This week is packed with significant developments in the cryptocurrency space, from major token mergers and exchange updates to anticipated regulatory approvals and network upgrades. Here’s a detailed breakdown of the key events happening between July 1 and July 7, 2024.
July 1: Token Mergers, Unlocks, and Platform Updates
Exchange Announcements
Binance will halt trading and delist all existing FET, OCEAN, and AGIX spot trading pairs on July 1 at 11:00 AM UTC+8. The exchange is supporting the merger of Fetch.ai (FET), Ocean Protocol (OCEAN), and SingularityNET (AGIX) into the Artificial Superintelligence (ASI) token. The conversion rates are:
- 1 FET = 1 ASI
- 1 OCEAN = 0.433226 ASI
- 1 AGIX = 0.433350 ASI
Trading for new ASI pairs will begin on July 5 at 4:00 PM UTC+8.
Uphold, a New York-based crypto exchange, will stop supporting several stablecoins—including USDT, DAI, FRAX, GUSD, USDP, and TUSD—starting July 1. This change is due to the upcoming MiCA regulations in the European Economic Area. Users are advised to convert their holdings to USDC before June 28 to avoid automatic conversion.
Project Developments
The ASI token merger begins on July 1. In the first phase, AGIX and OCEAN will merge into FET tokens before eventually converting to ASI. Users can migrate their tokens via the SingularityDAO dApp at specified rates.
ETHFI DAO has proposed launching Season 3 on July 1, which includes a 25 million ETHFI airdrop to eligible stakers. The season will run until early September and introduce a new engagement rewards framework.
WEMIX will undergo a hard fork named Brioche on July 1, reducing its total token supply by 60% to 588 million tokens. The upgrade also includes revised minting rules and enhanced gameplay integration.
io.net’s Ignition Rewards Program Season 3 claim period starts on July 1 at 1:00 PM UTC (9:00 PM Beijing Time). Participants from Seasons 1 and 2 must claim rewards before the deadline on June 18.
dYdX will reduce its monthly DYDX token unlock from 33 million to 8.3 million starting July 1, a 75% decrease.
Aleo will launch its Testnet Beta Validator Incentive Program from July 1 to 15, offering 1 million credits to participants who help validate the network’s proof mechanisms.
Opyn Markets, a new perpetual contracts platform, will go live on July 1, supporting linear, stable, and option-like perpetuals for any asset.
Governance and Voting
MerlinSwap’s Phase 2 airdrop distribution proposal voting ends on July 1. The proposal aims to allocate 2% of the total MP supply to early supporters and users.
Token Unlocks
Several tokens will undergo significant unlocks on July 1:
- Sui (SUI): 64.19 million tokens (2.65% of circulation) worth ~$50.7 million
- io.net (IO): 7.5 million tokens (7.89% of circulation) worth ~$24 million
- dYdX (DYDX): 8.33 million tokens (3.12% of circulation) worth ~$11.3 million
- Maverick Protocol (MAV): 36.4 million tokens (14.56% of circulation) worth ~$9.6 million
- ZetaChain (ZETA): 5.29 million tokens (1.92% of circulation) worth ~$4.2 million
- Manta Network (MANTA): 1.87 million tokens (0.57% of circulation) worth ~$1.85 million
- Acala (ACA): 27.43 million tokens (2.69% of circulation) worth ~$1.85 million
July 2: Market Maker Updates and TGE
Exchange Updates
Binance will update its fiat market maker program on July 2 at 8:00 AM UTC+8. The update includes adding JPY markets and revising rebate structures based on liquidity performance.
Project Launches
Particle, a leverage trading protocol on Blast, will conduct its Token Generation Event (TGE) on July 2 at 6:00 PM UTC+8. The PTC token has a max supply of 200 million, with 55% allocated to the community.
July 3: Network Upgrades
Layer-2 Enhancements
Scroll will undergo the Curie upgrade on July 3, introducing data availability compression to reduce L1 gas fees. The upgrade is expected to cut gas costs on Scroll by half.
Ronin will execute the Goda upgrade at block 36,052,600, estimated for 3:00 PM Beijing Time on July 3. The upgrade includes the Trippp and Aaron hard forks, improving validator rewards and smart contract upgradability.
July 4: Regulatory Milestones and Elections
Policy and Regulation
The U.S. SEC may approve spot Ethereum ETFs as early as July 4. Eight asset managers, including BlackRock and VanEck, are in final discussions with regulators. Approval is expected within weeks, if not days.
The UK general election on July 4 could impact crypto policies. The Conservative Party, which supports crypto-friendly regulations, may lose to Labour, whose stance on digital assets remains unclear.
Project Updates
Wormhole’s W token airdrop claim window closes on July 4 at 7:59 AM Beijing Time. Eligible users must claim before the deadline.
July 5: Airdrop Deadlines and Research Grants
Project Deadlines
Taiko’s Phase 1 airdrop claim period ends on July 5. Eligible users can claim 50 million TAIKO tokens (5% of the initial supply).
Sui Foundation’s fifth round of academic research grant applications closes on July 5. The foundation has committed $1 million to support blockchain research in 2024.
Token Unlocks
- Galxe (GAL): 3 million tokens (2.60% of circulation) worth ~$6.6 million
- Liquity (LQTY): 657,000 tokens (0.68% of circulation) worth ~$560,000
- Euler (EUL): 54,000 tokens (0.29% of circulation) worth ~$240,000
July 7: Token Unlocks
- Ethena (ENA): 14.89 million tokens (0.92% of circulation) worth ~$7.6 million
- Hashflow (HFT): 13.62 million tokens (3.28% of circulation) worth ~$2.8 million
Frequently Asked Questions
What is the ASI token merger?
The ASI merger combines Fetch.ai (FET), Ocean Protocol (OCEAN), and SingularityNET (AGIX) into a single token. Phase 1 starts on July 1, with AGIX and OCEAN converting to FET before a final transition to ASI.
How will the Ethereum ETF approval impact the market?
SEC approval of spot Ethereum ETFs is expected to increase institutional investment and liquidity, potentially boosting ETH’s price and overall market confidence. 👉 Explore more strategies for navigating market shifts
What are token unlocks, and why do they matter?
Token unlocks release previously locked coins into circulation, increasing supply. Large unlocks can lead to selling pressure if holders decide to liquidate their positions.
How can I participate in the Taiko airdrop?
Eligible users must bridge ETH to Taiko to cover gas fees and claim TAIKO tokens via the official portal before July 5.
What is the Curie upgrade on Scroll?
The Curie upgrade introduces data compression to reduce L1 gas costs and stabilizes fees through EIP-1559 and EIP-2930 support, making transactions cheaper and more predictable.
Will the UK election affect crypto regulations?
A Labour win could shift focus toward tokenization and digital pounds, while the Conservatives have pushed for broader crypto adoption. The outcome will determine the UK’s regulatory direction. 👉 View real-time tools for tracking regulatory changes