Aave Labs Unveils 2030 Roadmap with New Aave V4; Bitcoin ETFs Records Largest Single-Day Outflows

Daily Top Performer — ZetaChain (ZETA)

The SPX index is down 0.34%. This market activity followed Powell's indication that a rate hike in June is unlikely and the central bank's continued concern over high inflation. Powell stated that a rate decrease would only be considered once there is greater confidence in achieving a sustainable 2% inflation rate. The broader cryptocurrency market is down, with Bitcoin and Ether dropping by 3.70% and 0.79%, respectively, in the past 24 hours.

Today’s outperformer is ZETA, which jumped 19.0% after ZetaChain announces New Growth Program, allocates 5% of ZETA Tokens to boost dApp development with focus on Bitcoin projects.

ZetaChain (ZETA), launched in February 2024,  is a Layer 1 blockchain and interoperability platform enabling DApps to operate across multiple blockchains, including those without native smart contract capabilities, like Bitcoin and Dogecoin. ZetaChain has launched a new program that dedicates 5% of its ZETA token supply to boost dApp development on its platform, with a specific focus on Bitcoin-related projects that will receive 1% of the allocation. This initiative is aimed at enhancing product and service innovations across blockchain networks, particularly after Bitcoin's recent halving event. The funding, which will be rolled out over the next 3-4 years, supports advancements in Bitcoin infrastructure, decentralized finance, and gaming/social applications. The program is now open for project submissions, emphasizing ZetaChain's omnichain capabilities to improve blockchain user experiences.

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Talk of the Town:

Aave Labs has announced its strategic plan for the year 2030, which includes the introduction of Aave V4, a new visual branding, and broader DeFi features. The main focus is on Aave V4, which aims to enhance the user interface, add a Cross-Chain Liquidity Layer (CCLL) to facilitate easier asset transfers between blockchains and integrate Real World Assets (RWAs) with Aave’s stablecoin, GHO, in partnership with Chainlink. This upgrade is intended to boost GHO's daily utility and expand Aave's asset offerings. The plan involves a three-year development schedule with continuous input from the community and annual evaluations. It also suggests shifting to a proactive funding model, with detailed budgeting for research, development, and security checks in the first year. Additionally, Aave is looking to update its visual identity to reflect its strategic vision and enhance brand recognition in the DeFi sector. 

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Spot Bitcoin ETF Flows:

Bitcoin (BTC) fell 3.65% to close at $58,917 on Wednesday, reacting negatively to the U.S. BTC-spot ETF market outflows and the Federal Reserve's decision to hold interest rates steady at 5.25-5.50%. Significant ETF outflows occurred following the Fed's non-hawkish press conference, underscoring investor caution. Technically, BTC remains in a bearish short-term trend but maintains a bullish long-term outlook, with key resistance at $60,365.

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Airdrop to Watch:

The Drift Foundation has activated the $DRIFT Eligibility Checker and revised its airdrop allocations: 64% for OGs, 30% for Trader Points Program participants, 5.5% for early version 1 users, and 0.5% for Keeper Network. An additional 2% of tokens (20 million) have been added, bringing the total to 12%, to celebrate community milestones. Drift has partnered with Allium Labs to combat sybil and wash trading, redistributing penalized allocations. A novel claim bonus incentivizes delayed claims to minimize bot activity and network congestion, with bonuses increasing over a six-hour period and unclaimed bonuses returning to the DAO. The exact claim date will be announced soon, and details are available on Drift's governance page.