Less rewarding airdrops

Nowadays, airdrops are rewarding less than before. Just a personal feeling, the ROI is less than half of 3-6 months ago.

This week, both Kamino and Renzo are way lower than expected. Then the long waited EigenLayer https://twitter.com/eigenlayer/status/1785001011003920868 triggers a lot of dispute. Projects want TVL, but TVL comes for profit. It's hard to find a win-win point for both, especially with so many wizards.

Implication to me, personal farmers are getting less profitable. DeFi points is like the POW of Bitcoin, intitially all personal miners. When the hashrate grows exponentially, personal miners cannot farm any more with their small proof of work and have to join mining pools. There might be DeFi mining pools to aggregate DeFi points / proof of work.

CZ sentenced 4 months in prison

Binance founder Changpeng Zhao was ordered to spend four months in prison for failures that allowed cybercriminals and terrorist groups to freely trade on the world’s largest cryptocurrency exchange.

“You had the wherewithal, the finance capabilities, and the people power to make sure that every single regulation had to be complied with, and so you failed at that opportunity,” U.S. District Judge Richard Jones said to Zhao in a Seattle federal court, according to a Reuters report.

The sentence handed down to the former Binance chief was significantly less than the three years that federal prosecutors had been seeking for him. The defense had asked for five months of probation. The sentencing guidelines called for a prison term of 12 to 18 months.

There was unverified rumors that CZ/Binance is paying more than the previously announced $4.3 billion, but there's no official announcements related to this.

Blackrock IBIT 1st day outflow when Hong Kong spot ETF starts trading

From Nate Geraci's tweet, iShares Bitcoin ETF has first day of outflows ($37 million), after having taken in $15+ billion YTD, partially contributing to May 1st setting the new record of all ETF outflow combined.

On the other side of the globe, it's been expected that Hong Kong SFC will follow US SEC to support BTC spot ETF anyways, while Hong Kong launched the world's first spot Ether ETF despite that US regulatory authorities debating if ETH is a security. Head of custody firm OSL Securities Wayne Huang responded that "Probably not, because whether the United States defines Ethereum as a security does not affect the independentdecision-making of the Hong Kong Securities Regulatory Commission."

Coincidentally, or by intention, it's the first day where Hong Kong spot ETF start trading... Wall Street dumping to new comers? Is this bull run coming to an end, or just taking a break for the new ATH? I tend to believe it's the latter.

PS. What's good about ETH spot ETF? There can be further ETH staking to increase fund yield. Instead of charging a management fee, the investor can share with ETF issuer the staking yield.

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