Kwizerana Intelligence Latest Archive

INTELLIGENCE

preservation of wealth · true privacy · organic community · media · compounding DAO
Friday · May 15, 2026
Daily intelligence brief · auto-refreshed 20:00 UTC
Breaking — Top stories today
BTC
~$80,300
▼ ~1.5% 24h · post-PPI fade
ETH
~$2,287
▼ weakest level since Q1
AVAX
~$10.00
▬ ~flat · mcap ~$4.3B
Fear & Greed
34
▼ Fear — down 8 pts
DeFi TVL
~$160B
▼ still below pre-KelpDAO
RWA Onchain
~$30.9B
▲ +44% YTD · Treasuries $15.35B
BTC Hashrate
~940 EH/s
▼ slipped below 1 ZH/s
Next Difficulty
~+2.9%
~May 15 → ~136.3 T

1 · Decentralized Finance

Protocol launches, DEX/AMM activity, lending rates, bridge exploits, DAO governance, TVL flows.

DeFi TVL
~$160B
▼ still digesting the KelpDAO drawdown
Hacks YTD 2026
$770M+
▼ 47 incidents — April alone $600M+
Ethereum TVL Share
53%
▼ from 63.5% — ~$45.5B on-chain
Protocols Shut Down
40+
▼ Jan–May 2026 wind-downs

Last 24 Hours

LayerZero admits it "made a mistake" in the $292M KelpDAO exploit
May 9 · CoinDesk
After first framing the breach as a developer config failure, LayerZero said it "owns" the decision to let its own verifier secure high-value transfers in a vulnerable setup.
Why it matters: A rare public mea culpa from core DeFi infrastructure — sets a precedent for how messaging-layer providers handle liability.
KelpDAO unwind deadline arrives — affected platforms cut leverage to zero
May 14 · Sherwood News
A withdrawal deadline forced KelpDAO-exposed venues to reduce leverage to zero, freeing locked liquidity for redemption to remaining LPs.
Why it matters: The mechanical end of the largest DeFi hack of 2026 — watch redemption queues and any secondary depeg pressure.
Aave still in a liquidity crunch — key v3 markets pinned at 100% utilization
May 13 · CoinDesk
After ~$8.45B in deposit flight, Aave v3's ETH, USDT and USDC markets remain at 100% utilization, with total borrowed equal to total supplied.
Why it matters: Until utilization normalizes, lenders can't exit cleanly — the structural overhang from KelpDAO is still live.

Last 7 Days

JPMorgan: DeFi exploits and stagnant TVL keep institutions sidelined
May 8 · The Block
JPM strategists argue DeFi's institutional appeal stays capped until protocols solve bridge security and revenue durability.
Why it matters: TradFi gatekeepers are publicly anchoring on hack frequency as the rate-limiter, not yield.
40+ DeFi protocols wound down YTD as the $770M hack year reshapes survival economics
May 9 · Crypto Times
Smaller protocols are folding under audit costs, insurance premiums and lost trust post-KelpDAO. Survivors are consolidating LP positions.
Why it matters: A quiet capital-flight from long-tail DeFi into ~10 blue-chip names — structurally bullish for AAVE, Sky, Lido, Uniswap, Pendle.
Ethereum DeFi TVL share falls to 53% as rivals capture liquidity
May 7 · GN Crypto
Ethereum's share dropped from 63.5% as Solana (6.76%), BNB Chain (6.55%), Bitcoin (6.16%), Tron (6.01%) and Base (5.31%) grew their slices.
Why it matters: Multichain liquidity is now measurable, sticky share loss for ETH-mainnet protocols — not just a slogan.

Key Trends

  1. Messaging-layer / verifier risk is now an admitted failure mode. LayerZero's public acceptance of fault on KelpDAO reframes bridge security from "edge case" to a board-level liability question.
  2. Liquidity is consolidating into ~10 blue chips. Long-tail DeFi is dying — TVL is concentrating into AAVE, Sky, Lido, Pendle, EigenLayer, Hyperliquid and Uniswap.
  3. Multichain TVL share is real and sticky. Ethereum's drop to 53% isn't a blip — Solana fees, Base distribution and BNB throughput are pulling sustained deposits.

Ones to Watch

  • KelpDAO redemption mechanics — post-May 14 deadline, watch redemption queues and any knock-on depeg pressure on restaked assets.
  • AAVE post-KelpDAO recovery — utilization is still pinned at 100% on key markets; GHO mint caps will be the gauge of normalization.

