Today's News Highlights:
Mike Johnson, supported by Trump, re-elected as Speaker of the U.S. House of Representatives.
MicroStrategy plans to issue up to $2 billion in preferred stock to increase its Bitcoin holdings.
Projects distributed tokens worth $14.91 billion to crypto users through airdrop activities in 2024.
Tether and Circle's on-chain revenue totaled $664 million in December 2024, dominating the stablecoin market.
Coinbase CEO sold $636 million in COIN stock last year, while Michael Saylor sold $410.8 million in MicroStrategy stock.
Solv co-founder published a statement denying allegations regarding the security of Solv assets.
Ethena released its 2025 roadmap: "iUSDe" will launch in February to enter the TradFi space.
Shiba Inu will launch its ecosystem token TREAT in January 2025.
15 wallets suspected to be internal personnel made a total profit of over $20 million from Focai transactions.
Regulatory/Macro
U.S. FDIC discourages member banks from using public blockchains like Ethereum
According to unredacted documents obtained by Coinbase, U.S. banks attempted to offer services based on public blockchain networks but seemed to be discouraged by the Federal Deposit Insurance Corporation (FDIC). This disclosure stems from a large volume of unredacted crypto-related communications between the FDIC and member banks. The San Francisco-based cryptocurrency exchange Coinbase obtained these documents through the Freedom of Information Act (FOIA). Last month, Coinbase received heavily redacted versions of 23 such letters. Due to a court order, the contents of these letters (and two new letters) were (almost) fully disclosed today.
One letter was sent by the FDIC's New York office to a member bank in March 2022, detailing how the federal agency learned of the bank's plan to launch a "bank digital deposit" program running on a public blockchain. The name of the public blockchain has not been disclosed. In the letter, the FDIC appeared dissatisfied with the bank's choice to use a public blockchain instead of a private permissioned network. Blockchains like Ethereum and Solana are decentralized and permissionless, meaning that activities on them are completely public and cannot be overridden by third-party human administrators. In contrast, private blockchain networks (such as those used by nation-states to issue central bank digital currencies) restrict who can use them and for what purposes.
The FDIC clearly does not favor member banks launching products on omnipotent, fully transparent networks. The regulator instructed the New York bank in its March 2022 letter that any product launched on a public blockchain must undergo a new detailed review process. Other disclosed letters show that the FDIC ordered member banks to stop implementing services related to buying and selling Bitcoin. Portions of the same unredacted letter from last month show that the FDIC instructed member banks to "suspend all activities related to crypto assets."
Mike Johnson, supported by Trump, re-elected as Speaker of the U.S. House of Representatives
U.S. Republican Congressman Mike Johnson, publicly supported by Trump, successfully re-elected as Speaker of the House by a narrow margin. Mike Johnson previously voted in favor of the "21st Century Financial Innovation and Technology Act" (commonly known as FIT21) and anti-central bank digital currency (CBDC) legislation. Johnson's re-election (along with the re-election of lawmakers like Tom Emmer) suggests that crypto-friendly members in Congress are likely to push for cryptocurrency legislation in 2025.
Project Updates
The DeSci protocol BIO Protocol announced on platform X that the BIO token transfer function has been activated, with the Ethereum mainnet contract address being 0xcb1592591996765Ec0eFc1f92599A19767ee5ffA, currently only available on the Ethereum mainnet. Any tokens on other blockchains are scams. More blockchains will be launched in the coming days and weeks.
Binance Alpha adds FLOCK, ELIZA, METAV
Binance Alpha announced a new batch of project listings, including: FLOCK, ELIZA, METAV.
Koma: 5% of total KOMA supply will be burned within 24 hours
The dog-themed meme project Koma on the BNB Chain announced on platform X that it will burn 5% of the total KOMA supply within 24 hours, valued at $5.9 million.
U.S.-listed crypto exchange Coinbase has acquired BUX's (formerly Stryk) Cyprus subsidiary and renamed the entity to Coinbase Financial Services Europe. BUX CEO Yorick Naeff also confirmed the transaction, stating, "We are pleased to sell our MiFID-authorized entity BUX Europe Limited (BEU) to Coinbase."
