This Week's News Preview | Usual Protocol plans to activate the yield switch function early; the U.S. will release December CPI data; HECO network will go offline
Highlights of the week from January 13 to January 17.Organizer: Fairy, ChainCatcher
Key News:
- FDIC Chairman Martin Gruenberg will resign on January 19
- After USD 0++ depegging, Usual Protocol plans to activate the yield switch feature early on January 13 to stabilize its ecosystem
- Shiba Inu ecosystem token TREAT will launch on January 14
- The U.S. will release December CPI data on January 15 at 21:30
- Scott Bessent's Senate nomination hearing for U.S. Treasury Secretary is expected to be held on January 16
- HECO network will go offline on January 15, 2025, and will withdraw some HRC20 assets
January 13 (Monday)
Coinbase will not support Celo blockchain migration; users must withdraw CGLD from Coinbase by January 13
Coinbase Assets announced on the X platform that the Celo L1 blockchain (Coinbase code: CGLD) will migrate to Celo L2 on January 16, 2025. Coinbase will not support the migration, and customers must withdraw CGLD from Coinbase by January 13, 2025, to prevent their funds from becoming inaccessible. After the hard fork is executed, the Celo L1 network will stop generating blocks, and customers will no longer be able to send or receive assets on the Celo L1 network; all remaining funds on Coinbase will become inaccessible.
After USD 0++ depegging, Usual Protocol plans to activate the yield switch feature early on January 13 to stabilize its ecosystem
RWA stablecoin issuer Usual announced on the X platform that it has recognized the significant community reaction to its pegged stablecoin USD0++ deviating significantly from $1, and will implement a series of measures to address user concerns and stabilize the ecosystem.
It is reported that the "Revenue Switch" feature is set to launch on January 13, allowing Usual Protocol to share its earnings from real-world assets and protocol operations with the community. The team expects monthly revenue of about $5 million, with an annual return rate exceeding 50% under current conditions; these distributions will occur weekly to reinforce the actual value of USUAL, balance its economic model, and the income generated by the protocol. (The yield switch feature will officially activate when more than 50% of USUAL tokens are staked as USUAL x. If the requirement is not met, it will automatically activate on February 1, 2025. Once activated, 100% of the earnings (up to $5 million monthly) will flow to USUALx stakers in the form of USD0.)
Additionally, the Usual Protocol team stated that it will launch a "1:1 early unstaking" feature next week, allowing users to exchange USD0++ at a rate of $1, but requiring them to forfeit part of their accumulated rewards as a penalty.
January 14 (Tuesday)
South Korean court will hold the first debate on Yoon Suk-yeol's impeachment case on January 14
The Constitutional Court of South Korea announced that it will hold the first debate on Yoon Suk-yeol's impeachment case on January 14.
Shiba Inu ecosystem token TREAT will launch on January 14
The Shiba Inu ecosystem token TREAT will launch on January 14. Shiba Inu's lead developer Shytoshi Kusama believes this token is a key tool for achieving full decentralization of the Shiba Inu ecosystem.
The TREAT token is described as a "utility and governance token" for its new privacy-focused Layer3 blockchain, aimed at unlocking advanced features of the network's operating system. More information about this asset will be announced soon. Kusama's annual plan indicates that he will discuss TREAT in his weekly podcast on Tuesday. Developers are expected to talk about the token's value and how it fits into the larger Shiba Inu ecosystem.
Encode urges the court to stop OpenAI's transition to a for-profit entity; hearing will be held on January 14
Mario Nawfal, founder and CEO of IBC Group, stated on the X platform that a youth-led organization, Encode, has submitted a compelling amicus brief urging the federal court to stop OpenAI's transition to a for-profit entity, warning that this move could pose existential risks to humanity for the sake of investor returns. Experts, including Nobel laureate Geoffrey Hinton and AI pioneer Stuart Russell, support this motion, arguing that the transition to a profit-making institution would undermine safeguards designed to ensure that advanced AI aligns with public safety.
Encode Chair Sneha Revanur stated, "OpenAI's non-profit mission is not just a commitment—it's a lifeline for humanity. Turning it into a profit machine will put everyone at risk."
The court hearing for this case is scheduled for January 14.
Decentralized AI platform Nodepay: First airdrop will take place on January 14
Decentralized AI training and development platform Nodepay announced on the X platform that its first airdrop will take place on January 14. According to documentation, Nodepay's airdrop will allocate a total of 115,000,000 Nodecoins (NC), accounting for 11.5% of the total supply.
Previously, Nodepay launched an airdrop final query, allowing users to check token allocations for Seasons 0, 1, and 2.
Renzo launches BNSOL re-staking token bzSOL; minting will start on January 14
Renzo Protocol announced the launch of the bzSOL (re-staked Binance Staked SOL) token. Users can exclusively mint bzSOL within 24 hours starting at 8:30 AM EST on January 14, supporting minting with SOL or BNSOL.
bzSOL will initially provide security services for the Jito Tip Router, allowing users to earn additional staking rewards with automatic compounding. bzSOL has liquidity advantages, enabling holders to trade at any time and earn additional yields in DeFi protocols. The project is currently advancing further DeFi ecosystem integrations.
