Today's Headlines:
Binance to List ZKsync (ZK) and Launch ZK Token Distribution Plan
Notcoin: Airdrop Claiming Has Ended, NOT Token Holders Reach 11.5 Million
Tiger Brokers Introduces Virtual Asset Trading Services to Hong Kong Retail Investors
LayerZero Updates Witch Temporary List Again: Adds About 47,000 Addresses, Removes Over 158,000
Cumulative Financing Amount in the Cryptocurrency Industry Exceeds $100 Billion Over the Past Decade
Regulatory News
According to Cointelegraph, the U.S. Securities and Exchange Commission (SEC) has criticized Ripple Labs' latest arguments to reduce the fine and insists on the proposed total fine of nearly $2 billion. This includes $198.2 million in pre-judgment interest, $876.3 million in civil penalties, and another $876.3 million in disgorgement. Last month, Ripple attempted to seal some financial information, but was opposed by the SEC, which believes the company should disclose the income obtained through XRP. Last week, Ripple requested a fine "not exceeding $10 million" from Judge Analisa Torres of the New York area court, far below the SEC's proposed $876.3 million civil penalty. Ripple cited the settlement agreement between the SEC and Terraform Labs as the basis. However, the SEC emphasized in its response that its settlement with Terraform was based on the company's bankruptcy, agreement to refund, and dismissal of relevant personnel, while Ripple did not take similar measures. The SEC stated that Ripple's fine should be calculated based on the gross profit from its misconduct, not total sales. If Terraform's fine ratio (close to 12%) is applied to Ripple, its fine should be $102.6 million. The SEC believes that such a low fine cannot serve the purpose of civil penalty regulations. Since the SEC accused Ripple of selling unregistered securities in 2020, the two sides have been in constant dispute in court. Judge Torres has confirmed Ripple's misconduct, but only when selling to institutional investors. Currently, the legal battle between the two parties is ongoing.
Project Updates
Binance to List ZKsync (ZK) and Launch ZK Token Distribution Plan
According to the official announcement, Binance will list ZKsync (ZK) at 16:00 Beijing time on June 17 and open ZK/BTC, ZK/USDT, ZK/FDUSD, and ZK/TRY spot trading pairs. Users can now start depositing ZK in preparation for trading. Withdrawals will be open at 16:00 Beijing time on June 18. Seed labels will be applied to ZK. Later in the day, Binance further postponed the listing time of ZKsync (ZK) to 18:00.
Regarding the ZK token distribution plan, Binance will provide 10,500,000 ZK tokens to a maximum of 52,500 Binance users who meet all of the following conditions: 1. Users initiated at least 50 transactions on ZKSync Era between February 2023 and March 2024 (14 months in total), where the user is the "sender" address in the transaction. 2. Transactions were made in 7 different months (between February 2023 and March 2024), excluding self-transfers. 3. The receiving address is not eligible for ZK token distribution under the ZK Nation official airdrop plan. 4. The receiving address is not a contract/CEX/bridge address.
Solana Sandwich Robot "arsc" Earns Nearly $30 Million Through MEV Arbitrage in 2 Months
According to Cointelegraph, a MEV sandwich robot named "arsc" has stolen about $30 million from Solana users through MEV attacks over the past two months. MEV sandwich attacks refer to attackers "sandwiching" victims' transactions between their own two transactions to manipulate prices and profit from users. They buy the victims' tokens at a price lower than the market value and then sell them in the same block, thus making a profit. Ben Coverston, founder of the cryptocurrency company MRGN Research, stated on X platform on June 15 that the "arsc" robot has been actively avoiding attention while profiting from Solana network users.
It is reported that one of the main wallet addresses used by the "arsc" robot is "9973h…zyWp6," which is primarily used for cold storage and is relatively inactive. According to Solana browser SolanaFM data, the wallet holds over $19 million in funds, including $17 million worth of SOL tokens and $1.1 million worth of USDC, as well as other small amounts of tokens. In addition, Coverston also identified another wallet address "Ai4zq…VXKKT" that is actively involved in decentralized finance activities, gradually converting SOL to USDC, and holding large positions in Kamino and various LST. The wallet currently holds over $9.9 million, most of which are non-SOL tokens. It is worth noting that Coverston believes "BCbrp…vi58q" is the "main SOL storage address" for "arsc" because it uses dozens of different signers and prompters to execute sandwich attacks. These three wallets collectively hold about $29.8 million.
MEV sandwich trading robots use intelligent algorithms to find and exploit profit opportunities, a practice that is also widespread on Ethereum. According to MEVBlocker data, as of April 2023, over $1.38 billion has been wiped out from Ethereum users.
Notcoin: Airdrop Claiming Has Ended, NOT Token Holders Reach 11.5 Million
- Telegram game project Notcoin announced on X platform that the airdrop claiming has ended. Most of the airdropped tokens have been distributed, and unclaimed tokens will be put into future development, with some being destroyed. So far, Notcoin has reached 11.5 million holders. Additionally, players who reach Gold and Platinum levels of staking will receive additional rewards.
