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Crypto Market Snoozes Through ADP Payroll Shocker
The Omicron variant is behind a sharp decline in U.S. jobs in January, but markets are shrugging off the weak number.
Updated May 11, 2023, 7:12 p.m. Published Feb 2, 2022, 3:44 p.m.
Wednesday’s ADP jobs report for January missed expectations by a mile, showing a loss of 301,000 jobs against expectations for a gain of 200,000.
- ADP put the blame on the Omicron coronavirus variant for the first negative jobs figure since December 2020. The loss of 301,000 jobs in January is a particularly massive turnaround from December 2021’s 776,000 gain.
- The leisure and hospitality industries accounted for more than half of January’s job losses, posting a decline of 154,000.
- Stock, bond and crypto prices aren’t really responding, however, perhaps because the Biden White House had been prepping markets this week for some ugly job figures.
- However, one bad report caused by a spike in COVID-19 cases isn't likely to push the Federal Reserve off of its plan to begin hiking interest rates in March. S&P 500 and Nasdaq stocks remain modestly in the green. The 10-year Treasury bond yield is down one basis point at 1.79%. Bitcoin has dipped a bit, now off 2% to $37,700, with ether lower by 3% to $2,680.
- ADP's report is a warmup for Friday's government report on January payrolls. For the moment, economists continue to expect a gain of 150,000 jobs, down modestly from December’s 199,000 advance, and with the unemployment rate holding flat at 3.9%. For all of 2021, the U.S. added a whopping 6.4 million jobs, the best year on record, as the economy rebounded from the 2020 pandemic shutdown.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Foundation behind restaking protocol EigenLayer plans bigger rewards for active users
An Incentives Committee would direct programmatic token emissions, focusing allocations on participants that secure AVSs and contribute to the EigenCloud ecosystem.
What to know:
- The Eigen Foundation has unveiled a governance proposal aimed at ushering in new incentives for its EIGEN token, shifting the protocol’s reward strategy to prioritize productive network activity and fee generation.
- Under the plan, a newly formed Incentives Committee would manage token emissions, prioritizing participants who secure Actively Validated Services and expand the EigenCloud ecosystem.
- The proposal includes a fee model that channels revenue from AVS rewards and EigenCloud services back to EIGEN holders, potentially creating deflationary pressure as the ecosystem grows.
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