What to watch next week | SEC is expected to approve the spot Ethereum ETF S-1; Binance may release important informatio

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What to watch next week | SEC is expected to approve the spot Ethereum ETF S-1; Binance may release important informatio

Next weeks highlights

EOS Foundation: EOS staking will be launched on July 8 ;

Galxe announced that the portal for GAL migration to G token will open on July 9 ;

Trump’s sentencing date is tentatively set for July 11, but could be delayed ;

ETHGlobal plans to hold the ETHGlobal Brussels hackathon on July 12 ;

Binance plans to release important information on July 14 ;

The U.S. House of Representatives plans to hold a critical vote next week on Biden’s veto of the SAB 121-related resolution ;

Bloomberg ETF Analyst: Spot Ethereum ETF may be listed later next week or the week of July 15 ;

From July 8th to July 14th, more noteworthy events in the industry are previewed as follows.

July 8

The SEC has returned the S-1 form to the ETH spot ETF issuer and requires a revised resubmission by July 8

Odaily Planet Daily News According to a source from an issuer, the U.S. Securities and Exchange Commission has returned the S-1 form to potential Ethereum spot ETF issuers with a small number of comments. The issuer was asked to process these comments and resubmit them by July 8. This means that at least one more round of filings will be required before the ETF finally starts trading. (The Block)  

Bloomberg analysts: Ethereum spot ETF approval is expected to be delayed until after July 8

Odaily Planet Daily News: Eric Balchunas, Bloomberg ETF analyst, wrote on X that he expects the approval of the Ethereum spot ETF to be postponed until after the holiday. It seems that the SEC took extra time this week to respond to major ETF issuers (although only made minor adjustments). According to the current information, everything needs to wait until the end of the holiday on July 8, the approval process will resume, and it will be approved for launch soon after.  

EOS Foundation: EOS staking will be launched on July 8

Odaily Planet Daily News: The EOS Foundation published a blog post announcing that EOS staking will be launched on July 8. The first batch of 250 million EOS in total staking rewards will begin to flow into the EOS staking pool, and users who hope to receive staking rewards will be able to stake.  

Kinto launches mining plan, will be available on July 8

Odaily Planet Daily News Layer 2 network Kinto announced its mining plan on X, which will distribute up to 33% of the token supply in 10 years. The rewards will gradually decrease over time, calculated off-chain, and distributed on-chain every week, and will start to be collected on July 8.

The mining program will reward asset deployers and developers. The longer and more capital is deployed, the more Kinto tokens will be obtained.

Parallel Lending Market will delist HV-MTL NFT, users must withdraw assets before July 8

Odaily Planet Daily News: The full-chain L2 network Parallel Network published a statement on X stating that its lending market (Parallel Lending Protocol) will delist HV-MTL NFT.

Starting from July 1, the supply operation of HV-MTL NFT assets will be disabled. Users need to withdraw HV-MTL NFT assets within a week (from July 1 to July 8), otherwise the HV-MTL NFT may be lost.

Space Nation: The second round of closed beta testing will be postponed to July 8, and the token incentives in the first week will increase from 100,000 to 850,000

Odaily Planet Daily News Space Nation posted on the X platform that due to the need for more time to resolve known issues and ensure the gaming experience, the second round of closed beta testing will be postponed to 8:00 (UTC+8) on July 8. The OIK token incentives for the first week of the second round of closed beta testing will increase from 100,000 to 850,000.  

July 9

Galxe announces that the portal for GAL migration to G token will open on July 9

Odaily Planet Daily News: Galxe published a statement on the X platform stating that the Galxe (GAL) token will be migrated to Gravity (G) to unify and optimize the experience across the two ecosystems.

G is the native token of Gravity, powering both the Gravity and Galxe ecosystems. G acts as the gas token for transactions on Gravity, will be used to secure the network through staking, and serves as a utility token in the Galxe product suite. As the primary utility token across both ecosystems, G drives governance decisions, incentivizes growth, and facilitates payments.

G tokens will be the native token of the Gravity Alpha mainnet and will exist as ERC 20 tokens on Ethereum, BNB Chain, and Base. The initial total supply is 12,000,000,000.

After the on-chain migration is completed, the users existing GAL tokens will be destroyed and new G tokens will be sent to their wallet at a ratio of 1:60. If the user does not migrate GAL, they can still keep GAL. However, the existing functions of GAL will be fully transitioned to G.

The migration portal will be open to all users on July 9, 2024, and will remain online for at least one year to ensure GAL holders have adequate time to complete the process.

