ZkSync confirms token and airdrop, while Farcaster raises $150m. Uniswap Labs responds to SEC Wells notice in the week of likely Ethereum ETFs approval.
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ZkSync Confirms Token Launch This Week With Airdrop in June

ZkSync Confirms Token Launch This Week With Airdrop in June

Date:
May 22, 2024
| Issue
#
284

Welcome to another day in the most exciting crypto week in a while. Following the 200% increase in Ethereum ETF approval odds from yesterday, the industry has increased its pace. Projects are announcing funding rounds, token launches, and airdrops left and right.

We've made sure to curate everything important from the past 24 hours in an easy 5-minute digest format. Enjoy.

ZkSync Confirms Token Launch This Week And June Airdrop

ZkSync, an Ethereum Layer 2 network, is gearing up for a token generation event (TGE) this week. The event is expected to generate a total of 21 billion tokens, as per information from two sources. An internal message screenshot that The Block saw indicated that a zkSync airdrop would follow the TGE around June 13. This airdrop is scheduled to precede Blast’s token airdrop on June 26. This was one of the most anticipated token announcements of the cycle.

The official token launch, inclusive of the airdrop, is slated to occur within 30 days post-TGE, with the total token supply capped at 21 billion. One source indicated that zkSync intends to use the ticker ZK for its token, but this has been met with challenges as Polyhedra Network has already claimed it. ZkSync could still opt for the ZK ticker, especially considering that Binance has yet to list Polyhedra’s token.

Farcaster Raises $150 Million In 2024's Second Largest Funding

Farcaster, a leading startup in the Web3 social media space, has successfully raised $150 million in a Series A funding round. The round was spearheaded by Paradigm, with additional contributions from a16z crypto, Haun Ventures, among others. The funding round has catapulted Farcaster’s valuation to $1 billion, earning it the status of the newest crypto unicorn. It's also the second largest funding round of the year, just behind Monad's $225 million raise from April.

Dan Romero, Farcaster's founder, has expressed that the funds will be channeled towards expanding the project, including the recruitment of engineers. Farcaster operates on Ethereum and the OP Mainnet in the Optimism Layer 2 ecosystem and has recently added support for the Layer 2 blockchain, Arbitrum. Since launching, Farcaster has attracted 350,000 paid sign-ups and a 50-fold increase in network activity.

Uniswap Labs Urges SEC to Drop Pending Enforcement Action

Uniswap Labs, the developer of Ethereum’s leading decentralized crypto exchange, has challenged a Wells notice from the U.S. SEC, arguing that the planned lawsuit is unwarranted. The SEC’s notice accused Uniswap of operating as an unregistered securities exchange and broker. Uniswap Labs refuted these claims, stating that the protocol does not fit the definition of an exchange and is therefore not subject to SEC regulation but rather to the Commodity Futures Trading Commission (CFTC).

The company’s Chief Legal Officer, Martin Ammori, argued that the SEC would need to redefine the concept of an exchange to assert jurisdiction over Uniswap. He also dismissed the SEC’s claim that Uniswap’s interface and wallet are brokers, citing a recent ruling that dismissed similar claims against the Coinbase Wallet. Ammori asserted that the SEC’s current strategy is not protecting or benefiting.

The SEC Confirms To Most Likely Approve Ethereum ETFs

After yesterday’s surprising change in Ethereum ETF approval odds, according to analysts, the SEC staff today further confirmed that they are “inclined to approve” spot Ethereum ETFs, as reported by Barron’s. Previously, issuers like BlackRock, VanEck, and others had indicated that the SEC showed no interest in spot Ether ETFs, but this position appears to have shifted with the final decision expected later this week.

The regulator even offered feedback on the applications, suggesting that timely resolutions could lead to approvals as early as this week. VanEck and Ark Invest are set to receive the SEC’s decision on May 23 and May 24, respectively. In the meantime, Fidelity, a spot Ethereum ETF applicant, has revised its S-1 filing and eliminated the staking feature, possibly in accordance with SEC guidance.

Data of the day

One of the best data/memes we got from yesterday's historic +19.17% price gain from Ethereum added to ETH's market cap the equivalent of the whole current Mcap of Solana. While the beef between the two Layer 1s won't ever end, the Ether ETF news is beneficial for the entire crypto industry, including Bitcoin and altcoins like SOL.

More breaking news

  • Presidential nominee Donald Trump announced he will accept political donations in the form of crypto through a feature powered by Coinbase.
  • Over $384 million crypto was liquidated in the last 24 hours, affecting over 97,300 traders, with BTC liquidations at $98.64 million.
  • DeBridge introduces its governance token, DBR, with a total supply of 10 billion, DAO governance voting and a 20% community allocation.
  • Gala confirm the $240m exploit as CEO admitted internal control failures. The hacker returned the funds, and Gala proposes to "buy and burn" them.
  • Yuga Labs faced backlash for the new CryptoPunks NFT collection by Nina Chanel Abney, resulting in their abandoning future plans for the project.
  • Open interest (IO) in Ethereum futures on centralized exchanges has reached a new high of $14 billion, while daily OI in ETH futures grey by over 40%.

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