Top Crypto News This Week: Ethena Launches New Stablecoin, Solana Hints at Airdrops, and More

This week in crypto promises to be eventful, with major developments expected to shape market sentiment. Ecosystems like Solana, Jito, Ethena, and Jupiter are set to make headlines with key updates.

These updates from various decentralized finance (DeFi) and blockchain projects are likely to influence investor behavior and market dynamics.

Potential Airdrop-Related Solana Announcement

First in line is a possible Solana announcement expected to break on Thursday, December 5. The network is expected to make a few major announcements, and rumors suggest that they will be related to some airdrops.

It remains unknown what the Solana announcement will entail. However, several Solana-based projects have huge upcoming developments, positioning them as likely candidates for the anticipated Solana-related announcement.

For example, there is a confirmed Wise Monkey (MONKY) airdrop for Floki Inu (FLOKI, TokenFi (TOKEN), and ApeCoin (APE) holders. The snapshot date for APE holders was November 29, whereas FLOKI holders’ snapshot date will be December 15. Distribution is based on token holdings.

The announcement comes ahead of Wise Monkey’s launch of the MONKY token on December 12, 2024. Elsewhere, Rectoverso (RESO), a DeFi platform built on the Solana blockchain, is also planning an IDO (initial DEX offering), according to a contributor. Other candidates include the Qubic ecosystem, which suggested an ongoing collaboration with Solana.

“This month, we’ll be unveiling a huge update about the Qubic and Solana launch, alongside a special reveal of Imporium — a new initiative that will revolutionize our ecosystem,” Qubic shared.

Qubic is a utility token on the Stellar (XLM) blockchain. It aims to support decentralized applications (dApps) for various real-world challenges in the web3 domain.

Jito (JTO) Token Unlock

On December 7, the Jito Network will unlock 135.71 million JTO tokens valued at approximately $462 million at current rates. The tokens constitute 103.01% of its circulating supply, which could dampen the market and cause a price drop. As BeInCrypto reported, the tokens will be allocated to core contributors and investors. Unlike core contributors, investors may cash in for early gains.

The Jito Network is a major contributor to the Solana ecosystem through its JitoSOL liquid staking pool and its collection of MEV products.

Ethena Lab’s BlackRock-Backed Stablecoin

Another top crypto news this week is the release of USDtb, Ethena Lab’s new stablecoin backed by BlackRock’s BUIDL fund. The synthetic dollar protocol and tokenization platform Securitize submitted a joint proposal to feature Ethena’s USDtb stablecoin in Spark’s $1 billion Tokenization Grand Prix.

“Approval of USDtb as a backing asset for USDe and an eligible asset for the Reserve Fund, with the potential for allocation as a backing asset of USDe on Day 1 of USDtb’s launch next week [this week],” a paragraph in the forum discussion read.

With this proposal, they seek to onboard real-world assets (RWAs) to decentralized finance (DeFi) by offering liquidity to selected participants.

D.O.G.E Proposals From Musk and Ramaswamy

In addition, this week, Elon Musk and Vivek Ramaswamy will present key proposals for the Department of Government Efficiency (D.O.G.E). Musk plans to rein in defense spending as part of his Trump-appointed mission to find ways to slash government spending.

“Elon Musk is right. The Pentagon, with a budget of $886 billion, just failed its 7th audit in a row. It has lost track of billions. Last year, only 13 senators voted against the Military Industrial Complex and a defense budget full of waste and fraud. That must change,” said Bernie Sanders, an American politician and activist who is the senior United States senator from Vermont.

Meanwhile, Ramaswamy alluded to halting or increasing defense spending, arguing against reflexively increasing the magnitude. Both Coinbase CEO Brian Armstrong and Gemini co-founder Cameron Winklevoss have rallied behind the proposal.

Jupiter’s Revised Airdrop Proposal Voting

Jupiter’s revised airdrop proposal will also be voted on this week. The Solana-based decentralized exchange (DEX) aggregator plans to airdrop approximately $860 million of JUP in January, marking the second round of the airdrop. Community members expect the vote to proceed.

“A vote on whether this will happen is starting soon, and I believe it will proceed The snapshot has already been taken, and there will be a vesting with a 75% fee if you choose to claim instantly,” a Solana DeFi maxi said recently.

The optimism comes as the minimum vote threshold to pass the vote has already surpassed. Passing the proposal would mean two more airdrops of 700 million JUP tokens each.

Gala Film Launch

Also, on December 5, the Gala ecosystem will launch its FILM token. The token launch comes after Gala Film rewrote the playbook for the web3 era. With it, it built a free platform that enhances the watching experience for fans. It also empowers filmmakers to create anything their imagination can manage.

“Gala Film’s revolutionary plan is fueled by a single upcoming GalaChain token: FILM. And we’re pleased to announce that an official date has been slated for its release. FILM is coming on December 5th, 2024,” Gala said.

Gala Film is an ecosystem built atop the web3 infrastructure of GalaChain, with a vision centered around FILM, the platform’s official reward and utility token. Users collect FILM as a reward for multiple levels of participation. The token will also help boost promising projects and unlock exclusives. Community members will harness it to fund a future of decentralized video content and usher in a new creative era.

Beyond these events, crypto markets must also brace for the impact of US economic data this week, which is expected to spur volatility.