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ZKsync Announces Massive ZK Token Airdrop, Here’s All

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3 weeks ago

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Breaking new ground in the blockchain arena, the ZKsync Association announces a monumental event: a sweeping token airdrop poised to transform the landscape for nearly 700,000 eligible wallets. Leading the charge is Matter Labs’ visionary founder and CEO, Alex Gluchowski, demonstrating a steadfast commitment to empowering real individuals. Set to launch next week, this initiative marks a pivotal moment in decentralized finance, promising widespread impact and innovation.

Unveiling ZK Token Distribution Mechanics

The ZKsync Association is primed to distribute 17.5% of the ZK token’s total supply, equating to a substantial 3.675 billion tokens, to early adopters of the Ethereum Layer 2 network, ZKsync. This single, monumental airdrop opportunity enables users to claim their tokens from next week until Jan. 3, 2025.

Additionally, contributors can seize their share beginning June 24. The distribution strategy reflects a deliberate allocation, with significant portions earmarked for community-driven initiatives, underscoring a commitment to decentralized governance and growth.

A noteworthy aspect of this allocation strategy is the deliberate decision to award a larger share to the community through the airdrop, surpassing allocations to the Matter Labs team and investors. This move underscores the association’s dedication to empowering community-driven governance, ensuring that stakeholders have a substantial stake in shaping the protocol’s future.

With 695,232 wallets shortlisted for the airdrop, eligibility and allocations were meticulously determined based on activity snapshots captured on March 24, 2024, marking a significant milestone in the ZKsync Era. The 17.5% ZK token allocation is divided among two distinct categories of community members: users (89%) and contributors (11%).

Users encompass individuals who actively transacted on ZKsync, meeting predefined activity thresholds, while contributors span a diverse spectrum, including developers, researchers, and community advocates. Additionally, a portion of the supply is allocated to experimental communities, fostering innovation and exploration within the ecosystem.

Also Read: XRP Price Near $0.5 Level As Whales Stir 87M Coins, What’s Next?

Engaging the Community through a Points-Based System

The community airdrop operates on a points-based system, where wallets earn points for various actions, including interacting with 10 smart contracts on ZKsync Era, depositing liquidity into DeFi protocols, and trading more than 10 ERC-20 tokens, among others. This intricate system incentivizes active participation and engagement within the ZKsync ecosystem, rewarding users for their contributions and involvement.

Following points allocation, wallets receive allocations based on bridged assets to ZKSync Era, with multipliers applied based on network and Ethereum mainnet activity. To ensure equitable distribution, excess tokens are recycled back into the pool, culminating in a minimum allocation of up to 917 ZK per wallet.

Notably, airdropped tokens boast immediate liquidity, devoid of any vesting or lock-up periods, empowering recipients with autonomy over their assets. While concerns regarding selling pressure may arise, Gluchowski emphasizes the pivotal role of community governance, urging recipients to actively participate in shaping the protocol’s future.

Also Read: Japan’s Metaplanet Bags More Bitcoin Sending Total Holdings To $9.6M

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Whales Transfer 230M XRP Ahead Judge Torres’ Final Judgment

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27 mins ago

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July 1, 2024

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XRP whales have again taken action to shuffle 230 million coins as the Ripple vs. SEC lawsuit, with fines reaching approximately $2 billion, looks for a conclusion. On-chain data shows both dumps and transfers between wallets, recorded in hand over the past day, birthing riveting speculations surrounding XRP’s future price movements.

The latest update in the lawsuit, wherein Judge Torres’ Doctrine stood, and XRP secondary sales aren’t securities, has tilted the balance somewhat toward Ripple’s favor. The massive whale activity, emerging in the lawsuit’s aftermath has gained significant traction.

Whales Shuffle 230 Mln Coins

According to the insights streamlined by Whale Alert on X, 230.93 million XRP, worth $109.21 million, was collectively shifted by whales over the past day. While one dumped 30.93 million coins to Bitstamp, the other shifted 200 million coins to an unknown wallet.

As per the data, the renowned whale …Rzn was recorded as making the dump, whereas the whale rP4X2hTa7A shifted 200 million coins to rJqiMb94hy. These transactions have stirred up somewhat mixed sentiments in the market.

While one whale’s transaction sparked bearish concerns, the other’s transaction underscored heightened on-chain activity. Also, it’s worth noting that XRP whale accumulations have surged remarkably amid the token’s recent illustration of consolidation above the $0.46 support. This spike in accumulations, coupled with the recent development in the Ripple lawsuit, has tilted the odds towards XRP.

Meanwhile, the Ripple-backed asset traded in the green today, moving alongside the broader crypto market’s movement.

Also Read: German Govt Dumps 400 BTC to Major Exchanges, Transfer Spree Continues

XRP Price Springs

At the time of writing, XRP price noted gains of 1.39% over the past day to trade at $0.4802. Its 24-hour lows and highs were evaluated as $0.4716 and $0.4814, respectively.

Coinglass data spotlighted a market uptrend for the crypto, with a significant uptick in its Futures OI and derivatives volume. XRP OI jumped 4.31% to $606.63 million, followed by a derivatives volume upsurge of 58.30% to $499.20 million. This data underscored a significant increase in investor enthusiasm for the asset.

Nonetheless, the RSI moved along a neutral territory at 45, stirring mixed sentiments on future price movements.

However, a recent report by CoinGape further spotlights a potential $6 price target for XRP ahead, with the lawsuit and technical factors weighing in.

Also Read: US Govt Moves $12M Ethereum, Is Bitcoin-Style Selloff Incoming?

