Review of this week | He Yi responds to questions about Binance's coin listing criteria; LayerZero's "airdrop tax" sparks community dissatisfaction

BlockBeats will organize the key industry news content of the week (June 17-June 23) in this article, and recommend in-depth articles to help readers better understand the market and learn about industry trends.

Important News Review

ZKsync token ZK has been open for application and listed on Binance, OKX and other exchanges this Wednesday

Binance was originally scheduled to launch ZKsync (ZK) at 16:00 (Eastern Time Zone 8) on June 17, and open ZK/BTC, ZK/USDT, ZK/FDUSD, ZK/TRY spot trading pairs. Later postponed to 18:00 on the same day. It hit $0.295 after Binance opened and is now quoted at $0.183. According to Nansen data, among the “top 10,000 addresses” that received the ZK airdrop, nearly 41% of the addresses sold all of the airdrop, while 29.2% of the addresses sold at least some of the tokens. The total sales of the two groups exceeded 486 million ZK.

Binance: Distribute 10.5 million ZK tokens to up to 52,500 qualified users

On June 17, before the launch of the ZK token, Binance announced that it would distribute 10,500,000 ZK tokens to up to 52,500 Binance users who met all of the following conditions. The planned date is 10:00 on June 17-07:59 on July 17. The conditions are as follows:

1. The user initiated at least 50 transactions on ZKSync Era between February 2023 and March 2024 (where the user is the "sender" address in the transaction);

2. In 7 different months (February 2023 to March 2024)

3. The claiming address does not meet the ZK token qualifications of the official ZK Nation airdrop plan;

4. The claiming address is not a contract/CEX/bridge address.

In addition, eligible users must deposit at least 0.02 ETH from the whitelisted address of the ZKSync ERA network to the Binance official website. Binance will use the ZKsync active user whitelist as a reference for distribution. ZK tokens will be distributed on a first-come, first-served basis to users who meet all of the above conditions.

LayerZero token ZRO airdrop is open for claiming and listed on exchanges; users are dissatisfied with the "airdrop tax" required to claim the airdrop

On June 20, according to the official announcement, Binance launched LayerZero (ZRO) at 20:00 on June 20, 2024 and added a seed tag to it, while opening ZRO/BTC, ZRO/USDT, ZRO/FDUSD, and ZRO/TRY spot trading pairs. LayerZero (ZRO) opened at $5.62 on Binance and is now quoted at $3.19. According to Dune data, due to the large number of users choosing the Arbitrum network to claim the LayerZero (ZRO) airdrop, Arbitrum rollup's daily revenue reached $3.43 million and its profit reached $3.29 million, both of which set historical records. Related reading: "Layerzero Token ZRO Valuation and Price Forecast, When is the Best Time to Sell?"

On June 20, LayerZero announced the token economics, with a total of 1 billion ZRO, of which: 38.3% is allocated to the LayerZero community, including users, developers and community members; 32.2% is allocated to strategic partners for a period of 3 years, including investors and consultants; 25.5% is allocated to core contributors for a period of 3 years, including current and future team members; 4.0% of tokens are repurchased and promised to be put into the community fund pool. Related reading: 《Interpretation of LayerZero (ZRO) Token Economics: Total 1 billion, 38.3% allocated to the community》

On the same day, the LayerZero Foundation announced the launch of a new claim mechanism called Proof-of-Donation, which will result in a donation of approximately US$18.5 million to the Protocol Guild. To claim ZRO, users must donate USDC, USDT, or native ETH at $0.10 per ZRO. This small donation goes directly to the Protocol Guild. The LayerZero Foundation will match all donations, capped at $10 million. Later that day, LayerZero CEO Bryan Pellegrino posted that there is no forced donation, and if you don't want to donate, don't claim it. It's not something you own, it's something someone else gave you. The move caused dissatisfaction among users. Related reading: 《LayerZero launches "airdrop tax", huge profits eventually go to involution》

LayerZero market makers may be six institutions including GSR and Wintermute

On June 20, according to @Noah_nftn monitoring, there may be six LayerZero market makers, namely GSR, Wintermute, Amber Group, Auros, Animoca Brands and an unknown institution. Wintermute and GSR have recharged ZRO to the trading platform for testing.