2 · Privacy & Security

Wallet/protocol hacks, ZK tech, regulatory crackdowns, audits, onchain forensics.

April 2026 Hacks
$600M+
▼ ~28 incidents — worst by count on record
DPRK Share of Losses
~55%
▼ ~$621M attributed YTD
YTD Crypto Losses
$1.1B–$2.1B
▼ 185+ incidents tracked
Top Loss Vector
AI Phishing
▼ deepfakes + agentic exploit bots

Last 24 Hours

LayerZero owns its "mistake" in the $292M Kelp exploit
May 9 · CoinDesk
LayerZero acknowledged it let its own verifier secure high-value transfers in a vulnerable configuration — the root cause of the largest DeFi exploit of 2026.
Why it matters: Accountability is rare in DeFi security incidents — this could reshape how verifier/bridge providers disclose and indemnify.
North Korea–linked actors stole ~60% of all hacked crypto in 2025 — trend continuing into 2026
May 2026 · Benzinga
CertiK data ties ~55% of 2026 YTD crypto losses (~$621M of ~$1.1B) to DPRK-linked operators across 185+ incidents.
Why it matters: State-actor concentration means defense is now a geopolitics problem, not just a code-audit problem.
Hackers drain hundreds of small wallets, targeting accounts under $2,000
May 2026 · Finance Magnates
A report flags a campaign systematically draining low-balance wallets — automation makes even tiny accounts economical to attack.
Why it matters: Agentic tooling has collapsed the "too small to bother" defense — retail self-custody hygiene matters at every balance.

Last 7 Days

MetaMask April security report: AI-powered phishing is the #1 retail loss vector
April 2026 · MetaMask
Deepfake support agents, hyper-personalized phishing and autonomous contract-scanning bots are eclipsing classic seed-phrase scams.
Why it matters: The threat model has shifted — wallet UX is now an AI-vs-AI problem, not a user-education problem.
$400M+ lost to DeFi exploits in 2026 — Drift, Rhea, Step Finance among the biggest
May 2026 · CCN
A running tally of 2026's DeFi exploits shows bridge and verifier bugs dominating the loss table well before KelpDAO is even counted.
Why it matters: Insurance is repricing across DeFi — expect 30–50% premium hikes from Nexus / Sherlock this quarter.
Foom Cash ZK-verifier exploit recap — misconfigured proof logic drained $2.3M
Mar 2 (active analysis) · MEXC
Attackers exploited a verifier misconfiguration in Foom Cash's zk-SNARK logic to authorize unauthorized loan withdrawals — one of several this quarter.
Why it matters: ZK verifier misconfigs (Groth16/Plonk constants) are quietly rewriting the audit-firm checklist.

Key Trends

  1. DPRK concentration is the dominant security story. ~55–60% of stolen crypto traces to North Korea–linked actors — defense is now a state-actor problem.
  2. AI-powered phishing has overtaken seed-phrase compromise as the #1 retail loss vector, and automation makes even sub-$2K wallets worth attacking.
  3. ZK verifier bugs are the new bridge bugs. Foom Cash plus several more this quarter — proof-system constant misconfigs are a fresh, under-audited surface.

Ones to Watch

  • Zcash & the privacy rotation — CoinDesk's "Encryption Supremacy" research keeps ZEC and shielded-by-default tech on the institutional radar.
  • LayerZero verifier-security redesign — how it re-architects high-value transfer verification will set the bar for every messaging layer.

3 · Mining

BTC hashrate & difficulty, hardware, mining pools, post-halving profitability, AI pivot.

Network Hashrate
~940 EH/s
▼ slipped below 1 ZH/s
Current Difficulty
132.47 T
▼ -2.3% on May 1 — 6th cut of 2026
Next Adjustment
~+2.9%
~May 15 → ~136.3 T
Hashprice
~$38.57
▼ /PH/s/day — ~20% of miners underwater

