News preview:
TON Ecosystem MEME Project DOGS will stop using Telegram Stars to purchase DOGS points on July 15
Arbitrum (ARB) will unlock approximately 92.65 million tokens at 9:00 pm Beijing time on July 16, accounting for 2.87% of the current circulation and worth approximately US$65 million;
Starknet (STRK) will unlock approximately 64 million tokens at 8:00 a.m. Beijing time on July 15, accounting for 4.92% of the current circulation, with a value of approximately US$35.6 million;
Optimism (OP) will unlock about 10 million tokens at 8:00 am Beijing time on July 15, accounting for 0.89% of the current circulation and worth about 17 million US dollars;
Binance will perform wallet maintenance on July 17, suspending all network deposits and withdrawals at 15:00 on the same day;
Source: The U.S. SEC will hold a closed-door meeting next Thursday to resolve the Ripple lawsuit and potential settlement plan;
Market prediction: Ethereum spot ETF may be launched in the week of July 15;
ether.fi Foundation: Season 2 application will start next week
July 15
Political elections:
Musk donated to a PAC dedicated to electing Trump as US president, which must disclose its donors on July 15
Musk donated to a super political action committee (PAC) dedicated to electing Trump as the president of the United States, according to Bloomberg, citing people familiar with the matter. It is not clear how much Musk donated, but people familiar with the matter said the number was quite large. The PAC must disclose the list of donors on July 15.
Exchange:
CXT/USDT will be launched on the EURET trading platform on July 15
CXT/USDT will be launched on the EURUSD trading platform at 16:00 Beijing time on July 15.
Project dynamics:
DOGS: Purchase of DOGS points using Telegram Stars ends on July 15
TON ecosystem MEME project DOGS said that the activity of using Telegram Stars to purchase DOGS points will end on July 15, and all Telegram Stars obtained will be donated to charities, which will be selected by community voting. DOGS previously had a built-in Telegram Stars purchase function with a 1:1 exchange rate, and Telegram Stars can be purchased directly with legal currency.
Token unlocking:
Starknet (STRK) will unlock approximately 64 million tokens at 8:00 a.m. Beijing time on July 15, accounting for 4.92% of the current circulation, with a value of approximately US$35.6 million;
Optimism (OP) will unlock about 10 million tokens at 8:00 am Beijing time on July 15, accounting for 0.89% of the current circulation and worth about 17 million US dollars;
CYBER (CYBER) will unlock approximately 886,000 tokens at 10:00 am on July 15th, Beijing time, accounting for 3.81% of the current circulation, with a value of approximately US$3.7 million;
July 16
Exchange:
South Korean Crypto Exchange GDAC to Shut Down on July 16
South Korean cryptocurrency exchange GDAC announced that it will shut down its services on July 16. Starting at 11:00 local time on June 24, cryptocurrency trading services on GDAC will no longer be available.
Project dynamics:
Layer 1 blockchain platform Chromia plans to release its minimum viable product on July 16
Layer 1 blockchain platform Chromia is expected to launch its mainnet in mid-July. Chromia simplifies the building of Web3 applications through the SQL-like programming language Rell. ChromaWay plans to release the minimum viable product version of its mainnet on July 16 to establish the core functions of the network. Chromia will bridge its native token CHR to facilitate core functions such as staking delegation and network hosting fee payment.
Nigeria's central bank accuses Binance of unauthorized trading, court adjourns hearing until July 16
The money laundering trial in Nigeria against Binance and two of its executives got underway on July 5. Olubukola Akinwunmi, deputy governor of the Central Bank of Nigeria, testified before Justice Emeka Nwite of the Federal High Court in Abuja, insisting that Binance’s deposit and withdrawal transactions lacked the necessary licenses and regulatory approvals.
During the court session, Akinwunmi said Binance’s website misled Nigerians into using its platform to trade naira through Cashlink. The platform promotes free deposits and fixed-fee withdrawals, activities that are regulated by the central bank and are only available to licensed banks and financial institutions. Akinwunmi explained that Binance also facilitated currency exchanges between naira and the US dollar. He stressed that traders on Binance often use pseudonyms, violating laws that require the disclosure of real identities in financial transactions. Akinwunmi detailed Binance’s P2P trading process, where the buyer transfers naira to the seller’s bank account and confirms the transaction on the platform, prompting Binance to release crypto or fiat currency. Akinwunmi argued that this service is a regulated activity that Binance is not authorized to perform. After Akinwunmi testified, the court adjourned until July 16 to allow for cross-examination by the defense.
