USD1 Sent To Thousands Of WLFI Wallets

World Liberty Financial, backed by former U.S. President Donald Trump, has distributed 47 USD1 tokens to each wallet that took part in the sale of the project’s native token, WLFI. Data from Etherscan, confirmed by Lookonchain and SlowMist, shows the tokens were sent in a bulk transaction late Tuesday night.

While the project has not made an official announcement, it had previously proposed this airdrop as a method to test its Ethereum-based distribution system and thank early supporters. A community vote held last month saw 99.96% approval for the airdrop.

According to earlier statements, more than 85,000 participants had completed the know-your-customer process during the WLFI sale.

Centralization And Controversy Cloud The Launch

Launched in March, USD1 is described as being fully backed by U.S. Treasury bills, USD deposits, and cash equivalents. Despite these assurances, centralization remains a key concern.

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Dune Analytics data reveals that two wallets hold 84.4% of the entire USD1 supply, with a third wallet holding 9.5%. It is unclear whether these wallets are managed by World Liberty Financial, strategic investors like Justin Sun, or third-party custodians such as BitGo.

Adding to the controversy is the Trump family’s deep involvement in the project. According to the whitepaper, Donald Trump and his three sons serve as ambassadors or public advocates for World Liberty. This has sparked conflict of interest concerns, especially among political opponents.

Senator Richard Blumenthal recently accused the Trump family of financially benefiting from WLFI, an allegation that World Liberty’s legal team has strongly denied.

Stablecoins Under Regulatory Spotlight

The airdrop comes amid increasing regulatory scrutiny. The proposed GENIUS Act in the U.S. aims to enforce strict transparency and safety requirements for stablecoin issuers. Meanwhile, dollar-backed stablecoins have exceeded $250 billion in global market cap, driven by both retail and institutional demand.

With such powerful names backing it, World Liberty’s next moves will be closely watched—not just by investors, but by regulators, too.

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Ethereum Foundation Transfers $2M in ETH

Etherscan allows transparent tracking of transactions on the Ethereum blockchain. Experts confirm that the address is linked to the Ethereum Foundation. However, the foundation has not yet provided an official statement about the purpose of the transfer. The Ethereum Foundation typically uses its funds for development projects, grant programs, and operational expenses to improve the Ethereum network.

The community paid special attention to the timing of the transfer, amid market fluctuations and the post-Merge period of Ethereum. The transfer of 1,000 ETH was completed at a market value of about $2.06 million based on ETH’s price at that time.

Crypto investors and analysts expressed various opinions about the transfer. Some argued it was a routine fund management move by the Ethereum Foundation, while others speculated it could signal a major sale or a strategic action. Social media users debated whether the Foundation was aiming to provide liquidity or redistribute funds.

Ethereum Price Analysis: Technical Outlook and Expectations

ETH has recently formed a strong support zone between $2,500 and $2,600. The price recently tested the $2,700 resistance level but has not yet broken it decisively.

Technical indicators suggest Ether is in an overall uptrend. The 50-day and 100-day EMAs converge around the $2,400 level, marking a critical support area. The 50-day EMA being above the price and close to the 100-day EMA supports short-term bullish momentum. According to Glassnode data, over $280 million worth of ETH has flowed into exchanges. Glassnode also noted that Ethereum ETFs have minimal impact on Ether’s spot price: “Ethereum ETFs initially accounted for only 1.5% of spot market volume, indicating a relatively muted launch.”

The Relative Strength Index (RSI) is hovering around 66-67, showing the market is between neutral and overbought. However, the overall market structure maintains a bullish trend.

ETH rebounded from support at $2,463 and is aiming for the $2,600 resistance. Selling pressure may increase around $2,800. If ETH closes above $2,700, it could trigger an upward trend towards $2,900 and beyond. Conversely, a drop below $2,500 could lead to a retest of the $2,300 support level.

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Etherscan, a blockchain data tracker that is frequently used by Ethereum (ETH) investors, announced on January 3, 2024 that it had acquired Solscan, one of its largest competitors that provides similar services for the Solana ecosystem.

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Etherscan explained that this move was a collaboration that is continuing to expand its data services across multiple networks.

It said in a statement, “We are honored to announce the acquisition of Solscan by Etherscan, the world’s leading block explorer. This is a major step forward in the blockchain research world that will serve as a stepping stone for greater contributions to the Solana ecosystem.”

Solscan, which has served over 3 million users since its inception, mentioned that its next goals are continuous excellence in the Solana ecosystem, integration of its additional features, and an improved user experience.

Etherscan CEO and founder Matthew Tan made the following statements after they acquired Solscan: “The Solscan team has proven their expertise over the years by offering detailed insights and analytics. Their expertise in making blockchain data accessible and user-friendly also aligns perfectly with Etherscan’s mission.”

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A zkEVM solution like Scroll aims to provide higher efficiency and lower transaction costs for decentralized applications running on Ethereum. This type of solution processes thousands of off-chain transactions, merges them into a single transaction, and then sends proof in the form of a minimum data summary to the Ethereum mainnet.

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450,000 smart contracts were deployed (Scroll)

According to Etherscan data, the first smart contract in Scroll’s mainnet has been operating live since the day it was posted to the Scroll mainnet on October 8. However, this does not conflict with the initial announcement, as the project’s team confirmed the start of the launch and stated that their platform operates “seamlessly right out of the box”.

Scroll stated that it completed extensive tests and security audits on three separate test networks before launching the mainnet. The Scroll team added, ” OpenZeppelin and Zellic audited our bridge and aggregator contracts. ZkEVM circuits were reviewed by Trail of Bits, Zellic and Kalos. On these three test networks, over 450,000 smart contracts were deployed to facilitate over 90 million transactions in a total of 9 million blocks. The company also noted that they produced 280,000 ZK proofs.

About a month ago, Scroll’s co-founder Ye Zhang, stated in an interview that Scroll would start with centralized features, but aimed to gradually decentralize over time. Zhang said, “We will initially have a centralized sequencer and centralized confirmation button.” However, he also highlighted that a plan is in place to remove this button in due course.

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