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👀Mt. Gox to Repay Creditors Next Month

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Defunct crypto exchange Mt. Gox plans to commence creditor payouts next month. However, the news may be bearish for the markets, with analysts recently fearing the distribution could precipitate a flood of BTC entering the markets.

Ethereum gas prices have slipped to their lowest level in more than four years. The trend appears to be driven by cheap Layer 2 fees post-Dencun, but is also driving supply inflation for Ethereum.

Plus, the Solana and Ethereum communities are fighting again, this time over whether Solana’s new ZK Compression scaling solution closely resembles a Layer 2. The news comes as Solana DEX volumes have dropped to their lowest level since March.

✍️ In today’s newsletter:

  • Mt. Gox creditor payments start next month
  • Ethereum fees dip to the lowest level since 2020
  • Solana’s ZK Compression scaling solution
  • Activity on Solana DEXes dry up

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🪙Mt. Gox To Repay Creditors Next Month Amid Heavy Bitcoin Miners Sell-Off

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Mt. Gox announced plans to commence creditor repayments next month, suggesting heavy selling pressure could be incoming for the Bitcoin markets. The news comes as Bitcoin miners are upping their BTC sales amid declining revenue post-halving.

📉Ethereum Gas Prices Tag Multi-Year Low As ETH Supply Inflates

Average Ethereum gas fees dipped to $1.34 for the first time since April 2020. The trend is the result of the sharp decline in Layer 2 costs after the Dencun upgrade and is rapidly inflating Ethereum’s supply.

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Nexo’s Hunt for $13M in NEXO Tokens airdrop rewards users for their engagement on the Nexo platform. Participants earn points through activities like exchanging crypto and using a multitude of services on the Nexo platform. While the campaign ends soon, on July 7, it still offers latecomers a chance to accumulate significant points through multipliers, giving you a good shot at a larger share of the airdrop.

New users receive a 5x multiplier, and additional multipliers include up to 2x for being a part of Nexo’s Loyalty program, and more. So if you’re looking to get in on an airdrop, this might be just the thing, check it out.

READ MORE: NEXO’S $13M AIRDROP: LATECOMERS CAN STILL WIN BIG

🆕Solana's 'ZK Compression’ Scaling Solution Ignites Controversy

Solana developers launched the testnet for ZK Compression, purportedly paving the way for massive fee reductions. However, the tech has ignited renewed sparring between Ethereans and Solana supporters over the similarities between ZK Compression and Layer 2 networks.

⬇️Solana DEX Volumes Hit Lowest Level Since March

Activity on Solana’s DEX ecosystem is waning as memecoin mania winds down. DEX volume on the network is down 22% in the past week, while active DEX wallets dropped 27%.

🌍 ELSEWHERE

  • Mark Cuban sells Pudgy Penguin for $30,000 along with several other NFTs (The Block)
  • Hut 8 receives $150 million boost for AI data center expansion (CryptoSlate)
  • Tether to Stop Minting Stablecoin USDT on Algorand and EOS (CoinDesk)
  • CoinStats Temporarily Shuts Down After 1,590 Wallets Drained (Unchained)

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