The past week brought pivotal developments across major blockchain projects, from controversial airdrop distributions to critical infrastructure upgrades and high-profile liquidations. Here's a detailed breakdown of the most impactful events shaping the crypto landscape—from zkSync’s hotly debated token allocation to LayerZero’s imminent airdrop and Curve’s founder facing major collateral fallout.
zkSync Airdrop Ignites Community Backlash
zkSync is set to distribute 3.675 billion ZK tokens—17.5% of the total 21 billion supply—to 695,232 eligible wallets in a one-time airdrop. The snapshot for eligibility was taken on March 24, 2024, marking the first anniversary of zkSync Era’s mainnet launch.
The distribution uses a multi-tiered points system based on user activity across zkSync Era and zkSync Lite. Users earned points through actions such as:
- Interacting with 10+ smart contracts on zkSync Era
- Providing liquidity to DeFi protocols
- Trading over 10 different ERC-20 tokens
- Donating via Gitcoin on zkSync Lite
- Conducting transactions in the three months before Era’s mainnet went live
Final allocations were determined by the amount of assets bridged to zkSync Era, with bonus multipliers for cross-chain activity between zkSync and Ethereum.
To prevent extreme concentration, wallets receiving fewer than 450 ZK tokens had their allocation reclaimed. Similarly, any wallet slated to receive over 100,000 ZK had the excess amount returned to the ecosystem pool. The minimum guaranteed payout per address was 917 ZK.
👉 Discover how blockchain airdrops are reshaping user incentives and token distribution models.
Despite this structured approach, the rollout has sparked widespread criticism. Many in the community accuse the project of favoring insiders and large entities, with only Bybit so far confirming ZK listing—prompting thousands of negative reactions. Notably, OKX CEO Star questioned on X why influential figures labeled zkSync a "scam," pointing to unmet community expectations.
Binance co-founder He Yi attributed the backlash to "anti-farming" efforts, where bot operators and multi-account users lost out. Even Sun Yuchen (Justin Sun) floated the idea of boycotting zkSync.
In response, ZK Nation acknowledged communication gaps and admitted the design was unconventional. While no major technical flaws were found after internal review, the team pledged better feedback mechanisms. They emphasized that nearly 50% of the total supply remains reserved for community and ecosystem growth, with dozens of partner projects also planning their own community rewards.
LayerZero Airdrop Expected on June 20
The LayerZero Foundation officially launched on June 15, teasing a major announcement for June 20, 2024, via a cryptic tweet featuring that date. This aligns with long-anticipated speculation about the ZRO token airdrop, which snapped eligible wallets on May 1, 2024.
According to CEO Bryan Pellegrino, the total ZRO supply will be 1 billion tokens, with 23.8% allocated directly to the community and builders. Of this:
- 5% to core contributors
- 3% via Request for Proposals (RFP)
- 0.5% to a community pool
These portions will be distributed at launch, while the remainder will be released over 36 months, including periodic retroactive rewards. Future RFPs will continue supporting developer innovation.
Pellegrino also confirmed that nearly 200 Sybil reports have been approved, signaling rigorous anti-gaming measures. A public list of flagged clusters—aggregated from Chaos Labs, Nansen, and bounty hunters—will be published for community review. Although there’s no formal appeal process, users will have a 24-hour window to report errors or omissions in cluster identification.
This transparent yet firm stance underscores LayerZero’s commitment to fair distribution—a crucial factor given its role as a cross-chain interoperability backbone.
OP Mainnet Deploys Fault Proofs for Trustless Withdrawals
OP Labs has successfully implemented fault proof technology on the OP mainnet, enabling users to withdraw ETH and ERC-20 tokens without relying on trusted third parties. This advancement enhances security by allowing challenges to incorrect state transitions, ensuring rollup integrity.
The system includes an Optimism Security Council that can intervene during emergencies—such as halting withdrawals or resetting requests—preserving network stability when faults are detected.
This upgrade paves the way for broader adoption across the OP Stack ecosystem, including chains like Base, Metal, Mode, and Zora, all of which will inherit these improved security features.
Polygon Unveils $1B Community Grants Program
Polygon Labs has launched its Community Grants Program (CGP), unlocking 1 billion POL tokens over ten years—approximately 100 million per year—to support builders on the network.
