Compiled by: Luan Peng, ChainCatcher
"What important events happened this week (10.28-11.3)"
1. Vitalik: RISC-V is an important component of the Ethereum Virtual Machine.
Ethereum co-founder Vitalik Buterin stated that RISC-V (Reduced Instruction Set Computing) is an important component of the Ethereum Virtual Machine (EVM). Vitalik pointed out that open-source instruction sets are crucial in the existing effectiveness proof formal verification roadmap.
2. The Hong Kong Stock Exchange will launch a virtual asset index series.
The Hong Kong Stock Exchange today announced it will launch the Hong Kong Stock Exchange Virtual Asset Index Series on November 15, 2024, providing reliable benchmark prices for this rapidly emerging asset class and supporting Hong Kong's development as Asia's leading digital asset center.
The index series will provide transparent and reliable benchmarks for Bitcoin and Ethereum pricing in the Asian time zone, aiming to provide a unified reference price for virtual assets and address price discrepancies between global exchanges.
Hong Kong Stock Exchange Group CEO Charles Li stated: "We are pleased to launch the Hong Kong Stock Exchange Virtual Asset Index Series to meet the demand for this rapidly emerging asset class in the region. By providing a transparent and reliable real-time benchmark, we hope to help investors make informed investment decisions, thereby supporting the healthy development of the virtual asset ecosystem and consolidating Hong Kong's status as an international financial center." (Jinshi)
3. Arthur Hayes: The family office holds large long positions in BTC, ETH, and other tokens.
According to CoinDesk, BitMEX founder Arthur Hayes stated: "Given the uncertainty of the U.S. election results, the family office Maelstrom will invest 5% of the fund in staked USDe (Ethena USD), which could yield approximately 13%. We maintain large long positions in Bitcoin, Ethereum, and other tokens."
Hayes added that the fund will deploy all sUSDe into cryptocurrency once the U.S. election results are clear and the losing side accepts defeat. Hayes joked that it doesn't matter who the winner is in the short term.
4. DWF Labs: The partner accused of drugging a woman has been removed from all related positions.
In response to today's incident where a partner from DWF Labs was accused of drugging a woman, DWF Labs officially stated: We are aware of the recent allegations against one of our partners involving inappropriate and unacceptable behavior, which is deeply concerning. Although this matter is still under investigation, DWF Labs has decided to immediately remove this partner from their management and operational roles.
According to @hananotsorry Hana's X account, on the evening of October 24, a DWF partner allegedly placed unknown drugs in her drink multiple times at a bar in Hong Kong, but she was saved after being alerted by staff.
5. Binance announces the appointment of Jeff Li as its new Vice President of Product.
Binance announced the appointment of Jeff Li as its new Vice President of Product during Binance Blockchain Week. 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 leading Web2 and Web3 products and software engineering. During his time at Binance, Jeff will lead Binance's global product and design teams.
Binance CEO Richard Teng stated: "We are pleased to welcome Jeff to the Binance team. He has worked at some of the world's most well-known tech companies and has rich experience in product development. In his previous roles, he has demonstrated an ability to provide innovative solutions in dynamic emerging industries, making him an ideal candidate to uphold 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."
6. Reddit has sold most of its cryptocurrency holdings in Q3.
According to Decrypt, based on documents submitted by social media site Reddit to the SEC, Reddit sold most of its cryptocurrency portfolio in the third quarter, with Bitcoin and Ethereum being sold off for "financial reserves."
When this social media company filed for its initial public offering (IPO) in February, it held an "insignificant" amount of cryptocurrency on its balance sheet, using idle funds to purchase digital assets. On Tuesday, Reddit used the same wording to describe the recent sale proceeds. "We sold most of our cryptocurrency portfolio, mainly consisting of Bitcoin and Ethereum," Reddit stated. "The net book value of the cryptocurrency we held and the proceeds from the sale are both insignificant."
While the quantity of cryptocurrency sold remains unclear, the timing of the sale was for the third quarter ending September 30. When asked for the dollar value or the definition of "insignificant" amounts for its cryptocurrency portfolio, Reddit did not immediately respond to Decrypt's request for comment.
7. MicroStrategy's financial report: Plans to raise $42 billion to purchase more Bitcoin over the next three years.
According to CoinDesk, MicroStrategy released its financial report and announced the "21/21 plan," intending to raise $21 billion each through equity and debt over the next three years, totaling $42 billion for purchasing Bitcoin. Company President and CEO Phong Le stated that as a Bitcoin reserve company, they will use the new funds to purchase more Bitcoin to achieve higher "BTC yield."
