BlockBeats will compile key industry news from the week (November 4-10) and recommend in-depth articles to help readers better understand the market and stay informed about industry trends.
Important News Recap
Trump wins the US presidential election, becoming the first 'Bitcoin President' in US history.
On November 6, Trump won the US presidential election and will be inaugurated on January 20, 2025. Trump is the first US president to be extremely friendly towards cryptocurrency, having made 11 commitments regarding Bitcoin and cryptocurrency prior, including firing SEC Chair Gary Gensler on his first day in office; establishing a 'national Bitcoin reserve'; making the US the 'world's Bitcoin and cryptocurrency capital'; retaining the 203,650 BTC (worth 14.95 billion USD) currently held by the US government; abolishing the capital gains tax on Bitcoin; supporting US Bitcoin mining; ending regulatory crackdowns ('anti-crypto movement'); establishing a 'Bitcoin and cryptocurrency presidential advisory committee'; protecting individuals' rights to self-custody digital assets; refusing to issue CBDC; and reducing the dual life sentences of Silk Road founder Ross Ulbricht. Related reading: (Trump Becomes the First 'Bitcoin President' in US History), (Reviewing Trump's Commitments to Bitcoin: Firing the SEC Chair, Never Sell Your Bitcoin), (With Trump's Victory, What New Opportunities Will Arise for Cryptocurrency and BTCFi?), (With Trump's Return to the White House, What Will Happen After Bitcoin Hits a Historical High?).
The Republican Party has won 210 House seats and will further expand its advantage by winning the White House and the Senate.
On November 6, the Republican Party took the lead in gaining control of the US Senate in the presidential election, giving them significant influence in high-stakes tax and spending battles and final decision-making power in the next president's administrative and judicial nominations. On November 8, Coindesk reported that the Republican Party seemed poised to maintain control of the House of Representatives, having completed a three-peat after reversing the Senate and White House dynamics in the 2024 election cycle. The Associated Press has announced 409 seats (out of a total of 435), with the Democratic Party winning 199 seats and the Republican Party winning 210 seats. The party that first secures 218 seats will win a majority. According to AP statistics, as of Thursday at 6:30 PM Eastern Time, the Republican Party is leading in at least 14 of the remaining 27 contests, meaning that if these results hold, they will maintain a majority for at least the next two years.
Trump's team is considering nominating Robinhood's Chief Legal Officer Dan Gallagher as the next SEC Chair.
On November 8, Reuters cited several insiders reporting that officials from Trump's transition team are considering hiring top lawyers from retail brokerage Robinhood and bank regulators to create a brief list of major financial institution heads they expect to submit to the incoming president soon. Among those being considered as a candidate for the chair of the US Securities and Exchange Commission (SEC) is Dan Gallagher, who served as a Republican SEC commissioner from 2011 to 2015 and is currently the chief legal and compliance officer at Robinhood. Related reading: (Who Will Be the Next SEC Chair After Trump 'Fires' Gary Gensler?)
Musk appears in Trump's 'victory family portrait', his wealth continues to rise; vows to challenge the massive government takeover if Trump wins.
On November 6, Musk stated that if Trump took office and appointed this billionaire businessman to his government, he would seek to reduce the number of federal agencies. Musk made this statement during an online program with Tucker Carlson at Trump's Mar-a-Lago estate, expressing his desire to help Trump improve government efficiency. Musk told Carlson: 'Our bureaucracy is extremely large, and regulation is too strict. We need to let the builders of America build for themselves.' On November 7, Musk suggested to Trump before the US presidential election to hire well-known executives from SpaceX as senior government employees, including employees from the Pentagon. Musk's proposal indicates that after becoming one of Trump's largest donors, he may play a key role in the Trump administration. Related reading: (Premeditated, why is Musk all in for Trump?) On November 7, Trump's granddaughter Kai Trump posted a 'victory family portrait' taken last night at Mar-a-Lago in Florida on her social media platform. The family portrait featured the entire Trump family, with Musk also included. On November 8, according to the global billionaire list, Musk's net worth increased by 4.7 billion USD from the previous day, reaching 290.3 billion USD.
This week, Bitcoin prices reached new highs, with a market capitalization exceeding Meta, becoming the ninth-largest asset globally.
