DeFi
Here’s who’s eligible for ZKsync’s token airdrop – DL News
A version of this article appeared in our Decentralized newsletter of June 11. Register here.
general manager, Tim here.
Here’s what caught my attention about DeFi recently:
- ZKsync’s token will go live next week.
- Project Railgun co-founder talks with federal government.
- A DL News The journalist shares his hacking story.
Launch of the ZKsync token
The long-awaited launch of the ZKsync token is imminent.
In a Tuesday blog postZK Nation has released details on how it will allocate 21 billion ZK tokens on June 17.
17.5% of the supply will be distributed via an airdrop, with an additional 49.5% going to the ZKsync community.
Alex Gluchowski, co-founder and CEO of Matter Labs, the company behind ZKsync, highlighted the usefulness of the ZK token in a context interview with DL News.
“It’s not a financial issue,” he said. “It’s really a guarantee of governance.”
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Users who have transacted on the ZKsync Lite and ZKsync Era networks will be eligible for the airdrop.
Actions such as holding ZKsync NFTs, ZKsync native tokens, and using popular DeFi applications from the Ethereum mainnet will increase the number of tokens users will receive.
ZK Nation is a newly created organization with the aim of governing and developing the ZKsync protocol.
ZK token holders will be able to propose and vote about the initiatives that govern ZKsync.
“The community will also have the power to use it as a payment method,” Gluchowski said, adding that members of the ZKsync community could vote to add additional features to the token.
However, token holders will not have full control.
Two other factions, called ZKsync Guardians and ZKsync Security Council, will also have the power to veto proposals and approve emergency actions.
Interview with the Railgun Project
Alan Scott, co-founder of the Railgun Project, spoke with DL News to talk about raising awareness about what Railgun contributors are doing to stop bad actors.
The Railgun protocol has a feature called Proof of Innocence that allows honest users to prove that the money they invested in the protocol did not come from stolen funds or illicit activities.
Currently, Proof of Innocence only reports crypto addresses that the Office of Foreign Assets Control has placed on its sanctions list, but Scott said Railgun contributors wanted to change that.
Contributors are working on a secure way to allow law enforcement and crypto security experts to update the list of bad actors in real time, even if the addresses are not yet on the official list. OFAC.
A $45,000 mistake
DL NewsOsato Avan-Nomayo recounts the painful theft of $45,000 after a hacker infected his computer with malware.
Osato recounted how he promised to help a young relative download a video game.
But when the parent got impatient and tried to do it themselves, they downloaded a version of the game that contained malware.
The malware likely installed a keylogger – a program that records keystrokes – and exposed its wallet details, allowing the hacker to siphon crypto.
Osato publicly revealed the hack, not only to warn other potential victims, but also to highlight the need for better safeguards.
If the goal is widespread adoption of crypto, Osato says, then safely storing digital assets must become simpler, especially for those who prefer self-custody.
Data of the week
May was the worst month for crypto hacks since November 2022.
THE $305 million hack suffered by Japanese crypto exchange DMM Bitcoin made up the majority of losses.
This week in DeFi governance
VOTE: Arbitrum DAO votes on the pilot phase of the Ventures initiative
PROPOSAL: Aave DAO discusses Lido-focused Aave v3 instance
VOTE: Compound to Launch USDT Market on Optimism
Article of the week
A recent interview where Australian rapper Iggy Azalea expresses skepticism about where Ethereum gas fees are going has spawned a new meme – and Crypto Twitter is putting it to good use.
What we watch
DeFi protocol UwU Lend was mined for $19.4 million on Monday using a flash loan.
Do you have a tip on DeFi? Contact us at tim@dlnews.com.