Take a look at the most noteworthy industry events and important project progress in the coming week.
- SBF sentencing is scheduled for March 28.
- WOW Summit Hong Kong was held in Hong Kong from March 26th to 27th.
- The 2024 Global Digital Mining Summit was held on March 29 in Muscat, Oman.
- Valued at approximately $84.32 million OP unlocked.
- The Aave DAO proposal intends to increase the GHO borrowing interest rate.
This week’s (March 25-March 31, 2024) Web3 events are not to be missed. The following picture is a preview of this week’s highlights:
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important events
The sentencing of FTX founder SBF by a US federal judge is scheduled for March 28. On November 2 last year, jurors found SBF guilty of all seven counts of fraud and conspiracy. Manhattan federal prosecutors told the judge who will sentence SBF on March 28 that he showed "unparalleled greed and arrogance" and asked for a sentence of 40 to 50 years, well below the 100 years recommended in U.S. criminal sentencing guidelines. , but much longer than the 6 and a half years suggested by SBF's lawyers. In a letter to Judge Lewis Kaplan, Sam Bankman-Fried's attorney Mark Mukasey denounced federal prosecutors for trying to unfairly paint SBF as a "depraved supervillain" and warned that if the court agreed to their request, he would be sentenced to 40 years. to 50 years in prison, then the justice system will needlessly destroy his spirit.
Tornado Cash developer Alexey Pertsev will go on trial in the Netherlands on March 26. According to the indictment of Dutch prosecutors, Alexey Pertsev is suspected of helping to launder more than $1.2 billion. Alexey Pertsev's lawyer, Keith Cheng, said prosecutors suspected Alexey Pertsev of money laundering, which they described in general terms but did not spell out the specifics of his criminal involvement. Recently, Arbitrum DAO withdrew its proposal to donate millions of dollars to the developers of Tornado Cash because token holders were concerned that the donation would bring legal risks. The funds will be funneled into the WeWantJusticeDAO crowdfunding campaign.
The civil trial for fraud charges filed against Do Kwon by the U.S. Securities and Exchange Commission (SEC) opened on March 25. Do Kwon has not been extradited to the United States or will miss the trial. According to local Montenegrin media Vijesti, Do Kwon was transferred to the Montenegrin foreigners "reception center" on March 23, pending the final extradition decision, or will be extradited to South Korea.
Project Progress
This week, project progress related to airdrops include:
The COTI Foundation announced the launch of the COTI V2 airdrop event, which plans to start distributing 40 million tokens on March 25. The current value is approximately US$8 million and will be open to Native and ERC-20 COTI holders.
Web3 creator community application PoP Planet will launch the "PoPP Interstellar Pass Card" Free Mint event on the Ethereum chain at 20:00 on March 27. PoPP stated that it aims to recruit 1,000 2.0 co-builders through this NFT Free Mint event to jointly explore business models such as creator community assets, content creation, and digital IP. Previously, PoPP has announced its token economic system and will conduct TGE in Q2 2024.
Multi-chain lending protocol Radiant Capital has extended the air investment eligibility review period for its Short-Term Incentive Plan (STIP) from January 31 to March 29. The plan includes airdropping 2 million ARB to dLP long-term staking users. Radiant said that the time change originated from a passed proposal of Arbitrum DAO. The proposal stated that the original STIP had a shorter air investment qualification review period due to the large difference in the recipient's KYC time.
Kamino Finance, the Solana ecological composable automated liquidity management protocol, will take a first quarter snapshot of Kamino points on March 31 and calculate them in the KMNO token genesis distribution in April. The total supply of KMNO is 10 billion pieces, and the circulation is expected to be 10% on the first day. The initial community allocation proportion of KMNO is 7%. Kamino Points Season 2 will begin in April and will continue to reward protocol participation.
Web3 social protocol beoble hinted at the airdrop release and snapshot shooting schedule on the X platform. A snapshot may be taken on March 31st and an airdrop will be conducted on April 15th.
Other developments include:
- Circle cross-chain transmission protocol CCTP was launched on the Solana mainnet on March 26;
- TokenFi Launchpad mainnet will be launched on March 28;
- The Bitcoin Layer 2 network TaprootChain launched the mainneton March 28, enabled cross-chain functions on March 29, and launched a points activity on March 30;
- The Bitcoin Layer2 project Ligo mainnet will be launched on March 31.
Upcoming Events
WOW Summit Hong Kong will be held in Hong Kong from March 26 to 27, 2024. It aims to connect leading companies in the Web2 and Web3 fields with the global community and provide a platform for exchanges and critical discussions. It is expected that attendees will reach 7,000 people.
Bitmain held the 2024 Global Digital Mining Summit on March 29 at the W Hotel in Muscat, Oman, with the theme "Hydraulic Mining Wins the Desert."
Applications for a16z crypto Cryptocurrency Startup Accelerator (CSX) Fall 2024 are open until March 29. Designed specifically for Web3 startups, the CSX program will be a ten-week live course beginning in September and ending with a demo day in November.
Token unlock
According to Token Unlocks data, this week OP, PRIME and YGG will have a one-time large-scale unlocking of tokens, with a total released value of over US$130 million, including:
- Optimism token OP will unlock 24.16 million tokens at 12:00 on March 29, worth approximately US$84.32 million, accounting for 2.4% of the circulating supply;
- Echelon Prime token PRIME will unlock 1.66 million tokens at 8:00 on March 31, worth approximately US$37.53 million, accounting for 4.65% of the circulating supply;
- The Yield Guild Games token YGG will unlock 16.69 million tokens at 22:00 on March 27, worth approximately US$16.89 million, accounting for 5.39% of the circulating supply.
voting governance
Voting on Aave DAO's proposal to increase the GHO borrowing rate and modify the GHO Steward will end on March 26. The proposal is called in response to the recent increase in stablecoin interest rates and the recent changes proposed by Maker DAO, which proposes to increase the GHO borrowing rate from 7.49 % is adjusted to 13.00%, and the GHO borrowing limit implemented by the GHO administrator will increase from 50 million to 100 million. The borrowing interest rate adjustment frequency is reduced from 5 days to 2 days. The overall maximum GHO borrowing rate that the administrator can implement is 25.00%.
