Highlights Preview:
- Memeland: MON Staking Platform to Go Live Immediately After TGE on May 27
- Solana v1.18 Expected to be Released on May 27 to Address Network Congestion Issues
- SEC Delays Decision on Approving Spot Bitcoin ETF Options Trading to May 29
- SFC: Virtual Asset Platforms Without License Applications Must End Operations in Hong Kong by End of May
- dydx (DYDX) to Unlock Approximately 33.33 Million Tokens at 8:00 AM on June 1, with a Ratio of 11.91% to the Current Circulating Supply, Valued at Approximately $67 Million
- Sui (SUI) to Unlock Approximately 65.08 Million Tokens at 8:00 AM on June 1, with a Ratio of 2.78% to the Current Circulating Supply, Valued at Approximately $69 Million
- Optimism (OP) to Unlock Approximately 31.34 Million Tokens at 8:00 AM on May 31, with a Ratio of 2.88% to the Current Circulating Supply, Valued at Approximately $79 Million
May 27
Project Updates:
Sei V2 Upgrade Governance Proposal Voted Through, Mainnet Upgrade Scheduled for May 27
Sei announced on Twitter that the "Upgrade to V2 version" Proposal 55 has been voted through. The Sei V2 mainnet upgrade is scheduled for May 27. According to previous information, Sei will roll out the V2 upgrade in three phases, aiming to launch the first highly scalable parallelized EVM. The V2 upgrade will be divided into three stages: governance, Alpha release, and V2 readiness.
Memeland: MON Staking Platform to Go Live Immediately After TGE on May 27
NFT project Memeland announced that its Web3 game protocol MON Protocol has already partnered with over 60 collaborators, with an additional 50 partners in negotiations. The MON staking platform will go live immediately after the token generation event (TGE) on May 27, and MON stakers will receive tokens from MEME and other partners.
Bitcoin's native Layer 2 network Bitlayer announced a Mining Gala event jointly initiated with Lorenzo, Bitsmiley, Avalon, Bitcow, Pell, Enzo, and Bitparty, seven ecological projects. The first phase of the Mining Gala will run from May 27 to June 10, with rewards consisting of exclusive airdrops for the Mining Gala and developer airdrops obtained from the Bitlayer Dapp leaderboard competition by the seven projects. The projects will provide users with project token airdrops worth over $23.24 million, with most tokens expected to complete TGE within 1-2 months. Additionally, the projects commit to distributing 100% of the Bitlayer gems obtained in the leaderboard competition to users. After the competition ends, users can exchange the obtained Bitlayer gems for Bitlayer tokens (BTR) at a certain ratio after TGE.
After the event goes live on May 27, users can participate in the official event page and People's Launchpad event page, complete on-chain interactive tasks set by the projects, such as adding liquidity, creating trades, and depositing/borrowing assets, to receive related project token airdrops. Users who complete tasks on the official event page and share the event link can also mint exclusive badges for the corresponding project's Bitlayer Mining Gala Pioneer, which can be exchanged for Bitlayer ecological rights in the future.
Solana v1.18 Expected to be Released on May 27 to Address Network Congestion Issues
Mert Mumtaz, CEO of Solana's ecological development platform Helius, stated on X platform that if all goes well, the Solana mainnet v1.18 version (intended to address the current congestion issues on the mainnet) is planned to be released on May 27.
Governance Voting:
Flare's Canary Network Songbird Community Initiates STP.08 Proposal, Voting to Commence on May 27
Flare's Canary Network Songbird community initiated the STP.08 proposal, aiming to add new data sources to the Flare Time Series Oracle (FTSO). The proposal is divided into two parts, including adding 19 cryptocurrencies' prices to the existing data source list, and defining the process for including more data sources in the future, including automatic monitoring and community requests. The voting for this proposal will take place from May 27 to May 31. If the Songbird community approves STP.08, the Flare community will also generate similar Flare improvement proposals for voting.
