Good Morning Crypto Enthusiasts!

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

1. Ether.fi $210M Airdrop: Ether.fi initiates a $210 million airdrop of 60 million ETHFI tokens, resulting in a 25% decline post-launch. The airdrop follows increased interest in restaking points accumulation, but only 22 million tokens were claimed.

2. SEC Seeks More Funding to Regulate Crypto Markets: The SEC requests an extra $158 million from Congress to address market changes, including the crypto space. SEC Chair Gensler emphasizes the need for enhanced regulatory oversight amid the rise of crypto markets, aiming to bolster staff, enforcement capabilities, and investor protection measures.

3. OKX Delists USDT Pairs in Europe: OKX ceases support for Tether (USDT) trading pairs in the European economic area due to regulatory requirements, limiting trading to EUR and USDC pairs. Speculation arises regarding the move's connection to proposed stablecoin rules under the MiCA regulatory framework in the EU.

4. Record Inflows for Bitcoin Investment Products: Bitcoin investment products in the US witness record weekly inflows of $2.9 billion, with year-to-date inflows totaling $13.2 billion.

5. 💡Feature of the Day - Milady NFT Memecoin Hits $18.6M Presale Target: Milady's Solana-based memecoin raises 91,486 SOL ($18.7 million) within two hours of its presale announcement, surpassing the $18.6 million target.

6. 🫨 What’s Buzzing?: Do you know what’s the latest trend in crypto? Know everything you need to know about Jito from UseTheBitcoin’s article “What Is Jito (JTO) And Should It Be in Your Crypto Portfolio?”

   
   All this and more in today’s headlines!

📰 News Highlights:

🎁 Ether.fi $210M Airdrop [Source][Source][Source]

Ether.fi initiated the distribution of 60 million ETHFI tokens, valued at approximately $210 million, on Monday morning, marking a significant milestone for the well-capitalized liquid restaking project. However, the token encountered a sharp decline of over 25% post-launch, as traders and DeFi hedge funds swiftly capitalized on the tokens, causing it to trade around $3.50 midday Monday.

This airdrop event follows a surge in interest among traders and DeFi entities in accumulating restaking points, anticipating forthcoming airdrops in the restaking sector. Despite the initial excitement, only around 22 million of the 60 million ETHFI tokens were claimed on Monday morning, according to data from a Dune Analytics dashboard. Notably, the airdrop and the ether.fi protocol are not accessible to US residents.

Driven by points farming, restaking protocols have seen a meteoric rise in total value locked (TVL) in recent weeks. EigenLayer's TVL surpassed $12 billion, while ether.fi's TVL quadrupled to nearly $3 billion. Despite these developments, ether.fi remains focused on scaling its new investing product, Liquid, and expanding its TVL.

💼 SEC Seeks More Funding to Regulate Crypto Markets [Source]

The United States Securities and Exchange Commission (SEC) is lobbying Congress for an extra $158 million from the federal budget for the upcoming fiscal year to address the dynamic changes and challenges in the markets, including the burgeoning crypto space. SEC Chair Gary Gensler highlighted the transformative impact of technology on markets and the rise of the "Wild West" of crypto markets, emphasizing the need for enhanced regulatory oversight.

The SEC's budget request aims to bolster staff across divisions, with particular attention to addressing emerging risks related to crypto assets and emerging financial technology. Additionally, the agency seeks to fortify its enforcement capabilities to combat noncompliance and protect investors against fraud in the crypto market.

❌ OKX Delists USDT Pairs in Europe [Source]

OKX, a cryptocurrency exchange based in Seychelles, has reportedly ceased support for Tether (USDT) trading pairs in the European economic area, citing regulatory requirements.

The move, confirmed through a customer support message, indicates that only EUR and USDC pairs will be accessible for spot trading in the region moving forward.

The reported delisting of USDT pairs on OKX has sparked speculation on social media, with some attributing it to stablecoin rules proposed under the Markets in Crypto-Assets (MiCA) regulatory framework in the European Union (EU).

