Headlines
BTC Rises to 89,833 USDT, Setting a New Historical High
Odaily Planet Daily reports that OKX market data shows BTC has risen to 89,833 USDT, currently reported at 89,759 USDT, with a 24H increase of 11%, setting a new historical high.
Ethereum Foundation Researcher Proposes Consensus Layer Upgrade Proposal "Beam Chain"
Odaily Planet Daily reports that Ethereum Foundation researcher Justin Drake proposed a new consensus layer upgrade proposal "Beam Chain" at the Devcon conference, referred to by the community as "Ethereum 3.0". The proposal aims to achieve faster block times, lower validator staking requirements, "on-chain snarkification," and quantum-safe improvements. The core of Beam Chain is to introduce technologies like zkVM to significantly enhance the scalability of the Ethereum mainnet, potentially without relying on Layer 2 solutions.
Doug Colkitt, founder of Ambient Finance, anticipates that the localization of zkEVM could completely eliminate Gas limits, allowing nodes to only verify snarks, theoretically achieving infinite scalability for L1. Nevertheless, this proposal may lead to further centralization in block construction.
Drake emphasized that the final implementation of Beam Chain requires community consensus and described it as his "most ambitious proposal to date." He previously resigned from his advisory position due to potential conflicts of interest with EigenLayer. (The Block)
Trump: Elon Musk and Vivek Ramaswamy to Lead Government Efficiency Department
Odaily Planet Daily reports that Trump stated that Elon Musk and American entrepreneur Vivek Ramaswamy will collaborate to lead the proposed Government Efficiency Department (abbreviated as DOGE). This department will pave the way for dismantling government bureaucracy, cutting unnecessary regulations, reducing wasteful spending, and restructuring federal agencies.
Industry News
Yesterday, US Bitcoin Spot ETF Net Inflow Reached $1.09388 Billion
Odaily Planet Daily reports that according to Farside Investors data, the net inflow for US Bitcoin spot ETFs yesterday was $1.09388 billion.
Yesterday, US Ethereum Spot ETF Net Inflow Reached $294.9 Million, Setting a Single-Day Record
Odaily Planet Daily reports that according to Farside Investors data, the net inflow for US Ethereum spot ETFs yesterday was $294.9 million, setting a single-day record.
Cryptocurrency Market Cap Surpasses $3.1 Trillion, Approaching France's GDP
Odaily Planet Daily reports that the cryptocurrency market cap has reached a historical high of $3.12 trillion, now approaching and exceeding France's Gross Domestic Product (GDP).
If the cryptocurrency market were treated as a country, its GDP would rank eighth, only behind the United States, China, Germany, Japan, India, the United Kingdom, and France. Meanwhile, Bitcoin's market cap alone has exceeded $1.77 trillion, surpassing Spain's GDP. (Cointelegraph)
Odaily Planet Daily reports that Web3 investment firm MV Global, based on a survey of 77 large cryptocurrency investors (including venture capital firms, hedge funds, and high-net-worth individuals), indicates that investors expect the cryptocurrency bull market to last until 2025, peaking in the second half.
MV Global's executive partner Tom Dunleavy noted, "This seems to be a very popular view, so it is likely already priced in by the market."
MV Global expects Bitcoin prices to reach between $100,000 and $150,000.
Additionally, the survey shows that investors are particularly optimistic about Solana, with 30% predicting its price will peak above $600 before the end of this cycle. "Almost all the allocators we interviewed are bullish on Solana," Dunleavy said.
However, respondents had mixed views on Ethereum. One-third of investors expect ETH to only rise slightly, with a peak price between $3,000 and $5,000, while another third believe ETH will reach $7,000 before the market cycle ends. (Cointelegraph)
Coinbase Launches COIN50 Index, Tradeable as Perpetual Futures
Odaily Planet Daily reports that Coinbase has launched a new index called "COIN50," which represents the top 50 digital assets listed on its exchange that meet the index's basic inclusion criteria, and can be traded as perpetual futures with leverage up to 20 times. (TheBlock)
Bitwise to Launch World's First Aptos Staking ETP on Swiss Stock Exchange
Odaily Planet Daily reports that Bitwise Asset Management today announced that the new Bitwise Aptos Staking ETP (stock code: APTB; ISIN DE000A4AJWU3) is scheduled to be listed on the Swiss Stock Exchange on November 19, 2024. This product will become the world's first Aptos Staking ETP.