According to Cointelegraph, with the upcoming Pectra upgrade for Ethereum in early 2025, Liquid Collective and Obol released a recent research report revealing multiple risks associated with the upgrade. The report emphasizes the importance of client, operator, and cloud diversity, while also expressing concerns about the limited adoption of Distributed Validator Technology (DVT). Matt Leisinger, Chief Product Officer of Alluvial, a software development company supporting Liquid Collective, stated that addressing the risks related to Ethereum staking and protocol-level penalties has become a top priority. The Ethereum-related risk research report by Obol and Liquid Collective has garnered widespread attention, although the media has attempted to contact the Ethereum Foundation, no response has been received. The report specifically points out that potential errors in mainstream clients could lead to severe slashing penalties and network instability. In terms of staking, operator diversity is crucial for maintaining network health and preventing single points of failure. Leisinger emphasized that stakers and service providers must rigorously assess correlation, diversity, and risk mitigation measures to address potential risks. Additionally, the report discusses cloud diversity issues, calling for widespread distribution of validators and cloud providers to enhance system resilience. DVT technology is seen as an important means to reduce related risks and enhance validator resilience. Leisinger further noted that for long-term resilience and institutional adoption, staking configurations should prioritize diversity of node operators and validators. The upcoming Ethereum Pectra upgrade combines the Prague and Electra upgrades, aiming to improve network execution and consensus layers. The upgrade is expected to go live in the first quarter of 2025 and will include Ethereum Improvement Proposal (EIP)-7251. According to the report, "The Pectra upgrade will increase the maximum effective balance to 2,048 ETH, allowing staking providers to consolidate their staking into fewer validators." Changes to staking limits will reduce the required number of validators and alleviate pressure on the Ethereum communication layer.
A Chinese user stated, "At a Shanghai meeting hosted by the zkSync Chinese Community (@CNzksync) in the past, many people attended. After the meeting, there was a segment to collect addresses, with the purpose of providing future airdrop vouchers." In response, ZK Nation stated, "Meetups are common community-building activities aimed at discussing the latest protocol developments. Some third parties worldwide have received funding to organize educational meetups. These activities are one-time events and have not received official recognition or organization from ZKsync. We want to make it clear that during these meetups, there was never any formally organized or endorsed collection of wallet addresses or lists, nor were any promises or guarantees made to attendees regarding future rewards. ZKsync has always strictly avoided such practices to ensure fairness and integrity."
Zksync: Current Network Load is Too High, Some RPC Performance Has Declined
Zksync stated on X platform that the current network load is too high, and some RPC performance has declined. The team is working hard to increase RPC capacity.
ZKsync's ZK Token Airdrop Now Open for Claiming
ZK Nation announced on X platform that the ZKsync (ZK) airdrop is now open for claiming. User claiming transactions will be queued, and it may take a few minutes for ZK tokens to appear in the wallet. Gas fees will be fully paid by ZKsync paymaster. Additionally, Protocol Guild, external project contributors, and ZKsync native project contributors will be able to start claiming from June 24, 2024.
Arthur Hayes Predicts Aptos Will Surpass Solana to Become the Second Largest L1 in the Next 3 Years
Arthur Hayes, founder of BitMEX, recently predicted on the Coin Bureau YouTube podcast that in the L1 competition, Aptos will surpass Solana to become the second largest L1, although this process will take one to three years.
Tiger Brokers Introduces Virtual Asset Trading Services to Hong Kong Retail Investors
According to Financial News, Tiger Brokers (Hong Kong) announced that after opening virtual asset trading services to professional investors in Hong Kong, it has now obtained approval from the Hong Kong Securities and Futures Commission to officially expand the service to retail investors in Hong Kong. Currently, retail investors across Hong Kong can seamlessly allocate and manage virtual assets and traditional financial assets at a cost-effective price through Tiger Brokers' flagship platform Tiger Trade, including various global assets such as Bitcoin, Ethereum, stocks, options, futures, US Treasury bonds, and funds.
LayerZero Updates Witch Temporary List Again: Adds About 47,000 Addresses, Removes Over 158,000
Bryan Pellegrino, CEO of LayerZero Labs, stated on X platform that the second witch temporary list has been shared, adding approximately 47,000 addresses and removing 158,869 addresses. Chaos/Nansen team has not been contacted yet. Feedback has been received, and they are working with their team to address these issues and will provide updates.
Argentina to Open 50 Worldcoin Points in Over 10 Cities, Including Two Experience Stores
Worldcoin recently announced a significant increase in investment and business expansion in Argentina. As part of this investment, Worldcoin contributors plan to provide at least 50 eligible positions for developers, operations experts, software engineers, data analysts, and more. Additionally, in the upcoming Argentine summer, over 10 cities nationwide are expected to open 50 Worldcoin points, including two experience stores.
