Web3 weekly roundup

Compliments of the season dear fren, 
Welcome to yet again another episode of the ‘Web3 weekly roundup’. 
A weekly newsletter where we bring you all the interesting updates from the ever growing Web3 industry ranging from DeFi, NFTs, Airdrops, Latest trends and narratives, AI, Metaverse, Macro news etc.
But first…
The major highlights : 

• Ethereum L2 network Blast records an insane TVL of over $1bn ahead of airdrop.
• Levana protocol exploited for over $1million on Osmosis blockchain.
• Bitcoin ETF expected next year could lead to a plunge in price.
• The Top 50 Airdrops in 2023 Distributed $4.56 Billion Worth of Free Tokens.
• Solana DEX Volume Again Surges Past Ethereum Thanks go High-Profile Airdrops.

Now the highlights in detail : 

• Ethereum L2 network Blast records an insane TVL of over $1bn ahead of airdrop : 

Upcoming Ethereum layer-2 scaling network, Blast, has recorded over $1 billion in deposits from users looking to earn yield and points for an upcoming token airdrop. 
With over 86,000 users contributing funds, Blast has become the 23rd largest protocol by total value locked (TVL). Users can enjoy a 4% APY on Ethereum and 5% on stablecoins, as well as Blast Points for the airdrop set to take place in May 2024.

• Levana protocol exploited for over $1million on Osmosis blockchain : 

Levana, a perpetual swap protocol on the Osmosis blockchain, suffered an exploit that resulted in a loss of over $1.1 million from its liquidity pools. 
The exploit took place over a 13-day period, during which the hackers drained 10% of Levana's liquidity pools. The attack was facilitated by a congestion attack on the Osmosis chain, a bug in the fee market code, and "price staleness" in Levana's integration with the Pyth oracle.

• Bitcoin ETF expected next year could lead to a plunge in price :

The launch of a spot Bitcoin exchange-traded fund (ETF) next year could result in a plunge in the price of Bitcoin, according to a report by CryptoQuant. 
The report suggests that investors may sell off their holdings in anticipation of the ETF approval, leading to a potential price plunge to $32,000 per coin. 
The U.S. Securities and Exchange Commission (SEC) is expected to approve a Bitcoin ETF soon, with analysts giving a 90% chance of approval by January 10, 2024.

• The Top 50 Airdrops in 2023 Distributed $4.56 Billion Worth of Free Tokens : 

In 2023, the top 50 airdrops in the crypto industry distributed approximately $4.56 billion worth of free tokens to users. 
The largest airdrop was conducted by Ethereum scaler Arbitrum, which distributed nearly $2 billion worth of its native governance token, ARB. Another notable airdrop was conducted by Blur, an Ethereum NFT marketplace, which reshaped the NFT industry by eliminating creator fees. 
Celestia's airdrop initially had a lackluster start but experienced a significant rally in value. The top Solana airdrop was conducted by DeFi platform Jito, distributing $225 million worth of tokens.

• Solana DEX Volume Again Surges Past Ethereum Thanks go High-Profile Airdrops : 

Solana's decentralized exchanges (DEXes) have experienced a significant increase in liquidity and volume following two large airdrops in the Solana DeFi ecosystem. 
In December, Solana's DEXes surpassed Ethereum's in terms of volume during certain periods, with a 26% increase in volume in the past week alone. However, Solana's liquid staking has slowed down during this period. 

Now, that’s just about it for the week. This is where we wrap it up on today's episode (and of course, for the year).
We all at Navigating Web3 want to leverage this special opportunity to thank you for being an ardent reader of our newsletters… and a true supporter.
There’s no way under high heaven we could have kept it going without your support. We are eternally grateful.
Ultimately, thank you for a spectacular 2023! It’s going to be a remarkable 2024 for us all - that’s for sure!