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Top Crypto News This Week: FOMC Meeting, Token Merger, Airdrops, Liquid Staking, and More

4 mins
Updated by Lynn Wang
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In Brief

  • The FOMC meeting on June 12 will influence market trends and Bitcoin prices.
  • Fetch.AI, Ocean Protocol, and SingularityNET will merge into a unified token.
  • zkSync is reportedly to launch its ZK token after the v24 upgrade is completed.
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This week, several significant events are poised to impact the crypto market. The FOMC meeting, major token mergers, airdrops, and new developments in liquid staking have the crypto space buzzing with anticipation.

Investors and market watchers closely monitor these events to gauge their potential influence on market dynamics and asset prices. Here’s a detailed look at what’s on the horizon.

Fjord Foundry Launch on Solana

Fjord Foundry’s (FJO) will go live on Solana today. This project is a community-focused platform that connects projects with engaged backers. It offers various token sale methods, including Liquidity Bootstrapping Pools (LBPs).

This launch marks their first non-EVM integration, promising lightning-fast transactions and access to Solana ecosystem projects. The platform aims to democratize access to early-stage opportunities, providing projects with seamless liquidity bootstrapping while offering backers a range of promising early-stage investments.

Read more: Top 7 Projects on Solana With Massive Potential

Federal Open Market Committee (FOMC) Meeting

On June 12, the FOMC will meet to evaluate the state of the US economy and make critical decisions regarding the federal funds rate. After a series of interest rate hikes to curb inflation, the Fed has kept the rate steady since July 2023.

The US Consumer Price Index (CPI) data will be released this week, a crucial point for market observers. Consensus expects CPI to stay at 3.4%, but any deviation could significantly impact Bitcoin prices.

Therefore, the outcome of this meeting will likely influence various financial markets, including crypto. Crypto analyst Markus Thielen from 10x Research offers insight into the current situation.

“If CPI prints at 3.3% (or lower), Bitcoin could attempt to break out. If CPI prints at 3.5% or higher, Bitcoin will likely correct over the next few weeks (not our base case). We would still have an upside bias for higher Bitcoin prices,” he noted.

FET, OCEAN, and AGIX Token Merger

Earlier last week, SingularityNET (AGIX) announced that it would merge with Fetch.AI (FET) and Ocean Protocol (OCEAN) to form the Artificial Superintelligence Alliance (ASI). This merger will unify the three networks into one AI network, with a combined market cap target of $7.5 billion. Jochem Herber, Head of Ecosystem at collaborative data marketplace Nuklai, shared his thoughts on these AI tokens merger.

“The merger will help drive the narrative forward, and by combining Fetch.ai and SingularityNet’s AI capabilities, there will be advancements in the open, decentralized AI space. There have been small mergers in the past, and in the traditional world, mergers tend to struggle because often different cultures, technologies, and organizational structures are combined. However, in the Web3 space, ecosystem play will be most beneficial. The more companies are part of such an ecosystem, with their own models and problem-solution fits, the more successful the decentralized AI movement will be,” Herber told BeInCrypto.

As of June 11, FET will be renamed ASI, and the token merger will be completed on June 13, after which the three original tokens will cease to exist. Token holders of FET, AGIX, and OCEAN can swap their tokens for ASI at specific conversion rates:

  • FET at 1:1
  • AGIX at 1:0.433350
  • OCEAN at 1:0.433226.

This merger aims to create a more powerful and scalable AI ecosystem, enhancing the value and utility of the constituent tokens. An audited, secure token migration contract will facilitate the conversion for over 200,000 token holders, ensuring a smooth transition to the new ASI token.

Starknet (STRK) and Other Major Crypto Token Unlocks

On June 15, Starknet will unlock 64 million STRK tokens, valued at approximately $72.32 million. Starknet will distribute these tokens to investors and early contributors.

This token unlock is part of Starknet’s broader strategy to incentivize network participation and growth. The release of these tokens could introduce new liquidity into the market, potentially affecting the price dynamics of STRK and related assets.

STRK Token Unlock.
STRK Token Unlock. Source: TokenUnlocks

Besides Starknet, other crypto projects, including Aptos (APT), ImmutableX (IMX), and ApeCoin (APE), will unlock significant amounts of their respective native tokens this week. Read this article for detailed information on major crypto token unlocks this week.

zkSync Potential Token Launch and Airdrop

zkSync is set to launch its ZK token following its recent completion of the v24 upgrade. Last week, zkSync announced that the mainnet deployment of the v24 upgrade is complete.

Speculation arose when the zkSync team hinted on X about launching “the remaining missing pieces” by the end of June. The crypto community believed the missing pieces refer to token launch and airdrop.

A recent report indicates that zkSync planned its token generation event (TGE) for late May, with the token launch and airdrop expected within 30 days after the TGE. The token will have a total supply of 21 billion tokens, with the airdrop likely around June 13, ahead of Blast’s token airdrop on June 26. This development marks the final planned protocol upgrade before transferring network governance to the community.

Read more: What Is zkSync?

pSTAKE’s Liquid Staking for Bitcoin

Investors are also looking forward to the launch of a liquid staking solution for Bitcoin (BTC) by pSTAKE, built atop Babylon’s BTC Staking Protocol. This new feature will enable Bitcoin holders to earn rewards on idle assets while maintaining liquidity. Announced in mid-May, the BTC deposits for liquid staking are expected to go live soon, offering a new avenue for Bitcoin holders to generate yield.

These events collectively represent a significant week for the crypto market. From regulatory decisions and technological advancements to groundbreaking financial products, each development has the potential to shift market sentiment and asset valuations.

Top crypto projects in the US | June 2024

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Lynn Wang
Lynn Wang is a seasoned journalist at BeInCrypto, covering a wide range of topics, including tokenized real-world assets (RWA), tokenization, artificial intelligence (AI), regulatory enforcement, and investments in the crypto industry. Previously, she led a team of content creators and journalists for BeInCrypto Indonesia, focusing on the adoption of cryptocurrencies and blockchain technology in the region, as well as regulatory developments. Prior to that, at Value Magazine, she covered...
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