On November 6, Bitcoin briefly surged to 75,000 USD, and on November 7, it broke through 76,000 USD. On November 8, Bitcoin prices reached a peak of 76,400 USD, with a 4-hour increase of 8.62%, setting a new record. According to market information, Bitcoin's market capitalization surpassed Meta, becoming the ninth-largest asset globally. Related reading: (After the New High, Will Bitcoin Face a Sell-off?).
The controversy over Coinbase and Binance's exorbitant listing fees has sparked debate, with CZ responding that 'Bitcoin has never paid any listing fees.'
On November 4, Justin Sun stated on his social media platform that Coinbase demanded us to pay 500 million TRX (worth 80 million USD) and required a deposit of 250 million USD in Bitcoin in Coinbase Custody to enhance its performance. In contrast, Binance did not charge any listing fees. On the same day, Andre Cronje, director of the Fantom Foundation and current CTO of Sonic Labs (formerly Fantom), responded to comments made by Coinbase CEO Brian Armstrong regarding Coinbase's listing fee of 0, stating that while Binance did not charge him any listing fees, Coinbase had repeatedly requested fees, quoting 300 million USD, 50 million USD, and 30 million USD, with the most recent quote being 60 million USD. In response to the recent controversy over listing fees, CZ posted that we should strive to reduce such 'quote attacks' within the industry. Bitcoin has never paid any listing fees. Focus on projects, not trading platforms. Related reading: (Coinbase and Binance, who is really charging sky-high listing fees?)
Ethereum Foundation 2024 report: 99.45% of crypto holdings are in ETH, with asset reserves of approximately 970.2 million USD.
On November 8, the Ethereum Foundation released its 2024 report stating, 'As of October 31, 2024, EF (Ethereum Foundation) has an asset reserve of approximately 970.2 million USD, of which 788.7 million USD is in crypto assets and 181.5 million USD is in non-crypto investments and assets. Most of our crypto holdings (99.45%) are held in ETH. These ETH account for 0.26% of the total ETH supply as of October 31, 2024. The goal of EF's asset reserves is to provide funding support for important public goods in the Ethereum ecosystem for the coming years. To achieve this goal, we must adhere to conservative financial management policies to ensure sufficient resources even during prolonged market downturns. This requires regular sales of ETH to ensure reserves are adequate in the coming years, and to increase our fiat reserves as planned during bull markets to fund expenditures during bear markets.' Related reading: (Interpreting the EF Report: Its 'Great Love' Philosophy Seems to Impede Business Development), (Quick Read of the Ethereum Foundation Report: 240 million USD spent over two years, nearly 30% on L1 R&D)
The well-known game Hamster Kombat on TON has lost 260 million players in three months, with user numbers plummeting by 86%.
On November 5, Protos reported that Telegram's 'tap-to-earn' game Hamster Kombat, which had claimed to have 300 million users in August, saw its monthly active users plummet to about 41 million, losing over 260 million players. The game's token HMSTR crashed 76% from its high of 0.009993 USD on September 26. Earlier this year, Telegram's CEO called it 'the fastest-growing digital service in the world', but its rough AI graphics and dull gameplay failed to retain players. Frequent delays in airdrops and strict anti-cheat systems led to 2.3 million users being banned, with 6.8 billion HMSTR tokens confiscated. Additionally, Hamster Kombat faced criticism from the Iranian and Russian governments, claiming it has a negative impact on society.
The Federal Reserve cut interest rates by 25 basis points.
On November 8, the Federal Reserve lowered the benchmark interest rate by 25 basis points to 4.50%-4.75%, marking the second consecutive rate cut and aligning with market expectations.
One of the richest bets in political prediction history, a trader betting on Trump's victory is expected to earn 48.5 million USD.
On November 6, DL News reported that French trader Theó placed a heavy bet on Trump winning the election on Polymarket, wagering over 30 million USD, which could yield at least 48.5 million USD if Trump wins. This mysterious figure stated: 'I don't intend to manipulate the US election, I just want to make money.' However, due to the massive funds, he could hardly withdraw these bets, incurring significant risk. Theó's wager could become one of the richest bets in political prediction history. Related reading: (30 Million USD Bet on Trump's Victory, This Mysterious Whale Claims: Just for Profit)
Powell: If asked to resign, I will not resign.
On November 8, Federal Reserve Chair Powell stated: 'If asked to resign, I will not resign.'
The Aleo Chinese community sent an open letter regarding 'whether a16z filed a lawsuit against Aleo's original team' to a16z.
