Crypto Recap

May 14, 2024

Weekly Crypto Recap (May 6th - May 12th)

Here's a weekly recap from Metaverse.SG, highlighting the most notable crypto events this week:

  • Market Overview
  • FUD around Eigen Layer
  • Binance & DWF Labs
  • Multiple Airdrops Distribution
  • Free Airdrop Guides

Let’s dive headfirst into the main crypto news of this week!

Market Overview

  1. BTC:


Bitcoin has officially processed over 1 billion transactions.


ETF Bitcoin Flow:

  • Monday: +3421.39 BTC (+$217,000,000)
  • Tuesday: -251.10 BTC (-$15,700,000) 
  • Wednesday: +186.82 BTC(+$11,500,000)
  • Thursday: -178.44 BTC (-$11,300,000)
  • Friday: -1391.30 BTC(-$84,700,000)




SEC Postpones Invesco Galaxy Spot Ethereum ETF Decision

  • The SEC announced that it decided to extend the decision process regarding the Ethereum ETF application and stated that the decision on whether the ETF will be accepted will be made on July 5, 2024.


FUD around Eigen Layer

In the last WEEKLY CRYPTO RECAP, we thought the FUD around Eigen Layer was settled, but their recent actions reignited it.


  • Eigen Layer reversed its May 2 announcement that ALL who engaged with the EL ecosystem from March 15 to April 29 would receive an additional 100 tokens.
  • They now state these users won't get the extra 100 $EIGEN tokens.



Binance & DWF Labs


Binance’s investigative team alleges it discovered that market maker DWF Labs was involved in market manipulation.


  • The Wall Street Journal (WSJ) reported that DWF Labs’ alleged fictitious trading was discovered during an internal investigation using proprietary software tools. 
  • When the discovery was presented to the DWF Labs’ management, the exchange fired the head of the supervisory service.

DWF Labs called the accusations unfounded and that it distorted facts.

Binance, in a commentary on the article, stated that it strictly adheres to market supervision and prevents abuse. According to statistics, over three years, the exchange disconnected about 355,000 users with a transaction volume of more than $2.5 trillion for violating the terms of use.



Multiple Airdrops Distribution:



ZeroLend is a user-friendly and frictionless lending experience to onboard the masses to Defi. Built on L2s.

On April 11, they tweeted about a token launch and community airdrop. Here are the details:

  • ~15-17% of the supply is for community drops.
    • 90% will go to providers and borrowers.
    • 5% through Zero Gravity.
    • 10-12% via EarlyZERO (1:1 with $ZERO).
  • Zero Gravity and EarlyZERO points share the same vesting.
  • Unlock: 40% at TGE, 3-month cliff, then the balance linearly over 3 months.

Active users received approximately $30-$50



Mode is the Ethereum L2 that rewards you for growing the network via new economic mechanisms. Built on and supported by Optimism.

  • On the March 2nd, they announced the airdrop and the start of a new farming season
  • Active users received about $100-$150 in profit


The Season 2 points mechanisms have been built to reward users that contribute to network growth.

  • Season 2 started on May 5th and runs until September 6th 2024
  • 500,000,000 MODE tokens (5% of MODE total supply) available for Season 2
  • Here are brief details about the points system:
    • 2x Mode Points – $MODE
    • 1.2x Mode Points – ezETH, weETH.mode, MBTC, rsETH
    • 1x Mode Points – All other assets shown on the Mode Dashboard



Free Airdrop Guide from our Friend


Our good friend 0x_Doomer has agreed to share his threads with us. You can access these airdrops at no cost.

1. OG

0G is a transformative blockchain infrastructure project aimed at facilitating high-performance applications such as on-chain AI, gaming, and decentralized finance (DeFi) through an advanced data availability and decentralized storage system.

  • Raised $35M from Animoca Brands, Delphi Digital, OKX, Hack VC.



2. RIO

Rio operates as a blockchain network that focuses on producing Liquid Restaking Tokens, initially launching with restaked ETH. Its goal is to develop the restaking ecosystem by reducing risks and increasing accessibility to restaking rewards.

  • The precise investment figure hasn't been shared, but it's estimated to exceed $20M



Movement Labs is developing a modular framework for building and deploying infrastructure, applications, and blockchains using the Move programming language.

  • Raised over $41M from major VCs and investors such as Binance Labs, Polychain Capital, OKX_Ventures and others.



Side Protocol is the extension layer of Bitcoin. At its core lies a settlement layer optimized to unlock programmability and scalability for the Bitcoin-centric rollup ecosystem.

  • Raised $1.5M in funding from HashKey, KR1 and others.



  • Stay tuned
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