Binance's second Megadrop project Lista (LISTA) is now open

Binance's second Megadrop project - Lista (LISTA) will be launched on Binance at 18:00 (ET on June 20, 2024), and LISTA/BTC, LISTA/USDT, LISTA/BNB, LISTA/FDUSD and LISTA/TRY trading markets will be opened, and seed tag trading rules will apply.

Consensys: The U.S. SEC is ending its investigation into Ethereum 2.0 and will no longer allege that ETH sales are securities transactions

BlockBeats reported that on June 19, Ethereum infrastructure development company Consensys posted on social media, “Today, we are pleased to announce a major victory for Ethereum developers, technology providers, and industry participants: The U.S. Securities and Exchange Commission (SEC) Enforcement Division notified us that it is ending its investigation into Ethereum 2.0. This means that the SEC will not charge that ETH sales are securities transactions.”

Bloomberg Analyst: Ethereum Spot ETF is expected to be launched before July 4

On June 19, Bloomberg ETF analyst James Seyffart posted on social media, “Based on the documents submitted by Bitwise this time, it is unclear when these products (Ethereum spot ETFs) will be launched. Additional updates may not be required, and adjustments may be required. But they need to eventually get the SEC’s approval. approval. The launch time depends largely on the SEC's decision. Bloomberg ETF analyst Eric Balchunas and I think they should be launched before July 4. "

Magic Eden has opened a channel for Magic Tickets to exchange for "diamond" points

Magic Eden officials said that the Magic Tickets series of NFTs will be integrated into the rewards program. Users holding Magic Tickets can now use NFTs to exchange for "diamond" points, and the destruction window will last for one month. Since the community previously speculated that Magic Eden's future tokens will be associated with "diamonds", there have been speculations about the pricing of diamonds. Related reading: "Magic Tickets burns for "diamonds", how does the market price its valuation? 》

Binance launches HODLer airdrop for BNB holders, airdrop distribution will be counted according to retroactive logic

On June 19, Binance is launching HODLer airdrop for BNB holders. Users who subscribe to Simple Earn with BNB will receive airdropped tokens issued by projects with large token circulation and intend to list on Binance soon. Binance will issue an announcement before HODLer starts a new token airdrop. User balances and total pool balances will be snapshotted multiple times per hour to obtain the hourly average balance of users in Simple Earn products (flexible and/or locked). Later that day, Binance co-founder He Yi posted that (HODLer airdrop) is an upgraded version of Launchpool, and users who hold BNB for a long time will receive benefits. Hodler's projects are distributed to BNB holders, and the statistical time is not based on future holding logic, but retroactive logic.

He Yi released his opinions one after another, responding to the community's doubts about Binance's listing and the poor performance of new coins after listing

On June 18, Binance co-founder He Yi responded to the discussion on "Why TON is not listed on Binance" on the social platform, saying, "Considering that many projects on the market have a circulation volume of 1-3% when they are launched, we hope that the circulation of the project will not be less than 10%. If Megadrop or lounchpool is added, the total number of airdrops will be in the single digits to double digits. These coins are given to users by the project party."

On June 22, He Yi wrote again: "This wave of rise in 2024 was initiated by BTC ETF. The king-level projects and Lu Mao Studio worked together to create a wave of beautiful data. On the one hand, the project parties can raise more money from VCs. On the other hand, the project parties with money and users are full of confidence. There are millions of users on the chain. It doesn't matter if they are not listed on a certain platform. Many of them are CEXs that want to be listed. If CEX is not listed, there are still DEX, or at worst, there is the native DEX on its own chain. Trading platforms do not have pricing power, so for projects with high valuations, users need to look at the fundamentals, not just the market value, but also the circulation. Today, the fratricide between the LuMao Studio and the L2 project has turned into a farce, and the LuMao era may be over. As an ordinary investor, the ICO in 2017, the IEO in 2021, the nesting dolls, and even the LuMao strategy in 2023 may not be suitable for today's market. ”

Grass: Wallet binding and email verification are open

On June 21, Grass posted on the X platform that users need to link the Solana wallet to the corresponding Grass account, verify the bound email, and follow the official tweet link to enter the "Rewards" tab on the dashboard. The support team will answer user questions at any time on Discord.

