Highlights Preview:
- Analysts: Next week will welcome a "super central bank week," with no signs indicating that the Fed will cut interest rates by more than 25 basis points ahead of schedule
- Ouyi and Bitget will launch Layer3 (L3) on July 30
- The Fed will hold a monetary policy meeting on July 30-31
- Optimism (OP) will unlock approximately 31.34 million tokens at 8 a.m. on July 31, Beijing time, accounting for 2.79% of the current circulation, worth about $54.5 million
- Jupiter Alliance: JUP is about to enter an extremely important week and will initiate a proposal vote to reduce JUP supply
- Sui (SUI) will unlock approximately 64.19 million tokens at 8 a.m. on August 1, Beijing time, accounting for 2.56% of the current circulation, worth about $50.6 million
- Wormhole (W) will unlock approximately 600 million tokens at 7:30 p.m. on August 3, Beijing time, accounting for 33.33% of the current circulation, worth about $174 million
July 29
Exchanges:
CME Group and cryptocurrency benchmark provider CF Benchmarks announced plans to launch new cryptocurrency reference rates and real-time indices for XRP and ICP from July 29. The new benchmarks, calculated and published daily by CF Benchmarks, will utilize pricing data from cryptocurrency trading platforms, which are currently part of the CME CF benchmark reference rates and real-time index suite. Each new benchmark will use pricing data from at least two trading platforms, including Bitstamp, Coinbase, Gemini, itBit, Kraken, and LMAX Digital.
OKX Jumpstart to Launch Matr1x (MAX) Mining on July 29
OKX Jumpstart will launch Matr1x (MAX) mining activity at 14:00 (UTC +8) on July 29, 2024. BTC and ETH holders can stake BTC/ETH to mine MAX tokens. The mining period is from 14:00 on July 29, 2024, to 14:00 on August 5, 2024 (UTC +8), and staking and unstaking are allowed. The maximum staking limit per person is 0.3 BTC or 3.5 ETH. Users from mainland China, Hong Kong, and South Korea are unable to participate.
Binance: Users Can Purchase RENDER through Dollar-Cost Averaging from July 29
RENDER was listed on Binance's margin, futures, and dollar-cost averaging platforms on July 26, 2024. Users can purchase RENDER through Binance's dollar-cost averaging product and start purchasing RENDER through dollar-cost averaging from 18:00 on July 29, 2024 (UTC+8). In addition, users can use credit/debit cards, Google Pay, Apple Pay on the "One-Click Buy" page to buy RENDER, or use wallet balances for trading. The instant exchange platform also supports exchanging RENDER for BTC, USDT, and other tokens with no transaction fees. Binance's margin platform will add RENDER as a borrowable asset at 18:00 on July 26, 2024, and open RENDER/USDT and RENDER/USDC leveraged trading pairs.
July 30
Policy and Regulation:
The Fed to Hold Monetary Policy Meeting on July 30-31
The International Monetary Fund (IMF) stated that the Fed should wait until "the end of 2024" to consider cutting interest rates, and the U.S. government needs to raise taxes to control the growing federal debt, with tax targets including households with annual incomes below $40,000. These recommendations come from the detailed staff report of the IMF's latest annual "Article IV" assessment of U.S. economic policies.
In recent weeks, the IMF has been emphasizing the need for more cautious fiscal policies, as the U.S. economy continues to grow strongly but the deficit continues to increase. Both the Republican and Democratic parties will develop tax and spending proposals before the presidential election in November, so a more cautious fiscal policy is needed. The IMF pointed out that considering the significant upward risks to inflation shown in earlier data this year, it would be prudent to lower policy rates only after data shows sustainable downward movement of inflation to the 2% target set by the Federal Open Market Committee (FOMC).