Token Unlocking:
Yield Guild Games (YGG) will unlock approximately 16.69 million tokens at 10:00 PM on May 27, with a ratio of 4.49% to the current circulating supply, valued at approximately $1600.
Nym (NYM) will unlock approximately 25 million tokens at 8:00 AM on May 27, with a ratio of 3.26% to the current circulating supply, valued at approximately $4 million.
May 28
Regulatory Policies:
The London Stock Exchange (LSE) issued market announcement N03/24, announcing that it will accept listing applications for Crypto Exchange Traded Notes (Crypto ETNs) for Bitcoin and Ethereum from April 8, 2024. This follows the announcement N02/24 released on March 11, and the first batch of cryptocurrency ETNs is expected to officially list for trading on May 28, 2024. This measure aims to attract the maximum number of issuers to participate in the first-day trading. Issuers are required to submit the relevant application materials to the exchange by April 15 and ensure that their prospectus receives approval from the Financial Conduct Authority (FCA). The London Stock Exchange also specifically noted that issuers who fail to meet the listing requirements or submit applications late will not be able to participate in first-day trading.
Binance to Cease Support for XRP and TUSD as Cross-Collateral Assets from May 28
Binance announced that from 14:00 on May 28, 2024 (GMT+8), it will no longer support XRP and TUSD as cross-collateral assets. Additionally, from 14:00 on May 14, 2024, the transfer limit for XRP and TUSD in the cross-collateral mode has been updated to zero. From 14:00 on May 28, the remaining XRP and TUSD balances in the U-based contract wallet will be automatically converted to USDT. The conversion will be calculated based on the average price index of XRPUSDT between 13:00 and 14:00 on May 28, and TUSD will be converted at a 1:1 ratio. The entire conversion process is expected to take 24 hours.
Project Updates:
LayerZero Labs: Plans to Reopen Witch Bounty Report Submissions on May 28
LayerZero Labs tweeted that they plan to reopen submissions for witch bounty tasks on Commonwealth, but require submitters to pay a 0.5 ETH deposit. Only addresses that have paid the deposit are eligible to submit reports, and the deposit will be refunded after the TGE. However, if the report is found to be fraudulent, plagiarized, lacking methodology, or containing junk information, the deposit will be destroyed. The specific schedule for the witch bounty task is as follows: on May 25 at 10:00 AM Beijing time, bounty hunters can pay the deposit to the designated address, on May 28 at 8:00 AM, the submission of reports will reopen for 48 hours, and on May 30 at 8:00 AM, the submission and deposit payment will end. Addresses that have submitted reports on Github and paid the deposit will be given priority for review, and successful reports will receive a 10% reward at the TGE.
Blast to Upgrade to Support Blobs on May 28
Ethereum L2 network Blast announced on X platform that it will upgrade to support blobs on May 28 at 05:00 AM Beijing time. After the upgrade, Blast users will enjoy lower gas fees, and Dapps will receive more gas fee income. Infrastructure providers should upgrade to support the latest Blast nodes with 4844.
Stargate V2 Version to Go Live on May 28
Stargate announced on Twitter that the V2 version will go live on May 28. According to previous information, the Stargate V2 proposal has been approved by the community and will introduce transaction batching and dynamic credit allocation to improve cross-chain efficiency and reduce cross-chain costs.
Former FTX Executive Ryan Salame's Sentencing Scheduled for May 28
Former FTX executive Ryan Salame's sentencing is scheduled for 11:00 AM on May 28, presided over by former judge Lewis Kaplan in the Southern District of New York. Salame admitted last year to conspiracy charges of illegal political donations and operating an unlicensed money transmission business. It was reported that Ryan Salame requested to be sentenced to 18 months in prison.
Token Unlocking:
SingularityNET (AGIX) will unlock approximately 8.71 million tokens at 8:00 AM Beijing time on May 28, with a ratio of 0.68% to the current circulating supply, valued at approximately $8.4 million.