Upbit to Add BCH, GAS, and SOL Trading Pairs in BTC and USDT Markets
Upbit announced that it will add trading pairs for various digital assets in the BTC and USDT markets at 20:00 (Korean time) on the same day, including Bitcoin Cash (BCH), Gas (GAS), Game2, NEO, ThunderCore (TT), and Solana (SOL).
Merlin Chain Launches 210 Million MERL Ecosystem Incentive Plan
Bitcoin Layer 2 network Merlin Chain has launched an ecosystem incentive plan, allocating 210 million $MERL tokens to invite global developers to join in construction, to drive the development of native applications, and accelerate the expansion of the BTC L2 ecosystem.
Binance Futures to Launch ZK U-Based Perpetual Contracts
Binance Futures has launched new assets on ZKsync (ZK). Additionally, Binance will list ZK on leverage and contracts at 19:00 (GMT+8) on June 17, 2024.
Important Data
Crypto Industry's Total Funding Exceeds $100 Billion Over the Past Decade
According to Cointelegraph, crypto startups have raised over $100 billion in funding since the end of May 2014. Despite facing regulatory uncertainty and market volatility, the upper and lower limits of industry funding have both increased over the past four years. According to DefiLlama data, as of June 16, 2024, the total funding in the cryptocurrency industry has reached $101.35 billion. Looking back to May 2014, the industry's first-month funding was only $17.14 million. Ten years later in May 2024, the monthly funding increased to $280.25 million, higher than ten years ago but significantly lower than the previous month's $777.11 million. In October 2021, cryptocurrency startup funding reached a historical peak of over $7 billion, with the second-highest peak being $3.67 billion in February 2022. Research shows that nearly half of cryptocurrency funding comes from U.S. investors, with the U.K. and Singapore ranking second and third. Recently, companies such as Together.AI, Wormhole, Totter, Eigenlayer, Swan Bitcoin, and Blockchain.com have all received substantial funding.
Token Unlocks data shows that next week, tokens such as ID, PIXEL, and APE will undergo one-time unlocks, with a total value exceeding $88 million. Among them:
ApeCoin (APE) will unlock approximately 15.6 million tokens at 8:00 AM on June 17th Beijing time, accounting for 2.48% of the current circulating supply, with a value of approximately $15.8 million;
Nym (NYM) will unlock approximately 2.96 million tokens at 8:00 AM on June 17th Beijing time, accounting for 0.37% of the current circulating supply, with a value of approximately $400,000;
Manta Network (MANTA) will unlock approximately 6.67 million tokens at 5:30 PM on June 18th Beijing time, accounting for 2.05% of the current circulating supply, with a value of approximately $8.3 million;
Pixels (PIXEL) will unlock approximately 54.38 million tokens at 6:00 PM on June 19th Beijing time, accounting for 7.05% of the current circulating supply, with a value of approximately $20 million;
SPACE ID (ID) will unlock approximately 78.49 million tokens at 8:00 AM on June 22nd Beijing time, accounting for 18.23% of the current circulating supply, with a value of approximately $44 million.
Comprehensive TPS of Ethereum Scaling Ecosystem Hits Historic High of Over 8800
According to Cointelegraph, due to the sudden surge in TPS of Ethereum Layer 3, the per-second transaction volume (TPS) of the Ethereum ecosystem has surged to a historic high. L2BEAT data shows that on June 16th, the Ethereum scaling network, including Layer 2 and Layer 3 blockchains, recorded a total of 246.18 TPS, equivalent to an estimated 21.2 million transactions for the day. Over 41% of the transactions occurred on Xai, a new Ethereum Layer 3 scaling solution focused on gaming applications supported by Offchain Labs. Prior to June 10th, Xai's TPS hovered around 1 per day, but has been rising almost daily since then, reaching a peak of 101.72 TPS on June 16th. Base and Arbitrum ranked second and third on June 16th with 33 and 21 TPS, respectively. The fourth-ranked is Proof of Play Apex, another Ethereum Layer 3 extender focused on gaming, launched by Offchain Labs. However, the TVL of Xai and Proof of Play Apex is still relatively small, at $1.38 million and $695,000, respectively. In comparison, the two largest Ethereum scaling solutions, Arbitrum One and Base, currently have TVLs of $18 billion and $7.6 billion, respectively.
According to CoinShares' weekly report, due to the more hawkish stance shown by the Federal Reserve's FOMC meeting than expected, digital asset investment products experienced the largest outflow of funds since March 22, 2024, totaling $600 million. Bitcoin was the main affected asset, with outflows of $621 million, while products shorting Bitcoin attracted inflows of $1.8 million. Despite Bitcoin facing selling pressure, altcoins such as Ethereum, LIDO, and XRP received relatively small inflows of $13 million, $2 million, and $1 million, respectively. Additionally, the trading volume of digital assets this week was $11 billion, lower than the weekly average of $22 billion this year, but significantly higher than last year's $2 billion. In terms of regional distribution, the U.S. led the outflows, totaling $565 million, followed by Canada, Switzerland, and Sweden, while Germany saw inflows of $17 million.
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