Several events are in the pipeline for the crypto market this week, including updates in the Aave, Bittensor, and Jupiter ecosystems, US economic data, earnings calls, and key token unlock events.
Traders and investors may consider adjusting their trading strategies based on the following events to capitalize on the expected volatility unique to individual networks.
Aave Expansion to Sonic and Linea
First on the line is Aave going live on Sonic and Linea. It marks the expansion of Aave, a leading DeFi protocol, to Sonic, an EVM-compatible blockchain network developed by the creators of Fantom.
The move follows a governance proposal submitted on January 31 by the Aave Chan Initiative (ACI). The proposal would see Aave V3 deployed on Sonic if approved, highlighting the network’s high-speed transactions and fee-sharing model as key incentives.
“This Temp Check seeks the community’s input on the deployment of Aave V3 on Sonic Mainnet,” an excerpt in the proposal read.
Meanwhile, the Sonic Foundation said it would provide $15 million in funding. It will also offer migration incentives, 50 million native Sonic (S) tokens, and 20 million USDC supply.
BeInCrypto data shows that the AAVE price is up by a modest 0.57% on this news. As of this writing, the token was trading for $246.33.
Bittensor’s dTAO Upgrade
Also among the top crypto news this week is the Bittensor (TAO) dTAO upgrade on Monday, February 10. dTAO, short for Dynamic TAO, is a planned evolution of the integrated tokenomics and governance model underlying the Bittensor network.
“It represents a significant step in Bittensor’s trajectory toward more thorough decentralization,” the network said.
Opentensor Foundation shared the dTAO whitepaper earlier in the month. According to the announcement, most operations will remain unchanged, including the main workflows for miners. After upgrading, however, the most visible difference would be the addition of one new token per subnet in the Bittensor network.
Speaking to Grayscale, Const, a core developer at Opentensor, said Bittensor is on course to outpace centralized machine learning labs.
Coinbase Earnings Call
After the US market closes on Thursday, February 13, Coinbase will release its fourth quarter (Q4) 2024 financial results. The earnings call is expected to influence market sentiment regarding its stock, COIN.
Noteworthy, Bitcoin (BTC) and Ethereum (ETH) prices greatly affect Coinbase’s earnings, as crypto drives most of its trading revenue. Generally, rising BTC and ETH prices lead to higher retail engagement, which translates to more trading activities and higher fees for the US-based crypto exchange.
In Q4 2024, the values of BTC and ETH rose by 48% and 28%, respectively, amid the US election euphoria and Donald Trump’s victory thereafter. As it happened, the win raised optimism about a more crypto-friendly regulatory environment and the prospects of a US strategic Bitcoin reserve.
In a recent report, CoinGecko indicated that trading volume across the top 10 centralized exchanges (CEXs) soared 111.7% in Q4 compared to Q3.
Amidst the surge, Coinbase’s transaction revenue is projected to increase by 37.1%, causing expectations of an earnings beat. Against this backdrop, the exchange recently introduced a new offering: Bitcoin-backed loans for USDC stablecoin, which is expected to influence its future earnings.
Jupiter Product Announcement
Another top crypto news this week is Jupiter DEX’s big product announcement. It remains unclear exactly what the announcement will be about, but some speculate details about active staking rewards (ASR).
“…we are cooking up an absolute BANGER for next week. ASR, details on the buyback, big product announcement, Meow’s 555 plan, and much more,” Jupiter shared on X.
Meanwhile, others say it centers on Jupiter’s recent move to acquire portfolio tracking tool SonarWatch, as revealed during the Catsanbul. Beyond what this move means for Jupiter as a DEX, it strategically positions it for DeFi insights.
“Big announcement at Jupiter’s Catstanbul event. Jupiter bought Sonar Watch. The sonar team has now been integrated into Jupiter! We will probably have the best Solana tracker,” one user quipped.
Berachain (BERA) Token Unlocks
Additionally, traders and investors should brace for volatility around the Berachain token unlocks on Monday. BeInCrypto reported that Berachain will unlock 12.08% of its BERA token supply at 01:00 p.m. UTC on Monday.
Specifically, it will unleash 12.98 million BERA tokens to the market, worth $65.81 as of press time.
Notably, 1.25 million of the unlocked BERA tokens will be allocated for the Berachain social airdrop.
Moreover, the US CPI (Consumer Price Index) report is also due on Wednesday. As BeInCrypto reported, it is among the four US economic events that could influence Bitcoin and crypto market sentiment this week.
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