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ZK Listing and Top Crypto News Impacting Market This Week

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

These developments are expected to substantially impact the crypto market, marking an exciting time for decentralized finance (DeFi) and blockchain technology.

zkSync Token Airdrop and Exchange Listings

ZK Nation, the Ethereum layer-2 network zkSync governance system, has announced that eligible users can claim their ZK token airdrops on June 17 at 07:00 UTC. The ZK token, introduced on June 11, is zkSync’s native asset.

The token allows holders to propose and vote on protocol upgrades and pay for network fees using zkSync’s native account abstraction. Additionally, the community can evolve ZK through governance-driven protocol upgrades to introduce staking and other functionalities.

The total supply of ZK tokens is 21 billion, with 17.5% allocated for airdrops. Major exchanges, including Binance, HTX (Huobi), and KuCoin, will list ZK on June 17.

Read more: What Is zkSync?

ZK Token Distribution.
ZK Token Distribution. Source: ZK Nation

Renzo Users Anticipate Key Withdrawal Dates

Users of the liquid staking token (LRT) Renzo (ezETH) are poised to request withdrawals on June 17 or 18. Lucas Kozinski, co-founder of Renzo, announced on Discord that the team is finalizing audit results for their projects.

Users can request withdrawals after the EigenLayer custody period ends on either expected date. This development is crucial for Renzo’s liquidity and user confidence. It also marks a significant milestone for the protocol.

Synthetix’s V3 Deployment on Arbitrum

On June 15, derivatives liquidity protocol Synthetix announced via X (Twitter) that its V3 will be live on Arbitrum (ARB) next week. However, the Synthetix team did not specify the exact date of this launch.

Synthetix’s deployment plan on Arbitrum was initially introduced on March 12 through an improvement proposal called SIP-367. On March 31, Synthetix Governance approved this proposal, paving the way for this significant upgrade.

Implementing the core V3 system will allow Synthetix to establish the core contracts on Arbitrum, enabling users to LP various collateral types like USDC, DAI, Ethereum (ETH), and ARB while minting an Arbitrum-native stablecoin against their collateral. The Synthetix Perpetual market will be paused upon initial deployment, with no tradable markets.

Rocket Pool’s Houston Upgrade: What to Expect

Rocket Pool (RPL), a liquid staking platform on the Ethereum network, will implement their Houston upgrade on June 17. According to its official announcement, the Houston upgrade aims to remove reliance on third-party systems by introducing a fully on-chain DAO to govern the protocol, known as the Protocol DAO (pDAO). The pDAO, run by RPL governance, comprises node operators directly participating in the protocol and invested in its success.

The upgrade will also introduce new features, allowing for building more integrations and platforms on the protocol. These features include the ability to stake ETH on behalf of a node and a new RPL withdrawal address feature. Additionally, the feature allows one party to supply the ETH for staking and another to provide the RPL without giving custody to the node operator.

Nigeria’s Federal Inland Revenue Service (FIRS) has dropped its tax charges against Binance executives Tigran Gambaryan and Nadeem Anjarwalla. This decision makes Binance becoming the sole defendant in this lawsuit.

However, Gambaryan and Anjarwalla remained named in a money-laundering case brought by Nigeria’s Economic and Financial Crimes Commission. The official statement reveals that the next hearing of this case will be on June 19.

LayerZero’s Upcoming Token Distribution

LayerZero Labs, the entity behind the interoperability protocol LayerZero, recently introduced the LayerZero Foundation. The Foundation’s first tweet, featuring the date “06.20.2024,” has sparked speculation about a major announcement related to its upcoming token.

On June 14, Bryan Pellegrino, CEO of LayerZero, shared details about the approximate distribution of LayerZero’s native token, ZRO, on Twitter. Pellegrino outlined that 23.8% of the supply would go directly to the community and builders, with 8.5% distributed on day one.

“The majority of the remainder will be given over the next 36 months with additional retroactive distribution every 12 months, along with some forward-looking [request for proposals] RFPs for builders,” Pellegrino added.

This distribution strategy aims to engage the community actively and support the development of LayerZero’s ecosystem. Pellegrino further provided detailed simulations of the token distribution to ensure fair and broad participation.

Read more: LayerZero Explained: A Guide to the Interoperability Protocol

SpaceID and Other Major Token Unlocks

Space ID, a universal decentralized identity protocol, will unlock over 78 million of its native token, ID, on June 22 at 00:00 UTC. These tokens, valued at approximately $44.34 million, will be allocated to the Space ID Foundation and several sale-round participants. This unlock represents 18.23% of the token’s circulating supply.

