Weekly Preview | Celestia may go live on mainnet on October 31; OP will release tokens worth about $33 million on October 30.

Upcoming Events Celestia Potentially Launching on Mainnet Oct. 31, OP Set to Release $33 Million in Tokens on Oct. 30

News preview:

• Celestia to update the pre-genesis file, mainnet expected to go live on October 31 at 22:00
• Optimism (OP) to unlock approximately 24.16 million tokens, worth around $33 million, on October 30 at 12:00 PM
• Binance Launchpool to launch Memecoin (MEME) trading pair on November 3
• The stablecoin protocol Prisma Finance announces the launch of governance token PRISMA on November 2
• ImmutableX (IMX) to unlock approximately 18.08 million tokens, worth around $12 million, on November 4 at 6:00 PM

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October 30

Policy and regulation:

US Department of the Treasury and IRS release proposed regulations regarding broker reporting of digital asset sales and trades, public consultation ends on October 30

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The US Department of the Treasury and IRS have issued proposed regulations concerning broker reporting of digital asset sales and trades to combat tax evasion and assist law-abiding taxpayers in understanding their tax obligations from selling or exchanging digital assets. The proposed regulations are open for public comments and feedback until October 30 and require digital asset brokers to report certain sales and transaction information. The proposed regulations aim to clarify and adjust the rules regarding broker information reporting for tax purposes so that digital asset brokers comply with the same reporting rules as securities and other financial instruments brokers.

Under current law, taxpayers are required to report income and have the right to deduct losses when selling digital assets, but calculating their gains can be difficult and expensive for many taxpayers. These proposed rules would require brokers to provide a new 1099-DA form to help taxpayers determine if they owe taxes and would help taxpayers avoid complex calculations or pay for digital asset tax filing services in order to file their tax returns. The regulations aim to align the tax reporting of digital assets with that of other assets, thereby avoiding preferential treatment between different types of assets.

According to the proposed regulations, brokers would be required to report any information regarding digital asset sales and trades for the first year in 2026, with reporting for sales and trade information starting in 2025. The nonpartisan Joint Committee on Taxation (JCT) noted that using reliable and objective third-party income verification can reduce tax evasion and result in more accurate income reporting on tax returns. The JCT estimates that the IIJA appropriations would raise nearly $28 billion over 10 years.

Project Updates:

dYdX Operations subDAO Public Bridge Front-end Plan to Launch on October 30th

dYdX Chain officially launched on the mainnet. Validators of dYdX Chain created the genesis block at 1:00 am Beijing time on Friday. The dYdX Operations subDAO Public Bridge Front-end Plan is scheduled to launch on October 30th, 2023, pending final confirmation. The post-genesis phases include Alpha and Beta, with the Alpha phase focusing on bridging, staking, and security, while the Beta phase will support trading without rewards. The transition from Alpha to Beta will be determined by factors such as governance voting.

Lens to Migrate to V2 Mainnet on October 30th

Decentralized social protocol Lens Protocol announced its migration to Lens V2 Mainnet on October 30th. The V2 upgrade will improve Lens’ speed by at least 2x and provide a more scalable system. Lens API V1 will stop writing and transition to a read-only mode during the upgrade, and will cease service after January 30th, 2024.

US Judge Requires Binance and SEC to Resubmit Joint Status Report by October 30th

Based on documents submitted to the court on October 13th, US District Judge Zia M. Faruqui granted Binance, Binance.US, Binance CEO Changpeng Zhao, and the US SEC additional time. He requested cooperation from all parties regarding document disclosure and witness testimony as per the prior consent order. Binance, Binance.US, Zhao, and the US SEC have already submitted a joint status report on Wednesday, but Judge Faruqui was not satisfied with their performance. The plaintiffs and defendants failed to reach any conclusion regarding the request for document disclosure. Judge Faruqui requires all parties to submit a joint status report by October 30th. Meanwhile, the SEC, Binance, and CZ will meet to discuss the requests. At the same time, LianGuaridigm Operations has submitted a Friend of the Court brief supporting Binance’s motion to dismiss the SEC lawsuit, as the SEC lacks regulatory authority over cryptocurrencies.