Federal Reserve Chairman Powell stated during a hearing at the Senate Banking Committee that high inflation is no longer the only risk facing the U.S. economy. The current situation facing the Fed includes high inflation, a "cooling" labor market, and slowing economic growth. A late or insufficient rate cut would have adverse effects on the economy. Powell also mentioned that the Fed has made "considerable progress" in combating inflation over the past two years but has not yet achieved its target of lowering the inflation rate to 2%. Recent inflation data shows "further progress," and the Fed needs more "favorable data." Regarding the Fed's future policy direction, Powell stated that the next meeting is not expected to raise rates. As inflation "cools," a rate cut will be made at the "appropriate time."
Exchanges:
Ouyi to Launch Layer3 (L3) on July 30
Ouyi announced the opening of Layer3 (L3) deposit services, with L3/USDT trading opening at 6:00 p.m. on July 30 (UTC+8) and withdrawal services opening at 6:00 p.m. on July 31 (UTC+8). Layer3 is a decentralized attention layer that connects the blockchain ecosystem through incentive and identity protocols to help build communities and distribute value.
Bitget to Launch Layer3 (L3) Launchpool and Trading Mining Activity on July 30
Bitget is about to launch the Launchpool project Layer3 (L3), with a total prize pool of 6,163,000 L3 tokens. This round of Launchpool will open three staking mining pools, including the BGB pool with a personal staking limit of 20 million BGB, a USDT pool exclusively for new users with a personal staking limit of 2,000 USDT, and an L3 pool with a personal staking limit of 5,720,000 L3. Staking will be open from 18:00 on July 30 to 18:00 on August 9 (UTC+8). L3/USDT spot trading pairs will open at 18:00 on July 30 (UTC+8). Additionally, a CandyBomb trading mining event for Layer3 (L3) will be launched, where participants can complete L3 spot and contract trading tasks to receive rewards and share the prize pool, with a total prize pool of 725,000 L3 tokens. The event will run from 18:00 on July 30 to 18:00 on August 6 (UTC+8).
Project Updates:
Aptos Ecosystem's AMM Trading Platform Liquidswap's LSD Token to Be Listed on July 30
July 30
Project Updates:
Aptos ecosystem's AMM trading platform LiquidSwap DAO token LSD will be listed on July 30, with the following distribution: 40% allocated to the community (including 16% to the community treasury, 15% to airdrops and rewards, 1% to public sales, and 8% to exchange liquidity), and 46.7% allocated to private investors in 2021 and 2023. Within the 15% allocation for airdrops and rewards, 5% is for initial retroactive airdrops, 2% for testing veCRV incentive measures, and 8% for DAO-controlled future airdrops and staking incentives. Additionally, 42 million LSD tokens will be minted at genesis and will be available over a period of 3 years.
Governance Voting:
Renzo, a liquidity re-staking protocol, has proposed to allocate 500 million REZ tokens (5% of the total supply) for community incentives within 5 months. The proposal includes distributing 400 million REZ retroactively to eligible wallets and 100 million REZ for rewarding DEX liquidity providers to increase liquidity in the ezETH/ETH and pzETH/wstETH pools. The voting will begin on July 30 and last for 5 days.
Token Unlock:
Tornado Cash (TORN) will unlock approximately 91,000 tokens at 11:30 a.m. on July 30, Beijing time, accounting for 2.41% of the current circulation, worth about $220,000.
July 31
Project Updates:
TrueUSD: Users need to convert BEP2-TUSD to TUSD tokens on other networks before July 31
Stablecoin issuer TrueUSD has issued a reminder on X platform that BEP2-TUSD holders need to convert their BEP2-TUSD to TUSD tokens on other networks through the TUSD website before July 31, 2024.
Arbitrum Foundation extends application deadline for Phase 3 funding program to July 31
Arbitrum Foundation announced on X platform that the application deadline for the Phase 3 funding program has been extended to July 31. Phase 3 will focus on dApps.
