Top Crypto News This Week: Filecoin Upgrade, $39 Million IMX Token Unlocks, and More

This week, significant news from the traditional and decentralized finance sectors is underway in the crypto sphere. Some projects, including Filecoin and MultiversX, are gearing up for important updates. Meanwhile, banking giant Morgan Stanley will soon allow select clients to invest in Bitcoin exchange-traded funds (ETFs).

Investors and market analysts closely watch these events to see their potential impact on the market.

MultiversX Launches xExchange V3 on Testnet

On August 5, MultiversX will launch a new version of its exchange, xExchange V3, on its testnet. The xExchange team announced on July 30 via X (formerly Twitter) that the update is ready for extensive testing.

The “Battle of Yields” event from August 5-7 invites users to test new features with their mainnet balances and positions. This initiative, leveraging the MultiversX Testing Fork technology, aims to provide a realistic testing environment.

The team emphasizes that BattleNet assets hold no real value and actions won’t impact the mainnet state. If no critical issues arise, the official V3 launch will follow shortly after the event.

Despite this progress, the price of MultiversX’s native token, EGLD, remains unaffected. At the time of writing, it is trading at $23.70, marking a 16.49% drop over the past 24 hours.

EGLD Price Performance. Source: BeInCrypto

Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

GRVT’s Open Beta Testnet and Token Giveaway

GRVT, a self-custodial centralized exchange (CEX) built on zkSync, will launch its open beta testnet on August 5. As of July 31, over 2.5 million users were on the waitlist.

The team announced on July 29 that 2.4 million ZK tokens will be distributed among the first 30,000 participants. Additionally, each of these users will receive 600,000 raffle tickets, which can be claimed immediately. Users must trade $500 worth of USDT on Mainnet Day 1 to claim the ZK tokens.

Tokens will be distributed monthly during Season 1 based on GRVT Reward activities. Token rewards can be claimed starting from the Token Generation Event (TGE), which is targeted for Q1 2025.

Filecoin to Conduct Waffle Upgrade, Promising Enhanced Performance

Decentralized storage network Filecoin will implement a network upgrade, codenamed Waffle, at epoch 4154640 on August 6. This upgrade, detailed in Filecoin’s official GitHub community, includes several Filecoin Improvement Proposals (FIPs) to boost network efficiency and functionality.

Several noteworthy proposals are set to redefine the ecosystem. Proposal FIP-0065 aims to refine the calculation of the circulating supply by not counting the market-locked balance. On the other hand, FIP-0079 proposes to bring BLS Aggregate Signatures into the Filecoin Virtual Machine (FVM), enhancing its functionality.

Proposal FIP-0084 proposes eliminating the Storage Miner Actor Method ProveCommitSectors, simplifying the mining process. Meanwhile, proposal FIP-0085 seeks to transition the f090 Mining Reserve actor into a more flexible, keyless account actor, offering a streamlined approach to account management.

Additionally, proposal FIP-0090 is set to introduce a Non-Interactive Proof of Replication (PoRep), enhancing security and efficiency. Proposals FIP-0091 and EIP-155 focus on augmenting compatibility, supporting Homestead, and enabling Ethereum transactions, respectively.

Morgan Stanley to Offer Bitcoin ETFs to Select Clients

A recent report indicates that starting August 7, Morgan Stanley will allow its 15,000 financial advisors to offer spot Bitcoin ETFs to eligible clients. This move marks a significant step for major Wall Street banks entering the digital asset space.

Initially, the firm will offer BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC). However, this offer is limited to high-net-worth clients with at least $1.5 million in assets and a high-risk tolerance. Industry experts believe this development could pave the way for broader institutional adoption of Bitcoin and other cryptocurrencies.

ImmutableX (IMX) and Other Major Token Unlocks This Week

The crypto market will see over $50 million worth of token unlocks this week. The most noteworthy is the IMX token, scheduled for unlocking on August 9 at 12:00 UTC. This event will release 32.47 million IMX tokens, valued at approximately $39.29 million.

IMX Token Unlocks. Source: TokenUnlocks

Other significant token unlocks include XAI and Ethena (ENA). Read this article for further detailed information on major crypto token unlocks this week.

Read more: Which Are the Best Altcoins To Invest in August 2024?

Merchant Moe Announces Tokenomics Upgrade

Merchant Moe, a decentralized exchange (DEX) on the Mantle Network, plans to roll out a tokenomics upgrade next week. However, Merchant Moe has yet to specify the exact date for this initiative.

In this tokenomics version, Merchant Moe will reduce MOE emissions, optimize emissions by closing select V1 Farms, increase protocol fees on key revenue-generating liquidity pools (LPs), and replace mETH buybacks with MOE buybacks. By strengthening MOE with this overhaul, the Merchant Moe team believes it can fully align with the community for long-term success.

“With over 55,000,000 MOE staked and climbing, Moe’s community journeymen are preparing themselves for increased revenue sharing, MOE buybacks, and Journey Season 4 rewards!” The team stated.

The post Top Crypto News This Week: Filecoin Upgrade, $39 Million IMX Token Unlocks, and More appeared first on BeInCrypto.