- The crypto world has witnessed exciting developments with strategic moves by established players like MakerDAO and meme coins like SHIB coin challenging market trends.
- MakerDAO has announced plans to introduce two new tokens, NewStable (NST) and NewGovToken (NGT), aimed at increasing stability, expanding adoption, and empowering users through more dynamic governance.
- Despite recent market sell-offs, Shiba Inu (SHIB) continues to defy expectations with a 7.46% price increase in the last 24 hours, coinciding with a surprising 1009% increase in the token’s burn rate.
This article explores the latest developments in the crypto landscape, including MakerDAO’s new tokens, SHIB coin’s resilience, and measures against airdrop fraud by LayerZero Labs.
MakerDAO Announces Two New Tokens
Leading decentralized finance (DeFi) platform MakerDAO has announced plans to introduce two new tokens, codenamed NewStable (NST) and NewGovToken (NGT). This move represents a significant revision aimed at increasing stability, expanding adoption, and empowering users through more dynamic governance within the Maker ecosystem. Current DAI holders will have the flexibility to seamlessly transition to NST, while retaining the option to revert to DAI if desired. The NewGovToken (NGT) represents a refined approach to governance within the MakerDAO ecosystem. Designed to encourage broader participation and facilitate more dynamic decision-making, NGT will replace the existing MKR token. Each MKR token can be converted into 24,000 NGT. The official names of both tokens will be announced at a later date.
SHIB Coin Burn Rate Increases
Popular meme coin Shiba Inu (SHIB) continues to defy expectations. Despite recent market sell-offs, SHIB has demonstrated extraordinary resilience with a 7.46% price increase in the last 24 hours. This uptrend coincides with a surprising 1009% increase in the token’s burn rate, significantly reducing the circulating supply and potentially contributing to price increases. Data from Coinglass also indicates a significant decrease in selling pressure, with SHIB liquidations significantly lower than previous periods. Open positions, an indicator of investor sentiment, also increased by 13.73%, indicating increased interest in the meme coin. These combined factors paint a positive picture for SHIB’s future, with crypto enthusiasts closely monitoring price movements.
LayerZero Labs Takes Measures Against Airdrop Fraud
LayerZero Labs, a company pioneering inter-chain communication protocols, has introduced a new solution to combat a common problem in the crypto space known as “Sybil activity,” often referred to as “airdrop farming.” Sybil activity involves users creating multiple fake identities to gain unfair advantage when receiving airdropped tokens. To solve this problem, LayerZero implemented a unique self-reporting mechanism. In other news, an unknown wallet has released 400 million XRP tokens (approximately $214 million). This is a known occurrence as Ripple Labs often conducts these unlocking transactions.
Conclusion
The crypto landscape continues to evolve with strategic moves by established players like MakerDAO, resilience of meme coins like SHIB, and innovative solutions to combat airdrop fraud. As these developments unfold, they shape the future of the crypto world, offering exciting opportunities and challenges for investors and enthusiasts alike.