Token unlocking:
Arbitrum (ARB) will unlock approximately 92.65 million tokens at 9:00 pm Beijing time on July 16, accounting for 2.87% of the current circulation and worth approximately US$65 million;
Render (RNDR) will unlock about 760,000 tokens at 8:00 am Beijing time on July 16, accounting for 0.19% of the current circulation, worth about $4.7 million;
Axie Infinity (AXS) will unlock approximately 2.45 million tokens at 9:10 pm Beijing time on July 16, accounting for 1.66% of the current circulation and worth approximately US$13.4 million;
July 17
Exchange:
Binance will perform wallet maintenance on July 17, suspending all network deposits and withdrawals at 15:00 on the same day.
Binance will perform wallet maintenance at 15:00 (ET on July 17, 2024). To support this maintenance, Binance will suspend deposits and withdrawals for all networks at 15:00 (ET on July 17, 2024). The maintenance is expected to take 1 hour, and deposits and withdrawals will be automatically resumed after the maintenance is completed.
Binance will remove leveraged trading pairs such as ARB/TUSD and APE/ETH on July 17
Binance Leverage will remove the following leveraged trading pairs at 14:00 (ET) on July 17, 2024:
Full leverage: ARB/TUSD, APE/ETH, BNB/TUSD, ETH/TUSD
Isolated leverage: ARB/TUSD, APE/ETH, BNB/TUSD, ETH/TUSD, PEPE/TUSD
Token unlocking:
ApeCoin (APE) will unlock about 15.6 million tokens at 8:00 am Beijing time on July 17, accounting for 2.31% of the current circulation, with a value of about US$11.3 million;
Astar (ASTR) will unlock approximately 9.72 million tokens at 8:00 am Beijing time on July 17, accounting for 0.14% of the current circulation, with a value of approximately US$650,000.
Nym (NYM) will unlock approximately 2.9 million tokens at 8:00 a.m. Beijing time on July 17, accounting for 0.36% of the current circulation, with a value of approximately $320,000.
July 18
Policy supervision:
Source: The US SEC will hold a closed-door meeting next Thursday to resolve Ripple's lawsuit and potential settlement
The U.S. Securities and Exchange Commission plans to hold a closed-door meeting next Thursday (July 18), and while the official agenda has not yet been disclosed, sources say the meeting may address the Ripple lawsuit and potential settlements. According to an internal notice circulating in the community, attendees will include commissioners, commissioner advisors, commission secretaries, and record secretaries. The notice outlines the agenda for the meeting, including the development and resolution of injunction proceedings, administrative proceedings, litigation claims, and other matters related to review and enforcement proceedings. While the notice does not explicitly mention Ripple's case, many in the cryptocurrency community speculate that it will be a focus given its importance and the SEC's involvement in multiple legal proceedings.
Exchange:
Coinbase International will launch perpetual futures trading for CRV, ENS, and PEOPLE on or after July 18
Coinbase International Exchange announced that it will start supporting perpetual futures trading for Curve DAO, Ethereum Name Service, and Constitution DAO at or after 17:30 Beijing Time on July 18, 2024. These new markets will be available on Coinbase International Exchange and Coinbase Advanced platforms, with the corresponding trading pairs being CRV-PERP, ENS-PERP, and PEOPLE-PERP.
OKX Web3 and Lumoz cooperate to launch zkVerifier node whitelist activity, which ends on July 18
OKX Web3 and Lumoz announced a collaboration to launch a whitelist event for the sale of Lumoz zkVerifier nodes. From 18:00 on July 11 to 00:00 on July 18 (UTC+8), users who complete designated tasks on the OKX Web3 Drops platform will have the opportunity to purchase nodes at a discount of 40%. There are a total of 1,000 whitelist spots, including 800 Tier 4 nodes (304 USDT) and more. It is reported that Lumoz is a leading modular computing layer and ZK-RaaS platform. It recently completed a new round of financing with a valuation of US$300 million and plans to launch the mainnet in Q3 this year.
Project dynamics:
Sanctum will officially launch CLOUD tokens on July 18 and open airdrop applications
Solana ecosystem LST liquidity aggregation protocol Sanctum will host a week of special events from July 15th to 19th to welcome the release of $CLOUD. A survival guide for the $CLOUD launch process will be provided on Monday. A special conference call "Liftoff: CLOUD" will be held in cooperation with JupiterExchange at 15:30 (UTC time) on Tuesday, and the LFG website will be online, where users can view airdrop allocations, purchase $CLOUD in advance, and lock positions. $CLOUD will be officially released on July 18th, and users can claim rewards and start trading. A special CLOUD party will be held on July 19th.
