Weekly Crypto Recap: Token Airdrops, Binance vs. Nigeria Debate, and Latest Updates

Weekly Crypto Recap: Token Distribution, Binance’s Nigeria Hearing, and Other Key Topics

Crypto News– These developments are anticipated to have a considerable impact on the crypto market, highlighting an exciting period for decentralized finance (DeFi) and blockchain technology.

zkSync Token Distribution and Listings on Exchanges

ZK Nation, the governance system for the Ethereum layer-2 network zkSync, has announced that eligible users can start claiming their ZK token airdrops on June 17 at 07:00 UTC. The ZK token, which was introduced on June 11, is the native asset of zkSync.

The ZK token enables holders to propose and vote on protocol upgrades and to pay network fees using zkSync’s native account abstraction. The community will also be able to shape the future of ZK through governance-driven upgrades, which may include staking and other new features.

The total supply of ZK tokens is 21 billion, with 17.5% reserved for airdrops. Major exchanges, including Binance, HTX (Huobi), and KuCoin, are set to list the ZK token on June 17.

Renzo Community Prepares for Important Withdrawal Deadlines

Renzo (ezETH) Liquid Staking Token Users Prepare for Withdrawal Requests on June 17 or 18. Lucas Kozinski, co-founder of Renzo, revealed on Discord that the team is in the final stages of auditing their projects.

Following the conclusion of the EigenLayer custody period on either of these dates, users will be able to initiate withdrawal requests. This milestone is pivotal for enhancing Renzo’s liquidity and bolstering user trust, representing a significant step forward for the protocol.

Synthetix Launches V3 on Arbitrum

On June 15, Synthetix, the derivatives liquidity protocol, announced via Twitter that its V3 upgrade will go live on Arbitrum (ARB) next week. However, the exact launch date was not specified by the Synthetix team.

The deployment plan for Synthetix on Arbitrum was initially introduced on March 12 through an improvement proposal known as SIP-367. Synthetix Governance approved this proposal on March 31, paving the way for this significant upgrade.

With the implementation of the core V3 system, Synthetix will establish core contracts on Arbitrum. This will allow users to provide liquidity (LP) using various collateral types such as USDC, DAI, Ethereum (ETH), and ARB, while also minting an Arbitrum-native stablecoin against their collateral. Initially, the Synthetix Perpetual market will be paused, with no tradable markets available upon deployment.

Rocket Pool’s Houston Upgrade: What You Should Know

Rocket Pool (RPL), a liquid staking platform on the Ethereum network, is set to launch its Houston upgrade on June 17. As per its official announcement, the Houston upgrade aims to eliminate dependence on third-party systems by introducing a fully on-chain DAO to oversee the protocol, called the Protocol DAO (pDAO). The pDAO, managed by RPL governance, consists of node operators actively involved in the protocol and invested in its success.

This upgrade will also bring new functionalities, facilitating the creation of more integrations and platforms on the protocol. These enhancements include the capability to stake ETH on behalf of a node and a new feature for RPL withdrawal addresses. Furthermore, the feature enables one party to supply ETH for staking while another provides RPL without transferring custody to the node operator.

Legal Developments Between Binance and Nigeria

Nigeria’s Federal Inland Revenue Service (FIRS) has withdrawn tax charges against Binance executives Tigran Gambaryan and Nadeem Anjarwalla, leaving Binance as the sole defendant in the lawsuit.

However, Gambaryan and Anjarwalla are still implicated in a money laundering case filed by Nigeria’s Economic and Financial Crimes Commission. According to the official statement, the next hearing for this case is scheduled for June 19.

LayerZero’s Forthcoming Token Allocation

LayerZero Labs, the organization behind the interoperability protocol LayerZero, has recently launched the LayerZero Foundation. The Foundation’s debut tweet, featuring the date ‘06.20.2024,’ has sparked speculation about a significant announcement related to its upcoming token.

The majority of the remainder will be given over the next 36 months with additional retroactive distribution every 12 months, along with some forward-looking [request for proposals] RFPs for builders.

Bryan Pellegrino

On June 14, Bryan Pellegrino, CEO of LayerZero, shared details on Twitter regarding the planned distribution of LayerZero’s native token, ZRO. Pellegrino indicated that 23.8% of the token supply would be allocated directly to the community and builders, with an initial distribution of 8.5% scheduled for day one.

SpaceID and Significant Token Unlock Events

Space ID, a universal decentralized identity protocol, is set to 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 distributed to the Space ID Foundation and participants from several sale rounds. This unlock represents 18.23% of the token’s circulating supply.

In another significant token unlock event, Pixel (PIXEL) will unlock 54.38 million PIXEL tokens, worth $19.66 million, on June 19 at 10:00 UTC. For more detailed information on major crypto token unlocks this week, read the full article.

Crypto investors and traders will be closely monitoring these events as they could significantly impact market sentiment and drive innovation within the industry.