Top Crypto Events to Watch Out for This Week
Numerous crypto events are set to happen this week, with some expected to cause volatility in the market. If you’re a trader, you might want to keep a close eye on these events so that you can adjust your trading strategy where necessary.
Sonic Layer-1 Mainnet Launch
Formerly known as Fantom, Sonic Labs announced earlier this month that its new layer-1 blockchain will go live later this week after several weeks of testing.
The yet-to-be-launched blockchain is compatible with the Ethereum Virtual Machine, meaning Web3 developers can migrate their decentralized applications from Ethereum to Sonic and vice-versa.
Along with the launch of the Sonic Mainnet, Sonic Labs is preparing to airdrop the S-token to loyal Fantom users. However, the airdrop date hasn’t been revealed as of this writing.
Avalanche9000 Upgrade
The long-awaited Avalanche9000 update will go live on Tuesday, December 17th. According to Ava Labs, the upgrade will reduce the deployment cost of decentralized apps by 99%. Furthermore, network fees on the C-chain are expected to decline by 25%.
Alongside the Avalanche9000, Ava Labs will introduce a retroactive grant program called Retro9000 and referral rewards worth $2 million. The $40 million program will support DApp developers planning to launch projects on Avalanche.
Since Ava Labs announced the development of Avalanche9000, the Avalanche ecosystem has attracted several well-known venture capitalists, including Dragonfly, ParaFu Capital, and Galaxy Digital.
sBTC Release on Stacks
A Bitcoin-backed crypto token called sBTC will be released on the Stacks network today, December 17th. Holders of this new crypto asset will be able to provide liquidity on Decentralized Finance (DeFi) protocols built on Stacks to earn yield.
This milestone, according to Zest Protocol developers, will allow the Bitcoin DeFi ecosystem to compete with that of Ethereum, which now has a Total Value Locked of over $115 billion.
It is noteworthy that sBTC holders will not have to provide liquidity to earn yield. Instead, they can receive a 5% reward by just holding the token.
DEAI Airdrop, Listing, and Partnerships
Crypto company Zero1 Labs, which runs an AI-powered platform that allows AI apps to handle encrypted data without revealing sensitive information, is planning to launch the DEAI token this week. The cryptocurrency, which will power transactions on Zero1 Labs’ platform, will be listed on OKX, a leading exchange. Early users of the platform will be airdropped the DEAI crypto.
Beyond these, Zero1 Labs has announced partnerships with two traditional AI companies (names not yet disclosed). Additionally, the firm has collaborated with the Sei network to promote AI innovations within crypto.
Cosmos ‘Big’ Announcements
Last week, Cosmos developers said they would make ‘big announcements’ between today and Thursday. One of the announcements concerns the new role of Cosmos’ native crypto ATOM. The developers said in a tweet that the use cases of the token were expanding.
Furthermore, the Cosmos creators are expected to talk about the latest developments within their project’s ecosystem. For instance, they may explain what Interchain’s acquisition of Skip Protocol means for the Cosmos network.
LayerZero’s Proposal Fee Proposal
On Friday, holders of LayerZero’s native token ZRO will have the opportunity to vote on whether the protocol fee should be activated or not. The fee has been inactive in the past six months, allowing LayerZero users to send on-chain messages for free. If ZRO holders vote in favor of activating the protocol fee, users will start incurring charges from December 28th.
According to LayerZero developers’ recent announcement, the collected fees will be used to buy back ZRO and burn it to reduce its circulating supply, thus boosting its value.
Abitrum’s Token Unlock
Arbitrum’s native crypto ARB could be subject to volatility this week as the project developers plan to unlock over 92 million ARB tokens on Tuesday. The yet-to-be-unlocked tokens, worth about $91 million, have been allocated to project advisors, the Arbitrum team, and investors.
WBTC Delisting From Coinbase
WBTC will be delisted from Coinbase on December 19th, according to the exchange’s recent statement. Note that holders can still access their WBTC tokens but cannot trade them on the exchange after the said date.
Interestingly, a lawsuit has already been filed by Bit Global, protesting against the delisting. The complainant argues that Coinbase will violate antitrust policies if it proceeds with its plans.
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