Weekly preview | FTX will begin paying bankruptcy claims of major creditors on May 30; Sui (SUI) will unlock tokens worth approximately $154 million

Important news:

• Binance will list Huma Finance (HUMA) at 21:00 on May 26, 2025 (GMT+8)
• Bybit and Gate will launch Puffverse Token (PFVS) at 20:00 on May 27th, Beijing time.
• FTX to start paying bankruptcy claims from major creditors on May 30
• Treasure Chain will be officially shut down on May 30th. Users need to migrate their assets as soon as possible.
• SEC postpones review of Grayscale’s Ethereum spot ETF to add staking functionality, new review deadline is June 1
• Sui (SUI) will unlock approximately 44 million tokens at 8:00 am Beijing time on June 1, accounting for 1.32% of the current circulation, with a value of approximately US$154 million.

May 26

Project News:

The 212th Ethereum ACDC meeting: Fusaka Devnet-0 will be launched on May 26

According to Tim Beiko's summary of the 212th Ethereum Executive Core Developers Meeting (ACDE), the meeting mainly discussed: Fusaka Devnet-0 will be launched on May 26, Fusaka EIP scope discussion (EIP-7825 sets the upper limit of transaction Gas to 30M; EIP-7918 anchors the Blob rate to the Base Fee to alleviate fee fluctuations; these two are confirmed to be included in Devnet-1), testnet strategy (fork Sepolia first, retain Hoodi for application testing; encourage the community to maintain the testnet for a long time).

Next week the CL call will make a decision on EIP-7917, and at the next ACDE call (in two weeks), the team will finalize the scope of Devnet-2 and review update proposals for EIPs 7212, 7934, 7907, and 5920. Glamsterdam discussions will begin after Fusaka’s scope is finalized.

BNB Chain announces Maxwell hard fork: BSC block time will be shortened to 0.75 seconds, and the test network will be upgraded first on May 26

According to the official announcement of BNB Chain, BNB Smart Chain (BSC) will shorten the block time from 1.5 seconds to 0.75 seconds through the Maxwell hard fork, and will be deployed to the mainnet on June 30. This upgrade includes three core improvements: BEP-524 establishes a new block interval standard; BEP-563 optimizes the communication protocol between verification nodes; BEP-564 adds a new block batch synchronization mechanism. Technical adjustments include increasing the verification cycle from Epoch length from 500 to 1000, and the rotation time of a single verification node remains at 12 seconds (16 new blocks). The testnet will be upgraded first on May 26, and five standards such as node synchronization stability and no increase in reorganization rate must be met before the mainnet can be deployed.

Governance Voting:

Initia releases inflation correction and staking exit subsidy proposals, on-chain voting will begin on May 26

The Initia Foundation has published a governance proposal on the official forum, proposing to amend the current INIT release rate of 5% of the total annual supply to the initially set "5% of the pledged supply", that is, 1.25% of the annualized total supply. This amendment stems from the parameter configuration error at the creation of the coin on April 24, which led to excessive inflation, nearly 4 times higher than the original plan.

The Foundation also proposed two types of subsidy plans to compensate users affected by Proposal 39 for the loss of staking income. The subsidy will be borne by the Foundation's treasury, and users can apply for it in the Initia App before July 7, without lock-up requirements. The on-chain vote will start at 14:00 on May 26 and will be executed or rejected on June 2. The Foundation recommends voting against the original Proposal 39 to ensure the credibility of community governance.

May 27

Policy supervision:

The US SEC has postponed its decision on Canary Capital’s Litecoin spot ETF application. Comments are due on May 27.

According to former Fox Business reporter Eleanor Terrett, the U.S. Securities and Exchange Commission (SEC) has postponed its decision on the Litecoin (LTC) spot ETF application submitted by Canary Capital and launched a public comment process to focus on evaluating whether the ETF meets regulatory requirements to prevent fraud and manipulation. The deadline for comments is May 26 (May 27, Beijing time), and the deadline for replies is June 9 (June 10, Beijing time).

The extension is consistent with Bloomberg analyst James Seyffart's previous prediction that " there is a high probability that the final decision will be postponed rather than directly approved or rejected. "

Project dynamics:

Aethir will launch a Checker node buyback program on May 27

Aethir announced that it will launch a Checker node buyback program on May 27, allowing node holders to sell NFT licenses back to Aethir and receive rewards. The program aims to support new GPU computing nodes to join Aethir's decentralized cloud computing network and further enhance its DePIN ecosystem. Users can obtain eATH (EigenATH), a token used to support Aethir's infrastructure, by selling nodes. The program adopts EigenLayer's AVS model to promote the access of new computing power. The buyback price will fluctuate according to market conditions, and users who participate earlier will receive additional rewards.

May 28

Policy supervision:

U.S. Vice President Vance to Speak at 'Bitcoin 2025' Conference on May 28

U.S. Vice President Cyrus Vance will speak at the “Bitcoin 2025” conference in Las Vegas on May 28.

