Week Ahead Industry Previews: First Week of November 2023

Here’s a rundown of the most noteworthy web3 industry events and project developments to look out for in the coming week
  • Hong Kong FinTech Week is scheduled to take place from October 30th to November 5th.
  • The Federal Reserve will release its interest rate decision.
  • The Celestia mainnet is expected to launch on October 31st at 22:00.
  • The LSD stablecoin protocol Prisma will introduce its governance token PRISMA.
  • Approximately $34.06 million worth of OP tokens will unlock this week, and TIA will experience its first unlocking.

Key Events

The Hong Kong FinTech Week will take place from October 30th to November 5th at the Hong Kong Convention and Exhibition Centre. The theme of the event is “Defining FinTech,” and it is expected to attract participants from over 90 economies, with over 30,000 attendees and more than 5 million online viewers. The event will cover six main themes, including global regulations and hot topics like sustainable and green finance, fundraising, venture capital, and family office investments, exploring artificial intelligence, Web3, and emerging areas, discovering opportunities in the Greater Bay Area of Guangdong-Hong Kong-Macau, the innovation journey in Hong Kong, and business showcases.

Paul Chan, the Financial Secretary of the Hong Kong Special Administrative Region, announced that the Hong Kong FinTech Week will introduce new elements, including distributing limited edition Proof of Attendance Protocol (POAP) tokens in the form of non-fungible tokens (NFTs) to participants on a first-come, first-served basis. Token holders can use these tokens to create their exclusive virtual avatars through 3D scanning, providing a new experience for guests and allowing them to have priority access to other industry events in the future.

In addition, Dr. Xiao Feng, Chairman, and CEO of HashKey Group, Livio Weng, Chief Operating Officer of HashKey Group, and Leo Li, CEO of HashQuark, will deliver speeches at the forum. HashKey Group’s flagship business, HashKey Exchange, will unveil updates on exchange products, strategic partner collaborations, and the future plans for HSK during Hong Kong FinTech Week.

This week, the Federal Reserve, the Bank of England, and the Bank of Japan will all hold policy meetings. The Federal Reserve will announce its interest rate decision on November 2nd, and it is widely expected to maintain its current policy stance.

Project Progress

This week, several protocols and project features have announced closures, including:

1. The Clockwork team has decided to cease the development of the protocol and will shut down both Devnet and nodes on the mainnet on October 31.

2. Boba Network will close BobaAvax on October 31, and users are required to transfer their funds to the Avalanche mainnet.

3. X (formerly Twitter) will shut down its Circles feature on October 31.

4. GameStop will delist its iOS and Chrome browser wallets on November 1, citing “regulatory uncertainty.”

In addition to these closures, Lens Protocol, a Web3 social protocol, will undergo the V2 mainnet migration on October 30 at 23:00 UTC. A simulated fork upgrade will take place in the testnet environment at least five hours before the mainnet migration.

The LSD stablecoin protocol Prisma Finance has announced the launch of its governance token PRISMA on November 2. PRISMA will have a maximum supply of 300 million tokens, with 62% (186 million PRISMA) allocated for incentivizing specific actions and liquidity pools within the Prisma protocol. An additional 20% (60 million PRISMA) will be distributed to core contributors, with a 12-month linear unlock period starting from Genesis. Early supporters will receive 10% (30 million PRISMA), 5% (15 million PRISMA) will be held in the Prisma DAO treasury, and 3% (9 million PRISMA) will be allocated to veCRV voters and Prisma point holders.

Upcoming Events

This week, due to the Hong Kong FinTech Week, several Web3 events are being held in Hong Kong, including:

  • NFT Carousel will be held on November 1 at HahsKey in Hong Kong.
  • The KUN×HashKey strategic partnership signing ceremony and KUN business launch event will take place on November 2 in Hong Kong.
  • Newman Group and Memeland will host a Web3 event with the theme “Ahoy!” on November 2-3 aboard the Aqua Luna in Hong Kong.
  • The Bored Ape Yacht Club will hold ApeFest in Hong Kong from November 3 to 5.

Additionally, there are two major community summits happening this week. The Solana Foundation will host the community annual summit, Breakpoint, in Amsterdam from October 30 to November 3, and the Cardano Summit 2023 will take place in Dubai, United Arab Emirates, from November 2 to 4.

Token Unlock

According to Token Unlocks data, from October 30 to November 5, several tokens including OP, SUI, 1INCH, TIA, DYDX, ACA, NYM, TORN, IMX, LQTY, and GAL will experience a new unlock this week. Among them, approximately $34.06 million worth of OP tokens will be unlocked all at once this week. Celestia token TIA will have its first unlock this week, with 2.67 billion tokens being unlocked. Out of these, 2 billion will be publicly distributed, while 67 million will be unlocked for research and development and ecosystem purposes.

Governance Voting

This week, notable community governance matters include the Arbitrum community’s vote to “Allocate 500,000 ARB to 25 Community Arbiters,” which ends on November 1 at 06:12. The proposal suggests empowering early contributors by distributing 500,000 ARB tokens as rewards to community members known as “Arbiters.” There will be 25 Arbiters who will receive an average of 20,000 ARB each.

Additionally, Lido DAO’s vote on “Accepting Ownership of the wstETH Bridge Component on Base” has four days remaining, The Graph Council’s vote on “Updating the previously approved Subgraph node v0.33.0 feature support matrix” has four days remaining, and ApeCoin DAO’s proposal regarding “Requesting $150,000 in APE to continue funding Bored Ape Gazette for one year” has three days remaining.