Last 24 Hours

Mining firm liquidates part of its treasury to cut debt and pivot to AI infrastructure
May 13 · OpenPR / market wires
A listed miner sold down BTC treasury holdings to deleverage and fund a shift toward AI compute capacity.
Why it matters: Treasury liquidations by miners are both a deleveraging signal and confirmation the AI pivot is now a balance-sheet decision, not a side bet.
Mining pools controlling ~75% of BTC hashrate back the Stratum V2 open standard
May 11 · CoinDesk
Foundry, AntPool, F2Pool, SpiderPool, MARA Pool, Block Inc and DMND joined — individual miners, not pool operators, choose block contents.
Why it matters: Largest decentralization improvement in mining since pooled mining itself — eliminates pool-level censorship risk.
Hashprice climbed from $34.39 to $37.52 /PH/s as hashrate retreated
May 11 · Hashrate Index
The hashrate decline mechanically re-widened margins for surviving operators heading into the next difficulty adjustment.
Why it matters: The shake-out is self-correcting — every wave of capitulation re-prices the survivors back into profitability.

Last 7 Days

Bitcoin difficulty fell 2.3% on May 1 — the 6th downward adjustment of 2026
May 1 · Bitcoin.com
Block times slowed as hashrate dipped below 1 ZH/s; the network has since ranged ~899–958 EH/s.
Why it matters: Marginal miners are turning off rigs — difficulty cuts widen margins for survivors ahead of the ~+2.9% bump due ~May 15.
2026 hashrate-flow analysis: AI migration vs. the 2010 GPU surge
May 7 · AInvest
Analysts compare today's AI-driven hashrate migration to the 2010 GPU-to-ASIC inflection — less concentrated, far more capital-intensive.
Why it matters: AI training farms compete for the same power PPAs as BTC miners — power, not chips, is the bottleneck.
~20% of BTC miners are unprofitable at the current hashprice
May 8 · Spark
Mid-generation S19 / M50 fleets sit at or below breakeven near a $38.57 hashprice; newer S21+/M66S rigs stay margin-positive.
Why it matters: Older-fleet capitulation is the quiet bullish signal — it sets up the next leg of difficulty relief.

Key Trends

  1. Stratum V2 + a margin shake-out = a healthier network. Pool-level decentralization and a capitulation cycle are happening at the same time for the first time in years.
  2. The AI pivot is now a balance-sheet decision. Miners are selling treasury BTC to fund compute — pure-play BTC mining is a vanishing business model.
  3. Power, not silicon, is the constraint. PPA pricing in Texas, West Virginia and the UAE is the leading indicator for 2027 hashrate.

Ones to Watch

  • The ~May 15 difficulty adjustment — a ~+2.9% bump compresses S19 margins further; expect another wave of older-fleet decommissioning.
  • Miner treasury liquidations — watch whether deleveraging-driven BTC sales spread across the listed-miner cohort.

4 · Liquidity & Airdrops

New airdrop campaigns, farming/point systems, protocol incentives, TGEs, IDOs.

Confirmed TGE
Dropee
— May 27 · 12M+ users eligible
MegaETH Airdrop
500M $MEGA
▲ guaranteed to "Fluffle" NFT holders
Backpack TGE
25% / 24%
▲ community / points-holder split
Sybil Defense
AI-scored
▲ "narrative wallets" beat volume

Last 24 Hours

Dropee TGE date confirmed for May 27, 2026
May 2026 · CoinGabbar
12M+ Telegram-game users will convert Season 1/2 points into $DROPEE; allocations weighted to late-2025 snapshots and sustained activity.
Why it matters: One of the largest social-game TGEs of 2026 — day-1 sell pressure is the key Q2 unknown.
MegaETH confirms a guaranteed 500M $MEGA airdrop to "The Fluffle" NFT holders
May 2026 · BingX
At least 5% of total supply is earmarked for Fluffle NFT holders, alongside a KPI-based staking model for broader participants.
Why it matters: NFT-gated guaranteed allocations are back — a cleaner Sybil filter than pure points farming.
Bankless "Top Airdrop Hunts of May 2026" — tokenless MegaETH protocols are the play
May 8 · Bankless
A growing cohort of tokenless protocols on MegaETH are flagged as the highest-EV farming targets this month.
Why it matters: Ecosystem-level farming (be early on a fast L2) is outperforming single-protocol grinding.

