Highlights Preview:
- Orderly Network releases TGE timeline update: Airdrop claims and staking will start at 16:00 on August 26
- Coinbase to offer 1:1 exchange service for Euro stablecoin EURC and Euro starting from August 28
- Starknet: Starknet v0.13.2 deployment planned to be postponed to August 28
- Sui (SUI) to unlock approximately 64.19 million tokens at 8:00 am on September 1, Beijing time, accounting for 2.47% of the current circulating supply, worth about $65 million
- Optimism (OP) to unlock approximately 31.34 million tokens at 8:00 am on August 31, Beijing time, accounting for 2.64% of the current circulating supply, worth about $50.5 million
- ZetaChain (ZETA) to unlock approximately 53.89 million tokens at 8:00 am on September 1, Beijing time, accounting for 15.71% of the current circulating supply, worth about $33 million
- FOMC voting members to deliver speeches next week, September Fed rate cut still dependent on data
- Russia to implement digital currency cross-border payment law and cryptocurrency mining legalization law starting from September 1
August 26
Exchanges:
Binance will conduct wallet maintenance for Telegram Open Network (TON) on August 26, 2024, at 10:00 (GMT+8). To support this maintenance, TON deposits and withdrawals will be temporarily suspended at 09:55 (GMT+8) on August 26, 2024. The maintenance is expected to take 2 hours, and deposit and withdrawal services will automatically resume after completion.
OKX plans to adjust some index components on August 26
To further enhance market liquidity and index stability for leverage, delivery, and perpetual business lines, OKX plans to adjust some index components from 5:00 to 8:00 (UTC+8) on August 26, 2024. After the adjustment, the index will be calculated based on the prices of the new components and their corresponding new weights. It is noted that the adjustment of index components may cause price fluctuations in the index and corresponding leverage and contract markets due to recent market volatility. After the adjustment of position rules, the maintenance margin rate for user positions may increase. To prevent forced liquidation due to rule adjustments, users are advised to reduce their actual leverage through liquidation, reduction of positions, or additional margin to control risks.
BitFlyer completes acquisition of FTX Japan and will be rebranded on August 26
The parent company of Japanese cryptocurrency exchange bitFlyer, bitFlyer Holdings, has completed the acquisition of FTX Japan, making it a wholly-owned subsidiary. The subsidiary will be rebranded on August 26 and will focus on providing cryptocurrency custody services to institutional investors under bitFlyer Holdings. Looking ahead, with the improvement of cryptocurrency regulations in Japan, the subsidiary plans to launch spot cryptocurrency ETFs.
Upbit to suspend NEAR token deposits and withdrawals on August 26 to support network upgrade
Upbit announced that it will suspend NEAR deposit and withdrawal services starting from 12:00 (Korean time) on August 26, 2024, to support the NEAR protocol network upgrade. The resumption time will be notified separately after the stability of the network upgrade is confirmed.
Project Updates:
Web3 liquidity provider Orderly Network releases TGE timeline update, with airdrop claims and staking officially starting at 16:00 on August 26, Beijing time. Airdrop claims will be conducted on the Ethereum mainnet (ERC20) at the address: 0xABD4C63d2616A5201454168269031355f4764337. From 18:00 on August 26, centralized exchanges (CEX) will list the product. At 8:00 on August 28, VALOR rewards release, trading, and liquidity rewards will commence. It is reported that VALOR measures users' ORDER staking based on the amount and duration, granting users the right to receive corresponding shares of the protocol treasury.
DOGS extends airdrop claim period again, TGE to take place on August 26
The DOGS community announced on Telegram that as of the time of publication, over 8 million verified users have requested to directly deposit their DOGS into exchanges and Telegram wallets. Due to the addition of claim options, the official decision is to change the TGE date again. The updated schedule is as follows:
- Exchange and Telegram wallet claim window will be open until midnight on August 24;
- Non-custodial wallet claims will open at 16:00 on August 26;
- TGE and token listing will take place at 20:00 on August 26.
