Weekly Preview | Jupiter launches JUP token; dydx (DYDX) will unlock 33.33 million tokens, worth nearly 90 million US dollars.

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Highlights Preview

  • Google will update its cryptocurrency advertising policy starting from January 29
  • Sepolia will fork on January 30
  • UniSat whitepaper will be released on January 31
  • Frame will launch its mainnet and token on January 31
  • Jupiter will launch the JUP token on January 31
  • dydx (DYDX) will unlock approximately 33.33 million tokens worth about $90 million at 8:00 am on February 1

January 29

Regulatory Policies:

The US is expected to release quarterly refinancing announcements on January 29

As the decision of the US Securities and Exchange Commission (SEC) on Bitcoin ETF becomes clearer, the focus of the cryptocurrency market may shift to the quarterly debt plan of the US Department of the Treasury. The debt and deficit have surged in the post-COVID era, generating more interest than usual in the detailed description of the demand for three-month borrowing and the scale and term of bond auctions.

Exchanges:

Huobi Korea will terminate virtual asset trading services on January 29

Huobi Korea announced the termination of local virtual asset trading services on January 29, 2024, citing the current industry environment. It will continue to support customers in withdrawing assets (Korean won and virtual assets) until all customer assets are withdrawn.

Project Updates:

dYdX is expected to upgrade the protocol software on dYdX Chain to v3.0 on January 29

The proposal to upgrade the protocol software on dYdX Chain to v3.0 has been approved with a voting rate of 88.5%, with an approval rate of 98.9%. The upgrade will be executed at block 7,147,832, expected to be created on January 29 at 17:46 (UTC time).

Google will update its cryptocurrency advertising policy starting from January 29

Google announced that from January 29, 2024, advertisers providing Cryptocurrency Coin Trust positioning ads in the US will need to be certified and meet specific requirements set by Google. The updated policy will not be limited to the US and will apply to all accounts promoting cryptocurrency trusts globally. In the event of violations, Google will issue warnings to violators at least 7 days in advance, and failure to comply may result in account suspension.

Magic Eden may officially launch a multi-chain wallet on January 29

NFT marketplace Magic Eden released a teaser video with the caption "Monday," featuring a multi-chain wallet with the Magic Eden icon, as well as icons for Bitcoin, Ethereum, Solana, and Polygon, hinting at the potential official launch of its multi-chain wallet on January 29.

Jupiter co-founder's meme coin WEN is now available for claiming, continuing until January 29

Meow, co-founder of Jupiter, a decentralized exchange aggregator on Solana, has made the meme coin WEN available for claiming. The claiming period will continue until January 29.

January 30

Project Updates:

Starknet's derivative protocol ZKX mainnet will go live on January 30

The derivative trading protocol ZKX on StarkNet announced that its mainnet will go live on January 30. ZKX will also conduct the second phase of airdrop activities targeting users participating in OG Trade Clans and community activities. ZKX is a decentralized derivative trading platform based on zero-knowledge proofs, running on the second-layer scaling solution StarkNet on Ethereum.

Sepolia will fork on January 30

Ethereum core developer Tim Beiko summarized the latest Ethereum core developer execution layer meeting (ACDE), where consensus was reached to prepare a new software version by mid-next week. Sepolia will fork on January 30, and Holesky will fork on February 7, with a client announcement expected next week. The meeting also discussed EIP-7251, which proposes increasing the maximum effective balance from 32 ETH to 2048 ETH, and introducing EIP-7547, which includes lists.

EigenLayer plans to introduce three new liquidity staking tokens on January 30

The Ethereum staking protocol EigenLayer will introduce three new liquidity staking tokens (LST) on January 30 at 04:00 Beijing time: Frax Ether (sfrxETH), Mantle Staked Ether (mETH), and Liquid Collective Staked Ether (LsETH). EigenLayer will reopen, allowing re-staking with an existing limit of 200,000 ETH for each LST.

Lens will discontinue V1 API on January 30, 2024

Decentralized social protocol Lens Protocol announced that Lens API V1 will stop writing and switch to read-only mode during the upgrade, and will cease service after January 30, 2024.

