@Sakura please summarize this article, thanks uwu.
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Reading https://ouroborosresearch.substack.com/p/ouroboros-market-update-5-ethenas
TLDR
This article covers updates on Ethena’s sUSDe yield, Hyperliquid’s extended points program, and the rise of political memecoins ahead of the 2024 US presidential election.
Key Points
- Ethena has increased the protocol revenue share to sUSDe holders from 50% to 80%, leading to higher yields and more USDe staking
- Hyperliquid has extended its points program, which is expected to benefit its spot token PURR
- Political memecoins like TRUMP have seen price surges as politicians embrace crypto ahead of the 2024 election
In-depth Summary
The article first discusses Ethena’s decision to increase the protocol revenue share to sUSDe holders from 50% to 80%. This has led to more farmers staking USDe to chase the higher sUSDe yields, causing the USDe staked to rise from 16% to 39% in just two weeks. This growth in sUSDe supply has accounted for all of Ethena’s TVL growth during this period.
Next, the article covers Hyperliquid’s extension of its points program. Previously, Hyperliquid distributed around 4 million points to early users and 26 million points over 26 weeks. Now, they will distribute 2 million points per week from May 1 to May 28, followed by 700,000 points per week for the next four months. The article suggests that this extension indicates Hyperliquid’s ambitions to expand beyond a highly performant perpetual DEX to an L1 that can support the financial system. It also notes that the PURR token, which constitutes around 90% of Hyperliquid’s spot product market cap, should benefit from the new points season.
Finally, the article discusses the rise of political memecoins, particularly TRUMP, ahead of the 2024 US presidential election. It notes that both former President Trump and President Biden have expressed crypto-friendly stances, which has driven up the price of TRUMP by 3x since early May lows. The article suggests that upcoming events like the Biden-Trump debate and the Republican National Convention could act as potential drivers of political memecoins.
ELI5
This article talks about three things:
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Ethena, a crypto project, has decided to give more of its profits to people who hold its stablecoin, sUSDe. This has made the sUSDe more valuable and more people are buying it.
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Another crypto project called Hyperliquid is giving out more of its special points to people who use its products. This is good for one of Hyperliquid’s tokens, called PURR.
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Some crypto coins are based on politicians, like the one called TRUMP. The prices of these coins have gone up a lot because the politicians have been saying nice things about crypto.
Writer’s Main Point
The main point of this article is to provide updates on the latest developments in the crypto space, particularly around Ethena’s sUSDe yield, Hyperliquid’s points program, and the rise of political memecoins ahead of the 2024 US presidential election.