Today's News Highlights:
Crypto.com surpasses Coinbase to become the leader in cryptocurrency trading in North America
Binance will stop supporting deposit and withdrawal services for the BNB Beacon Chain (BEP2) network
Cardano founder announces Cardano L1 will transform into Bitcoin L2
Vitalik publishes key goals for the future development phase of Ethereum, The Splurge
Regulatory News
According to Bloomberg, the Bank for International Settlements (BIS) is discussing whether to close the pilot cross-border payment platform mBridge (Multilateral Central Bank Digital Currency Bridge Project), which Russian President Putin previously viewed as a tool to evade sanctions and potentially undermine the dollar's dominance in the global financial system. Sources revealed that the mBridge project was one of the topics discussed by central bank governors and finance ministers at the International Monetary Fund and World Bank annual meetings held in Washington last week, which promised to allow remittances worldwide without relying on U.S. banks; closing the project is one of the options on the table. BIS President Agustin Carstens' term will end in June, and he stated at a G30 event in the U.S. capital last Saturday: "We cannot directly support any projects from BRICS countries because we cannot cooperate with sanctioned countries—I want to make this very clear."
According to CNBC, the Philadelphia District Attorney's Office has filed a lawsuit attempting to stop a political action committee (PAC) controlled by Musk from rewarding registered voters in swing states with $1 million. District Attorney Larry Krasner filed the lawsuit days after the U.S. Department of Justice warned Musk's PAC that its random distribution of $1 million prizes could violate federal election laws.
AI
Meta is developing an AI search engine to reduce reliance on Google and Microsoft
According to a report by The Information cited by Caixin, Meta is developing a search engine that can crawl the web to provide conversational answers about current events for users of the Meta AI chatbot. The company is trying to keep pace with OpenAI in AI development. According to someone who spoke with the search engine team, Meta hopes this will reduce reliance on Google Search and Microsoft's Bing, which currently provide news, sports, and stock information to users of Meta AI. According to a person involved in the strategy, if Google or Microsoft withdraws from these arrangements, it could also give Meta a backup option.
Project Updates
Crypto.com surpasses Coinbase to become the leader in cryptocurrency trading in North America
According to CoinDesk, digital asset trading on Crypto.com has exploded this year, making the exchange's trading volume in North America far exceed that of Coinbase (COIN). Data from The Block shows that Crypto.com's monthly spot trading volume surged from $34 billion in July to $134 billion in September. The overall trading volume of North American cryptocurrency exchanges in September was $183 billion, with Coinbase handling $46 billion. Crypto.com first surpassed Coinbase in July and continued to maintain its lead in October. The Block data shows that the exchange's trading volume so far this month is $112 billion, while the total trading volume of exchanges in the region is $173 billion. The third-largest exchange, Kraken, lagged far behind in October, with trading volume slightly below $10 billion. One key reason for Crypto.com's popularity may be the wide variety of tokens it offers. It has launched over 378 tokens, while Coinbase and Kraken have launched no more than 290 tokens.
Mantle: The governance token COOK for the mETH protocol is now open for claiming
Mantle announced on its official blog that the governance token COOK for the mETH protocol is now open for claiming, with a total supply of 5 billion tokens and an initial circulating supply of 916 million tokens. Users holding eligible mETH positions or participating in the Stash activity and the "Methamorphosis Journey" tasks during the first season: Methamorphosis can claim their tokens. The COOK token will be listed on multiple exchanges today at 18:00 Beijing time.
Stacks' Nakamoto upgrade is live, introducing "Fast Blocks" and "Bitcoin Finality" mechanisms
Muneeb Ali, co-founder of the Bitcoin Layer 2 network Stacks, stated on the X platform that the Nakamoto upgrade for Stacks has been successfully launched. With this upgrade, Bitcoin finality for Stacks Layer 2 transactions reaches 100%, and transaction ordering and reversal are protected by the total hash power of Bitcoin; "Fast Blocks" will reduce delays to a few seconds instead of Bitcoin's 10-40 minutes; Stacks will no longer fork from Bitcoin, and the only way for Stacks L2 to fork is to reorganize Bitcoin itself; Nakamoto lays the foundation for the launch of SBTC, expected to go live within 4-6 weeks from now. Core developers released this version, focusing on network security and conducting a large-scale upgrade. More optimizations for network bandwidth and latency will be introduced in the coming weeks; these upgrades are not consensus-critical upgrades but normal node upgrades.