Innovative social platform Socrates will normalize Web3 Odd Talks and hold the 9th event on January 30

Combining Social-Fi with Game-Fi, the world's first Web3 "debate to win points" platform Socrates announced the normalization of Web3 Odd Talks as regular events. The 9th Web3 Odd Talks event will be held on January 30 at 9:00 am Beijing time on the X platform. Socrates invites industry leaders to discuss the hottest and most urgent web3 topics, with the winning debate team eligible to share a prize pool of 30,000 USDT. Users watching online will have the opportunity to share a pool of 20,000 points, exchangeable at a 1:1 ratio for USDT.

Starknet plans to conduct stress testing on the Goerli testnet on January 30

Starknet community member @Starknet_OG posted on the X platform that Starknet plans to conduct stress testing on the Goerli testnet at 17:00 on January 30, Beijing time. The testing will last for several hours and may cause congestion on the Starknet Goerli testnet, resulting in long wait times for transaction execution on the testnet. Other networks, including the mainnet and Sepolia testnet, will not be affected.

Token Unlock:

Optimism (OP) will unlock approximately 24.16 million tokens, worth about $74 million, at 12:00 pm on January 30

January 31

Exchanges:

Cryptocurrency exchange Zipmex has ceased deposit and trading services in Thailand, normal withdrawals will be closed on January 31

According to a statement posted on its Facebook page, cryptocurrency exchange Zipmex has ceased deposit and trading services in Thailand to comply with the regulations of the Thai Securities and Exchange Commission. Withdrawals will be processed normally until January 31, 2024, after which customers will need to contact the exchange's customer support team for withdrawal assistance. Zipmex Thailand is facing penalties from the Thai Securities and Exchange Commission for allegedly abusing digital asset custody services and directing customers to the Singapore-based exchange Zipmex Pte, creating a conflict of interest.

Binance encourages users to convert rubles to other currencies before January 31, 2024

Binance will cease all Russian ruble (RUB) services on January 31, 2024. This decision follows Binance's announcement of exiting the Russian market and selling CommEX. Binance urges users to convert their RUB assets to other assets available on Binance before the service cessation, or convert RUB to cryptocurrencies, or withdraw RUB through their fiat partners.

Project Updates:

Base documents will no longer reference Goerli starting from January 31

Base announced key dates and information for migrating from Goerli to Sepolia. Specific dates include: January 19, 2024: Deposit functionality on the Base Goerli bridge will be temporarily suspended; January 31, 2024: Base documents will no longer reference Goerli; February 9, 2024: Base Goerli infrastructure (including the Base Goerli bridge user interface) will be shut down. Users are advised to transfer their testnet funds from the Base Goerli bridge to Ethereum Goerli before the infrastructure shutdown on February 9, 2024.

Binance Labs extends the application deadline for the 7th season of the MVB Accelerator Program to January 31

The application deadline for the 7th season of the MVB Accelerator Program has been extended from January 15 to January 31. According to previous news, the accelerator program focuses on AI-driven DApps, user-friendly SocialFi, full-chain games, digital identity and reputation protocols, content and data platforms using BNB Greenfield, and more.

UniSat whitepaper will be released on January 31

Bitcoin mnemonic wallet UniSat Wallet announced on the X platform that UniSat will follow the Ordinals Jubilee upgrade to confirm that brc-20 remains on Ordinals without splitting into an isolated protocol. Additionally, the UniSat whitepaper will be released on January 31, 2024.

Frame will launch its mainnet and token on January 31

The Ethereum L2 network Frame announced on the X platform that users who have traded NFTs and paid royalties on the Ethereum network in the past two years are eligible to claim the initial airdrop of FRAME tokens. The Frame mainnet and token will be launched simultaneously on January 31, 2024, and FRAME tokens will not be transferable until the next chapter begins. Additionally, Frame announced the completion of its initial financing, with Electric Capital and community members leading the investment, and angel investors and advisors including dingaling, 9GAG CEO Ray Chan, and Zagabond, founder of the Azuki project.

