News
ZK listing and major cryptocurrency news impact the market this week
This week, some major news has caught the attention of both investors and cryptocurrency enthusiasts.
These developments are expected to have a substantial impact on the cryptocurrency market, marking an exciting time for decentralized finance (DeFi) and blockchain technology.
zkSync Token Airdrop and Exchange Lists
ZK Nation, the zkSync governance system of the Ethereum layer-2 network, announced that eligible users can claim their ZK token flips on June 17 at 07:00 UTC. The ZK token, introduced on June 11, is zkSync’s native asset.
The token allows holders to propose and vote on protocol updates and pay network fees using zkSync’s native account abstraction. Additionally, the community can evolve ZK through governance-driven protocol updates to introduce staking and other features.
The total supply of ZK tokens is 21 billion, of which 17.5% is earmarked airdrops. Major exchanges, including Binance, HTX (Huobi) and KuCoinWant list ZK on June 17.
To know more: What is zkSync?
Distribution of ZK tokens. Source: ZK Nation
Renzo users bring forward key collection dates
Users of the liquid staking token (LRT) Renzo (ezETH) are ready to request withdrawals on June 17 or 18. Lucas Kozinski, co-founder of Renzo, announced on Discord that the team is finalizing audit results for their projects.
Users can request withdrawals after the EigenLayer holding period ends on any of the scheduled dates. This development is crucial for Renzo’s liquidity and user confidence. It also marks a significant milestone for the protocol.
Synthetix V3 distribution on Arbitrum
On June 15, Synthetix Derivatives Liquidity Protocol announced via X (Twitter) where his V3 will be live Referee (ARB) next week. However, the Synthetix team did not specify the exact date of this launch.
The plan to deploy Synthetix on Arbitrum was initially introduced on March 12 through an improvement proposal called SIP-367. Synthetix Governance approved this proposal on March 31, paving the way for this significant update.
The implementation of the V3 core system will allow Synthetix to establish master contracts on Arbitrum, allowing LP users various types of collateral such as USDC, COME ONEthereum (ETH) and ARB during the minting of a native Arbitrum stable currency against their guarantee. Synthetix’s perpetual market will be paused upon initial release, with no tradable markets.
Rocket Pool’s Houston Update: What to Expect
Missile pool (RPL), a liquid staking platform on the Ethereum network, will do so instrument their Houston update on June 17th. According to the official announcement, the Houston update aims to remove the dependency on third-party systems by introducing a fully on-chain system DAO to govern the protocol, known as Protocol DAO (pDAO). The pDAO, managed by RPL governance, is composed node operators who directly participate in the protocol and have invested in its success.
The update will also introduce new features, allowing you to build more integrations and platforms on top of the protocol. These features include the ability to ETH bet on behalf of a node and a new RPL pickup address functionality. Furthermore, the function allows one of the parties to make the supply the ETH for staking and another to provide the RPL without entrusting its custody to the node operator.
Binance and Nigeria’s legal proceedings
This was done by the Federal Inland Revenue Service (FIRS) of Nigeria fallen his tax charges against Binance executives Tigran Gambaryan and Nadeem Anjarwalla. This decision makes Binance the sole defendant in this case.
However, Gambaryan and Anjarwalla remained named in a money laundering case brought by the Nigeria Economic and Financial Crimes Commission. The official statement reveals that the next hearing of this case will be held on June 19.
Next distribution of LayerZero tokens
LayerZero Labs, the entity behind the LayerZero interoperability protocol, recently introduced the LayerZero Foundation. The Foundation’s first tweet, dated “06.20.2024,” sparked speculation about a major announcement regarding its next token.
On June 14, Bryan Pellegrino, CEO of LayerZero, shared rough details LayerZero native token distribution, ZRO, on Twitter. Pellegrino highlighted that 23.8% of the supply will go directly to the community and builders, while 8.5% will be distributed on the first day.
“The majority of the remainder will be donated over the next 36 months with further retroactive distribution every 12 months, along with some forecast [request for proposals] RFP for builders”, Pellegrino added.
This distribution strategy aims to actively engage the community and support the development of the LayerZero ecosystem. Pellegrino also provided detailed token distribution simulations to ensure fair and broad participation.
To know more: LayerZero Explained: An Interoperability Protocol Guide
SpaceID and other major token unlocks
Space ID, a universal decentralized identity protocol, will unlock over 78 million of its native token, ID, on June 22 at 00:00 UTC. These tokens, valued at approximately $44.34 million, will be awarded to the Space ID Foundation and several participants in the sale. This unlock represents 18.23% of the token’s circulating supply.
Another Noteworthy token unlock event is Pixel (PIXEL), which will unlock 54.38 million PIXELS, worth $19.66 million, on June 19 at 10:00 UTC. Light This article for details on major crypto token unlocks this week.
Cryptocurrency investors and traders will be closely following this week’s events, as they have the potential to shape market sentiment and spur innovation in the industry.
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