January 15 (Wednesday)
The U.S. will release December CPI data on January 15 at 21:30
On January 15 (Wednesday) at 21:30 Beijing time, the U.S. will release December CPI data, which may have a disruptive impact on future interest rate cut expectations.
HECO network will go offline on January 15, 2025, and will withdraw some HRC20 assets
The HECO network will go offline on January 15, 2025, and will withdraw some HRC20 assets, namely HRC20ETH, HRC20TUSD, HRC20LINK, HRC20USDC, HRC20UNI, HRC20SHIB, HRC20HBTC, and HRC20USDT.
HRC20 assets will be exchanged for points, which will be linked to the wallet addresses in users' HECO accounts. All point exchanges and accounting are planned to be completed by January 10, 2025, and the confirmed points will be converted to HTX.
Derive (formerly Lyra) announces the launch of DRV token on January 15, 2025
According to official news, the on-chain options protocol Derive (formerly Lyra) announced the launch of the DRV token on January 15, 2025.
Ethena Labs stated that 5% of the DRV token supply will be allocated to sENA token stakers.
South Korean cryptocurrency-themed movie "Crypto Man" to be released
The cryptocurrency-themed movie "Crypto Man," directed by South Korean director Hyeon Ha-lee, will be released on January 15, 2025. The film is based on a real cryptocurrency crash incident that caused losses exceeding 50 trillion won (approximately $34.9 billion), starring the late actor Song Jae-rim.
The film tells the story of the protagonist Yang Do-hyun (played by Song Jae-rim) who, after experiencing multiple entrepreneurial failures, successfully issues the cryptocurrency MOMMY with friends, only to face regulatory scrutiny afterward.
It is reported that the film has undergone strict legal consultation and will depict the life of young South Koreans who "trade stocks during the day and cryptocurrencies at night" in a darkly humorous manner. According to Upbit data, as of the end of 2023, South Korea has 3,759 cryptocurrency millionaires, with investors in their 20s holding an average of $3.65 million in digital assets.
U.S. court requires SEC to submit briefs in Ripple case by January 15
Former U.S. federal prosecutor James K. Filan disclosed the latest developments in the SEC's case against Ripple on the X platform, stating that the Second Circuit Court of Appeals has issued an order requiring the SEC's litigation briefs to be submitted by January 15, 2025. If the briefs are not submitted by this date, the appeal will be dismissed starting January 15, 2025. Motions to extend the submission deadline or seek other relief will not count towards the submission date.
January 16 (Thursday)
Scott Bessent's Senate nomination hearing for U.S. Treasury Secretary is expected to be held on January 16
Scott Bessent's Senate nomination hearing for U.S. Treasury Secretary is expected to be held on January 16.
OKX will launch DuckChain (DUCK) spot trading
According to the official announcement, OKX will launch DuckChain (DUCK) spot trading.
- DUCK deposit opening time: January 10, 2025, at 2:00 PM (UTC+8);
- DUCK collective auction time: January 16, 2025, from 5:00 PM to 6:00 PM (UTC+8);
- DUCK/USDT spot trading opening time: January 16, 2025, at 6:00 PM (UTC+8);
- DUCK withdrawal opening time: January 16, 2025, at 10:00 PM (UTC+8).
Coinbase International will launch AERO, BEAM, DRIFT perpetual contracts
According to official news, Coinbase International and Coinbase Advanced will add support for Aerodrome Finance, Beam, and Drift perpetual contracts, with the AERO-PERP, BEAM-PERP, and DRIFT-PERP markets opening at or after 9:30 AM (UTC) on January 16, 2025.
January 17 (Friday)
CFTC Enforcement Director Ian McGinley announces departure on January 17
CFTC Enforcement Director Ian McGinley announced his departure on January 17. He joined the agency in February 2023 and led enforcement actions against companies such as Binance, KuCoin, and Falcon Labs. In his statement announcing his departure on January 17, Ian McGinley stated that "making the CFTC the primary enforcement agency for digital assets" was a top priority during his tenure.
Reports indicate that Trump's transition team has been eyeing a long list of potential CFTC leadership candidates but has not acted as swiftly as it did during appointments at the SEC. However, if cryptocurrency legislation progresses in 2025, the CFTC may replace the SEC as the dominant regulator of the U.S. digital asset market.
January 18 (Saturday)
Philippine SEC issues request for comments on crypto-related proposals, accepting public feedback until January 18
The Philippine Securities and Exchange Commission (SEC) has released a proposed SEC rule draft for cryptocurrency service providers, accepting public feedback until January 18, 2025. The draft includes definitions for cryptocurrency service providers, licensing requirements, operational standards, risk management, customer fund protection, and disclosure requirements, mandating that cryptocurrency issuances must submit disclosure documents to the SEC at least 30 days before marketing activities or public sales.
January 19 (Sunday)
FDIC Chairman Martin Gruenberg will resign on January 19
Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg has announced that he will resign on January 19, the day before Trump takes office. Democrat Gruenberg confirmed his departure in a message to FDIC staff and stated that he has informed incoming President Biden of his decision.
The FDIC's responsibilities include providing insurance for deposits, reviewing and supervising financial institutions for consumer protection purposes, and managing failed banks, thereby maintaining the stability of the U.S. financial system and public confidence.