Jupiter will launch the JUP token on January 31

Meow, co-founder of the Solana ecosystem trading aggregator Jupiter, announced on Twitter that the protocol token JUP will be launched at 10:00 pm on January 31, Beijing time. Before the launch of JUP, the team plans to test the new release platform and finalize the whitepaper for the JUPITER final version.

Argent wallet will gradually reduce support for zksync Era starting from January 31, focusing on Starknet

A user on the X platform reported receiving an email from Argent. The smart contract wallet Argent will gradually stop supporting the zksync Era network and focus on Starknet. Specifically, starting from January 31, 2024, support for Argent's zkSync Era alpha accounts will begin to be reduced. No new features will be built for zkSync Era accounts. After January, users' zkSync Era alpha accounts will not be closed. However, with the reduction of zkSync Era infrastructure, performance will decrease. These changes will not affect the security of the accounts. Users are advised to transfer their zkSync Era assets from Argent to another zkSync Era wallet, such as Metamask, as soon as possible.

Token Unlock:

Sui (SUI) will unlock 4 million tokens, worth approximately $5.7 million, at 8:00 am on January 31

Nym (NYM) will unlock approximately 3.13 million tokens, worth about $600,000, at 8:00 am on January 31

February 1

Exchanges:

OKX will airdrop eligible users affected by abnormal fluctuations in OKB in the form of USDT before February 1

  • Regarding the abnormal fluctuations of OKB this week, relevant risk parameters have been adjusted, and eligible users affected will receive airdrops, including:
  • OKB leveraged trading/positions
  • OKB used as collateral for spot pledging and borrowing
  • Cross-currency margin accounts containing OKB OKX will airdrop funds to the above users in the form of USDT before February 1.

Project Updates:

BNB Greenfield Network is expected to execute the Hulunbeier testnet hard fork on February 1

The BNB Greenfield Network will undergo a Hulunbeier hard fork, with the testnet expected to execute on February 1 and the mainnet on February 22. This upgrade requires validators and Storage Providers (SP) to update to the latest version and will not affect account balances or stored data. New features include the Greenfield cross-chain permission module and a simplified implementation of Storage Provider exit. Additionally, updates have been made for data recovery and Blocksyncer performance improvement for Storage Providers.

Ethereum sidechain SKALE's Chain Pricing has been launched on the mainnet, with the first payment scheduled for February 1

The Ethereum sidechain SKALE Network announced the launch of its SKALE Chain Pricing on the mainnet. This is the second stage of SKALE's economic model transition. SKALE emphasizes that it does not charge Gas fees to end-users but instead charges fees for using the chain to pay validators and stakers. The goal of this stage is to bring SKALE chain pricing to the level of profitability for validator hardware and set a target load price. At 70% network load, each chain will need to pay $1 million worth of SKL tokens annually. The pricing uses a sliding scale, with the first payment scheduled for February 1.

Jupiter DAO will approve new projects to join Launchpad starting from February 1

Jupiter founder Meow announced the launch of the Beta version of Jupiter LFG Launchpad, with the trial issuance phase to introduce the Meme coin issued by Ovols and Jupiter's platform coin JUP. Ovols and Jupiter will both provide 1% of the tokens to LFG Launchpad, with the newly established JUP DAO receiving 75% and the team receiving 25%. From February 1, Jupiter DAO will approve new projects to join Launchpad and ensure that these projects are worth promoting to all Jupiter users and as successful as possible. Additionally, Meow explained that more issues are expected to be discovered during the testing phase in the next two weeks, which carries risks, so they want to use their own JUP tokens to test their Launchpad.

Kyber Network announces compensation plan, with compensation distribution scheduled for February 1

Kyber Network previously announced the details of the compensation plan, with funds to be distributed (in the form of stablecoins) on February 1. Affected users were required to submit applications and complete KYC between January 11 and January 23 of the following year to be eligible for compensation. The announcement outlined five compensation categories and provided three compensation options to choose from: 60% compensation with a three-month payout, 100% compensation with a twelve-month payout, or waiving the compensation.