On November 7, the Aleo Chinese community sent an 'Open Letter Regarding the Aleo Project' to a16z, questioning whether 'a16z filed a lawsuit against Aleo's original team in a US court' was true: curious about a16z's initial intent to invest in Aleo, whether a16z could share its vision and key reasons for supporting Aleo; concerns arose in the community over the leadership change in Aleo Network, where Howard Wu was replaced by Alex Purden, who has ties to a16z, questioning whether this change aligns with Aleo Network's long-term goals and strategy; rumors are circulating regarding 'a16z and other venture capital firms filing legal actions against Aleo's original team in US courts,' causing deep concern in the community about the veracity of these rumors.
Previously, Aleo raised 28 million USD in funding in April 2021, led by a16z; in February 2022, Aleo completed a 200 million USD Series B funding round, led by SoftBank and Kora Management. However, after the mainnet launched on September 18, 2024, Aleo failed to gain community recognition and was instead flooded with skepticism on social media, particularly from miners.
Ethereum developers launch Mekong test network to trial next year's Pectra upgrade.
On November 7, Ethereum developers introduced a temporary test network named Mekong for the Pectra upgrade. This test network aims to trial specific code changes before deploying them to other public test networks and eventually to the mainnet. Initially, the Pectra upgrade plan included 20 Ethereum Improvement Proposals, but this number has been reduced to about 8. These modifications focus on improving user experience and network efficiency upon the mainnet launch of Pectra. Key changes being tested include enhancements to the user experience of crypto wallets and account abstraction, increasing the maximum validator stake limit from 32 ETH to 2,048 ETH, updating deposit and withdrawal mechanisms, among others.
The Swell Network has launched the SWELL airdrop claim page, which will be open for claims on November 7.
On November 4, the restaking protocol Swell Network announced that the SWELL airdrop claim page is now online, with claims opening on November 7.
The Magic Eden Foundation will announce the token economics of ME on November 18.
On November 8, the Magic Eden Foundation announced that it will unveil the token economics of ME on November 18.
Chinese police have dismantled a money laundering gang using virtual currencies, involving over 800 million yuan.
On November 7, according to Guangming News, in July this year, Beijing police discovered that during the investigation of a case of embezzlement, suspect Zhang transferred over 20 million yuan of criminal proceeds through an underground bank overseas, causing severe losses to private enterprises. Through analysis of suspicious transactions, the police gradually locked onto Lu and a dozen accounts associated with him, revealing that they had transferred a large amount of unidentified funds abroad over more than three years, involving an amount exceeding 800 million yuan. The criminal gang led by Lu provided funding channels for telecom fraud, online gambling, and other crimes, often using virtual currency 'replacement' methods to acquire virtual currencies with domestic renminbi funds from traders and coin merchants, then selling these virtual currencies to foreign sellers through overseas virtual currency platforms to achieve the goal of transferring illegal proceeds abroad.
This Week's Popular Articles
(Trump Becomes the First 'Bitcoin President' in US History)
Trump's victory in the 2024 US presidential election makes him the first president to show strong support for cryptocurrency. His election is seen as a significant turning point for the crypto market, likely easing the stringent regulations imposed during the Biden administration. Trump not only accepts Bitcoin donations but also participates in NFT issuance, showcasing his personal investment in digital assets. He promises to make the US a global crypto hub, plans to fire the current SEC chair, and establish a Bitcoin/crypto advisory committee. These measures have made market participants full of expectations for the future of crypto, paying close attention to whether Trump can truly fulfill his promises.
(Reviewing Trump's Commitments to Bitcoin: Will Fire the SEC Chair, Never Sell Your Bitcoin)
On November 6, 2024, the US election concluded, with Trump once again taking the presidency and Bitcoin setting a historical high of 75,000 USD. To win this election, Trump actively courted the crypto industry, becoming a Bitcoin advocate. At the Bitcoin 2024 conference held in Nashville this July, Trump made an appearance and delivered a nearly hour-long speech. Although delayed by an hour from the original schedule, tens of thousands of audience members remained enthusiastic during Trump's highly personal speech. This article revisits the speech to examine Trump's commitments to Bitcoin.
