The Trio of Crypto Trends: Is It a Meme or Is It Hype? Ethereum Tokens, a Bitcoin Code Resurgence and Airdrop Fever

The hosts dissect three key topics: the inception of DN 404 tokens on Ethereum, the resurgence of the OP_CAT function in Bitcoin, and the ongoing airdrop season in the crypto sphere, delving into the implications and controversies surrounding these developments.

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In this installment of "The Protocol," hosts Brad Keoun, the founding editor of The Protocol Newsletter, and tech journalists Sam Kessler and Margaux Nijkerk, explore the following stories:

Developers on the Ethereum platform introduce 'DN-404' tokens.

The new token type claims to solve some of the drawbacks with ERC-404s, an experimental standard that launched last week – to such popularity that it's already driven up congestion on the Ethereum blockchain.

The 'OP_CAT' function from the Satoshi-era Bitcoin code is being revived amidst a surge in development enthusiasm.

Developers Ethan Heilman and Armin Sabouri view OP_CAT as a simple opcode that offers some of the general-purpose functionality currently missing in Bitcoin

Eigenlayer TVL experiences a significant spike due to a suspected airdrop.

Capital locked on restaking protocols is now at $10 billion, in December it was just $350 million.

Takeaways |

ERC-404 tokens on Ethereum allow for the fractionalization of NFTs, enabling greater liquidity and trading opportunities.
The revival of the Opcat function in Bitcoin's development could open up new possibilities for building on the network.
Airdrop season is in full swing, with various projects distributing tokens to reward users and incentivize participation in their ecosystems.

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EPISODE LINKS |

Ethereum Developers Create 'DN-404' Tokens After ERC-404s Send Network Fees Surging

What Is ERC-404? The Experimental Standard Whose First Token Has Rocketed 12000% in One Week

Satoshi-Era Bitcoin Function 'OP_CAT' Dusted Off as Development Fervor Grows

Starknet Blockchain Plans Much-Awaited Airdrop of New STRK Tokens Next Week

EigenLayer's Cap Lift Prompts $4B Inflow as ETH Restaking Heats Up

Wormhole airdrop: Wormhole (W) Tokenomics

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The Protocol has been produced and edited by senior producer Michele Musso and our executive producer is Jared Schwartz. Our theme song is “Take Me Back” by Strength To Last.

HOSTS

Margaux Nijkerk

Margaux Nijkerk reports on the Ethereum protocol and L2s. A graduate of Johns Hopkins and Emory universities, she has a masters in International Affairs & Economics. She holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.

Sam Kessler

Sam is CoinDesk's deputy managing editor for tech and protocols. His reporting is focused on decentralized technology, infrastructure and governance. Sam holds a computer science degree from Harvard University, where he led the Harvard Political Review. He has a background in the technology industry and owns some ETH and BTC. Sam was part of the team that won a 2023 Gerald Loeb Award for CoinDesk's coverage of Sam Bankman-Fried and the FTX collapse.

Bradley Keoun

Bradley Keoun is CoinDesk's managing editor of tech & protocols, where he oversees a team of reporters covering blockchain technology, and previously ran the global crypto markets team. A two-time Loeb Awards finalist, he previously was chief global finance and economic correspondent for TheStreet and before that worked as an editor and reporter for Bloomberg News in New York and Mexico City, reporting on Wall Street, emerging markets and the energy industry. He started out as a police-beat reporter for the Gainesville Sun in Florida and later worked as a general-assignment reporter for the Chicago Tribune. Originally from Fort Wayne, Indiana, he double-majored in electrical engineering and classical studies as an undergraduate at Duke University and later obtained a master's in journalism from the University of Florida. He is currently based in Austin, Texas, and in his spare time plays guitar, sings in a choir and hikes in the Texas Hill Country. He owns less than $1,000 each of several cryptocurrencies.

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