It is reported that MicroStrategy's last purchase occurred in mid-September 2024, when it bought 7,420 bitcoins for 458.2 million dollars. The company currently holds 252,220 bitcoins, with a total investment of 9.9 billion dollars and an average purchase price of 39,266 dollars. At the current price of about 72,000 dollars, the market value of the holdings exceeds 18 billion dollars.
Additionally, the company has raised its "BTC yield" target range from the previous 4%-8% to 6%-10%, with an actual yield of 17.8% in the third quarter.
8. The Bitcoin white paper celebrates its 16th anniversary.
The Bitcoin white paper celebrates its 16th anniversary. Sixteen years ago today (October 31), Bitcoin's anonymous founder Satoshi Nakamoto published the white paper (Bitcoin: A Peer-to-Peer Electronic Cash System) on the cypherpunk mailing list.
9. Wang Feng, founder of Blue Ocean Interactive: In 2019, he proposed the company invest in Bitcoin but was threatened with a lawsuit by shareholders.
Wang Feng, founder of Blue Ocean Interactive, recalled on social media today that in 2019 he proposed the company invest $20 million in Bitcoin (when the price was below $6,000), but was strongly opposed and threatened with a lawsuit by a board member representing a major shareholder. It wasn't until Wang Feng resumed the role of CEO in early 2023 that the company began to execute its Bitcoin investment plan, but by then the price had risen to $26,000.
This statement stems from Wang Feng's comments on MicroStrategy's recent plan to raise $42 billion in the next three years. It is noteworthy that MicroStrategy only began purchasing Bitcoin on a large scale in 2020, and if Blue Ocean Interactive had executed its investment plan in 2019, it might have achieved considerable returns.
Wang Feng revealed that when he founded Mars Finance in 2018, the platform obtained nearly ten million dollars in financing within a year, with monthly advertising revenue peaking at 120 bitcoins; a single conference in the summer of 2020 could receive around ten million yuan in sponsorship.
10. The Zhejiang Jingde Court ruled the virtual currency mining machine sales contract invalid, ordering the defendant to return the payment.
According to The Paper, the Zhejiang Jingde Court recently ruled on a virtual currency mining machine sales contract dispute. In April 2021, plaintiff Hang purchased a "mining machine" platform and 64 hard drives from defendant Chen, with a total value of 429,000 yuan. After paying the full amount, Chen failed to deliver the equipment as agreed, only refunding 180,000 yuan.
The court cited the National Development and Reform Commission's notification in September 2021 (regarding rectifying virtual currency "mining" activities) and other departments (regarding further prevention and handling of the risks of virtual currency trading speculation), ruling that virtual currency-related business activities are illegal financial activities. The court ruled that the mining machine sales contract is invalid due to violating public order and good morals, and ordered the defendant to return the remaining 249,000 yuan.
The second-instance court upheld the original ruling, stating that the relevant contracts not only violate public order and good morals but also do not conform to the basic principles of resource conservation and environmental protection.
11. Blockchain solar company Glow completes $30 million financing, led by Framework and Union Square Ventures.
Blockchain solar company Glow completes $30 million financing, led by Framework and Union Square Ventures. This round of financing includes $6.5 million provided to the company and $23.5 million in solar investments.
Glow's CEO and co-founder stated that Vorick plans to use this funding to expand the company from 5 megawatts of power to 600 megawatts and to expand into new countries within the next 18 months.
Glow operates a DePIN network consisting of solar power plants in the U.S. and India. To encourage its farms to move beyond the "dirty" energy grid, the founder designed an economic model based on subsidies and token incentives.
12. Zhao Changpeng: Currently focused on educating and investing in cryptocurrency, AI, and biotechnology.
Zhao Changpeng stated in an interview at the main venue of the Dubai Binance Blockchain Week that Binance has been doing well during his absence, and even if he is allowed to return, he may not actually go back. He is now focusing on educating and investing in cryptocurrency, AI, and biotechnology.
He stated that during his time in prison, no prisoners "looked for trouble with him," some guards were somewhat strict, but it did not cause any issues, and he was lucky not to suffer any physical harm. After serving his sentence, he found that other inmates had long sentences, and his "4 months" was already the shortest.
13. Blockchain Association: The U.S. digital asset industry has spent over $400 million to fight against the SEC led by Gensler.
The Blockchain Association stated in a statement: "According to self-reported data collected, anonymized, and aggregated by HarrisX, the U.S. digital asset industry has spent over $400 million to fight against the SEC led by Chairman Gensler, suffering countless job losses, innovation losses, and investment losses in the U.S."
The organization stated that the $400 million figure is just "a small part of the industry," as it comes from a sampling survey of Blockchain Association members.
It is known that the members of the organization include Ripple, Coinbase, Crypto.com, Grayscale, and Kraken.
