News Preview:
- Native USDC will be launched on Polygon PoS on October 10, which will facilitate the transition from bridged USDC for ecosystem applications, developers, and users
- Korean digital asset exchange association (DAXA) will hold a three-day seminar on the “Virtual Asset User Protection Act” starting from October 11
- BAM, the entity behind SEC and Binance.US, has agreed to hold a hearing on October 12
- Aptos (APT) will unlock approximately 4.54 million tokens worth about $23.7 million at 8 am on October 12
- CyberConnect (CYBER) will unlock approximately 1.26 million tokens worth about $6.3 million at 8 am on October 15
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October 9th
Policy Regulation:
Hong Kong Legislative Council Financial Affairs Committee: Virtual Asset Platform Regulation to be discussed on October 9, senior officials from the Securities and Futures Commission and the Financial Treasury Bureau are expected to attend
- Ethereum’s native LST design has two-layer staking The ultimate killer of Lidos?
- On-chain RWA Report US Treasury Bonds Drive Revenue Growth, Few Native Cryptocurrency Users Lead Track Demand.
- Vitalik’s latest research How to resolve the risks brought by a large number of double staking in Ethereum?
Lin Kin Fung, Chairman of the Hong Kong Legislative Council Financial Affairs Committee, announced that the regulation of virtual asset platforms will be discussed on October 9 at the Financial Affairs Committee, and senior officials from the Hong Kong Financial Treasury Bureau and the Securities and Futures Commission are expected to attend. Lin Kin Fung also stated that many internet celebrities are not clear about what they are promoting, including health foods and financial products, and believes that regulation is needed. He said, “It’s not just about getting paid to promote anything”, otherwise it may cause misleading and losses to citizens.
Exchange:
Binance will adjust the leverage and margin tiers of multiple U-based perpetual contracts on October 9
Binance Futures will update the leverage and margin tiers of the following U-based perpetual contracts at 12:30 on October 9, which will affect users’ current positions. Specifically, this includes XMRUSDT and XLMUSDT U-based perpetual contracts, XTZUSDT U-based perpetual contract, AAVEUSDT U-based perpetual contract, NEARUSDT U-based perpetual contract.
Governance Voting:
Aave community proposes to activate OP as a borrowable asset in the Aave V3 Optimism pool, voting will end on October 9
The Aave community is conducting an on-chain vote on the “OP Risk Parameter Update” proposal, which suggests activating OP as a borrowable asset in the Aave V3 Optimism pool to adapt to the maturity of L2 and attract more LPs and borrowers, thus creating new revenue for the protocol. The voting will end on October 9. The proposal states that although the proposed reforms are not overly conservative, they still maintain strict supply, lending limits, and conservative interest rate strategies. This ensures that the DAO can promote growth and new opportunities while mitigating risks. Based on the proposed new risk parameters, the borrowing limit is 500,000 tokens, the loan-to-value ratio is 30%, the liquidation threshold is 40%, and the reserve factor is 20%.
Token Unlocking:
X2Y2 (X2Y2) will unlock approximately 12.5 million tokens worth about $196,000 on October 9th at 07:48 am.
October 10th
Project Updates:
Circle: Native USDC to launch on Polygon PoS on October 10th
The native USDC will launch on the Polygon PoS on October 10th, opening up the transition from bridged USDC for ecosystem applications, developers, and users. The transition will also stop supporting deposits and withdrawals of bridged USDC through the Circle account and its API on November 10th, meaning that the Circle account and its API will only support native USDC. Before the launch of native USDC, USDC bridged on PolygonScan and other block explorers will be renamed as USDC.e. Ecosystem applications will also be contacted for the same changes to their application UI and documentation.
Meta’s new VR device Quest 3 will be officially available for sale starting from October 10th
Meta announced at the Connect conference that its latest version of the virtual reality (VR) head-mounted device, Meta Quest 3, is now available for pre-order and will be officially on sale from October 10th. It is priced starting from $499.99 and offers two storage capacity versions: 128GB ($499.99) and 512GB ($649.99). Previously, Meta also launched a virtual reality subscription service called META QUEST+. Meta CEO commented on Apple’s Vision Pro headset: no “breakthrough solution” and too expensive.
