Today's Top Crypto Headlines:

Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

Going forward, what can you expect from us?

• Simplified Insights: We break down complex crypto concepts into easy-to-understand English.

• Timely Updates: Stay informed with the most important news in the crypto world.

• Quick Reads: We respect your time. Get all you need to know in less than five minutes, 5 days per week (plus occasional surprises on weekends or holidays).

Today were going to dive in right into the top headlines!

📰 News Highlights:

🔥AVAX Surges into Top 10! 🏔️ (Link) (Link) (Link) (Link)

Avalanche (AVAX) is shaking up the market dynamics, surpassing Bitcoin Cash (BCH), Polygon (MATIC), Polkadot (DOT), Tron (TRX), and Chainlink (LINK) in the last two weeks. 

With a current market cap of $9.8 billion, AVAX has confidently claimed its spot in the top 10 cryptocurrencies, marking its highest rank this year. The stunning 150% year-to-date surge, predominantly witnessed in the past month, showcases AVAX as a strong contender in the crypto arena.

What's driving this meteoric rise? Analysts point to a mean reversion bounce, positioning Avalanche as the next major layer-1 blockchain to catch the market's attention.

Notably, AVAX's technology played a role in a recent pilot project, Project Guardian, led by JPMorgan Onyx.

While not directly using the Avalanche mainnet, the project's exploration of tokenized investment portfolios could be a fundamental driver for the AVAX ecosystem. As the crypto space continues to evolve, Avalanche emerges as a force to be reckoned with, captivating the crypto community with its extraordinary ascent.

🛑 Terra Co-Founder Do Kwon Faces U.S. Extradition! ⚖️(Link) (Link) (Link)

In a jurisdictional tug-of-war, Montenegro has decided to extradite Terra co-founder Do Kwon to the United States. This follows a Montenegro court's approval of extradition, with Do Kwon first serving a four-month sentence for document forgery in the country.

• Kwon faces fraud charges in both the US and South Korea.

• He will still serve a four-month sentence in Montenegro for using a fake passport.

• Montenegro, where he was arrested, has decided to send him to the US first.

• The US charges could lead to lengthy prison time.

• South Korea believes they should be the ones to prosecute Kwon.

The co-founder of Terraform Labs, embroiled in charges related to the collapse of TerraUSD (UST) and LUNA, faces both U.S. federal charges and a civil lawsuit by the SEC. Do Kwon's legal saga has been a focal point of the crypto industry, with charges ranging from criminal fraud in the U.S. to financial crimes in South Korea.

Montenegro Justice Minister Andrej Milovic (Montenegro Justice Ministry)

The WSJ reports Montenegro's Justice Minister's plan to send Do Kwon to the U.S. rather than South Korea. As the legal battle unfolds, Do Kwon's extradition sets the stage for potential landmark decisions, making it a closely watched case in the crypto community.

🚨 Poloniex in Hot Water: FCA Adds to Warning List Post $100M Hack! 🔒(Link)

The Financial Conduct Authority (FCA) of the United Kingdom has raised alarms by adding Poloniex, a crypto exchange linked to entrepreneur Justin Sun, to its warning list. This move comes in the wake of four hacks affecting Sun-linked platforms, including a $100 million hack on Poloniex. 

The FCA emphasizes that Poloniex is operating without proper authorization, cautioning the public against engaging with unauthorized entities.

The regulatory scrutiny on crypto exchanges intensifies, with the FCA's warning highlighting the need for adherence to financial laws. Poloniex's recent challenges and the subsequent cautionary measures by regulators underscore the imperative of robust security measures and regulatory compliance in the crypto space. As the industry navigates these challenges, the FCA's stance signals a call for heightened vigilance and regulatory scrutiny.

🪂 Jito's Massive Airdrop: Everything You Need to Know to Secure Your Free Tokens 💰 (Link) 

Mark your calendars, crypto world! Something big is about to happen! Jito, the popular Solana-based liquid staking protocol, just dropped a massive airdrop worth over $165 million. That's right – 90 million JTO governance tokens are up for grabs, ready to be claimed by eligible users.

But here's the catch: You gotta move fast! Wallet owners have only 18 months to claim their share of this crypto bounty. So, if you're a JitoSOL holder, a DeFi lender, a validator, or a MEV searcher, don't miss out on this opportunity to grab a piece of the pie.

