Weekly Preview | Hong Kong Exchange HashKeyExchange begins to serve retail investors; Optimism and Hedera will unlock tokens worth tens of millions of dollars

Weekly Preview | HashKeyExchange in Hong Kong starts serving retail investors; Optimism and Hedera to unlock millions of dollars worth of tokens

Highlights:

• HashKey, a licensed virtual asset platform approved by the Hong Kong Securities and Futures Commission, will launch a trading platform application for retail investors on August 28th.
• Doodles and leisure shoe brand Crocs will release a limited edition collaboration on August 29th.
• Optimism will upgrade the OP Mainnet sequencer in the early hours of August 29th, and its token OP will unlock approximately 24.16 million tokens worth about $35.5 million on August 30th at 12:00.
• The 18th round of donation event Gitcoin Grants 18 will end on August 29th.
• OpenSea will shut down the royalty enforcement tool “Operator Filter” on August 31st; starting from the same day, OpenSea Pro will charge a 0.5% platform fee for all OpenSea listings and sales created on OpenSea Pro.
• Hedera (HBAR) will unlock approximately 1.15 billion tokens worth about $66 million on September 1st at 8:00.

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August 28th

Regulations:

Brazil plans to increase tax on overseas-held cryptocurrencies, and the Congress will vote on the relevant bill on August 28th.

• Review of the PEPE dumping incident Is it a case of uneven distribution of profits or a premeditated run?
• What is Layer2, the source of controversy within the Ethereum community?
• Lybra V2 is about to go online, analyzing V2 functions and product expansion.

Legislators in Brazil are pushing for legislation to increase taxes on cryptocurrencies held overseas. According to local reports, the congressional committee has approved an amendment that classifies cryptocurrencies as “financial assets” for the purpose of foreign investment taxation. In addition, the draft bill also imposes taxes on the gains from fluctuations in cryptocurrency prices relative to the Brazilian legal currency and foreign exchange rate fluctuations. The Brazilian Congress will vote on the bill on August 28th. If approved, the new tax system will take effect in January 2024.

Exchanges:

HashKey will launch a virtual asset platform for retail investors on August 28th, with investment limited to no more than 30% of total assets.

HashKey, a licensed virtual asset platform approved by the Hong Kong Securities and Futures Commission, will launch a trading platform application for retail investors on August 28th. Livio Weng, the Chief Operating Officer of HashKey Group, said in an interview that initially, retail investors will be able to invest in Bitcoin and Ethereum, and investments in virtual assets will be limited to no more than 30% of total assets.

Project Updates:

Jam introduces the concept of “friendship token” dApp, beta test whitelist applications will open on August 28th.

Web3 social app Jam (formerly Purple) will launch a concept dApp for the “Friends Token” based on the decentralized social protocol Farcaster and the Web3 social graph protocol Lens Protocol. Similar to Friend.tech, this feature will allow users to directly purchase and trade shares of content creators and their posts within the social dApp, and users can also trade shares of the actual content itself. The beta test whitelist application will open on August 28th. In addition, Jam will airdrop incentives to creators in the Lens, Farcaster, Mirror, and other communities, and plans to airdrop to friend.tech users. Jam also plans to launch its proprietary DAO token to enable the community to actively participate in governance initiatives.

Decentralized domain name protocol SLianGuaiCE ID will open public registration for .sei domain names on August 28th

CoinList will stop registration for Chainflip token sale on August 28th

McDonald’s Hong Kong launches McNuggetsLand themed metaverse, access will continue until August 28th

McDonald’s Hong Kong subsidiary launched its own virtual world on Thursday. McNuggetsLand virtual universe is built on the online gaming platform The Sandbox, and is designed to celebrate the 40th anniversary of the global sale of Chicken McNuggets in 1983. The Hong Kong McDonald’s metaverse allows Sandbox users to play mini-games in a virtual space themed around Chicken McNuggets. Rewards for players include SAND tokens (the native cryptocurrency of the Sandbox ecosystem) as well as in-game accessories for completing missions and other Chicken McNuggets-themed activities. Hong Kong Sandbox users can also earn real-world McDonald’s coupons by completing tasks in McNuggetsLand. Access to the virtual universe will continue until August 28th.

