Weekly Preview | Initia launches mainnet and lists on Binance; The US SEC holds the third cryptocurrency policy roundtable, focusing on custody issues.

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News Preview:

  • Balance will launch its TGE on April 21; Binance Alpha and Binance Futures, as well as Gate.io, will list Balance (EPT) on the same day.
  • The U.S. securities depository DTCC has launched a tokenized collateral management platform called "AppChain," with a demonstration scheduled for April 23.
  • The cross-chain protocol Hyperlane will distribute $HYPER airdrops on April 22.
  • The L1 blockchain Initia will launch its mainnet on April 24, and Binance will list its INIT token at 11:00 (UTC+8) on the same day.
  • The U.S. SEC will hold its third crypto policy roundtable on April 25, focusing on custody issues.
  • Several Federal Reserve officials will deliver a series of speeches.

April 21

Macroeconomics:

At 8:30 PM, 2025 FOMC voting member and Chicago Fed President Goolsbee will be interviewed by CNBC.

Exchanges:

Binance Alpha and Binance Futures will list Balance (EPT) on April 21

Binance announced that it will open trading for Balance (EPT) on the Binance Alpha platform at 20:00 Beijing time on April 21, 2025, and will launch the EPTUSDT perpetual contract at 21:00, with leverage up to 20x. To celebrate the launch, all eligible Binance users will receive an airdrop of 3,500 EPT tokens in their Alpha accounts, which will be completed by 20:10 on April 21, 2025. Eligibility for the airdrop is limited to users who made purchases through Binance Alpha using spot or fund accounts between 00:00 on April 11, 2025, and 23:59 on April 17, 2025.

Additionally, Gate.io will simultaneously launch Balance (EPT) spot trading

Japanese crypto exchange coinbook will be renamed “BACKSEAT Cryptocurrency Exchange Co., Ltd.” starting April 21

The Japanese crypto exchange coinbook, which launched NIDT in 2023, has been fully acquired by BACKSEAT Co., Ltd. and will be renamed “BACKSEAT Cryptocurrency Exchange Co., Ltd.” on April 21. The official website will also move to backseat-exchange.com. The new management will focus on promoting Web3 development and expanding blockchain business.

Project Updates:

Balance announces EPT token economic model, TGE to start on April 21

The Balance Foundation has announced its EPT token economic model, with a total supply of 10 billion EPT tokens, set to launch on both the BNB Chain and Ethereum on April 21, 2025 (UTC). In the token distribution, airdrops and community incentives account for 15%, node rewards 25%, and ecological growth 23%. Airdrop recipients include E-PAL users, early supporters, active community users, and holders of the Pioneer badge NFT. EPT will be used for various functions including payment for AI services, governance, staking, and incentives.

Latest Ethereum ACDE meeting: Pectra client expected to launch on April 21

The 209th Ethereum Execution Layer Core Developer Meeting (ACDE) focused on the upcoming Pectra and Fusaka upgrades. The Pectra client is expected to be released on April 21, adding EIP-7702 delegated state to JSON-RPC. For Fusaka, it has been confirmed to include EIP-7823 (limiting MODEXP complexity), EIP-7825 (transaction gas limit), and EIP-7907 (contract code size measurement and limit increase); EIP-7762 and EIP-7918 will be selectively adopted in the blob fee mechanism to balance resource utilization and market supply and demand.

Coinbase applies to CFTC to launch XRP futures, expected to go live on April 21

Coinbase Derivatives has announced that it has submitted an application to the U.S. Commodity Futures Trading Commission (CFTC) to launch XRP futures contracts, which are expected to go live on April 21, 2025.

Governance Voting:

Babylon will complete the governance proposal vote to amend the second phase staking unbinding fee parameters on April 21

The Bitcoin staking protocol Babylon has announced on platform X that the governance proposal to amend the parameters of the Babylon Genesis chain has officially launched. The proposal aims to adjust the unbinding fee for the second phase of staking from 100 sats/vbyte to 30 sats/vbyte. Voting is now open and will close at 7:00 AM UTC on April 21, Monday.