Through this acquisition, Coinbase now holds a Cyprus Investment Firm (CIF) license, which authorizes it to offer contracts for difference (CFD) products. Additionally, Coinbase can leverage this Cyprus license to offer financial products to other European Economic Area (EEA) member states. The Cyprus Securities and Exchange Commission (CySEC) confirmed that the domain "coinbase.com/international-exchange/europe" has received regulatory approval but has not yet been put into use. Although Coinbase has not officially confirmed, it appears that Coinbase is targeting professional and institutional clients by utilizing the services offered under its Cyprus license.
The transaction is suspected to have been completed last October, as registration records from the Belgian Financial Services and Markets Authority (FSMA) indicate that the entity's name changed from Bux Europe Ltd to Coinbase Financial Services Europe Ltd on October 11, 2024.
Ethena releases 2025 roadmap: "iUSDe" will launch in February to enter the TradFi space
The DeFi protocol Ethena released its 2025 roadmap "Convergence," stating that Ethena's next phase of growth will primarily be driven by exporting products to traditional finance. Ethena will launch a new product "iUSDe" next month, designed to export sUSDe in a regulated form to the TradFi space. Similar to sUSDe, but with a simple wrapping contract that adds some transfer restrictions at the token level, allowing traditional financial entities to hold and use it. This will include partnerships to provide independent SPVs managed by regulated investment managers, allowing subscriptions to shares of this tool, enabling traditional finance to efficiently access this product without touching the crypto track. Ethena will announce the initial TradFi distribution partners for iUSDe this month.
Additionally, Ethena plans to address payment and savings tool use cases by building dedicated applications within the Telegram and TON ecosystems, specifically releasing dedicated use cases for sUSDe in the Telegram app, allowing users to send, spend, and save in a mobile banking-like experience. Payments will be directly connected to Apple Pay, allowing users to switch between savings assets in sUSDe and direct mobile payments on their phones.
Beyond these core products, Ethena will continue to transition from a single-asset issuer to a platform that optimally utilizes and implements on-chain financial innovations. Two applications have already been announced: the spot exchange Ethereal and the on-chain options and structured products protocol Derive, with Ethereal set to open its testnet next month and Derive launching its token within the next two weeks. These are just the first examples in the entire DeFi ecosystem built on sUSDe, with more examples to be launched in the first quarter of 2025.
0xScope's official X account has been compromised, do not click on suspicious links
lmk.fun (formerly Scopescan) posted a reminder on platform X that the X account of the Web3 knowledge graph protocol 0xScope (@ScopeProtocol) has been compromised, advising users not to click on any links or trust the content posted, and that an investigation and recovery are underway.
Solana on-chain AI concept coin ZAILGO announces airdrop to 8,185 holder wallets
Solana on-chain AI concept coin ZAILGO announced an airdrop to 8,185 holder wallets, with each wallet receiving 10,177.2 ZAILGO tokens, valued at approximately $915.9 based on the current price of $0.09.
According to GMGN data, ZAILGO's market cap briefly reached a record high of $96 million, now falling back to $89 million. The price of ZAILGO tokens has increased by over 101% in the last 24 hours.
Shiba Inu will launch its ecosystem token TREAT in January 2025
Shiba Inu Inc. has officially announced that it will launch its ecosystem token TREAT in January 2025. This announcement was first made on January 2 through the official Treat X account, and Shiba Inu's chief developer Shytoshi Kusama further confirmed the news. Detailed information about TREAT has now been published on the Shiba Inu official website, outlining the token's key role within the Shiba Inu ecosystem. TREAT is designed to unlock advanced features of the network state operating system, serving as an access token that integrates rewards, governance, security, and spending into a cohesive framework aimed at fostering a vibrant and engaged community.
Previously, in April last year, it was reported that the Shiba Inu team raised $12 million by selling unissued TREAT tokens to non-U.S. venture capital investors to fund the development of its new privacy-focused Layer 3 blockchain. According to Shiba Inu, the TREAT token is the "utility and governance token" for its new privacy-focused Layer 3 blockchain, which is built on the Ethereum Layer 2 blockchain Shibarium.
