Monat: Juni 2024

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HashKey announces airdrop ahead of HSK token listing in Q3, 2024

  • HashKey Group announces HSK token launch set for Q3, 2024.
  • A community airdrop is scheduled for late June to incentivize community building.

HashKey Group has announced that its token HSK will launch in the third quarter of 2024.

The company stated in an announcement that this token will power all HashKey core applications and use cases. HSK will also play a key role in the community’s growth as the network gains traction within the Web3 economy.

HSK utility

HashKey Group plans an airdrop to reward ecosystem contributors ahead of the token listing in Q3, 2024. The tokenomics of the new ERC-20 standard token include a total supply of 1 billion HSK. 65% is earmarked for ecosystem growth, 30% for the team and 5% will go to a reserve fund.

Per today’s announcement, key HSK utilities include use in community rewards, access to exclusive presales, platform collaborations and fee discounts for users on the company’s HashKey Exchange and HashKey Global.

HSK will also power HashKey’s Layer 2 ecosystem, serving as the native governance, incentives and gas fee token.

It’s notable that HashKey Group boasts a robust Web3 ecosystem that supports infrastructure, artificial intelligence (AI) projects, middleware, DeFi, and Metaverse.

The company’s Launchpool went live in May this year.

Airdrop and token burn

Ahead of token listing, HashKey will launch a community airdrop. The company expects the initiative to go live in late June, and will be used to encourage users to contribute to community building.

A token burn mechanism will see HashKey use up to 20% of the company’s net profits to buy HSK. The program will result in the permanent removal of the HSK tokens from circulation.

The post HashKey announces airdrop ahead of HSK token listing in Q3, 2024 appeared first on CoinJournal.

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Morpho becomes first L2 protocol to launch on Base

  • Morpho is the first Layer 2 protocol to launch on Coinbase’s Base.
  • Morpho has introduced MetaMorpho Vaults and Morpho Markets on Base, boosting yield and borrowing options.
  • Morpho’s CEO, Paul Frambot, has shifted his stance on Base deployment seeing it as pivotal for Morpho’s growth in DeFi.

Morpho, a decentralized finance (DeFi) lending and borrowing protocol initially established on Ethereum, has achieved a significant milestone by becoming the first layer-2 (L2) protocol to launch on Base, a scaling network for Ethereum introduced by Coinbase in 2023.

This expansion marks a pivotal moment for Morpho as it seeks to capitalize on the growing DeFi ecosystem and enhance its service offerings. The move is set to transform Morpho’s trajectory and potentially position it as a leading protocol on Base.

Morpho to tap into Base’ DeFi ecosystem with this expansion

Morpho’s transition to Base is a strategic decision aimed at tapping into a burgeoning DeFi ecosystem.

Despite CEO Paul Frambot’s initial reluctance to expand onto a second chain, he has acknowledged that circumstances have evolved, necessitating this new deployment.

This shift underscores the dynamic nature of the DeFi landscape and Morpho’s adaptive strategy to stay ahead in a competitive market.

The introduction of Morpho on Base brings with it several innovative features designed to enhance user experience and optimize capital utilization.

One of the key features is MetaMorpho Vaults, which offers optimized yields through passive lending. Users can earn returns by depositing assets into these vaults, providing a robust mechanism for yield generation.

Additionally, Morpho Markets allows users to borrow against their deposits, with markets such as the cbETH/USDC enabling users to borrow the USDC stablecoin using cbETH as collateral. These features are poised to attract a new wave of users to the platform, further bolstering its growth.

Morpho’s platform on Base could outpace its Ethereum version

The potential for Morpho’s platform on Base to outpace its Ethereum version within the next year is significant.

The broader adoption of Base across the market is anticipated to drive user onboarding, which is crucial for Morpho’s expansion and success.

At the moment, DeFiLlama data shows that Morpho has a total value locked (TVL) of $1.833 billion. This is a substantial increase from approximately $597.76 million at the beginning of the year.

This impressive growth trajectory highlights Morpho’s robust performance and the increasing confidence of users in its protocol.

Morpho’s launch on Base not only signifies Morpho’s commitment to growth but also highlights the evolving nature of the DeFi space. As Base continues to see greater adoption, the synergy between these platforms could lead to unprecedented growth and innovation in the DeFi sector.

Morpho’s strategic expansion and the introduction of user-centric features position it well to harness the potential of the Base network, setting the stage for a new era in decentralized finance.

The post Morpho becomes first L2 protocol to launch on Base appeared first on CoinJournal.