Fantom Sonic to vote on $S token, ZkSync v24 update fuels airdrop rumors, EigenLayer advisor gets millions in EIGEN & Pump.fun exploiter arrested in London.
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Fantom Sonic Announces $S and Governance Vote on Airdrop

Fantom Sonic Announces $S and Governance Vote on Airdrop

Date:
May 20, 2024
| Issue
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282

Last week's narrative was all about the rise of memecoins. Everything was going well for about two days, thanks to the spillover effect of memestocks. When GameStop began crashing, everything meme-related started burning. Dogwifhat was even declared to have 'lost its hat' as a running joke on social media after the WIF token fell by 15%.

On a positive note, Bitcoin closed at its highest level in ten weeks, while leading DeFi projects announced important upgrades, teasing anticipated airdrops. Now, lets dive into the top crypto stories from the weekend.

Fantom Sonic Announces $S And Governance Vote On Airdrop

The Fantom Foundation has given further details on their new Layer-1 network, Sonic, confirming that it will use the $S ticker. Sonic will be a new L1 chain with a native Layer-2 bridge connected to Ethereum and other blockchains. Holders of $FTM will be able to migrate their tokens for a 1:1 ratio at TGE for the $S token. The new chain promises improved performance compared to the existing Opera network.

The Fantom Foundation has allocated hundreds of millions of $FTM from its treasury for marketing, business development, migration grants, and other adoption initiatives for Fantom Sonic. There will be a series of governance votes, discussing airdrops, liquidity, additional grants, and more. Since the announcement, the price of $FTM has increased by 20%, while the total value locked in the Fantom ecosystem has increased by 30%.

ZkSync To Roll v24 Upgrade In June, Fueling Airdrop Rumors

ZkSync, a Layer 2 protocol, announced on Friday that it will soon launch an upgrade (v24) to speed up its protocol’s decentralization. This upgrade is expected to be rolled out this summer. Some traders interpret the upgrade as a sign that the network will hold the long-anticipated airdrop. The remaining components for this upgrade are expected to be in place by the end of June.

The v24 release is the final planned protocol upgrade needed before network governance is handed over to the community. Last year, investors transferred more than $8 million worth of cryptocurrencies to the Layer 2 solution, leading to speculation about a potential zkSync airdrop. Currently, there are over $814 million locked into zkSync's ecosystem, giving it a 2.06% market share of Ethereum L2.

EigenLayer Raises Controversy With Big Allocation For Advisors

EigenLayer is once again in the spotlight. Ethereum Foundation researcher Justin Drake announced on X that he has joined the EigenFoundation as an advisor. His role, focused on researching restaking risks, comes with a hefty EIGEN token incentive worth millions of dollars, vested over a 3-year period. Despite this, the researcher pledges to reinvest all proceeds into the Ethereum ecosystem.

Drake maintains a critical stance towards EigenLayer and aims to influence its direction from within. He also supports diversity in restaking platforms and is open to collaboration. He assures that his advisory role is individual and does not compromise his primary identity as an Ethereum researcher. Despite potential risks, Drake believes this is a calculated move for the benefit of the Ethereum community.

Pump.Fun Exploiter Identified And Arrested In London

Jarett Dunn, an alleged exploiter of the Solana memecoin protocol Pump.fun, was arrested in London. A private intelligence company that a third-party stakeholder hired found Dunn, also known online as @STACCoverflow. The operation used open-source intelligence, including Instagram posts, to find Dunn. After a manhunt, he was found at the Middle Eight Hotel in Covent Garden.

Dunn, who is believed to have exploited admin keys to siphon roughly $2 million from newly launched memecoins, was later released on bail. He is expected to remain in the UK until a court appearance in August. The Pump.fun team has since redeployed the smart contracts with new admin privileges and pledged to compensate affected users.


Data of the day

Data from Dune Analytics shows 270,000 new tokens were created last month, which is about 23 times more than the monthly average of ~20,000 during the 2021 bull run (and DeFi Summer). About 240,000 of the new tokens in April were created on Ethereum's Layer 2 network Base. It's important to note that Solana, which is famous for its constant influx of meme tokens, isn't yet included in this graph.

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