This Week's Noteworthy Events(Sep 2, 2024-Sep 8, 2024)

Major Token Unlocks This Week

This week, DYDX, LQYT, TAIKO, IMX, MODE, and HFT will experience significant token unlocks.

1. DYDX will unlock approximately 1.55 million tokens on September 3 at 4:00 AM UTC, representing 0.68% of the current circulating supply, with an estimated value of $1.33 million.

2. LQYT will unlock approximately 493,000 tokens on September 4 at 12:00 AM UTC, representing 0.51% of the current circulating supply, with an estimated value of $339,000.

3. TAIKO will unlock approximately 18 million tokens on September 5 at 12:00 AM UTC, representing 19.02% of the current circulating supply, with an estimated value of $18 million.

4. IMX will unlock approximately 32.47 million tokens on September 6 at 12:00 PM UTC, representing 2.06% of the current circulating supply, with an estimated value of $41.57 million.

5. MODE will unlock approximately 750,000 tokens on September 6 at 12:00 PM UTC, representing 38.26% of the current circulating supply, with an estimated value of $6.09 million.

6. HFT will unlock approximately 13.63 million tokens on September 7 at 12:00 PM UTC, representing 3.06% of the current circulating supply, with an estimated value of $1.87 million.

Binance to Discontinue 7-Day and 30-Day Staking and Loan Fixed Rate Services on September 2

According to the official announcement, based on the latest assessment results, Binance will discontinue the 7-day and 30-day staking and loan fixed rate services at 12:00 PM (UTC+8) on September 2, 2024.

Starting from 12:00 PM (UTC+8) on September 2, 2024, users will no longer be able to create new fixed-rate staking and loan orders or extend existing ones, including those using the SAPI endpoint. It is recommended to stop using the relevant endpoints before the aforementioned date. Ongoing fixed-rate staking and loan orders will not be affected until they expire.

Starknet to Launch Test Voting on Activating STRK Staking on September 2

Starknet will initiate test voting on activating the STRK staking function from September 2 to September 4. The official voting period will be from September 9 to September 13, 2024. Starknet states that introducing the STRK staking function into the Starknet ecosystem will allow STRK holders to express their opinions on the proposed minting mechanism and its parameter modifications. While the exact deployment timeline for this function is not yet determined, staking is expected to start in October.

Stylus Season Set to Launch on Mainnet on September 3

Arbitrum, a Layer 2 scaling solution, has announced that in preparation for the “Stylus Season” launch on September 3, they have updated the design of their official website. Stylus is a new feature of Arbitrum, and the website now offers development libraries, code samples, documentation, video tutorials, and user experience sharing.

Crypto Advocacy Group Stand With Crypto to Begin Multi-State Tour in the U.S. on September 4

The crypto advocacy group Stand With Crypto will begin a multi-state tour in the U.S. starting on September 4, aiming to turn its 1.3 million online registrations into votes supporting the cryptocurrency industry.

The group states that the first stop in Arizona will feature U.S. Senator Kyrsten Sinema (Independent, Arizona) and senior Republican state legislator, Arizona House Speaker Pro Tempore Travis Grantham, as well as crypto entrepreneurs. Following the Phoenix event, Stand With Crypto will visit other key swing states like Nevada, Michigan, Wisconsin, and Pennsylvania for similar events. (CoinDesk)

Polygon to Begin MATIC Migration to POL on September 4

The Polygon Foundation announced on X (formerly Twitter) that the migration of MATIC to POL will begin on September 4. In the initial phase, POL will replace MATIC as the native gas and staking token for Polygon PoS. In subsequent phases, POL will play a key role within the AggLayer.

TON: The Open League Season 6 to Start on September 4

According to official sources, TON announced that The Open League Season 6 is scheduled to start on September 4, accompanied by additional updates. TON stated that they will take a temporary break to further improve The Open League, aiming to bring positive changes and elevate the competition to a new level.

Matrixport: Market to Respond to U.S. Employment Data Release on September 6

Matrixport has released a chart indicating that Bitcoin is about to face its most challenging month, September. They mentioned that historically, September has seen negative returns. This year adds extra pressure, including expectations for the U.S. tech sector after Nvidia's earnings forecast, Federal Reserve policy decisions, and the upcoming U.S. presidential election debate (featuring Harris versus Trump). This September is expected to have a significant impact on Bitcoin's price movements. Since late 2022 until Q2 2024, Nvidia and Bitcoin have shown a strong correlation. However, recent AI rebounds have caused Nvidia's stock to surge, while Bitcoin hasn't followed suit. Both assets are breaking new lows, signaling deeper consolidation. The market is poised to respond to the U.S. employment data release on September 6.

Mode Season 2 to Continue Until September 6, Distributing 500 Million MODE Tokens

Mode, a Layer 2 network built on OP Stack, launched Season 2 on May 5, which will continue until September 6.

The Season 2 airdrop has distributed 500 million MODE tokens (5% of total supply) and will offer up to 1 million OP tokens through various incentive activities. Additionally, Season 2 will introduce applications such as Velodrome and Balancer, as well as new assets like Ethenas USDe and sUSDe. Users can participate in MODE staking to earn bonus points and ecosystem airdrops.

Russia to Begin Trial of Using Cryptocurrency for Cross-Border Payments This Week

Russia is set to begin a trial of using cryptocurrency for cross-border payments this week as a way to circumvent international sanctions. The legislation passed in late July was quickly signed into law by President Vladimir Putin. However, it does not lift the existing ban on using cryptocurrency as legal tender for regular payments within Russia but permits its use for cross-border transactions.