This week in crypto promises to be eventful, with major developments expected to shape market sentiment. Ecosystems like Solana, Jito, Ethena, and Jupiter are set to make headlines with key updates. These updates from various decentralized finance (DeFi) and blockchain projects are likely to influence investor behavior and market dynamics.
Solana’s Anticipated Announcement
First in line is a possible Solana announcement expected on Thursday, December 5. Rumors suggest it may involve airdrops, though specifics remain unknown. Several Solana-based projects have upcoming developments, positioning them as likely candidates for the announcement.
- Wise Monkey (MONKY) Airdrop: Confirmed for Floki Inu (FLOKI), TokenFi (TOKEN), and ApeCoin (APE) holders. Distribution is based on token holdings, with snapshots taken on November 29 (APE) and December 15 (FLOKI). MONKY token launches December 12, 2024.
- Rectoverso (RESO): Planning an initial DEX offering (IDO), per a contributor.
- Qubic Ecosystem: Collaboration with Solana hinted at, with a major update expected this month.
“This month, we’ll be unveiling a huge update about the Qubic and Solana launch, alongside a special reveal of Imporium — a new initiative that will revolutionize our ecosystem.” — Qubic
Qubic, a utility token on the Stellar (XLM) blockchain, supports decentralized applications (dApps) for real-world challenges in Web3.
Jito (JTO) Token Unlock
On December 7, the Jito Network will unlock 135.71 million JTO tokens (~$462 million), constituting 103.01% of its circulating supply. This could dampen the market, as tokens are allocated to core contributors and investors—the latter potentially cashing in early.
👉 Jito Network’s MEV products are critical to Solana’s ecosystem, including its JitoSOL liquid staking pool.
Ethena Lab’s BlackRock-Backed Stablecoin
Ethena Lab’s new stablecoin, USDtb, backed by BlackRock’s BUIDL fund, launches this week. A joint proposal with Securitize seeks to feature USDtb in Spark’s $1 billion Tokenization Grand Prix, aiming to onboard real-world assets (RWAs) into DeFi.
“Approval of USDtb as a backing asset for USDe and an eligible asset for the Reserve Fund, with the potential for allocation as a backing asset of USDe on Day 1 of USDtb’s launch.” — Ethena proposal
D.O.G.E Proposals from Musk and Ramaswamy
Elon Musk and Vivek Ramaswamy will present proposals for the Department of Government Efficiency (D.O.G.E):
- Musk: Focuses on slashing defense spending.
- Ramaswamy: Advocates for halting reflexive defense budget increases.
Coinbase CEO Brian Armstrong and Gemini’s Cameron Winklevoss support the initiative.
Jupiter’s Revised Airdrop Proposal Voting
Solana-based DEX aggregator Jupiter votes this week on a revised airdrop proposal, planning to distribute $860 million in JUP tokens in January. The vote is expected to pass, with two additional airdrops of 700 million JUP tokens each likely.
👉 Solana’s DeFi ecosystem thrives with innovations like Jupiter’s liquidity aggregation.
Gala Film Launch
On December 5, Gala Film launches its FILM token, rewarding users for platform participation and funding decentralized video content. Built on GalaChain, it aims to empower filmmakers and enhance viewer experiences.
“FILM is coming on December 5th, 2024.” — Gala
Market Impact of US Economic Data
Crypto markets brace for volatility from upcoming US economic data releases, which may influence investor sentiment.
FAQ Section
Q: What is the significance of Solana’s announcement?
A: While details are unconfirmed, it may involve airdrops or partnerships with Solana-based projects like Qubic or Rectoverso.
Q: How might Jito’s token unlock affect prices?
A: With over 100% of circulating supply unlocked, significant sell pressure could temporarily drop JTO’s price.
Q: What makes Ethena’s USDtb unique?
A: Backed by BlackRock’s BUIDL fund, it bridges RWAs and DeFi, offering institutional-grade liquidity.
Q: When is Jupiter’s airdrop?
A: The first round is slated for January 2025, pending the proposal’s approval this week.
Q: How can users earn FILM tokens?
A: By engaging with Gala Film’s platform—watching content, funding projects, or participating in community governance.