Headlines
Litecoin's official post states it is defined as a Memecoin, LTC surges briefly
Odaily Planet Daily reports that Litecoin (@litecoin) officially stated on X: "Based on the current market conditions, I now define myself as a Memecoin."
OKX market data shows that LTC briefly surpassed 83 USDT.
Odaily Planet Daily reports that the Republicans continue to control the U.S. House of Representatives, which may bring supportive lawmakers to lead the drafting of digital asset-related legislation. According to the Associated Press, the Republicans secured a majority with 218 members, while the Democrats obtained 208 seats.
This lays the groundwork for the Republicans to lead the House Financial Services Committee, an influential committee responsible for overseeing the U.S. SEC, the Federal Reserve, and other federal agencies. Current chair, North Carolina Republican Congressman Patrick McHenry, will retire in January 2025.
McHenry has played a key role in leading legislation regulating stablecoins and focusing on crypto market structure, which grants the CFTC new jurisdiction over "digital commodities" and states that the SEC will oversee digital assets offered as part of investment contracts.
The new chair is likely to be elected this month or in December. Potential candidates for committee chair include Arkansas Congressman French Hill, Kentucky Congressman Andy Barr, Michigan Congressman Bill Huizenga, and Oklahoma Congressman Frank Lucas, all of whom are friendly towards cryptocurrencies. For example, Hill leads a committee subgroup focused on digital assets and has been working on cryptocurrency legislation, including bills related to stablecoins. (The Block)
Odaily Planet Daily reports that Fox Business journalist Eleanor Terrett stated on X that 18 states in the U.S. have filed to sue the SEC and its commissioners, accusing them of unconstitutional overreach and unfair persecution of the cryptocurrency industry under Gary Gensler's leadership.
The lawsuit is signed by the attorneys general of these 18 states (all Republicans) and details how the agency has implemented "serious government overreach" through enforcement actions against an industry worth $3 trillion, thereby infringing on the regulatory and economic interests of the states.
Industry News
Odaily Planet Daily reports that according to Trader T's monitoring, the U.S. Ethereum spot ETF saw a net inflow of $148.05 million yesterday, setting its second-highest single-day inflow record, with BlackRock's ETHA seeing a net inflow of $36.78 million.
Franklin Templeton expands its U.S. government money market fund FOBXX to Ethereum
Odaily Planet Daily reports that Franklin Templeton's OnChain U.S. Government Money Market Fund (FOBXX) can now be traded on Ethereum. The fund has already been launched on several other blockchains, including the recent Base, Aptos, and Avalanche. FOBXX was launched in 2021, becoming the first money market fund to use public blockchain to track transactions and ownership, currently valued at $410 million, making it the third-largest tokenized money market fund. (Coindesk)
Coinbase CEO criticizes the U.S. Department of Justice's investigation into Polymarket
Odaily Planet Daily reports that Coinbase CEO Brian Armstrong criticized the U.S. Department of Justice (DOJ) for its recent investigation into the cryptocurrency-based prediction market Polymarket. Armstrong expressed his dissatisfaction on social media, believing that the DOJ's actions are politically motivated and may inadvertently strengthen Polymarket's influence. It is understood that the ongoing investigation involves a search of Polymarket CEO Shayne Coplan's electronic devices. (CoinGape)
Project News
Binance Launchpool to launch Usual (USUAL), starting pre-market trading
Odaily Planet Daily reports that according to an official announcement, Binance will launch its 61st project Usual (USUAL) on Launchpool at 18:00 (UTC+8) on November 19, 2024, and will start pre-market trading. Users can lock BNB and FDUSD to participate in mining, with the mining period from 00:00 on November 15, 2024, to 8:59 on November 19, 2024 (UTC+8). The end time for pre-market trading and the spot launch time will be announced separately.
Tether announces the launch of asset tokenization platform Hadron by Tether
Odaily Planet Daily reports that Tether has announced the launch of the asset tokenization platform Hadron by Tether, aimed at making asset tokenization more accessible than ever, opening new avenues for issuance, investment, and core capital market technologies for a broader audience (from institutions to fund managers, from governments to private companies).
It is reported that Hadron by Tether can be used for the entire lifecycle of issuing and managing digital tokenized assets, providing modularity, security, reliability, and a seamless user experience. Its control suite focuses on providing the most comprehensive toolkit for compliance, Know Your Customer (KYC), Anti-Money Laundering (AML), transaction monitoring, risk management, and secondary market ecosystem monitoring.
Odaily Planet Daily reports that cryptocurrency infrastructure company MoonPay has launched a new payment solution, MoonPay Balance, which is a new payment tool that allows users to store and spend fiat balances on MoonPay and use it as an entry point for interacting with DeFi.
