Top Crypto News: Cosmoverse, Cardano, ZkSync Updates

The ZkSync ecosystems first governance proposal was posted on the ZK Nation forum last week. It announced the Ignite program, which is expected to allocate 325 million ZK tokens to establish a DeFi liquidity hub.

“The ZKSync Ignite program, authored by Merkyl, requests 300,000,000 ZK tokens from the ZK Nation token assembly to distribute to DeFi users over 3 seasons, totaling 9 months. The proposal requests an additional 25,000,000 ZK tokens to cover administrative costs and includes a buffer for unforeseen circumstances,” ZKSync said.

BeInCrypto data values the 325 million ZK tokens at $47 million, based on the current rate of $0.1448. as investors and stakeholders view this as a positive development.

Specifically, the overall sentiment surrounding the ZK token is likely to be bullish in the coming weeks. As liquidity continues to play a crucial role in the market, the establishment of a dedicated hub on the Elastic Chain could attract new users and enhance the utility of the ZK token within the ecosystem.

2024 Cardano Summit in Dubai

The Cardano Summit will take place Wednesday and Thursday in Dubai. The agenda includes topics like crypto adoption in the UAE, focusing on innovation and industry advancements.

Dubai, known as a top crypto hub, is the ideal host, reinforcing its commitment to blockchain integration. Over 10,000 attendees will join in person and virtually to celebrate the growth of Cardanos ecosystem.

The 2023 Cardano Summit was bullish for the ADA token, providing tailwinds for the price to shatter a critical resistance. If history repeats, the event could see ADA sidestep risks of a 21% drop amidst ongoing uncertainty.

A strategic announcement from the Sushi ecosystem highlights this week‘s top crypto news. Jared Grey, a builder at Sushi Labs, teased an upcoming announcement. He invited protocols and builders to integrate with Sushi’s APIs and hinted at a strategic move that will introduce new DeFi primitives to Automated Market Makers (AMM) and perpetual swaps.

“Well announce a strategic acquisition very shortly, allowing us to bring innovative DeFi primitives built in stealth to the AMM and perpetuals vertical, too,” Grey wrote.

Grey remains optimistic about Sushi‘s future, emphasizing that this is just the beginning of the platform’s growth and innovation.

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