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Huge Week For Crypto: What to Watch

chain

A hand-picked selection of some of the most significant cryptocurrency developments to watch, all expected this week…

BSCN

August 28, 2023

Summary:

  • The Securities and Exchange Commission (SEC) is expected to weigh in on multiple Bitcoin ETF filings, in the build-up to early September deadlines.
  • Major token unlocks are expected across Sui Network ($SUI), Optimism ($OP), Hedera ($HBAR).
  • Doodle and Crocs have collaborated to produce an exclusive Crocs set and various digital assets, with public sale expected to begin on August 29.
  • Aerodrome, Base Network’s version of Optimism’s Velodrome, is expected to launch this week, according to the project’s Twitter/X account. 
  • Optimism mainnet is expected to witness as much as 5 minutes of downtime, as its mainnet sequencer is upgraded. 

Next Round of Bitcoin ETF Decisions

It has been impossible to escape the SEC x Bitcoin ETF saga, with many suggesting that approval of a spot Bitcoin ETF in the US could trigger the early signs of a coming bull market across the industry.

The start of September coincides with a host of SEC decision deadlines, across a range of BTC ETF filings. 

The SEC is expected, by September 1, to comment on the Bitwise Bitcoin ETP trust. However, by September 2, the SEC is expected to further weigh in on similar proposals from the likes of BlackRock, Fidelity, Invesco, and VanEck, before also meeting a September 4 deadline for Valkyrie's proposal for a Bitcoin ETF. 

With such significant deadlines on the horizon, the cryptocurrency landscape is watching carefully for a decision that may propel the industry to new levels, but equally, could leave the blockchain community disappointed once again.

Token Unlocks - Supply Shocks Incoming?

Some of the most significant token supply injections coming this week…

  • Hedera: 1.15 billion $HBAR tokens are due to be unlocked this week on September 1. This amounts to 3.5% of the current circulating supply and has an estimated value of $64.3 million, at time of writing.
  • Sui Network: 34.6 million $SUI token are expected to join circulation this week on September 3 - nearly 5% of current supply, worth close to $19 million, at time of writing.
  • Optimism: August 30 will see 24.16 million $OP tokens injected into supply. At time of writing, this equates to 3.4% of circulating supply with an approximate value of $34.3 million, at time of writing.

NFT Drop: Doodles x Crocs

The public sale for the collaboration between blue-chip NFT collection, Doodles, and well-known footwear manufacturer, Crocs, is expected to go live on August 29.

Successful participants will gain access to an exclusive pair of Crocs shoes designed alongside Doodles' signature camo-pattern, and purchasers will also gain access to a ‘Crocs Box’ digital collectible, the burning of which will allow for two Crocs wearable collectibles and a ‘Stoodio Beta Pass’.

The exclusive items will be available for $120 during the public sale.

Aerodrome/Velodrome to Launch on Base Network

In continuation of public collaboration between Coinbase’s layer-2, Base, and Optimism, Aerodrome is expected to launch on Base Network mainnet this week. 

Aerodrome is a trading and liquidity marketplace built for Base Network. However, it is built using the Optimism-built Velodrome’s v2 stack, signifying the latest overlap between the two layer-2 solutions. 

The update comes hot on the heels of recent announcements regarding fee-sharing between Base and Optimism. 

Optimism to Experience Downtime

Optimism’s latest mainnet upgrade is itself expected early this week, with five minutes of network downtime anticipated as a result.

In particular, Optimism’s mainnet sequencer will be the subject of the upgrade. The aim of the development is to “enable future zero downtime deployments” according to the project.

Much will likely rest on Optimism’s ability to execute the upgrade without hiccups, and a smooth transition is especially important given impending token unlocks expected on August 30. 

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected].

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