PDAXScope: Kamino to airdrop tokens this April

(March 8) Check out other fresh news in the crypto world in today’s issue of the PDAXScope. 📰

Crypto News:

Solana DeFi Protocol Kamino Sets KMNO Token Airdrop for April

Solana-based DeFi protocol Kamino plans to airdrop its KMNO token in April after taking a snapshot of eligible users on March 31. Kamino is a platform for borrowing, lending and earning yield through various trading strategies on tokens in the Solana ecosystem. Last year, it deployed a points program to incentivize users and set up for an airdrop, following the example of Jito and Jupiter. The token will have a total supply of 10 billion of which 10% will be circulating upon its April debut. Another 7% of the total supply is earmarked for the "initial community distribution," according to Kamino.

Crypto AI Tokens in Focus as DOGE, SHIB Rally Starts to Ease

Expectations that a crypto project will be mentioned in an Nvidia (NVDA) conference later this month are driving traders to bid on artificial intelligence (AI)-linked tokens, propelling CoinGecko 's category for the coins up 25% in 24 hours. Tokens of Fetch.AI (FET), Render Network (RNDR), Sleepless AI (AI) and SingularityNET (AGIX) climbed as much as 40%. These projects claim to utilize AI in various ways, such as providing a virtual companion and being a marketplace for graphic processing cards.

Global News:

U.S. bank profits drop 44% in Q4 as big firms cover failed bank costs

The U.S. banking sector saw its profits drop by nearly half in the last quarter of 2024, as large firms began paying hefty fees to help recoup costs incurred by several bank failures last spring, the Federal Deposit Insurance Corporation reported Thursday. Roughly 70% of the 43.9% decline in quarterly bank profits was due to specific, non-recurring expenses at large banks, primarily a special assessment fee larger banks were ordered to pay to the FDIC to replenish its deposit insurance fund. In all of 2023, bank profits were down 2.3% to $257 billion, but remained above pre-pandemic levels, the FDIC said.

Shares rally to records ahead of US jobs report, yields and dollar down

Global stock indexes rallied to record highs on Thursday, while government bond yields fell after the European Central Bank held interest rates steady and Federal Reserve Chair Jerome Powell reiterated that easing was likely in 2024 if inflation behaved. While the ECB left its policy rate at a record high, it took a first, small step towards lowering it, saying inflation was easing faster than it anticipated only a few months ago. That sent the pan-European STOXX 600 to a record high. It closed up 0.99%, while Europe's broad FTSEurofirst 300 index rose 20.37 points, or 1.03%

Local News:

Moody’s: Economic growth, rate cuts to boost Philippine lenders

Solid Economic Growth and the potential for interest rate cuts are expected to boost lenders in the Asia-Pacific region this year, Moody’s Investors Service said, as it kept a “stable” outlook for 13 banking systems in the region including the Philippines. A “stable” outlook means Moody’s assessment of rated local lenders is likely to be steady in the next 12 to 18 months. The debt watcher rates eight lenders in the country whose total assets accounted for 67% of the sector’s total as of end-September. Moody’s expects the Philippine economy to grow by 5.9% this year and by 6% in 2025, behind the government’s target of 6.5-7.5% this year and 6.5-8% from 2025 to 2028. Economic growth was 5.6% last year, short of the state’s 6-7% target.

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