April 22

Macroeconomics:

At 9:00 PM, Federal Reserve Vice Chair Jefferson will speak at the Economic Liquidity Summit.

At 9:30 PM, 2026 FOMC voting member and Philadelphia Fed President Harker will speak at the Economic Liquidity Summit.

Policy Regulation:

ESMA launches public consultation on establishing standards for crypto asset advisors, deadline April 22

The European Securities and Markets Authority (ESMA) has launched a public consultation on guidelines for assessing the knowledge and competence of professionals providing crypto asset services under the Markets in Crypto-Assets Regulation (MiCA). The consultation was published on February 17 and aims to standardize the qualifications and experience required for individuals providing advice or information to clients regarding digital assets.

The draft guidelines set clear professional qualifications, work experience, and continuing education standards for employees hired by crypto asset service providers (CASPs). According to the proposal, individuals providing crypto asset investment advice must meet stricter competency requirements than those providing basic information services. Market participants, including CASPs, investors, financial institutions, and industry associations, are invited to provide feedback on the proposed standards. ESMA will accept comments until April 22, 2025, and is expected to publish the final guidelines in the third quarter of that year.

Exchanges:

Kraken will launch BNB spot trading pairs on April 22

Kraken exchange is set to launch BNB trading and has opened BNB deposit services. The trading pairs BNB/EUR, BNB/USD, BNB/USDC, and BNB/USDT will officially open at 22:00 Beijing time on April 22.

Project Updates:

Cross-chain protocol Hyperlane announces $HYPER airdrop details, to be distributed on April 22

The cross-chain interoperability protocol Hyperlane will conduct a $HYPER token airdrop on April 22, with 57% of the total supply allocated to community users, while the team, investors, and foundation will receive 25%, 10.9%, and 7.1%, respectively. The community airdrop portion will be fully unlocked, while team and investor tokens will be locked for 12 months. Users must check their eligibility through the official portal by April 13.

Token Unlocking:

SPACE ID (ID) will unlock approximately 12.65 million tokens at 8:00 AM Beijing time on April 22, representing 2.94% of the current circulating supply, valued at approximately $2.4 million.

April 23

Macroeconomics:

IMF will release the latest World Economic Outlook report on April 23, its president states that trade wars may slow global growth but pose no recession risk

IMF (International Monetary Fund) President Georgieva stated in a speech before the Washington Spring Meetings that the trade "reboot" and wave of protectionism driven by the U.S. are exacerbating global uncertainty, which may lead to a downward adjustment in economic growth, but the world will not fall into recession. She emphasized that although some countries may face heightened inflation, the overall economy remains resilient. The IMF will release the latest World Economic Outlook report on April 23 (next Tuesday).

At 2:00 AM, 2026 FOMC voting member and Minneapolis Fed President Kashkari will speak.

Project Updates:

At 9:30 PM, 2025 FOMC voting member and St. Louis Fed President Bullard and Federal Reserve Governor Waller will deliver opening remarks at an event.

The Argentine Congress will officially launch an investigation on April 23 to determine the relationship between government officials and Libra

The Argentine Congress's lower house has approved the establishment of a special committee to investigate the role of government officials in the issuance and collapse of the La Libertad Avanza project (i.e., Libra token). The committee, composed of 24 members, will review testimonies to confirm whether President Javier Milei, his sister Karina Milei, and other government officials were involved in the issuance of the token and its subsequent collapse. The committee will launch the investigation on April 23 and must submit a report within three months, clarifying the relevant responsibilities.

Milei first announced the Libra token plan in February, claiming it would support small and medium-sized enterprises in Argentina. However, just hours after the token was issued, its price plummeted, resulting in losses for tens of thousands of investors. This congressional investigation is one of several inquiries into the Libra token incident by various domestic and international institutions, including the Argentine courts and the U.S. Department of Justice, all of which are committed to uncovering the truth of the matter.

