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Week Ahead Industry Previews: Second Week of June 2023

Kean 
Here’s a rundown of the most noteworthy industry events and project developments to look out for in the coming week

Binance.US announced the suspension of USD deposits, as their banking partners are preparing to halt the fiat currency USD withdrawal channels on June 13, 2023. Last week, the U.S. Securities and Exchange Commission (SEC) filed 13 charges against Binance and Changpeng Zhao, including mishandling of client funds and falsely reporting their operations to regulatory agencies and investors. The SEC alleges that Binance.US transferred at least $190 million to entities controlled by Changpeng Zhao. Additionally, the SEC issued a temporary restraining order against Binance, demanding the freezing of assets related to Binance.US. The related hearing is scheduled for June 14th at 2:00.

The U.S. House Financial Services Committee will hold a hearing on June 14th regarding the proposed stablecoin regulatory bill. The bill will require the Federal Reserve to establish requirements for issuing stablecoins, but it will still allow state regulatory agencies to oversee the companies issuing these tokens, while granting the Federal Reserve additional powers, including the authority to intervene in the issuance by nationally regulated issuers in emergency situations. States may also transfer their regulatory responsibilities to federal regulatory agencies. The witness list includes Jeremy Allaire, co-founder and CEO of Circle, Coy Garrison, partner at Steptoe & Johnson law firm, Emin Gün Sirer, founder and CEO of Ava Labs, Thomas Sexton III, President and CEO of NFA News, and Ben Kaplan from Prometheum, a full-service marketplace for digital asset securities, will be an additional witness.

Archway, a developer incentive protocol based on Cosmos, will launch its community sale on CoinList on June 16th. The public sale will account for 3% of the total supply of 1 billion ARCH tokens, with each token priced at $0.20. ARCH tokens will be used for governance participation, payment of transaction fees, and rewarding developers for transaction volume generated on the network. Additionally, Archway has announced an airdrop to Axelar Network users. Previously, in March 2022, Archway’s contributor Phi Labs completed a $21 million seed round financing.

June 12th

Project Updates

  • BNB Chain is expected to undergo the Luban upgrade on June 12th.
  • Binance will perform wallet maintenance on the BNB Beacon Chain on June 12th.
  • 21Shares Terra Classic ETP (LUNA) will be delisted on June 12th.
  • Chainlink’s CCIP launches a $300,000 bounty pool for crowd audits, running until June 12th.
  • MetaMask Institutional will integrate with Fireblocks on June 12th.

Proposal Voting

  • The proposal for 1inch seeking $2 million in funding for hardware wallet development has a voting deadline of June 12th.

Token Unlocking

  • Aptos token (APT) will unlock 4,543,477.94 tokens (approximately $27 million) on June 12th at 08:00 UTC, accounting for 0.454% of the total supply.

Upcoming Event

  • Web3 Gaming Week, hosted by Google Cloud and the pit., will take place from June 12th to 17th.

June 13th

Project Updates

  • Binance.US will temporarily suspend USD deposits, and its banking partners plan to suspend USD withdrawal channels on June 13th.
  • Horizen EON will undergo an upgrade on the Gobi testnet on June 13th.
  • Injective launches the Open Liquidity Program, where eligible participants can earn up to 60,000 INJ rewards per Epoch, starting from June 13th.
  • Ronin Network, an Ethereum sidechain, is expected to undergo a network upgrade on June 13th.
  • Chromia, a relational blockchain, launches its delegation staking window, and stakeholders who complete their delegation before June 13th will be eligible for rewards.
  • Linea will release Alpha v0.2 version on June 13th, preparing for the mainnet launch.

Regulation

The U.S. Securities and Exchange Commission (SEC) and Ripple, among others, jointly requested an extension until June 13th to submit the edited version of the motion for a summary judgment.

June 14th

Upcoming Events

  • The U.S. House of Representatives will hold a hearing “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem” on June 14th at 2:00 PM.
  • Element will conduct daily airdrops to “EPG” holders from May 16th to June 14th at 8:00 AM.

Important Events

  • The hearing regarding the temporary restraining order on Binance issued by the U.S. Securities and Exchange Commission (SEC) will take place on June 14th at 2:00 AM.
  • The U.S. government opposes the customer fund recovery plan proposed by bankrupt cryptocurrency exchange Bittrex, and the related hearing will be held on June 14th.
  • The Federal Reserve will release its policy statement, hold a press conference, and publish the Economic Projections Dot Plot on June 14th.

June 15th

Token Unlocking

  • Blur token (BLUR) will unlock 195,999,999.97 tokens (approximately $64.84 million) on June 15th at 02:00:00.
  • 1inch token (1INCH) will unlock 15,000 tokens ($4,078) on June 15th at 04:00:00, accounting for 0.001% of the total supply.
  • BitDAO token (BIT) will unlock 187,500,000.32 tokens (approximately $79.76 million) on June 15th at 08:00:00, representing 1.951% of the total supply.

Upcoming Events

  • Symbolic Capital announces the launch of the Nailwal Scholarship Program, with the application deadline set for June 15th.
  • Sotheby’s will hold the second auction of Three Arrows Capital NFT Collection on June 15th.

NFT Minting

  • Michelin NFT series, “Michelin 3xplorer Club,” will commence minting on the Ethereum blockchain on June 15th.

Regulation

  • The U.S. Department of Justice will seek special immunity from the Bahamian government regarding new charges against SBF. The related hearing will take place on June 15th.

June 16th

Upcoming Events

  • Cosmos ecosystem Layer1 Archway will launch community sale on CoinList on June 16th.
  • Ethereum Foundation opens applications for the fourth batch of the Fellowship Program, accepting applications until June 16th.
  • BUIDL Vietnam 2023 will be held in Ho Chi Minh City, Vietnam, from June 16th to 17th.

Token Unlocking

  • LooksRare token (LOOKS) will unlock 37,500,000 tokens (approximately $2.16 million) on June 16th at 01:24:50, accounting for 3.75% of the total supply.
  • Flow token (FLOW) will unlock 7,291,666.66 tokens (approximately $3.67 million) on June 16th at 08:00:00, representing 0.507% of the total supply.

Important Event

  • Terra founder Do Kwon’s next hearing in the Montenegrin court will take place on June 16th.

Proposal Voting

  • Oracle DIA’s proposal on “How to use received ARB from airdrops” will be voted on June 16th.

Project Updates

SPACE ID’s Voyage Season 2 will conclude on June 16th at 16:00.

June 17th

NFT Minting

  • The minting of Optimism’s Bedrock upgrade commemorative NFT will conclude on June 17th.

Token Unlocking

  • ApeCoin (APE) tokens will be unlocked on June 17th at 08:00:00 UTC, with a total of 15,601,326 tokens (approximately $35.88 million) being released, accounting for 1.56% of the total supply.

Important Event

  • The former CTO of Coinbase has entered into an on-chain bet with someone regarding Bitcoin reaching $1 million by June 17th.

Upcoming Event

NodeLab will host an offline event titled “AIGC and Data Compliance Opportunities and Trends in International Markets” at Shanghai Center Tower at 13:30.

June 18th

Project Updates

  • RippleX has launched the sixth batch of the XRPL Grant Program, with the application deadline set for June 18th.

Event Announcement

  • Newman Capital will be hosting an offline event titled “Navigating the Web3 Gaming Revolution” on June 18th from 13:00 to 15:00.

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