The cryptocurrency landscape is rapidly evolving, with major developments scheduled across protocols, exchanges, and Layer-2 networks throughout late January and early February 2025. From high-value token unlocks to mainnet launches and critical protocol upgrades, this period marks a pivotal moment for investors, developers, and Web3 enthusiasts.
This comprehensive overview highlights the most impactful events shaping the market—offering clarity on timelines, implications, and opportunities—while integrating essential SEO keywords such as token unlock, mainnet launch, crypto upgrade, decentralized exchange (DEX), Layer-2 network, staking protocol, blockchain governance, and NFT platform.
Major Weekly Highlights
Before diving into daily breakdowns, here are the standout events:
- Jupiter (JUP) will officially launch its native token on January 31.
- dYdX (DYDX) unlocks approximately 33.33 million tokens—worth nearly $90 million—on February 1.
- Frame rolls out its mainnet and FRAME token, targeting NFT-centric users on Arbitrum.
- Sepolia testnet undergoes a critical fork on January 30, signaling progress toward Ethereum’s Dencun upgrade.
- EigenLayer introduces three new liquid staking tokens (LSTs), expanding restaking options.
These milestones reflect growing maturity in decentralized finance, NFT infrastructure, and cross-chain interoperability.
January 29: Regulatory Shifts and Protocol Preparations
Google Updates Crypto Advertising Policy
Starting January 29, Google enforces stricter rules for advertisers promoting cryptocurrency trusts globally. In the U.S., firms must now obtain certification and meet specific compliance requirements. Globally, any account advertising crypto-based trust products will be subject to review. Violators receive at least seven days’ notice before potential suspension.
This policy shift underscores increasing institutional oversight of digital asset marketing—a trend likely to influence user acquisition strategies across DeFi platforms.
👉 Discover how top blockchain projects navigate global compliance while expanding user access.
dYdX Chain Upgrades to v3.0
The dYdX community voted overwhelmingly (98.9% approval) to upgrade its chain software to version 3.0, scheduled for execution at block 7,147,832 (UTC time: January 29, 17:46). Validators are urged to prepare for the transition.
This upgrade enhances performance and lays groundwork for future scalability improvements—critical ahead of the large token unlock on February 1.
Magic Eden Launches Multi-Chain Wallet
NFT marketplace Magic Eden teased a multi-chain wallet launch via a cryptic “Monday” post featuring icons of Bitcoin, Ethereum, Solana, and Polygon. The rollout signals an aggressive move to unify fragmented NFT experiences across blockchains.
With over $10 billion in cumulative NFT trading volume, Magic Eden’s expansion could accelerate cross-chain liquidity adoption.
WEN Meme Coin Airdrop Ends
Jupiter co-founder Meow’s meme coin WEN concluded its claim period on January 29. While meme tokens often carry speculative risk, their distribution models continue to drive community engagement in emerging ecosystems like Solana.
January 30: Testnet Forks and Mainnet Debuts
Starknet’s ZKX Protocol Goes Live
ZKX, a zero-knowledge-powered derivatives trading platform built on StarkNet, launched its mainnet on January 30. The release includes Phase 2 of its airdrop campaign for early traders and community contributors.
As one of the first zk-rollup-native derivatives DEXs, ZKX represents a significant advancement in scalable and private financial instruments on Ethereum Layer-2.
Sepolia Testnet Forks Ahead of Dencun
The Sepolia testnet underwent a scheduled fork on January 30—a key step toward Ethereum’s upcoming Dencun upgrade. This testnet activity validates EIP-4844 (proto-danksharding), which introduces blob-carrying transactions to reduce Layer-2 fees.
Holesky follows with a fork on February 7. Successful testing paves the way for mainnet deployment, expected in Q1 2025.
EigenLayer Adds Three New LSTs
EigenLayer reintroduced restaking capabilities on January 30 by integrating three new liquid staking tokens:
- sfrxETH (Frax Ether)
- mETH (Mantle Staked Ether)
- LsETH (Liquid Collective Staked Ether)
Each LST has a cap of 200,000 ETH for restaking. This expansion diversifies collateral options within the restaking economy, enhancing capital efficiency and security across protocols leveraging EigenLayer’s activeness verification.
Lens Protocol Retires V1 API
Lens Protocol disabled write functions on its V1 API ahead of full deprecation on January 30. Developers are encouraged to migrate to V2 for improved performance and feature support.
As decentralized social graphs gain traction, smooth API transitions ensure continuity for dApps building identity layers in Web3.
January 31: Token Launches and Exchange Adjustments
Jupiter Launches JUP Token
Jupiter, Solana’s leading DEX aggregator, officially launched its governance token JUP on January 31 at 22:00 Beijing time. Prior to launch, the team tested a new distribution platform and finalized the project’s whitepaper.
