LayerZero Token Price Drops Ahead of Fee Vote and Major Token Unlock Event

LayerZero's native token, ZRO, has dropped 2% in the past 24 hours and 17% in the past week, ahead of a major token unlock. The unlock, scheduled for June 20, 2025, will release $46 million worth of ZRO into circulation, accounting for 23.13% of the circulating supply. ZRO holders will also vote on activating a protocol fee, which, if passed, would use collected fees to buy back and burn ZRO tokens. The quorum for the vote is set at 50.40%, with a simple majority required for approval.

Eyenovia, a Nasdaq-listed ophthalmic technology company, has announced a significant strategic move into the digital asset space. On June 17, the company disclosed a $50 million private placement to acquire the native token of the Hyperliquid blockchain. This move will see Eyenovia rebrand as Hyperion DeFi and change its Nasdaq ticker to "HYPD" upon the closing of the offering, expected around June 20, 2025 [1].

The private placement involves the issuance of non-voting convertible preferred stock, convertible into approximately 15.4 million shares of common stock at a conversion price of $3.25 per share, along with warrants to purchase approximately 30.8 million common shares at the same exercise price. The conversion and exercise are subject to beneficial ownership limitations set by the investors [1].

As part of this strategic shift, Eyenovia will create a digital asset treasury based on HYPE, the native token of the Hyperliquid blockchain. The company aims to position itself as one of the top globally active validators for Hyperliquid by acquiring over 1 million HYPE tokens. Additionally, Eyenovia plans to implement a HYPE staking program, securing these assets through a partnership with Anchorage Digital [1].

The company's CEO, Michael Rowe, stated that this move is in the best interest of shareholders and positions Eyenovia to become the first U.S.-based publicly listed entity to hold HYPE in its treasury. Hyunsu Jung, appointed as the new chief investment officer and board member, expressed enthusiasm about leading this pioneering cryptocurrency treasury strategy [1].

Despite this strategic shift, Eyenovia remains committed to its existing ophthalmic business. The company will continue the development of its Gen-2 Optejet User Filled Device (UFD) and pursue commercial partnering discussions for its Optejet dispenser [1].

References:
[1] https://api.news.bitcoin.com/wp-json/bcn/v1/post?slug=50-million-gamble-or-genius-move-eyenovias-big-blockchain-bet