Organized by: Luan Peng, ChainCatcher
Important News:
- Paradigm Co-founder: Stablecoins are the next killer app in the Crypto industry
- Grass announces airdrop plan, distributing 100 million GRASS to eligible users
- Infinex Founder: If Trump had launched WLFI in 2017, it could have raised $1 billion
- Mining company Ionic Digital restarts IPO plan, BTC holdings exceed $135 million
- Borderless Capital launches $50 million LATAM fund to promote Web3 innovation in Latin America
- CFTC Chairman: U.S. cryptocurrency regulation is stalled, CFTC faces "constraints"
"What important events have occurred in the past 24 hours?"
Paradigm Co-founder: Stablecoins are the next killer app in the Crypto industry
Matt Huang, co-founder of crypto investment firm Paradigm, stated on social media, "Stablecoins are the next killer app in the Crypto industry—it's obvious to everyone in the cryptocurrency space, but not so clear to outsiders. Congratulations to Stripe and Bridge."
Earlier, ChainCatcher reported that payment company Stripe had acquired the stablecoin platform Bridge for $1.1 billion, marking the largest acquisition in the cryptocurrency sector.
Grass announces airdrop plan, distributing 100 million GRASS to eligible users
The Grass Foundation announced an airdrop plan on X, distributing 100 million GRASS to eligible users, which accounts for 10% of the total supply.
- 9% to users who earned Grass Points in the first phase (network snapshot)
- 0.5% to GigaBuds NFT holders
- 0.5% to users who install desktop nodes or the Saga application.
To ensure fairness and prevent network abuse, Grass employs a robust system to identify network abusers. Users are filtered based on various technologies, including Graph ML for identifying suspicious referral trees, device fingerprints, similar IP subnets, and more.
Infinex Founder: If Trump had launched WLFI in 2017, it could have raised $1 billion
Infinex founder Kain Warwick stated that the lackluster sales of the Trump-related World Liberty Financial project were due to a "shift in market sentiment," moving away from ICO-style token financing towards meme coins.
Warwick noted, "If Trump had launched World Liberty Financial in 2017… this project could have raised $1 billion. The overlap between crypto natives and Trump's core supporters may not be as significant as imagined, as evidenced by the insufficient demand."
He added that the token lock-up period for this sale is one year, which may partly explain its poor performance, as during the current meme coin market frenzy, the holding period for tokens is often much shorter than a year, sometimes only a few hours.
Mining company Ionic Digital restarts IPO plan, BTC holdings exceed $135 million
Mining company Ionic Digital has restarted its IPO plan after appointing BDO USA as its new auditor. As of September 30, 2024, it holds 2,102.29 BTC, valued at $135.3 million.
Additionally, Ionic Digital announced the activation of a second building at its facility in Ward County, Texas, increasing its total load capacity to 140 megawatts. The new facility houses 15,552 Bitcoin mining machines.
Borderless Capital launches $50 million LATAM fund to promote Web3 innovation in Latin America
Borderless Capital has launched a $50 million LATAM fund aimed at promoting Web3 innovation in Latin America. The fund focuses on Web3 projects in the region to explore unique opportunities for blockchain adoption and local innovations addressing global challenges.
It is reported that Matias A., the financial and investment director of the Avalanche Foundation, has also joined the fund.
CFTC Chairman: U.S. cryptocurrency regulation is stalled, CFTC faces "constraints"
According to Cointelegraph, CFTC Chairman Rostin Behnam claimed that as U.S. cryptocurrency regulatory negotiations have stalled, the agency faces "constraints."
Rostin Behnam stated that efforts to regulate the digital asset industry through a legislative framework have "stalled so far." However, he remains optimistic that the new Congress and President can make more progress.
Rostin Behnam said, "I don't think anything will necessarily happen by the end of this year, but I believe this election has a unique impact on digital assets and technology." He added that without any legislation, the agency is "really constrained" in "regulating" the cryptocurrency market, which puts investors "at risk."
Matrixport released a research report stating that Bitcoin's market dominance continues to rise, now reaching 58%, indicating that the altcoin craze has not yet arrived. Although there are over 20,000 cryptocurrencies on the market, attention remains highly focused on Bitcoin. Bitcoin's dominance suggests that ETF inflows have not significantly impacted altcoins, while also indicating that retail investors have not yet entered the market on a large scale.
Bitcoin trading volume has doubled from $10 billion to $20 billion in 2023, further highlighting the increasing influence of Bitcoin. From a risk-adjusted perspective, Bitcoin remains one of the most attractive trades in the current crypto market.
