Welcome to the protocol, the weekly conclusion of Coindesk of the most important stories of the technological development of cryptocurrencies. I am Margaux Nijkerk, reporter Tech & Coindesk Protocols.
In this issue:
- Polyhedra blame liquidity attacks for a sudden price of 80% of ZKJ, promises a takeover
- The British startup Opestalyys made its debut for the blockchains server
- Ink Foundation to support Kraken to Airdrop Ink Token, starting with a liquidity protocol powered by Aave
Network news
Polyhedra blame liquidity attacks for the drop in the price of tokens, publishes a buyout plan: Polyhedra, a crypto protocol, announced a buyout plan to restore confidence after its token, ZKJ, fell by more than 80% in minutes. A first post-mortem released during Asian morning hours presented various factors resulting in collapse, including a supposed liquidity attack coordinated against the Pool ZKJ / Koge of Pancakeswap, substantial ZKJ deposits by the Wintermute market company in centralized exchanges and a liquidation cascade on CEXs as Butbit. The data on the chain reveal that several addresses had drained millions of the Pool ZKJ / Koge. One deleted approximately $ 4.3 million in liquidity supplier tokens (LP) and dumped 1.57 million ZKJ; Others followed, discharging nearly a million ZKJ each. When the shallow Koge / USDT pool could not absorb the sale pressure, the activity spread in the deeper ZKJ / USDT pool, triggering a spiral of liquidity, said the team. To stem the hemorrhage, the Polyède team injected approximately $ 30 million into USDT, USDC and BNB as a dex liquidity. He added that no ZKJ holdings belonging to the team was sold. Polyhedra claims that he is carrying out a complete technical investigation, and his next redemption initiative aims both to compensate for the impact of the attack and to dissuade similar future exploits. – Shaurya Malwa Learn more.
Opalyysys made its debut on servers for blockchains: OPTalyysys, a STARTUP based in the United Kingdom focused on secure IT, introduced what it claims to be the first world server for blockchains that can process data on a large scale without deciphering it. The company’s Lightlocker node is a server that uses a fully homomorphic encryption (FHE), a mathematical technique allowing calculations on encrypted data without compromising encryption. Last year saw some companies raising funds and exploring FHE applications in cryptocurrency space. Opalyysys says its server equipment is specially designed for blockchain encryption and offers a cheaper alternative to expensive and ineffective GPU systems, using 40% less energy. – Ian Allison Learn more.
Ink Foundation in Token Airdrop: The INK Foundation, the non -profit organization behind layer 2 INK, launches its native token ink in an attempted bootstrap on the capital markets on the chain thanks to a strategy first in liquidity. The token will make its debut on a decentralized loan and trading finance (DEFI) protocol built on Aave, and the distribution will start via an air card to the first users. There will be no governance gadgets or fluctuating emission programs, the foundation said. Ink has a hard ceiling of 1 billion tokens struck, without recourse to change the offer via governance proposals. And unlike other members of Superchain, Ink affirms that his governance of layer 2 will remain separated from the token. – Shaurya Malwa Learn more.
In other news
- A deposit of the Securities and Exchange Commission (SEC) displayed Monday evening describes the relationship between Tron Dao, Justin Sun and SRM Entertainment, a company in Nevada changing its name in Tron Inc. The deposit details a private investment of $ 100 million in public actions (pipes), paid entirely in Trx Tokens, which gives the Sun of the Sun, and at the posts. Weike was appointed president, while Zhihong Liu, also known as Steve Liu, a strategic advisor to Dao and the CEO of Stablecoin from Techteryx, and Zi Yang, a manager superior to Tronan, joined the file, the remuneration of the board of directors and the appointment committees, according to the file. – Sam Reynolds Learn more.
- The American banking giant JPMorgan announced the pilot of an authorized USD deposit token called JPMD on the base, the Ethereum network of layer 2 built by the Coinbase Coinbase (corner). Earlier this week, the bank filed a brand request for a platform focused on the crypto named 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 JPMD focused on the institution, an alternative to stablecoins for bank customers, marks the first deployment of the technology studio from the big book distributed Kinexys de JPMorgan on a public blockchain, according to a press release. – Ian Allison Learn more.
- The Iranian crypto exchange Nobitex was hacked for $ 90 million by the group of hacking activists linked to Israel, Gonjeshke Darande, according to a blog article from the Safety Blockchain Elliptic Society. The group said in a post X: “After the Bank SEPAH, it was Nobitex’s turn”, referring to their cyber attack on the Iranian state lender on Tuesday. They warned that the internal data and Nobitex source code would be published in a day, and that any active in exchange would be “at risk”. – Shaurya Malwa Learn more.
Regulation and Policy
- The overwhelming bipartite adoption of the Stablescoin bill of the American Senate, with a final vote of 68-30 which saw Tuesday a huge wave of democrats will join their republican counterparts, while the legislation is now heading to the House of Representatives. The main democratic support for the guidance law and establishing national innovation for the American staboins of 2025 (genius) helps to give it a momentum while it landed in the other chamber, where the legislators of the room can either vote on it as written or pursue changes that will require a final turn to the Senate before it could go to the office of President Donald Trump. – Jesse Hamilton Learn more.
Calendar
- June 8-22: Berlin Blockchain Week, Berlin
- June 24-26: without permission, Brooklyn
- June 30-July 3: ETHCC, Cannes
- July 16-18: Web3 summit, Berlin
- September 22-28: Korea Blockchain Week, Seoul
- October 1-22: Token2049, Singapore
- November 17-22: DevConnect, Buenos Aires
- December 11-13: Solana Breakpoint, Abu Dhabi
- February 10-12, 2026: consensus, Hong Kong
- May 5-7, 2026: consensus, Miami
