🟣 gmonad

Plus: Etherfi is swallowing the market

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Today’s edition is brought to you by MEXC. Trade Crypto with the lowest fees on the market.

Good Morning!

Bitcoin dipped yesterday and has continued to move sideways today as the markets look towards today’s inflation report. Meanwhile, as the halving draws nearer, miners are accumulating more and more Bitcoin.

Let’s dive in. 👇️ 

Today’s Big Stories

Hong Kong set to approve its first spot bitcoin ETFs in April (3 minute read)
Hong Kong is about to become Asia's trendsetter in the crypto space. Rumour on the street is that spot bitcoin exchange-traded funds (ETFs) could hit the Hong Kong market as soon as this month. We're talking about approvals potentially rolling out next week, way ahead of the "sometime this year" guess everyone had.

The regulators are cutting through red tape like it's a Black Friday sale. Why the rush? Hong Kong's been losing its global appeal as a global financial hotspot, thanks to pandemic lockdowns, China's economic woes, and the US-China drama.

So, the city's leaders are pulling out all the stops to bring back financial innovation. Adrian Wang, at Metalpha, a local crypto wealth management firm, thinks these ETFs are a big deal. they could usher in a wave of fresh global investments, especially from Asia and Mainland China.

Friend.Tech Money Metrics Surge Ahead of Potential Airdrop, V2 Release (2 minute read)
Friend.Tech is back in the spotlight, and it's not just a blip on the radar. This social app, which was big last year, is teasing us with a shiny new version and whispers of an airdrop.

The buzz is real: last week, over $7 million flowed back into the platform. That's a big deal, pushing its value locked to nearly $40 million. Weekly fees have hit a whopping $1.3 million, the highest since last November. The platform is built on Base, a layer-2 network, and lets crypto users on X issueshares” for access to exclusive group chats. These chats are like gold mines, offering trading tips, token picks, and even seed-funding deals.

The upcoming version 2 is set to shake things up after April 20, expanding beyond X to lure in new users. Over the weekend, the developers dropped hints about a FRIEND token. The community is buzzing, thinking these tokens might be distributed out based on their Friend.Tech points.

Etherfi maintains lead in liquid restaking niche with over $3.8 billion in deposits (2 minute read)
ln the liquid restaking ocean, Etherfi is reigning supreme. They're managing over 1.07 million ETH, that's about $3.8 billion in user deposits. Etherfi isn't just sitting on this pile of ETH. They're making it work harder through restaking yields via EigenLayer. This move is key in a market that's ballooning over the past few months.

The whole game here is about using those ETH deposits to beef up third-party protocols. While Etherfi is the big fish in this pond, let's not forget the other players. We've got Renzo flexing with $2.9 billion, Puffer puffing at $1.4 billion, Kelp with over $840 million, Swell with $345 million, and Eigenpie cozy at $340 million.

Best of Crypto Twitter

Yesterday, it was announced that Monad, a highly anticipated L1 blockchain raised an additional $225m in funding with some big backers.

If you want to understand what Monad is and why it’s such a big deal, I think the thread below is very useful.

And if you’re planning to invest / trade Monad on launch, I think this is a pretty good take.

Other tweets we liked:

Other News

Miners keep adding to BTC stockpiles in homestretch before halving (4 minute read)
Time’s ticking for Bitcoin miners as they race against the clock. In less than two weeks, the Bitcoin per-block reward is about to get sliced in half, dropping from 6.25 BTC to a mere 3.125 BTC. This big event, known as the bitcoin halving, is set to go down around April 20 and happens every four years or so.

Marathon Digital and Hut 8 are sitting on the biggest bitcoin piles among public mining companies. Riot Platforms isn’t far behind, playing catch-up. A bunch of these mining companies aren’t just hoarding their BTC stash. They’re planning to use it as a growth rocket fuel in the coming months, especially as some of their peers might hit a rough patch.

Marathon Digital, mined 894 bitcoin in March alone, a 7% bump from February. Their balance sheets sits with a hefty 17,381 BTC, alongside next to $324 million in cash and equivalents. Combined, we're talking about nearly $1.6 billion in assets as of March 31. Marathon is gearing up to go even further, snapping up strategic opportunities and even recently closed a deal on a Texas bitcoin mining facility for $87 million.

Solana Community Pass ‘Timely Vote Credits’ Proposal to Speed Up Transactions (2 minute read)
The Solana community just gave a resounding thumbs-up, with a whopping 98.4% vote, to a slick new feature called Timely Vote Credits (TVC). This tech is about to tackle the snail-paced validator voting system head-on.

Why all the fuss? Well, Solana's been dealing with some serious traffic jams latelynetwork congestion, delayed transactions, the whole nine yards. The root of the problem? Validators gaming the system to rake in extra credits by dragging their feet on voting, leaving everyone else tapping their toes impatiently. TVC is stepping in to clean up this mess, this feature is all set to rev up transaction speeds and make block confirmations smoother.

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🦑 Kraken - Where we buy crypto with cash / withdraw profit to our bank.

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