August 27
Project Updates:
New platform Squeezy.lol launched by Dumpy.fun to go live on August 27
Solana protocol Dumpy.fun launches new platform Squeezy.lol, aiming to reverse its original intention of shorting memecoins. Squeezy.lol will allow users to engage in reverse trading, potentially triggering short squeezes on heavily shorted memecoins. The cryptocurrency memecoin market has lost $13 billion since July, with the current market cap at around $40 billion. Dumpy.fun has transitioned from private testing to public testing, allowing users to short memecoins on the platform, while Squeezy.lol will officially go live on August 27. This move may change the PvP nature of memecoin trading, similar to the short squeeze market event of GameStop in 2021.
Due to an upcoming network upgrade, Circle will stop supporting USDC on the Flow (Cadence) blockchain at 3:00 am EDT on September 3, 2024. The USDC minting service will continue until noon EDT on August 27, 2024. Circle advises users holding USDC to transfer it from Flow to other blockchains before September 3. After the deadline on September 3, Circle will freeze all USDC on Flow, take a balance snapshot, and begin the manual redemption process on September 4. Eligible users must meet Circle's compliance and security requirements, possess user-controlled wallets, and have their wallet addresses included in the snapshot.
Sharpe AI completes SAI Season 1 airdrop snapshot, eligibility query for airdrop to open on August 27
Sharpe AI announced on X that the SAI Season 1 airdrop snapshot has been completed, and the eligibility query portal will open on August 27.
Yield Guild Games (YGG) will unlock approximately 14.08 million tokens at 10:00 pm on August 27, Beijing time, accounting for 3.70% of the current circulating supply, worth about $6.8 million.
August 28
Exchanges:
Coinbase to offer 1:1 exchange service for Euro stablecoin EURC and Euro starting from August 28
Coinbase will begin offering 1:1 exchange service between Euro and Euro-anchored stablecoin EURC in supported regions starting from August 28. EURC complies with the latest EU Market in Crypto-Assets (MiCA) regulations. The exchange will take place on the Coinbase Advanced platform and will be free of charge. Additionally, Coinbase will list the EURC-USDC trading pair on August 29 and delist the existing EURC-EUR and EURC-USD trading pairs.
Starknet: Deployment of Starknet v0.13.2 planned to be postponed until August 28
Starknet announced on X platform that the deployment of Starknet v0.13.2 is planned to be postponed by 2 days to allow RPC providers more time to upgrade. The testnet deployment has been delayed from August 5 to August 7, and the mainnet deployment has been delayed from August 26 to August 28. It is reported that Starknet v0.13.2 will support parallel execution, and the confirmation and block packaging time will be significantly accelerated. For users, the main effect will be a reduction in L2 transaction time to approximately 2 seconds.
Project Updates:
Muneeb Ali, co-founder of the Bitcoin Layer 2 network Stacks, tweeted that the specific schedule for the Nakamoto upgrade has been announced. The final code will be released to network operators on August 28, and the activation window will open. All tests must be completed before the final binary files are released, and the process is currently progressing smoothly. Network operators will carry out the upgrade within the 92nd stacking cycle. After successfully completing the handover of signers from the 92nd to the 93rd cycle, the core development team will select the final hard fork block number, and the Nakamoto system will officially go live. Additionally, the release of sBTC is still expected to take place approximately 4 weeks after Nakamoto goes live. Nakamoto is the most significant upgrade for the Stacks project since its inception, and its complexity is comparable to Ethereum's transition from PoW to PoS. The first phase of the upgrade has been successfully completed, unlocking over $1 billion in capital and locking it into the new system. With the release of the final binary files on August 28, the core development team will optimize each step to ensure a smooth launch of Nakamoto.
BNB Chain to host "Become a Crown Builder" hackathon in Q3, top 10 to present on August 28
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 presentations: 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 BNB Chain comments section on the X platform.
Jupiter DAO small grants proposal now open for voting, ends on August 28
Jupiter announced on X platform that the Jupiter DAO small grants proposal is now open for voting, with the main goal of funding a small grants system, ending on August 28. In the proposal, CWG proposes a grant of $150,000 to trial a new small grants system in approximately 30 grants for a period of 3-6 months.
Axelar (AXL) mainnet upgrade to be conducted on August 28, enabling Interchain Amplifier mainnet deployment
Axelar's mainnet is scheduled to undergo an upgrade around 22:00 on August 28, with an expected network downtime of approximately 2 hours. This upgrade will enable the mainnet deployment of the Interchain Amplifier. During this period, Axelar Network, Satellite, token transfers, and general message passing functionality will be unavailable. The Interchain Amplifier seamlessly connects a wide range of blockchain consensus engines and traditional off-chain systems, significantly reducing developers' costs. It can automatically connect any type of blockchain, and new cross-chain connections are made public through smart contracts rather than through the protocol layer.