May 29
Regulatory Policies:
SEC Delays Decision on Approving Spot Bitcoin ETF Options Trading to May 29
The U.S. Securities and Exchange Commission (SEC) has delayed the decision on listing and trading options for spot Bitcoin ETFs, with the new decision date set for May 29.
UK Consults on Implementing OECD Crypto Reporting Framework, Deadline on May 29
Following its Spring Budget speech, the UK has launched a consultation on its plans to implement the Organization for Economic Cooperation and Development (OECD) crypto reporting framework. The UK Treasury predicted in its budget that implementing the crypto reporting framework could attract £35 million ($45 million) between 2026 and 2027, and £95 million between 2027 and 2028. The OECD framework is a new standard to address tax compliance issues and is an update to the existing framework for offshore accounts. Its purpose is to ensure the exchange of relevant cryptocurrency transaction information across jurisdictions. The rules will come into effect in 2026. The budget stated, "The government is also implementing international standards to narrow the gap in the tax transparency system arising from recent developments in financial technology and the global cryptocurrency market." The consultation will end on May 29.
Exchanges:
Binance to Release Latest NFT Collection for Cristiano Ronaldo on May 29
Binance announced that it will release the latest NFT collection for international football superstar Cristiano Ronaldo, "Cristiano Ronaldo" on May 29. Each NFT obtained by collectors is a digital commemorative item of Cristiano Ronaldo's profound impact on world football. The NFT collection will be exclusively released by Binance, and the specific number of NFTs and prices will be announced on the release date, May 29.
Governance Voting:
The Stargate Foundation, based on LayerZero's cross-chain bridge, has initiated a proposal voting on the potential allocation of LayerZero tokens. The proposal states that the Stargate community will allocate LayerZero tokens to three categories of users: cross-chain bridge users, liquidity providers (LP), and veSTG holders. The specific allocation ratios are as follows:
• 60% allocated to cross-chain bridge users, with 42% allocated to users based on bridge transaction volume, and 18% reserved for nested RFP processes with cooperative agreements.
• 20% allocated to veSTG holders, based on time and quantity weighting.
• 10% allocated to liquidity providers, weighted based on time and amount of liquidity provided.
• 10% allocated to developers for future budgets, including marketing and community activities.
In addition, the proposal also includes the allocation of LayerZero tokens obtained by AptosBridge, with 90% allocated to users using AptosBridge and 10% allocated to cooperative agreements driving the development of AptosBridge. The voting for this proposal will end on May 29.
Project Updates:
Flow Launches Crescendo Upgrade, Entering Phase 2 on May 29
Flow tweeted that the Crescendo network upgrade is about to be launched, bringing EVM Equivalence and Cadence 1.0 to Flow. The first phase of the upgrade began on May 22-23, focusing on testing transaction verification logic; the second phase on May 29-31 will further refine the application; the third phase on June 5-8 will be the final check before the big move; the fourth phase on June 12-17 will ensure everything goes as expected; on June 19, the Crescendo network upgrade will be deployed on the testnet. On June 20, Flow will activate the EVM feature on the testnet.
May 30
Exchanges:
VAEX to Prohibit Trading for Hong Kong Users on May 30
Virtual asset trading platform VAEX plans to prohibit trading for Hong Kong users starting at 10:00 AM on May 30. According to previous reports, data updated on the official website of the Securities and Futures Commission of Hong Kong shows that VAEX's application for a virtual asset trading platform license submitted to the Securities and Futures Commission of Hong Kong was withdrawn on May 24.
Coinbase to Launch Bonk, FLOKI, and Shiba Inu Perpetual Futures Contracts on May 30
Coinbase International Exchange and Coinbase Advanced will add support for Bonk, FLOKI, and Shiba Inu perpetual futures contracts. The 1000BONK-PERP, 1000FLOKI-PERP, and 1000SHIB-PERP markets will open on or after 17:30 on May 30, 2024, Beijing time.