What's the deal with JTO, you ask? These tokens are your key to governing the Jito DAO and its impressive $490 million treasury. Imagine having a say in the future of this thriving liquid staking platform!

Think of this airdrop like a crypto stimulus package. It's designed to fuel activity on the Solana network, which has been experiencing a resurgence after a rough patch. In fact, the token price has quadrupled over the past year and the NFT market is showing positive signs.

But don't just take our word for it, see what others are saying:

• Dan Smith from Blockworks Research claims that moving just $40 of JitoSOL could have netted users nearly $10,000 in JTO!

• Syncracy Capital's Ryan Watkins compares the airdrop to a stimulus check, directly impacting Uniswap's development.

• Ryan West from Blockworks Research highlights the long claim window, allowing users to defer taxes until 2024.

And guess what? The airdrop has already generated a lot of excitement. Within four hours, over 60% of the available JTO tokens were claimed! Interestingly, the whales seem to be holding onto their tokens, suggesting confidence in Jito's future.

So, what are you waiting for? Head over to Jito's website and claim your share of this massive airdrop. Don't miss out on this chance to be part of the exciting future of Solana and Jito!

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💡 Feature of the Day:

Is Kamino Next? Solana Protocol Eyes Airdrop After Jito's Success (Link)

Get ready, DeFi fans! Kamino Finance, the fastest-growing decentralized finance protocol on Solana, may be dropping tokens soon. A contributor to the project hinted at a new points program that could reward users with tokens in the future.

This news comes as Kamino continues its impressive growth. Its SOL token price has tripled since mid-October, and its total value locked has skyrocketed by 257%. This makes it the star of Solana's recent bounceback!

What Does This Mean for You?

While the details of the points program haven't been revealed yet, it's likely that participating will increase your chances of getting tokens in the future airdrop. This means you should consider using Kamino's services like vault products and the upcoming borrow-and-lend facility.

Keep in mind that other Solana protocols have used similar points programs to determine airdrop allocations. So, the more you use Kamino, the more points you'll earn and the better your chances of getting a piece of the action!

Remember:

• Kamino Finance will soon launch a points program.

• This program could lead to a future token airdrop.

• Using Kamino's services may increase your chances of getting tokens.

• This is similar to how other Solana protocols have handled airdrops.

Don't miss out on this exciting opportunity! Start using Kamino Finance today and earn your points towards a potential airdrop.

🔍 Industry Insights:

The Future of Crypto Trading: Dive into the World of DeFi Derivatives (Link) 

Get ready for a revolution in the DeFi world! Decentralized derivatives, once a niche segment, are poised to explode in popularity, driving the future of decentralized finance. This booming sector is expected to generate a staggering US$231.2 billion in revenue by 2030, playing a pivotal role in the growth and development of DeFi.

Industry giants dYdX and GMX continue to reign supreme in the perpetual futures arena, collectively capturing over 64.9% of the trading volume. But don't underestimate the potential of the innovative protocols that are emerging, hinting at explosive growth in the years to come.

Up-and-coming platforms like Kwenta, MUX, and Level Finance are rapidly gaining traction, with Kwenta alone capturing an impressive 11.6% market share in a short period.

What sets these protocols apart? It all boils down to the underlying models. While some rely on CLOB (Central Limit Order Book), others utilize AMMs (Automated Market Makers). And the emergence of concentrated liquidity pools promises to usher in a new generation of even more efficient options protocols.

One thing is clear: Layer-2s are becoming the go-to networks for DeFi derivatives. Arbitrum reigns supreme, hosting 42 protocols, while Optimism and zkSync are also showing promising growth.

For decentralized derivatives to truly thrive, continuous innovation is crucial. This includes advancements in infrastructure, user interface/user experience (UI/UX) design, and creating a more familiar trading experience for users.

The future of DeFi is bright, and decentralized derivatives are set to play a starring role. Are you ready for the ride?

😂 Crypto Meme of the Day:

And that’s it for this today!

Thanks for reading, see you all next week for Monday’s edition!

See you again tomorrow,
Jonathan Gibson
UseTheBitcoin.com