News preview:
Biden to make final decision on resolution to repeal SAB 121 by June 3
Coinbase Derivatives Trading Platform to Launch Oil and Gold Futures Products on June 3
Modular Data Layer CARV to Launch First Public Node Sale on June 5
OKX will launch Ultiverse (ULTI) spot trading on June 6
Arbitrum community's "200 million ARB game catalyst plan" proposal on-chain voting is expected to end on June 7
Decentralized social L2 Cyber (formerly CyberConnect) will fully open mainnet staking on June 8
June 3
Policy supervision:
Biden's deadline for final decision on resolution to repeal SAB 121 extended to June 3
Cody Carbone, chief policy officer of cryptocurrency advocacy organization The Digital Chamber, said on the X platform: "Update on the SAB 121 (crypto accounting policy) process: We received confirmation that the U.S. Congress did not send the resolution H.J Res 109 to repeal SAB 121 to Biden until last night. This changes the 10-day deadline. The President of the United States currently has a time window until June 3 to decide whether to veto this resolution (10 days excluding Sunday)." The bill to overturn SAB 121 had previously passed the House of Representatives and the Senate on May 8 and May 17, respectively. Biden was supposed to make a final decision on the bill before May 28.
It is reported that Senator Cynthia Lummis and Representative Patrick McHenry urged President Biden not to veto SAB 121
Exchange:
Coinbase Derivatives Trading Platform to Launch Oil and Gold Futures Products on June 3
Coinbase Derivatives is expanding its futures product range to include oil and gold. On June 3, 2024, the platform will launch retail-scale "oil and gold" futures contracts to help traders further diversify their investment strategies. The new products will complement the "existing CFTC-regulated BTC, ETH, BCH, LTC and DOGE crypto futures series."
Project dynamics:
Ultiverse: The ULTI airdrop claim website has been launched and a snapshot will be taken on June 3
Web3 gaming platform Ultiverse tweeted that the ULTI Token Generation Event (TGE) is coming soon, and the ULTI airdrop claim link is rewards.ultiverse.io. Users with OKX accounts can claim ULTI tokens before others. Users can now destroy Gold Chip NFTs to receive ULTI airdrops. The official team will take a snapshot of ES holders at 20:00 Beijing time on June 3.
UXLINK Season 1 airdrop certificate NFT will be snapshotted on June 3
Web3 social platform and infrastructure UXLINK officially announced on the X platform that the "In UXLINK We Trust" Season 1 airdrop certificate NFT will be snapshotted at 23:59 on June 3rd, and the NFT number range will be announced after the snapshot. According to the head of the UXLINK community, UXLINK will work with ecological partners to support pre-market, memecoin, swap with rebate, staking, trade-to-earn and other diversified trading methods.
June 4th
Exchange:
Volatility Shares Leveraged Ethereum ETF to Start Trading on June 4
Volatility Shares 2x Ethereum ETF (ETHU) will become the first leveraged Ethereum ETF in the United States. The company announced on its website that trading will begin on June 4. It is reported that ETHU plans to invest up to 25% of its assets in cash-settled Ethereum futures contracts traded on CME. In addition, the fund may invest in reverse repurchase agreements and stocks of other investment companies, but cannot invest directly in Ethereum. Stuart Barton, chief investment officer of Volatility Shares, said that the successful approval of the leveraged Ethereum ETF may help pave the way for the final approval of the Ethereum spot ETF.
Binance will suspend Mina network token deposits and withdrawals on June 4 to support its network upgrade and hard fork
Binance plans to suspend the Mina (MINA) network token deposit and withdrawal services at 16:00 on June 4, 2024, GMT+8 to support its network upgrade and hard fork. The project team plans to perform a network upgrade and hard fork at 17:00 on June 4, 2024, GMT+8.
June 5
US lawmakers give SEC and FINRA until June 5 to provide records of their discussions during the review of Prometheum’s registration application
Prometheum has been controversial since it received FINRA's SPBD approval in May 2023. Its CEO Aaron Kaplan expressed support for regulating cryptocurrencies under existing securities laws at a congressional hearing, which made many people in the cryptocurrency industry uneasy. Recently, three Republicans, House Financial Services Committee Chairman Patrick McHenry, Subcommittee Chairman Bill Huizenga and French Hill, said in a letter to SEC Chairman Gary Gensler that they were dissatisfied with the SEC's response on March 26 to inquiries from 48 members of the House Financial Services Committee and the Agriculture Committee on Ethereum.
Lawmakers want to know what the SEC discussed with the Financial Industry Regulatory Authority (FINRA) when establishing the special purpose broker-dealer (SPBD) requirements and set a June 5 deadline for responses. They requested all non-public communications and records between the SEC and FINRA regarding Prometheum’s SPBD application process, permitted SPBD activities, digital asset securities that SPBDs can custody, and the regulatory classification of Ethereum.