10x Research: Selling pressure from large-scale unlocking of altcoins is dragging down Bitcoin

On June 18, 10x Research said in its market analysis report that last week was a critical moment in the cryptocurrency market and one of the most critical weeks in 2024. Cryptocurrencies, especially altcoins, have fallen sharply. It is difficult for the market to digest the large amount of token unlocking of Aptos $97 million, IMX $51 million, STRK $75 million, SEI $62 million, ARB $90 million, APE $18 million, and UNI $90 million (a total of $483 million). Early investors and venture investors seem to be under pressure to cash out, and these token flows are dragging down Bitcoin. Despite improved inflation data, Bitcoin ETFs saw a large outflow (average outflow of $660 million in 5 days) as the overall net outflow in various fields (stablecoins, futures leverage, ETFs, etc.) was $2.4 billion, which was the third week of net flow decline since the launch of the ETF in January 2024. In addition, as SOL-USDT fell below key trend levels and support lines, SOL may face more downward pressure, and some analysts pointed out that it may fall to $100.

Vitalik: Off-chain ZK applications underestimate the potential of using STARK

On June 17, Ethereum co-founder Vitalik Buterin posted on social media that he believes that off-chain ZK applications do underestimate the potential of using STARK, including use cases with high privacy requirements. Currently, STARK is less than 100 kB, and for off-chain use cases, this amount of bandwidth is negligible compared to the client proof time saved by using STARK.

U.S. CFTC is investigating Jump Crypto

On June 20, Fortune reported that the U.S. Commodity Futures Trading Commission (CFTC) is investigating Jump Crypto. Jump has always been known as one of the top players in the field of high-frequency trading. In September 2021, the company announced the establishment of its crypto division Jump Crypto. It is not clear whether the U.S. Commodity Futures Trading Commission is considering any charges against the company.

A MEV robot earned 250,000 SOL in 2 months, about 34 million US dollars

On June 20, according to Lookonchain monitoring, a MEV robot earned 250,000 SOL (about 34 million US dollars) in 2 months, and all profits were transferred to the wallet address starting with 9973hW. The robot earned $1 million on RNT, $617,300 on TOPG, and $403,500 on MOTHER. Related reading: 《2 months to earn 30 million US dollars, why the "sandwich attack" on Solana is repeatedly banned》

Linea: Linea Park LXP will be opened for minting, anti-witch work has been carried out

On June 20, Linea officials posted on social media that it will open Linea Park LXP minting tomorrow. Officials said that due to the high participation in Linea Park, a large number of robots and witch addresses have appeared. After the official anti-witch work, addresses identified as robots or witches will not be able to receive LXP from Linea Park, and these addresses will be marked as "POH for this account is disabled".

A bank executive embezzled public funds and laundered money through virtual currency, involving up to 2.6 billion yuan

On June 18, according to Jiemian News, in August 2020, the former Party Secretary and President of Huludao Bank colluded with shareholders to fabricate an asset management plan on the grounds of resolving non-performing assets, and embezzled up to 2.6 billion yuan of the bank's funds. The criminals illegally converted more than 1.8 billion yuan of the funds into foreign currency and transferred them to the Hong Kong company account. From September to October 2020, the criminals purchased virtual currency at a price higher than the market price in the virtual currency trading WeChat group. After that, the virtual currency obtained was sold overseas through overseas virtual currency buyers and converted into US dollars and other remittances to the Hong Kong company bank account. The court held that knowing that the funds of others came from the proceeds of crime of the bank, they still helped them convert them into virtual currency and transfer them overseas. The circumstances were serious and their actions constituted the crime of money laundering.

Hot articles this week

《This year's third "519" is here》

The cryptocurrency world has been turbulent in the past week. The mainstream value coins have been falling for a long time. In addition, the serial liquidation of CRV and the ZK airdrop have caused panic among the people. Today, as Bitcoin fell below $65,000, the cryptocurrency world ushered in "519" again.

