial intelligence network, providing unprecedented scale and capabilities. According to the merger plan, the market value of ASI tokens after complete dilution is expected to reach $7.5 billion.

Home Equity Line of Credit (HELOC) tokenization protocol Homium announced that it had completed a round of $10 million financing led by Sorenson Impact Group and Blizzard.

According to its official statement, Homeum is based on the <a href="/id/price/avalanche-avax" target="_blank" class="blog_inner_link">Avalanche</a> blockchain, allowing homeowners to borrow against the net value of their property without increasing their monthly debt burden. Using Homeum, homeowners can use a portion of the future value of their property as collateral for their loan equity.

Meanwhile, investors will receive a tokenized asset that can track the price appreciation of shared housing pools on the Homeum platform. The initial tokenized housing loan service will be provided in Colorado, USA.

Citibank describes tokenization as the next "killer use case" for cryptocurrencies, and believes that by 2030, the scale of asset tokenization in the real world could reach $5 trillion.

## Market Trends
The market shows a weak and volatile trend, with Bitcoin rebounding from $62,000 yesterday evening to around $64,000. Less than three days away from the Bitcoin halving event, while spot ETFs have seen net outflows for two consecutive days. Regarding macroeconomics, the US stock market has also experienced volatility, with the US dollar index reaching a new high in nearly half a year. Powell's hawkish speech once again stirred up expectations of interest rate cuts.
### Market Hotspots
Modular blockchain TIA is rising against the trend: TIA's staking rate has reached 67%, and the next large-scale unlocking will be in October, six months later. This type of sub-new currency has a good chip structure and is easily subject to market control.

Fans coin sector tokens are rising: tokens in fan coin sectors such as SANTOS, PSG, and OG are rising. The European Cup football match is about to start, and the market is hyping up related concept tokens.

Early strong currencies made up for losses: ENA, PENDLE, CKB, and others made up for losses, with an intraday decline of over 20%. Yesterday, the ENA project transferred over 35 million ENAs to major centralized exchanges, with clear signs of shipment. The replenishment of a strong currency's decline may indicate that the downward trend has entered the second stage, and a further decline may be a more suitable time to take a bottom. Investors should closely monitor market trends and make cautious decisions.

Overall, the market is experiencing weak fluctuations, and investors need to be cautious in responding and adjusting their investment strategies based on market trends and trends.

## Macro: Wall Street closed lower, Asian markets saw mixed ups and downs, and the global economy may experience "slow and stable growth" this year
The International Monetary Fund announced on Tuesday that the global economy will usher in another year of "slow but stable growth," as the strength of the United States will drive world output to overcome unfavorable factors such as sustained high inflation, weak demand from China and Europe, and spillover effects from two regional wars.

On Tuesday, as the yield of US treasury bond bonds climbed, Wall Street stocks closed lower in choppy trading. Investors show a cautious attitude when weighing the elasticity of the US economy and the potential impact of persistent inflation on interest rate trends.

Federal Reserve Chairman Jerome Powell stated that recent inflation data has not given policymakers enough confidence to ease credit quickly. He pointed out that the Federal Reserve may need to maintain interest rates at higher levels longer than expected.

The performance of the three major indexes, the Dow Jones index rose 0.17%, the Standard&Poor's index fell 0.21%, and the Nasdaq index fell 0.12%. The Dow was boosted by better-than-expected performance from United Health Group. Real estate and utility stocks dragged down the S&P 500 index, while technology stocks provided the biggest driving force for the index.

The market has significantly reduced the expected interest rate cut this year to less than two times, a significant change compared to the expectation at the beginning of the year. Despite a decrease in market confidence, it is expected that the first rate cut will still take place in September.

On Wednesday, US treasury bond bond yields hit a five-month high, the US dollar soared against other currencies, and Asian stock markets were mixed. The MSCI Asia Pacific stock index outside of Japan rose 0.2% after plummeting more than 4% in the past three trading days. The performance of Taiwan stocks was better than the overall market, rising by 1%, while the performance of other markets was lackluster.

The Nikkei Index in Japan fell 0.7% to its lowest level in two months. Chinese blue-chip stocks fell 0.1%, while the Hong Kong Hang Seng Index rose slightly by 0.1%.

So far this week, geopolitical issues have remained tense, but oil prices have softened as the economic headwind has pressured investor sentiment, suppressing the benefits of geopolitical tensions. The market is concerned about how Israel may respond to Iran's weekend attack on Israeli territory.

Brent crude oil futures for June delivery fell 7 cents, or 0.1%, to $89.16 per barrel, while US crude oil futures for May delivery fell 10 cents, or 0.1%, to $85.26 per barrel.

Oil prices fell early on Wednesday as the weak economic momentum in China, and concerns about global demand weakened by the recent US interest rate cuts outweighed supply concerns caused by escalating tensions in the Middle East.

The gold price remains at $2,384.29 per ounce, not far from the historical high of $2,431.29.

<div class="blog-details-info">
<div>Author:**Sherry S. & Icing**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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