Project Updates:
NFT project CryptoPunks announced on X platform that the Dutch auction for "Super Punk World" is open to all collectors and will be held in the early hours of May 30 at 00:00. Collectors will receive 2D images and 3D models for use in future digital worlds. Previously, CryptoPunks announced the launch of "Super Punk World" on May 18. The project is a series of 500 digital avatars curated by New York artist Nina Chanel Abney, inspired by the iconic CryptoPunks features combined with Super Cool World attributes.
May 31
Regulatory Policies:
The Securities and Futures Commission (SFC) of Hong Kong reminded investors to verify the regulatory status of virtual asset trading platforms by March 1, 2024. Platforms operating in Hong Kong that did not submit license applications to the SFC by February 29 will need to cease operations in Hong Kong by May 31. Investors using platforms not licensed or on the applicant list should take action promptly, such as closing accounts or transferring to platforms licensed by the SFC. The SFC also stated that engaging in any unlicensed activities constitutes a criminal offense.
Exchanges:
According to an official announcement from OKX, after careful consideration of business prospects, OKX has decided to withdraw its OKX HK license application. Starting from May 31, 2024 (Friday), OKX will cease to provide centralized virtual asset trading services to Hong Kong users in compliance with regulations. This arrangement does not affect withdrawal services, and after May 31, OKX will only support withdrawals for Hong Kong users. The OKX Web3 (self-custody wallet) product service remains unaffected and will continue to serve Hong Kong users.
Project Updates:
BounceBit: Redemption of BTCB, WBTC, FDUSD, and USDT to Take Place on May 31
To celebrate the launch of the mainnet, BounceBit will automatically airdrop BB tokens to all eligible users before trading begins, without the need for any claim operation. Additionally, the Liquid Custody feature will also be launched on the BounceBit Portal, where BounceBit will issue corresponding liquidity custody tokens (LCT) whenever users deposit BTCB, WBTC, FDUSD, and USDT on the BNB Chain or Ethereum. For early access participants, their LCT will be automatically issued on the BounceBit chain. Users holding MUBI, AUCTION, or DAII can withdraw from the BounceBit chain using the cross-chain bridge after the mainnet launch. Furthermore, the redemption of BTCB, WBTC, FDUSD, and USDT is scheduled for May 31, and the collateral assets in the Premium Yield Generation will also be redeemed on the same date.
BNB Chain to Announce Winners of the 2024 Q2 Hackathon on May 31
The BNB Chain 2024 Q2 hackathon event "One BNB - Coding the Future" will continue until the end of May, aiming to inspire further development of blockchain technology through challenges in different tracks such as artificial intelligence, DePin, gaming, DeFi, DeSoc, and infrastructure. Key dates for the hackathon include the application phase starting from April 11, submission deadline on May 16, and the announcement of winners on May 31, followed by a one-month incubation period.
Uniswap Foundation to Launch On-Chain Voting on May 31 to Reward UNI Token Stakers
The Uniswap Foundation announced that it will launch on-chain voting to upgrade the protocol on the following Friday (May 31), to reward UNI token holders who have staked and delegated their tokens. UNI holders wishing to vote on the proposal must delegate their UNI to themselves or a third party before the start of the voting. Users holding UNI but not authorizing in time will be unable to vote.
Token Unlocking:
Optimism (OP) will unlock approximately 31.34 million tokens at 8:00 AM Beijing time on May 31, with a ratio of 2.88% to the current circulating supply, valued at approximately $79 million.
Echelon Prime (PRIME) will unlock approximately 1.66 million tokens at 8:00 AM Beijing time on May 31, with a ratio of 4.23% to the current circulating supply, valued at approximately $28 million.
Tornado Cash (TORN) will unlock approximately 92,000 tokens at 11:30 AM Beijing time on May 31, with a ratio of 2.41% to the current circulating supply, valued at approximately $240,000.
