An overview of the most noteworthy industry events and project developments to watch for in the coming week.
- Zircuit will officially lift the transfer restrictions on ZRC tokens on November 25.
- The Oyster Odyssey points event of SynFutures will officially end on November 25.
- HashKey Group's ecosystem token HSK will open for spot trading on November 26.
- The STRK staking of Starknet will launch on the mainnet on November 26.
- Approximately $40.5 million IMX will be unlocked on November 29 at 8:00 AM.
This week (November 25 - December 1, 2024), major Web3 events are not to be missed. Below is an exciting preview for the week:
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Important Events
South Korea's plan to implement a 20% crypto tax starting in early 2025 will be voted on by the National Assembly's tax subcommittee on November 25 and submitted for review by the full National Assembly on November 26. This tax was originally set to take effect on January 1, 2022, but was postponed twice to 2025 due to strong opposition from investors and the industry. The revised plan raises the tax-free threshold for crypto gains from 2.5 million won (approximately $1,795) to 50 million won (approximately $35,919). Additionally, the amendment allows for a certain percentage of the sales price to be declared as the purchase cost when precise purchase records cannot be provided.
The Singapore crypto trading platform Fairdesk will officially shut down all services on November 30 due to policy and regulatory issues.
Roberto Campos Neto, the president of the Central Bank of Brazil, hinted that the Brazilian central bank digital currency will be released in December 2024.
Coinbase will delist non-compliant stablecoins in the EU in December. Previously, the EU planned to fully implement new regulations for the crypto industry, known as MiCA, by the end of this year. The regulation on stablecoin issuers took effect on June 30, requiring them to have crypto authorization in at least one member state. Guidance for cryptocurrency exchanges and other companies operating in the group will take effect starting December 31.
Project Developments
Starting November 25, Coinbase will terminate its "Paycheck Direct Deposit" service, which previously allowed users to receive part or all of their salary in cryptocurrency.
The Oyster Odyssey points event of the decentralized derivatives protocol SynFutures will officially end on November 25, 2024.
Zircuit announced it will officially lift the transfer restrictions on ZRC tokens on November 25, and Zircuit will launch significant products this week.
The Ethereum staking infrastructure SSV Network announced it will conduct the Alan upgrade on the mainnet at block height 327,375, around 8:00 PM on November 25. This upgrade will reduce CPU time by 54% and bandwidth consumption by 80% to 90%, making the network more efficient. Key optimizations include committee-based consensus and better subnet allocation, significantly reducing network message volume.
HashKey Global will open HSK/USDT spot trading on November 26.
The Ethereum ecosystem meme issuance platform jump.fun will launch a one-click token deployment feature on November 26, allowing users to mint and deploy meme coins.
The STRK staking of Starknet will launch on the mainnet on November 26, with both validators and delegators subject to a 21-day unbonding lock-up period.
WalletConnect token WCT claiming and staking will go live on November 26.
Coinbase International will launch CoW Protocol (COW) perpetual contracts, opening for trading on or after 5:30 PM on November 26, 2024.
The Bitcoin ecosystem public chain Side Protocol will officially open airdrop registration on November 26 at 6:00 PM, distributing a total of 100 million SIDE tokens. This airdrop covers multiple categories, including active users who spend more than 0.005 BTC on Bitcoin; NFT communities including Pudgy Penguins, Milady, Mad Lads, Bitcoin Puppets, NodeMonkes, Ordinal Maxi Biz, Bitcoin Frogs, Pizza Ninja, Quantum Cats, Runestone, Bad Kids, Celestine Sloth; ATOM stakers and public goods donors; and testnet point users.
The Starknet mainnet will upgrade to version v0.13.3 on November 27. At that time, the Blob Gas price on Starknet will be five times cheaper. Some node operators running Juno instances will need to upgrade to version v0.12.4 to sync with v0.13.3 blocks; if using Pathfinder > v0.14.2, no action is required.
Floki's PlayToEarn MMORPG game Valhalla will launch its mainnet on November 28, and Valhalla will collaborate with the KICK F1 Sim Racing Team to become the official game partner for the 2025 F1 simulation racing season.
The privacy public chain Namada's mainnet trial operation will be extended to November 28, with the mainnet genesis (Phase 1) taking place sometime next week (between December 2 and 6).