《LayerZero airdrop caused another disturbance. Is the existing token distribution model going to be eliminated? 》

The witch cleansing activity that lasted for more than a month has finally ended. The LayerZero Foundation announced on June 19 that it has launched an airdrop qualification query page, but the result can still be described as "stingy". As one of the most anticipated potential airdrop projects in the community, LayerZero's airdrop was expected to be "big and coming", but as the witch cleansing activity progressed, a large number of studios and even retail accounts were reported as witch accounts, and the hard work for more than half a year was finally wiped out.

《Is Kanpai Pandas, which received the LayerZero airdrop, a "rat warehouse"? 》

First of all, my point is very clear, Kanpai Pandas is obviously not a "rat warehouse". Since 2023, Kanpai Pandas' floor price has never been lower than 0.7 ETH. After LayerZero announced the snapshot in early May, Kanpai Pandas was also hit, but the trend is still relatively stable, and the increase in trading volume has not shown a "guillotine" trend.

《 He Yi AMA Full Text: Anti-VC and memecoin popularity show that the market lacks high-quality assets 》

Recently, Binance's registered users exceeded 200 million and held an AMA for this. Binance co-founder He Yi answered some questions that everyone is concerned about, including the recent counter-trading theft of coins, the contradictions of FDV's large project listing, and the standards for removing zombie coins. In addition, He Yi said that he would write emails to CZ every day and also need to write reading notes; his daily life mainly involves fitness, making phone calls (teleconferences), and coaxing children to sleep, which is very boring. He Yi jokingly mentioned "girlfriend coins", saying that Binance is trying to see if it can bring some normal business models, and will also endure some ridicule and failures in the process.

《Crypto Market Outlook for the Second Half of the Year: Multiple Positive Factors Such as Elections and Interest Rate Cuts Have Not Yet Been Released, and a New Era May Come After the Changes》

We will take a bird's-eye view of the prospects for digital assets for the rest of 2024, including a close look at the two main catalysts of the current node - regulation and liquidity. Portfolio-level insights from the second quarter will be shared with limited partners in another email.

《Not VCs nor retail investors, who made money in this bull market?》

June 18 was a carnival for e-commerce, but it was not a happy day for cryptocurrency users. Bitcoin and various altcoins have been "falling continuously" and there is almost no sign of rebound. There are complaints on various platforms. Who has made money in this bull market so far? First of all, it is definitely not VCs. Most of the projects invested by VCs have not yet started to issue coins. Secondly, it is not retail investors. Most retail investors speculate on memes, play altcoins, and open contracts. It cannot be said that there are no people who make money, but they are very few, and the probability is about the same as playing the lottery. From observation, the following categories of people make money: 1. Bitcoin holder 2. Centralized exchanges 3. CeFi platforms such as Tether 4. Operation teams of some public chain/DeFi products 5. Token issuers with high market value whose main purpose is to sell tokens.

《No chance on Farcaster? 》

On May 22, Farcaster completed a $150 million financing led by Paradigm with a valuation of nearly $1 billion. This news once again attracted attention to Farcaster, which had attracted market attention at the beginning of the year, and its largest front-end application Warpcast. The daily activity reached a record high one day after the announcement of financing. At present, the Farcaster protocol is gradually opening up its core functions, thereby weakening Warpcast's exclusive advantages and encouraging the development of more third-party clients. Despite some current operational challenges, the Farcaster protocol is still in the early stages of dividend discovery.

《Why Almost All Web3 Social Apps Fail? 》

We live in a capitalist world that believes that money is omnipotent, however, true cultural power is not always proportional to wealth. Being rich not only brings a certain kind of political and cultural influence, but it can also lead to a lack of another kind of cultural power. This article delves into the relationship between the merchant class and cultural tastemakers, revealing the difficulty of converting between money and status. Although there are many ways to convert financial capital into social capital in theory, it is challenging in practice. We explore the reasons behind this phenomenon and use the cases of Web2 and Web3 to explain the difference between financial incentives and social incentives and their impact on community building.

