Coinbase Users Must Withdraw CGLD Before Migration
Coinbase has announced that it will not facilitate the migration of the Celo L1 blockchain (CGLD) to Celo L2, which is set to occur on January 16, 2025. Customers are required to withdraw their CGLD holdings from Coinbase by January 13, 2025, to avoid losing access to their assets. Once the hard fork is completed, the Celo L1 network will cease block production, and users will be unable to transfer or receive funds on that network, rendering any remaining balances on Coinbase inaccessible.
Usual Protocol Implements Measures to Stabilize Ecosystem
In response to the significant deviation of its stablecoin USD0++ from the $1 peg, Usual Protocol announced plans to activate the yield switch feature on January 13. This decision comes after recognizing community concerns regarding the stability of its pegged stablecoin. The “Revenue Switch” feature will enable the protocol to distribute earnings from real-world assets and operations to users, with an expected monthly revenue around $5 million and an annualized return rate exceeding 50%. Distributions are planned to occur weekly, aiming to enhance the value of USUAL tokens and maintain equilibrium within its economic framework. The yield switch will activate once over 50% of USUAL tokens are staked, but if this condition is not met, it will automatically engage on February 1, 2025. Additionally, Usual Protocol will introduce a “1:1 early unstaking” option next week, permitting users to exchange USD0++ at a rate of $1, albeit with a penalty on accrued rewards.
South Korean Court to Discuss Impeachment Case
The Constitutional Court of South Korea is scheduled to hold its initial discussion regarding the impeachment case of President Yoon Suk-yeol on January 14.
Launch of Shiba Inu Ecosystem Token TREAT
The Shiba Inu ecosystem is set to introduce its new token, TREAT, on January 14. Lead developer Shytoshi Kusama has suggested that this token will play a crucial role in achieving the full decentralization of the Shiba Inu framework. TREAT is characterized as both a utility and governance token for a new privacy-oriented Layer3 blockchain, designed to enable access to advanced features of the network. Further details about TREAT will be shared shortly, and Kusama plans to discuss its significance in a weekly podcast on Tuesday.
Legal Challenge Against OpenAI’s Shift to Profit
Mario Nawfal, the founder and CEO of IBC Group, has reported that a youth-led organization called Encode has filed an amicus brief urging a federal court to halt OpenAI’s transition to a profit-driven model. This move has raised alarms among experts, including Nobel laureate Geoffrey Hinton and AI authority Stuart Russell, who argue it could jeopardize public safety in favor of investor profits. Encode’s Chair, Sneha Revanur, emphasized that OpenAI’s original non-profit mission is vital for humanity’s safety, and transforming it into a profit-centric entity poses significant risks. The court is expected to hear this case on January 14.
Nodepay to Conduct First Airdrop
The decentralized AI platform Nodepay has announced its inaugural airdrop, scheduled for January 14. The initiative will distribute a total of 115 million Nodecoins (NC), representing 11.5% of the total supply. Nodepay has previously conducted an airdrop final query, allowing users to verify their token allocations across different seasons.
Launch of bzSOL Token by Renzo
Renzo Protocol is set to unveil its new token, bzSOL (re-staked Binance Staked SOL), with minting available for a 24-hour period beginning at 8:30 AM EST on January 14. Users will be able to mint bzSOL using either SOL or BNSOL, with the token initially aimed at enhancing security for the Jito Tip Router. This will enable users to earn additional staking rewards through automatic compounding, while also offering liquidity benefits for trading and earning yields within DeFi protocols.
U.S. CPI Data Release on January 15
On January 15 at 21:30 Beijing time, the U.S. is set to release its Consumer Price Index (CPI) data for December, which could significantly influence expectations regarding future interest rate cuts.
HECO Network to Go Offline
The HECO network will cease operations on January 15, 2025, involving the withdrawal of several HRC20 assets, including HRC20ETH, HRC20TUSD, HRC20LINK, among others. These assets will be converted to points, which will be linked to users’ HECO account wallet addresses. All exchanges and accounting processes are expected to be finalized by January 10, 2025, with confirmed points converted to HTX.