Token Unlock:
SingularityNET (AGIX) will unlock approximately 8.32 million tokens at 8:00 am on August 28, Beijing time, accounting for 1.58% of the current circulating supply, worth about $4.3 million.
August 29
Exchanges:
According to an official announcement, Coinbase International Exchange and Coinbase Advanced will add support for Render, Saga, and Threshold perpetual futures contracts. The RENDER-PERP, SAGA-PERP, and T-PERP markets will open on or after 17:30 on August 29, 2024, Beijing time.
Project Updates:
Ocean Protocol's Ocean Node Incentives program delayed to August 29 due to backend improvements
The decentralized data exchange protocol Ocean Protocol has postponed its anticipated Ocean Node Incentives program. According to an official blog post, the program's launch date has been moved to August 29 to address "necessary backend updates" and ensure a fair experience for all participants. This decision was made after the Ocean team discovered and resolved several issues in the monitoring system responsible for tracking node uptime and incentive eligibility. The team found logical flaws in the monitoring system responsible for tracking node performance, which is crucial for ensuring the fairness of the program. According to the official post, the team quickly "addressed the errors and fixed the logical flaws found in the eligibility checks." While addressing backend issues, the Ocean team made several improvements to its Ocean Nodes Dashboard. The dashboard updates aim to enhance the user experience by providing more detailed and actionable data to users. The Ocean team noted that before they "push the backend updates," the values in the "Incentive Eligibility" column may still be inaccurate.
Klaytn and Finschia's new brand Kaia to go live on mainnet on August 29
Finschia has stated that with the establishment of the Kaia DLT Foundation in the Dubai International Financial Center and the Abu Dhabi Global Market (ADGM), most of the preparations for the launch of the Kaia mainnet have been completed and it will go live on August 29, 2024. Earlier in April, the Klaytn Foundation announced that since the approval of the "Project Dragon" proposal for the Klaytn/Finschia chain merger, the two teams have been working hard, and today they introduced the new brand Kaia. It is reported that Kaia is an open-source, transparent, and permissionless public chain suitable for everyone.
Token Unlock:
Tornado Cash (TORN) will unlock approximately 91,700 tokens at 11:30 am on August 29, Beijing time, accounting for 2.41% of the current circulating supply, worth about $220,000.
August 30
Exchanges:
OEX to delist FITFI, GARI, XPR, AKITA, TAMA, WNCG spot trading pairs on August 30
OEX platform announced that it will officially delist the following trading pairs from 4:00 to 4:30 pm (UTC+8) on August 30, 2024: FITFI/USDT, GARI/USDT, XPR/USDT, AKITA/USDT, TAMA/USDT, WNCG/USDT. Users are advised to cancel their orders before the delisting, as orders not cancelled in time will be automatically executed. Additionally, OEX suspended deposits for the aforementioned tokens on August 22 at 4:00 pm (UTC+8), and withdrawals will be stopped on November 30 at 4:00 pm (UTC+8). Users are required to handle their assets before this date to avoid any losses.
Project Updates:
FLOKI cancels Simon's Cat second presale, opts for airdrop to FLOKI holders on August 30
Due to malicious actors using bots to manipulate the system, Floki Inu announced the cancellation of the second "Simon’s Cat" presale. Despite the presale selling out within the first 12 hours, a significant amount of bot activity disrupted the fair participation of legitimate users. The Floki team then attempted to hold a second round of presale for affected users but faced even more aggressive attacks, ultimately deciding to cancel all presale plans and airdrop $CAT tokens to eligible Champion level users as compensation. It is reported that this airdrop will be supported by Binance on August 30.
GammaSwap to conduct GS token TGE on August 30, with 2% supply allocated for airdrop
Arbitrum DeFi structured product GammaSwap recently announced on X that it will launch the governance token GS's LBP on August 30, and will distribute airdrops afterwards. According to its token economics, the total supply of GS is 1.6 billion, with 37% allocated to the treasury, 23% to the core team, 17% to investors, 15% to liquidity mining and staking, 5% to LBP, 2% to airdrops, and 1% to advisors. The core team has a 12-month cliff, followed by linear vesting over 24 months; private investors have a 12-month cliff, followed by linear vesting over 18 months.