AntChain publicly unveils its "Two Chains, One Bridge" platform built for RWA business
According to official news, AntChain, a subsidiary of Ant Group, publicly unveiled its "Two Chains, One Bridge" platform for RWA business at the Hong Kong FinTech Week, aimed at helping more domestic new energy assets go to Hong Kong RWA, achieving technological empowerment of physical assets. Zhang Chenguang, head of Web3 business products at Ant Group, introduced that "Two Chains, One Bridge" specifically refers to the "Asset Chain," "Transaction Chain," and "AntChain Trusted Cross-Chain Bridge." The "Asset Chain" application in the mainland allows enterprises' physical assets to be digitized and standardized, thus transforming them into tradable financial products. The "Transaction Chain" focuses on tokenizing funds, especially funds from traditional financial institutions, enabling efficient circulation and trading of funds through blockchain technology.
Later news, Ant Group announced it will increase investment of 1 billion yuan in the Greater Bay Area over the next three years.
Binance will stop supporting deposit and withdrawal services for the BNB Beacon Chain (BEP2) network
According to an official announcement from Binance, the BNB Chain team will complete the integration plan for the BNB Beacon Chain (BEP2) network on November 19, 2024, at 14:00 (UTC+8). Therefore, Binance will stop processing all withdrawal requests for BEP2 tokens on November 1, 2024, at 08:00 (UTC+8), and will stop processing all BEP2 token deposit requests, except for Binance Pegged Tokens (B-tokens), on November 8, 2024, at 08:00 (UTC+8). Binance strongly advises users to deposit B-tokens from the BEP2 network into their Binance accounts before the completion of the BNB Beacon Chain (BEP2) network integration plan on November 19, 2024, at 14:00 (UTC+8). These tokens will be credited, and users can withdraw them through their native chain or other networks supported by Binance.
Whale holding 16% of ai16z supply plans to donate 11% of total tokens to support project development
Elijah Madonia, a whale holding 16% of the ai16z supply, stated on the X platform that he purchased 17% of the ai16z supply for 80 SOL and subsequently sent some tokens to ai16z founder Shaw and another team member because "they didn't even have the opportunity to buy themselves." Later, Elijah distributed some tokens to friends at a discounted price, hoping to share the profits. Elijah further noted that he still holds 16% of the ai16z supply and plans to reduce his holdings to 5%, donating the remaining 11% to the ai16z lock-up plan, which aims to support promising developers and creators and address liquidity issues through feasible OTC transactions that benefit the ai16z DAO's development and introduce new partners.
Truth Terminal founder's X account attacker profits $602,500 in one hour
According to Lookonchain monitoring, an attacker hacked into the X account of Truth Terminal founder Andy Ayrey and posted information about a new token, IB, making a profit of $602,500 in less than an hour.
Cardano founder announces Cardano L1 will transform into Bitcoin L2
According to Ordinal News, Cardano founder Charles Hoskinson has changed his stance on Bitcoin and announced that Cardano L1 will transform into Bitcoin L2.
According to CoinDesk, Tether CEO Paolo Ardoino stated that the company respects international sanctions and works closely with law enforcement but acknowledges that it ultimately has to comply with U.S. authorities. Ardoino said, "If the U.S. wants to kill us, they can press a button and kill us anywhere. We will not fight the U.S." Ardoino also mentioned that the company is "doing its utmost" to combat the use of illegal cryptocurrencies, but the role of USDT in illegal finance is "insignificant" compared to the dollar. When discussing Tether's key ally Howard Lutnick's role in Donald Trump's campaign, he stated that the company "does not expect anyone to provide any political benefits."
Arthur Hayes: Expecting China's economic stimulus measures to drive cryptocurrency prices up
BitMEX co-founder Arthur Hayes stated in his latest article that China's stimulus measures will inject trillions of dollars into the financial markets and drive cryptocurrency prices up. Regarding those who believe the market will immediately perceive future trends and raise Bitcoin prices accordingly, Hayes stated that these expectations may be misplaced. He pointed out that the People's Bank of China's quantitative easing policy and the re-acceleration of bank credit growth will take time to realize their effects. In the initial stages of the policy, Chinese savers tend to buy undervalued domestic stocks and apartments. However, Hayes believes that given enough time, the long-term effects of these policies will become evident. Hayes sees this as an excellent buying opportunity for investors because when ordinary wealthy coastal residents decide to invest in Bitcoin, the price surge will remind one of August 2015—after the unexpected devaluation of the yuan, Bitcoin's price soared from $135 to $600 in less than three months, nearly quintupling.
Sequoia Capital to gain over $100 million from Stripe's acquisition of Bridge
According to Cointelegraph, venture capital firm Sequoia Capital holds a 16% stake in the stablecoin platform Bridge and is expected to gain over $100 million from Stripe's $1.1 billion acquisition of Bridge. Sources indicate that Sequoia Capital invested $19 million in Bridge's Series A funding last year. Other venture capital firms will also gain hundreds of millions from their stakes in Bridge, including Ribbit Capital, Haun Ventures, Index Ventures, and Bedrock Fund Management. Ribbit holds about 10% of Bridge, valued at $100 million, while Bedrock and Index Ventures each hold about 6%, and Kathryn Haun's venture capital firm holds 4%. Previously, it was reported that Stripe acquired the stablecoin payment platform Bridge for $1.1 billion, marking the largest acquisition in the crypto industry to date.