《Not speculating in coins, only doing business in the coin circle, the business experience of the post-95s》

This is not a native industry of cryptocurrency. Compared with investment institutions and retail investors speculating in coins, the history of coin flippers has only been 4 years since 2020. Unlike investment or speculation, coin flippers are more like doing business. Basically, there is no need to understand the so-called new concept of Crypto, and only focus on costs and benefits. In the past 4 years, the scale and voice of the coin flipping business have become larger and larger, from personal iteration to studios and even companies, becoming an extremely important part of the cryptocurrency industry. Of course, a crowded track means considerable profits. Examples of people getting rich by flipping coins like coin flippers are common, and the returns are even more amazing than those from coin flippers.

《CertiK employees accused of "extorting Kraken", the former security unicorn is only left with "slander all over the world"? 》

On June 19, cryptocurrency exchange Kraken and blockchain security company CertiK had a public confrontation on social media over a series of serious security vulnerabilities. Initially, CertiK discovered a series of serious vulnerabilities in Kraken, which originated from a recent change in Kraken's user experience (UX), which immediately accounts for customer accounts before customer assets are settled and allows customers to trade cryptocurrency markets in real time, and Kraken has not yet fully tested this specific attack vector. After Kraken examined the vulnerability, it was immediately assessed as "critical" and the issue was mitigated by Kraken's team of experts 47 minutes later. Later, Kraken Chief Security Officer Nick Percoco said the issue was fully fixed and would not occur again.

《$DJT is on fire, did Trump issue a coin? 》

The two-week celebrity coin craze has died down. But to the community's surprise, perhaps the biggest character IP in the crypto meme, "Trump", has also had his coin "issued personally". On June 18, the well-known American media Pirate Wires published a tweet on the X platform, saying "According to rumors, Trump is launching an official token on Solana - $DJT". In the past two months, Trump's related meme tokens have all seen a surprising increase. These tokens were all spontaneously initiated by the community, and Trump himself has not responded to these tokens in public. Trump's "pro-crypto" performance is only in various campaign speeches.

《After the CRV liquidation, CVX becomes the preferred target for whales to buy at the bottom? 》

Last week, DeFi ushered in the biggest turning point in this cycle. CRV continued to fall to a low of $0.219, and the lending positions of founder Michael Egorov were gradually liquidated. According to Arkham statistics, in less than half a day, all of Michael's loan positions in 5 agreements were liquidated, worth $140 million. Although the current price of CRV has rebounded, the most eye-catching is CVX. On June 17, according to Binance market data, CVX briefly rose to $4.66 and then fell back, up more than 90% in 24 hours.

《The first day's minting volume exceeded 8 million. What is the origin of Tether's newly launched stablecoin aUSD₮? 》

On June 17, Tether, the world's largest stablecoin issuer, announced the launch of an open platform "Alloy by Tether", allowing the creation of different bound assets supported by Tether Gold. Alloy by Tether aims to combine the stability of the US dollar with the security of gold to provide users with a reliable and versatile digital currency for daily use and asset management. The platform is developed and managed by Moon Gold NA, SA de CV and Moon Gold El Salvador, SA de CV, authorized by the CNAD (National Digital Asset Commission) of El Salvador. Both companies are members of the Tether Group to meet different customer groups and regulatory requirements.

《On-chain addresses exceed 12 million, inventory of Base ecosystem's novel products》

As an L2 network with the grand vision of "leading 1 billion users into the on-chain society", Base ecosystem is undoubtedly in the first echelon in the industry in terms of its tolerance for various application products. On June 14, Base officially issued a statement hinting that it would reach a relevant cooperation with the world-class sports brand Adidas. For a time, speculation about a new round of Base Onchain Summer once again became the focus of market attention. This article briefly reviews and introduces some representative products of the Base ecosystem for readers' reference.

《Arthur Hayes: Memecoins will get even crazier; Dogecoin will get an ETF before the end of this cycle》

Recently, Coin Bureau invited Arthur Hayes to have an in-depth conversation with Raoul Pal to discuss market risks, aggressive investment strategies, and annual forecasts. Arthur emphasized the strategy of holding Bitcoin and altcoins, and shared their family office's success in the Ethena project and the liquid pledge token ecosystem. Raoul shared his investment in Solana and high-end NFTs, pointing out that not operating is the best strategy this year. In addition, they explored the cultural value and market potential of memecoins, predicted that Dogecoin might get an ETF, and discussed the impact of the US election on the market and potential risks in the future.

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