Weekly Preview | The “Super Central Bank Week” arrives, putting global markets to the test of policy; a wave of shutdowns hits, with projects such as YGG Play shutting down

News preview:

• Changxin Technology’s stock will list on July 27 on the Shanghai Stock Exchange’s STAR Market;
• CME will launch single-stock futures on July 27;
• SK hynix U.S. depository receipts (ADRs) and Korea-listed ordinary shares are expected to open for two-way conversions on July 29;
• At 02:00 on July 30, the U.S. Federal Reserve FOMC will公布 the interest rate decision; afterwards, Fed Chair Waller will hold a monetary policy press conference;
• FTX announced that it will start issuing the fifth distribution of about $900 million on July 31, and preferred shareholders will receive the second payment simultaneously;
• Strategy will release its 2026 Q2 financial results at 2026-07-31 Beijing time;
• Apple and Amazon will release earnings in the early morning of July 31 Beijing time; Meta, Microsoft, and Qualcomm will release earnings in the early morning of July 30 Beijing time;
• The YGG Play platform, the Ethereum L2 network Zero Network, and the Sei ecosystem DeFi lending platform Oxium, the DeFi platform Dango, the DEX aggregator protocol Odos, the decentralized contract trading platform Pingu Exchange, and the Bitcoin lending protocol Tropykus will be gradually shut down. Users need to withdraw assets

July 27

Exchanges:

Changxin Technology’s stock will list on July 27 on the STAR Market of the Shanghai Stock Exchange

According to Jinjing, Changxin Technology’s stock will list on the STAR Market of the Shanghai Stock Exchange on July 27, 2026.

CME will launch single-stock futures on July 27

Market news: CME Group will launch single-stock futures on July 27. CME Group said the products will include standardized contracts and micro contracts for more than 50 leading U.S. stocks. The new products will include 55 larger contracts and 22 micro futures contracts. Alphabet, Amazon, Apple, Meta, Nvidia, and SpaceX will be included as tradable underlyings.

Project updates:

Tropykus announced a phased shutdown of the current version; front-end support will end after July 27

Bitcoin lending protocol Tropykus posted on X saying that its technical architecture cannot meet future security standards. Tropykus will initiate a phased shutdown process for the current version. Users need to repay loans and withdraw funds before July 27, 2026; after that, front-end support will end. Operating smart contracts requires technical knowledge. Smart contract withdrawals are already open, and deposits and loans have been permanently paused.

July 28

Exchanges:

Ionic Digital’s registration statement has been approved by the U.S. SEC and will begin trading on Nasdaq on July 28

Ionic Digital, a Bitcoin mining company, announced that its S-1 registration statement has been approved by the U.S. Securities and Exchange Commission (SEC) and has become effective. Its Class A common stock is expected to begin trading on the Nasdaq Global Select Market on July 28 under ticker symbol “IOND”. This is a direct listing; the company will not sell any shares, and will not receive any proceeds from the sale of shares by registered stockholders. Ionic Digital positions itself as a digital infrastructure company, providing data center solutions for AI and high-performance computing.

Coinbase will pause trading of Across Protocol (ACX) on July 28

Coinbase Markets posted on X: “Coinbase will pause trading of ACX on July 28, 2026, because the project team is gradually shutting down Across Protocol (ACX).” The referenced proposal in the announcement is “Across plans to change the protocol structure from ‘DAO + token’ to a U.S. C-corp company.”

Project updates:

AI infrastructure project Vanar will launch migration to Base on July 28

AI infrastructure project Vanar will kick off the migration from Vanarchain to Base on July 28. Staking users need to un-stake as soon as possible, then wait for the cooling-off period to end before claiming tokens.

July 29

Exchanges:

SK hynix ADRs and Korean stocks to open two-way conversion on July 29

Two-way conversion between SK hynix U.S. depository receipts (ADRs) and Korea-listed ordinary shares is expected to become possible after the 29th of this month. On the 16th, the Korean Securities Depository confirmed that the scheduled listing date for the newly issued Korean ordinary shares is the 29th; at that time, the reciprocal conversion mechanism will officially open.

Project updates:

DeFi platform Dango will terminate the project; trading will be paused on July 29

DeFi platform Dango announced the termination of the project and that trading will stop on July 29. Remaining positions will be closed at oracle prices. The Dango L1 blockchain will stop running on August 13; at that time, any deposits not yet withdrawn will be returned to users’ deposit addresses on Ethereum. The official advises users to close positions and withdraw assets as soon as possible.