Optimism will open grant applications on July 18
Optimism has launched the sixth season of OP governance on June 27, which will last until December 11. The theme of this season is "Optimization Supports Superchain". The governance season aims to advance the decentralization process, attract more public chains to join Superchain, and promote the growth of application developers on Superchain. In addition, the grant application will be open on July 18 and will be conducted every three weeks. Through this series of measures, Optimism is committed to strengthening the scalability and diversity of its blockchain ecosystem.
Token unlocking:
Manta Network (MANTA) will unlock approximately 6.67 million tokens at 5:30 pm Beijing time on July 18, accounting for 1.97% of the current circulation and worth approximately US$5.7 million;
July 19
Policy supervision:
South Korea's Cabinet passed the executive order of the Virtual Asset User Protection Act, which will take effect on July 19.
South Korea's Cabinet today passed an executive order for the Virtual Asset User Protection Act, which will take effect on July 19. The decree stipulates that virtual asset service providers (VASPs) must protect user deposits through banks. In addition, VASPs have the right to stop users' cash deposits and deposits and withdrawals of virtual assets based on reasonable grounds specified in the decree. It was previously reported that the Financial Services Commission plans to set up a virtual asset committee to provide advice on policies and regulations for the cryptocurrency market.
Based on this, 20 crypto exchanges in South Korea and the Digital Asset Exchange Alliance (DAXA) jointly developed self-regulatory guidelines, outlining the best practices for listing and delisting virtual assets, and will re-evaluate 1,333 tokens within six months.
Exchange:
Upbit will update its user terms of service on July 19, and users’ custodial funds will be separated from their own assets
Starting from July 19, 2024, Upbit will revise its user terms of service. The main updates include the following:
Expansion of the definition of “digital asset”: In addition to the existing definition, “digital asset” will be deemed to have the same meaning as “virtual asset” in the Virtual Asset User Protection Law.
Update to the definition of “KRW”: Users holding “KRW” (Korean Won) will be explicitly granted the right to request cash withdrawals of the corresponding amount.
Adjustment of rejoining limit: If a user repeatedly logs out and rejoins more than three times within a year, the rejoining limit will be changed from permanent to a one-year limit starting from the first logout.
Management of escrow funds: The company must separate the user's escrow funds from its own assets and entrust or manage them in trust with a credible institution.
Introducing Custody Fees: Upbit will reasonably formulate and pay users fees for the use of custodial funds.
User Notification: When blocking the deposit and withdrawal of a user's virtual assets, the company will notify the user in advance or immediately in an emergency.
Termination of Trading Support for Virtual Assets: In certain circumstances, the Company may terminate trading support for individual virtual assets and provide transfer (withdrawal) support for at least 30 days after termination.
Handling of incorrect deposit address: If the deposit is made incorrectly due to the user's incorrect selection of the deposit address, the company can help recover it under reasonable circumstances, but will charge a corresponding recovery fee.
If the user does not agree to the updated terms, he or she may terminate the service contract through the membership withdrawal function or contact customer service before July 19, 2024.
Project dynamics:
Lista DAO airdrop claims will end on July 19
Lista DAO announced that its LISTA token airdrop claim will be valid for 30 days, with the deadline being 16:59 on July 19. Unclaimed tokens will be used to support the ecosystem's development plans.
Lava Network: Vesuvius airdrop will continue until July 19th, Beijing time
Lava Network, a modular blockchain infrastructure developer, announced that it has launched the Vesuvius airdrop. The airdrop claim interface is now open and will last until 4:00 am Beijing time on July 19. This airdrop will distribute approximately 55 million LAVA tokens, accounting for 6% of the total supply. The airdrop targets include early users, community members, node operators and infrastructure providers, as well as researchers and technical contributors.
