An overview of the most noteworthy industry events and significant project developments in the coming week.
Zircuit will officially lift the transfer restrictions on ZRC tokens on November 25.
SynFutures' Oyster Odyssey points activity will officially end on November 25.
HashKey Group's ecosystem token HSK will open spot trading on November 26.
Starknet's STRK staking will launch on the mainnet on November 26.
Approximately $40.5 million IMX will unlock on November 29 at 8:00.
This week (November 25 - December 1, 2024), major Web3 events should not be missed; the following is a preview of this week's highlights:
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Important Events
South Korea's plan to implement a 20% crypto tax starting early 2025 will be voted on in the National Assembly's tax subcommittee on November 25 and will be submitted for review by the full assembly on November 26. This tax was originally set to take effect on January 1, 2022, but was postponed twice until 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 revision allows for the declaration of purchase costs based on a certain percentage of the selling price 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.
Brazilian Central Bank President Roberto Campos Neto hinted that the Brazilian Central Bank digital currency will be released in December 2024.
Coinbase will delist stablecoins that do not meet EU standards in December. Previously, the EU will fully implement new regulations for the cryptocurrency industry, namely MiCA, by the end of this year. MiCA's regulations for stablecoin issuers have been effective since June 30, requiring them to have a cryptocurrency license in at least one member state. Guidance for cryptocurrency exchanges and other companies operating within the group will take effect starting December 31.
Project Progress
Coinbase will terminate its 'Paycheck Direct Deposit' service starting November 25, which previously allowed users to receive part or all of their salaries in cryptocurrency.
The decentralized derivatives protocol SynFutures' Oyster Odyssey points activity will officially end on November 25, 2024.
Zircuit announced that it will officially lift the transfer restrictions on ZRC tokens on November 25, and additionally, Zircuit will launch a significant product this week.
Ethereum staking infrastructure SSV Network announced that it will conduct an Alan upgrade on the mainnet at block height 327,375, around November 25 at 20:00. 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 traffic.
HashKey Global will start 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.
Starknet's STRK staking will launch on the mainnet on November 26, with validators and delegators subject to a 21-day unbonding period.
WalletConnect token WCT claiming and staking will go live on November 26.
Coinbase International will launch CoW Protocol (COW) perpetual contracts, with trading opening on or after November 26, 2024, at 17:30.
The Bitcoin ecological public chain Side Protocol will officially open airdrop registration on November 26 at 18:00, distributing a total of 100 million SIDE tokens. This airdrop covers several 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; testnet point users.
The Starknet mainnet will upgrade to version v0.13.3 on November 27. At that time, the Blob Gas prices on Starknet will be five times cheaper. Some node operators running Juno instances need to upgrade to version v0.12.4 to sync with the v0.13.3 blocks; if using Pathfinder > v0.14.2, no action is needed.
Floki's PlayToEarn MMORPG game Valhalla will launch its mainnet on November 28, while Valhalla collaborates with the KICK F1 Sim Racing Team to become the official game partner for the 2025 F1 simulation racing season.
The trial run of the privacy public chain Namada mainnet will be extended until November 28, with the mainnet genesis (phase one) taking place sometime next week (between December 2 and 6).
Bitget will officially open MAJOR spot trading on November 28 at 20:00.
The Ethena Foundation will work with the Risk Committee to finalize the parameters related to the activation of fee switches before November 30, with specific implementation mechanisms to be announced later.
The EigenLayer Stakedrop token claiming for the StakeStone liquidity asset protocol will be open until December 1, 2024.
The ZKsync-based modular blockchain Sophon plans to launch its mainnet in December 2024, with SOPH tokens deployed alongside the mainnet genesis. However, to ensure a stable and secure launch, the tokens will not be publicly available in the initial phase. This initial token deployment is not regarded as a TGE, which 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 20:00. Once the chain goes live, all eligible wallets will be whitelisted for minting exclusive NFTs on Sonic. The NFTs can earn points and will be used for distribution in the S airdrop. Shards obtained through secondary markets (like PaintSwap) will also qualify, provided the user holds them before the snapshot.
OKX will officially delist LON/USDT and LON/USDC trading pairs from 16:00 to 16:30 on November 28, 2024. Users with orders in these trading pairs are advised to withdraw their orders by 16:00 on November 28, 2024.
Event Preview
OKX Ventures, The Open Platform (TOP), and Folius Ventures 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 guidance and educational 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 applications will close on November 14, with a total prize of $75,000 worth of CORE tokens distributed monthly based on project progress and milestones. Partners in this program include Foresight Ventures, Google, and UTXO.
HashKey Cloud, Google Cloud, and Cobo will hold an offline event titled 'Digital Asset Management Solutions Day' in Hong Kong from 14:00 to 18:00 on November 27, 2024. Attendees include: Forest Zhang, Strategic Industry Customer Engineering Director at Google Cloud, Leon Li, Customer Solutions Architect at Google Cloud, Kyle Song, APAC Technology Lead for Google Web3, 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 one-time large unlocks of tokens such as SUI, OP, and IMX.
Sui (SUI) will unlock 64.19 million tokens on December 1 at 8:00, worth 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, worth 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, worth approximately $42.41 million, accounting for 1.47% of the circulating supply.
1inch (1INCH) will unlock 98.74 million tokens on November 30 at 20:00, worth 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, worth about $18.90 million, accounting for 0.05% of the circulating supply.
Proposal Voting
Jupuary voting will open on November 25, seeking a 70% approval rate. If the requirement is not met, the team will rapidly iterate a new vote until the required support rate milestone is achieved.
The ZKsync community has submitted the on-chain proposal 'ZIP-001: Protocol Defense', which will open for voting on November 27 at 1:00. 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 compile directives for interfaces and libraries, and implementing smaller Gas optimization changes aimed at enhancing code readability, maintainability, and Gas efficiency within the ZKsync ecosystem.