(Single Account Profits 16 Million, 3.6 Billion USD Bet on Polymarket for Election)
During the US election, the prediction market platform Polymarket quickly gained attention for its sharp market dynamics and high trading volume, becoming one of the focal points of the election market. Compared to traditional polls, Polymarket's odds changes responded more swiftly to the direction of the election, with Trump's chances of winning in key states frequently rising, attracting a large number of users to participate. By November 6, Polymarket's election-related trading volume had exceeded 3.6 billion USD, and at one point, due to excessive traffic, the server briefly crashed. French trader Théo invested heavily in betting on Trump's victory, ultimately making nearly 16.47 million USD from Trump-related victory contracts, drawing widespread attention.
(With Trump's Victory, What New Opportunities Will Arise for Cryptocurrency and BTCFi?)
This article focuses on the impact of the US election on the cryptocurrency market, particularly the potential boosts to prediction markets and BTCFi. By interpreting prediction platforms like Polymarket, as well as innovations in DeFi and BTCFi, it explores potential opportunities for crypto projects in terms of policy, regulation, and technology. Additionally, the article discusses Bitcoin's technological upgrades (like OP_CAT) that incentivize developer innovation and their significance for the entire crypto market.
(a16z Policy Director: How Should the US Government Seize Web3 Opportunities After Trump's Election?)
Governments face challenges in formulating policies for emerging technologies (such as Web3), especially as the decentralized nature of Web3 does not align with traditional regulatory frameworks. Currently, the US lacks an effective regulatory system for decentralized crypto assets, although there have been advances in areas such as the DUNA Act in Wyoming. The article suggests that the US government should promote decentralization from multiple aspects, including: adjusting regulatory approaches to reduce reliance on centralized intermediaries, enhancing decision-making transparency, allowing government personnel to use cryptocurrencies and receive blockchain training, supporting R&D of blockchain technology, and adopting privacy-preserving technologies like zero-knowledge proofs to ensure data security and enhance innovation and national competitiveness.
(Who Will Be the Next SEC Chair After Trump 'Fires' Gary Gensler?)
In the 2024 US presidential election, Trump's victory as the 47th president of the United States, along with the Republican Party's control of the Senate, could influence the regulatory direction for the cryptocurrency industry, particularly regarding the selection of the next chair of the US Securities and Exchange Commission (SEC). The current chair, Gary Gensler, is controversial for his stringent regulations on the cryptocurrency industry, especially since Trump has publicly stated that he would attempt to fire Gensler if elected. Among eight potential candidates, Hester Peirce and Chris Giancarlo are seen as likely to adopt friendlier policies for the crypto industry, while others like Chris Brummer and Erica Williams tend towards more neutral or traditional regulatory approaches. This change will directly impact future US cryptocurrency regulatory policies, heightening industry attention towards the new SEC chair.
(What Can the SEC Chair Do Before His Term Expires Regarding the Crypto Industry?)
After Trump won the US election, the cryptocurrency market rebounded sharply, with investors full of expectations for his promises to support the crypto industry. SEC Chair Gensler may take more stringent regulatory actions against the cryptocurrency industry before his term ends, but he also faces the possibility of being dismissed after the Republican government takes office. Experts believe that Trump's successor has the authority to terminate ongoing investigations or abolish new regulations, and Trump has indicated he will dismiss Gensler upon taking office, although he cannot completely remove him from the SEC. Gensler can choose to accelerate enforcement measures during his term or quietly resign, while the new government and Congress may overturn or abolish the rules established by Gensler.
(Selling 'Trump': Making Millions through Licensing for Cryptocurrency Projects)
The 60th US presidential election has concluded, with the outcome between Trump and Harris attracting global attention and bringing changes to the crypto market. During his campaign, Trump actively supported cryptocurrency, promising to retain the Bitcoin held by the government as a strategic reserve if elected. Trump himself is deeply involved in the crypto space, with NFT projects generating over 22 million USD in revenue, and the DeFi project World Liberty Financial expected to generate 337 million USD, but due to its primarily co-branding nature and lack of substantial family involvement, the market reaction has been lukewarm.
(Market Wisdom: Why Polymarket Outperformed Traditional Polls in Election Predictions?)
In this election, the prediction market Polymarket demonstrated accuracy and speed that surpassed mainstream media. Before voting began, Polymarket assessed Trump's chances of winning at 62%, which quickly adjusted to 97% on election night, far exceeding the predictions of polling agencies. This was thanks to Polymarket's ability to aggregate diverse trader information and disregard ideology, allowing it to capture shifts in public opinion more sensitively than mainstream polls. Traders adjusted their expectations based on the national election situation, while mainstream media adhered to traditional reporting processes. Polymarket's performance not only questioned the biases of polls but also revealed the limitations of media narratives, making it an alternative guide for this election.
