Free Money. Freedom Visa 🎓
A look at the hottest airdrops going around. El Salvador will give you a 'Freedom Visa'. Elizabeth Warren calls crypto America's new threat. NFT trading volume nears $1B as markets turn bullish.
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Ever heard of crypto freebies? Early supporters and helpers in new crypto networks get tokens as a big thank-you.
It's like getting special coins that let you have a say in how things work.
Not every freebie makes you rich, but some people have scored big.
Tokens from past giveaways have turned into real money, like hitting the jackpot in crypto.
Cool projects like Blur and Pyth Network have done this lately. But here's the catch: most projects give out tokens later as a big thank-you to the folks who've been there from the start.
So, if you haven't joined in yet, keep an eye out for the next big thing
Jito: Solana DeFi Protocol: Initiated its JTO token airdrop on December 7. The airdrop, valued at $225 million, saw immediate listing on Coinbase. Users who engaged with Jito before the airdrop snapshot may be eligible to claim a share of JTO tokens.
Starknet: Ethereum Layer-2 Scaling Network: Announced plans for a STRK token airdrop, distributing 900 million tokens to early users and contributors. While eligibility requirements and the airdrop timeframe remain undisclosed, users who have utilised the Ethereum scaler should stay informed.
Blast: Ethereum Layer-2 Scaling Network: Linked to the founder of Blur NFT marketplace, attracted significant attention with an $834 million ETH stake. Despite controversy, Blast plans to follow Blur's strategy, offering substantial incentives to users through airdropped tokens.
Jupiter: Solana DeFi Aggregator: Is poised for a notable airdrop following the Pyth and Jito launches. Nearly a million wallets using Solana's leading decentralised exchange are eligible for the airdrop. Jupiter introduced a tool to help claimants determine their expected share of JUP tokens.
Portal: Gaming Token Airdrop: Has generated buzz on Crypto Twitter. The project incentivises users to promote the PORTAL airdrop through a point-based system, offering tokens in the future. Portal aims to bridge crypto games with a cross-chain token, though specific details are emerging gradually.
Saga: Crypto Gaming Protocol: Facilitatesg blockchain creation for games, plans airdrops with its mainnet launch in January. Testnet developers will receive the first airdrop, followed by a second drop for community members. Co-founder and CEO Rebecca Liao notes that airdrop requirements will be relatively high.
Tensor: Solana NFT Marketplace: Has teased an airdrop for months, following a strategy similar to Blur. Incentivising trading activity with points, Tensor aims to reward traders with a share of tokens. The surge in Solana NFT activity adds potential value to Tensor's NFT project, Tensorians.
TTD Freedom 🆓
El Salvador has introduced a "freedom visa" program, offering foreigners residency and a passport if they invest $1 million in Bitcoin or Tether.
The initiative aims to attract high net worth individuals and investors to contribute to the country's economic development.
In partnership with Tether, the program is part of El Salvador's push to become a global centre for technology and financial innovation.
Applicants making the crypto donation will receive a passport and residency, with the funds used for economic development and social programs.
El Salvador made Bitcoin legal tender in 2021, a move criticised by some, but President Nayib Bukele remains popular domestically for his efforts in transforming the nation.
Everything is fine, when your bets go green … Nayib Bukele.
TTD Numbers 🔢
Deribit's Chief Commercial Officer, Luuk Strijers, revealed that the cumulative dollar value locked in open BTC and ETH options contracts hit an all-time high of $23.6 billion as of last Friday.
"If you look at the year end ether expiry, the put-call ratio is 0.44, which means a ratio of 4.4 puts versus 10 calls. In January 2024, this ratio is however 0.19 implying rounded 2 puts for every 10 calls, a much more bullish split," quoted on TheBlock.
Unprecedented Milestone for Deribit
Bitcoin options accounted for a significant 67% of the total, with ether contributing the remaining 33%. The notional open interest for BTC options reached $16 billion, and ETH options stood at $7.6 billion, culminating in a historic total of $23.6 billion.
Deribit, for the first time, broke the $25 billion milestone when including $2.2 billion in perpetuals and futures open interest, reaching a total of $25.8 billion.
Options Market Dynamics and Significance
Options trading on Deribit allows investors to make leveraged bets on the price movements of Bitcoin and Ethereum. This surge in options open interest indicates an influx of sophisticated traders into the crypto market, promising improved price discovery.
Call Options Dominate Open Interest
At present, the majority of open interest in both Bitcoin and Ethereum options is concentrated in call options. In the case of Bitcoin, notable concentrations include calls at $50,000, $40,000, and $45,000 strikes. For Ethereum, calls at $2,300, $2,400, $2,500, and $3,000 are particularly popular.
The bias towards call options aligns with the ongoing rally in both cryptocurrencies, indicating expectations for continued upside.
Key Numbers and Market Performance
Bitcoin recently surpassed the $44,000 mark, marking its highest value since April 2022, driven by optimism surrounding ETFs and decreasing U.S. Treasury yields. The leading cryptocurrency has recorded a remarkable gain of over 150% this year.
Ether approached $2,400, reaching its highest value since May 2022, extending its year-to-date gain to an impressive 98%.
Elizabeth Warren, Anti-crypto senator
“There’s a new threat out there – it’s crypto and it is being used for terrorist financing and it is being used for drug trafficking. We can’t allow this to continue.”
Following JPMorgan CEO Jamie Dimon's recent statement expressing a desire to shut down the crypto sector. Senator Warren, has called crypto as a potential threat to the United States.
During an appearance on CNBC's Squawk Box on December 7, Senator Warren did not mince words as she attributed various societal challenges, including terrorism and financing for rogue nations, to the influence of cryptocurrencies.
Fidelity held a meeting with the Securities and Exchange Commission on Dec. 7 about its proposed spot bitcoin ETF. The asset manager on Friday filed an amended S-1 form with the SEC for the spot fund👇
TTD NFT 🐝
As crypto markets turn bullish, NFT trading experiences a surge, nearing $1 billion in November, according to DappRadar. This marks the second consecutive month of upward momentum, with trading volume spiking by an impressive 125%.
Continued Growth in NFT Sales: Weekly NFT sales consistently increased from $56 million (week ending October 9) to $129 million (week ending November 5), as reported by Nansen on November 6.
Optimism Among Web3 Leaders: Web3 executives, including SuperRare co-founder Jonathan Perkins, express optimism, suggesting that the worst of the bear market is behind us and a positive turnaround is underway.
Notable Trends in NFT Transactions: In addition to increased trading volume, the average value of NFT transactions rises by 114%, climbing from $126 to $270 in November.
Blockchain Gaming Steadies the Decentralised Ecosystem: Blockchain gaming sees a 14% rise in daily unique active wallets, maintaining a 34% market dominance in decentralised applications. DappRadar emphasizes the sector's role as a "fundamental pillar."
Resilient Investments in Blockchain Gaming: Despite the year's bearish sentiment, blockchain gaming projects secure $2.3 billion in investments up to October, with $600 million invested in Q3 2023 alone, showcasing resilience amid lower crypto market prices.
TTD Surfer 🏄
In 2023, Kazakhstan’s Financial Monitoring Agency (FMA) blocked 980 unlicensed crypto exchanges in 2023.
Crypto exchange Binance has withdrawn its application for an investment fund license in Abu Dhabi.
Former Binance CEO Changpeng Zhao will remain in the US until his sentencing date, Richard Jones, a federal judge in Seattle ruled on Thursday.
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The Token Dispatch is a daily newsletter that takes you on a 4-5 minute drive through the wild west of the Crypto World. Daily in your email inbox @13:00 GMT. Almost always.