According to an announcement, the new solution enables users to spend their balances through direct integration with non-custodial or self-custodial wallets like MetaMask, Phantom, and Bitcoin.com. MoonPay Balance will initially be launched in most European countries outside the UK and Germany. (Cointelegraph)
Fuel: Users must migrate assets to Fuel Ignition by November 22, or first season points will reset
Odaily Planet Daily reports that Fuel's official account stated on X that all users who participated in the pre-depositors points program must migrate their assets from the Ethereum mainnet to Fuel Ignition by 11:59 PM UTC on November 22 to retain their first phase Fuel points. Users can also choose to migrate their assets after this deadline, but the first phase points will reset. Regardless of the migration status, the second phase points will not be affected.
Previously, Fuel Labs announced the launch of the Fuel mainnet and the Ethereum L2 solution Fuel Ignition.
Movement co-founder: Mainnet is coming soon, may hint at an upcoming TGE
Odaily Planet Daily reports that Movement Labs co-founder Rushi Manche stated on X, "The Movement mainnet is coming soon," which may hint at an upcoming TGE.
StarkWare CEO: OP_CAT expected to launch within 12 months, bringing ZK-rollup features to Bitcoin
Odaily Planet Daily reports that StarkWare CEO Eli Ben Sasson stated that he expects OPCAT (a significant upgrade for the Bitcoin network) to launch within the next 12 months.
Ben-Sasson mentioned in an interview at Devcon 2024 in Thailand that the launch of OPCAT will bring a series of new features to Bitcoin, including "covenants, ZK-rollup, and L2 networks."
Notably, the launch of OP_CAT will make Starknet the first L2 network to conduct native settlements on both Bitcoin and Ethereum. (Cointelegraph)
Odaily Planet Daily reports that the ZKsync community has passed the proposal "TPP 001 to distribute 325 million ZK tokens to DeFi users within 9 months" through on-chain voting. The proposal suggests distributing 325 million ZK tokens over 9 months, with 300 million allocated to users through six minters (with a cap of 50 million each), and an additional 25 million tokens managed by four minters to cover management and unforeseen costs. The proposal aims to establish a DeFi liquidity hub on the ZKsync Era and enhance the liquidity of all interoperable ZK chains (Elastic Chain).
Uniswap Foundation holds $33.83 million and stablecoins, along with 610,000 UNI as of Q3
Odaily Planet Daily reports that the Uniswap Foundation has released its Q3 financial summary (unaudited) as of September 30, 2024:
As of September 30, 2024, the foundation holds $33.83 million and stablecoins, as well as 610,000 UNI. Fiat (USD) cash and stablecoins will be used for grants and operational activities, while UNI will be used for employee token rewards. The operational runway is expected to last until the end of 2025, with specific uses as follows:
Grant commitments and incentives: A total of $24.72 million has been allocated for grants. $17.33 million will be committed for 2024 and 2025, with $7.39 million reserved for previously committed grants awaiting distribution; the remaining $9.11 million will fund operational expenses until the end of 2025.
In Q3 2024, the foundation committed to providing $5.32 million in new grants and disbursed $1.49 million in committed grants. As of September 30, 2024, $12.66 million has been committed, with $6.78 million disbursed.
GMT team launches BurnGMT.com website, allowing users to vote on token burns
Odaily Planet Daily reports that the GMT team has recently launched the BurnGMT.com website, where users can vote to burn over 600 million GMT held by advisors, investors, and even the team.
According to insiders, the GMT to be burned was acquired by the team through repurchasing shares held by early investors and advisors, involving repurchase funds of up to $100 million. If this burn is completed, GMT may become the first fully circulating Binance Launchpad token.
The GMT team is the company behind Web3 products like STEPN and STEPN GO, and industry insiders expect that gamification and game-theoretic elements may be introduced into the GMT burn rules.
Sui Name Service opens NS token airdrop claims
Odaily Planet Daily reports that the Sui ecosystem domain service, Sui Name Service, has announced the opening of NS token airdrop claims. It is reported that Sui Name Service launched the NS token to promote decentralization and empower community members with the right to participate in key protocol development decisions. NFT holders of SuiNS (NS) will be able to claim the token airdrop through a website that will be made public on TGE day.
Odaily Planet Daily reports that the official IoTeX X account (iotex_io) stated: "Given the current market conditions, I now recognize IOTX as a DePIN Meme coin."
