Weekly Project Updates: Movement Launches Mainnet, Pudgy Penguins Announces Token, PancakeSwap Introduces Springboard, etc

Dec 07, 2024

1. SEC Rejects Two SOL Spot ETF Applications link

FOX Business journalist Eleanor Terrett reported that the U.S. Securities and Exchange Commission (SEC) has informed at least two applicants for SOL spot ETFs that their submitted 19b-4 filings will be rejected. Sources suggest that under the current administration, the SEC is unlikely to approve any new cryptocurrency ETF applications.

2. RTFKT Announces Closure by January 2025 link

RTFKT, a subsidiary of Nike, has announced it will cease its Web3 operations in January 2025. Known for its “digital sneakers” and collaborative virtual goods, RTFKT was acquired by Nike in 2021 to enhance its presence in the virtual world. Although the project is closing, its Ethereum-based tokens will remain functional. Before transitioning, RTFKT plans to launch an updated website, featuring the BLADE DROP as part of the MNLTH X release this December.

In response to the announcement, NFT collector Rahim Mahtab proposed a decentralized strategy to preserve the RTFKT community. He suggested issuing a token linked to burning Clone X NFTs in exchange for RTFKT tokens, with the community funding a liquidity pool and appointing leadership for the project. The concept gained traction on CT, with Mintify team member s4mmy proposing the creation of an AI Agent version of RTFKT’s CTO, envisioning the Agent as the new leader of the initiative.

3. Sky Faces Scrutiny Over $756M USDC Reserve Management via EOA link

Sky (formerly MakerDAO) is under scrutiny for managing $756 million in USDC reserves within its Lite Peg Stability Module (PSM) using an externally owned account (EOA). Critics have raised concerns about potential vulnerabilities and the lack of transparency, arguing that this approach could expose funds to risks such as internal misuse or security breaches.

In response, Sky co-founder Rune Christensen clarified that the private keys required to rebuild the multi-party computation (MPC) account used in the setup process were destroyed, mitigating associated risks. However, the issue continues to spark debate within the community over best practices for managing such significant reserves.

4. Movement Network Mainnet Beta Officially Launched by Foundation link

The Movement Network Foundation has officially announced the launch of its Beta Mainnet, marking the commencement of the first phase of the Movement Network’s deployment plan. The Beta Mainnet currently supports the following features: Follower nodes, RPC nodes, Indexer services, permissioned smart contracts, a blockchain explorer, and Genesis NFTs. Additionally, Coinbase, OKX, and Bybit have announced plans to list the Movement token, MOVE.

5. XION L1 Blockchain Goes Live with Native Token $XION link

The groundbreaking wallet-free Layer 1 blockchain, XION, has officially launched its Mainnet alongside its ecosystem token, $XION, now available for trading on exchanges such as Bybit, Bitget, and Gate.io. XION aims to overcome barriers to Web3 adoption by offering a Web2-like user experience through features like fiat-denominated transactions, gas abstraction, and simplified payments, all while maintaining decentralization and borderless capabilities.

Previously, XION released its token whitepaper and economic model, positioning $XION as the ecosystem’s core utility token. It supports staking, fees, governance, cross-chain fee settlement, and liquidity collateralization. With a total supply of 200 million tokens, the initial circulating supply is set at 25,559,333 tokens. Community and ecosystem development dominate the allocation, with 15.19% designated for launch activities and community growth. Of this, 10.13% is unlocked at TGE, while the remainder unlocks linearly over 48 months.

To ensure network security, strategic supporters can stake their locked tokens, though staking rewards remain locked as well. Notably, the core team is restricted from staking locked tokens, underscoring the project’s “community-first” principle.

6. Swell L2 Set to Launch in Mid-December link

Swell Network has announced that its Layer 2 solution, Swell L2, will join the Superchain as an Optimistic Rollup based on the OP Stack, officially transitioning to the Optimism ecosystem. The Devnet for Swell L2 has already been successfully launched, with several protocols deploying their dApps on the network to test user experiences. The Mainnet is expected to go live in mid-to-late December.

7. BNB Chain Unveils Daily Meme Coin Airdrop Campaign link

BNB Chain has announced the launch of a Meme Coin airdrop event on December 12, valued at 231 BNB. The event will run for seven days, with approximately 33 BNB worth of ecosystem Meme Coins being purchased daily and randomly airdropped to 1,000 eligible community addresses. To qualify, users must hold any staked BNB token (such as slisBNB, BNBx, stkBNB, or ankrBNB), or own at least 235 Cake tokens. The snapshot will be taken at 6:00 PM Singapore time on December 11. This airdrop will cover Meme projects deployed on BNB Chain after October 1, 2024, while a separate participation channel will be available for Meme projects launched after December 5.

8. Pudgy Penguins Introduces Official Token PENGU link

Pudgy Penguins has announced the upcoming launch of its official token, PENGU, set to debut in 2024. The PENGU token will adopt a multi-chain deployment strategy, launching not only on the Solana blockchain but also on Ethereum and Abstract Chain, with a total supply of 88,888,888,888 tokens. Through PENGU, Pudgy Penguins fans and users engaged with the brand will have the opportunity to join its ecosystem via token participation.

The token allocation focuses on community building and ecosystem development, with 25.9% designated for the Pudgy Penguins community, 24.12% for other communities, and 29.28% for the team and company (subject to a 1-year cliff and 3-year linear vesting). Liquidity support will account for 12.35%, with the remaining portion allocated for promotion, public projects, and rewarding FTT token holders.

9. Milady MEME Token Launch Delayed, Sparking Community Dissatisfaction link

Scorched Earth Policy, the Chief of Staff of Remilia Corporation, stated in an interview that the release of the MEME token is underway, but the reasons for the delay remain undisclosed. He emphasized that all decisions are centered around safeguarding the community’s interests. Previously, the Milady Cult Twitter account announced a presale for the MEME token on June 13, raising $20.53 million. These funds were deposited into a multi-signature Gnosis wallet, which currently holds $21.4 million, primarily in Ethereum and USDT. However, the token has yet to be released, leading to dissatisfaction and concern within the community.

10. PancakeSwap Rolls Out Integrated Token Launchpad “PancakeSwap Springboard” link

PancakeSwap has announced the launch of “PancakeSwap Springboard,” an integrated token launchpad designed to help project teams quickly create and launch tokens on the BNB Chain. Springboard offers a no-code, zero-fee setup, supports multiple token pairs, and utilizes CAKE to enhance liquidity. Project teams can effortlessly create tokens and launch them for trading by simply selecting the token name, symbol, and basic settings. The platform features a transparent and fair launch mechanism, without the need for presales or seed rounds. Furthermore, Springboard automatically integrates with PancakeSwap’s DEX liquidity pool once liquidity reaches 100%, enabling seamless trading. Additionally, the Springboard Farm program will offer CAKE rewards for selected liquidity pools, further boosting community engagement.

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