Weekly Project Updates: Babylon Airdrop, Treasure's Financial Crisis, X2Y2 Announces Its Closure by the End of This Month, etc

Apr 05, 2025

1. Coinbase Applies to the CFTC to Launch XRP Futures, Expected to Go Live on April 21st link

Coinbase Derivatives has announced that it has submitted a self — certification application to the US Commodity Futures Trading Commission (CFTC) , planning to launch XRP futures contracts. Officially, the contract is expected to go live on April 21, 2025.

2. Babylon Announces the Allocation Plan for BABY Tokens, with 6% to Be Used for Airdrops to Early Users link

Babylon has disclosed the token economics of its BABY token. The total supply is 10 billion tokens, of which 15% is for community incentives, 18% for research and development as well as operations, 30.5% for early private placement investors, 15% for the team, and 3.5% for advisors. Meanwhile, Babylon’s airdrop query page has now been launched. It will airdrop 600 million BABY tokens, accounting for 6% of the total supply, to early adopters, which will be distributed to stakers in the first phase, Finality Providers, Pioneer Pass holders, and GitHub contributors. Previously, in May 2024, Babylon completed a financing of $70 million, led by Paradigm.

According to mononaut, the founder of mempool, after Babylon issued the token airdrop, within the past 24 hours, 256 Bitcoins have been redeemed (un-staked) from Babylon. The redemption transactions have paid a total of 1.35 Bitcoins in fees and consumed 1.318 MvB of block space. Mononaut believes that the reason why the redemption transaction fees are expensive may be that the un-staking script is large, and for some reason, the protocol has locked in a fixed fee rate that was chosen several months ago, possibly due to pre-signed transactions.

3. The Solana Community Has Been Heatedly Discussing the Increase of Compute Units (CU) Capacity Recently link

Recently, the Solana community has been discussing the increase in Compute Units (CU) capacity. CU is a unit for measuring transaction computing resources on Solana, similar to Gas on Ethereum, which is used to limit transaction complexity and protect network resources. Currently, the Solana block limit is 48M CU, and the average CU consumption has long been close to 40M. Since each transaction sets its own CU limit, transactions that exceed this limit will fail. Block CUs are calculated based on estimated limits, and the actual consumption is always lower than the upper limit, so 40M is basically the saturation point of the actual CU consumption of a block.

Currently, the relevant proposals include SIMD — 0207 (raising the block limit to 50M CU) and SIMD — 0256 (raising it to 60M CU). SIMD — 0207 has been passed and implemented on the testnet, waiting for activation on the mainnet. Its aim is to slightly increase the block space and simultaneously verify the potential problems that may arise from breaking the long — term 48M CU upper limit. SIMD — 0256 has just been submitted and is in the review stage. Its goal is to expand the block capacity more significantly on the premise that the former has been successfully implemented first. It is worth noting that increasing the block CU limit means that the block becomes larger, which requires higher performance from the validation nodes. This is a trade — off between network throughput and stability.

4. The Supply of Berachain USDC Plummets by $450 Million within a Week, and the Lack of Bribe Incentives Is Likely the Main Cause link

In the past week, the supply of Berachain USDC has dropped from 1 billion to 550 million, with approximately 450 million tokens flowing out. Among them, the supply of the native stablecoin Honey (minted 1:1 with USDC) has decreased from 740 million to 510 million, and about 230 million tokens have been redeemed. Wu said that he had previously reported that, against the background of Berachain PoL, due to the lack of bribery incentives, the BGT allocation that the five trading pairs on the officially launched BeraSwap could obtain had a cliff — like drop, resulting in the BGT returns of the two stablecoin pools dropping from about 15% at the highest to around 3%. This may be one of the reasons for the significant outflow of USDC.

5. Treasure Faces Reorganization Due to the Financial Crisis and Will Terminate Game Operations and the Treasure Chain link

John, the chief contributor of Treasure DAO, a blockchain game ecosystem, announced that due to the deterioration of the financial situation, it is facing restructuring and will terminate the game operation and Treasure Chain. The documents show that its annual operating expenditure is as high as $8.3 million, while the current treasury only has $2.4 million left, which was originally expected to only last until July 2025. In order to extend the funding runway, John proposed to withdraw the idle $785,000 from the market maker Flowdesk. If approved, the stablecoin balance will increase to $3.2 million, and the operation can optimistically be extended to February 2026. In addition, the ecological fund holds 22.3 million MAGIC (valued at $2.3 million). However, if the price of MAGIC collapses, the DAO may be unable to sustain itself between December this year and February next year.

6. The Supply of Ethena USDtb Increases by $1.3 Billion, Second Only to Circle USDC link

According to data from Artemis, in the past month, the supply of Ethena USDtb has increased by $1.3 billion, and the growth volume is second only to that of Circle USDC. It is worth noting that the supply of USDtb has already exceeded that of PayPal PYUSD and is approaching that of First Digital Labs FDUSD. Ethena USDtb is mainly supported by BlackRock’s BUIDL fund (accounting for 90% of its reserves).

7. Binance Megadrop Announces the Launch of KernelDAO (KERNEL) link

Binance Megadrop has announced the listing of its fourth project, KernelDAO (KERNEL), a restaking protocol that supports Kernel, Kelp, and Gain. KernelDAO had previously mentioned in its official news that Web3port was its investor. However, after Binance successively disclosed the violations of Web3port, KernelDAO denied that Web3port was its investor.

KERNEL has a maximum supply of 1 billion tokens. Binance will distribute 40 million KERNEL (4% of the total supply) through its Megadrop mechanism. The initial circulating supply upon listing is 162,317,496 KERNEL (16.23% of the total supply).

8. Vitalik Donates $500,000 to the Network State Sandbox Experiment Project Zuitzerland link

Vitalik transferred 274.1 ETH (approximately $500,000) to the contract deployed by the Zuitzerland developer 1sla.eth. This transfer is suspected to be for project funding or donation. It is reported that Zuitzerland is a network state sandbox, aiming to conduct prototype experiments for future civilizations.

9. X2Y2 Announces That It Will Officially Close on April 30th, 2025 link

The NFT trading platform X2Y2 has announced that it will officially shut down on April 30, 2025, bringing an end to its three-year operation. The cumulative trading volume of this platform has reached $5.6 billion. Although the contracts will continue to be retained, the front-end platform will be taken offline. In addition, the team has been deeply researching artificial intelligence over the past year and will explore ways to generate profits in a permissionless manner, which will be driven by artificial intelligence.

10. Kaito AI Will Launch a New Mechanism to Combat Chart Manipulation Behaviors link

Yu Hu, the founder of Kaito AI, tweeted that in response to the attempts of a few accounts to manipulate the Yapper leaderboard, the team will launch a new mechanism later today: implement reduction measures against all groups that engage in leaderboard manipulation on the leaderboard (starting from today); add a “downvote” button, which community members can use to express their opinions and at the same time help with the iterative optimization of the model.

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