Daily Report | DWF Labs fires partner accused of drugging women; dYdX Trading cuts 35% of core team members; Binance appoints Jeff Li as Vice President of Products

Organized by: Fairy, ChainCatcher

Important News:

"What important events have occurred in the past 24 hours"

NYSE submits rule change 8.800-E and Grayscale Digital Large Cap Fund listing application to the SEC

NYSE Arca has submitted an application to the U.S. Securities and Exchange Commission (SEC) to adopt new rule 8.800-E, which will allow the listing and trading of investment products based on commodities and digital assets. Additionally, the exchange specifically proposed to list and trade shares of Grayscale's Grayscale Digital Large Cap Fund under this new rule.

Previous news indicated that Grayscale applied to the SEC on October 15 to convert its Digital Large Cap Fund into an ETF, which is primarily composed of Bitcoin (nearly 75%) and Ethereum (about 19%), with the remainder including SOL, XRP, and AVAX.

Binance announces the appointment of Jeff Li as its new Vice President of Products

Binance announced during Binance Blockchain Week the appointment of Jeff Li as its new Vice President of Products. Jeff will focus on expanding and enhancing Binance's product portfolio, ensuring it remains at the forefront of building the future of blockchain and Web3. Jeff Li has over 16 years of comprehensive experience in Web2 and Web3 product leadership and software engineering. During his tenure at Binance, Jeff will lead Binance's global product and design teams.

Binance CEO Richard Teng stated, "We are excited to welcome Jeff to the Binance team. He has worked at some of the world's most renowned tech companies and has extensive product development experience. In his previous roles, he has consistently demonstrated the ability to provide innovative solutions in dynamic emerging industries, making him an ideal candidate to fulfill Binance's mission. We look forward to Jeff driving product development and helping us continue to deliver industry-leading products to the global crypto community."

Circle: Will increase USDC stablecoin exchange fees due to Federal Reserve rate cuts

Circle announced it will increase the exchange fees for its USDC stablecoin. Due to the Federal Reserve's rate cuts, the cash reserve earnings for stablecoin operators have decreased, prompting Circle to take this action in response to the change.

Circle currently charges fees for USDC exchanges over $15 million and additional fees for rapid redemptions exceeding $2 million daily. These fees start at 0.03% per transaction and can go up to 0.1%. This fee adjustment comes as the company prepares for its listing.

In an increasingly competitive stablecoin market, despite Tether holding over 70% market share, Circle still faces competitive pressure from smaller, more agile startups.

DWF Labs: Has removed partner accused of drugging women from related positions

In response to the accusation against a DWF Labs partner for drugging women, DWF Labs officially posted on X: "We are aware of recent allegations against one of our partners involving inappropriate and unacceptable behavior, which is deeply concerning. While this matter is still under investigation, DWF Labs has decided to immediately remove this partner from management and operational positions."

According to @hananotsorry Hana's X account, on the evening of October 24, a DWF partner allegedly placed unknown drugs into her drink multiple times at a bar in Hong Kong, and she was later alerted by staff and rescued.

dYdX Trading has cut 35% of its core team members

According to an official announcement, dYdX Trading has cut 35% of its core team members. CEO and co-founder Antonio Juliano wrote in a blog post: "This decision comes as we realize that the company we have built is different from the company dYdX needs to become. We will move forward with clarity and renewed passion. We will create amazing work."

Vitalik previously sold meme coins and donated 400 ETH to Ukrainian charities

According to rev miller, head of a Ukrainian charity organization, Vitalik previously sold meme coins (such as MOODENG, EBULL, and DOG) and donated 400 ETH to Ukrainian charities. Vitalik has confirmed this.

Previous report indicated that Ethereum co-founder Vitalik Buterin transferred 100 ETH to four addresses (totaling about $1.02 million).

DWF Labs appoints Lingling Jiang as Head of Business Development Strategy

DWF Labs announced the appointment of Lingling Jiang as the head of the company's business development efforts. Lingling has two years of experience at DWF Labs, previously serving as the head of sales for the Asia region and Hong Kong.

According to DWF Labs managing partner Andrei Grachev, Lingling has deep industry experience and will play a key role in shaping the company's strategic direction. In her new position, she will participate in corporate decision-making, lead business development strategy, and represent DWF Labs at global industry events.

Previous news indicated that DWF Labs has removed the partner accused of drugging women from related positions.

OKX will delist VELA, KAN, WSM, BORING, CEEK, AVIVE spot trading

OKX will delist trading pairs VELA/USDT, KAN/USDT, KAN/USDC, WSM/USDT, BORING/USDT, BORING/USDC, CEEK/USDT, AVIVE/USDT, and AVIVE/USDC from 16:00 to 16:30 (UTC+8) on November 7, 2024.

Users must cancel orders for the above trading pairs before 16:00 on November 7, 2024. If orders are not canceled in time, the order system will automatically execute cancellations, which may take 1 to 3 business days.

Analysis: Coinbase Q3 revenue may decline by about 13% due to decreased trading volume and regulatory uncertainty

According to CoinDesk, Wall Street analysts expect that Coinbase's (COIN) spot trading volume will further slow in the third quarter, partly due to a lack of catalysts in the crypto market and regulatory uncertainty ahead of the presidential election.

According to FactSet estimates, when Coinbase reports earnings after the market closes on Wednesday, third-quarter revenue is expected to decline by about 13%, from $1.45 billion in the previous quarter to $1.26 billion. Meanwhile, earnings per share (EPS) is expected to be $0.46, up from $0.14 in the second quarter.

