👷 Trader Joe is booming on Arbitrum

👷 Trader Joe is booming on Arbitrum ❌ MetaMask warns about false airdrop rumors 👎 The UK is dropping the plans for Royal NFTs

Good morning, VEMPions! Here's what recently happened in the space:

👷 Trader Joe is booming on Arbitrum

❌ MetaMask warns about false airdrop rumors

👎 The UK is dropping the plans for Royal NFTs

Trader Joe is booming on Arbitrum

Trader Joe, a DEX running on AVAX (and now Arbitrum) is pumping with traders and depositors driving the total value locked (TVL) up more than 300% to 30 million in just the past seven days. This massive surge has also caused a rally of over 50% in its native token, JOE, over the past week per CoinGecko.

The growth of the DEX and its token is likely due to multiple factors including trading incentives and the low fees charged by Trader Joe, but most important factor was the recent ARB mania. Trader Joe launched on Arbitrum in February and since then, traders have been pouring in to take advantage of the liquidity incentives offered.

The incentives program, which ends April 6th, gives users who deposited ARB, ETH and USDC to Trader Joe’s pools a share of 300,000 JOE tokens. The program was so successful in fact that Trader Joe’s trading volume on Arbitrum almost eclipsed its original home of Avalanche.

MetaMask warns about false airdrop rumors

Metamask has recently warned the users (again) that it's not planning to launch any coins through airdrops and that the rumors are completely false.

Hackers and scammers have used these rumors to create fake airdrop schemes and steal crypto from unsuspecting users. They have also been known to craft elaborate phishing campaigns through social media platforms, hoping to lure victims into making deposits or giving away their private keys.

In particular, a rumor is spreading that MetaMask will conduct a snapshot of its users and use that to determine eligibility for an airdrop. Although there is no evidence of this being true, it has been used as a way to convince unsuspecting individuals to give up their private information or crypto.

The best way you can protect yourself from these types of scams is by always double-checking the source of any information you receive. Make sure it is coming from a reputable source and not someone trying to trick you into giving away your personal data.

The UK is dropping the plans for Royal NFTs

It seems that the UK is no longer going ahead with plans to launch NFTs issued by the Royal Mint. This follows Finance Minister Jeremy Hunt's comments during a Treasury Committee meeting on Wednesday, where he expressed doubt about the demand for such an asset.

The idea was first proposed last April, when then-Finance Minister Rishi Sunak tasked the Mint with creating non-fungible tokens. However, the government has since decided to drop the project. The new finance minister said that this was due to changes in the world since then and a lack of demand for such an asset. A shame for those who were looking forward to the NFTs, but it looks like the UK is no longer pursuing this initiative.