Weekly Preview | China Mobile Migu’s first NFT will be sold on the Opensea platform; Aptos (APT) will unlock tokens worth over US$20 million

News preview:
Native USDC will be launched on Polygon PoS on October 10, which will start the transition from bridged USDC for ecosystem applications, developers and users
The Korean Digital Asset Exchange Association (DAXA) will hold a three-day briefing on the Virtual Asset User Protection Act starting on October 11.
SEC and BAM, the entity behind Binance.US, agree to hold hearing on October 12
Aptos (APT) will unlock approximately 4.54 million tokens at 8:00 am on October 12, worth approximately $23.7 million
CyberConnect (CYBER) will unlock approximately 1.26 million tokens at 8:00 am on October 15, worth approximately $6.3 million
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October 9
Policy supervision:
Hong Kong Legislative Council Financial Affairs Committee: A discussion on virtual asset platform regulation will be added to the agenda on October 9, with senior officials from the Securities and Futures Commission and the Treasury Bureau planning to attend
Chairman of the Financial Affairs Panel of the Hong Kong Legislative Council, Lam Kin-fung, announced that he would add an agenda to the Financial Affairs Panel on October 9 to discuss the regulation of virtual asset platforms, and said that senior officials from the Hong Kong Financial Services and the Treasury Bureau and the Hong Kong Securities and Futures Commission would attend. Lam Kin-fung also said that many Internet celebrities, including health foods and financial products, do not know what they are promoting, and that they need to be regulated, saying that "you can't just promote it for money", otherwise it may mislead the public and cause losses.
Exchange:
Binance will adjust leverage and margin tiers for multiple U-margin perpetual contracts on October 9
Binance Futures will update the leverage and margin tiers of the following U-margined perpetual contracts at 12:30 on October 9, and users' current positions will be affected. Specifically, they include: XMRUSDT and XLMUSDT U-margined perpetual contracts, XTZUSDT U-margined perpetual contracts, AAVEUSDT U-margined perpetual contracts, and NEARUSDT U-margined perpetual contracts.
Governance Voting:
The Aave community proposes to activate OP as a borrowable asset in the Aave V3 Optimism pool, voting ends on October 9
The Aave community is voting on the "OP Risk Parameter Update" proposal on-chain, which proposes to activate OP as a borrowable asset in the Aave V3 Optimism pool, aiming to adapt to the maturity of L2 and attract more LPs and borrowers, thereby creating new income for the protocol. The vote will end on October 9. The proposal states that while the proposed reforms are less conservative, they still maintain strict supply, borrowing caps, and conservative interest rate strategies. This ensures that the DAO can promote growth and new opportunities while remaining risk-averse. According to the proposed new risk parameters, the borrowing limit is 500,000, the loan value is 30%, the liquidation threshold is 40%, and the reserve factor is 20%.
Token unlocking:
X2Y2 (X2Y2) will unlock approximately 12.5 million tokens at 07:48 am on October 9, worth approximately $196,000
October 10
Project dynamics:
Circle: Native USDC will be launched on Polygon PoS on October 10
Native USDC will be launched on Polygon PoS on October 10, which will start the transition from bridged USDC for ecosystem applications, developers, and users. This transition will also stop supporting deposits and withdrawals of bridged USDC through Circle accounts and their APIs on November 10, that is, Circle accounts and their APIs will only support native USDC. Before the launch of native USDC, the USDC Ethereum bridge form on block browsers such as PolygonScan will be renamed USDC.e. Ecosystem applications will also be contacted to make the same changes to their application UI and documentation.
Meta's new VR device Quest 3 will be officially available for sale from October 10
Meta announced at the Connect conference that its latest version of virtual reality (VR) headset Meta Quest3 is now available for pre-order and will be officially sold from October 10th, US time. It starts at $499.99 and is available in two storage capacity versions: 128GB ($499.99) and 512GB ($649.99). Previously, Meta also launched a virtual reality subscription service called META QUEST+. Meta CEO commented on Apple's Vision Pro headset: There is no "breakthrough solution" and the cost is too high.
