The Reversal of the Reversal? 🇺🇸🏛️
In today’s edition: 🔥 Matter Labs abandons "ZK" trademark plans, 🚨 Linea halts block production, ⚔️ Bridge Wars? Founders clash over cheapest bridge, 🚀 Pump.Fun hits new revenue high, and more!
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What’s Poppin’?
by Sage Young and Sam Sriram
President Biden Vetoes SAB121 Repeal
U.S. President Joe Biden said he would not support “measures that jeopardize the well-being of consumers and investors” after vetoing a resolution that would have overturned the SEC’s controversial staff accounting bulletin (SAB)121.
Consensys’ Linea Briefly Halts Block Production After $6.8 Million Velocore DEX Exploit
Consensys’ zkEVM network Linea paused block production for around an hour to prevent additional funds from being bridged out after a DEX built on the network was exploited for around $6.8 million worth of ether.
Matter Labs Drops All ‘ZK’ Trademark Applications After Being Slammed for ‘Oppressive Behavior’
Matter Labs has decided to drop all trademark applications for the term “ZK” after several industry leaders took issue with the entity trying to use the legal system “to claim a public good for itself.”
Which Bridge Is Cheapest? Founders of Across Protocol and LayerZero Labs Clash
A dispute has arisen regarding what bridge has the cheapest transaction fee in DeFi, with Hart Lambur, co-founder of the interoperability protocol Across, referring to the situation as “Bridge Wars.”
Memecoin Deployer Pump.Fun Breaks Daily Revenue Record for 4th Time in May
Out of its cumulative revenue generated of nearly $29 million, $1.48 million of it came in the last 24 hours, a new record for the Solana-based platform.
Polymarket Volume and Active Traders at All-Time Highs Due to Presidential Election
The five most liquid markets on Polymarket, all focused on US political outcomes, have seen speculators wager a combined total of $234.1 million.
Daily Bits… ✍️✍️✍️
👤 Former Binance CEO Changpeng Zhao started his four-month sentence in a low-security federal prison.
🌐 Ethena Labs' stablecoin USDe reached a $3 billion supply just four months after its launch, becoming the fastest USD asset to hit this mark, according to its founder.
📉 Uniswap postponed the “fee switch” protocol upgrade vote meant to introduce staking rewards for UNI holders, citing the need for further review of a newly raised issue, causing UNI's price to drop by 9%.
💻 Japanese crypto exchange DMM Bitcoin suffered a $305 million hack, losing 4,502.9 BTC. The exchange has taken measures to prevent further unauthorized outflows and will guarantee the stolen amount by procuring bitcoin equivalent to the outflow amount with the support of the group companies.
Today in Crypto Adoption...
🔒 The US Navy seeks private sector partners to further develop its PARANOID blockchain security system, originally designed to protect software during development and deployment.
What Do You Meme?
📈 Your Market Update 📉
BTC is up 2.5%, trading at $69,222
ETH is up 1%, trading at $3,820
BTC dominance: 50.21%
Crypto market cap: $2.7T
*All data as of today, 06:20 am ET. Source: CoinGecko
Recommended Reads
CoinDesk: Crypto Can't Be Regulated by Current US Regulators
The Defiant: Bitcoin Ordinals Crash as Runes Rally
DL News: How crypto founders are preparing for the next bear market
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