Digital asset management company 3IQ plans to add Ethereum staking services to its two funds around August 28th

3IQ, a digital asset management company, will start offering staking services to its clients for The Ether Fund and 3iQ Ether ETF around August 28th. This makes these products among the first ETFs globally to offer such services. 3IQ stated that the staking services will provide opportunities for increased returns for the funds and their unit holders. Through staking, the funds will earn rewards in the form of ETH, which will be reflected in the funds’ net asset value (NAV) as appreciation income, while also increasing the funds’ exposure to ETH. 3IQ will use Coinbase Custody’s institutional staking infrastructure to support ETH staking in these products.

Token Unlock:

SingularityNET (AGIX) will unlock approximately 9.82 million tokens worth about $1.76 million on August 28th at 8:00 AM

Galxe (GAL) will unlock approximately 580,000 tokens worth about $680,000 on August 28th at 8:00 PM

August 29th

Exchange:

Bitstamp will stop offering trading of 7 tokens including SOL to U.S. users starting from August 29th

Cryptocurrency exchange Bitstamp will stop offering trading of 7 tokens including Axie Infinity (AXS), Chiliz (CHZ), Decentraland (MANA), Polygon (MATIC), Near (NEAR), Sandbox (SAND), and Solana (SOL) to U.S. users starting from August 29th. In an announcement made on August 8th, Bitstamp stated that due to “recent developments,” U.S. customers will soon be unable to trade the aforementioned 7 cryptocurrencies. While the company did not specify the reasons for the trading suspension, the U.S. Securities and Exchange Commission (SEC) has accused these seven tokens of being unregistered securities in its lawsuits against Binance and Coinbase. Bitstamp stated that users should close any orders involving these assets by August 29th, 2023. After this deadline, related trading activities will be permanently discontinued on the Bitstamp platform. Users can still hold and withdraw these 7 tokens from their accounts at any time.

Project Updates:

Doodles and Crocs to Launch Limited Edition Clogs on August 29th

A limited edition clog collaboration between Doodles and leisure footwear brand Crocs will be launched on August 29th, priced at $120. The collection will be available for 24-hour pre-sale to OG holders starting at 12:00 AM Beijing time on August 29th for $99. Public sales will open at 12:00 AM Beijing time on August 30th and last for 48 hours. Buyers will have the right to receive a Crocs Box digital collectible, which can be unlocked by destroying it, and gain access to two wearable Crocs devices and a Stoodio Beta LianGuaiss for use in Doodles 2.

Optimism to Upgrade OP Mainnet Sequencer on August 29th, Expected 5-Minute Downtime

Optimism, an Ethereum Layer 2 solution, announced on X platform that there will be a 5-minute downtime on the OP mainnet at 1:00 AM Beijing time on August 29th to upgrade the sequencer deployment configuration for future zero-downtime deployments.

Gitcoin Grants Round 18 to End on August 29th

Token Unlock:

dYdX (DYDX) to Unlock Approximately 6.52 Million Tokens, Valued at Around $13.7 Million, on August 29th at 23:00

August 30th

Policy Regulation:

Thai SEC: Prohibition of Cryptocurrency Lending and Deposit Services Starting from August 30th

The Securities and Exchange Commission of Thailand (SEC) has previously issued warning disclosure rules regarding the risks of cryptocurrency trading and service prohibition. The main points are as follows: 1. The disclosure of cryptocurrency trading risk warnings will take effect on July 31, 2023, requiring cryptocurrency trading center operators, cryptocurrency brokers, and cryptocurrency traders to disclose warnings about potential risks associated with cryptocurrency trading. 2. Digital asset business operators are prohibited from providing or supporting digital asset custody services that offer returns and loans (deposits and loans) to depositors, and this will take effect on August 30, 2023.

