Preface

This report summarizes significant events in the blockchain and cryptocurrency industry from December 28, 2024, to January 3, 2025. These events demonstrate the vibrancy of the crypto market and reveal emerging trends for future development. This report summarizes the “What to Watch Next Week - Crypto Calendar - Crypto Events” section from our previous weekly report, “Gate Research: MiCA to Take Effect, Gate Quant Fund Hits 38% Record Annual Return.”

TL;DR

• The modular blockchain Sophon, built on ZKsync, announced the completion of its mining migration and the launch of Phase 2.
• The Markets in Crypto-Assets (MiCA) regulation took effect on December 30, 2024.
• The Hyperliquid Foundation announced the launch of mainnet staking for $HYPER.
• The meme trading tool ABOT announced plans to gradually shut down its operations.
• A court approved the Chapter 11 reorganization plan for FTX, which has now taken effect.

Key Developments and Updates

12/28 Modular Blockchain Sophon Based on ZKsync Announces Completion of Mining Migration and Launches Phase 2
The modular blockchain Sophon, built on ZKsync, has announced the completion of its mining migration and the start of Phase 2. Mainnet mining is now open. Sophon is a modular blockchain project leveraging zkSync Hyperchain technology, focusing on the entertainment, gaming, and artificial intelligence sectors. It aims to provide innovative solutions to redefine blockchain applications in the entertainment industry. Sophon successfully raised $60 million through node sales, attracting support from multiple investment institutions, including Paper Ventures. Additionally, it secured $10 million in earlier funding. [1]

12/30 The Markets in Crypto-Assets (MiCA) Regulation Takes Effect on December 30, 2024
Portugal’s central bank stated on Monday that, due to the lack of enacted legislation, it remains unclear which national authority will oversee the implementation of these rules. Industry associations attribute part of the delay in appointing national competent authorities (NCAs) to the short interval between the European Securities and Markets Authority (ESMA) releasing its final technical standards in October and the regulation’s effective date. [2] ESMA Chair Verena Ross commented, “Looking ahead, as the transitional period progresses, we will continue to provide guidance and work with all NCAs to ensure the smooth implementation of MiCA and to support a level playing field through supervisory convergence actions.”

12/30 Hyperliquid Foundation Announces the Launch of $HYPER Mainnet Staking
The decentralized derivatives protocol Hyperliquid Foundation has launched $HYPER staking, allowing users to stake $HYPER with trusted validators and earn staking rewards in $HYPER. The Hyper Foundation plans to introduce a delegation program to support high-performing validators and further decentralize the network.

Similar to other proof-of-stake networks, new blocks on Hyperliquid are proposed by validators in proportion to the amount of $HYPER staked. Staking is a significant responsibility for the Hyperliquid community. Users can stake $HYPER with trusted validators and earn staking rewards in $HYPER. Users may consider various metrics such as uptime, commission rates, reputation, and community contributions when selecting validators. The Hyper Foundation will have a Delegation Program to support high-performing validators and further decentralise the network. More information about the program will be announced. Note that locked tokens may be staked, but their rewards are locked. [3]

1/1 Meme Trading Tool ABOT Announces Gradual Shutdown of Operations
The meme trading tool ABOT has announced a gradual shutdown of its operations with the following arrangements: Service fees have been reduced to zero; Meme-related features will be taken offline on January 1, 2025; Non-Meme features will be deactivated, and the website will be shut down on January 7, 2025. The development of new features continued until December 31, 2024, and real-time issue response will be maintained until the website closes. ABOT, previously known as NFTSnipe, held a significant market share in the Chinese-speaking community. Its primary advantages in Meme trading included comprehensive functionality, low latency, rapid iterations, and exclusive, practical tools updated in response to trending topics. [4]

1/3 Court Approves FTX Chapter 11 Reorganization Plan to Take Effect
According to an FTX announcement, its court-approved Chapter 11 reorganization plan will take effect on January 3, 2025, marking the record date for the first distribution. The initial distribution, covering allowed claims in the convenience class, is expected to be completed within 60 days of the effective date. FTX has partnered with BitGo and Kraken to assist in distributing recoveries to customers and creditors. Distribution requirements include completing KYC verification, submitting tax forms, and coordinating with designated service providers. FTX has cautioned users to beware of phishing emails and fraudulent websites and will announce distribution dates for other claim categories in the future. [5]

Summary

From December 28, 2024, to January 3, 2025, the blockchain and cryptocurrency industry experienced numerous significant developments, demonstrating market vitality and industry trends. Key projects like Sophon and Hyperliquid showed important progress, including platform launches, service expansions, feature implementations, mainnet launches, and mining activities, highlighting innovation and driving technological and community development, injecting new momentum into industry growth. On the regulatory front, the EU’s specialized cryptocurrency regulation, the Markets in Crypto-Assets (MiCA), took effect on December 30, 2024, marking a significant step forward in EU cryptocurrency regulation.


References:

1. X，https://x.com/sophon/status/1873172106550362618
2. European Commission，https://finance.ec.europa.eu/news/digital-finance-2024-12-19_en
3. X，https://x.com/HyperFND/status/1873664112036901320
4. Blockbeats，https://www.theblockbeats.info/flash/268606
5. PR Newswire，https://www.prnewswire.com/news-releases/ftx-announces-effective-date-and-record-date-of-january-3-2025-for-its-chapter-11-plan-of-reorganization-302332816.html

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