Take a look at the most noteworthy industry events and important project developments in the coming week.
- PayPal's new policy will remove buyer and seller protections for NFTs.
- The US SEC will decide whether to approve the Ethereum spot ETF application submitted by VanEck and ArkInvest/21 Shares.
- The Alliance for Superintelligence (ASI) is scheduled to launch on May 24.
- Chiliz Chain will implement the Dragon8 hard fork, and the CHZ annual inflation rate will decrease year by year from 8.8%.
- Approximately $812 million of PYTH will be unlocked on May 20th.
This week (May 20-May 27, 2024), Web3 events are not to be missed. Here is a preview of this week’s highlights:
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important events
PayPal's new policy, which took effect on May 20, will remove buyer and seller protection for NFTs, and NFT purchases will no longer be supported by the company's buyer protection program. In addition, NFT sales worth more than $10,000 will not be protected from false claims and chargebacks. Previously, the purchase and sale of NFTs were initially supported by PayPal's buyer and seller protection program, which refunded buyers for falsely advertised items paid through PayPal and compensated sellers who suffered losses due to payment disputes and fraudulent chargeback requests.
Musk has asked Helen Toner, a former OpenAI board member, to submit records related to the decision to remove Sam Altman and reinstate him by May 21. Musk is one of OpenAI's earliest investors, and the request is related to a lawsuit Musk filed last month against OpenAI and Altman, claiming the company violated its original promise to create artificial intelligence that benefits all humanity when it entered into a multibillion-dollar partnership with its largest investor, Microsoft Corp.
The hearing of the first bankruptcy application of cryptocurrency lending company Delio has been postponed to May 21, after the Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC) of South Korea announced sanctions against the crypto finance company Delio in September last year, including suspending all operations for three months, a fine of 1.896 billion won (about 1.44 million US dollars), and the dismissal of a senior executive.
The U.S. SEC, Terraform Labs and Do Kwon's lawyers will hold a court debate on the compensation plan for the fraud case on May 22. The SEC requires Kwon and Terraform to pay approximately $4.7 billion in forfeiture and pre-judgment interest, as well as a total of $520 million in civil penalties; Terraform's legal team recommended a civil penalty of $1 million and no forfeiture.
The U.S. Securities and Exchange Commission (SEC) will decide on May 23 whether to approve the spot Ethereum ETF application submitted by VanEck, and will decide on May 24 whether to approve the spot Ethereum ETF application submitted by ArkInvest/21 Shares. However, the market believes that the U.S. SEC is very likely not to approve the two spot Ethereum ETF applications. Wintermute OTC trader Jake Ostrovskis said that the market currently believes that these ETFs have only a 16% chance of being approved by the end of May. Nate Geraci, president of ETF Store, said that the U.S. Securities and Exchange Commission (SEC) will make a decision on the Ethereum spot ETF this week. The U.S. SEC is likely to approve the Ethereum spot ETF 19b-4 (Exchange Rule Change) document and then slow down the approval of the S-1 (Registration Statement).
The Alliance of Super Artificial Intelligence (ASI) is scheduled to be launched on May 24. ASI is an alliance formed by the merger of Fetch.ai, SingularityNET and Ocean Protocol. The merger of the three has passed the proposal vote in various communities, and their tokens have also been converted into ASI in proportion.
Project Progress
The Dragon8 hard fork of sports and entertainment blockchain solution Chiliz Chain is scheduled to be executed on May 21. This hard fork will introduce new developer tools and fully implement the previously announced Chiliz Chain Tokenomics 2.0. The annual inflation rate of CHZ will decay from 8.8% year by year until it drops to 1.88% after 14 years and remains unchanged every year thereafter. At the same time, Chiliz Chain will implement EIP-1559, in which the vast majority of accrued Gas will be destroyed.
The consensus upgrade of the decentralized social network L1 DeSo mainnet Revolution is scheduled for May 22. After the consensus upgrade, it will support 500 posts per second (10% of the scale of X), the maximum destruction fee (BMF) algorithm, 1 second confirmation time, staking DESO to obtain 20% annualized returns, and permissionless validators.
The Ultimate app will shut down on May 22, 2024. Jupiter has acquired Ultimate Wallet and its mobile team.
The registration for the fourth round of retroactive fundraising for Optimism will start on May 23 and end on June 6. The review period will be from June 6 to June 18, the voting period will be from June 23 to July 8, and the results will be announced and funding will be issued on July 15. In this round, The Optimism Collective will allocate 10 million OPs to reward Superchain developers.
Aethir, a decentralized GPU cloud infrastructure, will officially release the edge computing device Aethir Edge on May 23. The first batch of 11,000 devices will be released exclusively to the Aethir community, and 23% of the total supply of ATH tokens will be used to incentivize Aethir Edge users. The device will be sold in multiple rounds, and early registrants can purchase it at a discounted price of $999 (market price is $1,099).
The aelf v1.9.0 upgrade is expected to take place at 18:00 on May 23, 2024 and be completed before May 29. Once aelf v1.9.0 is released, all block producers and full nodes need to upgrade to the latest version.
100% of B3TR and VOT3 tokens on VeChain testnet will be projected to the mainnet on May 26th.
Upcoming Events
ETHBerlin will be held from May 24 to 26, 2024 at the CIC Innovation Campus in Berlin, Germany.
PIONEX and WIF officially held the "WIF <> PIONEX COMMUNITY PARTY" offline event at VIVA PARTY ROOM in Taipei at 19:00 on May 24.
Token Unlock
According to Token Unlocks data, this week PYTH, AVAX and ID will have a one-time large-scale token unlock, with a total value of more than $1.1 billion.
2.13 billion Pyth Network tokens PYTH will be unlocked at 22:00 on May 20, worth approximately US$812 million, accounting for 141.67% of the circulation.
9.54 million Avalanche tokens AVAX will be unlocked at 8:00 on May 22, worth approximately US$340 million, accounting for 2.49% of the circulation.
18.49 million SPACE ID tokens will be unlocked at 8:00 on May 22, worth approximately US$14.26 million, accounting for 4.29% of the circulation.
4.66 million Acala tokens ACA will be unlocked at 8:00 on May 25, worth approximately US$507,000, accounting for 0.48% of the circulation.
Voting Governance
The Aave community's proposal to "create a financial steward" will end at 23:27 on May 20. The proposal proposes to create a smart contract that enables the "financial steward" to perform pre-approved and budgeted operations on behalf of the DAO. In addition, the Aave community's ARFC proposal to add USDe to Aave V3 on Ethereum will end at 12:03 on May 22.
The third round of LFG voting for Solana ecosystem DEX Jupiter will begin on May 22. The candidate projects for the third round of LFG are the cross-chain interoperability protocol deBridge, the betting platform Divvy.Bet, and the NFT market Exchange Art.
GMX’s proposal to list the token on potential markets closed on May 23.
The Gitcoin DAO proposal to extend the terms of seven previously elected community council members until December 31, 2024 closed for voting at 16:36 on May 23.
Lido's proposal vote on "Lido Alliance: Ethereum Alliance Ecosystem" will end at 12:00 on May 24. The alliance will be built around stETH and proposes the creation of a dedicated Lido Contributor Alliance Working Group. The purpose of this group is to evaluate potential new alliance members and help guide potential alliance and product development possibilities. Partners can choose to provide token airdrops to the alliance.
NFT Minting
Animoca Brands Japan has launched digital collectible cards from Hiro Mashima’s manga Fairy Tail. The series will be launched on the digital collectibles and NFT marketplace Quidd at 05:00 Beijing time on May 25.
