Week Ahead Industry Previews: First Week of Feb 2024

  • Magic Eden is set to officially launch its multi-chain wallet on January 29.
  • Google will allow certain cryptocurrency products to advertise on its search engine starting from January 29.
  • The Ethereum testnet, Sepolia, will undergo the Dencun upgrade on January 30.
  • Jupiter is scheduled to launch its token JUP on January 31.
  • DYDX, valued at approximately $90 million, will undergo unlocking on February 1.

Key Events

1. Ethereum testnets Sepolia and Holesky are scheduled for Dencun upgrades on January 30 and February 7, respectively. If all progresses smoothly, the Ethereum mainnet will activate the Dencun upgrade by the end of February or early March. The core of the Ethereum Dencun upgrade introduces Blob-carrying transactions through EIP-4844, aiming to significantly reduce Layer 2 costs and lay the foundation for scalability.

2. Google updates its advertising policy, allowing certain cryptocurrency products, including advertisements for Bitcoin spot ETFs, on its search engine starting January 29. Google requires advertisers of such ads to be certified and meet specific criteria. In the event of policy violations, Google will issue warnings to violators at least 7 days in advance, with account suspension as a possible consequence if violations persist.

3. The token JUP of Solana’s ecosystem trading aggregator, Jupiter Protocol, is set to launch on January 31 at 23:00 Beijing time. The initial airdrop of JUP is open to 955,000 eligible users who met a $1,000 trading volume requirement before the snapshot date in November 2023. Solana’s registered user count surged to an all-time high last week due to the distribution of the Jupiter test meme coin WEN. The deadline for claiming the WEN airdrop is 23:00 today, and as of the time of writing, nearly half of the airdrop remains unclaimed.

Project Updates

NFT marketplace Magic Eden has released a teaser video with the caption “Monday.” The video features a multi-chain wallet with the Magic Eden logo, alongside icons for Bitcoin, Ethereum, Solana, and Polygon, hinting at the official launch of its multi-chain wallet on January 29. Previously, the wallet was initially released to a small number of users at the end of 2023, supporting instant cryptocurrency exchanges between Bitcoin, Solana, Ethereum, and Polygon. Users will be able to earn rewards by using the Magic Eden wallet, and both the wallet and browser extension are set to launch globally at the end of January.

Starknet plans to conduct a stress test on the Goerli testnet on January 30 at 17:00 Beijing time. The test will last for several hours and may cause congestion on the Starknet Goerli testnet, resulting in prolonged waiting times for transactions to be executed. Other networks, including the mainnet and the Sepolia testnet, will not be affected.

The Ethereum Layer2 network Frame, focusing on NFTs, and Chapter 2 airdrop are set to launch on January 31, 2024. The emphasis is on creators, developers, and network users.

The BNB Greenfield testnet will undergo a Hulunbeier hard fork on February 1, with the mainnet expected to follow on February 22. This upgrade requires validators and storage providers (SP) to update to the latest version, without affecting account balances or stored data. New features include the Greenfield cross-chain permission module and a simplified implementation of storage provider exits. Additionally, updates include data recovery for storage providers and improvements in Blocksyncer performance.

L1 blockchain Nibiru will commence its NIBI token sale on CoinList at 2:00 Beijing time on February 2, 2024. The public offering will have a token supply of 60 million NIBI tokens (4% of the total supply) at a price of $0.05 per token. Approximately 10% will unlock around February 26, with a linear unlock over the next 12 months. The initial purchase limit ranges from a minimum of $50 to a maximum of $2000 (limited to USDT/USDC). To qualify for participation in the Nibiru community sale, users’ CoinList wallets must hold the minimum purchase amount (50 USDT or USDC) by the registration deadline on January 29 at 20:00 Beijing time.

Upcoming Events

  • The registration deadline for the StarkWare Hackathon Cairo Workshop is January 29.
  • Binance Labs has extended the application period for the 7th season of the MVB Accelerator Program until January 31. The program covers projects in five dimensions: AI-driven DApps, user-friendly social networks, blockchain gaming, digital identity and reputation, and content and data platforms using BNB Greenfield.

Token Unlock

According to Token Unlocks data, this week will see a significant one-time unlocking of tokens, including OP and DYDX, with a total estimated value of approximately 236 million USD. Among them, OP tokens worth around 74.41 million USD are set to unlock on January 30, and DYDX tokens worth about 91 million USD are scheduled for unlocking on February 1.

Governance Voting

Gitcoin’s proposal to lower the on-chain and off-chain GTC (Gitcoin Token) voting thresholds is set to conclude on January 31. This proposal is a revision of a previous one. The earlier proposal, which aimed to reduce the on-chain and off-chain voting quorum from 2.5 million GTC to 1 million GTC, faced technical difficulties during implementation. The current proposal seeks to decrease the initial quorum from 1 million GTC to 150,000 GTC.

The institution behind the blockchain Klaytn, developed by South Korean internet giant Kakao, the Klaytn Foundation, collaborates with Finschia Foundation, the blockchain operator developed by Japanese social media giant LINE. They propose merging two existing blockchains into a new mainnet. The “Finschia and Klaytn Mainnet Merger Proposal” voting is scheduled to conclude on February 2 at 13:22 Beijing time.