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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900M SHIB Burn Sparks Optimism Over $0.00003 Price Target Ahead

Published

5 hours ago

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July 1, 2024

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One of the most popular dog-themed meme coins, Shiba Inu, has once again made headlines with a colossal surge in its burn rate. The latest update from the tracker Shibburn revealed that over 900 million SHIB were burnt over the past month, June. This glimmered immense hope for the meme coin’s future price movements as supply takes a vital hit.

So, let’s delve deeper into Shina Inu’s market statistics to understand why market sentiments have taken an optimistic turn.

Massive Token Burn Ignites Market Optimism

According to the insights offered by Shibburn, the token burn mechanism incinerated 918.07 million SHIB over the past month via 237 transactions. This gave rise to a 148.69% surge in Shiba Inu’s monthly burn rate.

Meanwhile, today’s data revealed that the community witnessed the incineration of a staggering 301.68 million coins. This gave rise to a colossal 1392.60% upswing in the daily burn rate.

SHIB burn July 1SHIB burn July 1

The total number of coins burned from the initial supply now evaluates to 410.727 trillion SHIB. As mentioned above, Shiba Inu’s supply further takes a massive blow, in turn staging as a bullish factor for the token.

Notably, as the supply diminishes, SHIB’s price has noted significant gains today, July 1, mirroring the burn’s impact.

Also Read: ETH Price Surges 5% Amid Increased Whale Activity Ahead of Ethereum ETF Approval

SHIB Price Soars

At press time, SHIB’s price noted an uptick of 3.67% to trade at $0.00001735. Its 24-hour bottoms and peaks were $0.00001669 and $0.00001756, respectively.

Also, it’s worth noting that the price upswing coincides with the broader crypto market recovery. Meanwhile, the abovementioned burn rate upswing adds to it.

Coinglass data shows a market uptrend for the Shiba Inu coin today, as its Futures OI and derivatives volume upsurged. SHIB OI was up 2.85% to $35.71 million, whereas the volume rocketed 61.98% to $72.13 million.

However, Shiba Inu’s RSI rested at 34, hinting at some downside pressure on the asset. This could result in volatility in SHIB’s price movement in the short run.

However, the broader market sentiments remain optimistic, primarily attributable to the continuous massive SHIB burning. Also, Santiment’s data showcasing SHIB’s undervalued position in the market potentially paves the way for a $0.00003 price target, CoinGape Media reported. The colossal spike in the burn rate further bolsters Shiba Inu’s potential bullish future.

Also Read: Ethereum Network to Get Major Boost With SSF Roadmap, Says Vitalik Buterin

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Ethereum Network to Get Major Boost With SSF Roadmap, Says Vitalik Buterin

Published

7 hours ago

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July 1, 2024

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On Sunday, June 30, Ethereum co-founder Vitalik Buterin published a blog post explaining the road ahead for Ethereum and how they might have to part ways with the epoch-and-slot mechanism of its existing rollup-centric roadmap. Buterin proposes a new SSF mechanism to improve the transaction time latencies of the order of hundreds of milliseconds or even less.

Ethereum Eyes Single-Slot Finality

Currently, the Ethereum Gasper consensus employs a slot-and-epoch mechanism wherein validators cast votes in each 12-second slot. Also, all validators get the opportunity to vote once, over 32 slots.  Later, a PBFT-like consensus algorithm takes care after two epochs (12.8 minutes), thereby providing a strong economic assurance known as finality. However, there are two major concerns with this approach.

  1. The complexity and several interaction bugs between the two slot-by-slot voting mechanism as well as the epoch-by-epoch finality mechanism.
  2. The 12.8-minute finality period is pretty slow and inconvenient for the users.

To simplify this, Buterin proposes a single-slot finality mechanism similar to the Tendermint consensus, wherein Block-N is finalized even before the creation of Block N+1. The major difference from Tendermint is the retention of the “inactivity leak” mechanism. This will allow the Ethereum blockchain to continue and recover even if nearly one-third of validators go offline. Vitalik Buterin calls this a “Secure Speed Finality” SSF mechanism.

Also Read: Vitalik Buterin Spotlights Innovative Idealist DApps in Web3

Addressing A Few Challenges With the SSF Mechanism

Vitalik Buterin also highlighted some key challenges associated with Single-slot finality (SSF) in the Ethereum ecosystem. He explained that the naive implementation of the SSF would require every Ethereum staker to publish two messages every 12 seconds, imposing a significant load on the Ethereum network. In his blog post, Buterin said:

“While there are clever ideas to mitigate this issue, including the recent Orbit SSF proposal, it remains a challenge. Although SSF significantly improves user experience by accelerating ‘finality,’ it doesn’t eliminate the need for users to wait 5-20 seconds.”

While implementing the SSF mechanism in Ethereum, Buterin suggests implementing Orbit-like techniques in order to reduce the total number of validators signing per slot and address the key goal of lowering 32 ETH minimum staking.

“This approach might cause the slot time to increase to approximately 16 seconds,” added Buterin. However, he added: “Designs like Orbit SSF are very recent, suggesting that the design space of slot-and-epoch designs where something like Orbit SSF is the epoch is still quite under-explored”.

The Ethereum developers are still figuring out the ideal solution in order to improve the finality. Last month, Buterin shared updates made with Ethereum Layer-2 solutions. The Ethereum L2 activity has touched fresh all-time highs recently.

The Ethereum Layer-2 Blast recently announced the launch of its native token and BLAST airdrop.

Also Read: ETH Price Shoots 5% As Whale Activity Spikes Ahead of Ethereum ETF Approval

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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