What's Driving Token Prices? (April 20, 2022)

RON (-8.7%) - The Axie Infinity sidechain, Ronin, which suffered a hack of over $600M a few weeks ago, has identified the culprits. The U.S. Treasury believes that the North Korean hacker group, Lazarus, is behind the exploit. The Lazarus group has been linked to seven hacks in the last year and first gained notoriety for the Sony Pictures hack of 2014.
ANC (-1.6%) - Terra’s lend/borrow protocol, Anchor, passed a proposal last week to redirect intended airdrop allocations to the community pool. Though this is intended to stabilize the price of ANC and serve as a better purpose for ANC bootstrapping new collateral onboarding, we’re unsure it will do much given the same quantity of ANC tokens are still set to hit circulation.
COMP (+11%) - a Compound proposal is up for a vote on whether to discontinue the protocol’s liquidity mining program. Compound, one of the first DefFi protocols to issue tokens through liquidity mining, which caused the kickoff of DeFi summer in 2020, has been criticized for this program artificially inflating its TVL numbers. It will be interesting to see the impact of discontinuing this rewards program. As of now, the vote is in favor of discontinuing.
GMT (+67%) - StepN (GMT) the increasingly popular move-to-earn app on Solana announced a collaboration this week with Asics for “STEPN x ASICS NFT Sneakers” that can be purchased on Binance’s NFT marketplace. The StepN app, which has amassed 300 thousand DAUs, rewards users for walking or other movements throughout the day with GST, which can be used for in-app transactions, customizing shoes, or minting new shoes. Separately, the project has a governance token, GMT.

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