Project Updates:

BNB Chain Releases BSC Mainnet v1.2.9, Hertz Hard Fork Expected to Deploy on August 30th

BNB Chain has released the BSC Mainnet v1.2.9 version, which introduces the Plato and Hertz (Berlin, London) hard forks. These two hard forks have undergone comprehensive testing on the testnet and are ready to be deployed on the mainnet. Plato has already been deployed, and Hertz is expected to be deployed on August 30th at block height 31,302,048.

EigenLayer’s Second NFT Collection, EigenWorlds, Minting Event to Continue until August 30th

The second NFT collection by EigenLayer, EigenWorlds, is now open for minting. All community members can mint NFTs until August 30th. While anyone is eligible to mint NFTs, there are 3 different levels depending on whether the wallet has the following behaviors: 1. Restaker (has re-staked in EigenLayer) 2. Collector (holds Zora NFTs) 3. Base Layer (no interaction with the EigenLayer ecosystem).

Token Unlocking:

Optimism (OP) will unlock approximately 24.16 million tokens, worth about $35.5 million, at 12:00 on August 30th.

August 31st

Exchange:

Coinbase will temporarily suspend trading of USDT, DAI, and RAI in Canada on August 31st.

Coinbase stated in an email to users, “We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on our recent review, Coinbase will temporarily suspend trading of RAI, Dai, and USDT in Canada starting at 12:00 Eastern Time on August 31st.” After the trading suspension, Canadian users will still have access to the stablecoins mentioned above. Previously, Coinbase announced its official entry into the Canadian market, allowing Canadian users to trade on Coinbase and complete deposits and withdrawals using Interac e-Transfer.

Project Updates:

BNB Greenfield Testnet will be upgraded to v0.2.4 on August 31st and launch a proposal for Greenfield requirements.

BNB Chain announced that BNB Greenfield will undergo regular maintenance and upgrade to version v0.2.4 between 14:00-18:00 (Beijing time) on August 31st. All buckets/objects stored on the Greenfield Testnet prior to the upgrade will be cleared and no longer available for querying, and all account balances will be reset. As the final reset before the mainnet, the main objectives include resolving issues from previous versions and introducing new features. In addition, BNB Chain has initiated a proposal for self-hosted solutions for BNB Greenfield storage providers, with a submission deadline of August 31st and results announcement on September 4th.

StarkWare will open-source Stone Prover on August 31st.

StarkWare announced that it will open-source the STARK Prover, renamed as “Stone Prover,” under the ALianGuaiche 2.0 license on August 31st. Developers will be able to independently review and utilize Stone Prover and build on top of it without requiring permission. StarkWare stated that the open-source Prover is an important step towards decentralization of Starknet. Currently, StarkWare has already open-sourced Cairo, LianGuaipyrus Full Node, and all Starknet versions, and the upcoming Starknet sequencer being built will also be open-sourced.

OpenSea Pro will impose a 0.5% platform fee on all listings starting from August 31st.

OpenSea Pro announced on Twitter that it will introduce a platform fee of 0.5% on all OpenSea listings and sell orders created on OpenSea Pro starting from August 31st, in line with adjustments to creator fees. This adjustment is necessary to prevent market manipulation and maintain transaction data as accurate as possible.

OpenSea will discontinue the mandatory enforcement tool “Operator Filter” on August 31st.

OpenSea will discontinue the mandatory enforcement tool “Operator Filter” on August 31st and transition to an optional creator fee model. For collections that were enabled with Operator Filter before August 31st and all existing collections on non-Ethereum blockchains, OpenSea will enforce creator royalties until February 29th, 2024, after which the fees will become optional. OpenSea stated, “The launch of Operator Filter was intended to give creators more control, but it requires the support of everyone in the Web3 ecosystem, which unfortunately isn’t feasible.”

Governance Voting:

The Yearn community’s proposal vote on the “Wintermute YFI Loan and CRV Plan” will end on August 31.

