Weekly Announcement | OKX platform upgrades KYC process and recommends users to complete advanced authentication; Avalanche (AVAX) will unlock tokens worth approximately $100 million.

OKX platform upgrades KYC process and recommends users to complete advanced authentication; Avalanche (AVAX) to unlock $100 million worth of tokens.

Highlights:

• The US dollar stablecoin PYUSD will start trading on Kraken on August 21.
• OKX is gradually upgrading and simplifying the authentication process, and recommends users to complete advanced authentication before 3:00 PM on August 21 (Beijing time).
• Adidas collaborates with Japanese streetwear brand BAPE to launch limited edition sneakers based on NFT, which will be auctioned on the Adidas Collect platform on August 22.
• Federal Reserve Chairman Powell will deliver a speech at the Jackson Hole Global Central Bankers’ Symposium on August 25.
• Avalanche (AVAX) and Lido DAO (LDO) will unlock tokens worth approximately $100 million and $14.2 million respectively on August 26.

For more weekly highlights, please download the LianGuaiNews APP and follow the event calendar section launched by LianGuaiNews to read more real-time blockchain news and in-depth articles anytime, anywhere.

August 21

Exchanges:

Binance will launch CYBER 1-20x U-based perpetual contract on August 21.

• LianGuai Daily | The SEC files a motion for intermediate appeal regarding the Ripple case; friend.tech completes seed round investment, with LianGuairadigm participating.
• Content Marketing Methodology A Required Course for Web3 Startups
• Regulatory crackdown, slowed growth, Binance suffers two major setbacks.

In an announcement, Binance stated that the CYBER 1-20x U-based perpetual contract will be launched on August 21, 2023 at 20:00 (GMT+8).

OKX platform will upgrade the KYC process and recommends users to complete advanced authentication before 3:00 PM on August 21.

OKX tweeted that they are gradually upgrading and simplifying the authentication process to comply with global regulatory standards. All OKX users need to complete comprehensive verification to access OKX products and services. To ensure normal use, it is strongly recommended that users complete advanced authentication before 3:00 PM on August 21 (HKT). Users who are unable to complete the authentication can contact customer service for 24/7 support.

The US dollar stablecoin PYUSD is now available on Kraken, and trading will start on August 21.

The US dollar stablecoin PYUSD is now available on the Kraken platform for deposits and withdrawals. Trading of PYUSD will start on August 21.

Project Updates:

Shibarium network plans to reopen to the public next Monday.

Shibarium announced that it is currently strengthening security measures and conducting extensive testing. Shibarium is currently able to generate blocks normally in the beta mode. The team will continue to expand and test, and the Shibarium network plans to reopen to the public on next Monday (August 21). Previously, due to the unexpected high traffic after the launch of Shibarium, the network entered a fault safety mode and stopped running to ensure fund security.

Celsius bankruptcy restructuring plan disclosure statement-related webinars will be held on August 21.

The Official Committee of Unsecured Creditors of Celsius stated on X platform (formerly Twitter) that webinars related to the disclosure statement of the Celsius bankruptcy restructuring plan will be held on August 21. Several meetings will be launched on specific topics, including voting that creditors can participate in according to the plan and how to fill out ballots.

The “100 Builders” ecological acceleration plan launched by Base and Backdrop will start on August 21st.

Base, Coinbase’s Layer2 network, announced on Twitter that it is partnering with Web3 project Backdrop to launch the ecological acceleration plan “100 Builders”. The plan aims to help 100 developers build open-source projects on Base. The application deadline for the plan is August 10th, and it will be launched from August 21st to September 15th. Developers can receive a bonus of over $40,000.

Argent reminds users who have received the notification to complete the upgrade before August 21st, otherwise there is a risk of asset loss.

Starknet wallet Argent tweeted that due to the upgrade of Starknet, some old Starknet accounts also need to be upgraded. The upgrade is scheduled for August 21st. 95% of users are not affected, but users who have received the update prompt are advised to complete the upgrade before that date, otherwise there is a risk of asset loss.

Token Unlock:

Injective (INJ) will unlock approximately 2.86 million tokens worth about $22 million on August 21st at 8:00.

Community Events:

Istanbul Blockchain Week will be held from August 21st to August 25th.

ConsenSys’ global virtual hackathon “Not Another Virtual Hackathon” will end on August 21st.

