This Week in Crypto: Trump Nominates Former SEC Director, Pi Network Continues to Spark Controversy, Zora Airdrop Stirs Up the Community, and PancakeSwap's New Developments
The crypto market continued to witness exciting developments over the past week, as legal factors, airdrop activities, and changes in tokenomics all created mixed opinions. Here are the most notable events of the week.
Jay Clayton Returns to the Spotlight in New Role Under Trump
Former SEC Chairman Jay Clayton, who sued Ripple in the historic XRP case, has been nominated by former President Donald Trump as Acting United States Attorney for the Southern District of New York (SDNY). The move comes as Trump is gradually rebuilding a more crypto-friendly strategy ahead of the election.
Clayton controversially filed a lawsuit against Ripple shortly before leaving office in December 2020. His return to a senior legal role is expected to have a lasting impact on the US cryptocurrency regulatory landscape.
Pi Network Criticized by Community for Lack of Transparency in Mainnet Roadmap
Another hot topic this week was the community’s harsh reaction to Pi Network’s newly announced Mainnet roadmap. While expected to be a major step forward, the document lacked key details such as the number of pending Pioneers, daily processing capacity, and error verification process.
Many members questioned the authenticity of the system, finding inconsistencies between the claim that “all tokens were minted at genesis” and the mining operation that lasted for 6 years. Bybit CEO Ben Zhou also warned that Pi Network could be more dangerous than the popular meme coins today.
PI’s price on CoinGecko is currently hovering around $0.65, almost unchanged from last week.
Bitcoin Post-Halving Cycle Shows New Pattern
Unlike previous cycles, Bitcoin prices did not surge after the halving. Instead, BTC peaked in late 2024 thanks to the ETF effect, then entered a correction and accumulation phase. Analysts say this could be the first cycle that does not follow the typical parabolic pattern seen in the past.
PancakeSwap revamps CAKE tokenomics, sparking controversy in the community
PancakeSwap officially announced CAKE Tokenomics 3.0 on April 23, with major changes such as removing veCAKE, reducing emissions, and burning 5.3 million CAKE per year. Although considered a long-term step to strengthen real value, this decision was met with opposition from CakePie DAO - one of the largest holders of veCAKE.
To appease the crowd, PancakeSwap proposed a $1.5 million CAKE compensation package, and pledged to open a conversion channel for users if the proposal was approved. CAKE is currently trading at $2.12 – up nearly 10% in 24 hours.
Zora announces 1 billion token airdrop, listed on Coinbase
Zora Network made headlines when it suddenly announced an airdrop of 1 billion ZORA tokens (10% of total supply) to early adopters of the platform, without releasing a verification website or request form. The event caused a lot of confusion but also created a wave of excitement in the Web3 community.
ZORA tokens were listed on Coinbase shortly after – a sign of high expectations from this ecosystem, especially in the content and NFT space.
Conclusion
From regulatory changes to controversy surrounding Web3 projects, this week saw the crypto industry enter a period of transformation, with both challenges and opportunities intertwined. Investors are advised to continue to closely monitor updates and developments in the coming weeks.