The Yearn community has initiated a vote on the “Wintermute YFI Loan and CRV Plan”. In this proposal, Wintermute requests approval from the Yearn community to provide YFI loans to Wintermute Trading and authorize the transfer of 350 YFI (approximately $1.98 million) from the DAO treasury to Wintermute Trading for a period of 12 months at an interest rate of 0.10%. The loan will be repaid in physical form at the end of the loan term. This proposal aims to rebalance the current yCRV/CRV fund pool ratio of 59%/41%, improve yCRV pegging, and increase the liquidity of the fund pool. In addition, as part of Wintermute’s continued involvement in Yearn, Wintermute plans to use up to 3 million CRV (approximately $1.4 million) to purchase yCRV and subsequently add and deploy the assets to the yCRV-CRV Curve pool. The voting will end at 02:14 on August 31 (Beijing time).

The next Ethereum All Core Developers Execution Meeting (ACDE) will be held at 22:00 on August 31 (Beijing time).

Ethereum core developer Tim Beiko summarized the latest Ethereum All Core Developers Execution Meeting (ACDE), including updates on Devnet 8 Progress, ElP-4788, Holesky Testnet, EIP edits, and the newly proposed EIP-7212 (secp256r1 precompiles). Tim Beiko also stated that the next ACDE will be held at 22:00 on August 31 (Beijing time).

Optimism’s fifteenth Grants are now open for applications, and the deadline is August 31.

Token Unlocks:

Euler (EUL) will unlock approximately 156,000 tokens worth about $380,000 at 06:20 on August 31.

Nym (NYM) will unlock approximately 25 million tokens worth about $3.5 million at 08:00 on August 31.

1inch (1INCH) will unlock approximately 64,000 tokens worth about $15,000 at 08:00 on August 31.

September 1

Policy Regulation:

Financial Conduct Authority (FCA) UK: UK crypto companies will be required to comply with “Travel Rule” from September 1.

The Financial Conduct Authority (FCA) UK announced that from September 1, 2023, UK crypto asset companies will be required to collect, verify, and share information on crypto asset transfers, known as the “Travel Rule”. This rule aligns the practices of crypto asset companies 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 in order to further support crypto asset businesses. Companies must implement this guidance by August 25, 2023.

Exchange:

Bitget announces an upgrade to its KYC process, and from September 1, new users must complete KYC verification to use the full range of services.

Bitget announced a comprehensive upgrade to the KYC process to better protect user rights, comply with global cryptocurrency industry regulations, and create a secure and compliant trading environment. Starting from September 1st, new registered users who complete KYC verification can use the complete Bitget services. Existing users need to complete KYC verification before October 1st to ensure normal use. If you encounter any problems, you can contact customer service for 24/7 official support.

Project Updates:

CoinList will start the Chainflip token sale on September 1st, and registration is now open.

CoinList announced that the Chainflip (FLIP) token sale will start at 1:00 am (Beijing time) on September 1st, and registration is now open. The registration deadline is 8:00 pm on August 28, 2023 (Beijing time). The token supply for this sale is 4.5 million FLIP tokens (ERC-20), with each token priced at $1.83. 100% of the tokens will be unlocked upon mainnet launch, which is currently estimated to be around October 24, 2023 (the date may change within 120 days after the sale ends). The initial purchase limit is a minimum of $100 and a maximum of $4,000. Chainflip is a decentralized, trustless cross-chain trading protocol that allows users to exchange native assets on any blockchain, including BTC, EVM, and underlying networks.

Bloomberg Analyst: SEC may respond to BlackRock and Bitwise Bitcoin Spot ETF applications on September 1st

Bloomberg analyst Eric Balchunas tweeted that the U.S. SEC must respond to the BlackRock and Bitwise Bitcoin Spot ETF applications on September 1st, but the decision may be delayed.

Uniswap Foundation calls for new round of RFP proposals for V4, community suggestions due by September 1st

The Uniswap Foundation tweeted that they are launching a new round of RFP proposals in preparation for Uniswap V4, including proposals related to the development team for “concept verification (POC) ‘Hooks’,” proposals related to recruiting academic researchers and reliability auditors for risk research, proposals related to “Uniswap LP user experience open-source design,” and proposals related to creating liquidity widgets. The Uniswap Foundation calls for the community to submit their proposals by September 1st.