June 1
Project Updates:
BlockFi: Web Platform to Close on June 1, Users Advised to Download Important Data in Advance
BlockFi announced that the web platform will close at 7:59 AM on June 1, 2024, Beijing time. After this time, customers will no longer be able to access the BlockFi platform. BlockFi advises all customers to download their transaction history, tax forms, and any other important data from the platform before the closure date.
Dogechain Wallet to Close on June 1, Users Advised to Withdraw DOGE Promptly
Dogechain Wallet (dogechain.info/wallet) will close on June 1. Mishaboar, one of the Dogecoin developers, stated on X platform that users should ensure they withdraw their DOGE from the wallet before the closure on June 1 and retain a copy of the private key in case they use these addresses elsewhere.
LayerZero Labs to End Witch Hunt Bounty Program on June 1
LayerZero Labs initiated the Witch Hunt bounty program, and the deadline for submitting reports will be at 7:59 on June 1, with a requirement to include at least 20 addresses with clear evidence. Bounty hunters who successfully report witches will receive 10% of the expected token allocation for the witches, while the witches will receive 0 allocation. The final list of witches will be announced after the end of the bounty program.
Anvil to Conduct Governance Token ANVL Airdrop, Snapshot to Take Place on June 1
The AMP Foundation (AF) is launching the initial phase of the Anvil protocol's mainnet and introducing the protocol's governance token, ANVL. The Anvil protocol aims to be a scalable collateral primitive in the DeFi space, and the ANVL token will govern all core transactions, including protocol upgrades, asset support, and approval of external contracts. To support the launch of the Anvil mainnet, AF will airdrop ANVL tokens for free to addresses providing AMP collateral on the Capacity platform. The snapshot will take place at Ethereum block height 20,000,000, expected around June 1, 2024, UTC time. At that time, users' ANVL holdings will correspond 1:1 with their AMP collateral holdings. The ANVL obtained through the airdrop will follow a linear release plan lasting for 48 months, starting 12 months after the snapshot date, for a total of 60 months. Users must complete an operation on the anvil.xyz/claim website or interact with the ANVL claiming contract on Etherscan within 12 months after the snapshot to prove the validity of their address, or they will face the risk of forfeiting their ANVL allocation.
Token Unlocking:
dydx (DYDX) will unlock approximately 33.33 million tokens at 8:00 AM Beijing time on June 1, with a ratio of 11.91% to the current circulating supply, valued at approximately $67 million.
Sui (SUI) will unlock approximately 65.08 million tokens at 8:00 AM Beijing time on June 1, with a ratio of 2.78% to the current circulating supply, valued at approximately $69 million.
1inch (1INCH) will unlock approximately 98.74 million tokens at 8:00 AM Beijing time on June 1, with a ratio of 8.52% to the current circulating supply, valued at approximately $42 million.
ZetaChain (ZETA) will unlock approximately 5.29 million tokens at 8:00 AM Beijing time on June 1, with a ratio of 1.99% to the current circulating supply, valued at approximately $8.2 million.
Acala (ACA) will unlock approximately 27.43 million tokens at 3:00 PM Beijing time on June 1, with a ratio of 2.85% to the current circulating supply, valued at approximately $2.8 million.
Manta Network (MANTA) will unlock approximately 1.87 million tokens at 7:59 AM Beijing time on June 1, with a ratio of 0.74% to the current circulating supply, valued at approximately $3.2 million.
June 2
Token Unlocking:
Ethena (ENA) will unlock approximately 53.60 million tokens at 7:00 AM Beijing time on June 2, with a ratio of 3.62% to the current circulating supply, valued at approximately $46 million.
To Be Determined
According to Loopring's official Twitter, Loopring has obtained 2.5 million TKO to distribute to the community. Next week, they will release an airdrop check and claim portal, providing more detailed information about eligibility criteria. Loopring also reminds users to beware of scammers and impersonators, not to connect their wallets to any other websites, and to always verify the official source.
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