Sui will unlock approximately 64.19 million tokens on October 1st, worth $107 million.
Author: Deep Tide TechFlow
Yesterday's Market Dynamics
FTX Compensation Plan Not Yet Approved, Rumors of Distribution Starting on September 30th Are False
Deep Tide TechFlow News According to a report by cointelegraph, rumors have been circulating on social media that FTX will begin distributing compensation funds to creditors and clients on September 30, 2024, but this rumor has been confirmed as false information. According to the latest bankruptcy documents, the next confirmation hearing for the restructuring plan is scheduled for October 7, 2024, presided over by Judge John T. Dorsey of the Delaware Bankruptcy Court.
FTX's distribution plan is currently facing opposition from creditors. Creditors are demanding compensation in the form of physical assets such as cryptocurrencies, rather than cash payments. However, FTX's lawyers insist that compensation must be made in cash to avoid conflicting with existing bankruptcy laws and impeding the process.
If the plan is approved, small creditors with claims of less than $50,000 may start receiving compensation by the end of 2024. Larger claimants may have to wait until the first or second quarter of 2025 to receive compensation.
SUI, OP, and Several Other Tokens to See Large Unlocks This Week, Totaling Nearly $3 Billion
According to Token Unlocks data, several tokens will see large unlocks this week, totaling approximately $2.957 billion. Among them, Sui (SUI) will unlock approximately 64.19 million tokens on October 1st, worth $107 million; Optimism (OP) will unlock approximately 31.34 million tokens on September 30th, worth $60 million; Immutable (IMX) will unlock approximately 32.47 million tokens on October 4th, worth $59 million. In addition, tokens such as ZetaChain (ZETA), dydx (DYDX), Maverick Protocol (MAV), Cardano (ADA), Galxe (GAL), Manta Network (MANTA), and Liquity (LQTY) will also see unlocks of varying scales next week.
CZ: Will Continue to Invest in Blockchain and AI, Giggle Academy Will Be an Important Part of Life in the Coming Years
Changpeng Zhao (CZ), former CEO of Binance, revealed his current situation on social media. CZ stated that he is currently enjoying life and expressed gratitude for the support he received during the darkest times. Regarding future plans, CZ mentioned that Giggle Academy will be an important part of his life in the coming years. He will continue to invest in blockchain, decentralized technology, AI, and biotechnology, emphasizing that he is a long-term investor focused on impact rather than returns. In addition, CZ plans to allocate more time and funds to charitable and educational endeavors. He also revealed that he is currently writing a book, of which about two-thirds has been completed. CZ stated that Binance is operating well without his "backstage command," which is every founder's dream. Finally, he mentioned that he will meet with everyone at future conferences.
Stacks Foundation: Nakamoto Testnet Upgrade Successful, Testnet May Be Reset Over the Weekend
The Stacks Foundation announced in the early hours of September 28th that the planned Nakamoto testnet hard fork for the week has been successfully completed. Core developers discovered some bugs related to node communication during the upgrade process, mainly involving issues with term extension. Although most functions of the testnet are running normally, there may be cases of missed sorting. To address these issues, the testnet may be reset over the weekend. In light of this, the block height for the mainnet hard fork is expected to be slightly adjusted. Core developers plan to release an update on the hard fork details before Friday, October 4th, Beijing time. The Stacks Foundation emphasized that a secure and stable launch remains the top priority, and if any new issues are discovered, further adjustments to the plan may be made.
Former Deputy Minister of Finance Zhu Guangyao: Research on Cryptocurrency Development Should Be Emphasized, Significant Evolution of U.S. Policy Has Occurred
The 2024 Tsinghua Wudaokou Chief Economist Forum was held in Beijing on September 28th, and Zhu Guangyao, former Deputy Minister of Finance, attended and delivered a speech. Zhu Guangyao called for emphasis on research into the development of cryptocurrencies, pointing out that although cryptocurrencies have negative impacts and risks, it is crucial to study the latest international changes and policy adjustments because they are essential for the development of the digital economy. Zhu Guangyao reviewed the development of cryptocurrencies, noting that for over a decade, the United States has always believed that cryptocurrencies have had a significant destructive impact on international anti-money laundering and counter-terrorism financing efforts, and their price volatility has also had an impact on international financial markets. However, there has been a significant shift in U.S. policy this year, with the inclusion of cryptocurrencies in the Republican Party platform for the Trump campaign and a public statement that "we must embrace cryptocurrencies, otherwise China will replace us." In addition, the U.S. Securities and Exchange Commission has approved the listing of 11 Bitcoin ETFs on stock and futures markets. Zhu Guangyao also mentioned that emerging market countries and BRICS countries, such as Russia, South Africa, Brazil, and India, are also taking action in the field of cryptocurrencies.
