Week Ahead Industry Previews: Second Week of October 2023

Here’s a rundown of the most noteworthy web3 industry events and project developments to look out for in the coming week
  • The Hong Kong Legislative Council will discuss the regulation of virtual asset platforms during a session on October 9th in the Financial Affairs Committee.
  • Circle will launch native USDC on Polygon PoS on October 10th.
  • China Mobile’s first NFT, “Meelier,” will be available for sale on OpenSea starting October 12th.
  • ETH Hangzhou Hackathon will take place from October 13th to 16th.
  • Future Blockchain Summit is scheduled to be held in Dubai from October 15th to 18th.

Important Events

The ongoing JPEX case has led to increased scrutiny of regulations related to virtual assets in Hong Kong. The Legislative Council will discuss the regulation of virtual asset platforms during a session on October 9th in the Financial Affairs Committee. This heightened focus on regulation aims to protect investors and prevent misleading promotions.

The Digital Asset Exchange Association (DAXA) in South Korea will hold a three-day event starting from October 11th to explain the Virtual Asset User Protection Law. This event will address compliance with the law and unfair trade regulations, helping virtual asset businesses prepare for the law’s enforcement in July next year.

Volatility Shares has canceled its plans to launch an Ethereum futures ETF on October 12th. The reason cited for the cancellation is the loss of a first-mover advantage, as ProShares and Bitwise had already introduced several Ethereum-related ETFs in the first week of October.

Project Updates

On October 10th, Circle plans to launch native USDC (USD Coin) on the Polygon Proof of Stake (PoS) network. This native USDC will become the official form of USDC within the Polygon ecosystem, replacing bridged USDC from Ethereum via the Polygon PoS Bridge. Before the launch of native USDC, the USDC bridged using Polygon PoS Bridge on blockchain explorers like PolygonScan will be renamed as USDC.e. Circle intends to support deposits and withdrawals of USDC.e on Polygon PoS using Circle accounts and its API, including Express, starting from November 10th. After this date, only native USDC will be supported.

Yuga Labs and the CryptoPunks community are collaborating to create a book documenting the history of CryptoPunks, six years after its launch. To capture the process of creating this book and the stories behind CryptoPunks, a documentary series titled “Punks As Told By CryptoPunks” will premiere its first episode on October 10th.

Upcoming Events

The ETH Hangzhou Hackathon is scheduled to take place from October 13th to 16th in Hangzhou, Zhejiang, China. This hackathon is organized by the Ethereum Foundation Ecosystem Support Program (ESP) and aims to promote the development of the Ethereum ecosystem in China. It is open to all Ethereum developers and is co-hosted by Zhejiang University Blockchain Association (ZJUBCA), Peking University Blockchain, and WTF Academy. The competition includes three tracks: Public Goods, Layer 2 Innovation Applications, and Zero-Knowledge Proof Applications, with a total prize pool of $15,000.

The Solana Hyperdrive Global Online Hackathon is open for registration until October 15th. This hackathon covers seven major tracks: DePIN, AI, DeFi & Payments, Games, Mobile DApps for Users, Infrastructure, and DAO & Network. The total prize pool for this hackathon is $50,000.

Token Unlock

According to Token Unlocks data, from October 9th to October 15th, the X2Y2, GLMR, 1INCH, APT, EUL, SWEAT, and CYBER tokens will be unlocked all at once this week. Among them, the APT token, valued at approximately $23.63 million, will be unlocked on October 12th at 8:00 AM, accounting for 1.9% of the circulating supply.

Proposal Voting

This week in governance, the Aave community’s “Temperature Check Proposal to Add FXS to Ethereum V3” is scheduled to conclude its vote on October 10th, and the Curve community’s vote on the application for a maximum of 50 million ARB incentive budget in the Arbitrum community will end on October 13th at 18:00.

NFT Minting

Major players in various industries in China have frequently issued digital collectibles, but there are very few giants selling NFTs on OpenSea. China Mobile’s Migu Video announced at the beginning of the month that its first NFT, “Meelier,” has started its whitelist presale and will officially be available on OpenSea in blind box format on October 12th. This NFT is based on characters from the popular mobile game “Panda Cafe” and has been developed through a combination of “new scenes, new technology, and new storytelling.” It will have a global limited supply of 2000 units, along with multiple gameplay options and user benefits.