MarginFi Set to Launch Solana-Backed Decentralized Stablecoin YBX

Daily Top Performer — ZKFair (ZKF)

Last Friday, the SPX index was up 0.17%, this market behavior follows comments from several Federal Reserve officials suggesting a cautious approach to lowering interest rates. The upcoming CPI data for April is anticipated to be a significant indicator for the Fed's potential actions, especially after recent remarks by Fed Chair Jerome Powell indicating that a rate hike is unlikely. Additionally, a strong earnings season has bolstered Wall Street, with around 80% of reporting companies beating market expectations. The broader cryptocurrency market is down, with Bitcoin and Ether dropping by 0.62% and 1.52%, respectively in the past 24 hours.

Today’s outperformer is ZKF, which jumped 10.0% after Root Protocol Partners with ZKFair to Enhance Decentralized Identity Solutions and Community Engagement.

ZKFair (ZKF), founded in 2018, is a zero-knowledge proof-based Layer 2 scaling platform for Ethereum, featuring a decentralized network of provers and a community-focused revenue model. It distributes 75% of transaction fees to users staking its native token, ZKF, and 25% to DApp developers, using USD Coin (USDC) for gas fees. Root Protocol has partnered with ZKFair, a pioneering EVM Layer2 platform, to enhance user access and community profit sharing. This collaboration integrates Root's $ISME DID System into ZKFair, allowing seamless access to decentralized identity solutions and sharing transaction fees with the Root community. Both parties aim to expand their reach and drive Web3 innovation, leveraging ZKFair's advanced scalability and security. This partnership underscores a joint commitment to a decentralized future and anticipates significant mutual benefits.

Check Out the Latest Prices, Charts, and Data of ZKFUSDT Perp and ZKF/USDT Spot!

Talk of the Town:

MarginFi is set to launch YBX, a new decentralized stablecoin on Solana, backed by SOL-based liquid staking protocols (LSTs). The launch, anticipated before June, aims to reduce Solana's reliance on USDC and strengthen its DeFi ecosystem. Despite recent challenges, including the resignation of co-founder Edgar Pavlovsky and significant withdrawals from the protocol, MarginFi is progressing with its plans, having secured $12 million in initial liquidity with a target of over $100 million. YBX will be a rebasing stablecoin, where balances increase as yield accrues from staking rewards and future lending yields. MarginFi is also planning to introduce a governance token and an "integrated stableswap" feature to enhance trading between stablecoins within its ecosystem.

Check Out the Latest Prices, Charts, and Data of SOLUSDT Perp and SOL/USDT Spot!

Spot Bitcoin ETF Flows:

U.S. Spot Bitcoin ETFs experienced a net weekly inflow of $116.8 million, despite significant outflows on Friday. The week began with strong inflows, highlighting increasing institutional adoption of Bitcoin ETFs, as major banks like JPMorgan and Wells Fargo disclosed substantial investments. Despite some mid-week fluctuations and a weekend price drop, the overall positive inflows and high institutional interest indicate sustained support for cryptocurrency investments in traditional finance.

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

Airdrop to Watch:

Revox, an on-chain AI network and winner of the BNB & Solana Riptide & Arweave Hackathon, has launched a highly anticipated free airdrop. Participants only need to cover transaction fees. To join, visit their website, connect a wallet, link a Twitter account, and use the invite code provided. The primary task involves daily content curation across multiple blockchain platforms like Linea and zkSync. Participants can also claim a Linea Park Easter Surprise Voucher for a 2000-point boost if they previously engaged in the Linea Park event.