Community Activities:

First Chainbase & Developer DAO Online Hackathon Ends on October 30th

Open Web3 data infrastructure provider Chainbase announced a week-long online hackathon in collaboration with Developer DAO (DD) from October 23rd to October 30th. The event has a prize pool of over $5,000 in USDT and CODE tokens and is open to projects on any public blockchain and from any industry. Participants are encouraged to explore unique ideas and use Chainbase as a data tool to drive innovative applications of on-chain data. The event is supported by various domestic and international communities, media outlets, and projects, including Moonshot, Builder DAO, DevFolio, LearnWeb3, and will provide a vibrant platform for developers worldwide.

Token Unlocking:

Optimism (OP) will unlock approximately 24.16 million tokens worth approximately $33 million on October 30th at 12 PM.

October 31st

Exchange:

Bybit Launchpool will launch Celestia (TIA) on October 31st

Bybit Launchpool will launch Celestia (TIA) on October 31st.

Project Updates:

Celestia updates pre-genesis file, mainnet launch time may be 10 PM on October 31st

Crypto KOL exploring.eth on X platform stated that according to GitHub information, Celestia has updated the pre-genesis file (pre-genesis.json), and the mainnet launch time will be at 10 PM Beijing time on October 31st. The addresses eligible for airdrops are also included in this file, and the tokens will be sent directly to the wallets after the mainnet launch, without the need for claiming.

Previously, modular blockchain network Celestia announced that all 60 million TIA tokens have been redistributed to airdrop participants. Currently, the latest available amount for Genesis airdrop can be viewed on the official website, with no additional claiming process required. It is expected that within the next few weeks, airdrop participants will directly receive TIA on the mainnet. Celestia airdrop claiming has ended, with a total of 191,391 claims received, and approximately 67% of eligible addresses did not participate in this airdrop.

TON Foundation plans to apply for Guinness World Records as the fastest blockchain, performance testing to start on October 31st

The TON Foundation announced that The Open Network (TON) will apply for Guinness World Records certification as the fastest blockchain. The public network performance testing is scheduled for 11 PM Beijing time on October 31st and will demonstrate the reliability, scalability, and speed of the TON blockchain. The TON Foundation will collaborate with multiple cloud service platforms to set up 256 servers for validation nodes and launch a separate TON blockchain network for performance testing.

Boba Network: BobaAvax will cease operation starting from October 31st, users need to transfer funds beforehand

Ethereum Layer 2 scaling network Boba Network announced that its Layer 2 scaling solution on Avalanche, BobaAvax, will be shut down and will no longer be available from October 31st. Users of BobaAvax or the BobaAvax application are required to transfer all assets to the Avalanche mainnet before October 31st to avoid the permanent risk of losing access to assets on BobaAvax.

Sushi also issued a statement regarding this, stating that liquidity providers on Sushi with BobaAvax need to take the following actions before October 31st: 1. Remove all existing liquidity from BobaAvax; 2. Transfer funds out of BobaAvax to ensure safety. Additionally, Sushi strongly advises against adding any new liquidity to BobaAvax, as failing to remove liquidity or transfer assets by the specified date may result in users permanently losing access to their assets on BobaAvax.

Clockwork Team Announces the Suspension of Protocol Development, Nodes on Devnet and Mainnet to be Closed on October 31st

Nick, a former employee of the decentralized automation network Clockwork in the Solana ecosystem, stated on platform X that due to opportunity costs and limited business prospects, as well as personal desire to explore other new opportunities, the Clockwork development team and himself have decided to no longer develop the protocol. Developers can continue to use the software they have written, but the team will close the Devnet and Mainnet nodes on October 31st. On-chain programs will be frozen, the code will continue to be open-source, and can be freely used on GitHub. If the community is willing to improve the protocol, the team will fully support forking and releasing. For users who currently rely on Clockwork, the team will do their best to ensure the continuity of service. In August last year, Clockwork completed a $4 million seed funding round, led by Multicoin Capital and Asymmetric, with participation from Solana Ventures and El Cap Ventures.