Google to enforce MiCA crypto advertising rules in the EU starting April 23

Google will enforce cryptocurrency advertising standards compliant with the Markets in Crypto-Assets Regulation (MiCA) in Europe starting April 23, 2025.

U.S. securities depository DTCC launches tokenized collateral management platform "AppChain," demonstration on April 23

The U.S. Depository Trust & Clearing Corporation (DTCC) has announced the launch of a real-time tokenized collateral management platform called "AppChain," which will be demonstrated at the DTCC "Major Collateral Experiment" event on April 23. The platform aims to enhance the efficiency and liquidity of global collateral circulation, optimize capital utilization, and "build an open digital liquidity ecosystem for market participants to deploy digital applications." The technical architecture shows that AppChain is developed based on the Besu platform under the Linux Foundation's LF Decentralized Trust.

DTCC pointed out that the increasingly complex market environment and cost pressures have made the demand for efficient and high-quality collateral solutions more urgent. Through collateral tokenization, the platform aims to break down traditional "siloed" system barriers and significantly improve the speed of collateral circulation across systems.

Token Unlocking:

Murasaki (MURA) will unlock approximately 10 million tokens at 8:00 AM Beijing time on April 23, accounting for 1.00% of the current circulating supply, valued at approximately $4 million.

Karrat (KARRAT) will unlock approximately 21.25 million tokens at 8:00 AM Beijing time on April 23, accounting for 8.79% of the current circulating supply, valued at approximately $1.3 million.

Eigenlayer (EIGEN) will unlock approximately 1.29 million tokens at 3:00 AM Beijing time on April 23, accounting for 0.53% of the current circulating supply, valued at approximately $1.1 million.

April 24

Macroeconomics:

At 2:00 AM, the Federal Reserve will release the Beige Book on economic conditions.

Policy Regulation:

Dubai Financial Services Authority launches tokenized regulatory sandbox, applications due by April 24

The Dubai Financial Services Authority (DFSA) has announced an invitation for companies to apply to join its tokenized regulatory sandbox, with applications due by April 24, 2025. The DFSA is an independent authority responsible for regulating the Dubai International Financial Centre (DIFC). In an announcement on March 17, the DFSA stated that the sandbox program aims to attract companies wishing to offer tokenized investment products and services. The sandbox provides a controlled environment for businesses to test tokenized financial solutions under the supervision of regulators.

The DFSA has specified that eligible services include tokenized stocks, bonds, Islamic bonds, and collective investment fund units. Both existing firms that have already obtained DFSA authorization and wish to expand their tokenized business, as well as new applicants that meet the criteria, can submit applications. After submission, companies will enter an evaluation process. Successful applicants will receive structured testing opportunities within the sandbox and tailored regulatory guidance. The DFSA emphasized that only companies with strong business models and solid compliance capabilities will be selected. This sandbox program is part of the DFSA's broader innovation testing license initiative, aimed at helping companies refine financial products and prepare for full authorization.

Exchanges:

Coinbase International will launch perpetual contract trading for WCT, BABY, and two other tokens on April 24

According to an announcement from Coinbase International Exchange, the platform will launch perpetual contract (PERP) trading for WCT, KERNEL, BABY, and PROMPT tokens starting at 5:30 PM Beijing time on April 24.

Binance Launchpool to launch Initia (INIT)

Binance has announced the launch of its 68th Launchpool project—Initia (INIT). Users can lock BNB, FDUSD, and USDC starting from 00:00 (UTC) on April 18, 2025, to receive INIT airdrops, with the event lasting for six days. Binance will provide trading pairs INIT/USDT, INIT/USDC, INIT/BNB, INIT/FDUSD, and INIT/TRY. The total supply of INIT is 1 billion tokens, of which 3% (30 million tokens) will be used for Launchpool rewards. Additionally, after the spot listing, an extra 10 million INIT will be allocated for other marketing activities, with another 20 million to be distributed six months after listing. The initial circulating supply will be 148,750,000 INIT.

