Week Ahead Industry Previews: Fifth Week of November 2023

  • LooksRare users need to migrate LOOKS tokens to the new contract.
  • Gitcoin Grants 19 will conclude on November 30th.
  • Circle’s cross-chain transfer protocol, Noble, has launched.
  • Over $43.49 million worth of OP tokens will be unlocked.
  • Arbitrum’s new proposal aims to increase the total incentive budget for STIP by adding 21.4 million ARB, bringing it to a total of 71.4 million ARB.

Key Events

  • Switzerland’s Zurich Canton issued a digital bond worth 100 million Swiss francs (approximately $113 million USD). This issuance, a part of a pilot program involving the Zurich Cantonal Bank, UBS Group, and tokenization of assets by the Swiss National Bank, will settle on December 1st using wholesale CBDC. Earlier, the Philippines issued a tokenized bond worth 15 billion pesos ($270 million USD) on November 20th, and in February of this year, Hong Kong successfully issued an $800 million Hong Kong dollar tokenized green bond.
  • Hong Kong fintech company K Cash announced plans for a listing on the Hong Kong Stock Exchange’s Main Board. They aim to sell 125 million shares and potentially raise up to 281.8 million yuan through this offering. K Cash will become the first company to list using the HKEX’s new stock settlement platform (FINI). Additionally, K Cash’s Chairman and CEO, Li Gen Tai, revealed a collaboration agreement with River Square, a wholly-owned subsidiary of New World, planning to join their blockchain platform, Riverchain, and commence operations before the end of this year.
  • The national standard “Reference Architecture for Blockchain and Distributed Ledger Technology” will officially be implemented on December 1st. This standard, released on May 23rd, is under the supervision of the Ministry of Industry and Information Technology. Key drafting organizations include the China Electronics Technology Standardization Institute, the Digital Currency Institute of the People’s Bank of China, Shanghai Wanxiang Blockchain Co., Shenzhen Qianhai WeBank Co., Ltd., and China Ping An Insurance (Group) Co., Ltd. The primary drafters include Zhou Ping, Mu Changchun, Li Ming, Yu Xiuming, Di Gang, Du Yu, among others.

Project Progress

  • Users of LooksRare need to migrate their LOOKS tokens to a new contract, which will be open for migration starting November 27th at 19:00 Beijing time. The platform states that the original 24-month release plan is coming to an end, and users need to migrate LOOKS to the new contract to continue earning rewards. LooksRare plans to inject $200,000 worth of ETH into the new rewards pool, distributing it over the first 7 days to reward early adopters.
  • Circle Cross-Chain Transfer Protocol (CCTP) will launch on November 28th, the Circle protocol will facilitate cross-chain transfers to the Cosmos ecosystem application chain Noble. This protocol enables users to migrate USDC between blockchains in a single transaction. Users on any CCTP-supported blockchain can transfer assets to Noble. For instance, if a user wants to move USDC from Ethereum to the dYdX chain, they can burn USDC on Ethereum, mint it on Noble, and transfer it to the dYdX chain via IBC, all in one transaction.
  • Gitcoin Grants 19 Ends on November 30th, this donation initiative includes three project rounds and over nine community rounds, providing approximately $1.24 million in matching support funds.

Upcoming Events

Alibaba Cloud will be hosting the “Alibaba Cloud Hong Kong Summit 2023” on November 29th at 9:30 in the Grand Ballroom of the Grand Hyatt Hotel in Hong Kong. The event will include a roundtable discussion on “Opportunities and Challenges for Compliant Virtual Asset Trading Platforms.” Guests include HashKey Group COO Livio WENG, RigSec Technology Limited CEO Sarah YE, xWhale CEO Chen WU, HKVAX Co-Founder & COO Sam FOK, and Alibaba Cloud’s Senior Manager of International Legal & Compliance Anson. Additionally, at 16:00, HC, the Asia-Pacific Head of Aptos Labs, will present “Make You Move with Aptos.”

The Asia Blockchain Summit (ABS) is scheduled to take place from November 30th to December 2nd in Taipei in 2023. It’s expected to attract over 20,000 participants from 30 countries, encompassing blockchain professionals and enthusiasts from across Asia.

Token Unlock

According to Token Unlocks data, from November 27th to December 3rd, YGG, AGIX, DYDX, NYM, OP, ACA, 1INCH, and TORN tokens will experience a one-time unlock this week.

  • Optimism token OP will be unlocked on November 30th at 12:00, releasing 24.16 million tokens (approximately $43.49 million), representing 2.74% of the circulating supply.
  • 1inch token 1INCH will be unlocked on December 1st at 20:00, releasing 98.74 million tokens (approximately $35.07 million), representing 9.48% of the circulating supply.

Governance Voting

This week’s notable governance activities include the vote on Curve’s proposal to “increase the borrowing rate multiplier to maintain crvUSD peg,” ending on November 28th; and Arbitrum’s new proposal to increase the total STIP incentive budget by 21.4 million ARB to 71.4 million ARB, concluding on December 2nd.