Argentina may make changes to the previously increased electricity costs for crypto mining, which were around $63.3 per megawatt-hour on October 31st

The Argentine Ministry of Economy released a revised list of electricity rates, raising the cost of electricity for cryptocurrency mining. The document stipulates that mining activities cost approximately $63.3 per megawatt-hour, which is the highest level of electricity prices. In comparison, residential energy costs receive significant subsidies, with households eligible for up to 70% in subsidies, at a price of approximately $11.3 per megawatt-hour. This increase puts cryptocurrency mining in the same energy price range as heavy industry and higher than what commercial enterprises pay. The revised prices will take effect on August 1st and will continue until October 31st, 2023, at which point they may be changed again. Earlier this year, in early 2022, the ministry announced the removal of the subsidy for miners’ electricity, which led to the price of 1 megawatt-hour of electricity for miners increasing from slightly less than $17 to nearly $48.

Token Unlocking:

dYdX (DYDX) will unlock approximately 2.16 million tokens worth around $5.3 million on the evening of October 31st

November 1st

Project Update:

Cryptocurrency wallet startup Ryder will launch its flagship product Ryder One on Kickstarter on November 1st

Hardware cryptocurrency wallet startup Ryder announced the launch of its flagship product Ryder One, which is a physical device that supports the innovative TapSafe recovery function instead of mnemonic phrases. Ryder One utilizes Shamir’s Secret Sharing (SSS) algorithm, which is a cryptographic formula for distributing private keys among a group. Ryder One will be launched on Kickstarter on November 1st, with the initial supported tokens including Bitcoin, Ethereum, Polygon, and Solana. Ryder has raised $1.2 million, with participation from Oak Grove Ventures, Bitcoin Frontier Fund, Muneeb Ali of Trust Machines, and SBX Capital.

GameStop to Withdraw its iOS and Browser Plugin Wallets from the Market on November 1st

Game retailer GameStop has announced that it will stop supporting its crypto wallet due to “regulatory uncertainty.” According to the company’s website, GameStop will withdraw its iOS and browser plugin wallets from the market on November 1st. These wallets allow users to manage their cryptocurrency and NFTs. This move signifies GameStop’s abandonment of its cryptocurrency strategy. The company, which reported a net loss of $94.7 million in the third quarter of last year and laid off employees in its digital assets division, stated that it will no longer focus on cryptocurrency.GameStop launched an NFT market a year ago to allow gamers, creators, collectors, and other community members to buy, sell, and trade NFTs.

Governance vote:

Arbitrum initiates proposal to distribute 500k ARB tokens to 25 early community contributors, voting to end on November 1st

The Arbitrum community has initiated a proposal vote titled “Empowering Early Contributors: Community Arbiter Proposal,” with voting set to end on November 1st at 06:12. The current support rate stands at 99.6%. The proposal suggests the distribution of 500k ARB tokens as a reward to Arbitrum community members known as “Arbiters.” It is expected that 25 Arbiters will be rewarded, with an average allocation of 20k ARB per member.

Token Unlock:

Acala (ACA) will unlock approximately 27.43 million tokens, valued at around $1.4 million, on the afternoon of November 1st.