SEC and Binance.US entity BAM agree to hold a hearing on October 12th
BAM Trading, the entity behind Binance.US, has refused to provide the SEC with the requested documents related to its business operations. BAM Trading’s lawyers stated in the documents that the SEC’s requests are “overly broad” or too burdensome and have caused too much “inconvenience” to the exchange. The SEC previously requested BAM to provide a series of documents, including records of the company’s handling of customer assets, proof of reserves, and a statement of overall financial condition, among others. One request is related to the exchange’s alleged use of a custody service called Ceffu to transfer funds of U.S. customers overseas, which the SEC claims the requests were intentionally disregarded by Binance.US.
According to another court document, the SEC has urged the Washington D.C. court to approve an investigation into the issue of Binance.US asset custody. In the document, the SEC reiterated concerns about Binance’s use of the custody platform Ceffu, stating that the investigation results so far indicate an “urgent need for examination.” The SEC claims that “Ceffu” is an entity of Binance and not just a digital asset wallet provider. The SEC stated that Ceffu, which was formerly known as Binance Custody earlier this year, may also provide services to Binance.US and therefore was used to transfer funds of U.S. customers overseas, which violated previous agreements. At a subsequent hearing, Judge Zia Faruqui of the U.S. District Court for the District of Columbia did not make any rulings on the SEC’s request for evidence disclosure or Binance.US’s opposition, but instead encouraged both parties to work together on various requests for evidence discovery. The SEC and BAM agreed to hold a hearing on October 12th and to submit a joint status report before October 10th.
CryptoPunks documentary by Yuga Labs will premiere on October 10th
Yuga Labs has announced a collaboration with design company Zak Group to launch the “Punks As Told By CryptoPunks” documentary series, with the first episode set to air on October 10th, 2023.
Governance Voting:
Aave community is currently voting on the “Temperature Check Proposal to Add FXS to Ethereum V3”, voting ends on October 10th
The Aave community is currently voting on the “Temperature Check Proposal to Add FXS to Ethereum V3”. The proposal states that Aave can promote diversification of GHO collateral by adding FXS. In addition, FXS obtained from the Aave V3 pool can be used as a strategic asset for GHO or new aTokens. The addition of FXS will make it an important borrowing and collateral asset in the Aave ecosystem, similar to tokens such as BAL, SNX, and CRV. The current support rate for the proposal is 99.99%, but it has not reached the required number of votes. The voting will end at 4:26 PM on October 10th. It is reported that Frax Finance consists of the stable protocol Frax, FPI, FrxETH, and sub-protocols such as Fraxlend, Fraxswap, Fraxferry, etc. Frax Shares token (FXS) is the governance and utility token of Frax Finance.
October 11th
Policy Regulation:
South Korea to hold a three-day briefing on the “Virtual Asset User Protection Act” starting from October 11th
The Digital Asset Exchange Association of Korea (DAXA) has announced that it will hold a three-day briefing on the “Virtual Asset User Protection Act” starting from October 11th. The briefing will discuss the business compliance of the Virtual Asset User Protection Act and the Unfair Trade Regulations.
Token Unlocking:
Moonbeam (GLMR) will unlock approximately 9.68 million tokens worth around $2 million on October 11th at 8:00 AM
1inch (1INCH) will unlock approximately 215,000 tokens worth around $54,000 on October 11th at 8:00 PM
October 12th
Policy Regulation:
US CPI data for September to be released
Exchange:
Binance Futures will update the funding rate limits and settlement frequency for certain USDT-margined perpetual contracts
Binance Futures will adjust the funding rate settlement frequency of certain USDT-margined perpetual contracts from every eight hours to every four hours starting from 4:00 PM on October 12th, 2023, including IMX, LPT, API3, HIFI, NMR, TRB, BLZ, DODO, STMX, CYBER, YGG, UNFI, FLM, PERP, AMB U-margined perpetual contracts.
Starting from 4:00 PM on October 9th, 2023, the funding rate limits for certain USDT-margined perpetual contracts will be updated to 3% and -3%. This adjustment applies to all U-margined perpetual contracts with a maximum leverage of 25x or below. If the maximum leverage of a contract is reduced to 25x or below, the funding rate limits of that contract will be automatically updated to 3% and -3%, without further notice.