House Financial Services Digital Assets Subcommittee to Discuss RWA Issues on June 5
Fox reporter Eleanor Terrett posted on the X platform that the House Financial Services Digital Assets Subcommittee will hold a hearing next Wednesday to discuss the issue of tokenizing real-world assets.
Project dynamics:
Flow to undergo third phase of Crescendo upgrade from June 5 to 8
Flow tweeted that the Crescendo network upgrade is coming soon, which will bring EVM Equivalence and Cadence 1.0 to Flow. The first phase of the upgrade will start from May 22 to 23, and the first phase will focus on testing the transaction check logic; the second phase will be from May 29 to 31, further improving the application; the third phase will be from June 5 to 8, the final check before the big action; the fourth phase will be from June 12 to 17, to ensure that everything goes as expected; on June 19, the Crescendo network upgrade will be deployed on the test network. On June 20, Flow will activate the EVM function on the test network.
FTX Creditors Committee: The restructuring plan and disclosure statement are being evaluated. Objections to the disclosure statement must be submitted before June 5
The FTX Unsecured Creditors Committee announced via social media that the FTX Debtors submitted a revised reorganization plan and corresponding disclosure statement on May 7. The committee is currently evaluating the plan and has not become a "supporting party" as defined. Objections to the disclosure statement must be submitted before June 5, 2024. The Unsecured Creditors Committee emphasized that it is most important to maximize the interests of creditors in recovery and to minimize the time to achieve this goal. The committee will continue to provide the latest information and encourages creditors to follow further updates through Threads and the FTX_Committee page on Reddit.
Leverage protocol f(x) Protocol will launch new redemption fees on June 5
The leveraged protocol f(x)Protocol said it is working hard to find the perfect balance between the minting fee and redemption fee for fxUSD, rUSD, and btcUSD. To this end, the minting fee will be temporarily reduced to 0% and the redemption fee will be increased to 0.5%. No minting fee should help increase TVL, while increasing the redemption fee will bring more profits to veFXN holders. The new redemption fee will take effect at 20:00 on June 5th, Beijing time.
Governance Voting:
Baby Doge launches a proposal to give up ownership of token contracts on Ethereum and BNB Chain. Voting will end on June 5
Baby Doge announced on the X platform that it has initiated a proposal to give up the ownership of token contracts on Ethereum and BNB Chain, aiming to achieve further decentralization, enhance trust and transparency within the community, and reduce the risk of administrator abuse or central control. The relevant proposal has been launched for voting and the voting end date is June 5.
Token unlocking:
Liquity (LQTY) will unlock approximately 657,000 tokens at 8:00 am Beijing time on June 5, accounting for 0.68% of the current circulation and worth approximately US$760,000
Galxe (GAL) will unlock approximately 2.03 million tokens at 8:00 am Beijing time on June 5, accounting for 1.76% of the current circulation, with a value of approximately US$7.4 million.
June 6
Bitfinex analyst: EU parliamentary elections on June 6-9 may hint at future direction of cryptocurrency regulation
The 2024 European Parliament elections are scheduled to be held from June 6 to June 9. This will be the tenth parliamentary election since the first direct election in 1979 and the first European Parliament election since Brexit. In addition, this election will be held at the same time as several other elections in various EU member states.
Jag Kooner, head of derivatives at Bitfinex, said that the EU parliamentary elections next week may provide more clues on how cryptocurrencies are regulated in the market. Kooner said: "The right-wing shift may lead to stricter cryptocurrency controls, and a pro-cryptocurrency result may accelerate the introduction of supportive regulations such as MiCA." Bitfinex analysts said that investors will pay attention to the EU elections for regulatory clues, which may have a significant impact on the overall cryptocurrency market in June and the following months. Kooner pointed out that the upcoming EU elections are crucial for the development of EU legislation, especially the implementation of the Crypto Asset Market (MICA) framework. He added that any results that may strengthen populist parties may in turn affect the regulatory stance, which may lead to stricter controls or more supportive policies, depending on the composition of the new parliament.
Exchange:
OXY will remove STARL and XEC spot trading pairs on June 6
According to the announcement of OUYI, the platform will delist some current currency pairs, including STARL and XEC, from 4:00 to 4:30 pm (UTC+8) on June 6, 2024. The relevant pending orders must be cancelled before 4:00 pm on June 6, and the system will automatically execute the uncancelled orders. STARL and XEC recharges will be suspended from 4:00 pm on May 29, and withdrawals will be stopped at 4:00 pm on August 6. Users are requested to handle related assets before this. After going offline, you can check the assets in "Assets > Fund Accounts > Non-tradable Assets".