(The Crypto Winners Behind the Election Surface: Who Has Already Made Their Move?)
In the 2024 US election, Trump successfully won under the title of 'crypto president', marking the increasing influence of the cryptocurrency industry in US politics. Bitcoin subsequently surged past 75,000 USD, while substantial lobbying funds supporting the (21st Century Financial Innovation and Technology Act) paved the way for the development of the cryptocurrency industry. Major political action committees (PACs) such as Fairshake, Protect Progress, and Defend American Jobs invested heavily in supporting candidates favorable to cryptocurrencies to ensure future policy environments. Numerous crypto giants such as Coinbase, Ripple, and A16Z donated hundreds of millions of dollars in this election, deepening the ties between the crypto industry and politics, signaling that future regulatory frameworks will be more favorable to the crypto industry.
(Premeditated, Why is Musk All In for Trump?)
Trump's return to the White House has made Musk a 'Mao Baoguo', and people realized that Musk had previously written in his biography published last year that 'I think it's important to have an inclusive and trustworthy digital public space.' He paused and added, 'Otherwise, how can we help Trump get elected president in 2024?' Fortune magazine wrote in this article that Trump's rise could bring about policy easing, benefiting Musk's companies. SpaceX and Starlink are expected to face reduced regulatory pressure and secure more government contracts; Tesla may also gain support in terms of autonomous driving regulation and tax incentives for electric vehicles; The Boring Company and Neuralink could benefit from infrastructure projects and faster approval processes. Musk will leverage his relationship with Trump to influence policies across multiple sectors and promote business development.
(40 million USD helped the Republican Party secure the Senate, the crypto industry bought half of Congress in this election)
In the 2024 US election, candidates supporting cryptocurrency dominated, with 247 supporters winning House seats and 15 supporters elected to the Senate. Coinbase CEO Brian Armstrong stated that this is a watershed moment for the cryptocurrency field. The cryptocurrency industry made significant financial contributions to the election, especially the 40 million USD supporting Bernie Moreno's Senate seat victory, paving the way for the Republican Party to reclaim a Senate majority. Such funding not only supports pro-crypto candidates but also influences opponents through negative advertising. With more pro-crypto policies advancing, US politics is gradually entering the 'crypto dollar era.'
(Coinbase Founder: Thinking About the US Election from a Crypto Perspective)
This election marks a significant victory for the cryptocurrency industry, with candidates supporting cryptocurrencies receiving widespread support, particularly as the Republican Party adopts a more positive attitude towards crypto. With the defeat of Senator Sherrod Brown and Trump's support, cryptocurrency has gained an unprecedented friendly environment in Congress. Voters clearly expressed their opposition to excessive regulation and government intervention, calling for economic freedom and limited government. This election also demonstrates the potential for bipartisan support for cryptocurrency, especially concerning fair competition and technological innovation. The crypto community has taken a nonpartisan stance, promoting the continued development of the industry in the US and seeking reasonable legislation to protect consumers and the industry from attacks.
(Quick Read of the Ethereum Foundation Report: 240 million USD spent over two years, nearly 30% on L1 R&D)
The Ethereum Foundation recently released a report detailing its core values, spending situation, financial status, and ecosystem health. The foundation's three core values are long-term thinking, self-restraint, and value stewardship. In 2022 and 2023, the foundation spent 105.4 million USD and 134.9 million USD, respectively, with expenditures primarily focused on L1 R&D and support for new organizations. Spending in 2023 increased by nearly 28%, with a significant rise in spending on new institutions. As of October 2024, the foundation's total treasury is approximately 970.2 million USD, most of which is in ETH. The total treasury value of projects within the Ethereum ecosystem reaches 22.2 billion USD, with the ecosystem investing a total of 497 million USD to support community projects between 2022 and 2023.
(Interpreting EF Report: Its 'Great Love' Philosophy Seems to Impede Business Development)
The Ethereum Foundation recently released a report detailing its core values, spending situation, financial status, and ecosystem health. The foundation's three core values are long-term thinking, self-restraint, and value stewardship. In 2022 and 2023, the foundation spent 105.4 million USD and 134.9 million USD, respectively, with expenditures primarily focused on L1 R&D and support for new organizations. Spending in 2023 increased by nearly 28%, with a significant rise in spending on new institutions. As of October 2024, the foundation's total treasury is approximately 970.2 million USD, most of which is in ETH. The total treasury value of projects within the Ethereum ecosystem reaches 22.2 billion USD, with the ecosystem investing a total of 497 million USD to support community projects.