Binance will remove 25 BUSD-related isolated margin trading pairs on October 12th
Binance Margin will remove the AAVE/BUSD, ADX/BUSD, AMP/BUSD, AR/BUSD, BADGER/BUSD, BETA/BUSD, CELR/BUSD, CHESS/BUSD, CHZ/BUSD, DEXE/BUSD, DREP/BUSD, HARD/BUSD, ILV/BUSD, IOTA/BUSD, JOE/BUSD, MBOX/BUSD, MOVR/BUSD, QI/BUSD, RPL/BUSD, SNX/BUSD, SYS/BUSD, TKO/BUSD, TOMO/BUSD, VOXEL/BUSD, WRX/BUSD isolated margin trading pairs at 14:00 on October 12, 2023.
Project Update:
China Mobile’s first NFT will be released on Opensea platform on October 12th
The first NFT launched by China Mobile’s Web3 product “Meelier” will start whitelist pre-sales and will be officially available worldwide on October 12th. The NFT is developed based on popular game characters from China Mobile’s popular mobile game “Panda Coffee House” using the “New Scenario + New Technology + New Narrative” approach. “Meelier” will be sold on the Opensea platform in the form of “blind boxes”, and the project is expected to have a limited global release of 2,000 units.
Ledn plans to expand its crypto savings products to Ethereum starting from October 12th
Crypto lending platform Ledn is expanding its Growth Account product. Starting from October 12th, users can earn a 2% annualized yield by depositing Ethereum, in addition to Bitcoin, USDC, and USDT savings products. Ledn claims that unlike the complex process of manually staking Ether, it provides a more user-friendly experience by simply transferring Ethereum to its Growth Account to start earning interest immediately.
Okcoin notifies that accounts of users in certain regions will be closed, starting from October 12th, only login and withdrawal services will be available
Okcoin will close accounts of users in certain regions. The email states that Okcoin Technology ComLianGuainy Limited is closing user accounts due to new local regulations. Therefore, starting from October 12th, 2023, affected users will only be able to use Okcoin’s login and withdrawal services. Users who have received the email are advised not to deposit any funds into their Okcoin accounts after October 12th, 2023, and to withdraw all their fiat and crypto assets beforehand. If assets are not withdrawn, Okcoin will start charging monthly account fees from October 16th, 2023.
Token Unlock:
Aptos (APT) will unlock approximately 4.54 million tokens worth about $23.7 million on the morning of October 12th
Euler (EUL) will unlock approximately 150,000 tokens worth about $400,000 at 9:10 PM on October 12th
October 13th
Exchange:
Binance Earn BUSD current product will stop supporting BUSD subscriptions from October 13th
Due to the discontinuation of issuing new BUSD tokens by LianGuaixos, Binance will gradually stop supporting BUSD. Binance platform will continue to support various stablecoins and other digital assets. Users are reminded that they can convert their held BUSD assets to other assets supported by the Binance platform before February 2024. Binance emphasizes that user assets are secure, and BUSD will always be anchored to the US dollar at a 1:1 ratio. The Binance Earn BUSD current product will stop supporting BUSD subscriptions from 12:00 on October 13th.
Curve plans to apply for a maximum of 50 million ARB as an incentive budget, and the related voting will end on October 13th
Curve has launched a proposal vote in the Arbitrum community regarding the application of Short-Term Incentive Programs (STIP). The plan is to apply for a maximum of 50 million ARB as a budget, specifically for providing incentive subsidies to eligible protocols. Successful applicants will receive funds after coordination with the Arbitrum Foundation and STIP-ARB multi-signature, and the funds will depend on the KYC completion and Arbitrum Foundation funding agreement signed by each applicant. The funds will be allocated according to the number of votes in favor of each proposal, until the budget of 50,000,000 ARB is exhausted. To pass the proposal, it must reach the legal threshold of 71.51 million ARB and receive more than 50% of the votes in favor. The current voting has started and will end at 18:00 on October 13th.
Token Unlock:
Sweat Economy (SWEAT) will unlock approximately 227 million tokens, worth approximately $2.28 million, on the morning of October 13th at 8:00
October 15th
Token Unlock:
CyberConnect (CYBER) will unlock approximately 1.26 million tokens, worth approximately $6.3 million, on the morning of October 15th at 8:00
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