Bitget will officially open MAJOR spot trading on November 28 at 8:00 PM.
The Ethena Foundation will work with the risk committee to finalize the parameters for activating the fee switch by November 30, with specific implementation mechanisms to be announced later.
The all-chain liquidity asset protocol StakeStone's EigenLayer Season 2 Stakedrop token claiming will open until December 1, 2024.
The ZKsync-based modular blockchain Sophon plans to launch its mainnet in December 2024, with the SOPH token being deployed alongside the mainnet genesis. However, to ensure a stable and secure launch, the token will not be publicly available in the initial phase. This initial token deployment is not considered a TGE, and it is expected to occur at a later date to ensure a smooth rollout.
Sonic Labs will take a snapshot of wallets holding six different Sonic Shards on December 1 at 8:00 PM. Once the chain goes live, all eligible wallets will be whitelisted to mint exclusive NFTs on Sonic. These NFTs will earn points and will be used for the distribution of S airdrops. Shards obtained through secondary markets (such as PaintSwap) will also be eligible, provided that users hold them before the snapshot.
OKX will officially delist the LON/USDT and LON/USDC trading pairs from 4:00 PM to 4:30 PM on November 28, 2024. Users with open orders for these trading pairs are requested to cancel their orders before 4:00 PM on November 28, 2024.
Event Preview
OKX Ventures, The Open Platform (TOP), and Folius Ventures have announced the launch of a $10 million Telegram Growth Hub, with the application deadline set for November 29, 2024. The Telegram Growth Hub focuses on three key areas: user onboarding and education tools, trading capabilities and networks, and Mini-App ecosystem expansion.
The Telegram Growth Hub will select up to 10 projects for a two-month acceleration program.
The Core Developer Incentive Program, Core Commit, will accept applications until November 14, with a total prize pool of $75,000 worth of CORE tokens, distributed monthly based on project progress and milestones. Participating partners in this program include Foresight Ventures, Google, and UTXO.
HashKey Cloud, Google Cloud, and Cobo will host the "Digital Asset Management Solutions Day" offline event in Hong Kong from 2:00 PM to 6:00 PM on November 27, 2024. Attendees will include: Forest Zhang, Strategic Industry Customer Engineering Director at Google Cloud; Leon Li, Customer Solutions Architect at Google Cloud; Kyle Song, Google Web3 APAC Tech Lead; Ken Zhang, Security and Customer Solutions Architecture Director at Google Cloud; Kathy Qu, Research Director at HashKey Cloud; and Lucas Yang, Solutions Director at Cobo.
Token Unlocks
According to Token Unlocks data, this week will see significant one-time token unlocks for SUI, OP, and IMX.
Sui (SUI) will unlock 64.19 million tokens on December 1 at 8:00 AM, valued at approximately $216 million, accounting for 2.26% of the circulating supply;
Optimism (OP) will unlock 31.34 million tokens on November 30 at 8:00 AM, valued at approximately $68.32 million, accounting for 2.5% of the circulating supply;
Immutable (IMX) will unlock 24.52 million tokens on November 29 at 8:00 AM, valued at approximately $42.41 million, accounting for 1.47% of the circulating supply;
1inch (1INCH) will unlock 98.74 million tokens on November 30 at 8:00 PM, valued at approximately $38.73 million, accounting for 7.72% of the circulating supply.
Cardano (ADA) will unlock approximately 18.53 million tokens on November 26 at 8:00 AM, valued at approximately $18.90 million, accounting for 0.05% of the circulating supply.
Proposal Voting
The Jupuary vote will open on November 25, seeking a 70% support rate. If the required support is not met, the team will quickly iterate new votes until the necessary support rate milestone is achieved.
The ZKsync community has submitted the "ZIP-001: Protocol Defense" proposal on-chain, which will open for voting on November 27 at 1:00 AM. This proposal aims to implement multiple code quality improvements and gas optimizations within the ZKsync protocol. These changes include replacing string-based recovery with custom errors, introducing stricter solhint rules, utilizing floating compilation directives for interfaces and libraries, and implementing smaller gas optimization changes, all aimed at enhancing the code readability, maintainability, and gas efficiency of the ZKsync ecosystem.
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