14. Trump: Congratulations on the 16th anniversary of the Bitcoin white paper.
Former U.S. President Trump posted on social media platform X: "I want to wish our great Bitcoin enthusiasts a happy 16th anniversary of Satoshi Nakamoto's white paper. We will end Harris's war on cryptocurrency, and Bitcoin will be made in the USA! Vote for Trump!"
15. The U.S. October seasonally adjusted non-farm employment population is 12,000, expected to be 113,000.
According to Jinshi, the U.S. October seasonally adjusted non-farm employment population is 12,000, expected to be 113,000, with the previous value revised from 254,000 to 223,000.
16. Grayscale's XRP Trust is now open to qualified investors.
According to official news, Grayscale's XRP Trust has opened to qualified investors seeking XRP investments.
17. Deputy Governor of the Central Bank Lu Lei: In the field of monetary economics prediction and practice, Satoshi Nakamoto is highly respected.
According to the Digital Legal Currency Research Society, Lu Lei, Deputy Governor of the People's Bank of China, stated in the preface he wrote for (Monetary Theory) that if central banks can have limitless money issuance, then currency is likely to be replaced by other general equivalents—like digital assets and stablecoins currently experiencing market value fluctuations. Will this really happen? As someone who has long engaged in research at a central bank, my instinctive thought is that the urgent issue faced by major developed economies is 'saving central banks from central bankers.' Although this idea is by no means the current central bank digital currency (CBDC), as I believe CBDCs do not change the institutional implications of monetary increment, the question remains whether there is a digital currency that can overcome various digital assets' impacts while achieving stablecoin effects and maintaining the existence of sovereign currency (resolving the euro's monetary unity but fiscal dispersion issue).
The increasing expense of specific assets (such as digital assets) leads them to also turn against themselves, lacking the liquidity necessary to serve as a general equivalent (i.e., being collected rather than circulated, which is the fate of precious metals exiting the currency).
In the field of predictions and practices of monetary economics, two individuals deserve high respect—Robert Mundell, who just passed away, and Satoshi Nakamoto, whose identity remains unknown. The former upheld the idea that exchange is a redundant transaction cost concept throughout his life, experiencing the single currency area theory's practice in the Eurozone, but realizing dollarization's utopia was difficult. The latter witnessed Bitcoin, which he created, evolve into an extremely expensive digital asset. Currently, the energy consumed worldwide to mine the last 2 million coins is enough for hundreds of millions of people to use for over a year. According to the marginal cost pricing method, the closer Bitcoin is to being an asset, the further it is from being widely circulated currency.
Currently, digital assets are retracing the path of the gold standard, and the idea of stablecoins is merely a practical proposal of the optimal currency area theory in its "soft version." Our thinking is not necessarily more insightful than the 1945 White Plan. It is merely old wine in a new bottle in the digital age.
18. 21Shares has submitted an application for an XRP ETF to U.S. regulators.
According to publicly available documents from the U.S. Securities and Exchange Commission, 21Shares has submitted S-1 forms to apply for an XRP ETF, named 21Shares Core XRP Trust.
19. Trump's second son: My family loves cryptocurrency, and thanks to the community for supporting WLFI.
Trump's second son, current Executive Vice President of the Trump Organization Eric Trump posted on X: My family loves cryptocurrency, and thanks to the community for the strong support for World Liberty Financial.
20. Zhao Changpeng: During his imprisonment, he was asked by prison guards to recommend token investments.
Zhao Changpeng stated in an interview at the main venue of the Dubai Binance Blockchain Week: "In fact, several guards recognized me and asked what tokens to buy. I could only tell them that I was serving time and had no internet connection to the outside world and could not get any information."
"What great articles are worth reading this week (10.28-11.3)"
1. Larry Liu from Qiming Venture Partners analyzes cryptocurrency payments in detail (Part 1): The evolution from credit cards to digital payments.
Over time, I have gradually come to believe that value transfer remains the most important and attractive application scenario for blockchain technology in the foreseeable future, consistent with its original vision.
As the entire industry collectively longs for practical applications rather than further infrastructure development, I have focused on in-depth exploration of this particular field over the past few months. I hope to share these learning notes with everyone, and I hope they can be helpful.
2. (2024 Asia-Pacific Web3 Early Investor Research Report): RootData is the preferred data platform for early-stage investors, and DeFi is currently the most undervalued track.
As the Web3 industry enters a new development cycle, the Asia-Pacific market, with its rich developer and investor resources, is rapidly becoming an important part of the global Web3 ecosystem. To gain deeper insights into the dynamics of this key market, ChainCatcher has launched a comprehensive survey on early-stage investor research methods in Asia-Pacific Web3 in collaboration with Taiwan's leading crypto media platform Blocktempo. Ultimately, 1,084 questionnaires were collected, providing valuable first-hand data for the industry to understand the early-stage investor group in Web3.