HashKey Capital to launch a new compliant secondary liquidity fund on September 1st

HashKey Capital is launching a brand new compliant secondary liquidity fund called the HashKey Digital Investment Fund, which will officially accept investor subscriptions starting from September 1, 2023. It is understood that the fund has obtained a license from the Securities and Futures Commission of Hong Kong and is managed by HashKey Capital Limited. The investment portfolio is 100% composed of virtual assets. HashKey Capital’s dedicated funds have raised more than $560 million and accumulated assets under management of nearly $1 billion, with investments in over 500 blockchain projects worldwide.

Community Events:

BNB Chain Hackvolution hackathon will continue until September 1st

BNB Chain launches the BNB Chain Hackvolution event, which will run from July 13th to September 1st. The core of BNB Chain Hackvolution is to utilize the high performance and low cost of opBNB, as well as the programmability of Greenfield that allows the creation and management of data assets, enabling users to break through the limitations of Web3 and the blockchain field and build innovative dApps. This hackathon will evaluate projects based on technical innovation, business models, and team configuration, and the judging panel will select the top 12 projects.

Token Unlock:

Hedera (HBAR) will unlock approximately 1.15 billion tokens worth about $66 million on September 1st at 8:00 AM.

Acala (ACA) will unlock approximately 27.43 million tokens worth about $1.24 million on September 1st at 3:00 PM.

September 2nd

Exchange:

UK digital bank Revolut announced the suspension of its cryptocurrency services in the United States starting from September 2nd.

UK digital bank Revolut announced the suspension of its cryptocurrency services in the United States. This decision is due to the changing regulatory environment and uncertainty in the US cryptocurrency market, and will take effect on September 2nd, 2023. At that time, US customers will no longer be able to place cryptocurrency purchase orders on the Revolut platform. Revolut plans to complete the delisting process on September 18th. More comprehensive restrictions will be implemented starting from October 3rd, 2023. At that time, US customers will be completely prohibited from accessing cryptocurrencies through Revolut. However, this decision does not affect Revolut’s operations outside the United States. A spokesperson for Revolut stated that this decision only affects less than 1% of the company’s cryptocurrency customers worldwide.

Project Updates:

The SEC needs to make a decision on the ETF applications submitted by Ark Invest and 21Shares by September 2nd.

Since August 11th, Ark Invest and 21Shares have submitted three Bitcoin futures ETF applications to the U.S. Securities and Exchange Commission (SEC). The proposed first ETF is called “Ark 21Shares Active Bitcoin Futures ETF (ARKA)” and will invest in cash-settled Bitcoin futures contracts traded on the Chicago Mercantile Exchange (CME), as well as hold U.S. Treasury bonds, money market instruments, and repurchase agreements. The second ETF is called “Ark 21Shares Active On-Chain Bitcoin Strategy ETF (ARKC)” and will invest at least 25% of its assets in Bitcoin futures contracts or ARKA, with the remaining assets in cash and cash equivalents. The final ETF is called “Ark 21Shares Digital Assets and Blockchain Strategy ETF (ARKD)” and will invest in Bitcoin futures contracts or ARKA, as well as stocks of blockchain, digital assets, and fintech companies. Earlier, these two companies also applied for a Bitcoin spot ETF in April this year. On August 11th, the SEC postponed its decision on Ark Invest’s Bitcoin spot ETF application, and September 2nd will be the next deadline for a decision.

September 3rd

Policy and Regulation:

Israel establishes a special review group for DAO regulation and seeks public opinions by September 3rd.

The Israeli government has established a special review team to explore the regulation of decentralized autonomous organizations (DAOs), and the public can submit comments on the government’s plans before September 3rd. The review team, led by the Chief Economist of the Ministry of Finance and the Head of the Company and Capital Markets Cluster at the Ministry of Justice, will review and consult on the purpose and types of activities carried out by DAOs, as well as the decision-making processes within DAOs. The team will examine the corporate status, taxation, and other aspects required by DAOs in order to “create legal certainty” and reduce risks.

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