Week Ahead Industry Previews: Second Week of May 2024

  • Bitcoin Asia will be held in Hong Kong from May 9th to 10th.
  • EigenLayer plans to start token EIGEN claiming on May 10th.
  • Gitcoin’s 20th round of donation activity will continue until May 8th at 7:59.
  • ZeroLend will open ZERO token airdrop claiming.
  • L2 network Mode will launch governance token MODE on May 7th.

Key Events

Bitcoin Asia summit will be held in Hong Kong from May 9th to 10th. The event aims to accelerate interactions with the Bitcoin ecosystem and connect with the evolving Bitcoin community. Foresight News has compiled 25 peripheral events for Bitcoin Asia.

EigenLayer plans to start token claiming on May 10th. In the first season, 5% of the token supply will be distributed to users based on the snapshot of staking activity on March 15, 2024. Additionally, users who interacted with EigenLayer before April 29th will receive an extra 100 EIGEN tokens in allocations made after May 10th. Season 1 users, who staked between March 15th and April 29th, will receive a minimum of 110 EIGEN tokens (10 EIGEN floor plus 100 bonus). Season 2 users who staked during this period will also receive a minimum of 100 EIGEN tokens. Users staking after April 29th will not be included.

Gitcoin’s 20th round of donation activity will continue until May 8th at 7:59. GG20 focuses on funding open-source software (OSS) projects within the Ethereum ecosystem. Out of a total of $1.4 million in matching funds, $1 million will be allocated specifically for four major OSS categories, including hackathon alumni, decentralized applications and applets, developer tools and libraries, and Web3 infrastructure. Additionally, nearly $500,000 will be distributed among five independent community rounds.

CommEx, the buyer of Binance’s Russian business, will close its official website on May 10th at 18:00. Binance announced its complete exit from the Russian market in September last year, with its business being sold to CommEX. Zhao Changpeng previously stated that Binance and CommEx only have a cooperative relationship, with the latter being the ultimate beneficiary.

Kraken will delist the privacy coin Monero (XMR) from its markets in Ireland and Belgium, ceasing deposits from May 10th.

Project Updates

ZeroLend will open ZERO token claiming on Linea on May 6th at 15:30. Users’ accumulated Zero Gravity points and earlyZERO (1 earlyZERO = 1 ZERO) will automatically convert to ZERO and be displayed on the rewards page. In terms of token distribution, ZeroLend will allocate 18% of the token supply to the community, with 5% allocated to Zero Gravity participants and 13% to earlyZERO holders. ZeroLend will take a snapshot close to TGE. These allocations will have a 40% upfront, 3-month cliff, and a 3-month linear release period. Additionally, joining ZeroLend’s Discord and verification will earn users 100 Zero Gravity points, and sending “GM” in the “GM” channel will earn daily points.

Mode, an L2 network based on the OP Stack, will launch its governance token MODE on May 7th. The total supply is 10 billion tokens, with 5.5% dedicated to the first of two user airdrops. The second airdrop will run from May 5th to September 6th, distributing another 500 million tokens. 38% of the supply will be allocated to investors and core contributors, 27% to the foundation treasury, and the remaining 35% to users and developers.

Metis, an Ethereum Layer2 network, has opened community test rewards claiming until May 7th. Eligible users can claim xMetis before May 7th. Criteria disclosed by Metis for eligibility include ranking in the top 33% of contributors in community tests, completing all tasks in the first and second seasons of community tests, and adhering to the fair competition guidelines of Elite Helmets without any form of Sybil attack strategy.

Meson Network, a DePIN project, will conduct a 1% mapping plan from the testnet to the mainnet on May 7th at 14:00.

Puffer Finance, an LSD protocol, will launch its mainnet on May 8th, and the 5x Puffer points promotion is coming to an end.

The Katla testnet of Taiko, an Ethereum Layer2 network based on zkRollup, will be deactivated on May 10th, following the launch of the latest testnet Hekla based on EIP-4844, which was open to the public.

The Aethir Cloud Drop, an airdrop activity for the decentralized GPU cloud infrastructure Aethir, will end on May 12th. Participants can qualify for the airdrop by purchasing Aethir Checker nodes, engaging in social media, participating in testing, inviting referrals, or becoming part of specific NFT/token communities.

UpRock, a project of the Jupiter LFG Launchpad’s second phase, plans to start reputation proof and TGE events on May 12th. The roadmap includes launching a scoring system on May 5th, adjusting monthly fixed supplies on May 7th, and opening GEO Coverage on May 9th.

Upcoming Events

This week, alongside the official events of Bitcoin Asia, various peripheral events will be held in Hong Kong. The “Bitcoin Developer Conference (Bitcoin Devcon)” will take place on May 7-8 at the Hong Kong Science Park, organized by UTXO Management and co-hosted by Satoshi Lab. Bitcoin Devcon includes a hackathon on May 7 and a demo day on May 8. Salus, as the security partner for this event, offers sponsorship packages with the following features: first place receives a $3000 audit plus penetration testing, second place receives a $2000 audit plus penetration testing, and third place receives a $1500 audit plus penetration testing. You can view the Bitcoin Asia 2024 peripheral events compiled by Foresight News here.

Runes Factory, the liquidity layer of the Bitcoin ecosystem, will launch new products at the Runes Asia Summit in Hong Kong on May 9. Core features include establishing a comprehensive asset liquidity pool and an independent asset vault, covering pledging and lending products based on the Runes protocol.

The sixth season submission phase of the Tron-sponsored hackathon, jointly organized by HTX DAO, BitTorrent Chain, and JustLend DAO, continues until May 7. The total prize pool amounts to $650,000 and is divided into five major tracks: Web3, Artistry, DeFi, Builder, and Integration.

The on-chain IP protocol, Story Protocol, will kick off its first hackathon, v1.0 Buildathon, on May 9, running until May 26. It includes three tracks: creator tools, AI, and DeFi.

Token Unlocks

According to Token Unlocks data, this week, MAVIA and HFT will undergo significant token unlocks, with a total value exceeding $100 million. Here are the details:

  • On May 6th at 8:00, approximately 7.66 million tokens will be unlocked, valued at around $31.48 million, constituting 24.29% of the circulating supply.
  • On May 7th at 8:00, around 13.62 million tokens will be unlocked, with a value of about $4.30 million, accounting for 3.46% of the circulating supply.

Governance Voting

The proposal for building ChainIDE, a multi-chain, cloud-driven, zero-setup, full-stack application development platform designed specifically for Cartesi, will end its voting on May 8th. The proposal suggests that ChainIDE will offer GUI-based tools to simplify the development process, allowing developers to configure, build, test, deploy Cartesi applications, and interact with them through a user-friendly interface.

Voting on the proposal to update the initial governance snapshot for MP within the GMX ecosystem will conclude on May 8th at 20:00.

The proposal to establish a Security Council empowered to cancel malicious proposals within the ENS DAO will end its voting on May 9th at 13:22.

Voting on the proposal to approve DeDaub as the security consultant for ADPC within the Arbitrum DAO will conclude on May 9th at 22:17.

The community proposal for the “Gaia v16 Software Upgrade” will end its voting on May 10th. This version introduces the ICA Controller submodule, IBC fee limitation module, and includes the initial fee limits outlined in proposal #890, as well as the IBC fees module and ICS epochs (part of ICS v4.1.0).