Polygon Ithaca hard fork will go live on July 29’s mainnet, enhancing payment reliability

In a post on X, the Polygon Foundation said the Ithaca hard fork was successfully deployed on the Amoy testnet and will go live on Polygon mainnet at block height 50,185,000 (expected 22:00 Beijing time on July 29). This upgrade aims to improve payment reliability: it will automatically fail over and keep transactions smooth when block producers are rarely stalled; it will also add protective mechanisms to intercept potentially slow or unstable transactions; and it will provide node operators with clearer visibility to ensure seamless underlying operations. All node operators need to upgrade as soon as possible to ensure compatibility and network security. In addition, Binance will support the Polygon (POL) network upgrade and hard fork, and is expected to suspend Polygon (POL) token deposits and withdrawals at 21:00 on July 29, 2026 (UTC+8).

Sony Bank to issue tokenized securities backed by music copyrights and open subscriptions on July 29

According to NADA NEWS, Sony Bank will issue USD-denominated tokenized securities on July 29 and open subscriptions. The raised funds will go to a music copyright investment portfolio jointly established by Singapore’s Government Investment Corporation (GIC) and Sony Music Group, in which Sony Bank participates. The portfolio earns returns by collecting copyright revenue from music in scenarios such as streaming, radio, film and TV, and advertising. The securities will be issued by Sumitomo Mitsui Trust Bank, with Sony Bank responsible for sales. Asset management of the underlying assets uses the private blockchain infrastructure provided by Securitize Japan.

Token unlocks:

Falcon Finance (FF) will unlock about 102 million tokens at 9:00 PM Beijing time on July 29, with a circulating ratio of about 3.53% and a value of about $6.2 million

July 30

Macro:

At 02:00 on July 30, the Federal Reserve FOMC will release its interest rate decision; at 02:30, Fed Chair Waller will hold a monetary policy press conference; at 19:00, the Bank of England will release its interest rate decision, meeting minutes, and monetary policy report; at 19:30, BOE Governor Bailey will hold a monetary policy press conference

U.S. stock earnings:

Meta, Microsoft, and Qualcomm will release earnings in the early morning of July 30 Beijing time

Project updates:

DEX aggregator protocol Odos announces it will stop operations; all services will be permanently shut down starting July 30

Decentralized trading aggregation protocol Odos posted on X that its operating company is gradually shutting down. The Odos app will switch to read-only mode on July 27, and all services will be permanently shut down on July 30. Starting July 23, new account registrations, new wallet creations, and new limit orders have been disabled; from July 27 to July 30, the app will only allow users to view transaction history and balances; starting July 30, services will fully stop and the team will no longer provide development, support, or maintenance. Users who created wallets via social login or email login need to transfer assets to other wallets or export private keys before July 30.

Odos emphasized that the ODOS token is independent of the operating company. The company does not custody or market-make the token, and its shutdown will not affect the token’s on-chain mechanisms. The Odos DAO is independent from the company and will announce its plans separately. Odos reminds users to watch out for fake migration websites and token airdrop scams, and not to share seed phrases or sign suspicious transactions.

Decentralized contract exchange GRVT will delay its TGE to July 30

Decentralized contract exchange Grvt posted on X that the GRVT token TGE will be held on July 30. Grvt said the TGE will be listed on multiple major exchanges at the same time, and the first batch of exchanges has been confirmed; more exchanges are in the final execution stage of the protocol, and the list will be announced once all protocol signatures are completed.

Token unlocks:

Kamino (KMNO) will unlock about 229 million tokens at 8:00 PM Beijing time on July 30, with a circulating ratio of about 2.97% and a value of about $4.1 million

July 31

Policy regulation:

South Korea raises single-stock leveraged margin to 30 million won and limits it to cash only; the new rules take effect early on July 31

The Financial Services Commission (FSC) announced that enhanced initial margin measures targeting single-stock leveraged ETFs and ETNs will be implemented ahead of schedule by the end of July. Starting July 31, if individual investors want to buy or add to positions in a single-stock leveraged ETF/ETN, their accounts must hold at least 30 million won in cash as initial margin. The measure applies to both single-stock leveraged ETFs and ETNs listed in South Korea and overseas. Data shows that the total market cap of 16 single-stock leveraged products in the market has grown from 4.4 trillion won on May 27 to 11.9 trillion won on July 15, and trading value has also risen from 10.4 trillion won to 13 trillion won.