The first phase opens today, allocating 35 million MATIC (now POL) to qualifying projects. Applications are open until August 31, 2024.
This initiative stems from community-driven governance decisions aimed at decentralizing development incentives. All funds come from the newly established Community Treasury, reinforcing Polygon’s shift toward long-term, builder-centric growth.
Curve Founder Loses $100M+ in CRV Liquidations
On June 13, Michael Egorov, founder of Curve Finance, began experiencing massive liquidations after his CRV-backed loans fell below health thresholds. Approximately 100 million CRV (worth ~$27M) has already been liquidated.
Egorov still holds 39.35 million CRV as collateral, backing $5.4M in stablecoin debt, but this position is now above the liquidation threshold and considered safe—for now.
A spokesperson attributed the cascade to the UwU Lend exploit on April 15, where hackers deposited stolen CRV into LlamaLend, leaving bad debt across lending platforms. This triggered broader deleveraging across protocols using similar collateral models.
Data shows CEX holdings of CRV surged 78% to 624 million tokens on June 13—the highest ever—indicating both liquidation inflows and possible panic selling.
Uniswap Acquires 'Crypto: The Game' for Expanded Web3 Engagement
Uniswap Labs has acquired the popular survival game Crypto: The Game (CTG) in an undisclosed deal involving cash, tokens, and equity. Founders Dylan Abruscato, Tyler Cagle, and Bryan Lee will join Uniswap to co-develop Season 3 and explore new interactive crypto experiences.
This move signals Uniswap’s ambition to bridge DeFi utility with mass-market engagement through gamification.
SushiSwap Affirms DAO Continuity Amid Restructuring
Following confusion after the launch of Sushi Labs, SushiSwap clarified that:
- The Sushi DAO remains active and in control
- The protocol stays permissionless
- Revenue continues flowing to xSUSHI stakers
A new governance structure is being adopted, including councils for:
- High-level strategy (Senior Kitchen)
- Treasury management
- Grants
- Ambassador programs
Sushi Labs will focus on accelerating product development while respecting decentralized governance.
MetaMask Launches Pooled Staking for Small ETH Holders
MetaMask now supports pooled Ethereum staking, allowing users with less than 32 ETH to participate and earn rewards. While its fee is set at 15%—higher than Lido’s 10%—Consensys argues users prioritize security and net yield over cost.
This lowers entry barriers and expands access to staking rewards within self-custody environments.
Arthur Hayes Joins Covalent as Strategic Advisor
Arthur Hayes, co-founder of BitMEX, has joined blockchain data provider Covalent as a strategic advisor. He’ll help develop the “Ethereum Time Machine”—a modular infrastructure solution designed for permanent data storage and re-execution of historical blob data.
The project aims to enhance long-term data availability and support decentralized AI applications on Ethereum.
UniSat Hits Record User Growth After BRC-20 Airdrop
On June 8, UniSat Wallet saw a record 9,600 daily active trading users, driven by its recent airdrop of the five-letter BRC-20 token PIZZA. The marketplace reclaimed over 40% share of Ordinals trading volume, signaling strong user re-engagement fueled by meme-driven incentives.
Frequently Asked Questions (FAQ)
Q: When will the LayerZero (ZRO) airdrop occur?
A: Based on official hints, the ZRO token airdrop is expected around June 20, 2024.
Q: Why was zkSync’s airdrop controversial?
A: Users felt allocations favored insiders and large actors due to complex point rules and limited transparency, leading to accusations of unfair distribution.
Q: Can I stake less than 32 ETH with MetaMask now?
A: Yes—MetaMask’s new pooled staking allows any amount of ETH to be staked collectively.
Q: What caused Curve’s founder’s liquidation?
A: A chain reaction from the UwU Lend exploit led to cascading devaluations in CRV-backed loans, triggering automatic liquidations.
Q: Is SushiSwap shutting down its DAO?
A: No—the Sushi DAO remains fully operational and retains governance authority over the protocol.
Q: How does Polygon’s new grants program work?
A: Over ten years, 1 billion POL will be distributed annually (~100M/year) to developers building on Polygon via a community treasury.
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Keywords: zkSync airdrop, LayerZero ZRO token, Curve CRV liquidation, Polygon community grants, MetaMask staking, Uniswap CTG acquisition, SushiSwap DAO