November 2nd

Exchange:

Binance to Remove Multiple BUSD-Related Leveraged Trading Pairs on November 2nd

Binance Leveraged will remove AGLD/BUSD, AKRO/BUSD, BAND/BUSD, CFX/BUSD, CTSI/BUSD, CVP/BUSD, DUSK/BUSD, FET/BUSD, FXS/BUSD, GAS/BUSD, HIGH/BUSD, PROM/BUSD, PROS/BUSD, SXP/BUSD, WAVES/BUSD, XEC/BUSD, XVS/BUSD isolated margin leveraged trading pairs, as well as LianGuaiXG/BUSD cross margin leveraged trading pair, at 14:00 on November 2nd.

Project Update:

German Post to Launch its First NFT Stamp on November 2nd

German postal service company Deutsche Post will release its first limited edition NFT stamp on November 2nd. The classic self-adhesive postage stamp will come with a digital image, an NFT representing ownership of the stamp. The first stamp in the series features an AI-generated pixelated image of Brandenburg, and other stamps will also include other iconic German landmarks.

LSD Stablecoin Protocol Prisma Announces Launch of Governance Token PRISMA on November 2nd

LSD Stablecoin Protocol Prisma Finance announced the launch of governance token PRISMA on November 2nd. The maximum supply of PRISMA is 300 million, with 62% (186 million PRISMA) allocated to incentivize certain actions and liquidity pools within the Prisma protocol through Prisma DAO. 20% (60 million PRISMA) will go to core contributors, with these tokens being linearly unlocked over 12 months from genesis. 10% (30 million PRISMA) will be distributed to early supporters, and 5% (15 million PRISMA) will be held in the Prisma DAO treasury. 3% (9 million PRISMA) will be allocated to veCRV voters and Prisma point holders.

Token Unlock:

Nym (NYM) will unlock approximately 3.13 million tokens worth around $410,000 on November 2nd at 8 am.

November 3rd

Exchange:

Binance Launchpool to Open Memecoin (MEME) Trading Pair on November 3rd

Binance announced the launch of the 39th project on Binance Launchpool, Memecoin (MEME), the native ecosystem token for Memeland, a Web3 venture by 9GAG, the meme platform. The Launchpool page is expected to be available within 4 hours prior to the launch. Users will be able to stake their BNB, TUSD, and FDUSD in separate pools, and the MEME token will be available for mining for a total of 30 days starting from October 28, 2023, 08:00 (Beijing time). Binance will list MEME on November 3, 2023, 16:00 (Beijing time) and open MEME/BTC, MEME/USDT, and MEME/BNB trading pairs. Seed labels will be applied to MEME.

Project Updates:

opBNB Testnet Fermat Hard Fork Expected to Activate on November 3rd

BNB Chain announced that the opBNB testnet Fermat hard fork is planned to activate at block height 12113000, estimated to occur between 14:00 to 14:15 (Beijing time) on November 3, 2023. Developers are required to upgrade to opNode v0.2.0 and opGeth v0.2.0 before the hard fork. The new pre-compiled contracts in this hard fork will enable interoperability between opBNB and BNB Greenfield, and stable L1 Gas prices will make it easier for developers to estimate their transaction costs.

Token Unlock:

Tornado Cash (TORN) will unlock approximately 22,000 tokens worth around $68,000 on November 3rd at 11:06 am.

November 4th

Exchange:

Coinbase will temporarily suspend CRPT, MXC, QSP, REN, and TONE trading on November 4th

According to recent reviews, trading of Crypterium (CRPT), MXC (MXC), Quantstamp (QSP), Ren (REN), and TE-FOOD (TONE) will be suspended on Coinbase.com, Coinbase Pro, Coinbase Exchange, and Coinbase Prime platforms at around 3 a.m. Beijing time on November 4th. Customers can withdraw funds at any time. The platform regularly monitors exchange assets to ensure they meet listing standards.

Token Unlocking:

ImmutableX (IMX) will unlock approximately 18.08 million tokens, worth about $12 million, at 6 p.m. on November 4th.

November 5th

Token Unlocking:

Galxe (GAL) will unlock approximately 7.61 million tokens, worth about $10.7 million, at 8 p.m. on November 5th.

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