Derive to Launch DRV Token
Derive, previously known as Lyra, has announced the forthcoming launch of its DRV token on January 15, 2025. The project has indicated that 5% of the DRV token supply will be allocated to stakers of the sENA token.
Upcoming Release of “Crypto Man” Film
The South Korean film “Crypto Man,” directed by Hyeon Ha-lee, is set for release on January 15, 2025. The film is inspired by a real-life cryptocurrency crash that resulted in losses exceeding 50 trillion won (approximately $34.9 billion). It follows the story of Yang Do-hyun, portrayed by the late actor Song Jae-rim, who navigates entrepreneurial setbacks to launch the cryptocurrency MOMMY, only to face regulatory challenges later. The film aims to provide a humorous look at the lives of young South Koreans balancing stock trading during the day with cryptocurrency trading at night. As of the end of 2023, data from Upbit indicates that South Korea has 3,759 cryptocurrency millionaires, with younger investors averaging $3.65 million in digital assets.
SEC Ordered to Submit Briefs in Ripple Case
Recent updates regarding the SEC’s case against Ripple reveal that the Second Circuit Court of Appeals has mandated the SEC to file its litigation briefs by January 15, 2025. Failure to comply with this deadline will result in the dismissal of the appeal. Any requests for extensions or alternative relief options will not be considered in relation to the submission deadline.
Scott Bessent’s Senate Nomination Hearing
Scott Bessent is expected to undergo his Senate nomination hearing for the position of U.S. Treasury Secretary on January 16.
OKX to Launch DuckChain Spot Trading
OKX has announced the upcoming launch of spot trading for DuckChain (DUCK). The deposit period for DUCK will commence on January 10, 2025, with collective auctions taking place on January 16, followed by the opening of DUCK/USDT spot trading and withdrawals on the same day.
Coinbase International to Introduce New Perpetual Contracts
Coinbase International and Coinbase Advanced will soon support perpetual contracts for Aerodrome Finance, Beam, and Drift, with trading for AERO-PERP, BEAM-PERP, and DRIFT-PERP set to begin at or after 9:30 AM (UTC) on January 16, 2025.
CFTC Enforcement Director Announces Departure
CFTC Enforcement Director Ian McGinley has officially announced his departure on January 17, having joined the agency in February 2023. During his tenure, McGinley oversaw enforcement actions against major firms such as Binance and KuCoin. In his statement, he highlighted that prioritizing the CFTC’s role as the main enforcement body for digital assets was a significant goal of his leadership. Reports suggest that Trump’s transition team is considering potential candidates for CFTC leadership but has not acted with the same urgency as with SEC appointments. If cryptocurrency legislation progresses in 2025, the CFTC might become the primary regulator of the U.S. digital asset sector.
Philippine SEC Seeks Feedback on Cryptocurrency Rules
The Philippine Securities and Exchange Commission (SEC) has released a draft proposal for new regulations governing cryptocurrency service providers, inviting public commentary until January 18, 2025. This draft outlines definitions for cryptocurrency service providers, licensing criteria, operational standards, risk management practices, customer fund protection guidelines, and disclosure obligations. It mandates that entities issuing cryptocurrencies submit disclosure documents to the SEC at least 30 days prior to any marketing or public sale activities.
FDIC Chairman to Resign
Martin Gruenberg, Chairman of the Federal Deposit Insurance Corporation (FDIC), has announced his resignation effective January 19, just before Trump’s inauguration. Gruenberg, a Democrat, informed FDIC staff of his decision and has communicated it to incoming President Biden. The FDIC is responsible for deposit insurance, oversight of financial institutions for consumer protection, and management of failed banks, playing a crucial role in maintaining the stability of the U.S. financial system and public confidence.
Conclusion
ChainCatcher emphasizes the importance of approaching blockchain technology with a rational mindset, urging readers to enhance their risk awareness and exercise caution regarding various virtual token offerings and speculative investments. All content provided is intended solely for informational purposes and does not constitute investment advice. If sensitive information is identified, please report it for prompt attention.
