Weekly Project Updates: zkSync Nears Token Generation Event, LayerZero Reopens Sybil Bounty Applications Next Tuesday, Uniswap Advances Fee Conversion Plans, etc

May 25, 2024

1. Ethereum Pectra Upgrade Scheduled for Q1 2025 link

According to ETH Daily, the Ethereum Pectra upgrade is scheduled for the first quarter of 2025. This upgrade is expected to include EOF, PeerDAS, EIP-7702, among other proposals. Pectra encompasses the Prague upgrade for the execution layer and the Electra upgrade for the consensus layer. The final scope of the upgrade is still under discussion, with potential changes including the postponement of Verkle to the Osaka hard fork.

2. Solana to Release Full Version of Firedancer Upgrade in 2025 link

Kuleen Nimkar, Head of DePIN at the Solana Foundation, stated that Solana plans to release the full version of the Firedancer upgrade in 2025, with a “lite version” to be launched beforehand. This upgrade aims to enhance Solana’s overall reliability and scalability as network activity for decentralized infrastructure protocols continues to grow. Speaking about DePIN activities at DEFICON on May 23, Kuleen noted, “We are seeing a significant number of emerging deep projects doing everything.”

3. TheBlock: zkSync to Conduct TGE This Week and Airdrop on June 13 link

According to two insiders who spoke with The Block, ZkSync plans to conduct its Token Generation Event (TGE) this week, with the token issuance, including airdrops, occurring within 30 days post-TGE. The total supply of the token will be 21 billion. Internal messages seen by The Block indicate that ZkSync aims to airdrop tokens around June 13, ahead of the June 26 Blast token airdrop.

Cross-chain infrastructure Polyhedra Network claims that ZkSync is appropriating its rightful token name. The Polyhedra Network (ZK) token launched on OKX spot and OKX Jumpstart projects in March. Insiders previously noted that ZkSync intended to use “ZK” as its token name, but faced issues since Polyhedra Network had already claimed the name. They pointed out that ZkSync can still use “ZK,” emphasizing that Binance has not listed Polyhedra’s token. Additionally, Bybit has announced it will change the name of the Polyhedra Network token and will list ZkSync (ZK) on its spot market.

4. LayerZero: Sybil Bounty Applications Reopening Soon with 0.5 ETH Deposit link

LayerZero will reopen the sybil bounty report submissions on Commonwealth on May 28 at 8:00 UTC+8, and it will last for 48 hours. However, the new submission process will require a deposit. All bounty hunters must deposit 0.5 ETH to submit their reports. For addresses reported in good faith or successfully, the deposit will be refunded after the Token Generation Event (TGE). Reports that involve theft of others’ work, fraud, lack of methodology, or spam will result in the deposit being forfeited and burned.

Previously, on May 19, LayerZero initiated an appeal process for the initial sybil list, requiring wallet information to be signed. On-chain data shows that as of May 25, there have been over 150,000 verified signed messages, which may correspond to more than 150,000 wallets marked as sybil appealing their status. This number represents about 19% of the initial sybil list addresses (803,093), and the number of appeals is likely to continue growing.

5. StarkWare Unveils zkEVM for Starknet link

StarkWare, the primary developer behind Starknet, has announced the launch of a new zero-knowledge rollup (zkEVM) named Kakarot, compatible with the existing Ethereum infrastructure. Kakarot has entered the testing phase and will be made available through the Starknet Stack, a suite of software tools designed to enable developers to easily create custom application chains. While Starknet already features a zero-knowledge virtual machine (zkVM) utilizing the Cairo programming language, the introduction of zkEVM will allow developers to use Solidity, the commonly used programming language for Ethereum smart contracts.

6. Uniswap Foundation Continues to Advance Fee Conversion link

Uniswap is scheduled to conduct an on-chain vote on May 31 to lay the groundwork for autonomous fee collection and distribution. UNI token holders who wish to participate in this vote must delegate their tokens before this date. Despite receiving a Wells notice from the U.S. Securities and Exchange Commission, the Uniswap Foundation is continuing to advance its fee conversion initiative.

7. Swell: TGE Expected in the Coming Weeks link

The liquid staking protocol Swell announced on Twitter that it is making final preparations for its TGE, including auditing the rswETH withdrawal process to ensure an orderly redemption. Due to the uncertainty of the audit results and a strong emphasis on security, the exact date of the TGE remains undetermined but is expected to occur in the coming weeks. In light of the TGE delay, Swell has increased the token allocation for Season 1 (The Voyage) from 7% to 8%.

8. Bitcoin Layer 2 Network Bitlayer Announces Two-Week Mining Gala Event link

Bitlayer, the Bitcoin native Layer 2 network, has announced the upcoming launch of its Mining Gala, a two-week event scheduled from May 27 to June 10. This event, organized in collaboration with seven projects including Lorenzo, Bitsmiley, Avalon, Bitcow, Pell, Enzo, and Bitparty, involves a token airdrop with rewards totaling $23.24 million. Most of these projects are expected to conduct their Token Generation Events (TGE) within 1–2 months.

Additionally, the seven projects have committed to distributing 100% of the airdrop rewards obtained from the Bitlayer Dapp leaderboard competition directly to users.

9. Telegram to Launch New Currency ‘Stars’ on June 12 link

Rozetked reported that Telegram plans to launch a new currency called Stars on June 12 to comply with Apple App Store’s requirements for in-app payments. Stars will be used to facilitate purchases within Telegram’s bots and mini-applications. Developers will have the option to withdraw Stars as TON, and several developers have already been notified about this change. Previously, Telegram received warnings from the App Store for not utilizing Apple’s internal purchasing mechanism for payments.

10. Binance Megadrop Launches Second Project Lista (LISTA) link

Binance Megadrop is launching the second-phase project Lista (LISTA). Lista (LISTA) operates as a liquidity staking and decentralized stablecoin protocol. The token has a maximum supply of 1,000,000,000 LISTA, with an initial circulating supply of 230,000,000 LISTA (23% of the maximum supply), and a total Megadrop allocation of 100,000,000 LISTA (10% of the maximum supply). Binance plans to list LISTA after the completion of Megadrop, with specific details regarding the listing to be announced separately.

Wu Blockchain

Discussion about this post