ZKsync Token Goes Live on Major Exchanges

The ZKsync ZK token has finally launched, achieving an initial market capitalization of over $935 million and a fully diluted value of around $5.3 billion, with a maximum supply of 21 billion tokens. It’s listed on multiple exchanges, including Bybit, Gate.io, KuCoin, and notably Binance, which offers various trading pairs and has initiated a token distribution program.

The community raised concerns over the airdrop methodology once again. Meanwhile, security platform Blockaid reports a considerable rise in malicious dApps targeting ZKsync users, highlighting the importance of vigilance in Web3 security. Shortly before the token launch, ZKsync announced that its network experienced a high load and degraded performance.

‍

US SEC's Crypto Enforcer Quits After Nine Years in Office

David Hirsch, who served as the chief of the crypto asset and cyber unit in the Division of Enforcement at the US SEC, has announced his departure from the agency after nearly nine years. Known for enforcing regulations against crypto exchanges and DeFi projects, Hirsch takes pride in the collaborative successes achieved by his team, particularly in the crypto sector.

While he acknowledges the SEC’s heavy litigation load, he hints at continued regulatory pursuits. Hirsch’s next career move remains undisclosed, with promises of future updates. A circulating rumor that he has joined the popular Solana-based memecoin marketplace, Pump.fun, was quickly dismissed after the protocol posted a humorous post on social media X.

‍

Tether Releases a Gold-Backed Stablecoin Pegged to USD

Tether is launching a new gold-backed stablecoin named Alloy (aUSDT), which is pegged to the US dollar. Alloy is overcollateralized with Tether’s gold-pegged XAUT token, yet it functions as a synthetic dollar, mirroring the USD’s value without direct backing. Users can engage in daily transactions with a dollar-referenced asset while maintaining exposure to gold.

Tether, which has previously seen success with its liquidity and centralized decision-making, aims to expand its offerings with other tethered assets and yield-bearing products on this platform. The company incentivizes USDT holders to participate by offering a bonus for converting their holdings to aUSDT, at a 2:1 ratio, with $10 million for that purpose.

‍

TON Blockchain Ecosystem Soars as TVL Crosses $610M

The Open Network (TON) blockchain’s total value locked (TVL) has impressively soared to $610 million, marking an increase from $300 million in just three weeks, according to DeFiLlama data. This growth is propelled by substantial increases in TVL across top protocols on TON, with DeDust DEX leading the surge with its 53% TVL increase in the last week.

TON’s integration with Telegram, which has over 900 million users, positions it as a formidable player for Web3 integration. TON network’s adoption is further bolstered by the popularity of play-to-earn mini-games like Notcoin, Yescoin, and Hamster Kombat within the Telegram ecosystem. TON-based memecoins also rallied despite the general crypto market downturn.

‍

Data of the day

ZKsync joins the Layer 2 competition boasting a market capitalization just shy of $1 billion, opposing the leading L2, Polygon, with $5.6 billion. Previous cycle frontrunners Arbitrum and Optimism hover above $2 billion, and Bitcoin’s Stacks is eyeing the $3 billion.

‍

More breaking news

• The US SEC pushes back against Ripple's efforts to lower its fines from $2 billion to $102.6 million, saying the agency 'is agreeing to nothing'.
• Coinbase International has introduced pre-launch markets, exclusive to certain institutional and retail traders outside the US, Canada, and the UK.
• Doodles will migrate avatar creation 'Stoodio' to Ethereum Layer-2 Base in mid-July and aims for cheaper and faster transactions.
• US spot Bitcoin ETFs recorded a combined $580.6 million in net outflows last week for the first time in five weeks, amid FOMC meeting.
• El Salvador’s President Nayib Bukele is proposing the establishment of a private investment bank offering investors broader financial services.
• US-listed bitcoin miners have reached a record Mcap of $22.8 billion, driven by a rising network hashrate share and AI diversification opportunities.

For the latest updates on digital asset markets, follow us on X @Datawalletcom.