PANews reported on December 16th that, according to SoSoValue data, the cryptocurrency market generally declined, with 24-hour drops typically ranging from 2% to 5%. The DePIN sector led the decline at 5.8%, with Filecoin (FIL) falling 6.29% and Render (RENDER) dropping 7.07%. Additionally, Bitcoin (BTC) fell 3.19%, breaking below $86,000, while Ethereum (ETH) fell 4.11%, breaking below $3,000.
In other sectors, the CeFi sector fell 3.02% in the last 24 hours, with Aster (ASTER) down 15.82%; the Layer 1 sector fell 3.34%, with Sui (SUI) down 8.35%; the Layer 2 sector fell 4.03% in the last 24 hours, with SOON (SOON) down 11.09%; the Meme sector fell 4.31%, while PIPPIN (PIPPIN) bucked the trend and rose 25.96%; the PayFi sector fell 4.81%, with Telcoin (TEL) down 8.85%; and the DeFi sector fell 4.93%, but MYX Finance (MYX) surged 9.96% intraday.



Wormhole’s native token has had a tough time since launch, debuting at $1.66 before dropping significantly despite the general crypto market’s bull cycle. Wormhole, an interoperability protocol facilitating asset transfers between blockchains, announced updated tokenomics to its native Wormhole (W) token, including a token reserve and more yield for stakers. The changes could affect the protocol’s governance, as staked Wormhole tokens allocate voting power to delegates.According to a Wednesday announcement, three main changes are coming to the Wormhole token: a W reserve funded with protocol fees and revenue, a 4% base yield for staking with higher rewards for active ecosystem participants, and a change from bulk unlocks to biweekly unlocks.“The goal of Wormhole Contributors is to significantly expand the asset transfer and messaging volume that Wormhole facilitates over the next 1-2 years,” the protocol said. According to Wormhole, more tokens will be locked as adoption takes place and revenue filters back to the company.Read more