ZKsync & LayerZero Airdrop Fever

1️⃣ LayerZero Airdrop Next Week?

On Friday, LayerZero appeared to tease its airdrop for next week. Following the teaser, LayerZero’s founder, Brian Pellegrino, outlined the distribution plan, revealing that 23.8% of the total supply will go directly to the community and builders, excluding foundation and growth allocations. On day one, 8.5% of this will be distributed — 5% to core contributors, 3% to requests for proposals (RFP), and 0.5% to the community pool. The majority of the remaining tokens will be given out over the next three years, with retroactive distributions every 12 months. These allocations come after careful filtering for inauthentic users, which has already caused some backlash from the community.

2️⃣ ZKsync Airdrop Claims Live Monday

ZKsync’s long-awaited token, ZK, will be available to claim starting Monday. Heavily anticipated for years, ZK will be able to be claimed by over 30% of all Bankless citizens with over 5K users completing ZKsync quests in our Airdrop Hunter app. With most of the total ZK supply earmarked for the community, there are a lot of tokens up for claim. Check your eligibility on Bankless Claimables here!

3️⃣ ETH ETFs by End of Summer?

The end of June may be too hopeful for ETH ETF launches, according to Gary Gensler himself. At a Senate Banking Committee hearing on June 13, Gensler said that the SEC is working through S-1 registration statements from eight companies, with approvals expected within months. Despite Gensler not providing a specific timeline, some analysts still predict that ETH ETFs may launch by July. 

4️⃣ Curve Finance Fiasco

Curve Finance founder Michael Egorov got hit with major liquidations this week after borrowing nearly $100M in stablecoins against $140M in CRV, causing CRV’s price to drop 30%. Despite losing over 100M CRV tokens, Egorov stated he is more committed than ever to building Curve, focusing on enhancing the protocol’s lending and borrowing products. His massive liquidation has sparked debate, with some arguing that he just dumped under the guise of liquidations as he got to keep the stables he borrowed. Regardless, some sentiment seems to have shifted for Curve, with Friday marking the biggest locking day for CRV in months, signaling many believe the worst to be over.

5️⃣ EigenLayer Gets Real Competition

Symbiotic, a new restaking protocol backed by Lido’s founders, launched Tuesday with stETH-centric vaults on Mellow Finance, the flagship product for the protocol. Within an hour, Mellow’s vaults had accrued over $57M in deposits. In other restaking news, Eigen Labs acquired the Rio Network restaking network to enhance its open, verifiable cloud mission. The restaking wars have begun!