Mt. Gox Address Transfers 2,500 BTC, Worth $222.26 Million
Odaily Planet Daily reports that according to Arkham monitoring, a Mt. Gox address transferred 2,500 BTC, worth approximately $222.26 million, to an address starting with 1PQZw2 twenty minutes ago.
Ethereum Foundation Sells 100 ETH for 334,315 DAI
Odaily Planet Daily reports that according to Spot On Chain monitoring, the Ethereum Foundation sold 100 ETH for 334,315.7 DAI about 25 minutes ago. This is the first ETH sale since the release of the 2024 report on November 8. The report shows that the foundation's asset reserves as of October 31 were $970.2 million, of which $788.7 million were crypto assets (99.45% being $ETH). The Ethereum Foundation plans to regularly sell ETH to fund key public projects and maintain reserves. As of 2024, the foundation has sold a total of 4,266 ETH, raising $11.83 million, with an average sale price of approximately $2,773.
The Dormant Cat Address Transfers All 206.34 BTC, Worth $18.12 Million, After Four Years
Odaily Planet Daily reports that according to on-chain analyst @ai_9684xtpa, the dormant cat address 1BnkE…yxFey transferred 206.34 BTC, worth $18.12 million, to 15286…bjYma ten minutes ago; the BTC in this address has now been completely transferred out.
Project News
CZ Updates Progress on New Educational Project, New Version Integrates AI Technology
Odaily Planet Daily reports that CZ updated the progress of his new educational project Giggle Academy on social media this morning. Giggle Academy has updated its official website, and the app will launch some courses, along with an AI-assisted storybook creator. Additionally, Giggle Academy is hiring AI video engineers, and applicants must be familiar with using AI to generate long-form continuous videos.
Starknet Mainnet STRK Staking Function to Launch on November 26
Odaily Planet Daily reports that the Ethereum Layer 2 network Starknet has officially announced that the STRK token staking function will launch on the mainnet on November 26. This function has been extensively tested on the Sepolia testnet and is about to enter the first phase of deployment.
According to the official announcement, there are two ways to participate in staking: to become a validator, one must stake at least 20,000 STRK and run a full node; to become a delegator, one only needs to hold STRK tokens and choose from the available validator list. Whether as a validator or a delegator, unstaking requires a 21-day lock-up period.
Odaily Planet Daily reports that Pendle has announced the upcoming launch of the yield trading platform Boros (formerly known as Pendle V3), which will provide traders with more flexible and precise trading funding rate features. The official statement indicates that no new tokens will be launched, and there will be no changes to the tokenomics. Additionally, individual vePENDLE holders will receive airdrops from the points collected by the protocol, with the snapshot scheduled for January 1, 2025, at 7:59 AM Beijing time. Tokens will be distributed proportionally, and the airdrop will not include third-party liquid staking platforms. Currently, the tokens being distributed include sENA, REZ, ETHFI, PUFFER, EIGEN, and COOK. The official also announced changes to the Pendle protocol's revenue distribution, with 80% allocated to vePENDLE, 10% to the protocol treasury, and 10% for protocol operations and maintenance. Changes at the protocol level will only take effect when Boros is officially launched, while V2 fees will continue to be optimized based on demand.
Chain Game Parallel Founding Team Announces Extension of Token Lock-up Period by 10 Years
Odaily Planet Daily reports that the official Parallel team has announced that they will deposit all tokens (including those already stored in the Wayfinder cache contract, unlocked tokens, unclaimed tokens, and other tokens) into a new trustless smart contract, which will unlock 10% of the tokens each year over the next 10 years.
The Parallel founding team added that this decision strengthens the long-term consistency between the team and the project. In the coming months, the team will transfer all tokens to a new contract to initiate this new 10-year unlocking plan. Furthermore, these tokens will no longer be managed by team members but will be professionally managed under the guidance of the foundation.
Ethereum Layer 2 Protocol Lisk Launches Mainnet and Announces Airdrop Plan
Odaily Planet Daily reports that the Ethereum Layer 2 protocol Lisk has launched its mainnet and announced an airdrop plan. The Lisk airdrop event will begin on November 21 and will last for four months in the first season. One way for users to earn points is by completing tasks on the Lisk platform. This will allow them to earn points, and the total points they accumulate will determine how many LSK tokens they will receive through the airdrop. Lisk was initially launched in 2016 as a Layer 1 blockchain. It transitioned to Ethereum Layer 2 in December 2023 to focus on RWA and decentralized physical infrastructure networks.
