Markets
FOMC Minutes, Airdrop and More
This week, some important news caught the attention of investors and cryptocurrency enthusiasts.
The release of the Federal Open Market Committee (FOMC) meeting minutes, the launch of Etherfi airdrop Season 3, and several other significant developments are expected to influence decentralized finance (DeFi) and the cryptocurrency industry in general.
FOMC meeting minutes and other macro data releases
This week, the crypto market prepares for several macroeconomic data releases, notably the FOMC meeting minutes and June nonfarm payroll numbers. Analysts wait 180,000 new jobs in June, keeping the unemployment rate at 4%, the highest since February 2022. May saw a gain of 272,000 jobs, initially boosting confidence in the economy despite signs of a slowdown.
Investor concerns about the US economic situation could grow with numbers below expectations. June data revealed continued unemployment claims at 1.84 million, a peak since November 2021, highlighting the difficulties for job seekers. The focus will also be on average hourly earnings growth, which is expected to slow to a post-pandemic low of 3.9% year-over-year in June.
Analysts believe that these perceptions will significantly impact Bitcoin (BTC) and the broader crypto market. According to crypto analyst CrypNuevo, Bitcoin has shown preliminary signs of potential market movements.
They noted two crucial areas of interest in terms of liquidity. The first is between $62,500 and $63,500, marking the main short-term liquidity zone. The second area revolves around $67,100, considered a significant medium-term zone.
CrypNuevo also noticed a notable issue in the opposite direction involving a long wick. They believe it will likely be filled to balance open interest gaps.
BTC price performance. Source: X/CrypNew
“So I finally came to this projection: not necessarily for next week, the deadline is 2 to 3 weeks. Impulsive moves rise to liquidate high leverage short positions and then fall again to fill 50% of the wick. Forming a potential accumulation range”, CrypNuevo he wrote.
Zero1 Labs, a decentralized AI solution, has announced a great activation for the Zero1 community. This initiative, involving over 25 prominent communities, aims to further decentralize its native token, DEAI.
The new Community Program seeks to promote greater engagement in crypto communities and expand Zero1 Labs to the largest AI cryptocurrency community. Offers exclusive rewards to new supporters by forming strategic alliances with key community projects.
Collaborating with well-known communities, Zero1 Labs offers users a chance to claim a share of a $2 million DEAI prize pool. The protocol aims to reward both existing supporters and attract new participants eager to explore decentralized technology and AI.
Participants can earn rewards by engaging with the community and writing unique content about Zero1 Labs. They can increase their chances of receiving more rewards by completing various social tasks, such as following on X, joining the Discord community, and discussing DEAI on X. Each action accumulates points, increasing the likelihood of earning rewards.
The Community Program will officially begin on July 3, 2024. To ensure fair participation, snapshots of specific communities will be taken one day prior to the announcement. This snapshot will determine eligibility, giving participants limited time to engage in social activities and maximize rewards.
NATIX token launch and listing
The NATIX Network will to throw its token, NATIX, on July 2nd. On the same day, major cryptocurrency exchanges including KuCoin and Gate.io, will list the NATIX token on their respective platforms.
This launch is anticipated to provide significant opportunities for traders and investors as it becomes available on major exchanges. NATIX is an AI-powered dynamic map, supercharged by decentralized physical infrastructure (DePIN) and the driver community.
Read more: What is DePIN (decentralized physical infrastructure networks)?
Etherfi Announces ETHFI Airdrop Season 3
Etherfi, a protocol that offers net reset services on Ethereum network, recently announced details about the ETHFI Season 2 airdrop. The schedule is as follows: the checker tool to verify eligibility for the airdrop will be available on July 5th, with the official airdrop claim scheduled for July 8th.
Additionally, there is exciting news for the upcoming season 3. Etherfi has committed to distribute 25 million ETHFI tokens. The allocation of these tokens will be based on the level of participation and engagement of each community member.
Season 3 began on July 1st and is expected to last until early September. After the season ends, airdrops will begin.
SUI and other important token unlocks
Ethena (ENA), Ethereum’s synthetic currency protocol, will unlock 14.89 million of its native token, ENA, dedicated to ecosystem development. According to data from Token Unlocks, these tokens represent 0.92% of ENA’s circulating supply and are worth approximately $7.62 million at the time of writing.
In addition to ENA, DYDX and IUE also performed token unlocks today at midnight UTC. read This article for more detailed information on this week’s major crypto token unlocks.
zkSync introduces Elastic Chain on 3.0 roadmap
zkSync, an Ethereum layer 2 (L2) network, has introduced a new “Elastic Chain” feature in its latest zkSync 3.0 roadmap. The v24 update turns zkSync into an Elastic chain from a single ZK chain. This Elastic Chain comprises multiple chains within the zkSync ecosystem, offering users the experience of using a single chain.
Matter Labs, the team behind zkSync, describes Elastic Chain as an infinitely extensible network of ZK chains. This includes rollups, validiums, and volitions. They are protected by mathematical proofs and seamlessly interoperable with a uniform and intuitive user experience.
In a June 29 announcement, the zkSync team promised to share more details on how these ZK chains work seamlessly together this week. This new feature could further enhance the network’s capabilities and user experience.
See more information: What is zkSync?
Parcl’s next PRCL staking program
Parcl, one Real-World Assets (RWA) Tokenization Protocol on layer 1 of the blockchain Solana, will introduce its next PRCL staking program this week. Staking will effectively unlock all participation in the Parcl ecosystem, including governance, existing and future protocol incentives, and access to the Parcl Labs data API.
Epochs are a fundamental timing principle for staking, with an epoch equaling seven days. The first season will be announced soon.
This week’s news in the crypto space highlights significant milestones and potential market shifts. Investors and enthusiasts are closely following these developments, anticipating their impact on market dynamics.
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