Weekly Crypto Recap (Sep 2 - Sep 9)

Here’s your weekly update from Metaverse.SG, spotlighting the hottest crypto happenings of the week:

• Scroll TGE Soon?
• Eigenlayer & Aleo | Airdrop Details
• Nvidia AI Bubble
• Top 3 Reasons Crypto Projects Fail & How to Find the Good Ones
• PumpFun on Cardano
• Aggregata Airdrop Strategy

Jump into the latest crypto buzz!

Market Overview

BTC-ETF: 

• Tuesday: -$287M
• Wednesday: -$37M 
• Thursday: -$211M
• Friday: -$169M

ETH-ETF: 

• Monday: -$47M
• Tuesday: -$37M
• Wednesday: -$152k 
• Thursday: -$6M

Scroll TGE Soon? 

A recent Twitter account supposedly belonging to Scroll Foundation caused a stir among the crypto community. However, the Scroll team has confirmed that the account was fake, leading to speculation about whether it was an intentional move or just a misunderstanding. This kind of activity isn't new to the crypto space, with some drawing comparisons to the build-up to zkSync's airdrop.

The rumor of Scroll’s Token Generation Event (TGE) continues to attract attention, and many wonder whether it signals the arrival of the long-anticipated Scroll airdrop. As of now, there's no official confirmation, but the sudden emergence of these social signals has left the community intrigued.

Eigenlayer | Season 2 Airdrop Details

Eigenlayer has revealed details for its Season 2 airdrop, which will see tokens distributed across three categories of users. A large portion—70 million $EIGEN tokens (4.2% FDV)—is earmarked for stakers and operators. Users who staked directly or via LRT protocols from March 15 to August 15 are eligible. Interestingly, no minimum point requirement has been set, meaning even small contributors can qualify for this airdrop. The claim process will be available on September 17 (or earlier).

In addition to the stakers and operators, ecosystem partners will receive 10 million $EIGEN (0.6% FDV). Active community members, including GitHub developers, Twitter, and Discord users, have also been acknowledged. Those individuals must verify their eligibility through the verification site before September 11. The airdrop details remain a significant event for the Eigenlayer ecosystem, and the absence of token lock information or Season 3 updates has left the community eager for more.

ZkSync On-Chain Activity Drops Amid Layoffs

ZkSync, a Tier-1 Layer 2 project, has been facing turbulent times, marked by a notable decline in on-chain activity and the layoff of 16% of its workforce. The decreased engagement in their ecosystem has raised concerns about the project's long-term sustainability. With zkSync once touted as a major player in the blockchain space, these challenges have left the community wondering if the project can rebound.

The layoffs may be indicative of broader struggles within the Layer 2 space, where competition is fierce, and innovation is constant. ZkSync's future will likely depend on how effectively the team can pivot, regain user activity, and compete in an increasingly crowded market.

Nvidia Subpoena Rumors and Stock Impact

Rumors about Nvidia receiving a U.S. Justice Department subpoena recently sent its stock plummeting by 16%, alongside a 3% drop in the NASDAQ and a 5% drop in Bitcoin. However, Nvidia quickly addressed the situation, clarifying that they had not been subpoenaed and were willing to cooperate fully with any inquiries. This quick response helped ease the market tension.

The incident highlights how easily misinformation can impact the stock and crypto markets, especially when it involves high-profile companies like Nvidia. Investors should always stay vigilant and avoid reacting to unverified news, as the market's reaction to this fake news led to unnecessary losses.

Aleo | Airdrop Details

Aleo has announced details for its highly anticipated airdrop, with distribution covering several categories of users. These include participants in the Ambassador Program, Setup Ceremony, Testnet 2 and 3, as well as the zkML Initiative and Enigma. One notable requirement for claiming the airdrop is completing a Know Your Customer (KYC) process. Users need to provide proof of address through utility bills, bank statements, or government-issued letters.

While Aleo’s airdrop presents exciting opportunities, the KYC requirement has sparked debate. Some users are concerned about privacy and data security, which is an ongoing issue in the crypto space. Nonetheless, the transparency regarding eligibility and the outlined airdrop processes should encourage participation from the Aleo community.

U.S. Economic Uncertainty and Job Market

The U.S. job market saw its unemployment rate decrease to 4.2% in August. Despite this, new job openings failed to meet investor expectations, which has stoked fears about the broader economic outlook. As the Federal Reserve works to guide the economy to a soft landing, questions remain about whether they are simply delaying an inevitable recession.

Market participants are closely watching how the Fed will handle these economic pressures, especially with the upcoming U.S. elections. Balancing inflation, employment, and economic growth will be critical, as any misstep could lead to economic instability or even a recession.

The AI Bubble: Is It Propping Up the Market?

The recent drop in Nvidia’s stock by 14% in a week has led to broader market concerns, with the S&P 500 and NASDAQ both falling by 3%, and Bitcoin losing 5% in value. As one of the biggest players in the AI sector, Nvidia's performance is closely watched, and its decline has led some to speculate whether the AI boom is just a bubble waiting to burst.

The question of whether AI stocks are overvalued is pressing, especially given Nvidia's still-high trading levels. If Nvidia's stock continues to decline, it could trigger a broader market correction, particularly in sectors that are heavily reliant on AI and tech innovations. This situation underscores the precarious position of markets currently riding on AI enthusiasm.

Top 3 Reasons Crypto Projects Fail & How to Find the Good Ones 

Cardano will launch its own PumpFun in a couple of hours! 

Aggregata Airdrop will be HUGE! 

Conclusion:

• Stay tuned

• Stay updated instantly on our X 👉 https://x.com/MetaverseSG.