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Matter Labs has capitulated after getting slammed for moving to trademark “ZK” — the commonly used acronym for zero-knowledge. The company said it dropped all trademark applications for ZK after facing backlash last week.

Polymarket posted a record-breaking month for volume and active users. The dominant crypto-native prediction market platform’s performance was buoyed by rampant speculation on the 2024 U.S. presidential election.

The Uniswap Foundation delayed a governance vote to activate its highly demanded fee switch. The foundation attributed the move to concerns raised by a prominent stakeholder.

Plus, SocialFi activity slumps, Runes rally while Bitcoin ordinals crash, and daily transactions skyrocket on Near.

✍️ In today’s newsletter:

Matter Labs relinquishes ZK trademark bid
Polymarket activity rockets to new heights
Uniswap fee switch vote postponed
SocialFi sector fades
Ordinals suffer as Runes rally
Near’s user base rapidly expands

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	Ticker	Value	24h

Ticker	Value	24h
Bitcoin	$69,122	-1.52 %
Ethereum	$3,742	-1.32 %
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S&P 500	5307.01	-0.27 %
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🗑️Matter Labs Abandons “ZK” Trademark Attempt Following Public Outcry

Matter Labs, the team behind the ZkSync Layer 2 networks, has responded to widespread criticism by ceasing its plans to trademark the term “ZK” in nine jurisdictions. The move was met with widespread criticism last week, in spite of the company claiming it intended to protect ZK for the entire web3 community.

🇺🇸 Polymarket Records Strongest Ever Month As Election Season Heats Up

Polymarket hosted all-time highs for both wagering volume and active users during May. Nearly 13,600 users placed $63 million worth of wagers via the web3 prediction market platform last month, with active users growing more than 400% month-over-month.

🦄 Uniswap Foundation Delays Fee Switch Vote

A governance vote on activating Uniswap’s long-awaited fee switch was postponed. The Uniswap Foundation pushed back the vote after a key stakeholder expressed concerns about the move. The price of UNI pulled back in response to the news.

📉 Social-Fi Activity Nears All-time Lows

The once-booming SocialFi sector continues to decline, with active users steadily trending downward. FantasyTop’s user base is down 20% since launching one month ago, while Friend Tech users are approaching February’s all-time lows.

↕️ Bitcoin Ordinals Crash as Runes Rally

Bitcoin-based tokens are suffering from extreme volatility, with assets leveraging Bitcoin Ordinals, the pioneering inscription standard, suffering deep pullbacks. However, the ecosystem for Runes, the new kid on the Bitcoin block, is posting successive all-time highs.

🚀 Daily Transactions on NEAR Protocol Surge to 6 Million

Near, the Layer 1 blockchain, has enjoyed a recent surge in adoption. The network’s daily transaction count tripled since the beginning of the year, while the total number of wallets on the network doubled to 75 million.

🌍 ELSEWHERE

Trump Becomes First President To Accept Bitcoin Lightning Payments For Campaign Donations (Bitcoin Magazine)
Coinbase donates $25 million to crypto super PAC Fairshake (The Block)
MicroStrategy Founder Michael Saylor Agrees to $40M Settlement in D.C. Income Tax Case (CoinDesk)
President Biden Vetoes SAB121 Repeal (Unchained)