OKX will support RNDR token swaps and close RNDR deposit, withdrawal and fund transfer functions on July 9

According to the official announcement, according to the official plan of Render Network, RNDR will be replaced by RENDER at a ratio of 1:1. OKX supports this replacement, and the specific arrangements are as follows:

At 4:00 pm on July 9 (UTC+ 8), all RNDR orders will be cancelled and RNDR/USDT and RNDR/USDC transactions will be offline;

At 6:00 pm (UTC+ 8) on July 9, RNDR deposit, withdrawal and fund transfer functions will be closed;

At 0:00 am on July 10 (UTC+ 8), a snapshot of the RNDR account will be taken and RNDR swap will begin.

Snapshot accounts include funding accounts and trading accounts. After the swap is completed, the RNDR assets held by the user will be exchanged for RENDER and distributed to the funding account. The trading and deposit and withdrawal time of RENDER will be notified separately.

July 10

BNB Chain: Trading Volume Incentive Program Extended to July 10

Odaily Planet Daily News BNB Chain announced on the X platform that due to the huge amount of data in the transaction volume incentive plan, the release of the ranking list had to be postponed. In order to give projects and users more time to compete for rewards, the competition period will be extended to 23:59 UTC on July 9, 2024 (7:59 am Beijing time on July 10).

EOS: The final version of Leap 6 will be released on July 10. It is recommended that all nodes complete the upgrade between July 11 and 30.

According to the official announcement, the final version of EOS Leap 6 is scheduled to be released on July 10, marking the beginning of the upgrade process. It is recommended that all EOS nodes complete the upgrade between July 11 and 30 to ensure seamless transition and network synchronization. According to previous news, the EOS Network Leap 6 hard fork is scheduled for July 31.

Leap 6 introduces instant finality through Savanna (Scalable Validation Addition Protocol with Flexible Proof of Non-Repudiation), a breakthrough consensus algorithm that reflects a seamless Web2 experience in the Web3 space. This major update is more than just a performance enhancement, it represents a comprehensive upgrade of the network. At the core of this evolution, Savanna will not only accelerate transaction finalization, but also enhance security, user experience, and decentralization of the entire EOS ecosystem.

July 11

Trumps sentencing date is tentatively set for July 11, but may be delayed

Odaily Planet Daily reported that according to market sources, Trumps sentencing date is set for July 11 and may be postponed. (Jinshi)

OP Labs: Fjord upgrade will be launched on OP Mainnet on July 11

Odaily Planet Daily News OP Labs published an article on X stating that the Fjord upgrade will be launched on OP Mainnet at 0:01 Beijing time on July 11. This upgrade will bring new features and reduce costs, including 20 times lower smart wallet key verification costs through RIP-7212 precompilation; developers can create smart wallet experiences without scale and cost restrictions; more accurate pricing functions and more efficient Brotli batch compression, transaction costs will drop by 5 to 15%; sequencer drift increased from 10 minutes to 30 minutes, etc.

Parallel announced that it will officially shut down cKSM related functions on July 11

Odaily Planet Daily News: Parallel Network, a full-chain L2 network, announced that it will officially shut down cKSM-related functions on July 11. At that time, users will need to exchange cKSM for KSM. Crowdloan is an on-chain voting and staking product previously developed by Parallel on the Kusama chain. Users can participate in Kusama crowd lending by voting KSM through Crowdloan and receiving cKSM LP tokens issued by Parallel.

July 12

ETHGlobal plans to hold ETHGlobal Brussels hackathon on July 12

Odaily Planet Daily News ETHGlobal announced that it will hold the ETHGlobal Brussels hackathon from July 12 to 14, with a prize of $500,000. The application period ends at 7:59 on July 2:

1. Gnosis Chain, Chronicle Protocol, LayerZero, Worldcoin, Uniswap Foundation, Avail, Filecoin, Polygon, PancakeSwap and Web3 Auth will each provide $20,000 in funding;

2. Nethermind, NEAR Protocol, Flare Network, Fluence, Pyth Network, Dynamic, ENS, ApeCoin, Celo, Inco Network, Nillion, Blockscout, Zircuit, 1inch, The Graph, Chainlink, Hyperlane, Base, Circle, XMTP, Across, Zerion, Galadriel, Rootstock, and Scroll will each provide $10,000 in funding;

3. Fhenix, Neon EVM, INTMAX, WalletConnect, Morph, Metamask and NounsDAO will each provide $5,000 in funding;

4. Morpho Lab will provide $1,000 in funding.  

Holdium: 5% of Holdium will be distributed to holders of pre-ordered tokens before July 12

Odaily Planet Daily News Solana Ecosystem Loyalty Project Holdium said on the X platform that no registration is required to get token airdrops for pre-orderers of Solana Mobiles second-generation mobile phone Chapter 2. Before July 12, 5% of the Holdium supply will be distributed to all those who hold pre-order tokens, that is, anyone who pre-orders Solana Mobiles second-generation mobile phone Chapter 2 before July 12 is eligible for the projects special airdrop.