According to Binance's announcement, Scroll (SCR) will be fully launched across multiple Binance products and services. The SCR capital-protected earning product will open for subscription on October 22 at 17:00 (UTC+8); users can purchase SCR starting from October 23 at 18:00 using credit cards, Google Pay, Apple Pay, or wallet balances. Additionally, SCR can be exchanged for BTC, USDT, and other assets on the flash exchange platform without fees within one hour of its spot launch.
Furthermore, Binance will add SCR leverage trading pairs at 19:00 on October 22, supporting both cross-margin and isolated-margin modes. On the same day at 18:00, SCR perpetual contracts with 1-75x U leverage will also be launched.
According to The Block, DAO fund management solution provider Karpatkey announced the completion of a $7 million financing round. Investors in this round include AppWorks Ventures and Wintermute Ventures, as well as a number of well-known angel investors, such as Joe Lubin from ConsenSys, Stani Kuchelov from Avara, and Fernando Martinelli from Balancer Labs.
It is reported that Karpatkey is a non-custodial on-chain asset management infrastructure providing financial services to leading DAOs. The newly acquired funds will be specifically used to expand Karpatkey's service offerings to more DAOs and accelerate its expansion into traditional financial institutions.
QCP Capital: Short-term implied volatility peaks on election day, crypto market remains bullish
Singapore crypto investment firm QCP Capital stated that short-term implied volatility peaked on election day, expanding by 10 volatility points compared to the previous expiration date, with a skew towards call options rather than put options, even though Bitcoin is about 8% lower than its historical peak. Meanwhile, the stock market presents a different picture.
The S&P 500 index has reached a historic high, with 20% of companies set to announce their earnings. The options market is leaning towards bearish protection, anticipating that the index may fluctuate by 1.8% on the day after the election, November 6. The correlation between the stock market and cryptocurrencies has reached a historical high of 0.83. Given its mean-reversion trend and the divergence in options market positioning, this may signal an impending turning point.
The election creates a zero-sum game scenario for the stock market, with industry winners depending on the election results. In contrast, both U.S. presidential candidates are more supportive of cryptocurrencies than the previous administration, so any weakness in the stock market could prompt a capital reallocation to the cryptocurrency sector.
"What are some noteworthy articles to read in the past 24 hours?"
Is SKY going back to Maker? Why is brand reshaping so difficult?
On September 18, the established DeFi leader Maker officially completed its brand upgrade and reshaping, renaming itself to Sky while initiating the token migration from "MKR to SKY" and "DAI to USDS."
More than a month later, possibly due to the original brand Maker being deeply ingrained in people's minds and the original tokens MKR and DAI having accumulated a wide range of use cases, the migration process to the new brand and new tokens seems to be quite challenging.
Dune data shows that as of the time of writing, approximately 900 million DAI have been migrated to USDS, accounting for about 15.5% of the current total supply of DAI (5.8 billion); approximately 91,880 MKR have been migrated to SKY, accounting for 10.6% of the current circulating supply of MKR (868,478).
Does AI coin have a cult culture? How to understand the essence of AI coins
The rise of AGI will change the relationship between humanity and currency, shaping a new economic belief system that emphasizes the importance of loyalty and faith. Some cryptocurrency enthusiasts believe that AI tokens are not just a form of currency but also a bridge to the future.
After a 135% increase in a day and a half, APE has once again returned to the mainstream crypto spotlight, this time relying on MEME.
At 4:27 AM on October 20, the official Twitter account of Bored Ape Yacht Club announced that the Apechain mainnet had officially launched. Minutes later, the market began to respond to this new L3, and the governance token APE started to rise. Meanwhile, as the one-click token creation platform Ape Express launched the CURTIS token and began to rise, the price of APE also increased. By October 21, the price of APE surged from 0.748 to a peak of 1.758, with a maximum increase of over 135%.
Many exclaimed that the king of NFTs has returned in a new way, while others were skeptical, believing this was merely a brief blind stimulus in the market, and the fate of Apechain remains uncertain. Regardless of how things develop next, the events of the past two days have indeed showcased Apechain's excellent operational capabilities, presenting a classic Web3 marketing battle to the world.
Comparison of mainstream DeFi derivatives play: Real asset-backed vs. synthetic asset trading
This article will discuss hard liquidity-backed models and synthetic models.
Price plummets 70%: How did the AI computing power leasing bubble burst?
The decline in AI computing costs will spark a wave of innovation among startups utilizing low-cost resources.
Last year, due to a tight supply of AI computing power, the rental price for H100 reached as high as $8 per hour, but now the market is experiencing an oversupply, with prices dropping below $2 per hour. This is because some companies signed computing power leasing contracts early on, and to avoid wasting the excess computing power, they began reselling their reserved computing resources, while the market largely opted for open-source models, leading to a decrease in demand for new models. Currently, the supply of H100 in the market far exceeds demand, making renting H100 more cost-effective than purchasing, and investing in new H100 has become unprofitable.
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