This Week's Noteworthy Events(2024.1.22-2024.1.28)

Axie Infinity to Migrate Unused AOC Tokens from Ethereum to Ronin on January 22nd

According to official information, Axie Infinity will migrate all unused AOC tokens from the Ethereum network to the Ronin chain on January 22nd at 23:00.

AOC token holders are required to undergo the migration process; otherwise, these tokens will become worthless. After the migration is complete, AOC token holders can perform a roll operation, with every 5 AOC tokens generating an Origin Axie, and a 1/18 chance of producing a Mystic part.

Currently, there are 36 AOC token holders, including Sky Mavis. Sky Mavis has reserved some AOC tokens for future marketing and rewards.

DotSwap to Airdrop to LPs, Token Holders, and Traders; Snapshot Scheduled for January 22nd

DotSwap announced on the X platform that they will conduct an experimental ARC20 token airdrop for LPs (liquidity providers), official token holders, and traders. The snapshot is scheduled for January 22nd, and the allocations for these three groups can be combined. DotSwap additionally mentioned that the official token liquidity pool on DotSwap will also receive airdropped tokens.

Bitcoin Sidechain MVC Releases Inaugural Inscription Protocol MVC-20 and Initiates Fair Mint

According to official sources, the Bitcoin sidechain MVC has released its inaugural inscription protocol, MVC-20, and will commence Fair Mint on January 22nd.

MVC-20 aims to establish an innovative and equitable distribution mechanism. Employing the Burn to Mint mechanism, MVC-20 features no pre-sale, whitelist, team allocation, or gas fees for front-running transactions. Users looking to mint MVC-20 tokens must destroy a certain amount of SPACE, with the burned SPACE converting into the intrinsic value of the MVC-20 tokens, ensuring that the value does not flow into the project team's or miners' wallets.

SushiSwap to Shut Down Kanpai on January 23rd

SushiSwap has announced that Kanpai 2.0 will close on January 23rd, marking a return to the xSushi model. The Sushi Bar will reopen, allowing xSushi holders to earn a portion of the Sushi DEX trading fees.

By staking Sushi in the Sushi Bar, Sushi holders will receive xSushi and are entitled to claim 0.05% from the standard 0.3% trading fees. Currently, the SUSHI token has reached its capped total supply of 250 million, with no further token releases. SushiSwap has updated its token economic model, although it will not be deployed.

SEC Delays Resolution on Grayscale Ethereum Spot ETF to January 25th

The U.S. Securities and Exchange Commission (SEC) has deferred its decision on whether to approve the Grayscale Ethereum Trust (ETF). According to publicly disclosed documents, the SEC has extended the decision period for the proposed fund by 45 days, now scheduled for January 25. During this time, the SEC may choose to approve, deny, or further delay the decision.

The SEC stated, “The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised in the proposed rule change.”

Hearing on FTX Debt Value Dispute Set for January 25th

According to court documents filed on December 27, the bankrupt FTX is seeking court approval to estimate its customers' digital asset claims in U.S. dollars. The platform proposes the following valuations: Bitcoin at $16,871, Ethereum at $1,258, SOL at $16, and AVAX at $14.19. FTX believes that these valuations represent the “fair and equitable” value of these digital assets as of the bankruptcy date (November 11, 2022).

This motion has faced criticism from FTX creditors, with one of the most prominent creditors, Sunil Kavuri, stating that the motion severely undervalues the digital assets and urging customers to “contest” it. All parties involved in the bankruptcy case must file objections by January 11, and a hearing on this matter is scheduled for January 25.

The 126th Ethereum Core Developer Consensus Meeting (ACDC#126) Scheduled for January 25th

The 125th Ethereum Core Developer Consensus Meeting (ACDC#125) has concluded. The main topics of discussion included the Cancun upgrade testnet and whether proposals such as EIP-7002, EIP-6110, EIP-7251, SSZ--ification, EIP-6404, EIP-6465, EIP-6466, EIP-6914, EIP-7549, and others should be included in the Electra upgrade.

The 126th meeting is scheduled to take place on January 25th at 14:00 UTC.

Finschia and Klaytn Propose Mainnet Merger, Voting to Commence on January 26th

The blockchain project Finschia, launched by the instant messaging application LINE, has jointly initiated the FGP-23 proposal with the Korean public blockchain Klaytn, suggesting a mainnet merger. The integrated chain will combine Ethereum (EVM) and Cosmos (CosmWasm) technologies to provide a network with compatibility and high performance.

According to the proposal, a new integrated token (temporarily named PDT) will be issued. Holders of Finschia (FNSA) and Klaytn (KLAY) will be eligible to claim the new token. This merger introduces a completely new token economic model. Approximately 24% of the existing circulating supply will be burned, and the unreleased supply will be permanently removed. The integrated network's inflation rate will be reduced to 5.2%, and a new 3-Layer burn model will be introduced to sustain growth.

If the proposal is approved, both parties plan to establish an integrated foundation in the second quarter, launch a new token exchange, complete governance integration, and introduce new business plans for the merged mainnet.