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FriendTech is the latest project to face community backlash over an airdrop, with its community up in arms after many users were left unable to claim their tokens while watching the price of FRIEND plummet.

On the subject of airdrops, EigenLayer responded to pushback with increased allocations for more than 280,000 of its early adopters.

In Bitcoin news, fees have come back down to earth after Runes activity crashed, Microstrategy’s Michael Saylor rustled feathers by unveiling a Bitcoin-based digital identity protocol, and Wasabi Wallet has abandoned its Coinjoin privacy service fearing U.S. regulatory action.

Plus, crypto markets bounce, PayPal integrates MoonPay, and Helium expands mobile offerings.

✍️ In today’s newsletter:

Friend Tech token launch ignites backlash
EigenLayer ups airdrop allocations by 100 EIGEN
Bitcoin fees and Runes activity plummet
Michael Saylor’s DID protocol
Wasabi Wallet abandons privacy service
Digital assets mount a comeback
PayPal expands crypto support
Helium Mobile launches group plans

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📈 Markets in the last 24 hrs:

Ticker	Value	24h
Bitcoin	$59,1052.22	%
Ethereum	$2,987 0.77	%
Gold	1st Future$2,312 0.53	%
S&P 500	5064.20 0.91	%
Arch Web	32.00 1.80	%
Learn more about Arch Indices ,[object Object]		%

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Check out our podcast with Stani Kulechov, the founder of Aave, to learn more about his journey in web3. Plus, check out our explainer on how to borrow assets from DeFi lending protocols.

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💥Friend Tech Token Tanks After Shambled Debut

Friend Tech’s long-awaited airdrop and v2 launch ended in tears for much of its community, with the project coming under fire for as many users copping errors while attempting to claim FRIEND while the asset’s price plummeted. Critics also highlighted the token being non-transferable except to trade on Friend Tech’s BunnySwap exchange and the scant assets deployed to seed the FRIEND liquidity pool.

🪂EigenLayer Increases Minimum Airdrop Allocation

EigenLayer has upped its airdrop allocation to more than 280,000 wallets by 100 EIGEN. The move follows the project receiving widespread backlash earlier this week after the terms for its highly anticipated airdrop was revealed.

💵Bitcoin Fees Normalize After Runes' Coming Out Party Abruptly Ends

Bitcoin’s transaction fees have fallen back to $3.60 after surging to $128 as Runes launched on April 20. The trend coincides with Runes’ transaction count plummeting 97.5% since peaking above 753,500 on April 23.

🪪Saylor Unveils Decentralized Identities on Bitcoin

Microstrategy’s Michael Saylor has upset Bitcoin maxis after unveiling plans for an Ordinals-based decentralized identity service built on top of the longest-running blockchain. Dubbed Microstrategy Orange, the protocol is intended to provide Proof of Humanity services for enterprise entities.

🔒Wasabi Wallet To Eliminate Coinjoin Amid U.S. Regulatory Fears

Wasabi Wallet is discontinuing its privacy-preserving Coinjoin feature from June 1. The move follows the Bitcoin wallet blocking U.S. users from accessing its website amid concerns that U.S. authorities are mounting an offensive against non-custodial wallets.

📈Crypto Markets Bounce After Fed Leaves Interest Rates Unchanged

The combined cryptocurrency market cap rallied 4% each as bulls took control of the markets in response to the U.S. Federal Reserve leaving interest rates unchanged. While Bitcoin and Ether each recovered 4%, Solana, Near, and Worldcoin bounced more than 10% in 24 hours.

🌙PayPal Integrates With MoonPay And Brings Hundreds of Tokens To U.S. Users

PayPal users can now access more than 100 cryptocurrencies following an integration with MoonPay, a popular crypto buying app. The move comes after the market cap PayPal’s PYUSD stablecoin grew 74% in 30 days to $337 million.

🎈Helium Mobile Introduces New $20 Group Plans Offering Unlimited Data

Helium Mobile, the Helium Network-powered telecommunications provider, is now offering unlimited group mobile services to U.S. users for $20 per customer. The news follows Helium Network onboarding more than 62,400 users since the year began.

🌍 ELSEWHERE

Tether Enters Transaction Surveillance Partnership with Chainalysis as Regulatory Pressure Mounts (CoinDesk)
Marathon Digital boosts Bitcoin production by 21% YoY in April, defies halving challenges (Crypto Slate)
Crypto Poker Players Got Robbed Millions Worth of Assets in Singapore (CoinGape)