ID Token Unlocks.
ID Token Unlocks. Source: Token Unlocks

Another noteworthy token unlock event is Pixel (PIXEL), which will unlock 54.38 million PIXEL, worth $19.66 million, on June 19 at 10:00 UTC. Read this article for detailed information on major crypto token unlocks this week.

Crypto investors and traders will closely watch this week’s events, as they have the potential to shape market sentiment and spur innovation in the industry.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Polymarket Faces Ban in France as US Election Betting Ends

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According to a report from The Big Whale, the National Gaming Authority (ANJ), France’s gambling regulator, is preparing to block the prediction markets platform Polymarket.

Polymarket, the decentralized platform that allows users to bet on the outcome of political events, sports, and other occurrences using cryptocurrency, has gained popularity in recent months, especially with bets surrounding the US presidential election. More than $3.2 billion was reportedly wagered on the platform during this high-stakes period, with a record-breaking $294 million in volume on November 5 alone.

France Users May No Longer Access Polymarket

According to The Big Whale, a French website that covers the crypto industry, the ANJ’s impending ban comes after a French trader placed a $30 million bet on a Trump victory, reportedly attracting the regulator’s scrutiny.

The trader’s wager positioned him to make approximately $19 million in profits, a sum that has intensified concerns over Polymarket’s compliance with French gambling laws. A source close to the ANJ stated that despite Polymarket’s use of blockchain and cryptocurrency, its activities are akin to gambling, making it subject to restrictions under French law.

“We are aware of this site and we are currently examining its operation as well as its compliance with French gambling legislation,” The Big Whale reported, citing an ANJ spokesperson.

Read more: What is Polymarket? A Guide to The Popular Prediction Market

 Legal expert William O’Rorke from ORWL Avocats explained that although Polymarket does not specifically target French users, its activities fall squarely under gambling regulations.

“Polymarket involves betting money on uncertain outcomes, which aligns with the legal definition of gambling,” O’Rorke noted.

Against this backdrop, the ANJ is well within its mandate to block the platform’s access in France. Accordingly, the French regulator may enforce the ban by blocking Polymarket’s domain name in France. It amy also pressure third-party players, like media outlets and online directories, to limit access to Polymarket links.

However, French users may still circumvent this by using virtual private networks (VPNs). This is because Polymarket’s crypto-based infrastructure allows for relatively anonymous participation.

France’s looming ban is not the first regulatory roadblock Polymarket has encountered. In 2022, the US Commodity Futures Trading Commission (CFTC) fined Polymarket $1.4 million for failing to register as a designated contract market. The CFTC also challenged Kalshi’s operations due to questions about betting on political events.

Polymarket’s Fate After US Elections

Meanwhile, the US election was a significant catalyst for Polymarket. It drove the platform to new heights in user engagement and bet volume. Polymarket’s election-related markets have been featured on major financial platforms, including Bloomberg, highlighting the platform’s appeal to mainstream finance.

As BeInCrypto reported, Polymarket’s election betting topped $3 billion, reflecting unprecedented participation. The platform, however, faces a crossroads in its path forward. Following the climax of the US election on Wednesday, data from Dune Analytics shows a steep decline in Polymarket’s activity.

Daily active addresses and transaction volumes, which soared in the election lead-up, have notably dwindled as election-related betting winds down. For instance, Polymarket’s open interest, a key indicator of active betting engagement, dropped from $350 million to $268 million after the polls closed. Similarly, monthly new accounts have also dropped by over 41% between October and November.

Polymarket Monthly New Accounts
Polymarket Monthly New Accounts. Source: Dune

Against this backdrop, Polymarket may need to diversify its market offerings or potentially embrace a new model to maintain user interest. This is considering election-related activity comprised the majority of the prediction market’s volume.

Rumors are circulating about a potential move toward a decentralized governance token, which could distribute control over Polymarket’s operations to its community. This shift would reduce the liability of the central authority by decentralizing decision-making, though it remains theoretical, with no clear timeline.

Read More: How To Use Polymarket In The United States: Step-by-Step Guide

Polymarket’s fast ascent and regulatory challenges highlight broader industry tensions between innovation and compliance. With election predictions no longer a draw and an impending ban in France, Polymarket’s future remains uncertain.

Its long-term viability may depend on how well it adapts to evolving regulatory landscapes and whether it can maintain popularity beyond election season peaks.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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XRP Price Ready to Rally? Signs Point to a Bullish Move

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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Solana (SOL) Rallies Strongly, Setting Sights on $200

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Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.

  • SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
  • The price is now trading above $172 and the 100-hourly simple moving average.
  • There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
  • The pair could continue to rise if it clears the $192 resistance zone.

Solana Price Starts Fresh Rally

Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.

There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.

Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.

Solana Price

The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.

Another Dip in SOL?

If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.

A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $188 and $185.

Major Resistance Levels – $192 and $200.



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