Kraken Kracked Down — Tokenlon Weekly, 17 February

Tokenlon DEX
Published in
4 min readFeb 18


Kraken ends staking for US customers

Kraken, a popular crypto exchange, has paid a $30 million fine and discontinued its crypto staking service for US-based clients. The Securities and Exchange Commission (SEC) found that the staking service was an investment contract that should have been registered with the agency under federal securities law.

The SEC’s decision is significant because it signals that the agency is looking to end crypto staking in its current form, arguing that it constitutes a security. On the other hand, Coinbase has stated that its staking service will remain open as it believes its model is different.

The SEC’s decision in the case of Kraken could signal a broader crackdown on staking services that do not comply with securities regulations. We advise all of our users who are also using CEX services to stay aware of this fact.

DEX TVL still up by 3x since 2020

The number of unique traders using decentralized exchanges (DEXs) on Ethereum has reached its highest level since the start of 2022, with 57.67k traders on February 7th. This may be due to the failures of centralized exchanges over the past year, which has led to increased regulatory scrutiny, particularly in the US, where Kraken and Paxos are facing legal action.

DEX volumes for February are on track to surpass those of January, and although the number of traders fell slightly last week, it remains higher than most of last year.

Remember when we said 2023 is going to be the year of the DEX?

The biggest airdrop so far in 2023 — $BLUR

The NFT marketplace aggregator, Blur, has launched its highly anticipated $BLUR token airdrop in an effort to actualize decentralized governance for its marketplace and attract market share from rivals like OpenSea. The airdrop of 360 million $BLUR tokens is the largest the NFT ecosystem has seen since early last year, and it is causing a renewed surge of attention and activity around NFTs.

The $BLUR trading price has been volatile, with its initial price discovery on Uniswap exceeding $3 USD, and the current market activity suggests a market cap of around $253M USD. Blur has announced the arrival of its “Season 2” incentives, where all bidding and listing points on its marketplace will be doubled for the next 30 days, which will enable users to rack up points for future $BLUR rewards.

Tokenlon listed $BLUR on the launch day and it is available to trade on both Instant Swap and Limit Orders

Tokenlon Product & Community

  • Tokenlon Dapp now supports WalletConnect 2.0 and is currently being upgraded and revamped. It is expected to enter the testing phase next week.
  • The Subgraph will be migrated to a decentralized Graph Explorer, and the migration will be completed next week with the replacement of the newly generated Query URL.
  • The beta version of the NFT platform has entered the internal testing phase, and bug fixes and optimizations will be made based on feedback.
  • The “2023 New Year’s Day and Lantern Festival Quiz” event has ended, and rewards have been distributed.
  • The monthly free Nitro reward program on Discord has started
  • KOL ambassador program in the works.
  • OKX trading campaign in planning.
  • PR planning and budgeting are in progress for product and version releases.

Tokenlon & LON Weekly Statistics

Important Risk Warning

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  • Beware of fake Tokenlon imitations, the official website is:
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Digital Assets are highly volatile and unpredictable. Please do your research before trading.



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