BNB Chain: "Become a Crown Builder" hackathon to be held in Q3, project submission starts on July 31
According to the official announcement from BNB Chain, the "Become a Crown Builder" hackathon will be held in the third quarter of 2024, with a prize pool of over $500,000. The timeline is as follows: Workshop: July 23, 2024 – August 08, 2024; Submission period: July 31, 2024 – August 15, 2024; Top 10 demos: August 28, 2024; Winners announcement: September 2, 2024; Project incubation: September 2, 2024 – October 2, 2024. Participating developers can leave a message in the official comments section of BNB Chain on X platform.
RWA credit protocol Zivoe raises $8.35 million, plans to launch its credit protocol on July 31
Real World Asset (RWA) credit protocol Zivoe has raised $8.35 million, with investors including Andrew Keys, Iceberg Capital, and Concave. Zivoe plans to launch its credit protocol on July 31, connecting on-chain liquidity and real-world borrowers through blockchain technology to provide lower interest rate loans and interact directly with consumers in the long term. The release will also involve an initial token offering (ITO), allowing participants to obtain risk-rated loan investments and earning opportunities by providing liquidity.
Token Unlock:
Optimism (OP) will unlock approximately 31.34 million tokens at 8 a.m. on July 31, Beijing time, accounting for 2.79% of the current circulation, worth about $54.5 million.
Echelon Prime (PRIME) will unlock approximately 750,000 tokens at 8 a.m. on July 31, Beijing time, accounting for 1.75% of the current circulation, worth about $5.6 million.
1inch (1INCH) will unlock approximately 15,000 tokens at 8 p.m. on July 31, Beijing time, worth about $5,500.
August 1
Thailand digital wallet registration to open from August 1 to September 15
According to Jinshi's report, market sources have stated that Thailand digital wallet registration will be open from August 1 to September 15. The Deputy Minister of Finance of Thailand stated that digital cash consumption will begin in the fourth quarter, and the digital wallet plan is expected to attract 45 million participants, with the government prepared with 450 billion baht in funds.
Exchanges:
Coinbase International Exchange announced that it will start supporting perpetual futures trading for Dymension, Maker, and Aave from 5:30 p.m. on August 1, 2024, or later. These new markets will be available on the Coinbase International Exchange and Coinbase Advanced platforms, corresponding to the trading pairs DYM-PERP, MKR-PERP, and AAVE-PERP.
Project Updates:
Pixelverse: Unclaimed airdrop tokens to be transferred to the community incentive pool on August 1
The Telegram-based crypto game Pixelverse announced on X platform that when users claim airdrop tokens, they will be automatically added to permanent staking. If users who received the airdrop do not claim the tokens, these tokens will be automatically transferred to the community incentive pool at 23:59 UTC on July 31 (7:59 on August 1, Beijing time).
SEND: All team supply to be linearly distributed over the next 3 years starting from August 1
Solana Blinks ecosystem Meme project SEND announced on X platform that 10% of the tokens will be airdropped in the next few days through Blinks to reward the Blinks community, including Send it holders, Blinks developers and artists, Blinks users, and the active Solana community. The remaining 15% of the community airdrop will be targeted at Blinks users and adoption, and will be distributed through official incubated products. Additionally, SEND stated that the treasury (35%) will be fully used for Blinks adoption through marketing, grants, and development. Currently, 25% of the tokens are in initial circulating supply, and the team plans to continue distributing tokens over the next few months, holding the majority of the circulating supply in the market (>50%). Starting from August 1, 2024, all team supply will be linearly distributed over the next 3 years. Additionally, the team plans to launch more new products.
Trekki, an NFT series incubated by Ctrip, will officially terminate on August 1
According to the official Twitter account of Trekki NFT, the NFT series "Trekki" incubated by Ctrip Group will officially terminate on August 1, 2024. The official website, discount pages, coupons, and the Trekki NFT welfare claim function will be retained until July 1, 2025. All development features and community operations in the second phase will be terminated. The Trekki team stated that they do not rule out the possibility of restarting the project in the future.
