Market

OP, SUI, ZETA and More

Published

7 months ago

August 25, 2024

Coin2049 Newsletter

Token unlock involves releasing tokens that were previously blocked under fundraising terms. Projects carefully schedule these releases to avoid market pressure and prevent a drop in token prices.

However, factors like lack of liquidity or early investor profit-taking can significantly impact an asset’s dynamics. Here are eight major token unlocks to watch next week.

Yield Guild Games

Unlock date: August 27
Number of tokens unlocked: 14.08 million YGG
Current circulating supply: 380.83 million YGG

Yield Guild Games (YGG) is a gaming community that operates on a play-to-earn model. It brings together gamers worldwide, enabling them to earn cryptocurrency rewards by participating in various blockchain games. YGG invests in NFT assets, such as in-game items and virtual land, making these available for guild members to borrow and use in their gaming endeavors.

In a few days, Yield Guild Games (YGG) will unlock a substantial portion of its tokens. These tokens will be distributed across the community, founders, investors, and the treasury, fueling the guild’s growth and ecosystem development.

SingularityNET (AGIX)

Unlock date: August 28
Number of tokens unlocked: 8.32 million AGIX
Current circulating supply: 527.10 million AGIX

SingularityNET is a decentralized blockchain platform designed to develop and host AI applications. The platform’s native token, AGIX, is essential for transactions, governance, and rewarding node operators who maintain and develop the network. SingularityNET also supports cross-chain functionality, enabling the AGIX token to operate on both the Cardano and Ethereum networks.

In August, a key event for AGIX token holders will take place with the distribution of unlocked tokens to participants in the AGIX-ADA rewards program. This initiative aims to incentivize and reward community members who actively contribute to the platform’s growth and development.

AGIX unlock — AGIX Unlock. Source: token.unlocks

Optimism (OP)

Unlock date: August 31
Number of tokens unlocked: 31.34 million OP
Current circulating supply: 1.18 billion OP

Optimism is a Layer-2 scaling solution designed to improve the speed and lower the costs of transactions on the Ethereum mainnet. The OP token plays a crucial role in governance, allowing holders to vote on proposals and decisions that shape the network’s development and management.

On August 31, Optimism will increase its circulating supply by 31.34 million OP. According to TokenUnlocks, the project will distribute these tokens among core contributors and investors.

Optimism unlock — OP Unlock. Source: token.unlocks

Echelon Prime (PRIME)

Unlock date: August 31
Number of tokens unlocked: 750,000 PRIME
Current circulating supply: 44.52 million PRIME

Echelon Prime (PRIME) is the native token of the Echelon Prime Foundation, which focuses on advancing Web3 gaming ecosystems. The foundation provides tools and resources for new gaming models and economies, with its first major adoption in the sci-fi trading card game Parallel.

On August 31st, Echelon Prime will unlock 750,000 PRIME tokens reserved for investors in Parallel Studios. This release is part of a larger token vesting schedule that began on July 31, 2023. These tokens are part of a monthly unlock for investors and are expected to continue until July 2025.

Prime unlock — PRIME unlock. Source: token.unlocks

dYdX (DYDX)

Unlock date: September 1
Number of tokens unlocked: 8.33 million DYDX
Current circulating supply: 227.34 million DYDX

In early 2023, dYdX, the largest decentralized perpetual futures trading protocol, announced changes to its initial tokenomics. According to the update, 27.7% of dYdX’s total supply will go to early investors, 26.1% to the treasury, 15.3% to the team, and 7.0% to future dYdX employees and consultants.

On September 1, approximately 8.33 million DYDX tokens will be unlocked. The majority of these tokens will be distributed among investors and the project team, while a portion is reserved for future employees.

dydx unlock — DYDX Unlock. Source: token.unlocks

Sui (SUI)

Unlock date: September 1
Number of tokens unlocked: 64.19 million SUI
Current circulating supply: 2.59 billion SUI

Sui is a high-performance Layer-1 blockchain that utilizes a Proof-of-Stake consensus to increase network operation and security. The project was developed by Mysten Labs, a company founded in 2021 by former Novi Research employees who created the Diem blockchain and the Move programming language.

