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🪂Weekly Recap: ZkSync Finally Announces Airdrop

Happy weekend Defiers!

ZkSync unveiled its long-awaited airdrop, with 17.5% of the token’s supply set for distribution to early adopters. However, predictably, some segments of ZkSync’s user base are unhappy with their allocations.

Michael Egorov, the founder of Curve Finance, lost 141 million CRV tokens to liquidation as the asset’s price tumbled. The news has ignited drama within the web3 community, with Egorov appearing relatively unscathed after borrowing $95.7 million worth of stablecoins against his CRV holdings and buying a second mansion.

The Ethereum community was buoyed by Gary Gensler, the chair of the SEC, telling a U.S. Senate hearing that spot Ether ETFs should receive final approval by fall. Gensler was also grilled by Republican Senator Patrick Hagerty over its pattern of hostility towards the web3 sector. “This is an innovative and constructive industry that is getting pushed offshore,” Hagerty said.

In other Ethereum news, the network’s forthcoming Pectra upgrade may take place over two separate hard forks. Ether ETPs posted their strongest inflows since March. Institutional investors piled $69 million into the assets class in one week.

Memecoins have taken a beating as digital assets fell this week. Many leading meme tokens have suffered double-digit pullbacks over the past seven days.

Former U.S. President Donald Trump continues to court the crypto industry ahead of the 2024 election. The Republican candidate met with executives from Bitcoin mining firms, proclaiming he wants every remaining BTC to be mined in the United States.

Terraform Labs, the company behind the disgraced Terra network and failed UST stablecoin, has settled with the SEC. Terraform Labs agreed to pay around $2 billion, while Do Kwon, the company’s co-founder, will cough up roughly $400 million.

Bitcoin Layer 2s are booming, with the sector’s TVL pushing above $2 billion for the first time. Leading Bitcoin L2s posted triple-digit TVL growth over the past week.

Competition in the restaking space is heating up. Mellow, an LRT protocol leveraging Symbiotic — a restaking platform seeking to compete with EigenLayer — joined the Lido Alliance. The move comes shortly after Lido established the coalition in a bid to promote a restaking ecosystem to rival Eigenlayer.

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