MicroStrategy plans to issue up to $2 billion in preferred stock to increase its Bitcoin holdings
MicroStrategy plans to raise up to $2 billion by selling preferred stock to advance its previously announced plan to raise $42 billion over three years to fund Bitcoin purchases. The latest issuance from MicroStrategy is expected to take place in the first quarter of 2025, but it depends on market conditions, and the company reserves the right to decide whether to proceed. The preferred stock sold may be convertible into MSTR Class A shares and pay dividends. MicroStrategy has not set a target price for this issuance.
Base considers launching tokenized COIN stock, currently in exploratory phase
Base developer Jesse Pollak tweeted that Coinbase is considering offering tokenized COIN stock to its U.S. users on the Base network. Pollak stated that non-U.S. users can already access tokenized COIN stock through protocols like Backed, a tokenized RWA platform. Pollak mentioned that implementing COIN on Base is "something to explore in the new year," adding that ultimately "every asset in the world will be implemented on Base." Coinbase "currently has no specific plans" and is in the "exploratory phase," working to understand how to comply with U.S. regulations. "We need regulatory clarity and improvements to unlock this functionality as an open platform for everyone."
FTX restructuring plan has taken effect
The FTX restructuring plan took effect on January 3, allowing users to begin receiving repayments. Customers must file claims through the official website to be eligible for refunds, and FTX stated that the first group of customers should receive refunds within 60 days. According to the FTX plan, the first "Convenience Classes" users will be repaid first, including those with claims of $50,000 or less. Registration and payment dates for claims from other categories will be announced later. The plan was approved in October, stipulating that 98% of FTX users are expected to receive 119% of their claimed value in refunds. FTX Debtors warned that users requesting claims should be cautious of phishing emails that appear to be sent from the exchange.
Solv co-founder published a statement denying allegations regarding Solv asset security issues
Solv co-founder Ryan Chow responded directly to community discussions regarding asset security issues, stating the following:
After experiencing a whole day of baseless public attacks regarding "1,800 RUG" and "private agreements," Solv faced even more absurd accusations today. These allegations invariably target the core issue of asset security, but their basis is erroneous and contradictory, attempting to mislead the public through confusion. In response, Solv has decided to address these claims head-on.
Firstly, Nubit co-founder Hans publicly accused Solv of misappropriating the underlying BTC of SolvBTC.BBN and attempted to validate this by referencing a mempool link (address xxxm5I2). In fact, the mempool link he captured pertains to another yield asset of Solv, SolvBTC.CORE. His own screenshot provides direct evidence of this.
Additionally, Hans accused Solv of urgently submitting an update request to DeFillama after "exposing its flaws." In reality, the BTC participating in SolvBTC.CORE must be re-staked to a new script address every two weeks, with the previous stake of 12.19 being withdrawn and re-staked at 1.2. After each completion, the address must be re-reported to DeFillama, which is entirely a routine action for Solv in managing SolvBTC.CORE assets. On-chain information can fully demonstrate the daily operational actions of Solv's yield assets.
Moreover, Hans also alleged that SolvBTC.BBN's TVL declined during the Babylon Cap3 period, again implying that Solv may have misappropriated user assets. In fact, Solv officially began the redemption of SolvBTC.BBN on that day, and changes in TVL are entirely normal, further highlighting the liquidity and flexibility that SolvBTC.BBN provides to users.
The content even guides the market to speculate that Solv has a "BTC three-flower" situation, implying that each BTC in the TVL is counted three times.
Solv has built for four years and is facing a series of meticulously planned baseless attacks at this sensitive time just before the TGE. In response, Solv has provided all facts and evidence, leaving the truth for the market and the public to judge.
Important Data
Data from DeFiLlama shows that the cryptocurrency industry had substantial on-chain revenue in December 2024, with stablecoin issuers capturing the largest share. These issuers collectively earned over $664 million, accounting for more than 40% of the total $1.5 billion revenue generated by crypto protocols.
As the issuer of the USDT stablecoin, Tether became the largest contributor, with revenue reaching $532.1 million. Following closely is USDC issuer Circle, with revenue of $132.77 million. Together, these two issuers dominate the stablecoin space, holding nearly 90% of the market share, which is valued at over $200 billion.
