Swell Network to Launch Innovative 'Restaked Rollup' Layer 2 Chain for Enhanced Liquid Restaking

Daily Top Performer — Ronin Network (RON)

The SPX index is down 0.19%, due to profit-taking in chip stocks and anticipation of producer price data ahead of the Federal Reserve meeting. The broader cryptocurrency market is up, with Bitcoin and Ether rising by 2.90% and 0.99%, respectively in the past 24 hours.

Today’s outperformer is RON, which jumped 6.0% after RON Token achieves record high amidst free Kaidro NFT event and rising popularity of Pixels game.

Ronin Network (RON), launched on February 2021, an EVM-based blockchain, enhances gaming development by enabling player-owned economies and scalable ecosystems. Ronin's RON token hit a new all-time high, boosted by the Pixels game's popularity and a free NFT mint for the game Kaidro. RON's price reached $4.45, marking significant gains following a past exploit and Axie Infinity's reduced traction. The free NFT mint allows unlimited crate claims for Ronin wallet holders, contributing to the network's growing appeal. Alongside, the PIXEL token surged 32%, and Axie Infinity's AXS token increased by 26%, highlighting Ronin's recovery and expanding ecosystem.

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Talk of the Town:

Swell Network, a liquid restaking protocol, plans to launch a Layer 2 rollup chain called "restaked rollup," developed in partnership with AltLayer and using Polygon's chain development kit. Set for the second half of this year, this network aims to offer users enhanced scalability, lower fees, and native restaking yields through a partnership with EigenLayer. The rollup will feature Swell's governance token and incorporate EigenLayer's actively validated services (AVS) and EigenDA for decentralized sequencing, verification, and data availability. This move extends Swell's liquid restaking offerings, building on its success with over $1.1 billion in total value locked across its staking products.

Macro Events to Watch:

In January 2024, the US experienced a mixed economic landscape with producer prices for final demand increasing by 0.3% month-over-month, the most significant rise in five months, driven by a 0.6% increase in service costs, notably in hospital outpatient care. Meanwhile, retail sales contracted by 0.8%, marking the largest decline since the previous March, primarily due to reduced consumer spending following the holiday season and colder weather. This divergence reflects the complexity of the economic environment, with the producer price index showing a modest year-on-year increase of 0.9% and core PPI rising to 2%, while the retail sector faces challenges, indicating nuanced consumer behavior and the varying impact of economic factors on different sectors.

Airdrop to Watch:

Aevo, a decentralized derivatives platform, launched its AEVO token with an airdrop valued at $95 million, distributing 30 million tokens to early users who met specific criteria. Despite the token debuting with a $3 billion valuation, some recipients were frustrated by the small allocation received and the high Ethereum gas fees required to claim and trade their tokens. The airdrop aimed to reward various users, including OGs and those engaged in genuine trading activities, with future rewards for non-Aevo traders through "farm boosts." Despite the dissatisfaction over allocation sizes and gas costs, AEVO tokens are now tradable on Binance with significant trading volume, and Aevo plans to introduce new trading incentives for earning more $AEVO via staking and trading.

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