Ethena, Arkham, and Solana Ecosystem Updates: Key Crypto Developments in Early April 2024

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The crypto landscape continues to evolve rapidly, with major updates from protocols like Ethena, Arkham, Solana, and emerging blockchain initiatives shaping investor sentiment and market dynamics. From airdrop adjustments and exchange listings to new blockchain launches and DAO governance decisions, this article breaks down the most impactful developments as of early April 2024—offering clarity, context, and actionable insights for participants across DeFi, NFTs, and Web3 gaming.

Ethena Launches Season 2 with Sats Rewards and ENA Airdrop Adjustments

Ethena Labs has officially kicked off its second season of user incentives, replacing the previous "Shards" system with Sats—a nod to Bitcoin’s smallest unit—reflecting its strategic pivot toward using BTC as a core supporting asset.

👉 Discover how to maximize your Sats rewards in Ethena’s Season 2.

Enhanced Rewards for Loyal Users

Eligible users who participated in Season 1 can now earn 20% more Sats in Season 2, provided they:

This move incentivizes continued engagement while reinforcing Ethena’s commitment to decentralization and long-term user alignment.

Fairness Update: Milady Maker NFT Holders Included in ENA Airdrop

Following community feedback, Ethena revised its ENA airdrop criteria to include holders of the original Milady Maker NFT collection, which had been initially excluded in favor of derivative projects.

The adjustment allocates 0.2% of total ENA supply (4% of the 5% reserved for NFT-related drops) to wallets holding:

This correction underscores the importance of community input in shaping fair distribution models within decentralized ecosystems.

ENA Liquidity Prep: Major Tokens Sent to Market Makers

To ensure smooth trading at launch, Ethena transferred 52.5 million ENA tokens (3.68% of initial circulating supply) to top-tier market makers:

These allocations are expected to stabilize pricing and improve liquidity upon ENA’s public release.

Arkham (ARKM) Surges After Coinbase Listing Announcement

Arkham Intelligence’s native token, ARKM, saw a sharp 10% price increase following Coinbase’s announcement that it would list the token on its platform.

Official Support on Ethereum Network

Coinbase confirmed support for ARKM as an ERC-20 token on the Ethereum blockchain. Trading is scheduled to begin around 12:00 PM ET on April 2, 2024, pending sufficient liquidity.

This listing not only boosts ARKM’s visibility but also validates Arkham’s growing role in blockchain intelligence and on-chain analytics.

Regulatory Pushback: Coinbase and Circle Challenge Basel Guidelines

In a broader regulatory development, both Coinbase and Circle voiced opposition to proposed Basel Committee standards that could restrict banks’ exposure to stablecoins.

The guidelines require stablecoins to meet strict criteria—such as low volatility and high liquidity—to qualify for favorable capital treatment. Critics argue these rules may unfairly limit institutional adoption.

Coinbase stated:

“The Committee’s approach appears designed to severely restrict bank holdings—and by extension, usage—of stablecoins.”

This ongoing debate highlights the tension between innovation and regulation in the maturing crypto economy.

Solana DeFi Star: Sanctum Soars Past $85M TVL

One of the standout performers in the Solana ecosystem is sanctumso, a protocol addressing liquidity fragmentation among liquid staking tokens (LSTs).

Solving Liquidity Challenges in Solana DeFi

Sanctum enables users to:

With over $85 million in total value locked (TVL) and backing from top-tier VCs like Jump Crypto and Dragonfly, Sanctum is emerging as critical infrastructure for Solana’s DeFi stack.

Blast Introduces Multi-Wallet积分 Boost System

Layer 2 platform Blast has launched a novel 积分 (point) multiplier campaign, allowing users to enhance their积分 accrual by interacting with partnered dApps.

Key features:

This cross-wallet积分 mechanism encourages wider ecosystem participation and rewards active users more dynamically than traditional point systems.

Memeland Unveils Memenet: A New Chain Built for Degens

Memeland, known for projects like Potatoz and WTF, is launching Memenet, a dedicated blockchain tailored for meme culture and degenerate builders.

Key Details:

MEME token price responded positively, rising over 8% following the announcement. With Memeland’s strong community traction, Memenet could become a hub for viral Web3 experiences.

Market Movements and Exchange Activity

Bitcoin and Ethereum Price Volatility

Bitcoin briefly dipped below $68,000**, while Ethereum fell to **$3,362, marking a 6.91% drop in 24 hours. The pullback coincided with large outflows from spot ETFs:

These shifts suggest profit-taking after recent highs, though long-term institutional interest remains strong.

USDC Supply Increases by $134M

Circle minted 134.4 million USDC on Ethereum, signaling potential demand for stablecoin liquidity across DeFi or centralized platforms.

Governance and Funding Updates

SafeDAO Votes on SAFE Token Transferability

SafeDAO is voting on a proposal to unpause SAFE token transfers, enabling full tradability. Unvested tokens will remain locked in vesting contracts. The vote concludes on April 15.

Chainge Proposes $13M Funding Injection

Cross-chain protocol Chainge is seeking DAO approval for a $13 million investment, which would release 50 million XCHNG tokens (10% of current supply). The funding aims to drive product growth and achieve profitability by Q2.

Gitcoin GG20 Opens for Open Source Grants

Gitcoin’s GG20 funding round is now live, supporting open-source software via Allo v2. Developers can apply for funding to build public goods in crypto and beyond.

Gaming & NFT Highlights

Pirate Nation Launches BOOTY积分 Program

The Web3 game Pirate Nation introduced its BOOTY积分 system, rewarding players based on on-chain activity. A leaderboard will follow, with season rewards likely tied to积分 rankings.

Fren Pet Token Hits All-Time High

Fren Pet (FP), part of the Base ecosystem, surged past $7.74 (+35.89%), setting a new record amid growing interest in Base-linked gaming tokens.

FAQ Section

Q: How do I qualify for the 20% Sats boost in Ethena Season 2?

A: You must have participated in Season 1, avoid any rule violations, and deposit new USDe into your wallet under the updated incentive program.

Q: Why did ARKM rise after the Coinbase listing news?

A: Exchange listings increase accessibility, credibility, and trading volume. Coinbase’s global reach often triggers short-term demand spikes for newly listed assets.

Q: What is Sanctum’s role in Solana DeFi?

A: Sanctum aggregates fragmented LST liquidity, enabling safer flash loans and collateral management—critical functions for maintaining financial stability in leveraged protocols.

Q: Can I transfer Blast积分 boosts between wallets?

A: Yes! You can earn boosts on one wallet (e.g., a hot wallet) and apply them to another (e.g., your main wallet), maximizing point accumulation without risk.

Q: When will Memenet launch?

A: The testnet is expected in June 2024, with mainnet going live in September 2024.

Q: Is GBTC outflow a bearish signal?

A: While sustained outflows can indicate profit-taking or sentiment shifts, they don’t necessarily signal long-term weakness—especially with competing ETFs like IBIT attracting inflows.

Final Thoughts: Navigating a Rapidly Changing Landscape

From protocol upgrades to macro market movements, early April 2024 has been packed with pivotal moments for crypto. Projects like Ethena and Memeland are pushing innovation forward, while governance decisions in DAOs reflect maturing community-driven models.

👉 Stay ahead of market trends with real-time data and secure trading tools.

Whether you're tracking token launches, participating in积分 programs, or evaluating DeFi opportunities, staying informed is key. As always, conduct thorough research and consider risk management when engaging with emerging projects.

Core keywords integrated throughout: Ethena, Arkham, Solana, ENA, ARKM, DeFi, NFT, Web3 gaming