3. The crypto settlement fund may reach a record high of nearly $20 billion as the election approaches; will there be a regulatory spring after the election?
Recently, U.S. regulators seem to be accelerating their enforcement efforts in the crypto space as they rush to finish the fiscal year 2024.
Last week, according to The Wall Street Journal, the federal government is investigating cryptocurrency company Tether for possibly violating sanctions and anti-money laundering regulations. Although Tether denied this, it still caused some panic in the market.
Throughout October, the SEC has charged over 20 crypto projects and individuals, including Cumberland, Gotbit, CLS, ZM Quant, Saitama, and Robo Inu, seizing over 25 million dollars in cryptocurrency. Many of these charges were also enforced jointly with the FBI and DOJ, focusing on crypto market makers and trading institutions closer to the money.
With U.S. regulators not slowing down crypto scrutiny, the record of crypto lawsuits and settlements in 2024 may hit new highs.
4. Financialization of social networks: Exploring the next generation of digital interaction models.
As the network evolves, our definition of a "good story" has also changed. We no longer optimize the relevance of information but rather its breadth of dissemination, and even worse, we optimize the emotions it evokes. Therefore, those local newspapers that once highlighted peripheral charitable activities or those foreign journalists who risked their lives to reveal unnoticed struggles are now no longer significant.
5. Research: Performance of the top five exchanges including Binance and OKX in the first three quarters.
The average return rate of the top five exchanges, including Binance, OKX, Bitget, KuCoin, and Bybit, is negative.
6. Polls approaching the U.S. election: Who will win the key voters of future elections?
In the upcoming November 2024 U.S. election, the influence of cryptocurrency is becoming increasingly significant and could be a key factor in determining the outcome.
According to the latest poll by Paradigm, 5% of voters consider cryptocurrency policy a major factor in their voting, with this percentage more pronounced among young voters and males. Among voters, 20% have already invested in or used cryptocurrency, with another 15% planning to invest in the next year, indicating a growing acceptance of cryptocurrency.
The survey results also revealed voters' attitudes towards the two main candidates—Kamala Harris and Donald Trump. Although Harris slightly leads in overall support, the support for both candidates is equal among cryptocurrency holders. This indicates that the voting intentions of cryptocurrency holders may significantly impact the election results.
Notably, voters' trust in the Republican Party's cryptocurrency policy has increased, which may influence the voting choices of independent voters. Moreover, an increasing number of voters believe cryptocurrency will play an important role in the future economy, reflecting a growing awareness of DeFi.
Overall, the rise of cryptocurrency has not only changed the landscape of financial markets but is also playing an increasingly important role in politics, adding new variables to the upcoming elections.
7. CZ's first public speech after prison: Education takes time, and I have plenty of it now.
The biggest expectation of this Binance Blockchain Week has finally arrived. Zhao Changpeng (CZ), the founder of Binance, who just finished a four-month prison life, appeared at the main venue and discussed topics about prison life, Binance, educational projects, and AI. This is also CZ's first appearance after being released from prison.
After a $4.3 billion fine and four months in a U.S. prison, CZ, who paid a great price for freedom, appears relatively chill, with more defined arm muscles than before. As Bitcoin approaches its historical high of $70,000 this year, hearing CZ's voice again after about a year is a nice end to Uptober.
8. Interview with "drugging incident" victim Hana: Three hours on the edge of hell, "He must be a repeat offender! There are more victims."
OpenEden has suspended Eugene Ng from his position at the company and removed him from the management and operations of the company and its affiliates. DWFLabs announced on social media that Lingling Jiang will formally take over as a partner responsible for leading strategic business development.
9. DOGE transforms into D.O.G.E benefiting from the "Trump trade" surge.
On October 29, DOGE surged, breaking through $0.16, with a 24-hour increase of 17%.
As the U.S. election approaches, the Trump trade is effective again, and DOGE has successfully captured political traffic, joining the Trump trade family bucket.
DOGE's ability to ride the wave of the U.S. election is inseparable from the world's richest man, Musk, who has wholeheartedly supported Republican candidate Trump in this election with his time, money, and ability.
Now Musk's brand and reputation are highly intertwined with Trump's brand and reputation. Supporting Trump is an important step for Musk to achieve his political ambitions. Tying his interests with Trump will also benefit his business empire if Trump is elected. The impressive performance of DOGE is a reflection of this early realization of benefits.
10. Vitalik on Ethereum's Possible Future (Part 6): The Splurge.
In Ethereum's protocol design, about half of the content involves different types of EVM improvements, while the rest consists of various niche topics, which is the meaning of "prosperity."
