ZKsync to Airdrop 3.7 Billion ZK Tokens to 695k Users

ZKsync to Airdrop 3.7 Billion ZK Tokens Next Week

The ZKsync Association will airdrop 3.675 billion ZK tokens to 695,232 eligible wallets next week, constituting 17.5% of the total 21 billion ZK token supply. This one-time airdrop aims to prioritize genuine users over bots and whales, based on ZKsync activity snapshots from March 24, 2024 and includes early users and contributors to the Ethereum Layer 2 network.

Eligible users can claim their tokens starting next week until January 3, 2025, with contributors able to claim on June 24. Additionally, 49.1% of the tokens will support ecosystem initiatives, while 17.2% are allocated to investors and 16.1% to the Matter Labs team. The announcement also introduces a change in branding from zkSync to ZKsync.

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Binance Labs Invests in Layer 2 Network Developer Zircuit

Binance Labs has invested an undisclosed amount in Zircuit, an Ethereum Layer 2 network developer with AI-enabled sequencer-level security for detecting and quarantining potential hacks before transaction inclusion. This investment, ahead of Zircuit's mainnet launch this summer, aims to support the network's growth and development. Binance Labs is the $10 billion venture capital arm of Binance.

Zircuit, backed by Pantera Capital and Dragonfly, distinguishes itself from similar projects like ZKsync and Scroll through its advanced security measures. The network, compatible with the Ethereum Virtual Machine, focuses on creating a safer environment for developers and users by preventing exploits and hacks at the sequencer level. Zircuit currently has a total value locked (TVL) of $3.27 billion.

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Polygon New Grants Program With 1B Tokens in 10 Years

The Polygon community treasury has laid out a decade-long plan to boost blockchain development by unlocking 1 billion tokens, approximately 100 million POL per year, dedicated to builders. POL will eventually replace MATIC as Polygon's native token. Starting Tuesday, builders can apply for "Season 1" of the program, which will distribute 35 million MATIC (around $22 million) to Polygon-based projects.

The application deadline for this phase is August 31, 2024, with grants ranging from 5,000 to over 50,000 MATIC. The Polygon Community Treasury operates independently of Polygon Labs and other Polygon entities, aiming to foster community-driven development and ecosystem growth. Initially, grants will be given in MATIC tokens due to the ongoing transition to POL.

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Uncertainty Arises Around EU MiCA Deadline for Stablecoins

One of the first major deadlines for the Markets in Crypto-Assets (MiCA) regulation in the European Union is approaching on June 30, affecting crypto asset service providers and entities in the crypto space. This includes compliance with registration and KYC/AML requirements. Initially approved in April 2023, MiCA also impacts stablecoins, regulating their issuance, operation, and oversight within the EU.

Top crypto exchanges like Binance, Kraken, and OKX are adjusting to these new regulations, with some reconsidering their stablecoin offerings in the European market. While stablecoin issuers must begin complying with some MiCA requirements by June 30, full compliance is required by December 2024. There are still no news on how the recent EU election will impact the MiCA decisions.

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Data of the day

ZKsync's network activity has been gradually declining over the last three months, according to data from L2Beat, and is currently down by about 66%. In addition, the total value locked in Layer 2 is now close to the 90-day low of $742 million as a result of the most recent ZK token airdrop announcement.

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More breaking news

• US spot bitcoin ETFs end 19-day inflow streak after $65 million in net outflows, led by Grayscale's GBTC $40 million outflows and BTCO's $20 million.
• The SEC has not yet responded to the S-1 filings that Spot Ethereum ETF issuers submitted on May 31. They had expected hearing back on June 7.
• Australia takes action against crypto and credit card gambling, threatening to fine betting companies up to $155,000 if they don't follow the new regulations.
• Uniswap Labs has hired Katherine Minarik, a former Coinbase legal executive, as its new chief legal officer, as the company prepares to face legal battles.
• AI tokens FET, AGIX, OCEAN merger moved from June 13, 2024 to July 15, 2024, not impacting the progress the teams made so far on the initiative.

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