Weekly preview | The US presidential election is about to enter its final battle; the Federal Reserve will announce its interest rate decision after the interest rate meeting

News preview:

• The MakerDAO community plans to hold a governance vote on November 4 on whether to abandon the Sky brand;
• The US presidential election will usher in the final battle on November 5th local time, and the election result can be basically determined around noon on the 6th Beijing time;
• The Federal Reserve will hold an FOMC meeting from November 6 to 7 and announce the next interest rate decision at 3 a.m. Beijing time on the 8th;
• BNB Chain announced that the MVB Season 8 Accelerator will hold a Demo Day on November 7;
• Lamborghini, Animoca and Motorverse will jointly launch the Fast ForWorld platform on November 7 to introduce cars into Web3 games;
• Neon (NEON) will unlock approximately 53.91 million tokens at 8:00 am Beijing time on November 7, accounting for 44.92% of the current circulation, with a value of approximately US$21.2 million.

November 4

Project News:

Sonic Labs' new bounty program for "Sonic Boom" ends on November 4

Sonic Labs has launched a new bounty program called "Sonic Boom" to advance the Sonic network by promoting key application development in areas such as exchanges, lending, tools, payments, stablecoins, yield, games and NFTs. The program will last for nearly 13 weeks and will end on November 4, and will reward up to 30 winning projects with Sonic Gems based on carefully formulated criteria. Sonic Gems are points that users can use to participate in future airdrops. Sonic is a new technology stack in the Fantom blockchain ecosystem, which is expected to process more than 2,000 transactions per second with an average final confirmation time of one second.

Governance Voting:

The MakerDAO community plans to hold a governance vote on November 4 on whether to abandon the Sky brand

MakerDAO is discussing whether to abandon the Sky brand due to the lukewarm market response after the rebrand. Despite the successful launch of the USDS stablecoin, the SKY token has performed poorly, falling 23% recently, far below the performance of the CoinDesk 20 Index. The community plans to hold a formal governance vote on November 4 to decide whether to restore the original Maker brand, maintain the Sky brand, or rebrand. MakerDAO founder Rune Christensen said that the community still highly recognizes the stability and trust of the Maker brand.

Token unlocking:

Staika (STIK) will unlock about 1.57 million tokens at 8:00 am Beijing time on November 4, accounting for 0.01% of the current circulation, with a value of about US$2.8 million;

November 5

Policy supervision:

The US presidential election will usher in the final battle on November 5th local time

The final battle of the US election next week may trigger a nuclear-level warning. The bullets of the dollar bulls are "fully loaded". With the worst non-farm payrolls in the past four years, the expectation of a 25 basis point interest rate cut by the Federal Reserve next week is almost fully fired. The market focus next week includes the US election, the Federal Reserve's interest rate decision and the Bank of England's interest rate decision. The US will hold the 2024 presidential election starting next Tuesday. Many major polls still show that Trump and Harris are evenly matched. Overall, the election result is basically determined around midnight Eastern Time on the US election day, which corresponds to around noon on the 6th Beijing time .

Token unlocking:

Delysium (AGI) will unlock approximately 8.57 million tokens at 8:00 am Beijing time on November 5, accounting for 0.71% of the current circulation, with a value of approximately US$1.4 million;

November 6

Policy supervision:

The Federal Reserve will hold its FOMC meeting on November 6-7 and make its next interest rate decision after the meeting.

The Fed will hold its FOMC meeting on November 6-7 and will make its next interest rate decision at 3 a.m. Beijing time on the 8th. In the question-and-answer session after the speech, Waller declined to provide details on the "gradual" pace of rate cuts. Fed Governor Waller said that recent economic data showed that policymakers did not need to be as urgent as last month's meeting when dealing with subsequent rate cuts. "I think the overall data shows that monetary policy should be more cautious in the pace of rate cuts than at the September meeting," Waller said. He added that if the current economic conditions continue, "we can move policy to a neutral stance at a prudent pace." The neutral policy rate refers to an interest rate that neither promotes nor suppresses economic growth. Waller also said that recent data - including an upward revision to economic growth and an increase in job vacancies - suggest that the extent of the economic slowdown may not be as expected. At the same time, Waller said his base expectation is to gradually reduce interest rates next year.

Project dynamics:

UniSat: LP rewards on PizzaSwap will be launched on November 6

UniSat posted on the X platform that LP rewards on PizzaSwap will be launched on November 6, and it also includes the first major version update of PizzaSwap since its launch. In this update,

• PizzaSwap will be open to all brc-20 tickers on Fractal and allow users to create any trading pair.
• FB rewards will be generated into a specific liquidity pool for FB trading pairs within 14 days (details of reward amounts will be provided in updates.)
• In the first Epoch, PizzaSwap will support the following pairs: sFB <> sBTC, and sFB <> sSATS.

Gitcoin's 22nd Grants Program will last until November 6

The Web3 public goods protocol Gitcoin has launched the 22nd round of Grants, which will run from October 23 to November 6. This round of funding focuses on expanding open source software (OSS) and supporting digital public goods, with a total of $1.125 million in matching funds. Among them, 4 OSS rounds will receive a total of $1 million in matching funds, and 7 community rounds will receive matching funds ranging from $12,500 to $20,000. In addition, this round introduced on-chain proof casting and cross-chain donation functions, further enhancing the accessibility and transparency of donations, and promoting community support for the development of Web3 and digital public goods.

