🎁 The ‘Mother of All’ Airdrops? 💥

In today’s edition: 📉 LayerZero activity drops after sybil crackdown, 🔧 Solana’s MEV solution?, 🔒 UwU lend hack: 20% bounty offered, and more!

June 11, 2024

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What’s Poppin’?

by Sage Young, Juan Aranovich, and Sam Sriram

ZKsync plans to airdrop 3.6 billion ZK tokens to 695,232 wallets. Around 89% of the airdropped tokens, which will be liquid from day one, will go to ZKsync users.

As LayerZero finds more industry-grade airdrop farmers, activity in the interoperability protocol is going down, but still dominates the sector.

The Solana Foundation took action against validators that perform sandwich attacks and Jito Foundation delegates could blacklist others.

DeFi protocol UwU Lend, founded by QuadrigaCX’s Michael Patryn, lost over $19 million in a flash loan attack.

Daily Bits… ✍️✍️✍️

  • 🔧 Optimism launched the much-anticipated fault proofs, addressing a critical gap in its system that ensures enhanced security for OP mainnet and layer 2s operating within the OP stack.

  • 📝 Spot Ethereum ETF issuers are still awaiting the SEC's comments on their draft filings, which were submitted on May 31. The feedback, initially expected by June 7, has yet to arrive, with sources now anticipating responses this week.

  • 🧑‍⚖️ Uniswap Labs appointed former Coinbase legal executive Katherine Minarik as its new chief legal officer. This move comes as the company potentially faces legal challenges from the SEC.

  • 🔐 A SIM-swap attack on OKX exposed a flaw in the exchange's two-factor authentication (2FA) security system. The incident revealed that users could switch to lower security verification methods, such as SMS, during sensitive operations, leading to account hacks and drained funds.

The $$$ Corner…

  • 💰 Nexus Labs closed $25 million in a Series A funding round to scale its zero-knowledge verifiable computation project. Co-led by Lightspeed Venture Partners and Pantera Capital, the funding will support the development of Nexus 1.0 and expand its engineering team.

  • 💼 Squads Labs secured $10 million in Series A funding led by Electric Capital and launched a smart wallet for public testing on iOS. This new wallet, Fuse, simplifies security by eliminating the need for seed phrases.

  • 🎮 Uniswap Labs has acquired "Crypto: The Game," an onchain Survivor-like competition, ahead of its third season. The deal — which includes cash, tokens, and equity — will see the game's co-founders join Uniswap Labs to continue developing the game.

What Do You Meme?

📈 Your Market Update 📉

  • BTC is down 3.3%, trading at $67,046

  • ETH is down 3.7%, trading at $3,536

  • BTC dominance: 51.18%

  • Crypto market cap: $2.57T

*All data as of today, 07:18 am ET. Source: CoinGecko

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