Last 7 Days

Backpack TGE plan: 25% of supply to community, 24% to points holders
Plan posted Feb 9 · Airdrops.io
Backpack's officially posted TGE structure keeps its points program one of the highest-conviction active farms of 2026.
Why it matters: Nearly half of supply going to users sets an aggressive community-allocation benchmark for peers.
Startale opens free STAR Points farming on the Soneium SuperApp
May 2026 · EGW News
Zero-investment farming via daily "GM" streaks, quests and missions on Soneium — a low-cost entry into a potential TGE.
Why it matters: Free, activity-based campaigns remain the best risk-adjusted way for smaller wallets to stay in the airdrop game.
AI Sybil-detection has reshaped airdrop eligibility
May 6 · Airdrop Alert
Protocols now penalize "inorganic" wallets via clustering analysis; multi-wallet farmers are being aggressively filtered out.
Why it matters: Quality > quantity — one thoughtful, diversified wallet now outperforms 100 farmed ones.

Key Trends

  1. Points-as-precursor is the default issuance model. Every meaningful 2026 launch — Dropee, MegaETH, Backpack, Startale — rewards measured engagement, not raw transaction count.
  2. AI Sybil filtering has killed multi-wallet farming. Survivors are "narrative wallets" with genuine depth across DeFi, NFT and gaming.
  3. NFT-gated guaranteed allocations are returning. MegaETH's Fluffle carve-out is a cleaner anti-Sybil mechanism than open points programs.

Ones to Watch

  • Dropee May 27 TGE — 12M+ social-game users is the largest unlock event of Q2; watch DEX liquidity on day one.
  • MegaETH ($MEGA) mainnet + listing — the Fluffle airdrop plus tokenless-protocol cohort make it the marquee ecosystem play.

5 · Stablecoins & RWA

Stablecoin flows, depegs, RWA tokenization, regulation, yield-bearing stables, institutional adoption.

Tokenized Treasuries
$15.35B
▲ record — passed mid-April $15.10B peak
RWA Onchain Total
~$30.9B
▲ +44% YTD · +200%+ YoY
Circle USYC
~$2.9B
▲ overtook BUIDL — sector #1
BlackRock BUIDL
~$2.58B
— #2 tokenized Treasury product

Last 24 Hours

Tokenized Treasuries hit a record $15.35B as BTC stalls and Fed rate-hike fears build
May 13 · CoinDesk
On-chain T-bill products passed their mid-April $15.10B peak as traders sought yield outside spot crypto, per rwa.xyz data.
Why it matters: Rising real rates make yield-bearing on-chain instruments structurally more attractive than spot crypto — a regime, not a fad.
Circle's USYC leads the sector at ~$2.9B, having overtaken BlackRock's BUIDL
May 13 · crypto.news
USYC took the #1 spot in mid-March; BUIDL remains second at roughly $2.58B as the tokenized-Treasury race tightens.
Why it matters: Circle pairing a stablecoin franchise with the top tokenized-Treasury product is a vertically integrated "on-chain dollar" stack.
Stablecoin issuers are now a dominant buyer of tokenized Treasuries
May 13 · RWA.xyz
Issuers are routing reserve assets into tokenized T-bills to earn yield on the float backing their stablecoins.
Why it matters: Stablecoin growth and RWA growth are now mechanically linked — one funds the other.

Last 7 Days

Broader RWA market crosses $30.9B — up 44% YTD, 200%+ YoY
May 2026 · Chainalysis
Tokenized Treasuries account for roughly half the total, which has grown from ~$3.9B in early 2025 to ~$30.9B in about 16 months.
Why it matters: RWA is no longer a niche — it's the fastest-compounding category in crypto and the consensus "institutional gateway."
a16z: stablecoins + RWA are the dominant 2026 fintech trend
May 4 · a16z crypto
a16z's trend report places stablecoins/RWA at the top, citing payment rails and tokenized yield as the two convergent surfaces.
Why it matters: a16z research shapes early-stage allocation — expect a continued wave of stablecoin/RWA infra funding.
Consensus 2026 recap: stablecoins and RWA were "the real stars"
May 2026 · Altcoin Desk
Conference takeaways centered on stablecoins as "the internet's dollar" and RWA as the reason institutions come on-chain at all.
Why it matters: The industry's own narrative has fully rotated from speculation toward payments and tokenized yield.

Key Trends

  1. Rate-hike fears are a structural tailwind for tokenized Treasuries. The $15.35B record came precisely as spot crypto stalled — yield is the rotation, not risk.
  2. Stablecoin issuers are the dominant RWA buyer. Reserve float chasing yield ties stablecoin growth and RWA growth together mechanically.
  3. The RWA market has inverted. Institutional supply now leads retail demand — RWA is why institutions come on-chain in the first place.