ConsenSys, a blockchain software technology company, is hosting the global virtual hackathon “Not Another Virtual Hackathon” from July 6th, 2023, to August 21st, 2023, with a prize pool of $115,000.

August 22nd

Exchanges:

Binance will delist SNM, SRM, and YFII on August 22nd.

Binance announced that it will stop trading and delist the following tokens on August 22nd at 11:00: Sonm (SNM), Serum (SRM), DFI.Money (YFII). Binance stated that the platform regularly reviews the listed digital assets to ensure their quality. When a token no longer meets the listing standards or there are significant industry changes, a thorough project review will be conducted, and it may be delisted.

Policy and Regulation:

The UK Treasury’s public consultation on the digital securities sandbox will end on August 22nd.

The UK Treasury has today released a consultation document on the digital securities sandbox (DSS), which will be the first financial market infrastructure sandbox granted under the Financial Services and Markets Act 2023. The document outlines the key features, policies, and legal issues of the digital securities sandbox. The DSS will facilitate testing and adoption of digital securities in financial markets. Through the DSS, the industry will be able to establish financial market infrastructure using digital asset technology, which can carry out many activities related to digital securities under temporarily modified legislation and regulatory frameworks. The deadline for this consultation is 11:59 on August 22nd, 2023.

Project Updates:

Adidas collaborates with Japanese streetwear brand BAPE to launch limited edition sneakers based on NFT, auction starts on August 22nd.

According to the official website of Adidas, Adidas Originals, a brand under Adidas, announced a collaboration with Japanese Harajuku streetwear brand BAPE to launch a limited edition sneaker brand “Triple-White Forum 84 BAPE Low” based on NFT. It is reported that this sneaker will be auctioned on August 22 through the Adidas Collect platform, with the support of Adidas /// Studio, the web3 studio of Adidas. This is also the first time Adidas has used the auction format to support NFT digital sneakers. In addition, each pair of physical shoes will be equipped with an NFC chip inside the left tongue of the shoe, and the owner of the shoe can use a smartphone to scan and obtain a genuine certificate based on NFT, with a limited quantity of 100 pairs.

EigenLayer, the Ethereum re-staking protocol, will increase the re-staking limit of LST on August 22.

EigenLayer, the Ethereum re-staking protocol, will increase the re-staking limit of LST (Liquidity Staking Tokens, including stETH, rETH, and cbETH) on August 22 at 22:00 Beijing time. After the limit is lifted, users will be able to stake any of the above tokens into EigenLayer. When any of the LST tokens reaches the milestone of 100,000 re-staked tokens, EigenLayer will once again pause staking. In addition, EigenLayer announced the upcoming launch of the Operator testnet, which has applications such as EigenDA validation service, node operation, performance, and maintenance tools. Additionally, it will introduce the M2 testnet functionality to enhance the staking experience.

Sentiment: V1 to be discontinued on August 22 due to infeasible expansion architecture, V2 under development.

The DeFi lending protocol Sentiment has decided to discontinue Sentiment V1 on August 22. The discontinuation will take place in 3 steps. 1. Starting from August 15, the market will no longer accept new borrowings. 2. Borrowers and lenders can repay and withdraw. 3. After August 22, the network application will still be accessible, but the core contributors will no longer maintain it. Sentiment stated that “although V1 showed promising signs of demand, the expansion architecture is infeasible. This realization prompted Sentiment to conduct extensive research, which will be incorporated into V2.”

Token Unlocking:

The unlocking of SLianGuaiCE ID (ID) tokens will take place at 8:00 on August 22, with approximately 18.49 million tokens unlocked, worth about $3.7 million.

August 23rd

Exchange:

FTX seeks to remove its Dubai subsidiary from the US bankruptcy proceedings, and a related hearing is scheduled for August 23rd.

According to court documents on Thursday, FTX seeks to exclude its Dubai subsidiary, FTX Dubai, from the US liquidation proceedings. The documents state that FTX Dubai did not conduct any business before applying for bankruptcy in the United Arab Emirates (UAE), therefore there is “no reasonable possibility of resuming operations”; furthermore, FTX Dubai’s balance sheet has the ability to pay off its liabilities, so the debtor believes that by following the voluntary liquidation procedure with the ability to pay off its liabilities under the laws of the UAE, it will be able to timely distribute the cash balance after paying off all outstanding debts and liquidating all assets. A hearing on this matter is scheduled for August 23rd. It is reported that in November last year, FTX initiated Chapter 11 bankruptcy proceedings for 102 affiliated entities worldwide when it applied for bankruptcy in the United States. FTX Dubai was established in February 2022 and is owned by the European subsidiary of the company, and is one of the entities involved in the litigation.

