Weekly Preview | Blur may initiate the second season airdrop; Avalanche (AVAX) will unlock tokens worth nearly $200 million on November 24th

Weekly Preview | Blur Likely to Launch Second Season Airdrop; Avalanche (AVAX) to Unleash Almost $200 Million Tokens on November 24th

Headline preview:

• Blur will release “important news to take Blur to a new level” on November 20th, hinting at the possibility of a second season airdrop
• Immutable plans to rebuild the Immutable zkEVM testnet starting from November 20th
• Poloniex intends to resume deposit and withdrawal services next week and update all user deposit addresses
• Chainflip, the cross-chain DEX project, will issue FLIP tokens on November 23rd
• The new game Gas Hero by the STEPN development team will undergo community testing from November 24th to December 8th
• Avalanche (AVAX) will unlock approximately 9.54 million tokens worth nearly $200 million at 8:00 AM on November 24th

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November 20th

Exchanges:

Binance will temporarily suspend deposit and withdrawal services for the Terra Classic network on November 20th to support its network upgrade

• a16z’s in-depth analysis of the current development, business boundaries, and regulatory innovations of Web3
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Binance announced its support for the network upgrade of Terra Classic (LUNC) with the following arrangement: the project team will perform the network upgrade at block height 15,493,370 (estimated to be at 17:00 on November 20th, 2023, UTC+8); Binance is expected to suspend token deposits and withdrawals for the mentioned network at 16:00 on November 20th, 2023, UTC+8.

Binance will stop trading for ADA/RUB, ALGO/RUB, and other spot trading pairs on November 20th

Binance will remove and stop trading for the following spot trading pairs at 11:00 on November 20th, 2023, Beijing Time: ADA/RUB, ALGO/RUB, ARB/RUB, ARKM/RUB, ARLianGuai/RUB, BNB/RUB, BUSD/RUB, DOT/RUB, ETH/RUB, LTC/RUB, MATIC/RUB, NEAR/RUB, SOL/RUB, WLD/RUB, XRP/RUB.

Binance Japan’s migration deadline is only one week away, and it is recommended that Japanese users complete the KYC verification on the platform before November 20th

Previously, Binance announced that Japanese customers could start applying for accounts from mid-August and would no longer have access to the Binance global platform after November 30th, but they can start trading on the new platform from December 1st. Currently, Binance recommends Japanese users to complete the identity verification process on Binance Japan by 23:59 on November 20th, 2023 (JST) because it takes time, and many users have not completed this procedure yet.

Users who complete the identity verification process will be able to use Binance.com’s global services until November 30th, 2023, but from December 1st, they will become Binance Japan customers and their Binance.com accounts will be canceled. After 10:00 AM local time on December 1st, 2023, Japanese users who complete the identity verification will be migrated to Binance Japan. If KYC is not completed, Japanese users’ use of the Binance global platform will gradually be restricted, only being able to use the “withdraw” function, and in this situation, customer assets will not be protected by local laws and regulations.

Project Updates:

Blur may start Season 2 airdrop on November 20th

NFT marketplace Blur tweeted “Blur Season 2. November 20” in October, suggesting the start of the second season airdrop on November 20th. Additionally, on November 18th, the official Blur account posted again on social media, stating that they will release an important message to “take Blur to a new level” at 7 a.m. Beijing time on November 20th. It is known that the founder of Blur has expressed plans to distribute more BLUR tokens to users in Season 2 than the initially set 300 million tokens.

Vertex Protocol to launch VRTX token on November 20th

Decentralized exchange platform Vertex Protocol, built on Arbitrum, has revealed the VRTX token distribution model. The total supply of VRTX is fixed at 1 billion tokens, with 90.85% being distributed over a period of 5 years. 34% will be allocated for ongoing incentives, 20% for the founding team, 10% for the initial token stage, 11.7% for the treasury, 9% for the ecosystem, 8.8% for early investors (including participants who contributed $8.5 million in the Vertex seed round financing starting from 2022), 5% for future contributors, 1% for initial VRTX liquidity, and 0.5% for advisors. The issuance of Vertex tokens will take place on November 20th, 2023.