SEC and BAM, the entity behind Binance.US, agree to a hearing on October 12
BAM Trading, the entity behind Binance.US, refused to provide the SEC with documents related to its business operations. BAM Trading's lawyers stated in the document that the SEC's document requirements were "too broad" or too cumbersome, causing too much "inconvenience" to the exchange. The SEC previously asked BAM to provide a series of documents, including records of the company's handling of customer assets, proof of the company's reserves and statements of its overall financial status, etc. One of the requests was related to the exchange's alleged use of a custody service called Ceffu to transfer funds from US customers abroad. The SEC claimed that these requirements were deliberately ignored by Binance.US.
According to another court document, the SEC has urged the Washington, D.C., court to approve an investigation into Binance.US's asset custody issues. In the document, the SEC reiterated its concerns about Binance's use of the custody platform Ceffu, believing that the findings of the case so far indicate an "urgent need for inspection." The SEC claims that "Ceffu" is a Binance entity, not just a digital asset wallet provider. The SEC said that Ceffu, which was renamed from Binance Custody earlier this year, may also provide services to Binance.US and was therefore used to transfer funds from U.S. customers overseas, which violated the previous agreement. At a subsequent hearing, U.S. District Court Judge Zia Faruqui did not make any ruling on the SEC's request for evidence disclosure or Binance.US's objection, but encouraged the two parties to jointly handle various requests for evidence discovery. The SEC and BAM agreed to hold a hearing on October 12 and submit a joint status report by October 10.
Yuga Labs' CryptoPunks documentary will be released on October 10
Yuga Labs announced a partnership with design firm Zak Group to launch the “Punks As Told By CryptoPunks” documentary series, with the first episode set to air on October 10, 2023.
Governance Voting:
The Aave community is voting on the temperature check proposal to add FXS to Ethereum V3, which ends on October 10th
The Aave community is voting on a temperature check proposal on whether to "add FXS to Ethereum V3". The proposal states that Aave can promote the diversification of GHO collateral by adding FXS. In addition, FXS obtained from the Aave V3 pool can be used as a new strategic asset for GHO or new aTokens. The addition of FXS will make it an important lending and collateral asset in the Aave ecosystem, similar to tokens such as BAL, SNX, and CRV. The current proposal has a support rate of 99.99%, but the quorum has not yet been reached, and the vote will end at 4:26 pm on October 10. It is reported that Frax Finance consists of stable protocols that issue Frax, FPI, FrxETH and sub-protocols (such as Fraxlend, Fraxswap, Fraxferry, etc.). Frax Shares Token (FXS) is the governance token and utility token of Frax Finance.
October 11
Policy supervision:
South Korea will hold a three-day briefing on the Virtual Asset User Protection Act starting on October 11
The Korean Digital Asset Exchange Association (DAXA) announced that it will hold a three-day briefing on the Virtual Asset User Protection Act starting on October 11. The briefing will discuss business compliance with the Virtual Asset User Protection Act and unfair trade regulations.
Token unlocking:
Moonbeam (GLMR) will unlock approximately 9.68 million tokens at 8:00 am on October 11, worth approximately $2 million
1inch (1INCH) will unlock about 215,000 tokens at 8 pm on October 11, worth about $54,000
October 12
Policy supervision:
US September CPI data released
Exchange:
Binance Futures will update the funding rate caps and settlement frequency for some U-margin perpetual contracts
Binance Futures will adjust the funding rate settlement frequency of some U-margined perpetual contracts from once every eight hours to once every four hours at 16:00 on October 12, 2023, including U-margined perpetual contracts of IMX, LPT, API3, HIFI, NMR, TRB, BLZ, DODO, STMX, CYBER, YGG, UNFI, FLM, PERP, and AMB.
Starting from 16:00 on October 9, 2023, the upper and lower limits of the funding rate for some U-margin perpetual contracts will be updated to 3% and -3%. This adjustment applies to all U-margin perpetual contracts with a maximum leverage of 25x or less. If the maximum leverage of a contract is reduced to 25x or less, the upper and lower limits of the funding rate for the contract will be automatically updated to 3% and -3% without further announcement.
