This week, some major news has captured the attention of crypto investors and enthusiasts alike.

The release of the Federal Open Market Committee (FOMC) meeting minutes, Etherfi’s airdrop Season 3 launch, and several other significant developments are expected to influence the decentralized finance (DeFi) sector and the broader crypto industry.

FOMC Meeting Minutes and Other Macro Data Releases

This week, the crypto market braces for several macroeconomic data releases, notably the FOMC meeting minutes and the non-farm payroll figures for June. Analysts expect 180,000 new jobs in June, keeping the unemployment rate at 4%, the highest since February 2022. May saw a gain of 272,000 jobs, initially boosting confidence about the economy despite signs of a slowdown.

Investor concerns about US economic momentum may grow with below-expectation numbers. June’s data revealed continuing unemployment claims at 1.84 million, a peak since November 2021, highlighting difficulties for job seekers. The focus will also be on the average hourly earnings growth, expected to decrease to a post-pandemic low of 3.9% year-on-year in June.

Analysts believe these insights will significantly impact Bitcoin (BTC) and the broader crypto market. According to crypto analyst CrypNuevo, Bitcoin has shown preliminary signs of potential market movements.

They observed two crucial liquidity areas of interest. The first is between $62,500 and $63,500, marking the primary short-term liquidity zone. The second area is around $67,100, regarded as a significant mid-term zone.

CrypNuevo also noted a notable issue in the opposite direction involving a long wick. They believe it will likely get filled to balance the open interest gaps.

“So I finally came up with this projection: Not necessarily for the week ahead, the time frame is more like 2-3 weeks. Impulsive moves up to liquidate high-leverage short positions and then drop back down to fill the 50% of the wick. Forming a potential accumulation range,” CrypNuevo wrote.

Zero1 Labs, a decentralized AI solution, has announced a major activation for the Zero1 community. This initiative, involving over 25 prominent communities, aims to further decentralize its native token, DEAI.

The new Community Program seeks to foster greater engagement within crypto communities and expand Zero1 Labs into the largest AI crypto community. It delivers exclusive rewards to new supporters by forming strategic alliances with top community projects.

Collaborating with well-known communities, Zero1 Labs offers users a chance to claim a share of a $2 million DEAI prize pool. The protocol aims to reward both existing supporters and attract new participants eager to explore decentralized technology and AI.

Participants can earn rewards by engaging with the community and writing unique content about Zero1 Labs. They can enhance their chances of receiving more rewards by completing various social tasks, such as following on X, joining the Discord community, and discussing DEAI on X. Each action accumulates points, increasing the likelihood of earning rewards.

The Community Program will officially kick off on July 3, 2024. To ensure fair participation, snapshots of specific communities will be taken the day before the announcement. This snapshot will determine eligibility, giving participants limited time to engage in social activities and maximize rewards.

NATIX Token Launch and Listings

NATIX Network will launch its token, NATIX, on July 2. On the same day, major crypto exchanges, including KuCoin and Gate.io, will list the NATIX token on their respective platforms. 

This launch is anticipated to provide significant opportunities for traders and investors as it becomes available on prominent exchanges. NATIX is an AI-powered dynamic map supercharged by the decentralized physical infrastructure (DePIN) and driver community.

Read more: What Is DePIN (Decentralized Physical Infrastructure Networks)?

Etherfi Announces ETHFI Airdrop Season 3

Etherfi, a protocol offering liquid restaking services on the Ethereum network, has recently announced details concerning its Season 2 ETHFI airdrop. The schedule is as follows: the checker tool to verify eligibility for the airdrop will become available on July 5, with the official claiming of airdrops set for July 8.

Additionally, there is exciting news for the upcoming Season 3. Etherfi has committed to distributing 25 million ETHFI tokens. The allocation of these tokens will be based on each community member’s level of participation and engagement.

Season 3 kicked off on July 1 and is expected to run until the beginning of September. Following the end of the season, the airdrop distribution will take place.

SUI and Other Major Token Unlocks

Ethena (ENA), the synthetic currency protocol on Ethereum, will unlock 14.89 million of its native token, ENA, dedicated to ecosystem development. According to Token Unlocks data, these tokens represent 0.92% of ENA’s circulating supply and are worth approximately $7.62 million at the time of writing.

