This week promises major action in the crypto market with key events expected to shape investor behavior. All eyes are on the much-anticipated speech from Federal Reserve Chair Jerome Powell, along with a major $100 million token unlock by SUI.
Developments in decentralized finance (DeFi) and blockchain are set to further influence market performance and drive sentiment.
EigenLayer Set to Enable EIGEN Token Transfers
On September 30, restaking platform EigenLayer will lift transfer restrictions on its EIGEN tokens, allowing holders to trade their staked rewards. With over $12 billion in total value locked (TVL), EigenLayer is the second-largest DeFi platform by TVL, according to DefiLlama.
This move is seen as a pivotal moment for the platform, opening up new opportunities for its users.
Market Anticipates Powell’s Speech After Fed’s Rate Cut
Federal Reserve Chair Jerome Powell will speak at an economic conference on Monday, marking his first appearance since the Fed’s 50-basis-point interest rate cut on September 18. Investors are eager to hear any clues about future policy, as this could affect both traditional and crypto markets.
Bitcoin (BTC) has been hovering near $64,000 since the rate cut, and experts believe a break above this level could push BTC toward $74,000. Velar CEO Mithil Thakore highlighted that global conflicts and the upcoming US presidential election are also key factors to watch in the market.
DeFi Kingdoms to Launch PvP Game on Metis Layer-2
DeFi Kingdoms is set to launch its new Colosseum game on the Metis Layer-2 (L2) network on October 2. The game will feature player-versus-player (PvP) battles, an influence system, and an NFT marketplace. This partnership with Metis will help DeFi Kingdoms roll out PvP features faster and offer rewards in the form of METIS tokens.
The DeFi Kingdoms team believes this collaboration will bring long-term benefits, allowing them to release more features ahead of schedule.
Avalanche Prepares for Major Upgrade: Avalanche9000
Avalanche is gearing up for its biggest network upgrade, Avalanche9000, set to launch in October. The update will focus on improving scalability, security, and developer experience on the blockchain. By reducing complexity, Avalanche hopes to attract more projects to build Layer-1 chains on its network.
The upgrade will also include better regulatory compliance options, such as geo-restrictions and custom permissions. Avalanche is offering developer incentives to further boost innovation within its ecosystem.
SUI’s $100 Million Token Unlock and Other Major Releases
SUI is preparing for a $100 million token unlock this week, releasing 64.19 million tokens to early investors and its treasury. This release represents 2.4% of SUI’s circulating supply. Other major token unlocks include DYDX, which will release $8.9 million worth of tokens, and MAV with $8.47 million.
Subscribe to coinbackyard.com to get all the latest news!