Binance will remove 25 BUSD-related isolated margin trading pairs on October 12
Binance Margin will remove AAVE/BUSD, ADX/BUSD, AMP/BUSD, AR/BUSD, BADGER/BUSD, BETA/BUSD, CELR/BUSD, CHESS/BUSD, CHZ/BUSD, DEXE/BUSD, DREP/BUSD, HARD/BUSD, ILV/BUSD, IOTA/BUSD, JOE/BUSD, MBOX/BUSD, MOVR/BUSD, QI/BUSD, RPL/BUSD, SNX/BUSD, SYS/BUSD, TKO/BUSD, TOMO/BUSD, VOXEL/BUSD, and WRX/BUSD isolated margin trading pairs at 14:00 on October 12, 2023.
Project dynamics:
China Mobile Migu’s first NFT will be launched on the Opensea platform on October 12
The first NFT launched by "Meelier", a Web3 product of China Mobile Migu, has started whitelist pre-sale and announced that it will be officially launched globally on October 12. This NFT is based on the game characters in Migu's popular mobile game "Panda Cafe" and is developed through the "new scene + new technology + new narrative" method. "Meelier" will be sold on the Opensea platform in the form of a "blind box", and the project is expected to be limited to 2,000 units worldwide.
Ledn plans to expand crypto savings products to Ethereum from October 12
Crypto lending platform Ledn is expanding its Growth Account product, allowing users to earn 2% annualized returns on Ethereum deposits in addition to Bitcoin, USDC, and USDT savings products starting October 12. Ledn claims that unlike the complicated process of manual Ether staking, it provides a more user-friendly experience by simply transferring Ethereum to its Growth Account to start earning interest immediately.
Okcoin notified that users in some regions will have their accounts cancelled and will only be able to use login and withdrawal services from October 12
Okcoin will cancel the accounts of users in some regions. The email stated that due to new local regulations, Okcoin Technology Company Limited is closing its user accounts. Therefore, starting from October 12, 2023, the relevant users will only be able to use the login and withdrawal services of the Okcoin account. Users who received the email should not deposit any funds into their Okcoin accounts after October 12, 2023, and withdraw all their fiat and crypto assets before then. If the assets are not withdrawn, Okcoin will charge the relevant users a monthly account fee starting from October 16, 2023.
Token unlocking:
Aptos (APT) will unlock approximately 4.54 million tokens at 8:00 am on October 12, worth approximately $23.7 million
Euler (EUL) will unlock about 150,000 tokens at 9:10 pm on October 12, worth about $400,000
October 13
Exchange:
Binance Earn Coins will stop supporting BUSD subscriptions starting October 13
As Paxos stops issuing new BUSD tokens, Binance will gradually stop supporting BUSD. Binance will continue to support a variety of stablecoins and other digital assets. The platform reminds users that they can convert their BUSD assets into other assets supported by Binance before February 2024. Binance emphasizes that user assets are safe and BUSD will always be anchored to the US dollar at a ratio of 1:1. Among them, Binance Earn Coins will stop supporting BUSD subscriptions from 12:00 on October 13.
Curve is planning to apply for an incentive budget of up to 50 million ARBs, and the relevant voting will end on October 13
Curve has initiated a proposal vote in the Arbitrum community to apply for the Short-Term Incentive Program (STIP), planning to apply for a budget of up to 50 million ARB, specifically for providing incentive grants to eligible protocols. Successful applicants will receive funding after coordinating with the Arbitrum Foundation and the STIP-ARB multi-signature, and the funding depends on each applicant completing KYC and signing the Arbitrum Foundation Funding Agreement form. Funds will be allocated on a per-grant basis based on the number of votes in favor of each proposal until the 50,000,000 ARB budget is exhausted. For the proposal to be successful, it must reach the legal threshold of 71.51 million ARB and receive more than 50% of the votes in favor. Voting has now begun and will end at 18:00 on October 13.
Token unlocking:
Sweat Economy (SWEAT) will unlock approximately 227 million tokens at 8:00 am on October 13, worth approximately $2.28 million
October 15
Token unlocking:
CyberConnect (CYBER) will unlock approximately 1.26 million tokens at 8:00 am on October 15, worth approximately $6.3 million