Saga: Vault 4 airdrop claim window closed, distribution to take place on August 30
Saga announced on X that the Vault 4 airdrop claim window is now closed, and distribution will take place on August 30.
Token Unlock:
Euler (EUL) will unlock approximately 45,600 tokens at 6:54 am on August 30, Beijing time, accounting for 0.24% of the current circulating supply, worth about $260,000.
1inch (1INCH) will unlock approximately 64,000 tokens at 8:00 am on August 30, Beijing time, accounting for 0.01% of the current circulating supply, worth about $18,000.
August 31
Regulatory News:
Bank of Ghana publishes draft rules for cryptocurrency exchanges, consultation to end on August 31
The Bank of Ghana (BoG) has released draft guidelines on digital assets and is seeking feedback from the public and industry stakeholders on the upcoming crypto regulations. According to the Bank of Ghana, data collected over the past three years shows a significant increase in Ghana's interest in cryptocurrencies. As a result, Ghana intends to implement laws addressing risks such as money laundering, terrorist financing, fraud, and take measures to protect consumer rights. The Bank of Ghana has proposed an eight-pillar cryptocurrency regulatory framework, primarily strengthening registration and reporting requirements for cryptocurrency exchanges or virtual asset service providers (VASPs). If signed into law, the proposed regulations will require cryptocurrency exchanges to monitor and report suspicious transactions and comply with FATF travel rules. Additionally, the central bank plans to collaborate with external stakeholders such as commercial banks and offshore regulatory bodies. Exchanges will also need to register with the Bank of Ghana and undergo sandbox testing before being allowed to offer trading services in Ghana. The central bank is currently seeking input from industry professionals, experts, and the public, with the deadline set for August 31.
Exchanges:
HashKey Bitcoin ETF and Ethereum ETF management fee waiver extended until August 31
According to information from the Hong Kong Securities and Futures Commission's official website, the HashKey Global Exchange Traded Fund (ETF) Open-Ended Fund Company announced that it will waive the management fees for its sub-funds, the HashKey Bitcoin ETF and the HashKey Ethereum ETF. This waiver will be in effect from April 30, 2024, until August 31 of the same year.
Project Updates:
Polygon Labs announced the launch of the 1 billion POL community grant program CGP exclusively for developers. The first season will allocate 35 million MATIC to projects built on Polygon, with applications ending on August 31, 2024. Polygon Labs stated that based on community consensus, a community treasury has been created, and 1 billion POL will be unlocked over the next 10 years, approximately 100 million POL per year, all owned by builders.
Token Unlock:
Optimism (OP) will unlock approximately 31.34 million tokens at 8:00 am on August 31, Beijing time, accounting for 2.64% of the current circulating supply, worth about $50.5 million.
Echelon Prime (PRIME) will unlock approximately 750,000 tokens at 8:00 am on August 31, Beijing time, accounting for 1.68% of the current circulating supply, worth about $5.4 million.
September 1
Regulatory News:
The State Duma of Russia has passed a law in the second and third readings, allowing for cross-border settlement of digital currencies and exchange trading within the Experimental Legal Regime (EPR) framework starting from September 1, 2024. Additionally, the State Duma has also passed a law in the second and third readings to legalize cryptocurrency mining in Russia starting from November. The law specifies the procedures and conditions for conducting such activities. Russian legal entities and individual entrepreneurs registered with the Ministry of Digital Development of the Russian Federation will have the right to engage in cryptocurrency mining.
Project Updates:
UniSat Founder: Fractal to launch OP_CAT on the mainnet from September 1 after today's testnet reset
UniSat founder and CEO Lorenzo stated on X platform that rapid progress has been made in smart contracts and cross-chain bridges. In terms of smart contracts, Fractal (a Bitcoin scaling solution) launched OP_CAT in today's testnet reset and plans to activate it on the mainnet from September 1. Regarding cross-chain bridges, 3 to 5 methods for transferring assets from the Bitcoin mainnet to Fractal are being developed. There is a strong developer plan aimed at driving practical applications of Bitcoin scaling in the coming years. Over the next few years, the Bitcoin system has four pillars: compatibility, composability, parallelism, and scalability. Fractal is strengthening these four aspects in different ways.