Governance Voting:
According to Snapshot information, Animoca Ventures, the venture capital arm of Animoca Brands, has proposed to jointly establish a venture fund, ApeCoin Ventures, with ApeCoin DAO. The fund aims to invest in seed and Series A Web3 projects, with a priority given to projects that can integrate ApeCoin into their ecosystems to enhance the value, utility, synergies, network effects, and influence of ApeCoin. The fund size for ApeCoin Ventures is $10 million, with ApeCoin DAO allocating $5 million worth of APE (Animoca Ventures intends to sell for fiat currency), and Animoca Ventures contributing $5 million. The proposal is currently open for voting, with a current support rate of 83.49%, and the voting will end on August 1.
The proposal on the Snapshot platform aims to modify the Arbitrum expansion plan to allow the new Orbit chain to be deployed on any blockchain (such as Bitcoin, Binance Smart Chain, Cosmos, etc.), not limited to Ethereum. If ArbitrumDAO approves the deployment of the Orbit chain on any blockchain, the Arbitrum Foundation will be responsible for collecting 10% of the Orbit chain's profits and transferring them to the treasury of ArbitrumDAO (8%) and the Arbitrum Developer Guild (2%). Currently, 99.89% of the voting rate supports deployment to any blockchain, and the voting will end on August 1.
Token Unlock:
Sui (SUI) will unlock approximately 64.19 million tokens at 8 a.m. on August 1, Beijing time, accounting for 2.56% of the current circulation, worth about $50.6 million.
ZetaChain (ZETA) will unlock approximately 53.89 million tokens at 8 a.m. on August 1, Beijing time, accounting for 18.92% of the current circulation, worth about $34.8 million.
dydx (DYDX) will unlock approximately 8.33 million tokens at 8 a.m. on August 1, Beijing time, accounting for 3.65% of the current circulation, worth about $10.8 million.
Manta Network (MANTA) will unlock approximately 1.87 million tokens at 7:59 a.m. on August 1, Beijing time, accounting for 0.50% of the current circulation, worth about $1.8 million.
August 2
Project Updates:
MapleStory Universe: First pioneer test of "MapleStory N" to end on August 2
NFT game project MapleStory Universe, owned by the South Korean gaming giant Nexon, stated on its official blog that the pioneer test period for "MapleStory N" is from July 24 to August 2. During the pioneer test, participants will have the opportunity to experience "MapleStory N" before its official release later this year. The test will showcase key blockchain elements of the game, including a limited supply reward system and a user-driven pricing system. Additionally, testers will be able to experience Zakum Boss content in both the simple mode (entry level 50 and above) and normal mode (entry level 90 and above). "MapleStory N" is a PC-based MMORPG that combines blockchain technology with the "MapleStory" IP, making it the first game to be launched in the MapleStory Universe.
According to the official announcement from the Ronin Network, the fantasy-themed pixel art Web3 game Forgotten Runiverse has officially migrated to the Ronin network. Forgotten Runiverse, a MMORPG developed over three years, integrates gaming, community storytelling, NFT collection, a multimedia ecosystem, and peripheral merchandise. The game will undergo closed testing from July 31 to August 2, and public testing will begin in August. Forgotten Runiverse will be a free game, supporting both mobile and desktop platforms, with the aim of attracting new players to the Ronin network. The game's development team members have previously worked on well-known games such as "The Elder Scrolls Online," "Diablo," "Overwatch," "World of Warcraft," "Far Cry 3," "Rainbow Six Siege," and "Street Fighter."
Token Unlock:
Galxe (GAL) will unlock approximately 4.17 million tokens at 8 a.m. on August 2, Beijing time, accounting for 3.52% of the current circulation, worth about $13.6 million.
Euler (EUL) will unlock approximately 49,500 tokens at 5 a.m. on August 2, Beijing time, accounting for 0.27% of the current circulation, worth about $230,000.
August 3
Exchanges:
According to an important update announcement from the Indian cryptocurrency exchange WazirX, a recent network attack resulted in approximately $230 million (equivalent to 45% of user funds) being stolen. WazirX announced that it will implement a fair and transparent socialized loss strategy to ensure that all users fairly share the impact. The strategy allows users immediate access to 55% of their assets, while the remaining 45% will be converted into tokens equivalent to USDT and locked.