Regulatory Trends
Powell: The Federal Reserve does not need to be "eager" to cut interest rates
Odaily Planet Daily reports that Federal Reserve Chairman Powell stated that due to the strong U.S. economy, the Federal Reserve does not need to be "eager" to lower interest rates, and the Fed will "carefully observe" to ensure that certain inflation indicators remain within acceptable ranges. Powell reiterated that the path of the Fed's policy interest rate will depend on upcoming data and the evolution of the economic outlook. He noted that the inflation rate is approaching the Fed's 2% target but has not yet been reached. The Fed will closely monitor core indicators of inflation for goods and services excluding housing, which have been declining over the past two years. "We expect these indicators to continue to fluctuate within a recent range, and the path to the Fed's 2% target may be bumpy at times." (Jin Shi)
SEC Chairman Gary Gensler makes final lobbying for U.S. crypto industry regulatory rules
Odaily Planet Daily reports that sources indicate that before the arrival of the Trump administration and its enthusiasm for digital assets, SEC Chairman Gary Gensler is making a final lobbying effort to allow the agency to regulate the cryptocurrency market. In a speech prepared for a legal conference in New York on Thursday, Chairman Gary Gensler reiterated that the agency should focus on "road rules" applicable to the sale of cryptocurrencies and intermediaries (such as brokers and exchanges) to support appropriate disclosures. Gensler stated that experiences from the Great Depression have made decision-makers recognize "the importance of disclosure provisions, as information about securities creates a public good." (Jin Shi)
Odaily Planet Daily reports that current SEC Chairman Gary Gensler, at the annual securities regulation meeting on Thursday, again urged cryptocurrency exchanges to comply with regulations and called for projects selling securities to make appropriate disclosures. He stated that among the approximately 10,000 circulating digital assets, most, except for Bitcoin, Ethereum, and stablecoins, may fall under the category of securities, with these potential securities in the crypto market valued at about $600 billion, accounting for less than 0.25% of the global capital market.
Gary Gensler's remarks come just a week after Trump was elected president, who previously stated that he would fire him upon taking office. Gary Gensler may choose to remain as an SEC commissioner after his term ends. (The Block)
Pennsylvania proposes legislation to include BTC as a reserve asset on its balance sheet
Odaily Planet Daily reports that Fox Business journalist Eleanor Terrett stated on X that the Pennsylvania House of Representatives has proposed legislation that would allow the state to include Bitcoin as a reserve asset on its balance sheet, recognizing Bitcoin as a store of value.
Investment and Financing
Ethereum Rollup deployment platform Caldera announces strategic acquisition of Hook
Odaily Planet Daily reports that Ethereum Rollup deployment platform Caldera has announced the strategic acquisition of Hook, with the specific acquisition amount not disclosed. Hook is the development team behind the Hook Odyssey protocol, which focuses on memecoins and NFT perpetual futures Rollup. It is reported that the addition of the Hook team will bring Caldera's employee count to 20, primarily distributed across the Americas, Europe, and Asia. (Chainwire)
Odaily Planet Daily reports that U.S. SEC filings show that Altos Ventures has completed a $500 million fundraising for its new fund, focusing on technological innovations in areas such as artificial intelligence, cybersecurity, cloud computing, and blockchain.
Altos Ventures has invested in over 250 companies, with more than a dozen having gone public or been acquired by public companies, including South Korean e-commerce giant Coupang and gaming platform Roblox.
Portal Ventures' crypto fund completes approximately $90 million oversubscribed fundraising
Odaily Planet Daily reports that Portal Ventures' crypto fund has completed approximately $90 million in oversubscribed fundraising. This is the second fund under the venture capital firm, and the fundraising is about to close. Initially, the fundraising target was around $75 million, but it was oversubscribed to $90 million.
This fund has received support from several investment institutions in the crypto industry, including Hack VC, as well as Lennertz and Accolade.
Portal Ventures is relatively unknown compared to more prominent crypto super funds like Paradigm, Haun Ventures, and a16z crypto, thus maintaining a low profile in the market. (Fortune)
Odaily Planet Daily reports that Hyla Fund Management is launching a new fund with a size of $30 million, focusing on the cryptocurrency sector in Latin America. Hyla represents clients investing in other hedge funds and manages $115 million in assets.
Hyla CEO Paola Origel stated that the Latin American cryptocurrency market is still small but full of opportunities. She mentioned that crypto funds act as a bridge between traditional investors and the crypto ecosystem. The crypto space is an emerging field that is developing rapidly, and some investors simply do not have the time, resources, or expertise to delve into the industry and determine which crypto hedge funds they want to invest in. This is where Hyla comes in.
Origel said, "The value of a fund of funds lies in access; we do not differentiate by jurisdiction, so we know most fund managers globally, each with their own strategies. For example, some funds are fully dedicated to developing Bitcoin L2."
She stated that Hyla aims to become "the Goldman Sachs of the digital asset space." The company currently offers various strategies, including its liquidity risk investment fund and market-neutral yield strategies in Bitcoin and Ethereum. The new Latin American fund is scheduled to launch in January 2025, which will increase Hyla's assets under management by $30 million. (CoinDesk)
Odaily Planet Daily reports that digital asset trading infrastructure provider Wyden announced the completion of $16.4 million (14.5 million Swiss francs) in Series B funding, led by Truffle Capital, with new investors Postfinance, SBI-Sygnum-Azimut Digital Asset Opportunity Fund, Fivet Fintech, and existing investor C3 Venture Capital participating.