Governance Voting:

ZKsync will launch on-chain voting on the proposal to “distribute 325 million ZK to DeFi users within 9 months” on November 6

ZKsync community ZK Nation said that the ZKsync Ignite Program TPP 001 proposal "Distributing 325 million ZK tokens to DeFi users within 9 months" has been submitted to the chain after representative feedback and multiple iterations. The voting will start at around 01:00 on November 6 and end on November 13. The proposal proposes to distribute 325 million ZK tokens within 9 months, of which 300 million will be distributed to users through six minters (with an upper limit of 50 million each), and the other 25 million tokens will be managed by four minters to cover management and unforeseen costs. The proposal aims to establish a DeFi liquidity center on ZKsync Era and improve the liquidity of all interoperable ZK chains (Elastic Chain).

Token unlocking:

Cardano (ADA) will unlock approximately 18.53 million tokens at 8:00 a.m. Beijing time on November 6, accounting for 0.05% of the current circulation, worth approximately $6.2 million.

Ethena (ENA) will unlock approximately 12.86 million tokens at 5:00 pm Beijing time on November 6, accounting for 0.45% of the current circulation, with a value of approximately US$4.5 million;

Eigenlayer (EIGEN) will unlock approximately 1.29 million tokens at 3:00 a.m. Beijing time on November 6, accounting for 0.69% of the current circulation, with a value of approximately US$3.1 million;

Cetus Protocol (CETUS) will unlock approximately 8.3 million tokens at 8:00 a.m. Beijing time on November 6, accounting for 2.61% of the current circulation, with a value of approximately US$1.5 million;

Heroes of Mavia (MAVIA) will unlock approximately 1.15 million tokens at 8:00 am Beijing time on November 6, accounting for 3.64% of the current circulation and worth approximately US$1.3 million;

November 7

Project dynamics:

Optimism: Season 5 and 6 Superchain Contributor Voting Ends on November 7

Optimsm posted on the X platform that during Season 5 and Season 6, up to 3.5 million OP will be distributed to contributors to Optimism Governance, which means that contributors from October 2023 to September 18, 2024 will receive rewards. The voting will be held from October 28 to November 7, and the results will be announced on November 19.

BNB Chain Announces MVB Season 8 Accelerator Demo Day on November 7

BNB Chain announced the 35 projects selected for its eighth season of the "Most Valuable Developer (MVB)" accelerator program, including: DeFi projects: Allo.xyz, Avalon, CarbonFi, Evoq Finance, Paimon, RateX, SparkleX, uDEX, Vanilla Finance, YieldFi, YieldNest; infrastructure projects: Alaya AI, APRO Oracle, Balloon Dogs, BAS, Blockus, Codatta, CodexField, Infinity Ground, Matchain, Yotta Labs; application layer projects: Alias, Alt.town, Balance, Bando, Cat Gold Miner, Four.meme, Gameland, GamerBoom, GraFun, MEET48, Moso, Nomis, REVOX and TaleX. These projects will showcase their results at the Demo Day on November 7, and Binance Labs will make investment decisions based on their performance.

Lamborghini, Animoca and Motorverse to Launch Fast ForWorld Platform on November 7, Bringing Cars to Web3 Games

Lamborghini has partnered with Web3 gaming company Animoca Brands to launch the first blockchain-based interoperable digital car, marking its official entry into the Web3 gaming space. The collaboration will be achieved through a platform called "Fast ForWorld," where players can buy, sell and drive Lamborghini cars in games in the Motorverse ecosystem, including Torque Drift 2 and REVV Racing. Animoca said the platform will go live on November 7 and will offer a 3D wallet feature that allows users to store and use their digital cars. The collaboration is part of Lamborghini's exploration of new ways for Web3 brands to engage.

LocalMonero Exchange to Shut Down on November 7 Due to Decline in Crypto Privacy Services

LocalMonero, a peer-to-peer trading platform for the privacy coin Monero (XMR), has ceased service, adding to a recent wave of closures and arrests in the cryptocurrency privacy space. On May 7, LocalMonero announced that all new registrations and Monero trading advertisements were disabled from that date. On May 14, the platform will ban trading of the privacy-focused crypto asset. The company cited "a range of internal and external factors" as the reason for the closure, but did not disclose the specific reasons. In addition, the company said that it would shut down the website on November 7 and advised users to remove funds from their wallets before that date, otherwise the funds may be considered abandoned.

Token unlocking:

Neon (NEON) will unlock approximately 53.91 million tokens at 8:00 am Beijing time on November 7, accounting for 44.92% of the current circulation, with a value of approximately US$21.2 million;

GoGoPool (GGP) will unlock approximately 840,000 tokens at 8:00 a.m. Beijing time on November 7, accounting for 11.79% of the current circulation, with a value of approximately US$3.7 million;

Hashflow (HFT) will unlock approximately 13.62 million tokens at 8:00 am Beijing time on November 7, accounting for 2.92% of the current circulation, with a value of approximately US$1.6 million;

November 8

Project dynamics:

Decentralized video conferencing project Huddle01 plans to open node public sale on November 8

The decentralized video conferencing project Huddle01 plans to raise $37 million through node sales to provide low-latency, censorship-resistant real-time connections, aiming to surpass Zoom and Google Meet. The first round of node sales will be open to whitelisted users on November 6 and will be available to the public on November 8, with a goal of raising $8 million. Huddle01 is developed based on the Orbit technology of Ethereum Layer-2 network Arbitrum, and the test network will be launched within two weeks after the sale ends. Node operators can receive token rewards by contributing network bandwidth, and about 21% of HUDL tokens will be allocated to node operators.

Token unlocking:

Banana Gun (BANANA) will unlock approximately 250,000 tokens at 8:00 am Beijing time on November 8, accounting for 7.21% of the current circulation, with a value of approximately US$11.7 million;

November 9

Token unlocking:

Bitget Token (BGB) will unlock approximately 5.38 million tokens at 8:00 am Beijing time on November 10, accounting for 0.38% of the current circulation and worth approximately US$6 million;