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Good Morning!

The much-anticipated zkSync airdrop is finally live. Also, we share Tether co-founder’s predictions for the next wave of crypto ETFs, and a detailed look at the rising popularity of the TON blockchain.

Plus, we dive into Solana's growing influence in the DePin sector and the exploits of the MEV bot 'arsc'.

Let’s jump in. 👇️ 

Markets

ZKsync airdrop is live (2 minute read)
The ZKsync airdrop is finally alive, airdropping over $1 billion to users. Check if you’re eligible.

Tether Co-Founder Predicts Next ETFs After Bitcoin, Ethereum (3 minute read) 
The approval of spot Bitcoin and Ethereum ETFs in the U.S. is just the beginning, according to Tether co-founder William Quigley. He predicts a surge in ETFs for other top cryptocurrencies like Solana and Cardano, fueled by Wall Street's insatiable quest for profit."Wall Street is driven by greed," Quigley remarked. "When a new product proves successful, imitators will follow. The existence of Bitcoin ETFs proves their success."

He noted that Wall Street is always eager to promote the latest trend to consumers. If interest wanes, ETF providers will pivot to the next emerging opportunity. "We'll keep seeing new ETFs until a significant market downturn," Quigley added. "At that point, firms will likely shut down some ETFs due to reduced demand."

The SEC’s January approval of spot Bitcoin ETFs marked a major step in bringing cryptocurrencies into mainstream financial markets.

Tech

TON blockchain’s TVL surges above $600 million to set record high (3 minute read)
The Open Network (TON) blockchain saw its total value locked (TVL) surge to $609.78 million on Monday, as reported by DefiLlama, doubling from $300 million just three weeks ago.

DefiLlama data indicates that many of the top 10 protocols on TON experienced significant TVL growth over the past week. DeDust, a decentralized exchange liquidity pool on TON, saw a 53% increase, reaching nearly $300 million. Smaller protocols like bemo, Stakee, and EVAA also recorded double-digit growth during the same timeframe.

The TON blockchain has gained traction as Telegram's preferred Web3 solution. Telegram, a widely used messaging app with over 900 million users, has integrated TON, boosting its popularity through various play-to-earn mini-games available on the platform. Games like Notcoin, Yescoin, and Hamster Kombat, which reward players with tokens, have further driven the network's growth.

DePin Projects Thrive on Solana (3 minute read)
Solana, known for its vibrant meme coin ecosystem, is also becoming a hub for Decentralized Physical Infrastructure Network (DePin) projects, according to Syndica's latest report. The platform is emerging as a leader in the DePin sector, especially in decentralized GPU marketplaces within the Compute Data AI domain, creating a dynamic microeconomy around computational resources.

Key players like io.net (IO), Render (RNDR), and Nosana (NOS) are gaining traction with their GPU power. Io.net saw a surge in users thanks to its innovative rewards program. Render has grown its GPU operators twelvefold, strengthening its position in decentralized computing.

Render’s technology, integrated into Apple’s latest iPad Pro via Octane X, showcases the potential of decentralized networks in digital content creation, providing Hollywood-grade CGI to millions of users.

Nosana also recorded a fivefold increase in inferences, hitting an all-time high in May, demonstrating the scalability of decentralized infrastructures.

In wireless tech, Helium's innovative decentralized network approach has thrived since migrating to Solana. Helium's $20 mobile phone plan boosted subscribers to over 93,000, illustrating the economic and practical benefits of decentralized wireless networks.

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Misc

MEV bot ‘arsc’ rakes in $30m from Solana users in two months (2 minute read)
In just two months, the notorious MEV sandwich bot "arsc" amassed approximately $30 million by exploiting Solana users through MEV attacks. MEV sandwich attacks involve strategically placing transactions around a victim's transaction to manipulate prices for profit.

The attacker buys the victim's tokens at a price below market value and sells them within the same block at a profit. On June 15, Ben Coverston, founder of cryptocurrency firm MRGN Research, exposed the activities of "arsc," highlighting its secretive exploitation of unsuspecting Solana users.

These MEV sandwich bots utilize sophisticated algorithms to identify and exploit profit opportunities. Similar exploits have been observed on Ethereum. For instance, an MEV arbitrage bot operator named 2Fast earned $1.8 million from a single transaction bundle earlier this year. 2Fast's bot transformed an initial investment of 703 SOL, valued at about $70,000, into an impressive 19,035 SOL, worth roughly $1.9 million.

ZkSync defends Sybil measures as Binance offers own ZK token airdrop (3 minute read)
The Ethereum layer-2 scaling platform zkSync has been actively defending its criteria for the zkSync (ZK) token airdrop, which released this morning.

In an FAQ document updated on June 15, ZK Nation addressed 15 key questions, clarifying why certain groups were eligible for the token airdrop while others were not. In response to community concerns about the ZK token distribution, Binance announced its own ZK airdrop for those ineligible for the official one on June 17. The exchange plans to distribute 10.5 million ZK tokens to over 52,000 users.

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