Wyden stated that it intends to use this investment to accelerate its sell-side expansion aimed at banks, brokers, and exchanges. The company also plans to enter markets where digital asset operations are regulated similarly to traditional financial services. In addition to integrating another 20 banks, brokers, and exchanges, Wyden will strengthen its various functions and development centers in Poland. (Bitcoin.com)
Odaily Planet Daily reports that blockchain company LAKE, focused on reshaping the global water economy, announced the completion of $12.4 million in financing, with participation from Artaize Invest, EMB Venture Capital, Michel Audeban-Business Angel, and MSM Family Office.
Earlier this year, LAKE completed a $3 million private placement financing, expanded its workforce, and opened a new operations center in Dubai.
LAKE is an RWA project with a vision to leverage blockchain technology to improve the current water economy and promote equitable and decentralized access to water resources globally. (Cointelegraph)
Odaily Planet Daily reports that AI-based blockchain crypto signature solution provider Ennoventure announced the completion of $8.9 million in Series A funding, led by Tanglin Venture Partners, with participation from Fenice Investment Group and other SAFE investors, with specific valuation information not disclosed. The Ennoventure platform utilizes technologies such as AI and blockchain to track product packaging through application scanning for product certification and supply chain management, and its patented invisible signature technology has expanded into industries such as fast-moving consumer goods, automotive, and industrial components. (Entrackr)
DeFi platform Folks Finance completes $3.2 million Series A funding, led by Borderless Capital
Odaily Planet Daily reports that DeFi platform Folks Finance announced the completion of $3.2 million in Series A funding at a valuation of $75 million, led by Borderless Capital, with participation from Algorand Ventures, Mapleblock Capital, Sovo Ventures, and others. To date, Folks Finance's total funding has reached $6.2 million. Previously, the company raised $3 million in seed funding from investors such as Coinbase Ventures, Jump Crypto, OKX Ventures, and ParaFi Capital. (TheBlock)
Odaily Planet Daily reports that Web3 education platform Academic Labs announced on the X platform that it has completed a new round of financing totaling $3.2 million, with participation from UOB Ventures Management, Signum Capital, HTX Ventures, Web Master, WIDUS Partners, DWF Ventures, Blockchain for Good Alliance, AsiaTokenFund, and Citystate Group, with specific valuation information not disclosed.
The team stated that information regarding new products, token airdrops, and token listings will be released in the coming weeks, and the new funds will be used to expand ecosystem coverage and enhance collaborations with universities.
Odaily Planet Daily reports that Web3 health tech startup Pulse announced the completion of $1.8 million in Pre-Seed funding, co-led by Collab+Currency and Lemniscap.
The team stated: "Pulse's digital twin technology consolidates wearable devices, electronic health records, and diagnostic data into a comprehensive, unified health profile. Pulse uses privacy-first technology to allow users to securely share this data with trusted partners such as researchers or healthcare providers according to their wishes, thereby gaining actionable health insights, improving health outcomes, and advancing medical research." (CoinDesk)
Voices
Musk: It feels great to hear traditional media say "DOGE" in the news
Odaily Planet Daily reports that in response to investor Melissa Chen's post stating, "When I heard serious reporters from The Wall Street Journal read DOGE in a serious news context with a professional broadcast tone, I laughed so hard I could hardly believe it all started from a meme," Musk replied, "That's awesome."
Vitalik Buterin: The ideal Ethereum experience should be like using a credit card
Odaily Planet Daily reports that during a panel discussion at Devcon in Bangkok, Vitalik Buterin, Stephen Goldfeder, Ben Jones, and Jesse Pollack discussed the challenges facing Ethereum and its rollup-centric roadmap. Vitalik Buterin stated that currently, whenever users operate across multiple chains, they need customized solutions. The ideal Ethereum experience should be like using a credit card in Web2, where everything is seamlessly connected in the background. "If Ethereum cannot reach this level of experience, it will lose to other solutions that can."
Stephen Goldfeder stated that users should not be burdened by the complexity of the infrastructure and advocated for a "unified Ethereum," envisioning seamless cross-chain transitions within the ecosystem. Vitalik Buterin also emphasized the need to simplify cross-chain asset flows. Ultimately, the panel articulated a shared mission: to enhance user experience without compromising the decentralized spirit of Ethereum, aiming to build a user-centric ecosystem rather than a chain-centric one. (blockworks)
Odaily Planet Daily reports that former CFTC Chairman Chris Giancarlo clarified on the X platform that he is not running for the next SEC chair. He stated that during his tenure as CFTC chairman, he had already cleaned up a lot of the "mess" left by current SEC Chairman Gary Gensler, and he does not want to do it again.
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