Exciting events are set to captivate the world of crypto this week with diverse ecosystems taking center stage. From the resurgence of FTX to revelations from Jupiter and Hyperliquid, the crypto market is bracing for a rollercoaster ride.
Traders and investors are urged to tweak their strategies as the movers and shakers of the crypto sphere step into the limelight.
FTX Repayments
The long-awaited moment arrives as defunct exchange FTX embarks on repaying creditors in the Bahamas starting February 18. Reports suggest that claims under $50,000 will be prioritized, with BitGo facilitating the process. Creditors residing beyond the Bahamas will have to wait until March 4 for reimbursement.
An email circulated earlier in February among FTX creditors revealed key details regarding the reimbursement of lost assets. The repayments are scheduled to kick off at 10 AM ET on February 18.
Furthermore, creditors stand to benefit from 9% annual interest on lost assets dating back to November 11, 2022, in light of the surging crypto values post-FTX collapse.
Amidst the anticipation, caution is urged against falling prey to phishing emails targeting FTX creditors. Vigilance is key as fraudulent emails masquerading as FTX and Ledger surface, potentially stemming from a data breach from Kroll or FTX sources.
FTX's token, FTT, currently trades at $2.22, reflecting a modest 2.36% uptick since the week commenced.
Jupiter’s JUP Buybacks
Stealing the spotlight this week is Jupiter DEX's move to initiate a buyback program for its JUP tokens. This strategic step aligns with the platform's commitment to transparency and amid discussions on enhancing the platform and potential acquisitions within the Solana ecosystem.
In a bid to bolster its token, Jupiter vows to allocate 50% of protocol fees towards purchasing and locking JUP tokens for a three-year period, fostering a cycle of growth and value retention.
The platform's roadmap unveiled at the Catstanbul Conference outlined a roadmap for platform enhancements and expansion within the Solana ecosystem.
Hyperliquid Spot Trading
Hyperliquid's latest revelation on adding support for Ethereum (ETH) and Solana (SOL) spot trading adds an intriguing layer to the week's crypto dialogue. This development, hinted at by Shoku, a pivotal player on Hyperliquid, holds the promise of expanding liquidity and garnering increased trading volume.
With a high-performance layer-1 (L1) blockchain boasting native spot and perpetual trading support, Hyperliquid stands at the cusp of revolutionizing the trading landscape.
As strategic moves unfold, Hyperliquid's HYPE token sees a slight decline of nearly 3% since the commencement of the week.
MELANIA Token Unlocks
A buzz of anticipation surrounds the imminent token unlocks of MELANIA coin, with 30 million tokens set to be released, constituting 3% of the circulating supply. The unlocks, valued at $39 million, are pegged to be allocated to the team behind 'MKT World LLC', tied to the spirited launch of MELANIA coin.
As the saga unfolds, market observers brace for potential volatility stemming from such sizeable token unlocks, with the history of similar events having a bearish undertone.
Telegram’s TON Blockchain Exclusivity
Telegram ushers in a new era with the exclusivity of TON blockchain for its Mini Apps ecosystem from Friday, February 21. This bold move seeks to standardize the blockchain infrastructure, promising users consistency, predictability, and fortified protection against scams.
Steering a fresh narrative, TON Connect gears up to be the sole integration protocol for Telegram Mini Apps, signaling a deepened collaboration after a period of divergence.
The TON project's reunion with Telegram marks a pivotal chapter in the evolution of blockchain technology, poised to reshape user experiences and security standards.