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This week in the cryptocurrency space promises to be eventful, with important developments expected to shape market sentiment. Ecosystems like Solana, Jito, Ethena, and Jupiter are set to attract attention with notable updates.
Updates from these diverse DeFi (DeFi) and blockchain projects have the potential to influence investor behavior and the market landscape.
First up is a possible announcement from Solana which is expected on Thursday, December 5. The network is expected to announce a few big events, with rumors that they will involve some airdrops .
It’s unclear what Solana’s announcement will include. However, many Solana-based projects have major developments on the horizon, making them potential candidates for this notable Solana-related announcement.
For example, there was confirmation of the Wise Monkey (MONKY) airdrop for holders of Floki Inu (FLOKI), TokenFi (Token), and ApeCoin (APE). The snapshot date for APE is already November 29, while the snapshot date for FLOKI will be December 15. Distribution will be based on the number of Tokens.”
The announcement comes before Wise Monkey officially releases the MONKY Token on December 12, 2024. Elsewhere, Rectoverso (RESO), a DeFi platform built on the Solana blockchain, is also launching plan for an IDO (initial DEX offering), according to one contributor. Other candidates include the Qubic ecosystem, already suggest about an ongoing collaboration with Solana.
“This month, we are announcing a major update on the launch of Qubic and Solana, along with a special reveal of Imporium — a new initiative that will revolutionize our ecosystem,” Qubic shared.
Qubic is a Utility Token on the Stellar (XLM) blockchain. It aims to support decentralized applications (dApps) for diverse real-world challenges in the web3 sector.
Unlock Jito Token (JTO)
On December 7, Jito Network will unlock 135.71 million JTO Tokens valued at approximately 462 USD million at current prices. These tokens represent 103.01% of the circulating supply, which can weaken the market and cause price drops. As TinTucBitcoin reported, these Tokens will be distributed to core contributors and investors. Unlike core collaborators, investors can choose to profit early.
Jito Network is a significant contributor to the Solana ecosystem through its JitoSOL liquid staking pool and collection of MEV products.
Ethena Lab’s stablecoin is backed by BlackRock
Another big news this week was the launch of Ethena Lab’s new USDtb stablecoin, backed by BlackRock’s BUIDL fund. Synthetic USD protocol and crypto platform Securitize have filed one propose to include Ethena’s USDtb stablecoin in the $1 billion Spark Tokenization Grand Prix.
“Adoption of USDtb as a backing asset for USDe and as an eligible asset for the Reserve Fund, with the potential to be allocated as a backing asset of USDe as early as Day 1 when USDtb launches next week [tuần này],” a paragraph in the forum discussion states.
With this proposal, they hope to bring real assets (RWAs) to DeFi by providing liquidity to selected participants.
DOGE proposal from Musk and Ramaswamy
Additionally, this week Elon Musk and Vivek Ramaswamy will present important proposals to the Department of Government Capacity (DOGE). Musk plans to reduce defense spending as part of a Trump-appointed mandate to find ways to cut government spending.
“Elon Musk is right. The Pentagon, with a budget of $886 billion, just failed its seventh consecutive audit. They lost track of billions of dollars. Last year, only 13 senators voted against the Military Industrial Complex and a defense budget rife with waste and fraud. That has to change,” speak Bernie Sanders, a US politician and activist, senior senator from Vermont.
Meanwhile, Ramaswamy allude halting or increasing defense spending, arguing against reflexive increases in size. Both Coinbase CEO Brian Armstrong and Gemini co-founder Cameron Winklevoss have supported the proposal.
Vote on Jupiter’s revised airdrop proposal
Jupiter’s revised airdrop proposal will also be up for a vote this week. Solana-based DEX aggregator plans to airdrop approximately 860 million JUP in January, marking the 2nd round of airdrops. Community members expect this vote to take place.
“The vote on whether this will happen is about to begin, and I believe it will happen. Snapshot has been taken, and there will be a vesting mechanism with 75% fees if you choose to receive immediately,” a Solana DeFi supporter speak recently.
Optimism was bolstered when the minimum threshold to pass the vote was crossed. Passing this proposal means there will be two more airdrops of 700 million JUP Tokens each.
Launch of Gala Film
Also on December 5, the Gala ecosystem will launch its FILM Token. The Token launch comes after Gala Film rewrote the playbook for the web3 era. With it, they built a free platform that improves the viewing experience for fans. It also empowers filmmakers to create anything their imagination can command.
“Gala Film’s revolutionary plan is driven by a single upcoming GalaChain Token: FILM. And we’re excited to announce that the official launch date has been set. FILM will be launched on December 5, 2024,” Gala said.
Gala Film is an ecosystem built on GalaChain’s web3 infrastructure, with a vision revolving around FILM, the official reward and utility token of the platform. Users collect FILM as a reward for multiple levels of participation. The token will also help promote potential projects and unlock exclusive benefits. Community members will use it to fund a future of decentralized video content and usher in a new era of creativity.
In addition to these events, the cryptocurrency market must also brace for an impact from US economic data this week, which is expected to drive volatility.
General Bitcoin News
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