Previously, Lisk was based on Optimism's Layer 2 development framework OP Stack and Gelato's aggregation-as-a-service platform. This move also transitioned the platform's native token LSK to Ethereum. (The Block)
Regulatory Trends
US Senator Lummis Advances Crypto Legislation and Supports Bitcoin Reserve Proposal
Odaily Planet Daily reports that after Trump won the 2024 US presidential election on November 5, US Senator Cynthia Lummis expressed support for her proposed Bitcoin reserve proposal.
Lummis, a Republican from Wyoming and a staunch supporter of cryptocurrency, emphasized her intention to promote crypto legislation in the Senate and suggested that the US should purchase 1 million Bitcoins (approximately 5% of its supply) and hold them for at least 20 years. This initiative builds on Trump's idea that the government should hold rather than liquidate its seized Bitcoin assets. (Cointelegraph)
Italy Plans to Increase Crypto Transaction Tax Rate to 28%, Instead of Previously Proposed 42%
Odaily Planet Daily reports that sources indicate that the government led by Italian Prime Minister Giorgia Meloni may approve a proposal from coalition partners to lower the proposed increase in cryptocurrency transaction taxes.
The draft of the proposal shows that as a junior partner in Meloni's ruling coalition, the League has proposed an amendment to limit the crypto transaction tax rate to 28%, down from the previously proposed 42% in last month's budget. The current tax rate is 26%.
Crypto executives have stated that the proposed tax rate is too high and would make the local industry less competitive compared to other EU countries. The EU is preparing to fully adopt its first comprehensive cryptocurrency regulation, known as "MiCA," by the end of this year.
Additionally, another ruling coalition party, Forza Italia, founded by the late Silvio Berlusconi, has proposed another amendment aimed at completely eliminating the tax increase and removing the tax exemption for gains of €2,000 ($2,120) or less.
As part of the coalition's proposed amendments, Italy will establish a permanent working group composed of digital asset companies and consumer associations to educate investors about cryptocurrency. Two sources indicated that the government is likely to approve the League's proposal, although no final decision has been made, and it may be subject to modifications. (Bloomberg)
South Korea's Opposition Party Opposes Delay of Cryptocurrency Taxation Plan
Odaily Planet Daily reports that South Korean Democratic Party spokesperson Noh Jong-myun stated that the ruling party's decision to delay the implementation of the virtual asset taxation plan by two years is "unacceptable." (News1)
Investment and Financing
Crypto AML Service Provider Notabene Completes $14.5 Million Series B Financing, Led by DRW VC
Odaily Planet Daily reports that crypto anti-money laundering (AML) service provider Notabene has completed $14.5 million in Series B financing, led by DRW VC, with participation from pollo, Nextblock, ParaFi Capital, and funds managed by Wintermute. Notabene aims to become the SWIFT for crypto transactions, and its network effects are continuously strengthening, with 165 companies using the platform, including some of the world's largest virtual asset service providers (VASPs) such as Copper, OKX, and Ramp. (Coindesk)
Odaily Planet Daily reports that Animoca Brands has announced the completion of $10 million in financing for its Mocaverse, with this round led by OKX Ventures, CMCC Global, Hong Shan (formerly Sequoia China), Republic Crypto, Decima Fund, Kingsway Capital, and others. Previously, it had raised $31.88 million in financing.
The new funds will accelerate the company's goal of large-scale adoption and interoperability in Web3, specifically by continuing to expand and build Mocaverse, which serves as an interoperable infrastructure layer for cryptocurrency accounts, identities, and reputation systems for consumer adoption. This includes the Realm SDK, an interoperable software development kit (SDK) that allows partners to create their own reputation-based ecosystems and provide corresponding application experiences that can interoperate with all ecosystems built on the Moca Network.
Additionally, this investment comes with a free warrant for the utility token MOCA, which has a fully diluted valuation (FDV) of $1 billion.
Odaily Planet Daily reports that BNBChain today announced it has received a $10 million investment in cloud service credits from Google Cloud to support the development of MVB projects within its ecosystem. Through this collaboration, over 40 projects in BNBChain's "Most Valuable Builder" (MVB) program will each be able to apply for up to $350,000 in Google Cloud credits, primarily for projects focused on artificial intelligence and cloud computing development. Additionally, other projects in different areas will also have the opportunity to receive $200,000 in credits over a two-year period.
