The crypto industry witnessed a sharp uptick in project activity this week. From new tokenomics to renewed debates on memecoins, multiple developments reshaped market sentiment and platform behavior.
Linea unveiled its token model with an overall supply of 72 billion. Only 22% of the tokens will be in circulation upon launch. The majority are controlled by the ecosystem fund, while Consensys has a locked stake. LINEA will not be used for governance or gas fees like most standard utility tokens.
Ethereum remains the network’s fee token. Both ETH and LINEA will face supply burns through the protocol’s mechanism. Meanwhile, MetaMask unveiled a new Stablecoin Earn feature. Users can now deposit stablecoins like USDT, USDC, and DAI directly into the wallet.
The Aave integration allows for yield creation at immediate effect. Lock-up free means the holder has full control over one’s holdings and earns income. Airdrop hype also spikes. An OpenSea representative has also verified that the user profiles will be what determines one’s qualification for future token allocation.
Crypto airdrop criteria focus on loyalty and past use
Factors include history of participation, inactive address, and consistent usage of the platform over bear markets. The last criterion are debatable. CurveDAO faced internal opposition this week. A proposal asked the community to refrain from further growth over Ethereum Layer 2s.
With the platform existing on over twenty chains yet yielding little returns, members were worried about wasting resources. The Ethereum mainnet continues to lead both the revenue and the overall value locked. The Degen Foundation spurred the discussion of possibly performing a token burn.
With 32.5% of DEGEN remaining in its own hands, the team looks to fight inflation and reward longtime holders. They will only keep back enough tokens for future expenses but may avoid successive giant airdrops. NFT demand picked up speed. CryptoPunks recorded $24.6 million in weekly trade volume last week, the strongest week since March.
Let’s BONK tops the Solana charts with 565K tokens
Prices soared after GameSquare bought one of the rarer “Ape Punk” pieces, highlighting new institutional demand. In Solana, Let’s BONK overtook Pumpfun by minting 565,000 tokens in July. Over 590,000 wallets traded these assets.
The majority of experienced losses, though thousands profited by over $1,000. Pumpfun then transferred over $2 million of SOL to buy back PUMP tokens, continuing repurchases started around mid-July.
Solana founder Anatoly Yakovenko created controversy after referring to NFTs and memecoins as digital garbage. Despite this, those assets led the charge for Solana activity this year.
Finally, Pudgy Penguins and Abstract came out and stated they are consulting with the US government. Now, they are engaged in the making of crypto laws and aim to launch a PENGU ETF bridging NFT and token investment.