Under the new rules, individual investors previously needed to meet a 10 million won initial margin requirement to buy single-stock leveraged products; discounted assets such as stocks, ETFs, and bonds could be counted toward margin. After the new rules take effect, the initial margin standard increases to 30 million won, and only cash assets are recognized; securities-type assets are no longer accepted for margin valuation. For existing investors adding positions, the same 30 million won cash margin standard applies, but sell actions are not restricted by margin.

U.S. stock earnings:

Apple and Amazon will release earnings in the early morning of July 31 Beijing time

Exchanges:

FTX announces the fifth distribution of about $900 million will be issued starting July 31; preferred shareholders will receive the second payment simultaneously

FTX announced it will start issuing the fifth distribution to holders of “convenience” and non-“convenience” claims in its qualifying restructuring plans on July 31, with an amount of about $900 million. Qualified creditors are expected to receive payments from their chosen distribution service providers within 1 to 3 business days starting July 31. FTX also announced that qualified preferred stockholders will receive a second payment on July 31.

Project updates:

Strategy will report its 2026 Q2 financial results on July 31

Bitcoin treasury company Strategy announced it will release its 2026 Q2 financial results after the close of U.S. stock trading on July 30, 2026 (4:00 AM Beijing time on July 31) and hold an online video seminar at 5:00 PM that afternoon (5:00 AM Beijing time) to discuss the results.

Wormhole: Moonbeam network will close on July 31

Wormhole posted on X that the Moonbeam network will shut down on July 31, 2026, after preserving parachain operations as a transition period. Wormhole reminds users to withdraw all external assets from Moonbeam cross-chain before that date; after July 31, Portal and Wormhole contributors will be unable to help retrieve assets that are stuck. Wormhole said the migration process and deadline are set and operated by Moonbeam and may change at any time. Users should verify migration steps via Moonbeam’s official portal and take responsibility for transactions themselves.

Earlier on July 4, it was reported that Moonbeam would pivot to an AI Agent communications and settlement network, and the GLMR token would migrate to Base on a 1:1 basis.

SBI Crypto will shut down its Bitcoin mining pool service on July 31

OCEAN co-founder Mark Artymko posted that SBI Crypto will shut down its Bitcoin mining pool service on July 31. Mark thanked the SBI Crypto team for providing stable services to the Bitcoin network for many years, and invited SBI Crypto miners to migrate to the OCEAN mining pool.

Pingu Exchange announces it will permanently shut down on July 31

Decentralized contract trading platform Pingu Exchange announced it will permanently close and the platform will be taken offline on July 31, 2026. Pingu launched on Arbitrum in January 2024. With an initial launch capital of about $270k, it累计 achieved about $2.4 billion in trading volume and allocated about $650k worth of ETH and USDC to stakers. The team later bet on the Monad mainnet, but after the migration, the platform’s trading volume was only about $80 million after about 6 months. Since February, the team has not paid salaries to avoid draining the treasury. The project said it will return 64.46 ETH to users who bought and still hold tokens on Arbitrum in the form of consolidated limit orders in the PINGU/ETH pool on Arbitrum. The window is open from today until July 31, and 57% of the tokens held in the treasury will not participate in the exit. The project reminds users to close contract positions and withdraw LP funds as soon as possible, and says that because most of the treasury comes from Arbitrum, it cannot fairly兑现 Monad-side points and incentive events.

YGG Play platform and games such as LOL Land and Waifu Sweeper will shut down after July 31

Web3 gaming guild Yield Guild Games (YGG) co-founder Gabby Dizon said that YGG will shut down its game publishing arm YGG Play, involving 35 positions. During the transition period, YGG will pay an additional eight weeks of salary to departing employees and help them find new jobs. The YGG Play platform and games such as LOL Land and Waifu Sweeper will shut down after July 31. GIGACHAD BAT will move to delabs Official, while Ragnarok Breaker will continue to be operated by Planetarium HQ.

Ethereum L2 network Zero Network shuts down; users need to cross-chain withdraw assets before the end of July

Ethereum Layer 2 network Zero Network announced its closure after running for one and a half years. The network focused on gasless transactions and launched in November 2024. The team said the vision of building a gasless rollup is still valid, but maintaining an independent blockchain is not the right path to realize that vision. Therefore, it will re-focus resources on Zerion’s API and wallet services. The team said user assets are safe, but users need to cross-chain withdraw their NFTs, ETH, or other tokens before the end of July; deposits are paused.