JUP aims to decentralize Jupiter’s ecosystem through community-driven decision-making and incentivized participation in liquidity and trading activities.
👉 Learn how next-gen DEX aggregators are redefining yield optimization in DeFi.
Frame Launches Mainnet + FRAME Token
Frame, an NFT-focused Layer-2 rollup built on Arbitrum Nitro, went live on January 31 alongside its FRAME token airdrop. Eligible users—those who traded NFTs and paid royalties on Ethereum—are receiving initial allocations.
Notably, FRAME tokens are non-transferable until the next phase begins. The project raised funding from Electric Capital and notable Web3 figures like Zagabond (Azuki) and 9GAG’s CEO.
UniSat Releases Whitepaper
Bitcoin wallet UniSat published its official whitepaper on January 31, affirming continued support for BRC-20 tokens under the Ordinals framework without protocol splitting. This reinforces UniSat’s role as a foundational tool in Bitcoin’s evolving smart asset ecosystem.
Base Migrates from Goerli to Sepolia
Base announced that its documentation would no longer reference Goerli as of January 31. The full shutdown of Base Goerli infrastructure is set for February 9. Users are advised to bridge testnet assets before then.
This migration aligns with Ethereum’s broader shift toward unified testing environments ahead of major upgrades.
February 1: Token Unlocks and Governance Milestones
dYdX Unlocks $90 Million in DYDX Tokens
On February 1 at 08:00 UTC, 33.33 million DYDX tokens—valued at approximately $90 million—were unlocked. Such large unlocks can impact price volatility, especially if early holders or teams sell significant portions.
Market participants should monitor on-chain outflows and exchange inflows closely in the days following.
Other notable unlocks on the same day:
- Acala (ACA): 27.43 million tokens (~$2.3M)
- Euler (EUL): 100,000 tokens (~$400K)
- Tornado Cash (TORN): 90,000 tokens (~$150K)
OKX Compensates Affected Users
OKX distributed USDT compensation to users impacted by abnormal OKB price movements prior to February 1. Eligible accounts included those involved in leveraged trading, cross-margin positions, or staking using OKB as collateral.
This move highlights growing emphasis on user protection in centralized exchange risk management.
SKALE Implements Chain Pricing Model
SKALE Network activated its new chain pricing mechanism on February 1—the second phase of its economic transformation. Instead of charging end-users gas fees, SKALE charges network usage fees paid in SKL tokens to validators.
At 70% network load, each chain pays $1M worth of SKL annually. The dynamic pricing model aims to ensure validator profitability while maintaining low user costs.
February 2–4: Market Exits and Strategic Mergers
GameStop Shuts Down NFT Marketplace
Due to ongoing regulatory uncertainty, GameStop officially closed its NFT marketplace on February 2—just 18 months after launch. The company had previously discontinued wallet support four months earlier.
This retreat reflects broader challenges traditional companies face when entering unregulated digital asset spaces.
Klaytn and Finschia Vote for Merger
The governance vote concluded on February 2, finalizing plans for Klaytn and Finschia blockchains to merge into a single entity. The unified network aims to become Asia’s leading EVM-compatible platform with integrated DeFi, GameFi, and RWA capabilities.
Backed by Kakao and LINE, this merger could catalyze regional adoption of Web3 services.
Lido Ends Solana Frontend Support
As of February 4, Lido no longer supports frontend interactions for Solana staking. While stSOL holders continue earning rewards, unstaking now requires command-line tools only.
This decision follows community debate about resource allocation and long-term viability of multi-chain staking strategies.
Frequently Asked Questions (FAQ)
Q: What is the significance of the dYdX token unlock?
A: The unlock of 33.33 million DYDX tokens (~$90M) may increase selling pressure if recipients offload holdings. However, it also enables broader participation in governance and ecosystem incentives.
Q: How does EigenLayer's addition of new LSTs benefit users?
A: By supporting sfrxETH, mETH, and LsETH, EigenLayer increases capital efficiency and allows more users to participate in restaking with diverse staked ETH derivatives.
Q: Why did GameStop exit the NFT space?
A: GameStop cited persistent regulatory uncertainty as the primary reason for shutting down its NFT marketplace and related wallet services.
Q: Is the JUP token available for trading immediately after launch?
A: Yes, JUP became tradable upon launch on January 31, though initial liquidity conditions may vary across exchanges.
Q: Can I still use Lido to unstake SOL?
A: Yes, but only via command-line interface (CLI). Frontend support ended on February 4.
Q: What happens after Base fully shuts down Goerli support?
A: After February 9, users will no longer be able to bridge funds from Base Goerli. All testnet assets should be moved before that date.
👉 Stay ahead of token launches, unlocks, and network upgrades with real-time market insights.