Token unlocking:

Bio Protocol (BIO) will unlock approximately 339 million tokens at 8:00 am Beijing time on May 28, accounting for 20.22% of the current circulation and worth approximately US$28 million.

May 29

Macroeconomics:

At 2 a.m., the Federal Reserve released the minutes of its May monetary policy meeting.

At 8:30 p.m., the number of initial jobless claims in the United States for the week ending May 24 and the revised annualized quarterly rate of real GDP in the first quarter of the United States will be released.

Project News:

MilkyWay airdrop collection will end on May 29

According to MilkyWay's official announcement, the deadline for claiming Massdrop is 18:00 (UTC+8) on May 29, 2025, and users can apply through the official website link.

May 30

Project News:

OKX Wallet is upgrading its Fractal BRC-20 protocol services. Affected services are expected to return to normal on May 30.

OKX Wallet is currently upgrading the Fractal BRC-20 protocol service. During the upgrade, Fractal BRC-20 related services will be temporarily unavailable. The affected services are expected to return to normal on May 30, 2025. After the service upgrade is completed, users can view and manage Fractal BRC-20 protocol related assets in the wallet normally.

Treasure Chain will be officially shut down on May 30th. Users need to migrate their assets as soon as possible.

With the passing of the TIP-52 proposal, Treasure Chain will be officially shut down on May 30. Users need to bridge ETH, MAGIC, SMOL and Beacon WOP NFT assets to L1 or Arbitrum chain respectively before the end of the month. The current on-chain bridge has been stopped, and MAGIC-ETH liquidity has been moved to the Ethereum mainnet and launched on Uniswap.

Token unlocking:

Kamino (KMNO) will unlock approximately 229 million tokens at 8:00 pm Beijing time on May 30, accounting for 14.97% of the current circulation and worth approximately US$15.1 million.

Renzo (REZ) will unlock approximately 423 million tokens at 7:00 pm Beijing time on May 30, accounting for 16.10% of the current circulation and worth approximately US$5.7 million.

May 31

Token unlocking:

Optimism (OP) will unlock approximately 31.34 million tokens at 8:00 am Beijing time on May 31, accounting for 1.83% of the current circulation, with a value of approximately US$22.7 million.

June 1

Policy supervision:

SEC postpones review of Grayscale’s Ethereum spot ETF to add staking functionality, new review deadline is June 1

The U.S. Securities and Exchange Commission (SEC) has decided to extend the review period for the rule change proposal submitted by NYSE Arca. The proposal intends to allow Grayscale Ethereum Trust ETF and Mini Trust ETF to pledge Ethereum holdings. The rule was originally open for public comments on March 3, and no comments have been received so far. The SEC extended the review deadline from the original April 17 to June 1, 2025 to fully evaluate the proposal and related issues.

Trump: It is recommended to impose a 50% tariff directly on the EU from June 1

US President Trump said on social media that the main purpose of the establishment of the European Union is to take advantage of the United States in trade, but the European Union is difficult to deal with. Their strong trade barriers, value-added taxes, ridiculous corporate penalties, non-monetary trade barriers, currency manipulation, unfair and unreasonable lawsuits against American companies, etc., have led to an annual trade deficit of more than $250,000,000 in the United States, which is totally unacceptable. Our discussions with them have made no progress. Therefore, I propose to impose a direct tariff of 50% on the European Union from June 1, 2025. If the product is manufactured or produced in the United States, no tariff will be imposed.

Project dynamics:

Wintermute will establish its US headquarters in Manhattan, New York on June 1 and enter the US market

Crypto market maker Wintermute announced that it will set up its US headquarters in Manhattan, New York on June 1, and hired former Blockchain Association policy director Ron Hammond as policy director. The CEO said that the company decided to quickly deploy in the market because US policies have turned to a friendlier one. Hammond, who once drafted crypto regulations for lawmakers, said he would take this opportunity to promote compliance innovation and industry cooperation.

Neo to shut down testnet on June 1

Neo announced that it will officially shut down the Neo Legacy mainnet on October 31, 2025, and the testnet on June 1, 2025. Neo Legacy has been running for more than 8 years since its launch in 2016. The official will save data snapshots before shutting down. After the shutdown, functions such as asset transfer and smart contract deployment will be permanently stopped, and unmigrated assets will be lost. Users need to complete asset migration through the official migration portal, and the Neo team will also assist centralized exchanges in handling custodial assets.

Token unlocking:

Sui (SUI) will unlock approximately 44 million tokens at 8:00 am Beijing time on June 1, accounting for 1.32% of the current circulation, with a value of approximately US$154 million.

ZetaChain (ZETA) will unlock approximately 44.26 million tokens at 8:00 am Beijing time on June 1, accounting for 5.34% of the current circulation and worth approximately $10.9 million.

DYDX (DYDX) will unlock approximately 8.33 million tokens at 8:00 am Beijing time on June 1, accounting for 1.07% of the current circulation and worth approximately US$5 million.