This week in the crypto world promises to be eventful, with major developments expected to shape market sentiment. Ecosystems such as Solana, Jito, Ethena, and Jupiter are set to gain prominence with major updates.
These updates from various decentralized finance (DeFi) and blockchain projects are likely to influence investor behavior and market dynamics.
Potential Solana Airdrop Announcement
First on the list is a possible Solana announcement expected on Thursday, December 5. The network is expected to make some major announcements, and rumors suggest they will be related to some airdrops.
It’s not yet known what the Solana announcement will entail. However, several Solana-based projects have major upcoming developments, positioning them as likely candidates for the expected Solana-related announcement.
For example, there is a confirmed airdrop of Wise Monkey (MONKY) to Floki Inu (FLOKI), TokenFi (TOKEN), and ApeCoin (APE) holders. The snapshot date for APE holders was November 29, while the date for FLOKI holders will be December 15. The distribution is based on token holdings.
The announcement comes ahead of Wise Monkey’s MONKY token launch on Dec. 12, 2024. Elsewhere, Rectoverso (RESO), a DeFi platform built on the Solana blockchain, is also planning an IDO (initial DEX offering), according to a contributor. Other candidates include the Qubic ecosystem, which has hinted at an ongoing collaboration with Solana.
This month, we will be revealing a major update on the launch of Qubic and Solana, along with a special reveal of Imporium — a new initiative that will revolutionize our ecosystem, Qubic shared.
Qubic is a utility token on the Stellar (XLM) blockchain. It aims to support decentralized applications (dApps) for various real-world challenges in the web3 domain.
Jito Token (JTO) Unlock
On December 7, Jito Network will unlock 135.71 million JTO tokens valued at approximately $462 million at current rates. The tokens constitute 103.01% of its circulating supply, which could weaken the market and cause a price drop. Furthermore, as BeInCrypto reported, the tokens will be allocated to core contributors and investors. Unlike core contributors, investors can sell for early gains.
JTO Token Unlocks. Source: Tokenomics
Jito Network is a major contributor to the Solana ecosystem through its JitoSOL liquid staking pool and its collection of MEV products.
Ethena Lab's Stablecoin backed by BlackRock
Another important piece of crypto news this week is the launch of USDtb, a new stablecoin backed by BlackRock’s BUIDL fund from Ethena Lab. However, synthetic dollar protocol and tokenization platform Securitize have submitted a joint bid to feature Ethena’s USDtb stablecoin in Spark’s $1 billion Tokenization Grand Prize.
Approval of USDtb as a supporting asset for USDe and an eligible asset for the Reserve Fund, with potential for allocation as a supporting asset for USDe on Day 1 of the USDtb launch next week [this week], a paragraph in the forum thread read.
With this proposal, they seek to integrate real-world assets (RWAs) into decentralized finance (DeFi) by offering liquidity to selected participants.
Musk and Ramaswamy's D.O.G.E. Proposals
Additionally, this week, Elon Musk and Vivek Ramaswamy will unveil key proposals for the Office of Government Efficiency (OGE). Musk plans to rein in defense spending as part of his Trump-appointed mission to find ways to reduce government spending.
Elon Musk is right. The Pentagon, with a budget of $886 billion, just failed its seventh consecutive audit. It lost control of billions. Last year, only 13 senators voted against the Military-Industrial Complex and a defense budget full of waste and fraud. That must change, said Bernie Sanders, an American politician and activist who is the senior U.S. senator from Vermont.
Meanwhile, Ramaswamy suggested halting or increasing defense spending, arguing against a reflexive increase in magnitude. However, both Coinbase CEO Brian Armstrong and Gemini co-founder Cameron Winklevoss supported the proposal.
Voting on revised Jupiter airdrop proposal
Jupiter’s revised airdrop proposal will also be voted on this week. The Solana-based decentralized exchange (DEX) aggregator plans to distribute approximately $860 million worth of JUP in January, marking the second round of the airdrop. Community members expect the vote to proceed.
A vote on whether this will happen will begin soon, and I believe it will proceed. The snapshot has already been taken, and there will be a vesting fee of 75% if you choose to claim instantly, a Solana DeFi enthusiast recently said.
The optimism comes as the minimum vote threshold to approve the proposal has already been surpassed. Approval would mean two more airdrops of 700 million JUP tokens each.
Gala Film Launch
Additionally, on December 5th, the Gala ecosystem will launch its FILM token. The token launch comes after Gala Film rewrote the playbook for the web3 era. In doing so, it has built a free platform that enhances the viewing experience for fans while empowering filmmakers to create whatever their imaginations allow.
Gala Film’s revolutionary plan is powered by a single upcoming GalaChain token: FILM. And we’re pleased to announce that an official date has been set for its launch. FILM will arrive on December 5, 2024, Gala said.
Gala Film is an ecosystem built on GalaChain’s web3 infrastructure, with a vision centered around FILM, the platform’s official utility and reward token. Users collect FILM as a reward for multiple levels of participation. The token will also help boost promising projects and unlock exclusives. Community members will use it to fund a future of decentralized video content and usher in a new creative era.
In addition to these events, crypto markets should also brace for the impact of US economic data this week, which is expected to generate volatility.
The article Ethena launches stablecoin, Solana plans airdrops and other news of the week appeared first on BeInCrypto Brasil.
