Top Crypto News This Week: Token Airdrops, Binance vs. Nigeria Hearing, and More

This week, some major news has captured the attention of crypto investors and enthusiasts alike.

These developments are expected to substantially impact the crypto market, marking an exciting time for decentralized finance (DeFi) and blockchain technology.

zkSync Token Airdrop and Exchange Listings

ZK Nation, the Ethereum layer-2 network zkSync governance system, has announced that eligible users can claim their ZK token airdrops 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 upgrades and pay for network fees using zkSync’s native account abstraction. Additionally, the community can evolve ZK through governance-driven protocol upgrades to introduce staking and other functionalities.

The total supply of ZK tokens is 21 billion, with 17.5% allocated for airdrops. Major exchanges, including Binance, HTX (Huobi), and KuCoin, will list ZK on June 17.

Read more: What Is zkSync?

ZK Token Distribution. Source: ZK Nation

Renzo Users Anticipate Key Withdrawal Dates

Users of the liquid staking token (LRT) Renzo (ezETH) are poised 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 custody period ends on either expected date. This development is crucial for Renzo’s liquidity and user confidence. It also marks a significant milestone for the protocol.

Synthetix’s V3 Deployment on Arbitrum

On June 15, derivatives liquidity protocol Synthetix announced via X (Twitter) that its V3 will be live on Arbitrum (ARB) next week. However, the Synthetix team did not specify the exact date of this launch.

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

Implementing the core V3 system will allow Synthetix to establish the core contracts on Arbitrum, enabling users to LP various collateral types like USDC, DAI, Ethereum (ETH), and ARB while minting an Arbitrum-native stablecoin against their collateral. The Synthetix Perpetual market will be paused upon initial deployment, with no tradable markets.

Rocket Pool’s Houston Upgrade: What to Expect

Rocket Pool (RPL), a liquid staking platform on the Ethereum network, will implement their Houston upgrade on June 17. According to its official announcement, the Houston upgrade aims to remove reliance on third-party systems by introducing a fully on-chain DAO to govern the protocol, known as the Protocol DAO (pDAO). The pDAO, run by RPL governance, comprises node operators directly participating in the protocol and invested in its success.

The upgrade will also introduce new features, allowing for building more integrations and platforms on the protocol. These features include the ability to stake ETH on behalf of a node and a new RPL withdrawal address feature. Additionally, the feature allows one party to supply the ETH for staking and another to provide the RPL without giving custody to the node operator.

Binance and Nigeria’s Legal Proceedings

Nigeria’s Federal Inland Revenue Service (FIRS) has dropped its tax charges against Binance executives Tigran Gambaryan and Nadeem Anjarwalla. This decision makes Binance becoming the sole defendant in this lawsuit.

However, Gambaryan and Anjarwalla remained named in a money-laundering case brought by Nigeria’s Economic and Financial Crimes Commission. The official statement reveals that the next hearing of this case will be on June 19.

LayerZero’s Upcoming Token Distribution

LayerZero Labs, the entity behind the interoperability protocol LayerZero, recently introduced the LayerZero Foundation. The Foundation’s first tweet, featuring the date “06.20.2024,” has sparked speculation about a major announcement related to its upcoming token.

On June 14, Bryan Pellegrino, CEO of LayerZero, shared details about the approximate distribution of LayerZero’s native token, ZRO, on Twitter. Pellegrino outlined that 23.8% of the supply would go directly to the community and builders, with 8.5% distributed on day one.

“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,” Pellegrino added.

This distribution strategy aims to engage the community actively and support the development of LayerZero’s ecosystem. Pellegrino further provided detailed simulations of the token distribution to ensure fair and broad participation.

Read more: LayerZero Explained: A Guide to the Interoperability Protocol

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 allocated to the Space ID Foundation and several sale-round participants. This unlock represents 18.23% of the token’s circulating supply.

ID Token Unlocks. Source: Token Unlocks

Another noteworthy token unlock event is Pixel (PIXEL), which will unlock 54.38 million PIXEL, worth $19.66 million, on June 19 at 10:00 UTC. Read this article for detailed information on major crypto token unlocks this week.

Crypto investors and traders will closely watch this week’s events, as they have the potential to shape market sentiment and spur innovation in the industry.

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