A look at the most noteworthy industry events and project updates to watch for in the coming week.
- The Bitcoin MENA Summit will be held from December 9 to 10 in Abu Dhabi.
- Microsoft's shareholder meeting on December 10 will consider a Bitcoin investment proposal.
- The Magic Eden token ME will undergo a TGE on December 10.
- Taipei Blockchain Week will be held from December 12 to 14 at the Songshan Cultural and Creative Park.
- The US Financial Accounting Standards Board will require companies to adopt Bitcoin fair value accounting starting from fiscal years beginning on or after December 15.
Don't miss the major Web3 events this week (December 9 - December 15, 2024). Here's a preview of the exciting highlights:
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Key Events
Brazilian digital bank Nubank has temporarily suspended trading of its native token Nucoin, and is providing customers the option to convert it to BTC or USDC before December 9.
Microsoft's shareholder meeting on December 10 will consider a Bitcoin investment proposal submitted by the conservative think tank The National Center for Public Policy Research. On December 2, MicroStrategy founder Michael Saylor gave a presentation to Microsoft's board, proposing Bitcoin as the core opportunity for the next technological revolution, and recommending Microsoft adopt Bitcoin as a core corporate strategy instead of traditional dividend payouts and stock buybacks, which he predicts could add up to $4.9 trillion to Microsoft's market cap by 2034.
Vancouver Mayor Ken Sim will submit a proposal to the city council on December 11 to integrate Bitcoin into the city's financial reserve system.
The US Senate Banking Committee will vote on December 11 whether to renominate crypto-skeptic Caroline Crenshaw to the US Securities and Exchange Commission (SEC).
The US Financial Accounting Standards Board will require companies to adopt Bitcoin fair value accounting starting from fiscal years beginning on or after December 15. Under the new rules, companies holding Bitcoin or Ethereum will need to record these tokens at fair value, i.e. the latest market price. Fair value changes will be directly recorded in net income. Companies must separately record their crypto assets as a line item on the balance sheet, and disclose extensive details about their crypto holdings and any restrictions on them in the footnotes each reporting period.
Project Updates
New Token Launches
The Movement token MOVE will commence trading on December 9.
The decentralized AI infrastructure Heurist token HEU will launch on the Base chain and zksync chain on December 9, with trading to begin simultaneously on Gate.io and MEXC. The total HEU token supply is 1 billion, with an initial circulating amount of around 11%, allocated to initial liquidity provision, mining rewards (to incentivize ongoing GPU provider contributions), early community airdrops, and a protocol treasury (to be used by the DAO for ecosystem development).
The Ethereum Layer2 Superseed will commence its token sale on December 9.
The Magic Eden token ME will undergo a TGE on December 10, with token airdrop eligibility and distribution details made available on December 4.
The decentralized AI base protocol KIP Protocol will conduct the KIP token TGE on December 10.
The AI data layer protocol Glacier Network will hold a public token sale from December 11 to 18 through the Launchpad platform Fjord Foundry, representing 6% of the total supply. The sale will use a fixed price model. After the public sale, GLS will be listed on a CEX on December 18 to support market liquidity.
The Sui ecosystem lending protocol Suilend will launch its token SEND on December 12.
Exchange Updates
Binance is launching an "On-chain Yields" product, with the first offering being Babylon BTC Stake, open for subscription starting December 9 at 14:00.
Binance will delist and cease all spot trading pairs for GFT, IRIS, KEY, OAX, and REN on December 10 at 11:00.
South Korean crypto exchange Upbit will delist ForTube (FOR) on December 11 at 19:00 local time.
Coinbase International will list perpetual contracts for MOODENG, ALGO, SAND and 1000MOG, with trading to open on or after December 12 at 17:30.
Other Updates
The Bitcoin sidechain Side stated that users who have not yet linked a Bitcoin address on the testnet can resubmit their address before December 10.
The Bitcoin re-staking protocol Babylon will open Cap-3 staking on December 10 at 19:00, lasting for 1000 blocks, with a minimum stake of 0.005 BTC per transaction and a maximum of 5,000 BTC.
Optimism Governance Season 6 will run until December 11. The theme for the sixth season is "Optimizing to Support the Superchain".
The upgraded EigenLayer Rewards v2 will be deployed on the Holesky testnet on December 12, with plans to deploy on the mainnet in January, aiming to bring greater flexibility, efficiency and customization to the rewards in the EigenLayer ecosystem.
Layer1 blockchain aelf will undergo a halving on December 12 at 15:30 Beijing time, expected to occur at mainnet block height 246,500,000, reducing the block reward from 0.125 ELF to 0.0625 ELF.
Horizen (ZEN) will undergo a network upgrade at block height 1,679,880 (estimated to be on December 13 at 02:00). Binance will temporarily suspend Horizen (ZEN) token deposits and withdrawals on December 13 at 01:00 to support the network upgrade.
The XAI ecosystem airdrop battle pass tiny Sentry Keys will launch on December 13.
The third season of the Bitlayer Mining Gala event by the Bitcoin native Layer2 project Bitlayer will conclude on December 15.
Event Preview
The "MemeWave 2025" online conference hosted by Bitget Wallet, a series of online roundtable discussions reviewing the Memecoin phenomenon and exploring its impact on crypto and global culture, as well as in-depth analysis of market trends and future development directions, will be launched on December 9, 2024 for a month-long event.
The Bitcoin MENA Summit will be held in Abu Dhabi from December 9 to 10, with Trump's son attending the Bitcoin MENA Summit in December.
Blockchain Season Finale 2024 will be held in Dubai from December 12 to 13.
The Taipei Blockchain Week will be held at the Songshan Cultural and Creative Park from December 12 to 14, with the theme of "Onboard", covering 5 Warehouses, 3 stages, over 200 speakers and more than 60 sponsors/partners, dedicated to promoting the adoption and innovation of Web3.
Token Unlocks
According to Token Unlocks data, this week will see large-scale one-time unlocks of tokens such as APT, STRK and SEI, with a total value of over $200 million released, including:
Aptos (APT) will unlock 11.31 million tokens on December 12 at 0:00, worth about $163 million, accounting for 2.11% of the circulating supply;
Starknet (STRK) will unlock 64 million tokens on December 15 at 8:00, worth about $49.51 million, accounting for 2.83% of the circulating supply;
Sei (SEI) will unlock 55.56 million tokens on December 15 at 20:00, worth about $38.24 million, accounting for 1.39% of the circulating supply;
Cardano (ADA) will unlock 18.53 million tokens on December 11 at 8:00, worth about $22.05 million, accounting for 0.05% of the circulating supply.
Proposal Voting
The Sushi community's "Treasury Diversification Proposal" voting will end on December 14 at 5:00. Currently, 100% of the Sushi treasury assets are SUSHI tokens, and in the proposed diversification strategy, 70% of the treasury holdings will be converted to stablecoins, 20% to blue-chip assets (BTC, ETH), and the remaining 10% to DeFi tokens (e.g. AAVE).
