Week Ahead Industry Previews: First Week of April 2024

  • TON has launched its inaugural public league season with a prize pool worth $115 million.
  • Ethena conducted an airdrop of 750 million ENA tokens to users on April 2.
  • The hearing for the case involving detained Binance executives in Nigeria is scheduled for April 4.
  • The halving event for BCH is expected to occur on April 4, reducing the block reward to 3.125 BCH.
  • The “2024 Hong Kong Web3 Carnival” is set to commence on April 6 in Hong Kong.

Key Events

  • The Bitcoin Cash (BCH) halving is expected to occur on April 4, 2024, reducing the block reward from 6.25 BCH to 3.125 BCH. Bitcoin Cash emerged from a hard fork of the Bitcoin blockchain in August 2017, with its first halving occurring in April 2020. This week marks BCH’s second halving event.
  • A hearing for the detained Binance executives case in Nigeria is scheduled for April 4. The Nigerian government has accused Binance of money laundering involving $35.4 million, and additionally, the Nigerian Federal Inland Revenue Service has charged Binance with tax evasion. Previously, one of the detained Binance executives, Nadeem Anjarwalla, has escaped.
  • The “2024 Hong Kong Web3 Carnival,” jointly organized by Wanxiang Blockchain Labs and HashKey Group, with W3ME as the organizer, will take place from April 6 to 9, 2024, at the Hong Kong Convention and Exhibition Centre 3FG. Attendees include Xiao Feng, Chairman of Wanxiang Blockchain and CEO of HashKey Group, Deputy Financial Secretary of the Hong Kong Special Administrative Region, Paul Chan, HashKey Singapore Head and CEO of HashKey Capital, Deng Chao, ARK Invest CEO and CIO, Cathie Wood, and Hong Kong Legislative Councilor (Technology Innovation Sector), Charles Mok.

Project Updates

  • TON launched its Open League Season 1 on April 1st, featuring a prize pool worth $115 million and offering 30 million TON community rewards. The first season of the Open League comprises four systems: leagues ($5 million TON pool), token mining (for TON ecosystem projects’ tokens), tasks and airdrops ($22 million TON pool), and liquidity pool addition ($40 million TON pool).
  • The space-themed Web3 MMORPG game “Space Nation” launched its blockchain game “Space Nation Online” in a closed beta version on April 1st. It is scheduled for a soft release on PC later this summer and a global release on PC and mobile devices in the fall of this year.
  • Ethena conducted an airdrop of 750 million ENA tokens to users on April 2nd, constituting 5% of the total token supply. Users have 30 days to claim their tokens, after which unclaimed ENA will be redistributed to users participating in the second season’s activities. Over 90,000 user addresses qualified for this airdrop, with the top 2000 users in the points ranking and holders of Pendle’s YT tokens initially receiving 50% unlocked, with the remaining 50% linearly unlocking over six months. Additionally, 3% of the total airdrop supply, representing 0.15% of the total token supply, will be distributed to holders of SchizoPosters and Redacted Remilio Babies series NFTs.
  • The crypto trading platform Backpack will launch spot trading for Wormhole token W on April 3rd, at 20:00 Beijing time.
  • The Bitcoin Layer 2 infrastructure Bitlayer is set to launch its mainnet on April 5th, along with the introduction of the ecosystem incentive program “Ready Player One.” Bitlayer Labs completed a $5 million seed round financing prior to this launch.

Upcoming Events

  • The South Korean blockchain event IXO™ 2024, hosted by TokenPost, will take place in Seoul from April 2nd to 3rd. TRON Foundation will serve as the platinum sponsor for the event.
  • NFT NYC is scheduled to be held in New York City from April 3rd to April 5th.

Token Unlocks

According to Token Unlocks data, this week will see significant token unlocks for ACA, SUI, and GAL tokens, with a total unlocked value exceeding $80 million.

  • SUI tokens will undergo a one-time unlock of 34.62 million tokens on April 3rd at 8:00 UTC. This release is valued at approximately $65.08 million and represents 2.81% of the circulating supply.
  • GAL tokens will experience a one-time unlock of 3 million tokens on April 5th at 8:00 UTC. This release is valued at approximately $14.51 million and constitutes 3.34% of the circulating supply.

Governance Voting

The proposal for the merger of Fetch.ai with SingularityNET and Ocean Protocol is expected to begin voting in each community on April 2nd. Fetch.ai’s voting is scheduled to conclude on April 7th, with all proposals planned to complete voting by April 16th. The purpose of this merger is to develop a decentralized artificial intelligence platform. The merged token will be named ASI, with a fully diluted value of approximately $7.5 billion and a total supply of 2.63 billion tokens. FET tokens will be exchanged for ASI tokens at a 1:1 ratio, while OCEAN and AGIX tokens will be exchanged at fixed ratios, with each OCEAN receiving 0.433226 ASI and each AGIX receiving 0.433350 ASI.

The voting for Balancer DAO’s second-quarter funding proposal will conclude on April 2nd. The proposal seeks to recharge the Grants treasury with 6,809 BAL and 29,400 USDC to support the release of Balancer V3 through targeted integration efforts.