It is reported that Initia mainnet will launch on April 24. Binance will list INIT at 11:00 (UTC+8) on the same day and open trading pairs INIT/USDT, INIT/USDC, INIT/BNB, INIT/FDUSD, and INIT/TRY.

Binance will delist AMB, CLV, STMX, and VITE, terminating withdrawal services on April 24

Binance announced that it will delist and stop trading the following spot trading pairs: AMB/USDT, CLV/BTC, CLV/USDT, STMX/TRY, STMX/USDT, and VITE/USDT starting at 11:00 AM (Beijing time) on April 24, 2025. All open orders will be automatically canceled after trading stops. From 11:00 AM (Beijing time) on April 25, 2025, deposits for the relevant tokens will no longer be credited to user accounts, and withdrawal services will continue until 11:00 AM (Beijing time) on April 24, 2025.

Project Updates:

Dolomite will conduct TGE on April 24, airdropping 20% of DOLO

The lending protocol Dolomite has announced that its DOLO token generation event (TGE) will officially start on April 24, and users can begin claiming DOLO tokens on that day. The total supply of DOLO tokens is 1 billion, with approximately 361 million tokens circulating at TGE, including locked veDOLO. 20% of DOLO tokens will be distributed as airdrops to platform users, with the snapshot date set for January 6, 2025, considering only activities on Dolomite before the snapshot. In addition to the airdrop, Boyco depositors will receive a 3% allocation of DOLO tokens.

April 25

Exchanges:

Binance will adjust the collateral rates for some assets in the unified account on April 25

Binance will adjust the collateral rates for some assets in the unified account at 2:00 PM (UTC+8) on April 25. This update is expected to be completed within about an hour.

Weekly Preview | Initia mainnet launch and Binance listing; U.S. SEC holds third crypto policy roundtable focusing on custody issues

U.S. SEC to hold third crypto policy roundtable on April 25, focusing on custody issues

The U.S. Securities and Exchange Commission (SEC) has announced details of its third cryptocurrency policy roundtable, which will focus on custody issues on April 25. There will be two panel discussions—one on broker-dealer and wallet custody, and another on investment advisor and investment company custody. The broker-dealer panel will include members such as Jason Allegrante from Fireblocks, Rachel Anderika from Anchorage Digital, Terrence Dempsey from Fidelity Investments, Mark Greenberg from the crypto exchange Kraken, Veronica McGregor from Exodus, Brandon Russell from Etana Custody, and Tammy Weinrib from Copper.co.

Bosera Ether ETF approved to participate in staking activities starting April 25

Bosera Ether (03009), one of the first virtual asset ETFs in Hong Kong, along with its U.S. dollar counter (09009), has been approved to participate in staking activities starting April 25. Lian Shaodong, Chairman and CEO of Bosera International, stated that they will continue to leverage their strengths in investment and financial technology to further promote the integration of traditional finance and the third generation of the internet (Web 3), bridging on-chain and off-chain activities while enriching market products.

Token Unlocking:

Venom (VENOM) will unlock approximately 59.26 million tokens at 4:00 PM Beijing time on April 25, accounting for 2.86% of the current circulating supply, valued at approximately $7.9 million.

AltLayer (ALT) will unlock approximately 240 million tokens at 6:00 PM Beijing time on April 25, accounting for 7.92% of the current circulating supply, valued at approximately $6.9 million.

April 26

None

April 27

Token Unlocking:

Undeads Games (UDS) will unlock approximately 21.94 million tokens at 8:00 AM Beijing time on April 27, accounting for 30.54% of the current circulating supply, valued at approximately $14.9 million.

Velo (VELO) will unlock approximately 182.8 million tokens at 8:00 AM Beijing time on April 27, accounting for 2.47% of the current circulating supply, valued at approximately $2.3 million.

Specific Time TBD

Project Updates:

Sonic Labs: .sonic domain public sale expected to start next week

Sonic Labs announced on platform X that the .sonic domain is ready, and users can now check their emails, while waitlist users can now claim their domains on Unstoppable Domains. The public sale of .sonic domains is expected to start next week.

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