The SUI token facilitates governance, enabling token holders to vote on important proposals and shape the platform’s future. The next unlock will happen on September 1, releasing a large portion of tokens set aside for Series A and B participants, community reserve, and the Mysten Labs treasury.

sui unlock — SUI Unlock. Source: token.unlocks

ZetaChain (ZETA)

Unlock date: September 1
Number of tokens unlocked: 53.89 million ZETA
Current circulating supply: 343.07 million ZETA

ZetaChain is a decentralized blockchain platform that enables seamless interoperability across various blockchain networks. One of its main features is cross-chain communication, which allows for the exchange of tokens and data between different blockchains, such as Ethereum and Binance Smart Chain.

On September 1, it will unlock nearly 54 million ZETA tokens. The newly released coins will be allocated across several initiatives, including a user growth pool, an ecosystem growth fund, support for core contributors, advisory roles, and liquidity incentives.

Zeta unlock — ZETA Unlock. Source: token.unlocks

Ethena (ENA)

Unlock date: September 1
Number of tokens unlocked: 14.89 million ENA
Current circulating supply: 1.80 billion ENA

Ethena is a synthetic currency protocol built on Ethereum. It provides a native cryptocurrency solution independent of traditional banking, and also offers global users a dollar-denominated savings instrument called the ‘Internet Bond.’

The ENA token enables holders to vote on governance proposals. On September 1, the project will unlock almost 15 million ENA dedicated to ecosystem development.

Ethena unlock — ENA Unlock. Source: token.unlocks

Other next-week cliff unlocks include Tornado Cash (TORN), Euler (EUL), 1inch (1INCH), and Manta (MANTA), with a total value exceeding $179 million. Although many consider token unlocks bearish, a well-planned schedule can strengthen a project’s long-term viability. Aligned with milestones and development progress, unlocks will motivate team members, boost community engagement, and promote ecosystem growth.

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Market

Is CZ’s April Fool’s Joke a Crypto Reality or Just Fun?

Published

21 minutes ago

April 1, 2025

Coin2049 Newsletter

On April 1, Binance co-founder Changpeng Zhao (CZ) shared an amusing hypothetical on social media platform X (Twitter).

He posed the hypothetical scenario of a user generating a cryptocurrency wallet address commonly used for token burns, which permanently remove tokens from circulation.

Binance’s CZ Shares Cryptic Hypothetical on April Fools Day

Changpeng Zhao’s April Fools’ joke about generating a token burn address sparked discussions. However, the chances of it happening are astronomically low. CZ shared the post during the early hours of the Asian session, kickstarting an interesting discourse.

“Imagine downloading Trust Wallet and finding your newly generated address is: 0x000000000000000000000000000000000000dead. Theoretically speaking, it has the same chance as any other address. Alright, enough imagining. Not gonna happen. Get back to building. Happy Apr 1!” Changpeng Zhao wrote.

It comes in time for April Fools’ Day, celebrated annually on April 1, dedicated to practical jokes, hoaxes, and playful deception. Trust Wallet, integrated as Binance’s non-custodial wallet provider, played along with the joke.

“Happy April Fool’s Day,” wrote Trust Wallet.

While the idea seems far-fetched, CZ was not technically wrong. Theoretically, there is an infinitesimally small probability that someone could randomly generate a wallet address matching “0x000…dead” using software like Trust Wallet.

However, the chances are comparable to winning the lottery multiple times. To put things into perspective, one can generate blockchain addresses using cryptographic hashing functions that produce 160-bit outputs.

This means there are 2¹⁶⁰ possible Ethereum addresses—a number so vast that generating any specific address, such as “0x000…dead,” is practically impossible.

“Haha, imagine the odds! That is a 1 in 2^160 type of vibe. Good one, CZ—back to work now, no distractions from the code,” Synergy Media wrote, putting the rarity into context.

While CZ’s April Fool’s joke entertained the crypto community, the reality remains unchanged. The likelihood of generating a wallet address identical to “0x000…dead” is close to zero. This means the post was a fun thought experiment but nothing more.

“Imagine that you can randomly generate a Bitcoin private key every second, and suddenly one day the private key you generated happens to correspond to Satoshi Nakamoto’s wallet or Binance’s wallet. That’s terrifying,” another user quipped.

However, the joke does highlight the fascinating cryptographic underpinnings of blockchain technology. While every address is technically possible, some are rare and might as well be myths. Crypto users will have to keep burning their tokens the old-fashioned way.

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XRP Bulls Fight Back—Is a Major Move Coming?

Published

1 hour ago

April 1, 2025

Coin2049 Newsletter

XRP price started a fresh decline below the $2.080 zone. The price is now recovering some losses and might face hurdles near the $2.150 level.