Vitalik publishes key goals for the future development phase of Ethereum, The Splurge
Ethereum co-founder Vitalik Buterin published an article titled "Future Development of the Ethereum Protocol Part Six: The Splurge," outlining key goals: 1. Achieve a high-performance and stable "endgame state" for the EVM; 2. Introduce account abstraction in the protocol to benefit all users from more secure and convenient accounts; 3. Optimize transaction fee economics to improve scalability while reducing risks; 4. Explore advanced cryptographic technologies that can make Ethereum better in the long term.
Magic Eden: Users are discouraged from trading the test token TestME as it has no economic value
According to the official blog, NFT marketplace Magic Eden stated that the claiming period for the ME Foundation's test token TestME is from October 30, 02:00 to November 1, 08:00 Beijing time, and residents of the UK and the US cannot participate in the claim. Each eligible wallet can only claim TestME once, and all eligible wallets will receive the same fixed amount of tokens, which do not need to be retained after claiming TestME. The purpose of the test token is to familiarize users with the token claiming process and help the project team identify and resolve any potential issues before the official ME token issuance. Magic Eden does not encourage users to trade the test token as it has no economic value. Users participating in TestME will not receive any economic compensation or benefits from Magic Eden; the TestME token will not affect the claiming of ME tokens.
U.S. media: Bloomberg's owner has spent nearly $100 million supporting Harris
According to Jin10 citing the New York Times, multiple sources have stated that former New York City Mayor and Bloomberg owner Michael Bloomberg recently donated $50 million to a nonprofit organization supporting U.S. Democratic presidential candidate Harris. Sources indicate that Bloomberg's latest donation went to the nonprofit Future Forward USA Action. Before this anonymous donation, he had already provided $47 million in public political donations to the Democratic Party, making him the second-largest donor among all Democratic mega-donors, behind George Soros. Bloomberg had previously invested $95 million to help the Democrats in the 2018 midterm elections. Forbes data shows that the 82-year-old Bloomberg's net worth is comparable to Bill Gates, at approximately $105 billion.
Insider: Trump family's crypto project WLFI plans to issue a stablecoin
According to Decrypt, insiders say that the Trump family's cryptocurrency project "World Liberty Financial" (WLFI) plans to issue a stablecoin. WLFI recently raised $14 million in its initial token sale and plans to create and issue its own stablecoin, which is still in development and may take some time to launch. An insider stated that the team is still determining how to ensure the safety of the financial product before bringing it to market.
Grass airdrop is now open for claiming
The Grass Foundation announced that the "GRASS Airdrop One" airdrop is now open for claiming. The claiming window for "GRASS Airdrop One" will end at block height 312762760, expected to be on January 15, 2025 (Wednesday). Eligible users must complete the airdrop claim before this deadline.
Cryptocurrency payment solution provider Alchemy Pay announced the launch of its Layer-1 blockchain—Alchemy Chain, aimed at reshaping the future of the payment industry. Alchemy Chain is based on a scalable Solana Virtual Machine (SVM) architecture, supporting seamless integration of cryptocurrency and fiat payments, enhancing the transparency, security, and efficiency of cross-border settlements. The blockchain employs an innovative Trusted Proof of Authority (TPoA) mechanism and introduces advanced Layer-2 solutions to optimize data synchronization and improve scalability. $ACH will serve as the functional token of Alchemy Chain, allowing users to pay transaction fees with $ACH or fiat currency. Alchemy Chain will also launch a Meme Launchpad and Meme Telegram Bot to provide simplified development support for developers and ecosystem projects, further promoting the global adoption of cryptocurrency payments.
Binance to Launch SANTOS 1-75x USDT Perpetual Contracts
Binance's contract platform will launch the SANTOS USDT perpetual contract on October 28, 2024, at 22:00 (UTC+8), with a maximum leverage of 75x.
Investment and Financing
BTC Native Stablecoin Protocol bitSmiley.io Completes $10 Million Series B Funding
BTC native stablecoin protocol bitSmiley.io announced the completion of a $10 million Series B funding round, with participation from institutions including MH Ventures, Veris Ventures, Side Door Ventures, KuCoin Ventures, Pragma, NewTribe Capital, Kinetic Kollective, Perlon Capital, IBC, GuildQB, NxGen, Dutch Crypto Investors, Aegis Ventures, ZC, Skyland Ventures, and Cypher Capital. This funding will drive innovation and development in the Bitcoin-backed DeFi space. bitSmiley.io plans to expand its cross-chain trading and BTCFi infrastructure through partnerships with platforms like ZetaChain and Babylon. Last year, bitSmiley completed its Series A funding, co-led by OKX Ventures and ABCDE.