Oracle project Pyth Network to open retrievable airdrop on November 20th

Pyth Network, an oracle project, has announced that the retrievable airdrop will be available for claiming starting at 10:00 p.m. Beijing time on November 20th. The claim process will be open for 90 days, and the airdrop claim page will be valid until February 18th, 2024. Previously, Pyth Network announced the distribution of 200 million PYTH tokens as airdrops to on-chain DeFi participants. They have now increased the distribution amount by approximately 55 million PYTH tokens, bringing the total airdrop distribution to around 255 million PYTH tokens.

The Philippines to issue tokenized bonds due in November 2024, final interest rate to be announced on November 20th

The Philippines will sell tokenized government bonds for the first time on Monday to further develop its domestic debt market. According to the issuance notice, the Department of Finance will issue tokenized bonds due in November 2024 with a minimum face value of 1 billion Philippine pesos ($179 million) to institutional buyers, with increments of 10 million pesos. The final interest rate will be determined through book-building and announced on November 20th. The Development Bank of the Philippines and the Land Bank of the Philippines, both state-owned banks, are the issuing management institutions.

BNB Greenfield testnet is expected to undergo the LianGuaimLianGuais hard fork on November 20

The BNB Greenfield testnet will undergo the LianGuaimLianGuais hard fork, and the upgraded version will be v1.1.0. The LianGuaimLianGuais upgrade will occur at block height 2,427,233. Considering the current block generation rate, it is expected to take place on November 20 at 15:00 Beijing time. This upgrade will integrate opBNB with Greenfield, enabling advantages such as cross-chain communication, lower gas fees, and faster cross-chain transactions.

Immutable plans to rebuild the Immutable zkEVM testnet starting from November 20

The Web3 gaming platform Immutable (IMX) plans to rebuild the Immutable zkEVM testnet for three days starting from November 20. During the rebuilding period, the testnet and its services will be unavailable. The team will utilize this time to upgrade fiat gateways, DEX integration, EVM monitoring, transaction relayers, and more to ensure optimal functionality of the new client. After the rebuilding is completed, developers will need to redeploy their smart contracts on the testnet, and assets will need to be recast.

Previously, Immutable released a mainnet launch roadmap. In November, they plan to rebuild the Immutable zkEVM testnet, upgrading its first EVM client from Polygon Edge to Geth to ensure that the Immutable zKEVM closely resembles Ethereum and is fully compatible with the Ethereum tooling ecosystem. From December to January next year, the zkEVM mainnet will be launched, with an initial invite-only developer group before opening to the public. In 2024, Immutable will offer dedicated application-specific chains with the same technical stack and features as Immutable zkEVM but with unique customization levels. Finally, they will introduce zk-prover and provide a trustless Ethereum-to-Immutable zkEVM cross-chain bridge.

Governance Voting:

Aave community’s temperature check vote on qualifying the “early November security incident” as a shortfall event will end on November 20

The Aave community initiated a temperature check vote on qualifying the “security incident on November 4 (or early November 5 in Beijing time)” as a shortfall event. This vote will end on November 20. The proposal states that due to assets being frozen/suspended, users incurred losses during the aforementioned event. Two types of losses were reported: losses from liquidations and losses from high interest rates and accrued interest. Therefore, the event meets the definition of a shortfall event. If this temperature check is approved, the next step is to activate the safety module.

It is worth mentioning that the role of the AAVE safety module is to protect the protocol from unexpected financial losses in the event of a shortfall event. If a shortfall event occurs, the safety module will use up to 30% of locked staked assets for auction to cover the deficit. If the amount seized from the safety module is insufficient to pay off the entire debt, a temporary mechanism called Recovery Issuance will be triggered to mint additional AAVE and use it along with the funds extracted from the safety module to cover the deficit.