Community Activities:

The 2023 Cologne Game Exhibition in Germany will be held from August 23rd to August 27th.

August 24th

Exchange:

Binance will delist the LTC/BUSD and DOGE/BUSD perpetual contracts on August 24th.

Binance Futures will close all positions and settle the USDⓈ-M LTCBUSD and DOGEBUSD perpetual contracts at 17:00 on August 24th, 2023 (Beijing time). After the settlement is completed, the contracts will be delisted.

Project Updates:

Celsius bondholders will start voting on the asset sale plan from August 24th, expected to recover 67% to 85% of the assets.

On Thursday, a judge approved Celsius’ disclosure statement, and bondholders are expected to recover 67%-85% of the assets. Celsius will vote on its plan to sell assets to the Fahrenheit Consortium. Chris Ferraro, the interim CEO of the company, stated in an email statement that, “We remain focused on achieving the best outcome for customers and creditors and returning asset value as soon as possible” under Chapter 11 procedures. Bondholders will vote on the plan between August 24th and September 22nd, which involves selling the assets to the Fahrenheit Consortium. Court documents show that the return to bondholders could range from 67% for Earn account holders to 85.6% for Celsius lending program participants, primarily in the form of Bitcoin (BTC) and Ethereum (ETH), with a recovery rate of only 47% for asset liquidation.

Token Unlocking:

1inch (1INCH) will unlock approximately 274,000 tokens worth about $68,000 on August 24th at 8:00.

August 25th

Policy Regulation:

Federal Reserve Chairman Powell will deliver a speech at the Jackson Hole Global Central Bankers’ Annual Meeting on August 25th.

Federal Reserve Chairman Powell will deliver a speech on economic outlook at the annual central bankers’ meeting in Jackson Hole, Wyoming on August 25th. The speech is scheduled to begin at 10:05 a.m. Eastern Time (10:05 p.m. Beijing time). The Jackson Hole Global Central Bankers’ Annual Meeting often serves as a window for the Federal Reserve to indicate important milestones in monetary policy. Powell will have the opportunity to express his latest views on whether further tightening is needed to reduce inflation in the face of unexpectedly strong economic growth, or whether sufficient progress has been made in containing inflation to maintain rate stability.

The UK Financial Conduct Authority (FCA) requires local crypto companies to implement the “Travel Rule” and enter the guidance by August 25th.

The UK Financial Conduct Authority (FCA) announced that from September 1st, 2023, UK crypto asset companies will be required to collect, verify, and share information about crypto asset transfers, known as the “Travel Rule”. This rule aligns the practices of crypto asset companies for sending and receiving transactions with common practices in other financial services sectors. The FCA stated that it has been working with the industry, the Joint Money Laundering Steering Group (JMLSG), and HM Treasury to develop guidance to help companies comply with the Travel Rule. Companies must enter the guidance by August 25th, 2023.

Token Unlocking:

Acala (ACA) will unlock approximately 4.66 million tokens worth about $220,000 on August 25th at 8:00 AM.

August 26th

Token Unlocking:

Avalanche (AVAX) will unlock approximately 9.54 million tokens worth about $100 million on August 26th at 8:00 AM.

Lido DAO (LDO) will unlock approximately 8.5 million tokens worth about $14.2 million on August 26th at 1:51 AM.

Specific time to be determined

The Starknet mainnet will be upgraded to version 0.12.1 next week.

Ethereum Layer2 scaling solution Starknet announced in a tweet that its mainnet will be upgraded to version 0.12.1 next week. This upgrade is the second phase of Starknet mainnet’s “quantum leap” and aims to improve transaction efficiency. Starknet stated that currently, invalid transactions waste valuable sorter resources without paying fees. This upgrade adds a validation phase before sorting to filter out invalid transactions as early as possible. Failed transactions will have a REVERTED status, be included in the block, and pay fees.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!