Barclays analyst Benjamin Buddish wrote in a report: "This quarter, Coinbase's trading volume remains weak, primarily due to weak retail trading revenue." He gave the stock an equal weight rating and raised its target price from $169 to $175, while lowering the third-quarter EPS estimate from $1.62 to $1.05.

Florida CFO Proposes Including Bitcoin in State Pension Fund Investment Portfolio

Florida Chief Financial Officer Jimmy Patronis has suggested that the agency managing the state's retirement fund consider investing in Bitcoin.

In a letter to the Florida State Board of Administration (SBA) yesterday, Patronis stated, "Bitcoin is often referred to as 'digital gold,' and it can help diversify the state's portfolio and provide a safe hedge against volatility in other major asset classes."

He urged the SBA to "provide a report on the feasibility, risks, and potential benefits of allocating a portion of the state pension system funds to the digital asset class," and to complete it before the next legislative session scheduled for March 4, 2025.

The Florida Small Business Administration manages over 30 funds, including the Florida Retirement System Trust Fund, which had approximately $205 billion in assets under management as of September 30.

Data: Canadian Listed Company Sol Strategies Buys Over 12,000 SOL, Increasing SOL Holdings to $23.51 Million

Canadian listed company Sol Strategies sold $1.71 million in Bitcoin and purchased 12,389 SOL, increasing its SOL holdings to a value of $23.51 million.

Data: Wintermute Holds 11 of the Top 20 Meme Coins Listed on Binance, Accounting for 55%

On-chain analyst @ai_9684xtpa released an overview of Wintermute's market-making projects, indicating that the Memecoin projects selected by Wintermute for market-making generally have higher market capitalizations and have moved beyond the early PVP stage, typically backed by professional teams and large investors.

Among the top 20 tokens held, 90% have a market cap exceeding $100 million, with 30% even surpassing $1 billion, where $PEPE and $COK are the highest and lowest market cap market-making projects, respectively.
Current situation:

Among the top 20 Memecoins held by Wintermute, 11 projects have already been listed on Binance, accounting for as much as 55%.
Listed on spot: $PEPE / $NEIRO (lowercase) / $BONK / $WIF / $FLOKI / $BABYDOGE
Listed on futures: $PEPE / $BONK / $WIF / $MOODENG / $GOAT / $MEW / $NEIRO (uppercase) / $POPCAT / $FLOKI / $BABYDOGE

White House: Biden Thanks Nigerian President for Releasing Binance Executive Tigran Gambaryan

According to a statement released by the White House on Tuesday, U.S. President Joe Biden called Nigerian President Bola Tinubu on Tuesday to thank him for the release of American citizen and Binance executive Tigran Gambaryan. The press release stated that Biden "expressed gratitude for President Tinubu's leadership in ensuring Gambaryan's release" and particularly appreciated the cooperation in law enforcement, including through the recently announced bilateral task force on illegal finance and cryptocurrency, collaboration on new technologies and innovations, and shared interests in reforming international organizations to reflect African voices.

"What Exciting Articles Are Worth Reading in the Past 24 Hours"

From Token Launch to Decline: Is the TON Ecosystem Mini-Games Heading Towards Twilight?

The TON ecosystem mini-game applications have been an unavoidable topic in the crypto industry this year. With click-to-earn games like Notcoin and Hamster Kombat gaining popularity, the TON ecosystem has experienced unprecedented growth. Particularly, the launch of Telegram game tokens like Hamster Kombat has increased the number of TON wallet addresses from just 4.3 million at the beginning of the year to over 100 million.

However, beneath the apparent prosperity of large-scale applications on the horizon, the TON ecosystem has also shown some concerns. Not only are phenomenon projects like Hamster Kombat surrounded by controversy, but their "successors" have frequently disappointed players and users. It seems that the vast majority of mini-applications cannot avoid criticism from the community and the ephemeral nature of their existence.

A Play Within a Play or Self-Directed Drama: Truth Terminal Founder X's Account Hacked in a Series of Events

Yesterday at 9:54, Truth Terminal author Andy Ayrey posted an image with token names and contracts on the X platform. As the source of the recently popular token GOAT, Andy and Truth Terminal's every move is closely watched, and even snippets of their key statements can lead to meme valuations in the tens of millions of dollars.

On the other hand, the style and content of the image closely resemble Andy's usual content, and the account attacker did not directly post the token contract like typical hackers, which did not raise alarm among most users.

Just three minutes after Andy posted the image, the token's market cap surged from $500,000 to $20 million. However, the attacker's bundled wallet then began to offload large amounts, and users started to realize that Andy's account had been hacked, leading to a price crash.

AI Enters the Meme Competition: From Jokes to Value Creation, a Battle of Utility and Fun

For a long time, memes have been static images, evolving into GIFs, then into actions and jargon, and now entering the AI era. The rapid growth of AI memes and the divergence among market participants clearly indicate this trend.

Some believe that AI memes (or smart memes) represent a new era that will replace traditional static memes, thus choosing to pledge allegiance to these new AI "rulers." However, the traditional meme community resists this notion. This divergence has led to a split in the meme space, forming two camps: AI and non-AI. As funds shift from static memes to smart memes, it is understandable that the traditional community feels threatened. But should they really be worried?

Liquidity is like the tide, always changing, with funds continuously flowing between the two camps. Personally, I believe the traditional community need not worry, as they have a unique advantage over smart memes: price is their core competitive strength.

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