November 21st

No events

November 22nd

Governance Voting:

Raft plans to compensate affected users with 3.96 million DAI to recover from the hacker attack, and the scheme will end its consultation on November 22nd

The stablecoin protocol Raft has announced a recovery plan for the hacker attack that occurred on November 10th. Raft will compensate affected users with 3,963,192.62 DAI from the anchoring stability module (PSM), based on users’ holdings at the snapshot time (November 14th, 2023, 21:48:47, block height: 185729287) and their interaction with the protocol. Users must meet the following requirements to be eligible for compensation: 1. Holding requirement, meaning they must hold R at the snapshot time; 2. Trading activity restriction, meaning they have not traded R after the hacker attack occurred; 3. Users who hold R on MEXC must prove that they purchased those tokens before the hacker attack. Compensation for liquidity providers will be based on the dollar value of each LP position at the snapshot time. Compensation for RR holders will be based on the quantity of R they hold in RR (Ethereum Mainnet and Base) at the snapshot time. And compensation for R Idle holders will be based on the quantity of idle R they hold at the snapshot time. The current compensation scheme will be open for feedback and input from the community until 07:59 on November 22nd (Beijing time).

Token Unlocking:

SLianGuaiCE ID (ID) will unlock approximately 18.49 million tokens, worth around 4.7 million US dollars, at 8:00 am on November 22nd.

November 23rd

Exchange:

Binance will remove BNB/BUSD and XRP/BUSD cross-margin and isolated-margin trading pairs on November 23rd

Binance Margin will remove BNB/BUSD and XRP/BUSD cross-margin and isolated-margin trading pairs at 14:00 on November 23rd (GMT+8).

Project Update:

Ethereum Core Developer Consensus Meeting: Scheduled to discuss the launch of Devnet #12 on November 23rd

Christine Kim, Vice President of Galaxy Research, summarized the 122nd Ethereum Core Developer Consensus (ACDE) conference call, where developers agreed to discuss the launch of Devnet #12 at the ACDE meeting on November 23rd. They also discussed a proposal by Geth developer Péter Szilágyi to address concerns about diversity in the execution layer (EL) clients. The consensus layer (CL) client teams are improving blob propagation (proLianGuaigation), which will significantly reduce the complexity and issues related to blob propagation observed on the past 11 devnets. Most CL client teams plan to implement updates to the Deneb specification this week or next week.

Chainflip: Mainnet launched, FLIP token to be released on November 23rd

Cross-chain DEX project Chainflip announced that its mainnet has been launched and is currently in idle mode. The first batch of Genesis validators have started to join, awaiting the release of FLIP tokens. The Token Generation Event (TGE) will take place on November 23rd at 20:00 (Beijing time).

In addition, Coinlist will be used for token allocation to participants in the community sale, while the Oxen Foundation will handle the distribution of SN operator airdrops. Chainflip Labs will directly distribute tokens to investors and their affiliated contracts, service providers, and other deserving individuals of FLIP tokens, such as Soundcheck and SmoothOps participants. Earlier in May last year, Chainflip Labs raised $10 million in funding, with participation from Framework Ventures.

Token Unlocking:

Euler (EUL) will have approximately 135,000 tokens unlocked at 12:00 noon on November 23rd, worth about $370,000.

November 24th

Exchange:

Binance to remove ALICE/USDT, APE/USDT, and other liquidity pools on November 24th

Binance Liquid Swap will remove the following liquidity pools on November 24th, 2023, at 12:00 (Beijing time): ALICE/USDT, APE/USDT, APT/BTC, APT/USDT, ARB/USDT, ARLianGuai/USDT, ATOM/USDT, AVA/BTC, AXS/BTC, BAKE/USDT, EDU/USDT, ETC/BTC, FTM/BTC, HOOK/USDT, MAV/BTC, MAV/USDT, NEO/BTC, ONE/USDT, PHA/USDT, RDNT/BTC, RDNT/USDT, SXP/USDT, THETA/USDT, WOO/BNB, WOO/USDT. Users holding positions in the aforementioned liquidity pools will automatically receive their deposited assets in their spot wallets on November 24th, 2023, at 12:00 (Beijing time).

