Next Week's Must-Watch | U.S. Midterm Elections Kick Off; Binance to Publish Full Proof of Reserves (11.2-11.8)
- Key Takeaways: Next week is packed with events across crypto and macro. Binance's withdrawal recovery and proof-of-reserves disclosure, Polymarket V2 launch, and Zcash NU7 upgrade will be industry focal points, while the U.S. midterm elections and nonfarm payrolls data will dominate macro market sentiment.
- Key Elements:
- Binance co-CEO Richard Teng said the exchange aims to restore withdrawals in phases before November 1 and will publish a full proof-of-reserves (PoR) report on November 2. Deposits have been restored, while withdrawals remain suspended.
- Polymarket Protocol V2 adopts a single ERC1155 position contract and pUSD as unified collateral. It has passed Cantina and Certora audits, and new markets are expected to go live on November 2.
- Zcash plans to activate the NU7 mainnet upgrade on November 5, shortening block intervals from 75 seconds to 25 seconds, discontinuing version 4 transactions while retaining the halving cycle.
- Akash has initiated governance Proposal 346 to migrate from Cosmos to Solana, with approximately 98.29% in favor. Voting ends on November 2, and AKT will migrate 1:1 as SPL tokens.
- U.S. October nonfarm payrolls data will be released on November 6 at 21:30. The previous September reading showed an increase of only 29,000 versus an expectation of 65,000, and the 10-year U.S. Treasury yield has reached 4.9%.
- U.S. Senators Warren and Curtis have asked Kalshi and Polymarket to provide written responses by November 3 on measures to prevent insider trading related to midterm election betting.
- The XRPL fix amendment fixCleanup3_4_0 has secured 91.43% validator support, with the earliest activation window moved to November 4. It involves vaults, lending, AMM, and other features.
Key Events Next Week
November 2
- Binance Co-CEO: Aiming to Restore Withdrawals Before November 1, Full Proof of Reserves to Be Published on November 2;
- Polymarket's New Markets Expected to Launch V2 on November 2;
November 3
November 5
November 6
From November 2 to November 8, more noteworthy industry events are previewed below.
November 2
Odaily reports: Binance Co-CEO Richard Teng released a video statement saying that Binance is rebuilding its withdrawal service, which will only reopen after passing strict security tests. The team is aiming to restore withdrawals before the November 1 (Sunday) deadline (expected to be restored in phases).
Meanwhile, Binance is conducting a comprehensive security review of systems including end-user devices, cloud services, key management, and transaction signing, and plans to publish a complete Proof of Reserves (PoR) report on November 2 (Monday), hoping to release preliminary data beforehand. Binance's deposit services have now returned to normal, while withdrawals remain suspended.
Polymarket's New Markets Expected to Launch V2 on November 2
Odaily reports: Rajath Alex posted on X that Polymarket has launched its next-generation prediction market smart contract system, Protocol V2. V2 uses a single ERC1155 position contract, pUSD as unified collateral, a single exchange and a single router, and initially supports binary, atomic negative risk, incremental negative risk, and combinatorial markets, with settlement compatible with UMA and Chainlink oracles. The code has been audited by Cantina, Certora, and other firms, with Certora completing formal verification and bug bounties of up to $5 million; canary trial markets ran from October 5 to October 30, and new markets are expected to enable V2 on November 2. Existing CTF markets and positions remain unchanged, and Data API V2 will go live simultaneously.
Scheduled to Resume Operations on November 2, Initia L1 and Rollups to Apply MoveVM Patch
Odaily reports: According to Initia monitoring, Initia L1 and Rollups plan to resume operations on November 2, 2026. At that time, the chain upgrade will apply an independently audited MoveVM patch to isolate the attacker's remaining counterfeit balances and enable additional security measures without rolling back transaction history. Support for AUSD0, USDC.n, and WETH will be fully restored before the restart, and users need take no action. To protect users and liquidity providers, Initia DEX will be paused for a brief window, and designated accounts will rebalance pools to market prices, with profits from the rebalancing returned to affected liquidity providers. Bridges and exchanges are expected to resume transfers after network monitoring, and withdrawal times for LayerZero OFT WETH and AUSD0 are set at 24 hours.
Akash Initiates Governance Vote to Migrate from Cosmos to Solana, Voting Ends November 2
Odaily reports: Akash Network has initiated Governance Proposal No. 346 to migrate the network from the Cosmos sovereign chain akashnet-2 to Solana mainnet. Voting began at 23:02 Beijing time on October 26 and will end at 23:02 on November 2, with approximately 98.29% of votes currently in favor. According to the proposal, if it passes and the token and migration portal audits are completed, AKT is expected to launch on Solana as an SPL token in 2 to 3 weeks, migrated at a 1:1 ratio while retaining the token ticker. The one-way migration portal will remain open for 2 years; staked AKT must be unstaked first, which requires 21 days. The proposal sets no switchover date, and the market migration requires a separate switchover proposal.
TSV Plans to Begin Trading CNTN Tokenized Shares as Early as November 2
Odaily reports: TSV LLC, a tokenized equities trading platform built on Canton Network, plans to begin trading tokenized shares of Canton Strategic Holdings (CNTN) as early as November 2. The company adopts an issuer-led tokenization model, commissioning SEC-registered on-chain transfer agent Fairmint to issue tokens and maintain official ownership records, thereby avoiding the 30-day issuer objection period required for third-party tokenization. The move could allow TSV to beat the OKX-ICE joint venture platform in completing the first tokenized U.S. equity trade under the U.S. SEC's "innovation exemption" framework.
