SOL, XRP and other altcoin ETFs may not be approved until the end of 2025.
Author: Shenchao TechFlow
Market Dynamics
U.S. Court Rules Sanctions Against Tornado Cash Smart Contracts Illegal
The U.S. Fifth Circuit Court of Appeals overturned a lower court's ruling, determining that the Office of Foreign Assets Control (OFAC) exceeded its authority in sanctioning the immutable smart contracts of Tornado Cash, marking a significant victory for the protocol and its users. The panel of three judges noted in their opinion that while the Treasury has the authority to act against "property," the immutable nature of Tornado Cash's smart contracts means they cannot be controlled or owned, and therefore do not constitute property under the International Emergency Economic Powers Act (IEEPA).
Coinbase Chief Legal Officer Paul Grewal stated that these smart contracts must now be removed from the sanctions list, allowing U.S. users to once again utilize this privacy-protecting protocol. The appellate court has instructed the Texas district court to approve a partial summary judgment motion filed by plaintiffs-appellants including Joseph Van Loon.
CZ: Not Trying to End Meme Frenzy, Just Encouraging More Builders
CZ posted on X platform today, stating, "I am not against meme coins, but meme coins have become 'a bit' strange now. Let's use blockchain technology to build real applications."
Some community users pointed out that even Musk is a supporter of meme coins, making it very difficult to end this frenzy. In response, CZ said, "I am not trying to end anything; everyone has the right to choose what to invest in or hold. Just encouraging more builders."
WalletConnect Launches Airdrop Query Page, Users Can Claim and Stake WCT
According to official news, the WalletConnect airdrop query page has been launched, allowing eligible users to claim and stake their WCT.
Movement Network Foundation Announces MoveDrop Program, Airdropping 10% Tokens to Community
Movement Network Foundation announced the MoveDrop airdrop program aimed at rewarding early users and community members of Movement. MoveDrop will allocate 1,000,000,000 $MOVE (10% of total supply) to the community, with eligible users including: Road to Parthenon participants, Battle of Olympus winners, Gmovers, designated communities, and Movement testnet builders.
Users can visit the MoveDrop website and register, with a deadline of December 2, 2024, at 2 PM UTC. After the upcoming TGE, users can check MoveDrop eligibility and claim the airdrop. Failing to register on time will result in the loss of MoveDrop claim eligibility.
Users can choose to claim $MOVE on the Ethereum mainnet or wait until the Movement Network mainnet (coming soon) to claim $MOVE, which will yield a 1.25x reward multiplier. The Movement Network Foundation also stated plans to distribute more $MOVE tokens in future events.
Binance to Delist GFT, IRIS, KEY, OAX, REN
According to an official announcement, Binance will delist the trading pairs GFT/USDT, IRIS/BTC, IRIS/USDT, KEY/USDT, OAX/BTC, OAX/USDT, REN/BTC, and REN/USDT on December 10, 2024.
Additionally, Binance Futures will close all positions and automatically settle the KEYUSDT and RENUSDT USDⓈ-M perpetual contracts on December 3, 2024, at 09:00 (UTC). After settlement, the contracts will be delisted.
Binance HODLer Airdrop Launches Phase 2 Project Thena (THE)
According to an official announcement, the Binance HODLer airdrop has launched the second phase project Thena (THE). From November 6, 2024, 08:00 to November 14, 2024, 07:59 (UTC+8), users who purchase fixed and/or flexible products on the Earn platform using BNB will receive airdrop allocations. The THE HODLer airdrop page is expected to go live within twelve hours, and the new tokens will be distributed to users' spot wallets one hour before trading begins.
Binance will list Thena (THE) on November 27, 2024, at 18:00 (UTC+8), and will open trading pairs THE/BTC, THE/USDT, THE/BNB, THE/FDUSD, and THE/TRY. Applicable seed tag trading rules will apply.
Bubblemaps: Influencer Squirrel Peanut's New Token JUSTICE Has Highly Concentrated Supply, 80% Suspected to Be Controlled by Internal Team
According to monitoring by Bubblemaps, the new token JUSTICE issued by influencer squirrel Peanut's owner Mark Longo has a highly concentrated supply issue, with approximately 80% of the tokens suspected to be controlled by an internal team. Data shows that multiple addresses had already engaged in coordinated actions to hoard token supply before Mark officially announced the token issuance.
All funds of the top 45 holders of the JUSTICE token came from the protocol or centralized exchange hot wallets, and all received funds within the same three-hour window on November 24, 2024 (16:40:20 to 19:39:47). This unusual funding flow pattern suggests that these wallets may be controlled by the same person or a small group.