AngelList will stop supporting crypto investments starting July 31, due to a third-party payment provider shutting down

According to a notice on AngelList’s official help page, starting July 31, 2026, the AngelList platform will no longer support investment financing using cryptocurrencies. The notice says its third-party cryptocurrency payment service provider will soon stop the service; therefore, the options to complete new investments, raise funds, or subscribe to rolling funds using digital assets such as USDC, USDT, DAI, and ETH will be paused across the platform until further notice, while other financing methods such as ACH transfers and wire transfers are unaffected.

The notice shows that investments completed on or before July 31, 2026 are not affected by this change and users need not take any action. After that, users need to use ACH or wire transfer to make payments. For capital commitments that are still pending and originally planned to be contributed in cryptocurrency, AngelList advises investors to transfer all corresponding crypto assets to their AngelList account by July 30 for holding as a backup, or to complete the subsequent contribution via wire transfer or ACH. AngelList said it is evaluating the possibility of restoring digital-asset financing functionality through a new service provider, but there is no clear timeline yet.

August 1

Policy regulation:

Minnesota will allow banks and credit unions to provide crypto custody services starting August 1

Minnesota Governor Tim Walz signed a virtual currency bill allowing state-chartered banks and credit unions to provide regulated crypto custody services starting August 1. The bill clarifies digital asset custody rules, requiring customer assets to be separated from the institution’s assets, and requiring customers to submit a risk management and cybersecurity plan to the state commerce commissioner 60 days in advance. Minnesota is the first state in the U.S. Midwest to establish a unified digital asset security network for banks and credit unions. The state also signed another bill that will prohibit crypto ATM machines statewide starting August 1. Lawmakers say these machines have become tools for scammers to target vulnerable groups.

Project updates:

Sei ecosystem DeFi lending platform Oxium announces it will stop operations and plans to close the front end on August 1

Sei ecosystem DeFi lending platform Oxium announced it will stop operations. It is said that long-term unfavorable market conditions resulted in revenue being too low, and its current operations can no longer be financially sustainable. Oxium said assets deposited by users into the platform remain fully intact and are still under the user’s control, but it hopes users will plan ahead and complete withdrawals in an orderly manner. The front end is planned to close on August 1, 2026. Users are advised to cancel all unfinished orders, close existing positions, and withdraw assets from the platform.

Chrome updates app store policies starting August 1: will list prediction markets as regulated goods, strictly controlling expansion data collection

According to the Google Developers blog, Chrome’s app store (plugin marketplace) updates its developer program policy. It will strictly be enforced starting August 1, 2026. The new policy explicitly lists prediction markets as regulated goods and bans extensions that support real-money trading of outcomes. User data collected by extensions must be used only for the single purpose disclosed in advance and cannot be repurposed. All data collection activities must be clearly disclosed to users, and if the way data is processed changes after installation, developers must proactively inform users. At the same time, new provisions prohibit extensions from bypassing protections such as AI service safety guardrails and usage restrictions. Violating extensions may be forcibly removed or otherwise disposed of.

Solana on-chain NFT platform Exchange Art will suspend operations on August 1

Solana on-chain NFT art platform Exchange Art announced it will officially stop operating on August 1, 2026. The platform said that due to the long-term slump in on-chain art markets and the inability to find a sustainable financial path, it decided to shut down. Users need to access their accounts before shutdown and withdraw necessary information. All works and funds held in the platform’s sales and custody contracts will be released to their owners before shutdown. All artworks have already been minted on the Solana blockchain and can be imported to other markets, so artists and collectors do not need additional actions to ensure their works’ safety.

Token unlocks:

Sui (SUI) will unlock about 13.72 million tokens at 8:00 AM Beijing time on August 1, with a circulating ratio of about 0.34% and a value of about $9.9 million

EigenCloud (EIGEN) will unlock about 36.82 million tokens at 12:00 PM Beijing time on August 1, with a circulating ratio of about 5.79% and a value of about $7.6 million

August 2

Token unlocks:

Ethena (ENA) will unlock about 40.63 million tokens at 3:00 PM Beijing time on August 2, with a circulating ratio of about 0.47% and a value of about $3.5 million

Time TBD

Policy regulation:

U.S. Senate Majority Leader plans to hold a vote on the Clarity bill as early as next week, even if no agreement is reached with the Democrats

U.S. Senate Majority Leader John Thune plans to hold a vote on the Clarity bill as early as next week, even if no agreement is reached with the Democrats.