Rollup-as-a-Service Platform Gelato Raises $11 Million in Series A+ Funding, Led by Hack VC
According to The Block, Rollup-as-a-Service (RaaS) platform Gelato has raised $11 million in its latest Series A+ funding round, led by Hack VC, with participation from Animoca Brands, IOSG Ventures, and Bloccelerate VC. The funding will be used to expand the team and services, supporting more enterprise-level rollup applications, aiming to become the preferred platform for launching blockchain projects. Gelato's new clients include Kraken's Layer 2 blockchain Ink, which is expected to launch on the mainnet in early 2025. Ink will be part of the Ethereum Superchain ecosystem, utilizing Optimism's OP Stack architecture. This funding brings Gelato's total funding to $23.2 million.
Peter Thiel's Founders Fund Leads Infinex's "Sponsored" NFT Financing, Raising $67 Million
According to The Block, Peter Thiel's Founders Fund participated in Infinex's "sponsored" NFT financing model, helping it achieve a fundraising goal of $67 million. Infinex's financing attracted venture capital, angel investors, and community supporters through the sale of Patron NFTs, with other participating institutions including Wintermute Ventures, Framework Ventures, and Solana Ventures. Individual investors include Ethereum co-founder Vitalik Buterin, Solana co-founder Anatoly Yakovenko, and Aave founder Stani Kulechov. Infinex, founded by Synthetix founder Kain Warwick, aims to build a decentralized trading experience to compete with centralized exchanges. The platform currently has a total locked value of $125 million and will focus on achieving features such as spot trading, derivatives, and fiat on-ramps to further approach the service level of centralized exchanges.
Important Data
BTC Surpasses $71,000, Daily Increase of 3.71%
According to the WeChat account of Hurun Report, the Hurun Research Institute released the "2024 Hengchang Shaofang · Hurun Rich List," with Binance's former CEO Zhao Changpeng ranking 16th with a wealth of 135 billion yuan. The article mentions that although Zhao was arrested in California last year and paid over $7 billion in fines, his wealth still increased by 90 billion yuan (ranking second in wealth growth) to 135 billion yuan, mainly due to the increase in total trading volume of virtual currencies over the past year, with Bitcoin's price rising 130% compared to the same period last year, reaching $65,000. Additionally, the market capitalization of cryptocurrency exchange Coinbase increased from $19 billion to $46 billion, more than doubling. It is reported that Zhao Changpeng of Binance just made the list in 2018, and his wealth has now surpassed 100 billion.
MicroStrategy's Bitcoin Holdings Have Surged Over $8 Billion in Unrealized Gains
At the current Bitcoin price of $71,004.4, MicroStrategy's Bitcoin holdings have unrealized gains exceeding $8 billion. Previously, it was reported that as of September 19, 2024, MicroStrategy held a total of 252,220 Bitcoins, with a total purchase cost of approximately $9.9 billion, at an average price of about $39,266.
Total Market Value of Solana Liquid Staking Tokens Surpasses $5 Billion, Setting a New All-Time High
Dune data shows that the total market value of Solana liquid staking tokens has surpassed $5 billion, currently around $5.29 billion, setting a new all-time high. The top-ranking LSTs by market share are: JitoSOL (43.55%), mSOL (17%), jupSOL (12.1%).
Bitcoin Market Share Reached 59.92% Early This Morning, a New High Since March 31, 2021
According to Tradingview data, Bitcoin's market share briefly reached 59.92% around 03:35 this morning, a new high since March 31, 2021. Currently, Bitcoin's market share stands at 59.53%.
Pump.fun's Fee Account Sells 41,000 SOL Again, Worth About $7.17 Million
According to Lookonchain monitoring, Pump.fun's fee account has just sold 41,000 SOL again, worth about $7.17 million. So far, Pump.fun has generated a total revenue of 1,041,344 SOL (approximately $182 million) and sold 545,843 SOL at an average price of $158, totaling about $86.14 million.
Arkham data shows that the government of the Kingdom of Bhutan deposited 929 Bitcoins (approximately $66.16 million) to Binance in the past hour. Currently, the government of Bhutan holds a total of 12,456 Bitcoins, worth approximately $887 million.
Data: 59.08% of GRASS Token Airdrop Has Been Claimed
According to Dune data, 59.08% of the GRASS airdrop tokens (approximately 46,247,326 tokens) have been claimed by users, involving a total of 739,285 claiming addresses.
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