Token unlocking:
Pixels (PIXEL) will unlock approximately 54.38 million tokens at 6:00 pm Beijing time on July 19, accounting for 7.05% of the current circulation and worth approximately US$10.1 million;
Euler (EUL) will unlock about 51,800 tokens at 4:04 am Beijing time on July 19, accounting for 0.28% of the current circulation and worth about $220,000;
1inch (1INCH) will unlock about 364,000 tokens at 8:00 am Beijing time on July 19, accounting for 0.03% of the current circulation, with a value of about US$150,000;
July 20
Exchange:
Coinbase will suspend trading of COVAL, RAI, and wAMPL on July 20, and suspend SNX trading for New York users
Coinbase Assets announced on the X platform that the platform regularly monitors the exchange's assets to ensure that they meet the platform's listing standards. Based on the recent review, the platform will suspend trading of Circuits of Value (COVAL), Rai (RAI), and Wrapped Ampleforth (wAMPL) at approximately 02:00 Beijing time on July 20. Trading on Coinbase.com (simple and advanced trading), Coinbase Exchange, and Coinbase Prime will be suspended. The COVAL, RAI, and wAMPL order books have been moved to limit mode. Limit orders can be placed and canceled, and matching may occur.
In addition, Coinbase will suspend Synthetix (SNX) trading for New York users at approximately 02:00 Beijing time on July 20. Trading for New York users on Coinbase.com (simple and advanced trading), Coinbase Exchange, and Coinbase Prime will be suspended. Synthetix (SNX) trading will still be available in supported regions.
July 21
Political elections:
The Democratic Party of the United States may formally nominate Biden on July 21 to quell calls for a change of party members
According to local media, citing anonymous sources familiar with the matter, the Democratic National Committee is considering formally nominating Biden as early as mid-July. This approach may kill two birds with one stone: ensuring that the incumbent president appears on the ballots in various states in November, while at the same time extinguishing rumors within the Democratic Party that Biden will be replaced after his poor performance in last week's debate.
People familiar with the matter said that the possible date for Biden to receive formal nomination is July 21, when the Qualification Review Committee of the Democratic National Convention will hold an online meeting.
In March this year, the current US President Biden and former President Trump each secured the Democratic and Republican presidential nominations for the 2024 presidential election. Although the final formal nomination at the party convention was seen as a "formal" process in the past, it seems to have a special significance at the moment, as Biden's first debate was not successful, triggering calls for a "change of candidate" from the outside world and within the party. Biden was exposed to have "cut off" his campaign funds and fell into a "catastrophic" predicament.
Token unlocking:
Ethena (ENA) will unlock approximately 14.89 million tokens at 3:00 pm Beijing time on July 21, accounting for 0.87% of the current circulation, with a value of approximately US$5.9 million;
Next week’s specific time to be determined
Project dynamics:
Pectra Devnet 1's CL and EL clients are ready, and the testnet is expected to be launched next week
According to Christine Kim’s summary of the 137th Ethereum Consensus Core Developers Meeting (ACDC), this ACDC discussed the progress of Pectra Devnet 1 and PeerDAS Devnet 1, as well as the fork choice test generation research led by Consensys research team TxRx.
On Pectra Devnet 1, CL and EL clients are ready and the testnet is expected to be launched next week. The EF development and operation team is testing multiple client combinations, and the EthereumJS client is ready for testing. On PeerDAS Devnet 1, EF DevOps engineer Barnabas Busa said that the CL client team is fixing bugs and plans to restart at the end of the week. Stokes updated the pull request for modifying the hard-coded blob gas limit on EL and CL, and plans to formalize it as an Ethereum Improvement Proposal (EIP).
Market Forecast: Ethereum Spot ETF may be launched in the week of July 15
QCP Capital, a crypto investment institution in Singapore, wrote that "the market reacted strongly to supply movements, indicating speculative selling pressure rather than actual spot demand. This may indicate that the market is overly bearish. A catalyst is needed. The Ethereum spot ETF is expected to begin trading around July 15. If it receives a positive response, it may increase liquidity and may surprise the market with an upward trend. It is recommended to deploy out-of-the-money call options (OTM ERKOs), and it is expected to achieve a breakthrough with minimal cash expenditure and zero downside risk." Related news: President of The ETF Store: Ethereum spot ETF is more likely to be launched in the week of July 15; Bloomberg analysts: Ethereum spot ETF may be listed and traded later next week or in the week of July 15
ether.fi Foundation: Season 2 application will start next week
The ether.fi Foundation announced on the X platform that Season 2 will be launched next week. The team is working hard to implement the feedback provided by the claim checker to ensure that accurate allocations are provided to users. Once it is confirmed that accurate allocations have been provided (including the removal of Sybil addresses), it will be launched. We will continue to update after the date is confirmed, and remind users to pay attention to the official link.
