Take a look at the most noteworthy industry events and important project progress in the coming week.
- The hearing on the U.S. SEC v. Binance case was postponed to January 22 due to the snowstorm in Washington.
- BNB Smart Chain (BSC) Kepler hard fork.
- The new deadline for the US SEC to make a decision on the Grayscale Ethereum Spot ETF is January 25.
- A hearing on Bank of America Dave's proposed repurchase of $100 million in convertible notes from FTX was held on January 25.
- Binance listed the AltLayer token ALT on January 25.
Web3 events this week (January 22-January 28, 2024) are not to be missed. The picture below is a preview of this week’s highlights:
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important events
Due to the snowstorm in the Washington area, the hearing of the U.S. Securities and Exchange Commission (SEC) v. Binance case has been postponed to 23:00 on January 22 (Monday), Beijing time. Previously, the U.S. SEC sued Binance Holdings Ltd. and its former CEO CZ in June, accusing the cryptocurrency exchange of failing to restrict U.S. investors from accessing Binance.com, directing funds to CZ’s independent investment fund, and acting as a Unregistered exchange operations and other charges. The SEC also stated that 12 tokens listed on the exchange are securities, including BNB and BUSD.
The new deadline for the U.S. Securities and Exchange Commission (SEC) to make a resolution on the Grayscale Ethereum Spot ETF is January 25, 2024. Previously, the U.S. SEC approved Grayscale’s conversion of its trust product GBTC into Bitcoin on January 10 Coin spot ETF. Analysts at investment bank TD Cowen believe that the U.S. SEC is unlikely to approve an Ethereum spot ETF in the short term and may wait to gain experience from Bitcoin ETFs before considering approving Ethereum or other cryptocurrency ETFs.
Bank of America Dave intends to purchase $100 million of convertible notes from FTX for $71 million. Completion of the transaction is subject to bankruptcy court approval of the agreement. FTX filed a motion in its bankruptcy proceedings seeking approval of the agreement. The motion set A hearing will be held on January 25, 2024.
Project Progress
The BNB Smart Chain (BSC) Kepler hard fork will take effect on the mainnet at 16:00 on January 23, 2024. This upgrade is closely related to the Shanghai upgrade of Ethereum and introduces BSC-specific enhancements, including optimizing fast Incentive mechanism for finalizing functions, improving the speed and reliability of confirming and completing transactions, etc. Previously, the BSC testnet had carried out the Kepler hard fork on December 19, 2023.
SushiSwap will close Kanpai on January 23, reopen Sushi Bar and restart the xSushi model. Allows xSushi holders to earn a portion of Sushi DEX trading fees. By staking Sushi at Sushi Bar, Sushi holders will receive xSushi and be entitled to 0.05% from the standard trading fee of 0.3%.
Ava Labs product related person Kieran McShane said that the Avalanche wallet WebWallet will be decommissioned on January 23 and transitioned to the new wallet Core. In addition, the WebWallet code will remain open source. Core is built to accommodate the upcoming AVAX staking features and functions, supporting functions such as verification, delegation, x/p/c access, cross-chain transfers, and portfolio export.
The 45th phase of Binance Launchpool project AltLayer token ALT will be launched at 18:00 on January 25. AltLayer is a platform that uses Optimistic and ZK Rollup stacks to launch native and re-staking Rollups. According to AltLayer's token economic model, the total amount of ALT is 10 billion, and 5% is allocated to Binance Launchpool. In addition, investors are allocated 18.5% of the total amount, the team is allocated 15%, strategic advisors are allocated 5%, protocol development is allocated 20%, and finance is allocated 20%. The library is allocated 21.5%, and the ecosystem and community are allocated 15%. AltLayer has completed the airdrop snapshot at 8:00:11 on January 17 (Ethereum block number 19022890). The airdrop targets include: AltLayer OG Badge NFT holders, Oh Ottie! NFT holders, Altitude event qualified participants, qualified EigenLayer re-hypothecaters and Celestia stakers.
zkLink, a multi-chain trading infrastructure based on zero-knowledge proof, will conduct a community token sale on CoinList at 2:00 on January 26. Users who apply for the zkLink Explorer whitelist before 20:00 on January 16 will have priority to participate in the CoinList community sale. This whitelist prioritizes active community members and long-term zkLink supporters. Users will still need to register on CoinList’s zkLink trading page to qualify for the token sale.
Token unlock
According to Token Unlocks data, a total of four projects received large one-time unlocks this week, including:
- IDs worth approximately $9 million were unlocked on January 22;
- YGG, worth approximately $8.75 million, will be unlocked on January 27;
voting governance
The voting deadline for Aave's ARFC proposal on "Deploying Aave V3 on the Scroll mainnet" is 23:24 on January 22, Beijing time. This proposal proposes the introduction of limited asset access and conservative risk parameters, aiming to make Aave more popular in the Scroll ecosystem. establish a strategic position while limiting risk exposure.
Cosmos Hub’s on-chain proposal voting on “Set the minimum inflation rate to 0%” ended on January 23. Due to the recent ATOM halving event, the current inflation rate is between 7% and 10%. The proposal aims to Removing the 7% floor will make ATOM a scarcer asset.
The proposal to merge Klaytn and Finschia in stages opened for governance voting on January 26, and the voting deadline is 13:00 on February 2. The main contents of the proposal include: the newly established foundation will be merged in stages, and the first phase of the merger "token generation and governance" will be carried out on the EVM core stack. The newly merged ecosystem and chain will promote synergies and competitiveness in four key areas, including ecosystem, token economy, core network and governance.