OKX will launch Ultiverse (ULTI) spot trading on June 6
OKX will soon launch Ultiverse (ULTI), the specific schedule is as follows (UTC+8): Deposits will be available at 11:00 am on May 31st; ULTI/USDT spot trading will be available at 6:00 pm on June 6th; withdrawals will be available at 6:00 pm on June 7th.
Coinbase: Coinbase Pro API will be discontinued on June 6, retail users can switch to Coinbase Advanced API
Coinbase stated on the X platform that it will stop using the Coinbase Pro API on June 6, 2024. For all trading needs, we recommend that retail users switch to the Coinbase Advanced API and institutional users switch to the Coinbase Exchange API.
Project dynamics:
The Open Campus community's proposal to "allocate $10 million to invest in frontier node projects" will close on June 6
Web3 education platform Open Campus said on the X platform that the OCP-9 proposal is now open for voting. The proposal plans to allocate $10 million to invest in cutting-edge node projects. This strategic move aims to diversify the project's treasury and create an innovative node reward system. By investing in these cutting-edge projects, this will not only inject momentum into the development of infrastructure, but also bring reward opportunities to loyal contributors. The proposal voting will end on June 6.
Modular data layer CARV announces first public node sale to launch on June 5
CARV, which provides a modular data layer for the gaming and AI industries, announced that it will launch its first public node sale at 6 pm on June 5. Global users will be able to participate in CARV's distributed data network by running lightweight verification nodes and receive corresponding rewards. In addition, the whitelist node sale will start at 6 pm on June 3. This node sale will provide 100,000 validator nodes, using a multi-tier pricing system, starting at $499. Node operators will be rewarded with CARV native tokens, and 25% of the total supply will be gradually distributed to validators.
TAP Protocol’s token sale on CoinList will last until the early hours of June 6
TAP Protocol has launched the issuance of its TAP token on the Coinlist platform. TAP Protocol is an OrdFi protocol designed to support Bitcoin Ordinals. The token purchase period starts at 01:00 (GMT+8) on May 30, 2024 and ends at 01:00 (GMT+8) on June 6, 2024. The specific arrangements for this token issuance are as follows: Supply: 1,575,000 TAP tokens, accounting for 7.5% of the total supply; Price: $3.57 per token; Lock-up and release: Initial 10% unlocked at TGE, followed by linear release within 12 months. The token is expected to be listed on exchanges around June 28, 2024; Initial purchase limit: The minimum purchase limit is $100.00 and the maximum purchase limit is $2,500.00 (only USDT/USDC is supported).
June 7
Project dynamics:
Optimism’s fourth round of retroactive public goods funding will close on June 7
The fourth round of Optimism's retroactive public goods fundraising application will end at 03:00 on June 7th, Beijing time. This fundraising will provide a total of 10 million OPs, which are specifically used for on-chain builders who deploy contracts on Superchain and generate block space requirements. The application review process will be carried out from June 6th to June 18th, the voting time will be from June 23rd to July 8th, and the results and grant delivery time will be July 15th.
Governance Voting:
Arbitrum community's "200 million ARB game catalyst plan" proposal on-chain voting is expected to end on June 7
The Arbitrum community’s “200 Million ARB Game Catalyst Plan” proposal has been released on the chain. The voting period is from May 24 to June 7. It aims to provide Arbitrum ecosystem games with a three-year incentive plan with a total of 200 million ARB. The goal is to power the Arbitrum game ecosystem through studios and games in the Web3 industry.
Token unlocking:
Hashflow (HFT) will unlock approximately 13.62 million tokens at 8:00 am Beijing time on June 7, accounting for 3.36% of the current circulation and worth approximately US$4 million.
Euler (EUL) will unlock about 60,000 tokens at 1:14 am Beijing time on June 7, accounting for 0.32% of the current circulation, with a value of about US$290,000
June 8
Project dynamics:
Cyber has opened the mainnet staking experience first, and will be fully open on June 8
The decentralized social L2 Cyber (formerly CyberConnect) has opened Early Access for Cyber Mainnet staking. CYBER stakers have two options: 1. Choose to participate in the Early Access to get more rewards; 2. Do nothing and claim the rewards on June 8. The Early Access window will last until June 3. On June 8, when the Cyber Mainnet staking is launched, 1 million CYBER rewards will be distributed to current stakers, which will be allocated according to their Season 1 staking points. Starting from June 8, everyone can stake CYBER on the Cyber Mainnet; during the 7-day unlocking period, you can cancel the stake and withdraw it at any time.
June 9
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