November 3
The 2026 U.S. Midterm Elections Will Begin on November 3 Local Time
Odaily reports: The 2026 U.S. midterm elections will begin on November 3 local time. All 435 House seats, 35 Senate seats, and 36 governorships will be up for election. Republicans currently control both the White House and both chambers of Congress, but their House majority is narrow; Democrats need a net gain of just 4 seats to potentially retake the House. Republicans currently hold a 53-47 majority in the Senate, and Democrats likewise need a net gain of 4 seats to take control.
Bipartisan Senators Ask Kalshi and Polymarket to Respond by November 3 on Insider Trading Safeguards
Odaily reports: U.S. Democratic Senator Elizabeth Warren and Republican Senator John Curtis sent letters to prediction market platforms Kalshi and Polymarket, asking the companies to explain how they will prevent insider trading and market manipulation in election betting ahead of next week's midterm elections, and to provide the number of suspected violations intercepted before trading occurred and detected afterward. The two demanded written responses by November 3 and said they remain skeptical that the companies can adequately regulate such event contracts through effective review and meaningful accountability.
Brazil Supreme Court Postpones Gambling Ban Ruling to November 3 Hearing
Odaily reports: Brazilian Supreme Court Justice Luiz Fux will hold a public hearing on November 3 regarding the ban on sports betting and online casinos, and has not yet ruled on whether to suspend the ban. The hearing is scheduled for 10 a.m. local time and will focus on the ban's economic impact.
The ban took effect on October 25, invalidating Brazil's 85 gambling licenses. Brazilian President Luiz Inácio Lula da Silva won re-election the same day, and the gambling industry group ANJL called for the resumption of dialogue with the government.
The hearing will involve 26 participants, including parties to relevant lawsuits, government agencies, football clubs, and industry organizations; individual betting operators were not invited. Congress was initially required to vote on the provisional measure by November 23, with the deadline extendable once for up to 60 days. (Bitcoin.com News)
November 4
Odaily reports: According to three senior Gulf state officials, the Trump administration has notified Gulf allies to prepare for a possible new round of short, intense military strikes on November 4 (the day after the U.S. midterm elections). Trump hopes the new strikes will further dismantle Iran's nuclear program or force Iran to reach a deal. The United States has not struck Iran since September 1 and is currently pressuring Tehran through a maritime blockade of Iranian ports. Gulf officials said they cannot rule out that some Gulf states will oppose the U.S. military using bases on their territory to launch attacks. (Jin10)
Earliest Activation Window Moved to November 4, XRPL Fix Amendment Vote Reset
Odaily reports: The XRPL maintenance amendment fixCleanup3_4_0 restarted its activation clock after losing validator majority in the first countdown, regained majority support on October 21, and moved the earliest activation window to November 4, though support must be maintained. A snapshot at 07:09 UTC on October 24 showed that 32 of 35 trusted validators supported the amendment, a support rate of 91.43%, with the new majority-support timestamp at 14:46:22 UTC on October 21. The amendment was first attempted on October 9, lost majority on October 21, and was reset because it failed to meet the two-consecutive-week support requirement. Under the rules, more than 80% of trusted validators must support it for two consecutive weeks for activation, and falling below that threshold resets the clock; November 4 is only a conditional earliest activation window. The technical fix package covers features including vaults, lending, AMM, permissioned trading, trust lines, and NFTs.
November 5
Odaily reports: The Zcash development team plans to activate the NU7 mainnet upgrade on November 5, after various organizations and engineering teams reached consensus on the upgrade content and expected timeline. Zcash developer Sean Bowe said the upgrade will activate on testnet on October 6.
The team plans to finalize the mainnet upgrade and activation block height after evaluating NU7 testnet performance on October 20. The upgrade will shorten the target block interval from 75 seconds to 25 seconds, disable version 4 transactions, and integrate a network sustainability mechanism.
The chosen network sustainability mechanism will retain Zcash's halving cycle, with previously removed supply reintroduced starting February 2031. NU7 introduces no new transaction format and has limited impact on wallets, but full nodes, indexers, and block explorers may need adjustments. (Cointelegraph)
Strategy CFO Andrew Kang to Step Down on November 5
Odaily reports: Strategy officially announced that CFO Andrew Kang will step down on November 5 and remain as an advisor until December 31; Reza Virasteh, Executive Vice President of Operations, will succeed him as CFO on January 1, 2027.
November 6
U.S. October Seasonally Adjusted Nonfarm Payrolls to Be Released on November 6 at 21:30
Odaily reports: U.S. October seasonally adjusted nonfarm payrolls will be released on November 6 at 21:30. The previous September reading rose by only 29,000 versus expectations of 65,000, and the 10-year U.S. Treasury yield has closed at 4.9%. A stronger reading would reinforce rate hike expectations, with the dollar, Treasuries, and gold moving in tandem, making it the most important global macro data point next week.
November 7
mETH Protocol: cmETH to Be Phased Out, Rewards Claim Window to Close on November 7
Odaily reports: mETH Protocol will gradually cease operations of its liquid restaking token cmETH, with the rewards claim window closing on November 7.
November 8
None
Other (Dates TBD)
Odaily reports: People familiar with the matter said Marvell Technology Group (MRVL) is in advanced talks to acquire data center optical communications equipment maker Lumentum (LITE). As the AI industry races to scale up, the potential mega-deal could become another major M&A transaction in the sector. The sources said the deal could be announced as early as next week.
Marvell Technology Group (MRVL) fell as much as 10% in after-hours trading, while Lumentum (LITE) rose as much as 15%. Lumentum produces lasers and other optical technology equipment used to transmit massive amounts of data at high speeds. This hardware is a key foundation of the AI boom, helping data centers and telecom companies transmit information between servers, different facilities, and other destinations. Marvell currently sources lasers from Lumentum, so a deal would help streamline its supply chain.
