Do Kwon Being Extradited to US ✈️

GM. This is Degen Scoop. It’s FRIDAY and airdrop season appears to be here on Solana, these are today’s stories:

• Do Kwon Being Extradited to US ✈️

• LayerZero Announces Token 🪙

• Chainlink Staking Attracts $600M 🏊‍♂️

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Do Kwon Being Extradited To United States

Montenegro's Justice Minister, Andrej Milovic, plans to extradite Terraform Labs co-founder Do Kwon to the U.S. following the high court's approval of the extradition. Kwon, held in Montenegro on document forgery charges, faces U.S. charges related to financial crimes.

While Kwon had agreed to extradition to South Korea, Milovic will make the final decision, awaiting court rulings on Kwon's appeal. Should Kwon be extradited to the US, it’s almost certain the courts will throw the book at him given the amount of losses that were enacted by his protocol.

The U.S. has recently made headlines with prosecutions of former FTX CEO Sam Bankman-Fried and charges against Binance's Changpeng "CZ" Zhao. Kwon faces charges linked to the collapse of TerraUSD and Luna tokens, wiping out approximately $40B.

LayerZero Officially Announces Their Token

LayerZero Labs, a blockchain infrastructure provider, announced plans to launch its token in the first half of 2024, addressing community speculation. This is one of the more notable airdrop farmers have been doing their best to try and keep active about to take advantage of free money.

The Vancouver-based company, backed by significant venture capital, focuses on improving interoperability and cross-chain messaging infrastructure to enhance decentralized application development across different blockchains. The future is multi-chain and solutions like LayerZero seek to take advantage of that phenomenon.

LayerZero recently closed two venture capital rounds, raising a total of $255M and tripling its valuation to $3 billion within a week. The company aims to meet the demand for throughput applications, including gaming and media apps, by providing robust cross-chain functioning infrastructure.

Chainlink’s New Staking Pool Attracts $600M of Capital

Chainlink's community staking pool, launched recently, has reached its maximum limit with over $620M in value at mark-to-market prices. As one of the OG DeFi protocols on Ethereum, it’s not hard to see there is very much clear demand for trustworthy oracles that can track token prices.

The smart contract for the staking pool holds nearly 41M LINK tokens, making it the top LINK holder. The new staking pool is remarkably successful and clearly shows the desire for yield on-chain wherever it can be found.

This success comes less than two weeks after the launch of Chainlink's v0.2. While the staking market for LINK has seen significant growth, it still lags behind the staked value of other cryptocurrencies like ETH and SOL, valued at around $68 billion and $26 billion, respectively.

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.