The MVB (Most Valuable Builder) program is an accelerator project jointly launched by BNBChain, Binance Labs, and CMC Labs, focusing on supporting early developers in Web3. The project is currently in its eighth phase, with BNBChain providing full-chain support, including initial hackathon activities, mid-term incubation, and later market and business resources. This investment from Google Cloud will help developers in the MVB program gain more resources to better advance the large-scale application of the crypto world.
BetHog, Built on Solana, Completes $6 Million Seed Round Financing, Led by 6MV
Odaily Planet Daily reports that the cryptocurrency sports betting platform BetHog has announced the completion of $6 million in seed round financing, led by 6MV, with participation from Will Ventures, Bullpen Capital, and others.
BetHog was co-founded by FanDuel co-founders Nigel Eccles and Rob Jones, and the platform is built on the Solana blockchain, with SOL as the supporting token for PvP games. Additionally, BetHog supports betting with Bitcoin, Ethereum, and USDT. BetHog includes original games such as HODL (a crash game for memecoins) and Thermonuclear Boars (a mines game), as well as innovative PvP gameplay, allowing users to play with well-known streamers. (The Block)
Web3 AI Company Eidon Completes $3.5 Million Seed Round Financing, Led by Framework Ventures
Odaily Planet Daily reports that Web3 AI company Eidon has completed a $3.5 million seed round financing, led by Framework Ventures, with participation from cyber.Fund. Eidon incentivizes users to provide data for training AI models, with the ultimate goal of creating a decentralized AI network, with the first version of the network expected to launch on November 12. (TheBlock)
Odaily Planet Daily reports that Brazilian blockchain startup Multiledgers has announced the completion of a new round of financing totaling $1 million, led by Oxygea Ventures and Indicator Capital (each investing $475,000), with Koyamaki Ventures participating (investing approximately $50,000). The company plans to use the new funds to help businesses create, manage, and integrate networks to manage and certify information and assets, with a primary use case being on-chain management of environmental certificates to ensure compliance.
iGaming Platform Betski Completes $345,000 Pre-Seed Round Financing
Odaily Planet Daily reports that the iGaming platform Betski has announced the completion of $345,000 in Pre-Seed round financing. This round was reportedly completed through a combination of 2% equity and 2.25% token supply, coming from early supporters in Panama and global participants, although specific investor information has not yet been disclosed. The new funds are intended to support the platform in expanding its marketing strategy, enhancing its product offerings, and rapidly scaling up. (cryptoslate)
OKX Ventures Announces Investment in Ethereum Layer 2 Network Corn Built for BTCfi
Odaily Planet Daily reports that OKX Ventures has announced an investment in Corn, marking an important step in introducing Bitcoin applications within the Ethereum ecosystem. Corn is based on Arbitrum and integrates support from Coinbase, allowing BTC holders to easily access the Ethereum DeFi ecosystem. By maximizing Bitcoin's potential in a unique, secure, and sustainable way, Corn has achieved several significant milestones, such as becoming the first Ethereum L2 network to use hybrid tokenized Bitcoin (BTCN) as gas fees, and the first network to implement Bitcoin security guarantees through Babylon, supporting BTC LST liquidity.
Voices
CZ Comments on "Bitcoin is Dead" Remarks: If You Believe It, You Can Only Blame Yourself
Odaily Planet Daily reports that CZ commented on the "Bitcoin is dead" remarks on X, stating: "If you believe any of that, then… just blame yourself."
Odaily Planet Daily reports that BitMEX co-founder Arthur Hayes stated in a post that the hierarchy of his portfolio starts with Bitcoin, followed by other cryptocurrencies and equity in crypto-related companies, then gold stored in a vault, and finally stonks (a 2021 tech buzzword referring to the crazy movements of these stocks). He also mentioned that he keeps a small amount of fiat currency in a money market fund to pay American Express bills.
Additionally, he noted that the U.S. spent $4 trillion to reduce the debt-to-nominal GDP ratio from 132% to 115%. Assuming the U.S. further reduces it to 70%, the level in September 2008, using linear extrapolation alone would mean creating $10.5 trillion in credit to achieve this deleveraging, which is why Bitcoin could reach $1 million.
Ethena Founder: Bulls Currently Need to Pay $66 Million in Funding Fees Daily
Odaily Planet Daily reports that Ethena founder Guy Young stated on the X platform that under the current market conditions, bulls need to pay $66 million in funding fees daily.
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