Ones to Watch

  • USYC vs. BUIDL race for #1 — Circle's lead over BlackRock is narrow; the leaderboard could flip again on a single large mandate.
  • CLARITY Act tokenized-equity perimeter — post-committee, the bill's securities/commodity line is the gating factor for US tokenized-equity launches.

6 · Crypto & US Stocks

BTC/ETH price action, macro triggers, US regulation, ETF flows, corporate treasuries, Fed policy.

BTC Spot
~$80,300
▼ ~1.5% 24h · post-PPI fade
BTC ETF Flows (May 13)
-$635M
▼ largest single-day since late Jan
CME Rate-Hike Odds
~39%
▼ for risk assets — repriced post-PPI
April PPI
+1.4%
▼ inflation surprise — flipped Fed trade

Last 24 Hours

CLARITY Act clears the Senate Banking Committee 15–9
May 14 · CoinDesk
The Digital Asset Market Clarity Act advanced on a bipartisan vote (Gallego and Alsobrooks crossed over); negotiators must now merge it with the Agriculture Committee's bill before a floor vote.
Why it matters: The single highest-EV structural regulatory catalyst of the year just cleared its first real hurdle.
BTC ETF outflows hit a 3-month high of $635M on May 13
May 14 · 24/7 Wall St
BlackRock's IBIT accounted for nearly half the exit — the largest single-day spot-BTC-ETF withdrawal since late January.
Why it matters: ETF flows are tracking rate expectations 1:1 — the institutional bid is conditional on the Fed, not structural.
Schwab launches spot BTC and ETH trading for retail clients
May 13 · Spoted Crypto
The major US broker opened direct spot BTC/ETH trading to retail, intensifying competition for crypto distribution.
Why it matters: Retail access keeps widening even as ETF flows wobble — the distribution surface for crypto is still expanding.

Last 7 Days

Hot April PPI (+1.4%) flips Fed expectations from cuts to hike fears
May 13 · CoinGape
A worse-than-expected Producer Price Index print pushed bond yields up, cut risk appetite and sent BTC under $80.5K.
Why it matters: Macro is back as the primary price driver — on-chain and ETF flows are downstream of the inflation print.
BTC ETFs had pulled in $3.29B across March–April before the May reversal
May 13 · 24/7 Wall St
The $635M outflow ended a 7-week inflow streak — the first sustained inflows of 2026 unwound in a single session.
Why it matters: Confirms the institutional bid is tactical and rate-sensitive, not a one-way structural allocation.
Warsh Fed chair transition — swearing-in due May 15
May 15 · AInvest
A new Fed chair takes office the same week as the PPI shock and the CLARITY markup — a dense macro/regulatory window.
Why it matters: The first signals from a new chair into a hot inflation print will set the rate path crypto is now trading on.

Key Trends

  1. Macro is firmly back as the primary price driver. The April PPI print, CME hike odds and dollar strength are setting BTC direction more than on-chain flows.
  2. The ETF bid is tactical, not structural. A 7-week inflow streak unwound in one $635M session — institutions are trading the Fed, not allocating to a thesis.
  3. CLARITY Act is the structural counterweight. A clean committee vote is the highest-EV positive catalyst still in play for the quarter.

Ones to Watch

  • Warsh Fed chair swearing-in (~May 15) — first communications into a hot PPI print will define the rate path.
  • CLARITY Act floor merge — the Banking + Agriculture bill reconciliation decides the H2 regulatory narrative.

7 · VC & Capital Deals

Funding rounds, lead investors, valuations, acquisitions, accelerator cohorts, exits.

Q1 2026 VC Total
$9.26B
▲ 280 deals · +13.6% YoY
Digital Asset Raise
$300M @ $2B
▲ a16z crypto leading
Payward (Kraken)
$20B
▲ reportedly raising
Fun (Series A)
$72M
▲ Multicoin + SignalFire