XRP price started a fresh decline after it failed to clear the $2.20 resistance zone.
The price is now trading below $2.120 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $2.10 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might extend losses if it fails to clear the $2.150 resistance zone.

XRP Price Faces Resistance

XRP price failed to continue higher above the $2.20 resistance zone and reacted to the downside, like Bitcoin and Ethereum. The price declined below the $2.150 and $2.10 levels.

The pair even declined below the $2.050 zone. A low was formed at $2.023 and the price is now attempting a recovery wave. There was a move above the $2.050 level. The price cleared the 23.6% Fib retracement level of the recent decline from the $2.215 swing high to the $2.023 low.

The price is now trading below $2.120 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.10 level. There is also a connecting bearish trend line forming with resistance at $2.10 on the hourly chart of the XRP/USD pair. The trend line is near the 50% Fib retracement level of the recent decline from the $2.215 swing high to the $2.023 low.

The first major resistance is near the $2.150 level. The next resistance is $2.1680. A clear move above the $2.1680 resistance might send the price toward the $2.20 resistance. Any more gains might send the price toward the $2.220 resistance or even $2.250 in the near term. The next major hurdle for the bulls might be $2.2880.

Another Decline?

If XRP fails to clear the $2.120 resistance zone, it could start another decline. Initial support on the downside is near the $2.050 level. The next major support is near the $2.020 level.

If there is a downside break and a close below the $2.020 level, the price might continue to decline toward the $2.00 support. The next major support sits near the $1.880 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $2.050 and $2.020.

Major Resistance Levels – $2.120 and $2.150.

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Market

CFTC’s Crypto Market Overhaul Under New Chair Brian Quintenz

Published

2 hours ago

April 1, 2025

Coin2049 Newsletter

Brian Quintenz, the incoming Chair of the US CFTC (Commodity Futures Trading Commission), has begun meeting with Capitol Hill lawmakers before his nomination hearing.

On Monday, Quintenz met with Senator Chuck Grassley (R-IA) to discuss key regulatory issues, including the CFTC’s role in overseeing crypto spot markets.

CFTC Targets Crypto Spot Market After Derivatives

Brian Quintenz met with Republican Senator from Iowa Chuck Grassley to discuss another element in the CFTC’s crypto market structure regulation agenda. This time, the focus is on crypto spot markets.

“It was wonderful to meet with you Chuck Grassley and discuss your leadership on whistleblower issues as well as the future of the agency,” Quintenz stated.

Grassley also commented on their discussion. He highlighted the CFTC Whistleblower Protection Program for spot crypto markets as part of the agenda. Notably, Grassley is a member of the Senate AG Committee, the legislative body overseeing the CFTC.

Eleanor Terrett, host of the Crypto America podcast, indicated that the Senate AG Committee will have a significant role in part of the CFTC’s crypto regulation agenda. Specifically, it would have an outsized say in whether the CFTC could gain expanded jurisdiction over crypto spot markets.

The meeting comes as the CFTC moves closer to expanding its role in crypto regulation. US President Donald Trump tapped Quintenz, a former executive at venture capital firm Andreessen Horowitz (a16z), to lead the agency.

His appointment is part of Trump’s broader plans to reshape crypto oversight. This could potentially give the CFTC greater authority over digital asset markets.

Meanwhile, regulatory developments surrounding crypto have accelerated in recent weeks. The CFTC eased regulatory hurdles for the crypto derivatives market only days ago. The move will enhance market efficiency and attract institutional investors.

Beyond derivatives and spot markets, the CFTC is also exploring other areas of crypto oversight. The agency recently announced plans to host a roundtable discussion on prediction market regulation. It aims to address the regulation of decentralized prediction platforms.

Stablecoins are also on the agency’s radar. The CFTC also revealed a forum to discuss stablecoin regulation and potential risks associated with their widespread adoption.

Additionally, the Federal Deposit Insurance Corporation (FDIC) and the CFTC revoked previous crypto-related guidelines, signaling a shift in regulatory strategy.

Crypto markets can also not rule out the possibility of further collaboration between key agencies in the broader industry. Reports indicate that the US SEC (Securities and Exchange Commission) and the CFTC have discussed reviving a joint advisory committee to coordinate on crypto regulation.

If revived, the committee could serve as a bridge between the agencies. This would address concerns over jurisdictional overlap and streamlining oversight efforts.

As Quintenz prepares for his nomination hearing, his meetings with lawmakers suggest that crypto regulation will be a top priority for the CFTC moving forward.

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