Users can choose between two asset management options, each with specific advantages and conditions. The unlocked 55% of assets will be used to create a balanced investment portfolio through the available cryptocurrency basket on the platform. If the 55% of unlocked assets include affected tokens, the affected portion will be replaced with unaffected cryptocurrencies. The value of the unlocked assets will be calculated based on the average prices from CoinMarketCap and selected global exchanges at 8:30 p.m. (IST) on July 21, 2024. Users must make their choice by 7:00 a.m. (IST) on August 3, 2024. The results of this vote will serve as a reference for the final decision, taking into account survey results, platform liquidity, and other circumstances.
Project Updates:
The "2024 GIPR2," the 2nd Web3.0 Global Idol Popularity Ranking, event officially began on June 1 at 12:00 and announced stage results on June 23 and July 14, with the final results to be announced on August 3. The event includes idol, amateur, and virtual idol groups, and users can log in to the MEET48 official website and app to earn points, mint NFTs, and purchase voting tickets for idols by completing tasks and watching contestant videos. The final voting rankings will determine the metaverse and overseas offline performance resources for participants, and participating interactive users will also be whitelisted for future airdrop eligibility.
Token Unlock:
Wormhole (W) will unlock approximately 600 million tokens at 7:30 p.m. on August 3, Beijing time, accounting for 33.33% of the current circulation, worth about $174 million.
August 4
Token Unlock:
Ethena (ENA) will unlock approximately 14.89 million tokens at 3 p.m. on August 4, Beijing time, accounting for 0.87% of the current circulation, worth about $6.9 million.
Liquity (LQTY) will unlock approximately 493,000 tokens at 8 a.m. on August 4, Beijing time, accounting for 0.51% of the current circulation, worth about $400,000.
Forta (FORT) will unlock approximately 50,000 tokens at 8 a.m. on August 4, Beijing time, accounting for 0.01% of the current circulation, worth about $8,500.
To Be Determined
Policy and Regulation:
Next week, the market will see a "super central bank week," with the Bank of Japan, the Bank of England, and the Federal Reserve announcing interest rate decisions. All three central banks may make or hint at significant monetary policy decisions. Additionally, on Friday, the U.S. will release the latest non-farm payroll data, which, due to comments from Fed Chair Powell, may be crucial for whether the Fed will cut rates as expected in September.
Analyst Cameron Crise stated that the U.S. PCE price index roughly met expectations, but as mentioned earlier, after some adjustments, the year-on-year change in core data is slightly higher than expected. Considering the market's general predictions, the new level of the core index is also slightly higher than expected. He pointed out that these data are not enough to prevent the Fed from cutting rates in September, but there are also no signs indicating that the Fed needs to cut rates early or by more than 25 basis points.
Senator Cynthia Lummis of Wyoming announced at the Bitcoin 2024 conference that she plans to introduce a bill next week directing the U.S. Treasury to purchase 1 million bitcoins within five years (valued at approximately $68 billion at current prices). She stated that this is to offset the impact of the devaluation of the U.S. dollar. "Bitcoin is a good store of value. It has grown at about 55% annually for the past four years. During the same period, the dollar has depreciated, and we have seen an increase in the inflation rate." The senator added, "Therefore, I believe that it is valuable to have a hard asset that supports the dollar and increases in value rather than decreases."
Project Updates:
Jupiter Co-founder: Proposal for JUP supply reduction to be voted on next week
Jupiter co-founder Meow stated on the X platform that the upcoming week is extremely important for JUP:
- Monday: JUP Essay;
- Tuesday: Community audit of distributed JUP so far;
- Wednesday: Proposal for token supply reduction;
- Thursday: Voting;
- Friday-Saturday: Discussion;
- Sunday: Conclusion.
By the end of next week, the community will achieve a high level of understanding and consensus.
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