Welcome to the protocol, the weekly conclusion of Coindesk of the most important stories in the development of cryptocurrency technology. I am Margaux Nijkerk, Tech & Protocols de Coindesk reporter.
In this number:
- Polyedra blames liquidity attacks due to a sudden 80% fall in ZKJ, promises repurchase
- Startup Optalsys from the United Kingdom debuts Blockchains server
- Kraken’s back ink base for airdrop ink ink, starting with a liquidity protocol with AVE Motor
Network news
Polyhedra blames liquidity attacks due to the fall in the price of Token, the Liberation Repurning Plan: Polyhedra, a cryptographic protocol, announced a repurchase plan to restore trust after its token, ZKJ, collapsed more than 80% in minutes. An initial Mortem Post published in the Asian morning hours established several factors that resulted in the collapse, including an alleged coordinated liquidity attack against the ZKJ/Koge group of Pancakes, ZKJ substantial deposits by the Wintermute market company in centralized exchanges and a cascade of liquidations in CEXs such as Bybit. The data in the chain reveal that several addresses had exhausted millions of the ZKJ/Koge group. One eliminated around $ 4.3 million in liquidity supplier tokens (LP) and showed 1.57 million ZKJ; Others continued, downloading about 1 million ZKJ each. When the shallow/USDT pool could not absorb the sales pressure, the activity spilled in the ZKJ/USDT pool deeper, which caused a spiral of liquidity, the equipment said. To stop the bleeding, the poliedra team injected approximately $ 30 million in USDT, USDC and BNB as Liquidity DEX. He added that ZKJ holdings belonging to the team were not sold. Polyedra affirms that he is carrying out a complete technical investigation, and his next repurchase initiative aims to compensate for the impact of the attack and determining similar future feats. – Shaurya Malwa Read more.
Optalysis presents servers for blockchains: Optalyys, a startup based in the United Kingdom focused on safe computing, has introduced what it claims to be the first server in the world for blockchains that can process data at a scale without deciphering it. The firm’s lightlocker node is a server that uses fully homomorphic encryption (FHE), a mathematical technique that allows calculations in encrypted data without compromising encryption. The last year has seen a couple of companies raising money and exploring FHE requests within the cryptocurrency space. Optalysys says that its server hardware is specially designed for blockchain encryption, and offers a cheaper alternative to costly and inefficient GPU -based systems, using 40% less energy. – Ian Allison Read more.
Ink Foundation to Airdrop Token: The Ink Foundation, the non -profit organization behind Layer 2 Ink, is launching its native token ink in an attempt to start the capital markets in the chain through a first liquidity strategy. The Token will debut on a loan and trade of decentralized finance (DEFI) based on AAVE, and the distribution will begin through an Airdrop for the first users. There will be no governance tricks or fluctuating emissions schedules, said the Foundation. The ink has a hard lid of one billion tokens coined, without resorting to change the supply through governance proposals. And unlike other superchain members, Ink says that his governance of layer 2 will remain separated from the file. – Shaurya Malwa Read more.
In other news
- A presentation of the Bag and Securities Commission (SEC) published on Monday night describes the relationship between Tron Dao, Justin Sun and SRM Entertainment, a Nevada company in the process of changing its name to Tron Inc. The details of the presentation of a private investment agreement of $ 100 million in the public equity agreement (pipe), completely paid in TRX tokens, which gives Sun’s Father, Weike Sun Sun, Control of the Board and Control of Little Positions in the Advisors of Reachianse Reachive. Weike was appointed president, while Zhihong Liu, also known as Steve Liu, a strategic Tron DAO advisor and the CEO of the stablecoin techteryx, and Zi Yang issuer, and Zi Yang, a senior tronscan executive, joined the audit, compensation and nomination committees of the Board, according to the presentation. – Sam Reynolds Read more.
- The American bank giant JPMorgan has announced the pilot of a USD deposit token permission called JPMD at the base, the Ethereum Layer 2 network built by the Exchange Coinbase (Coin) list. Earlier this week, the Bank submitted a registered brand application for a cryptographic -centered platform called JPMD, designed to offer services such as negotiation, exchange, transfer and payment services for digital assets, as well as the issuance of digital assets. The Institution -centered JPMD, an alternative to Stablecoins for bank customers, marks the first deployment of the JPMorgan Ledger Ledger Technology Study in a public block chain, according to a press release. – Ian Allison Read more.
- The exchange of Iranian cryptocurrencies Nobitex has been pirated for $ 90 million by the piracy activist group linked to Israel Gonjashke Darendand, according to a blog post of the Blockchain Elliptic security firm. The group said in an X position: “After Bank SEPAH, it was Nobitex’s turn,” referring to his cyber attack on Tuesday at Iran’s state lender. They warned that internal data and noblex source code would be published in one day, and any asset that remains in the exchange would be “at risk.” – Shaurya Malwa Read more.
Regulatory and political
- The overwhelming bipartisan approval of the Stablecoin bill of the United States Senate, with a final vote of 68-30 that saw a large wave of Democrats to join their republican counterparts on Tuesday, establishes a new brand of high brand of cryptographic policies in the United States as the legislation now addressed to the House of Representatives. The main democratic support for the National Innovation Law for National Innovation for the United States of 2025 (genius) helps give impulse as it lands in the other Chamber, where the legislators of the House of Representatives can vote as written or pursue changes that will require a final round in the Senate before you can go to the desk of President Donald Trump. – Jesse Hamilton Read more.
Calendar
- June 8-22: Berlin Blockchain Week, Berlin
- June 24-26: Without permission, Brooklyn
- June 30 to July 3: Ethcc, Cannes
- July 16-18: Web3 Summit, Berlin
- September 22-28: Korea Bloquchain Week, Seoul
- October 1: Token2049, Singapore
- November 17-22: Devconnect, Buenos Aires
- December 11-13: Solana Breakpoint, Abu Dhabi
- February 10-12, 2026: Consensus, Hong Kong
- May 5, 2026: Consensus, Miami
