Market Metrics

Total Crypto Market Cap: up 8% at $2.746T
Total AI Sector Market Cap: up 12.3% to $36.1B

Top Movers (24 hours):

📈 Arc (ARC): up 41.7% to $0.05295
📈 Aegis AI (AEGIS): up 40.3% to $0.08426
📈 EnqAI (ENQAI): up 35.6% to $0.06473

Daily News

🟠 Virtuals Protocol’s governance proposal "Protocol V2 Upgrade: Proof of Intelligence via Initial Agent Offering (IAO)" has been approved, enabling co-ownership of AI agents via $agent tokens, with rewards directed to the top three liquidity pools. The next steps include pausing staking, developing V2 smart contracts, conducting audits, and educating the community.

🟠 Blockless, a decentralized physical infrastructure network project, raised a total of $8 million in pre-seed and seed funding rounds led by NGC Ventures, M31 Capital, and Frachtis, with participation from other investors.

🟠 Kaito announced that it now sources content from top public crypto Telegram channels in English, Chinese, and Korean, providing users with instant access to valuable information and research from a single platform.

🟠 Arkham has revealed that Revolut holds nearly $2.5 billion in crypto customer balances, primarily in BTC, ETH, and PEPE.

🟠 According to CoinDesk, the Securities and Exchange Commission (SEC) has requested that exchanges expedite the process of amending their 19B-4 forms for Spot Ethereum Exchange-Traded Funds (ETFs).

Airdrop Radar 🪂

Everyone will look back at 2024 as the golden year of airdrops. Magic internet money raining from the blockchain, directly into your wallet. All you need to do is click a few buttons and be consistent, don’t be lazy and miss out, anon.

This week we’re taking a closer look at the stake-to-earn-airdrops meta. The narrative is simple: stake your tokens, earn staking rewards plus potential airdrops from projects building in the adjacent ecosystems.

If you've been active in "the trenches" (aka Crypto Twitter), you would know that the airdrop staking narrative exploded towards the end of 2023 before fading away in the first couple of months of 2024. The narrative was kickstarted by Celestia, with early TIA stakers receiving multiple high-value airdrops like DYM, ALT, and NIM. TIA pulled a 10x off this narrative, and in classic crypto style, sucked in a huge number of people who thought they could make easy money by gaming the system, staking small amounts of TIA tokens across multiple wallets.

In case you didn't know, nothing is ever easy in crypto. Some who attempted this strategy received exactly zero airdrops and is now staring down the barrel of a 20-50% loss on their staked tokens. Sentiment on the airdrop staking narrative has flipped negative, with those same people now unstaking their tokens and selling for a loss.

Why are we telling you this? Because Crypto Twitter presents the ultimate counter-trade indicator—whatever the narrative is on CT, doing the exact opposite often proves profitable.

Currently, sentiment is extremely bearish on the stake-to-earn-airdrops meta. All those who were late to the party are jaded because they didn't become millionaires overnight by staking small amounts across multiple wallets.

We know that the herd is generally wrong, and we feel this negative sentiment could be short-lived. There are stacks of tokenless projects building on top of platforms like Celestia, Dymension, and EigenLayer, and we are confident that stakers will be rewarded in some shape or form. Just one good airdrop could completely turn the narrative around, and once again, the majority will scramble to get back in (likely when it's already too late).

Here's a list of tokenless projects that could potentially airdrop to stakers of the below protocols:

• @HyperspaceAI (AI-related)

• @ritualnet (AI-related)

• @aethosnetwork

• @alignedlayer

• @brevis_zk

• @DroseraNetwork

• @EspressoSys

• @EthosStake

• @Hyperlane_xyz

• @lagrangedev

• @silencelabs_sl

• @theblockless

• @validaoxyz

• @witnesschain

How to Qualify 

To be eligible for potential airdrops, consider staking with protocols like Celestia, Dymension, and EigenLayer (currently in season 2 of its EIGEN airdrop).

Remember, staking once the narrative gains traction is often too late. If you’re interested, consider positioning yourself as a staker before the hype to maximize your chances. Projects will typically take a snapshot of stakers long before the airdrop is announced to avoid people gaming the system.

As always, it is important that you do your own research and only invest in the underlying staking tokens if you believe in their long-term value. Treat staking as a way to earn yield and potentially benefit from the return of this narrative, rather than a guaranteed path to overnight riches.

❗️Important: As always, use burner accounts where possible (wallet, Twitter, email etc) and never conduct airdrop farming from your main wallet. Always do your own due diligence before deciding to interact with any project.

X Post of the Day

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Exclusive Report: Top 5 AI Cryptocurrencies to Watch 2024

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