This week’s crypto news will have significant developments set to impact the industry. Binance founder Changpeng Zhao (CZ) is preparing for his release from a four-month sentence, while Sky, formerly MakerDAO, plans to launch its decentralized stablecoin USDS on Solana, aiming for cross-chain integration. Here’s a rundown of the top stories.
CZ’s Release: What Lies Ahead for Binance’s Ex-CEO?
Changpeng Zhao, co-founder and former CEO of Binance, should be released on September 29. This comes after serving four months following his guilty plea for violating the Bank Secrecy Act. In a settlement with the US Department of Justice, CZ’s sentence was reduced from the initial 36 months proposed.
His legal troubles were are related to Binance’s failure to implement proper know-your-customer (KYC) measures. Despite these issues, many in the industry see CZ as a key figure in the growth of cryptocurrency; especially Binance’s influence on global liquidity. After stepping down, Richard Teng took over as Binance’s CEO during ongoing efforts to resolve legal challenges.
Though CZ has expressed no interest in returning as CEO – many speculate that his future plans could focus on blockchain, AI, and biotech investments.
Sky’s USDS Launches on Solana
Sky is preparing to roll out its decentralized stablecoin USDS on Solana, as announced by founder Rune Christensen at the Solana Breakpoint conference. By using the Wormhole interoperability protocol, Sky aims to build cross-chain capabilities on Solana’s rapidly growing infrastructure.
Christensen highlighted Solana’s strong foundations in DeFi as the reason for choosing the network. This move will address the need for a decentralized stablecoin on Solana. This offers features such as native savings rates and large-scale capital deployment.
Sky plans to launch a liquidity incentive program, offering 2 million SKY tokens weekly to liquidity providers. This program’s goal is to foster early adoption of USDS before SkyLink’s full deployment on Solana.
Jupiter’s One-Tap Swaps and New Mobile Platform
Decentralized exchange Jupiter introduced several updates at the Solana Breakpoint conference, including its Metropolis API platform, which simplifies the development process on Solana. Jupiter’s new APIs will offer real-time token data and dynamic liquidity.
The upcoming “Jupiter Mobile” feature will make token swaps easier with integration for Apple Pay, Google Pay, and credit cards. This update promises one-tap swaps and dynamic slippage controls, making the platform more user-friendly. Jupiter is also improving its token minting process through the “Ape Pro” platform, which simplifies minting without the need for seed phrases.
These upgrades aim to rival centralized exchanges, providing deeper liquidity and a better user experience.
Tabi’s Testnet V2 Introduces Token Airdrops
Testnet V2 of Tabi, a modular game blockchain supported by Animoca Brands and Binance Labs, is going live this week. Early users can claim token incentives and participate in airdrops, setting the stage for the platform’s upcoming token generation event (TGE) in Q4.
Tabi’s initiative includes Mini Node Airdrops, which encourage users to build their Tabi stack ahead of the mainnet launch.
Venom and Other Major Token Unlocks
The crypto market is bracing for significant token unlocks this week, with over $48 million worth of tokens set to be released. Leading the pack is Venom, which is unlocking 219.52 million tokens, valued at around $23.45 million. This move is part of Venom’s broader ecosystem expansion.
Stay tuned as these events unfold, potentially shifting the crypto landscape.