According to the internal stock sales of the top 60 companies in the S&P 500 index in 2024, which include Apple, Nvidia, and Walmart, approximately 500 insiders, executives, investors, and other major shareholders reported selling a total of $36.9 billion in company stock. Amazon Executive Chairman Jeff Bezos accounted for more than one-third of this total (approximately $13.4 billion).
Four crypto executives made it into the top 25: Coinbase CEO Brian Armstrong ranked 8th with $636 million; MicroStrategy's Michael Saylor ranked 13th with $410.8 million; Coinbase co-founder Fred Ehrsam ranked 22nd with a total of $203.8 million, which includes COIN stock sold by his trust and his fund Paradigm; following Ehrsam is Coinbase COO Emilie Choi, who joined the company from LinkedIn in 2018, with an amount of $186.4 million. All these sales placed Coinbase 7th in last year's internal trading sales rankings:
- Amazon: $13.5 billion
- Walmart: $4.84 billion
- Palantir: $4.14 billion
- Meta: $2.72 billion
- Nvidia: $2 billion
- Salesforce: $1.27 billion
- Coinbase: $1.25 billion
- Oracle: $842 million
- Apollo: $630.6 million
- Intuit: $593.9 million
- MicroStrategy: $567.8 million
- Netflix: $528.3 million
An ENS-associated address transferred 50,000 ENS to Binance, valued at approximately $1.91 million
According to on-chain analyst Yu Jin's monitoring, an address that received 339,000 ENS from the ENS Cold Wallet between 2022 and 2023 transferred 50,000 ENS (valued at $1.91 million) to Binance five hours ago. After receiving ENS, this address transferred 250,000 ENS to Binance over the past year, with an average transfer price of $22.8, totaling $5.69 million.
Projects distributed tokens worth $14.91 billion to crypto users through airdrop activities in 2024
According to on-chain analysis by the crypto aggregator Dropstab, in 2024, projects distributed a total of $14.91 billion to crypto users through a series of airdrop activities. Topping the airdrop distribution list is Hyperliquid, where over 90,000 users received $1.34 billion in airdrops. Following closely is Starknet, with 1.3 million addresses receiving airdrops of 700 million tokens valued at $1.33 billion. Pengu's airdrop of $1.15 billion, Wormhole's airdrop of $896 million, and Jupiter's airdrop of $891 million rounded out the top five highest-earning airdrop projects of 2024.
Of the $14.91 billion distributed through airdrops, the L2 sector accounted for $4.22 billion (28.3%), the DeFi sector for $3.31 billion (22.2%), and the L1 sector for $2.63 billion (17.6%). Gaming and meme projects, liquid staking, and artificial intelligence (AI) projects distributed tokens worth $2.28 billion, $1.27 billion, and $373 million, respectively.
WIntermute and Amber Group may be market makers for VIRTUAL
According to on-chain analyst @ai_9684xtpa, WIntermute and Amber Group may be market makers for the AI agent token VIRTUAL. Both major market makers have been interacting frequently since a month ago, with their current holdings as follows:
WIntermute: Address 0xDBF…dC080 holds 0.31% of the total tokens, approximately $1.53 million, ranking as the TOP 47 address.
Amber: Deposited 500,000 VIRTUAL into Gate two hours ago, valued at $2.13 million.
Additionally, a market maker that was previously involved in Binance's new coin mining project PORTAL also seems to be making a market for VIRTUAL, although the specific institution has not yet been identified; this institution withdrew tokens worth $6.07 million from Bybit in the past hour and currently holds 2.04 million VIRTUAL (valued at $8.05 million), ranking as the TOP 38 address.
15 wallets suspected of being insiders profited over $20 million trading Focai
According to Lookonchain monitoring, 15 wallets suspected of being insiders spent 67.16 SOL ($146,000) to purchase 605 million Focai (accounting for 60.5% of the total supply) on Pump.fun. They then sold all Focai for 94,175 SOL ($20.5 million), netting a profit of 94,108 SOL ($20.48 million).
Bitcoin spot ETF saw a net inflow of $908 million yesterday, with an ETF net asset ratio of 5.72%
Ethereum spot ETF saw a net inflow of $58.78 million yesterday, with an ETF net asset ratio of 3%
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