Aave Token Holders Vote on Proposals to Disable CRV Borrowing and Reduce Liquidation Threshold
The newly launched zkSync Era blockchain is seeing brisk activity as value locked on the network crossed $100 million this past weekend amid a flurry of new token releases. Data from L2Beat shows over $69 million worth of ether (ETH) and nearly $30 million in USD coin (USDC) stablecoins have been locked on zkSync. The amount is likely distributed among several zkSync-based projects for purchasing ecosystem tokens or providing liquidity to exchanges on the network. The value locked on zkSync has climbed to over $100 million. More than 3.3 million transactions have been conducted on the network since it went live on March 24. The network can process 4.4 transactions per second. The network supports 'ZK rollups,' which are a type of blockchain scaling system based on cryptography known as zero-knowledge proofs. These features are seen as a key advance in speeding up blockchain transactions and reducing the cost of network activity. Populating the zkSync ecosystem are decentralized-finance tokens, which power lending, trading, and borrowing services, and meme coins fashioned after the popular Shiba Inu dog breed. DefiLlama data shows that decentralized exchanges SyncSwap and Mute hold over $30 million in locked tokens. Mute's native MUTE tokens have a market capitalization of $47 million. SyncSwap hasn't issued tokens as of early April. Over $19 million is locked on SyncSwap's liquidity pool for USDC and ether - which is paying annualized yields of 46%, or one of the highest figures in the crypto market as of Monday. As such, meme coins are making a mark as well. DEXScreener data shows tokens such as ZKDoge, ZKInu, and ZkSync SHIB have attracted millions of dollars in trading volumes since their recent launches. Traction on these meme-coin tokens has been tepid so far, with highly volatile prices and market capitalizations of under $5 million. Some say the zkSync launch has been muted relative to the hype, however. 'The recently launched zkSync Era mainnet is a sign that the evolutionary trend in the overall blockchain ecosystem is unimpeded; however, the low number of projects building on it is a sign that the Web3.0 world isn't fully prepared to welcome this innovation for now,' Maia Benzimra, head of institutional marketing at SpoolDAO, said in a Telegram message. Benzimra added that adoption may surge quickly as and when more innovative projects are built for users. 'The trend can change within the twinkling of an eye when innovative products building solutions that address the core needs of users are designed and launched. zkSync is notably a major upgrade for addressing the scalability of the Ethereum protocol, and in no time, it is bound to find its rhythm and carve out a functional niche for itself in the ecosystem.' Edited by Parikshit Mishra.Hector Network's community is debating whether to adopt a more centralized structure, HIP 40, which would include a management board, directors, and supervisors. The proposal is met with skepticism from some HEC token holders who fear it would dilute their influence over the DAO. The lawyer behind the proposal, Dali, argues that a professional organization with expertise in specific areas is needed for the DAO to succeed. However, some critics view the plan as antithetical to the decentralized, democratic principles of DAOs. The debate highlights the challenges DAOs face in balancing decentralization with the need for professionalism and expertise to compete with centralized corporations.Coco, a new crypto casino inspired by the Milady NFT project, has made a cracking debut on the Ethereum blockchain. According to etherscan data, the platform's native token (COCO) has surged to 8 cents, giving it a market capitalization of $8.8 million. The casino has already hit $36 million in transaction volume in the first 12 hours after its release. nnThe platform features a slot machine focused on popular memecoins pepe (PEPE) and dogecoin (DOGE), as well as three traditional casino table games in blackjack, baccarat, and casino hold'em. Coco brands itself as 'provably fair,' using the SHA256 algorithm to ensure that each game is tamper-proof. nnThe success of Coco has also had an impact on other crypto casinos, with Rollbit's native token (RLB) rising to 7 cents from 2 cents. The stable market this month has led to increased traction for crypto casinos like Rollbit and Coco. nnHowever, VanEck CEO Gabor Gurbacs does not think that Bitcoin ETFs will be approved by the SEC in May. He believes that the 'dominant narrative' driving Bitcoin's 2024 rally is not the ETFs, but rather the increasing adoption of cryptocurrencies and the growth of decentralized finance. nnMeanwhile, the supply of inactive Bitcoin for a year has dropped to an 18-month low, according to Glassnode. This could be a sign that the current Bitcoin rally may continue after the halving. nnIn other news, Eisenberg's $110 million fraud trial has opened, and the Foundation for the Study of Innovative Technologies (FSI) has called for consistency in stablecoin regulation. nnAs the wider crypto market continues to stagnate with a lack of volatility, crypto traders are frequently turning their attention to on-chain betting platforms like last week's phenomenon; hamster racing. The success of Coco and Rollbit suggests that crypto casinos may be the next big thing in the cryptocurrency space.