Mind Network Completes $10 Million Pre-A Round of Financing, with Participation from Animoca Brands and Others
Fully Homomorphic Encryption (FHE) infrastructure provider Mind Network announced the completion of a $10 million Pre-A round of financing. Investors include Animoca Brands, Arkstream Capital, Cogitent Ventures, G Ventures, MH Ventures, Master Ventures, Moonhill Capital, SwissBorg Ventures, and IBC Group, among others. Notable angel investors such as Ether.fi CEO Mike Silagadze also participated.
Mind Network stated that the funds will be used to advance the application of FHE technology and expand the security boundaries of decentralized networks, especially in AI and PoS networks. The company's recently launched MindV solution introduces an FHE voting mechanism aimed at ensuring the consensus and data security of AI and PoS networks. Users can participate in network consensus and FHE voting by holding staked assets to obtain $vFHE. The company has previously received support from Binance Labs, Hashkey, Big Brain, and Chainlink, and has received funding from the Ethereum Foundation for its FHE research.
Decentralized Exchange Trader Joe Rebrands as LFJ
Decentralized exchange Trader Joe announced on September 23rd that it has rebranded as Let's F***ing Joe (LFJ) and unveiled a new brand image. LFJ retains its original Joe mascot but gives it a more modern look, aiming to attract a wider crypto community. The new brand is centered around the concept of "Let's Win Together," promising to provide simple and user-friendly solutions for everyday traders.
LFJ also updated its logo design and color scheme, retaining the iconic purple and replacing navy blue with black for a more striking and bold appearance. Additionally, the official website domain has been changed to www.LFJ.gg. LFJ stated that it will focus on building the ultimate on-chain trading experience in the coming months, with plans to introduce new features such as an aggregator, loyalty program, portfolio system, as well as new protocols like Token Mill and Central Limit Order Book.
Puffer Finance: Users Affected During EIGEN Airdrop Period Will Receive an Additional 50% Compensation in PUFFER Tokens
Based on the EigenLayer liquidity staking protocol, Puffer Finance posted on the X platform that they encountered issues during the EIGEN token airdrop due to inaccurate data provided by zkLink Nova. In response, Puffer Finance has committed to taking remedial measures to ensure that every user receives the tokens they are entitled to. Affected users will receive an additional 50% of $PUFFER tokens as compensation, and all Puffer users will receive additional rewards as a token of gratitude for their support.
Opinion: Coinbase App Returns to Popular Download Charts, Retail Bitcoin Investment Frenzy May Resurface
According to a report by Cointelegraph, the latest data shows that Bitcoin is regaining popularity among retail traders. The official app of Coinbase, the largest cryptocurrency exchange in the United States, has recently seen a resurgence in downloads, signaling a potential resurgence of retail investment frenzy in the cryptocurrency market. Data from the analysis account Bitcoindata21 shows that the Coinbase app typically ranks among the top 500 in Apple's App Store downloads. After briefly dropping out of the charts earlier this month, its popularity is on the rise.
As of September 28th, the Coinbase app has climbed to the 385th position. App download volume shows a clear correlation with the price trend of Bitcoin, entering the top 175 during bull market peaks and dropping out of the top 500 during bear markets.
Cryptocurrency Analyst Eugene: Second Phase of Bull Market About to Begin
Cryptocurrency analyst Eugene Ng (@0xENAS) posted his price predictions for the end of this round of the bull market cycle on social media. Eugene stated that assuming Trump wins the election and the economy experiences a soft landing, he predicts the following price ranges: Bitcoin (BTC) price range: $10,000-20,000; Ethereum (ETH) price range: $4,000-6,000; Solana (SOL) price range: $500-1,000; Total cryptocurrency market cap: $5-10 trillion. Eugene believes that the second phase of the bull market is about to begin and advises investors to determine their investment strategy now.
Japanese Company RemixPoint Reveals Purchase of 750 Million Yen Worth of BTC, ETH, SOL, and AVAX
Japanese company RemixPoint announced the purchase of cryptocurrency worth 750 million yen (approximately 37 million RMB), including: 64.4 BTC (600 million yen), 130.1 ETH (50 million yen), 2,260.5 SOL (50 million yen), and 12,269.9 AVAX (50 million yen). This is part of the company's previously announced plan to purchase 1.5 billion yen worth of cryptocurrency.
The company stated that this move aims to diversify currency risks and hedge against potential depreciation of the yen. The purchases will be made in batches, with the goal of completion within the year. RemixPoint has committed to timely disclosure if it has a significant impact on its performance.
Market Dynamics
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