July 13

None

July 14

Binance plans to release important information on July 14

Odaily Planet Daily reported that the cryptocurrency exchange posted a message Save the date on the X platform, with a picture marked with July 14, 2024, and it is expected to release important information on July 14.

BNB Chain: The second Sunset fork is planned to take place on July 14, and asset migration must be completed in advance

Odaily Planet Daily News BNB Chain announced that the second Sunset fork is scheduled to take place on July 14. During this period, the BNB beacon chain staking function will be migrated to the BNB Smart Chain, and the beacon chain will exit the stage of history. All assets need to be migrated from the beacon chain to the BNB Smart Chain:

1. Staked BNB: If you have staked BNB, you need to migrate it. If you do not migrate it before July 14, it will be automatically unstaked and returned to the users account within 2 weeks.

2. BNB and other BEP 2 assets: These assets also need to be migrated from the beacon chain to the BNB Smart Chain. If the assets are not migrated, they will not be able to be transferred after August 15. If the asset migration has not been completed yet, it needs to be completed before July 14.

Others (specific time undetermined)

The U.S. House of Representatives plans to hold a key vote next week on Bidens veto of SAB 121

Odaily Planet Daily reported that the U.S. House of Representatives plans to hold a key vote next week on whether to overturn President Biden’s veto of Staff Accounting Bulletin 121 (SAB 121). SAB 121 has sparked controversy in the crypto industry, with concerns that it may affect banks’ custody of digital assets.

The rule is currently on the Houses list of legislation for possible consideration, according to the weekly schedule released by House Majority Leader Steve Scalise. Voting to override or uphold a presidential veto is the Houses constitutional obligation, so another vote is necessary. That vote could come on Tuesday or Wednesday.

Although the House of Representatives passed the resolution in May with a vote of 228-182, a two-thirds majority in both houses is still required to override the veto. Political experts have mixed opinions on this vote. Alexander Grieve, head of government affairs at Paradigm, said that it may not be impossible. Others believe that it is difficult to successfully override the veto. (The Block)  

U.S. CFTC Chairman to be sole witness at Senate hearing on digital commodity regulation next week

Odaily Planet Daily reported that according to official news, the U.S. Senate Agriculture, Nutrition, and Forestry Committee announced that it plans to hold a digital commodity regulation hearing next Wednesday, July 10. Rostin Behnam, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), will attend the hearing as the only witness. It is reported that this may be a general encryption hearing.

Bloomberg ETF Analyst: Spot Ethereum ETF may be listed later next week or the week of July 15

Odaily Planet Daily News: James Seyffart, an ETF analyst at Bloomberg, wrote on the X platform that he saw Bitwise Invest submit another revised S-1 form for its Ethereum ETF, and more other issuers are expected to submit the form in the rest of this week. We believe that the spot Ethereum ETF product may be listed later next week or the week of July 15. Another Bloomberg analyst, Eric Balchunas, commented: No one really knows why the SEC takes so long to process these forms. Considering that there are so few comments, the listing should be fast, but it may be that a problematic issuer has slowed down the process, or it may just be lazy in the summer/people are on vacation, not sure. That being said, all signs point to the listing this month, and more details will be revealed next week.  

Jupiter: New transaction method on Solana chain will be launched next week

Odaily Planet Daily News Jupiter announced on the X platform that it had recently launched ape.jup.ag. In order to help address feedback from users, some fixes have been released, and a refresh icon has been added to the Vault to quickly check the updated balance and history. At the same time, the display error on small devices has been fixed. The Ape application is currently being optimized and is expected to be completed tomorrow.

Jupiter also said that a new transaction method on the Solana chain supported by Ape the Vault will be launched next week.  

Notcoin announces launch of Telegram game accelerator, first batch of applications open next week

Odaily Planet Daily News: Click Game Notcoin announced the launch of Telegram Gaming Accelerator, which aims to provide Telegram applets that can be used by millions of users through blockchain.

Notcoin is collaborating with AI analytics company Helika to expand and launch a game developer accelerator. Based on the success of Helika Accelerate and $50 million in funding, the program will help game studios, mobile apps, and independent developers build great gaming experiences on the Telegram platform and TON chain. The first applications will open next week.

Samourai Wallet founder released on bail

Odaily Planet Daily reported that a letter filed on July 3 showed that the US government has agreed to bail Samourai Wallet developer William Lonergan Hill (also known as TDev). Hill will appear in a New York City court next week and has been extradited from Portugal.

This article is sourced from the internet: What to watch next week | SEC is expected to approve the spot Ethereum ETF S-1; Binance may release important information on July 14 (7.8-7.14)

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