This week’s top crypto stories involve major shifts expected to shake the industry. Binance founder Changpeng Zhao (CZ) is nearing his release from a four-month sentence. Meanwhile, Sky, formerly known as MakerDAO, is poised to launch its decentralized stablecoin USDS on Solana, aiming for cross-chain integration with the help of Wormhole protocol.
As the crypto market braces for these impactful changes, we delve into the details of this week’s most critical developments.
CZ Set for Release: What’s Next for Binance’s Former CEO?
Binance co-founder and former CEO Changpeng Zhao (CZ) is scheduled to be released on September 29. This development marks the end of a four-month prison sentence following his guilty plea for violating the Bank Secrecy Act.
In late 2023, CZ settled with the US Department of Justice (DOJ), significantly reducing sentences from the initially proposed 36 months. His legal troubles arose from Binance’s failure to implement adequate know-your-customer (KYC) measures.
Despite his legal challenges, many industry insiders view CZ as pivotal in cryptocurrency’s growth, particularly through Binance’s role in global liquidity. Ki Young Ju, CEO of CryptoQuant, commented on CZ’s legacy.
“Don’t underestimate CZ. He deserves respect. […] It’s crucial to distinguish his merits from his faults clearly. In my view, CZ’s achievements far outweigh his mistakes. He has paid his fines, and his detention is nearing an end. The industry should begin to see him in a new light,” Ju said.
After stepping down as Binance’s CEO, CZ was succeeded by Richard Teng, who took over leadership during the company’s efforts to settle criminal charges related to US sanctions and money-transmitting laws. While CZ has stated he does not intend to return as CEO, many speculate that his next ventures will focus on investments in blockchain, AI, and biotech.
Read more: Who Is Changpeng Zhao? A Deep Dive Into the Ex-CEO of Binance
Sky’s USDS Set to Launch on Solana
Sky, formerly known as MakerDAO, is gearing up to launch its decentralized stablecoin USDS on Solana. Rune Christensen, Sky’s founder, revealed the plan during the Solana Breakpoint conference on September 20. This integration, which will take place via the Wormhole interoperability protocol, aims to build cross-chain capabilities by leveraging Solana’s fast-growing infrastructure.
Christensen detailed Solana’s potential, emphasizing its rapid growth and solid DeFi foundations as key reasons for considering it for Sky’s expansion despite not being as big as Ethereum. He recognized the challenges in integrating with Solana, highlighting the differences from Ethereum’s Virtual Machine. Nonetheless, he stressed that Wormhole provides an effective short-term solution to bridge these differences.
For Solana, introducing USDS will fill the gap for a decentralized stablecoin in the network. It will offer features like native savings rates and large-scale capital deployment through trusted DeFi protocols.
Sky will initiate a short-term incentive program to kick-start liquidity, offering up to 2 million SKY tokens weekly to liquidity providers and DeFi integrators. This initiative aims to create early network effects, boosting USDS adoption ahead of SkyLink’s full deployment on Solana. The incentive program, overseen by Accessibility Facilitators, will ensure key liquidity areas like USDS/USDC and USDS/sUSDS pairs are incentivized.
Jupiter’s New Mobile Platform Brings One-Tap Swaps and Easy Payments
At the Solana Breakpoint conference, decentralized exchange (DEX) Jupiter announced various updates to enhance its platform and user experience. Among the most significant announcements was the launch of the Metropolis API platform, which simplifies the development process on Solana.
Jupiter’s new APIs include Token API, Price API, and Swap API. These APIs will provide real-time data, token information, and dynamic liquidity.
Furthermore, “Jupiter Mobile” promises to remove the friction in token trading by allowing users to swap via Apple Pay, Google Pay, or credit cards. This new feature, combined with one-tap swaps and dynamic slippage controls, marks a significant upgrade to the platform’s user interface.
Jupiter is also making strides in token minting through its “Ape Pro” platform. This improvement aims to simplify the minting process while eliminating the need for complex seed phrases.
These enhancements are part of Jupiter’s broader strategy to rival centralized exchanges by providing deeper liquidity and a more intuitive user experience on Solana.
Tabi’s Testnet V2 Brings Token Airdrops and Incentives for Users
Tabi, a modular gaming layer-1 blockchain supported by Binance Labs and Animoca Brands, is set to release its Testnet V2 this week. This update allows early participants to claim token incentives and explore new features. The testnet will allow users to claim Tabi tokens from various faucets and participate in limited airdrop opportunities, creating a dynamic engagement model for its community.
As the platform prepares for its Q4 token generation event (TGE), Tabi is implementing initiatives. One such initiative is Mini Node Airdrops, which encourages users to build their Tabi stack before the mainnet launch.
Venom and Other Major Token Unlocks This Week
The crypto market is preparing for a significant wave of token unlocks this week. According to TokenUnlocks data, over $48 million worth of tokens are set to be released.
Venom (VENOM) is leading the charge by unlocking 219.52 million tokens. These tokens are valued at approximately $23.45 million and are being unlocked as part of its ecosystem expansion.
Read more: Which Are the Best Altcoins To Invest in September 2024?
Other notable projects releasing tokens include Yield Guild Games (YGG) and SingularityNET (AGIX). While these token unlocks provide liquidity to their respective ecosystems, they could lead to price fluctuations as market participants adjust to the influx of new tokens. Read this article for further detailed information on major crypto token unlocks this week.
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