In terms of compatibility, native support for BRC-20, RUNE, and other Bitcoin protocols will be provided, and a modular approach will enable them to interact with each other and be compatible with Bitcoin. In terms of composability, advanced Bitcoin virtual machines will be gradually enabled to build modern applications within TapRoot (to maintain compatibility at the blockchain level), and an off-chain execution model, brc20-swap (which may become Fractal Swap or PizzaSwap in the future), is also being attempted. In terms of parallelism, the UTXO model and stateful transaction chains (tx-chains) enable the provision of locally executed services without interfering with other services, achieving high localization and efficiency without concern for global state. In terms of scalability, the Bitcoin blockchain is seen as a pillar of a new system that needs to have thousands of instances of Fractal built around it; Bitcoin as a blockchain only needs to exist; the scalability of the entire system is the key.
Token Unlock:
Sui (SUI) will unlock approximately 64.19 million tokens at 8:00 am on September 1, Beijing time, accounting for 2.47% of the current circulating supply, worth about $65 million.
ZetaChain (ZETA) will unlock approximately 53.89 million tokens at 8:00 am on September 1, Beijing time, accounting for 15.71% of the current circulating supply, worth about $33 million.
dydx (DYDX) will unlock approximately 8.33 million tokens at 8:00 am on September 1, Beijing time, accounting for 3.67% of the current circulating supply, worth about $9.8 million.
Ethena (ENA) will unlock approximately 14.89 million tokens at 3:00 pm on September 1, Beijing time, accounting for 0.82% of the current circulating supply, worth about $5.4 million.
Manta Network (MANTA) will unlock approximately 1.87 million tokens at 7:59 am on September 1, Beijing time, accounting for 0.50% of the current circulating supply, worth about $1.5 million.
Forta (FORT) will unlock approximately 50,000 tokens at 8:00 am on September 1, Beijing time, accounting for 0.01% of the current circulating supply, worth about $6,500.
To Be Determined
Regulatory News:
FOMC Voting Members to Speak Next Week, September Fed Rate Cut Still Dependent on Data
Next week, FOMC voting members will speak and initial jobless claims will be announced. Key events include:
- Tuesday, US Consumer Confidence Index for August.
- Wednesday, Australia's weighted CPI annual rate for July.
- Thursday, 2024 FOMC voting members, and Atlanta Fed President Bostic will speak on economic outlook, and US initial jobless claims for the week ending August 24.
- Friday, 2024 FOMC voting members, and Atlanta Fed President Bostic will speak on monetary policy and economic outlook, US core PCE price index annual and monthly rates for July, and personal spending monthly rate.
Exchanges:
WazirX Co-founder: Complete Plan on Token Resolution to be Proposed Next Week
Nischal Shetty, co-founder of the Indian crypto exchange platform WazirX, posted a security event update on X platform and stated, "The issue is whether we want to quickly resolve the issue or continue to struggle and delay it for years. Those who have no vested interest will spread hate and want you to disrupt the quick resolution we are formulating. Some people who don't even have WazirX accounts are trying to disrupt the process of quick resolution by fabricating false stories and narratives. Every week, we bring more clarity, and a complete plan on token resolution will be proposed next week.
Project Updates:
CKB Releases Light Paper for Public Lightning Network Fiber Network, Testing to Begin Next Week
CKB has released the light paper for the next-generation public Lightning Network, Fiber Network, which is a Lightning Network built on Nervos CKB and off-chain channels, providing fast, low-cost, and decentralized multi-currency payments and peer-to-peer transactions for RGB++ assets. Currently, Fiber Network has completed prototype development, achieving basic functions such as creating, updating, and closing channels between two nodes, and has also verified cross-chain functionality with the Bitcoin Lightning Network. Testing will begin next week. CKB stated that similar to the Bitcoin Lightning Network, Fiber Network operates off-chain to improve transaction speed and reduce fees while maintaining blockchain security and decentralization. Fiber Network supports multiple asset classes, allowing payments for any RGB++ assets on Fiber Network in addition to CKB native tokens. The overall architecture of Fiber Network includes off-chain payment channels, on-chain contracts, multi-hop routing, and monitoring services as core modules.
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