Project Updates:

MPC wallet OpenBlock launches OB LianGuaiss Task Center section, with its first campaign ending on November 24th

MPC wallet OpenBlock has launched the OB LianGuaiss Task Center section. The task platform encourages users to deepen their connection to Web 3.0 by completing tasks such as interacting with the OpenBlock wallet features and interacting with on-chain projects, and rewards them with airdrops. The first phase of OB LianGuaiss tasks is now live, offering tasks such as getting familiar with the MPC wallet within a short time frame, completing Scroll and zkSync on-chain interactions, and participants will have a chance to win bigtime hourglass, bigtime blue space, USDC, zks domain, Azuki, and other rewards through airdrops.

The first campaign will end on November 24th, and the official team will draw redemption tickets based on the number of points earned by users. Additionally, users can also earn points by completing tasks and inviting friends.

STEPN development team’s new game Gas Hero will undergo community testing from November 24th to December 8th

STEPN development team Find Satoshi Lab’s new game Gas Hero announced that it will undergo community testing from November 24th to December 8th, and testing will be open to 3,000 users including Gas Hero badge holders, Find Satoshi Lab ambassadors, and partners. Gas Hero clarified that all assets during the community testing will reside on the Polygon Mumbai testnet and will not be transferred to the mainnet after the public launch. Users will need to start the game from scratch when the public beta starts. According to previous reports, Gas Hero is a large multiplayer online game (MMO), which will use Stepn’s GMT as its token upon release and provide its own market and player voting opportunities for decentralized decision-making in the game.

Token Unlock:

Avalanche (AVAX) will unlock approximately 9.54 million tokens worth around $200 million on November 24th at 8:00 AM.

November 25th

Governance Voting:

SushiSwap proposal to “Deploy SUSHI New Token Economics” is now open for voting and will end on November 25th

The community proposal initiated by SushiSwap’s new CEO Jared Grey, “Deploy SUSHI New Token Economics,” is now open for voting on Snapshot and voting will end at 1:00 AM on November 25th, 2023. The new token model is based on protocol sustainability, enhanced token utility, and diversified funding, including: liquidity subsidies (improving the efficiency of liquidity subsidies to reduce the annual emission cost of SUSHI), balance value (enabling sustainable income and emission levels for SUSHI), financial stability (resolving emission-to-income ratios that affect economic viability to enhance stability), LP incentive measures (revising incentive measures for liquidity providers to remain competitive), staking mechanism (considering modifications to xSushi staking), and xSushi distribution (providing fairer value distribution among participants).

Token Unlock:

Acala (ACA) will unlock approximately 4.66 million tokens worth around $260,000 on November 25th at 8:00 AM.

November 26th

Governance Voting:

Cosmos Hub initiated the “ATOM Reduction” proposal, aiming to reduce the maximum inflation rate to 10%, and the voting will end on November 26th

The Cosmos Hub community is voting on the proposal “ATOM Reduction: Setting the maximum inflation rate to 10%,” which aims to reduce the maximum inflation parameter from 20% to 10%, bringing ATOM’s current inflation rate to 10% and lowering the staking annual interest rate from 19% to 13.4%. The voting deadline is November 26th.

Specific Time TBD

Exchange:

Poloniex plans to resume deposit and withdrawal services next week, and update the deposit addresses of all users

Poloniex Exchange announced on the X platform that the deposit and withdrawal services will be resumed next week after a thorough security check by the team. In order to enhance security, the team has conducted a comprehensive wallet update. After the service is restored, the platform will update the deposit addresses of all users. It is recommended that users refrain from depositing during the update period. Earlier on November 10th, Poloniex hacker attack caused a loss of approximately 125 million US dollars.

Jupiter will airdrop 1 billion JUP tokens to 955,000 eligible wallets next week

Jupiter Exchange, a Solana-based trading aggregator, has announced details of the JUP community airdrop. The total supply of JUP is 10 billion coins, 40% of which will be distributed to the community through 4 rounds of airdrops. The first round of airdrop distribution, starting next week, will allocate 10% (1 billion coins). Eligible for the first round are 955,000 wallets that have interacted directly with Jupiter before November 2nd. There will also be airdrops for new users, and the team expects to start another growth-oriented airdrop before the token launch.

Next week, the official airdrop distribution website will go live, allowing everyone to check their allocation, quantity, adjusted scores, community rankings, and other details.

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