Gnosis Chain's Chiado testnet will undergo the Dencun hard fork on February 1

Gnosis Chain's Chiado testnet will undergo the Dencun hard fork at 02:15:40 on February 1, 2024, Beijing time, Slot: 8265728, Epoch: 516608. The upgrade will implement multiple EIPs, with the most important being the activation of Blobs to provide expansion and cheaper data layers for L2 chains. Validators need to prepare for the upgrade, including updating nodes and preparing an additional 35GB of storage space.

Token Unlock:

dydx (DYDX) will unlock approximately 33.33 million tokens, worth about $90 million, at 8:00 am on February 1.

Acala (ACA) will unlock approximately 27.43 million tokens, worth about $2.3 million, at 3:00 pm on February 1.

Euler (EUL) will unlock approximately 100,000 tokens, worth about $400,000, at 4:44 pm on February 1.

Tornado Cash (TORN) will unlock approximately 90,000 tokens, worth about $150,000, at 11:30 am on February 1.

February 2

Project Updates:

CoinList will launch the NIBI token sale for the L1 blockchain Nibiru on February 2

CoinList announced that the L1 blockchain Nibiru will launch the NIBI token sale on CoinList at 2:00 am on February 2, 2024. The public offering will have a token supply of 60 million NIBI tokens (4% of the total supply) at a price of $0.05, with 10% unlocking around February 26, followed by linear unlocking over 12 months. The initial purchase limit ranges from a minimum of $50 to a maximum of $2,000 (USDT/USDC only). To qualify for participation in the Nibiru community sale, users' CoinList wallets need to have the minimum purchase amount ($50 in USDT or USDC) before the registration deadline (January 29, 2024, 8:00 pm Beijing time).

GameStop to close NFT marketplace on February 2 due to regulatory uncertainty

After launching the NFT marketplace a year and a half ago, video game retailer GameStop has decided to close it. The website stated, "Due to ongoing regulatory uncertainty in the cryptocurrency space, GameStop has decided to close the NFT marketplace," and added that the marketplace will cease operations on February 2, 2024. Approximately four months ago, GameStop announced the cessation of support for crypto wallets for the same reason.

Governance Vote:

Public chain Klaytn and Finschia jointly propose on-chain merger, with the voting for the proposal to be completed on February 2

February 4

Klaytn and Finschia propose on-chain merger, voting to be completed on February 2

The Klaytn Foundation, the organization behind the blockchain Klaytn developed by South Korean internet giant Kakao, has announced a collaboration with Finschia Foundation, the blockchain operator developed by Japanese social giant LINE, to propose the merger of two existing blockchains into a new mainnet. The two blockchain foundations will submit the integration proposal to their respective governance members today for open discussion, with voting taking place from January 26 to February 2, 2024. The proposal aims to create a new industry leader with a technologically superior blockchain supporting EVM and CosmWasm, as well as one of the largest DApp and user ecosystems in Asia. The two foundations will also merge into one organization, combining their technologies, services, and business networks, including Kakao, LINE, and many other strategic partners. After the merger, the unified foundation will continue to seek ecosystem expansion in the areas of RWA tokenization, GameFi, and DeFi verticals through collaboration with partners in Japan, South Korea, and Southeast Asia, while continuing to develop Web3 services and digital commerce platforms based on instant messaging.

Lido gradually stops supporting Solana staking and will no longer be front-end supported from February 4

After extensive DAO forum discussions and community voting, Lido will no longer support Solana (SOL) staking and stopped supporting new SOL staking from October 16 last year, with node operators exiting from November 17 last year. Starting from February 4, 2024, Lido's front-end support for Solana will end. Subsequently, unstaking will only be possible through the command-line interface (CLI). Lido stated that stSOL holders will still be able to receive staking rewards during this period.

ZKFair's first Launchpool project FairStake staking airdrop activity will end on February 4

The ZKFair first Launchpool project FairStake staking airdrop activity will run from January 25 at 11:00 to February 4 at 8:00, with 73% of FRS tokens being airdropped fairly on the FairStake platform through staking ZKF. Currently, there are over 150 million ZKF tokens participating in the staking activity.

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