This Week in Crypto: Powell's Remarks, SUI $100M Token Unlock, and More

This week marks an exciting period for the crypto market, with key events expected to drive market sentiment.

This week in crypto: Powell's remarks, SUI's $100M token unlock and more

Key Events

EigenLayer to Enable EIGEN Token Transferability This Week

Restaking protocol EigenLayer will be removing transfer restrictions on its EIGEN tokens on Sept. 30. According to the latest update, this feature will allow EIGEN holders to trade and transfer their staked rewards.

“Please note that if your EIGEN is currently staked, there is a 7-day withdrawal period for unstaking EIGEN,” the team added.

This development marks a critical moment for EigenLayer. According to DefiLlama, EigenLayer holds over $12 billion in total value locked (TVL) at the time of writing. This figure makes it the second-largest DeFi platform by TVL.

Market Awaits Powell’s Remarks Following Fed’s Interest Rate Cut

On Monday, Jerome Powell, the Federal Reserve Chair, will participate in a moderated discussion at an economic conference. This event marks his first appearance since the Fed’s 50-basis-point interest rate cut on September 18.

Powell is expected to provide insights on the central bank’s future policy direction, which will have implications for both traditional financial markets and the cryptocurrency space.

As reported by BeInCrypto, the Federal Reserve’s decision to cut rates for the first time since 2020 has already stirred investor interest. Since the decision, Bitcoin (BTC) has been trading near key resistance levels around $64,000.

Mithil Thakore, CEO and co-founder of Velar, noted that a break above $64,000 could lead Bitcoin to a smoother ascent toward its previous highs of around $74,000. However, he added that major macro factors, including global conflict risks and the US presidential election, could also affect the market.

“Markets don’t like uncertainty. For this reason, shrewd traders will seek to hedge exposure to BTC going into Q4. Given the likelihood of high volatility in the short term, traders who are bullish on BTC would do well to look to the options market and take out calls rather than playing with perpetuals,” he told BeInCrypto.

DeFi Kingdoms to Launch PvP Game Colosseum on Metis L2

On Oct. 2, DeFi Kingdoms will be introducing its Colosseum game on the Metis Layer-2 (L2) network. This major development will include player-versus-player (PvP) private battles, an influence system, and an NFT marketplace, all designed to enhance user engagement and promote competitive gameplay.

“Players will be able to stake their Heroes to gain ‘Influence,’ granting them passive rewards and XP! Additionally, players can use their Influence to predict the winners of Bouts and be rewarded!” the DeFi Kingdoms team said.

The partnership with Metis allows DeFi Kingdoms to accelerate the development of PvP features while bringing added rewards in the form of METIS tokens. The team highlighted the long-term advantages, noting that the partnership with Metis would enable them to speed up certain timelines. This includes the timeline for PvP, which they now expect to deliver to their players earlier and with more features than initially planned.

Avalanche to Launch Major Network Upgrade: Avalanche9000

In October, Avalanche will be undergoing its most significant network upgrade yet, known as Avalanche9000. This upgrade is set to enhance the scalability, security, and performance of the Avalanche blockchain, particularly for developers building Layer-1 (L1) chains.

On its official website, the Avalanche team explained that the upcoming changes will make it easier for developers to customize their blockchain infrastructure. This reduction in technical complexity and economic barriers will enable more projects to launch L1 chains on the blockchain.

Avalanche9000 will also introduce enhanced regulatory compliance options. These options include built-in geo-restrictions and custom permissions, helping projects align with global regulatory standards. The new upgrade will include better support for open and permissionless validator sets, which contributes to increased decentralization and security across the network.

As part of this upgrade, Avalanche is looking to attract more builders to its ecosystem by offering developer incentives and rewards. The upgrade includes access to a testnet environment, where developers can experiment with new ideas and innovations before deploying them on the mainnet.

Major Token Unlocks This Week: SUI, DYDX, MAV and More

One of the most significant events this week is SUI’s $100 million token unlock. SUI will be releasing 64.19 million tokens to early contributors and investors, as well as its treasury. This amount represents 2.4% of its circulating supply.

Other notable token unlocks include DYDX, which will release $8.9 million worth of tokens, and MAV, which will also unlock $8.47 million in tokens.

These token unlocks present both opportunities and risks for investors, as the