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- Babylon to airdrop 600 million BABY tokens to early users.
- X2Y2 confirms shutdown by the end of April.
- Treasure DAO halts operations amid financial turmoil.
Coinbase Derivatives has filed to launch XRP futures with the CFTC. The product is set to go live on April 21. This move aims to tap into the growing demand for regulated crypto derivatives in the U.S. market.
The firm hopes for growing institutional demand once the future becomes live. It represents another move in the bid by Coinbase to go beyond spot trading. The legal certainty surrounding XRP has probably cleared the path for this move.
The futures contract would also increase liquidity in XRP. Traders are now eagerly anticipating the ultimate approval and product design. The success of the launch can also prompt other exchanges.
Babylon’s Token Rollout Triggers Heavy Unstaking
Babylon has published the details of its BABY token distribution. The total supply is 10 billion. Early users will get an airdrop of 600 million tokens, or 6% of the total. Early users include stakers, Finality Providers, GitHub contributors, and holders of the Pioneer Pass.
Since then, 256 BTC has been un-staked from Babylon. The redeeming activity took more than 1.3 million vBytes of block space. Users paid a transaction fee of 1.35 BTC. High fees are blamed by experts as being caused by pre-set scripts, perhaps a few years outdated. This has placed more burden on the network and raised issues regarding the design adaptability of the protocol.
The airdrop query page is live. Everyone can verify eligibility and monitor distributions. Babylon once raised $70 million in funding, leaving it in a good position to build its network. The current wave of redemptions, though, suggests users might be cashing in for short-term gains.
Treasure DAO to Shut Down Game Ecosystem and Chain
Treasure DAO plans to close its game universe and Treasure Chain. The project is running into financial difficulties. Records indicate it has $2.4 million in its treasury while having annual expenses of $8.3 million. The funds would not last beyond July if there were no adjustments.
A plan also recommends drawing down by $785,000 from market maker Flowdesk. This would get operations through until February 2026. The DAO also has 22.3 million MAGIC tokens. However, a decline in the price of MAGIC could eliminate its runway.
Community members are now discussing the way forward. For some, there is hope of maintaining portions of the ecosystem through more community-led projects. For others, this serves as a warning for burn-heavy crypto initiatives with no strong revenue base.
Related Reading: Bitcoin holds critical support while XRP and Chainlink show weakness