💰 Record Inflows for Bitcoin Investment Products [Source]

Bitcoin investment products in the United States witnessed another record-breaking weekly inflow, with $2.9 billion in new assets added. CoinShares reported a total inflow of $13.2 billion year-to-date, predominantly flowing into Bitcoin products, which now manage $74.61 billion worth of Bitcoin assets.

While Bitcoin ETFs have garnered significant attention and inflows, altcoin investment products have not experienced similar traction among investors.

Despite the influx of capital, the price of Bitcoin experienced a 7% decline over the past week, underscoring the market's volatility and the divergence between investment flows and price movements.

💡 Feature of the Day: 

🚀 Milady NFT Memecoin Hits $18.6M Presale Target [Source][Source][Source]

Milady's Solana-based memecoin, named Milady Wif Hat, raised an impressive 91,486 SOL (equivalent to $18.7 million) within two hours of its presale announcement. The oversubscribed presale attracted significant interest from investors, prompting the closure of contributions after reaching the 88,888 SOL cap.

The Milady NFT collection, known for its anime-inspired profile picture avatars, gained popularity amid the crypto bull market, with endorsements from industry figures like Su Zhu of Three Arrows Capital.

Following the presale announcement, the price of Milady NFTs surged before retracing slightly, reflecting the ongoing craze surrounding meme coins and NFTs in the crypto space.

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🫨 What’s Buzzing? :

🔍 What Is Jito (JTO)?

Jito (JTO) is a crypto project on the Solana blockchain that focuses on maximizing extractable value (MEV) and simplifying participation through liquid staking.

The project aims to improve the decentralization of the Solana network. By enabling more users to participate in staking, Jito helps distribute voting rights and decision-making power more evenly across the network.

💼 How Does Jito (JTO) Work?

Jito (JTO) functions in a way that benefits both Solana users and the Solana network itself. Here’s a breakdown of its functionalities:

Users can deposit their SOL tokens into Jito’s stake pool. This locks their SOL to contribute to the security of the Solana network through validation.

In return for staking, users receive Jito Staked SOL (JitoSOL), a liquid version of their staked SOL. JitoSOL represents their stake but exists as a tradable token.

Unlike regular staked SOL, JitoSOL can be used for various DeFi purposes, such as lending, providing liquidity, and earning additional yields on staked assets.

🛒 Where Can I Buy Jito (JTO)?

Binance – Binance is a major exchange offering a wide range of cryptocurrencies. It offers multiple ways to buy crypto, including credit cards, debit cards, and peer-to-peer (P2P) trading.

Bybit – This exchange is known for its derivatives and margin trading features, but you can also use the platform for spot trading.

Coinbase – Coinbase is an American-based cryptocurrency exchange that allows you to buy cryptocurrencies using various payment methods, including bank transfers, debit cards, and wire transfers.

🤔 Is Jito (JTO) A Good Investment?

Whether Jito (JTO) is a good investment depends heavily on your investment goals and risk tolerance. Here’s a quick overview:

👍 Pros:

Solana Ecosystem Contribution – Jito is built on the Solana blockchain, which is known for its speed and scalability. This could position Jito well for growth within the Solana ecosystem.

Governance – JTO token holders have a say in the future of the Jito network through its Decentralized Autonomous Organization (DAO) structure.

Liquidity Staking Rewards – JTO offers staking opportunities, allowing users to earn rewards by locking up their tokens. Potential Airdrops – Jito has a history of rewarding users with airdrops of JTO tokens, which can be a nice bonus for early adopters.

👎 Cons:

New Project, Limited Track Record – Jito is a new project whose long-term viability has yet to be proven.

Competition – Jito faces competition from other DeFi projects vying for users and market share. Security Risks – Like any other DeFi project, the JTO network could pose a risk for hacks or exploits.

Read the whole shebang from UseTheBitcoin’s latest article “What Is Jito (JTO) And Should It Be in Your Crypto Portfolio?”

😂 Crypto Meme of the Day: 

And that’s it for this today.

With all of the recent hacks taking place, remember to protect your crypto assets with today’s sponsor Trezor hardware wallets.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com