Lido and Mellow Finance Launch Advanced DeFi Strategies for stETH Holders

Daily Top Performer — Io.net (IO)

The SPX index is up by 0.27%, market sentiment was influenced by a drop in bond yields, fueling speculation that upcoming inflation data could prompt the Fed to consider cutting rates later in the year. The broader cryptocurrency market is down, with Bitcoin and Ether dropping by 3.07% and 5.02%, respectively in the past 24 hours.

Today’s outperformer is IO, which jumped 12.35% after Io.net Announces Claim Period for Ignition Rewards Program.

Io.net (IO), founded in 2022, is a DePIN project on Solana that provides scalable GPU computing power to AI and machine learning companies, enhancing the capacity for handling complex, data-intensive models through distributed computing. Io.net announced that users of the Ignition Rewards Program can claim their rewards starting from 11:00 UTC on June 11, 2024, until 11:00 UTC on June 18, 2024, at the designated website. Additional details and restrictions, especially for users in prohibited jurisdictions, are available on their official website.

Check Out the Latest Prices, Charts, and Data of IOUSDT Perp and IO/USDT Spot!

Talk of the Town:

Lido, in collaboration with Mellow Finance and part of the Lido Alliance, has launched advanced DeFi strategies for stETH holders, including innovative restaking vaults. These strategies, designed with Mellow Finance's permissionless Liquid Restaking Token (LRT) creation, enable stETH holders to maximize their asset utility by participating in decentralized restaking and earning various rewards. The vaults provide a secure and flexible way to engage with the Ethereum staking and DeFi ecosystem, enhancing the liquidity and utility of stETH. This development is aimed at reinforcing stETH's position as a top collateral choice in the market, with a strong security framework ensuring a reliable and effective staking experience.

Check Out the Latest Prices, Charts, and Data of LDOUSDT Perp and LDO/USDT Spot!

Spot Bitcoin ETF Flows:

Bitcoin's price dropped below $67,000 as spot Bitcoin ETFs saw their first outflows in 20 days, reflecting investor caution ahead of a key Federal Reserve meeting and CPI inflation data release. The downturn also affected crypto-related stocks like Microstrategy, Marathon Digital, and Coinbase. This shift highlights concerns that sustained higher interest rates could dampen the attractiveness of riskier assets such as bitcoin.

Check Out the Latest Prices, Charts, and Data of BTCUSDT Perp and BTC/USDT Spot!

Airdrop to Watch:

Kresko is conducting the largest DeFi airdrop to date, distributing 10 billion KREDITS to over 691,000 addresses from top DeFi protocols. To claim their KREDITS, users must mint a 'Kreskian' NFT by burning some of their KREDITS, which also allows them to participate in a KREDITS farming campaign to increase their allocation. KREDITS are intended as loyalty points to incentivize community engagement and contributions. Kresko aims to democratize access to wealth through an open platform for synthetic stocks, commodities, and crypto. The platform is currently in a Closed Beta phase, with more details available on their website.