Kelp DAO Launches High Growth Vault Feature to Help Users Achieve Richer Returns Safely
Multi-chain liquidity staking platform Kelp DAO announced the launch of the High Growth Vault feature supported by Gain, allowing users to deposit ETH, rsETH, ETHx, and stETH assets to receive hgETH tokens.
In terms of security, the High Growth Vault is supported by leading partners such as UltraYield and Upshift, providing professional risk management, aiming to maximize returns while ensuring the safety of funds.
Regarding return strategies, the High Growth Vault aims to achieve a 20% return rate and has already established partnerships with protocols such as Aave, Compound, Morpho, Usual, and Elixir, with plans to integrate with platforms like Pendle and Balancer. Through smart yield strategies, hgETH tokens can be efficiently deployed in DeFi protocols to help users more easily achieve higher returns.
Bloomberg Analyst: SOL, XRP and Other Altcoin ETFs May Not Be Approved Until the End of 2025
According to Coingape, Bloomberg ETF analyst James Seyffart's latest report indicates that the approval decisions for altcoin ETFs such as SOL, XRP, LTC, and HBAR may extend until the end of 2025. Unlike the approved Bitcoin and Ethereum ETFs, these altcoins lack support from a regulated futures market like CME.
Although WisdomTree and 21Shares have submitted XRP ETF applications, current regulations still do not allow them to be listed until issues related to market manipulation and custody are resolved. Seyffart also noted that the new SEC leadership in 2025 may be more favorable towards cryptocurrencies, potentially allowing ETF products to incorporate staking features.
Phantom Announces New Support for Base Network
Cryptocurrency wallet Phantom announced formal support for Base, the Ethereum Layer 2 network under Coinbase. This integration has completed beta testing and is now open to all users. Users can now purchase Ether and USDC on Base through the Phantom wallet and support token swaps between Base, Ethereum, Solana, and Polygon.
DeFi Technologies Subsidiary Valour Launches First Dogecoin ETP in Nordic Region
DeFi Technologies subsidiary Valour has launched the exchange-traded product Valour Dogecoin (DOGE) ETP on the Spotlight Stock Market in Sweden, marking the first Dogecoin ETP launched in the Nordic region.
Market Dynamics
Recommended Reading
This article mainly discusses the AI Agent concept coin craze on the Base chain, analyzing several AI-related projects such as aixbt, bug, ANON, etc., highlighting their characteristics, market reactions, and development trends. The article also explores why the AI trend has shifted from Solana to the Base chain and the reasons for the Base ecosystem becoming a focal point.
The Solana Foundation is comprehensively promoting ecosystem development, aiming to create an internet-native capital market, with a focus on:
Encouraging determined founders by providing them with infrastructure support to help startups grow rapidly.
Emphasizing the construction of applications, making them the focus of the entire ecosystem, with rapid growth in application revenue.
Vigorously promoting asset tokenization, accelerating the issuance of physical and digital assets on Solana.
MicroStrategy's business model significantly increases the volatility of Bitcoin prices, acting as an amplifier of fluctuations. Its high-premium model is built on the continuous rise of Bitcoin, and once Bitcoin enters a consolidation or even a downturn phase, it is likely to fall into the "Davis Double-Whammy" predicament, causing its stock price to shrink rapidly. Additionally, the hedge funds behind the convertible bonds may exacerbate the decline in MSTR's stock price through dynamic hedging. Overall, while MicroStrategy's business model appears to be highly profitable in the short term, it also poses significant risks to the entire cryptocurrency market.
This article reports on the hot dynamics and future trends in the cryptocurrency and AI agent fields. The main content includes:
Founders of top projects such as ai16z, Virtuals, and MyShell engaged in deep dialogue, discussing their project situations and development directions, including advancements in agent technology, token economics, and human-machine collaboration.
An analysis of current hot trends and innovative cases in crypto agents, such as the agent craze on TikTok and collaboration between agents. It also discusses cutting-edge issues like agent autonomy and consciousness awakening.
Exploration of the development of agent platforms and infrastructure, including decentralized reasoning, modular architecture, and new trends in agent incentive mechanisms. It also analyzes the pros and cons of current centralized models versus decentralized training.
Clanker: The "Viral Meme Machine" on Base
Clanker is an AI agent created by developers from Farcaster that automates the deployment of tokens on the Base network, becoming a "viral meme" manufacturing machine within the Base ecosystem. Tokens developed by Clanker, such as LUM and ANON, have rapidly gained popularity, with market capitalizations exceeding ten million dollars, attracting widespread attention, including from Ethereum founder Vitalik.
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