In addition to ENA, DYDX and SUI have also held token unlocks today at midnight UTC. Read this article for further detailed information on major crypto token unlocks this week.

zkSync Introduces Elastic Chain in 3.0 Roadmap

zkSync, an Ethereum layer-2 (L2) network, has introduced a new “Elastic Chain” feature in its latest zkSync 3.0 roadmap. The v24 upgrade transforms zkSync into an Elastic chain from a single ZK chain. This Elastic Chain comprises multiple chains within the zkSync ecosystem, offering users the experience of using a single chain.

Matter Labs, the team behind zkSync, describes the Elastic Chain as an infinitely extensible network of ZK chains. These include rollups, validiums, and volitions. They are secured by mathematical proofs and seamlessly interoperable with a uniform, intuitive user experience.

In a June 29 announcement, the zkSync team promised to share more details on how these ZK chains seamlessly work together this week. This new feature could further enhance the network’s capabilities and user experience.

Read more: What Is zkSync?

Parcl’s Upcoming PRCL Staking Program

Parcl, a real-world asset (RWA) tokenization protocol on the layer-1 blockchain Solana, will present its upcoming PRCL staking program this week. Staking will effectively unlock all participation in the Parcl ecosystem, including governance, existing and future protocol incentives, and Parcl Labs Data API access.

Epochs are a fundamental principle of time for staking, with one epoch equaling seven days. The first epoch will be announced shortly.

This week’s news in the crypto space highlights significant milestones and potential market shifts. Investors and enthusiasts closely watch these events, anticipating their impacts on the market dynamics.

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As the US Presidential election approaches, Polymarket, a decentralized prediction platform, is capturing mainstream attention with over $200 million in wagers on the election’s outcome. This surge in activity marks a pivotal moment for cryptocurrency’s integration into mainstream financial practices.

Some believe that Polymarket shows the formula for crypto’s mainstream success.

Polymarket Metrics Surges as US Election Approaches

June witnessed Polymarket hitting its highest monthly volume, surpassing $111 million, as reported by a Dune dashboard. Analysts at Kairos Research project that by year-end, the platform’s trading volume could exceed $1 billion.

Consequently, other key metrics have also seen significant increases – total value locked rose by 68.9% to $40.23 million, and monthly active users surged by 166% to 28,760.

Read more: Top 9 Web3 Projects That Are Revolutionizing the Industry

Yuga Cohler, a Coinbase executive, highlighted the importance of prediction markets.

“Prediction markets are the purest technological manifestation of liberal democracy. They take free markets and free speech as inputs and output truth. In an age when centralized control of information is a systemic risk, prediction markets offer a way of cutting through misleading narratives and viewing the unvarnished truth. Prediction markets are freedom preserving technology that move societies forward,” Cohler said.

Moreover, the widespread citation of Polymarket by mainstream media outlets highlights its seamless market fit and blockchain technology’s invisibility due to its efficiency.

Despite the platform’s success and utility, prediction market platforms such as Polymarket might face regulatory challenges in the US. However, their potential utility in fields beyond finance is becoming increasingly apparent.

Currently, Polymarket shows a 63% probability of Donald Trump winning the upcoming Presidential election, with Joe Biden’s chances falling to 18%. Additionally, speculation is rife about Biden potentially withdrawing from the race, with $8.6 million staked on this outcome following his recent debate performance.

However, some voices express skepticism about the platform’s impartiality. A prominent pseudonymous user on X, BoredElonMusk, questioned the platform’s ability to reflect political sentiment accurately.

“Someone explain to me how Polymarket is an accurate measure of political sentiment when it’s a crypto platform and the users are massively biased against one political party? Am I being naive or are a lot of you ignoring this important data point,” BoredElon Musk asked his 1.6 million followers on X.

Read more: 10 Best Crypto Exchange Reviews for July 2024

The discussion around Polymarket’s role and reliability highlights the broader implications of cryptocurrency technologies. They offer not just financial tools but also platforms that can reshape public discourse and influence.

As the election approaches, these platforms will likely play an increasingly prominent role, offering new insights into public sentiment.