Last 24 Hours

Digital Asset (Canton Network) eyes a $300M raise at a $2B valuation, a16z leading
May 11 · Crowdfund Insider
The Canton Network company is reportedly raising ~$300M (up from an earlier $135M target), with terms expected to close within weeks.
Why it matters: A doubled raise for regulated, institution-grade blockchain infra signals where the smart money is concentrating.
Payward (Kraken) reportedly raising at a $20B valuation
May 2026 · Crypto Fundraising
The reported mark places Kraken in the top tier of US-regulated exchanges alongside Coinbase and Gemini.
Why it matters: A $20B private mark is effectively a pre-IPO valuation — a 2026/2027 Kraken listing is firmly on the table.
ARC raises $222M for a DeFi L1 stablecoin — a16z, BlackRock, Apollo, ICE, SBI
May 2026 · Crypto Fundraising
One of the most institutionalized syndicates ever assembled for a crypto round backs a stablecoin-utility chain.
Why it matters: BlackRock + Apollo + ICE + a16z co-investing is the new template — TradFi is now a default co-investor, not a tourist.

Last 7 Days

Fun raises $72M Series A — Multicoin Capital and SignalFire lead
May 1 · Fortune
The startup raised $72M for crypto-and-cash conversion infrastructure — one of the larger Series A rounds of the quarter.
Why it matters: On/off-ramp and conversion rails keep attracting outsized early-stage checks — payments infra is the funding magnet of 2026.
Payward acquirer in a ~$600M DeFi / payments / stablecoin M&A deal
May 2026 · Crypto Fundraising
Kraken's parent is consolidating around payments and stablecoin infrastructure ahead of a potential public listing.
Why it matters: Exchanges are buying their way into the stablecoin/payments stack — vertical integration before IPO.
Liquid raises $7.6M seed for a mobile-first decentralized trading platform
May 2026 · VC Tavern
A rare healthy seed round — mobile-first DEX UX — alongside Circle Ventures / Bain Capital Crypto–backed infra deals in the $12.5M range.
Why it matters: Early-stage is still selective but alive; consumer UX and infra are the categories getting seed capital.

Key Trends

  1. Regulated infrastructure commands premium valuations. Digital Asset doubling its raise at a $2B mark shows capital is paying up for institution-grade, compliant rails.
  2. TradFi co-investment is now standard. ARC's BlackRock + Apollo + ICE + a16z syndicate is the new default round structure, not an outlier.
  3. Payments and conversion rails are the funding magnet. Fun's $72M, Payward's M&A and Circle-backed infra deals all cluster around moving dollars on-chain.

Ones to Watch

  • Digital Asset round close — terms are reportedly still flexible; the final number sets the bar for regulated-infra valuations.
  • Kraken IPO timing — a $20B private mark plausibly clears a 2026 H2 / 2027 H1 public-listing window.

This Week's 3 Biggest Themes

  1. The macro regime flip. A hot April PPI (+1.4%) flipped Fed expectations from cuts to hike fears — CME hike odds jumped to ~39%, BTC ETFs bled $635M in a single day, the Fear & Greed Index fell to 34, and BTC slid under $80.5K.
  2. The CLARITY Act endgame. The Digital Asset Market Clarity Act cleared the Senate Banking Committee 15–9 on a bipartisan vote and now heads to a floor merge with the Agriculture Committee's bill — the highest-EV regulatory catalyst of the year.
  3. Yield rotation into RWA. Tokenized Treasuries hit a record $15.35B exactly as spot crypto stalled — rising real rates have made on-chain T-bills the structural destination for sidelined capital.

Underreported but Significant

  1. LayerZero's public admission of fault on KelpDAO. Core DeFi infrastructure rarely owns a failure this directly — it could reset disclosure and liability norms for every messaging-layer provider.
  2. Circle's USYC quietly overtook BlackRock's BUIDL as the largest tokenized-Treasury product — a Circle stablecoin + Treasury stack is now the most vertically integrated "on-chain dollar" in the market.
  3. Schwab's retail BTC/ETH launch widened crypto's distribution surface under the radar, even as ETF flows turned negative the same week.

Emerging Names to Watch

  • USYC (Circle) — new #1 tokenized-Treasury product, ahead of BlackRock's BUIDL.
  • Digital Asset / Canton Network — $300M raise at a $2B valuation for regulated blockchain infra.
  • Dropee — May 27 TGE, 12M+ Telegram-game users eligible.
  • MegaETH ($MEGA) — Fluffle-gated 500M-token airdrop plus a tokenless-protocol farming cohort.
  • Fun — $72M Series A for crypto/cash conversion rails.
  • KelpDAO — still the epicenter of the 2026 hack narrative as its unwind deadline passes.