(Why Did RAY Lead the Surge in Solana with a 66% Increase in 3 Days?)
The Solana ecosystem has flourished in the days following Bitcoin's new high, with SOL surpassing 200 USD, and several ecosystem projects such as JTO, DRIFT, and JUP performing excellently, but the standout performer is undoubtedly Raydium, the largest DEX in the Solana ecosystem. According to DeFiLlama data, Raydium ranks fourth in total value locked (TVL) across the network, with a trading volume second only to Uniswap over the past seven days. This article introduces Raydium's position and advantages on the Solana blockchain, particularly in its leading role in meme coin trading.
(Analysis of FOMC Meeting Counterintuitive Phenomenon: Why Do Bond Yields Rebound After Rate Cuts?)
This article analyzes the unusual impact of the Federal Reserve's interest rate cut on bond yields, with the core argument being: in the current environment, the Federal Reserve's rate cut will lead to a decline in short-term rates, but due to the massive scale of debt and deficits, the market demands higher yields on long-term government bonds to maintain portfolio balance. Additionally, the operations of the Federal Reserve and the Treasury have invisibly transferred public wealth to asset holders, and economic recession will exacerbate this issue.
(The Return of 'Common Sense', New Market Themes Emerge: PayFi, AI Agents, and Meme)
With Trump's election as the 47th president of the United States, Bitcoin surged past its previous high to reach 76,000 USD. Trump's favor towards the entire crypto world will be one of the important driving forces of this bull market. A partner at ABCDE Investment Research, Lai Bai, analyzed his views on the main themes of this bull market on X, believing that PayFi, AI Agents, and Meme will take the baton from the previous bull market's Defi, NFT, and X2Earn to become the new main themes.
(Top 10 'Money-Making' Protocols: From Ethereum to Pump.fun, Who is Leading the Crypto Trend?)
Recent data shows that the revenue of several cryptocurrency protocols continues to grow, with L1 public chains like Ethereum, Bitcoin, and TRON remaining major revenue generators. Ethereum generated over 2.5 billion USD in revenue over the past year, firmly holding the top spot; stablecoin issuers Tether and Circle also performed well, achieving protocol revenues of 16.1 billion USD and 516 million USD, respectively. Notably, meme coin platforms like pump.fun have also become new hotspots for revenue generation, with revenues reaching 146 million USD. Overall, L1 public chains, infrastructure projects, and application projects continue to dominate the revenue trends in the cryptocurrency industry. While the success of emerging projects is uncertain, stable ecosystems remain the core revenue force in the industry.
(Coinbase and Binance, who is really charging sky-high listing fees?)
The controversy surrounding exchange listing fees has once again become the focus, especially after the CEO of Moonrock Capital exposed that Binance charges up to 100 million USD in listing fees, sparking widespread discussion. Although Coinbase has also been accused of charging listing fees, and not small amounts, its co-founder insists that the company charges no fees for listing. Binance's co-founder He Yi responded by stating that Binance does not charge listing fees and that its listing selection process is strictly transparent. Opinions in the industry on the listing fee controversy are divided, with some believing it is a necessary cost to ensure project quality, while others argue that high fees may restrict the listing of potentially promising projects that are underfunded.
(Comparing the Listing Application Forms of Binance, Coinbase, and Upbit: What Project Information is Most Valued?)
Recently, widespread controversy has erupted concerning whether Binance and Coinbase charge listing fees. Despite both exchanges claiming not to charge listing fees, multiple project parties have reported being asked to pay high fees. Binance's listing application form reveals its focus points for projects, including referrers, project valuation, community data, and use of the BNB chain; whereas Coinbase emphasizes compliance, focusing on whether a project meets US market requirements and has super user permissions. Upbit places even more emphasis on compliance, requiring projects to provide KYC information and select trading pairs.
(November Crypto Market Outlook: AI Agents Will Propel Ethereum Growth; Election Results Will Not Harm Crypto Prospects)
This article presents the author's predictions and thoughts on the market after November 2024. Firstly, despite growing bearish sentiment towards Ethereum, its core advantages lie in the fields of ETF and RWA, especially against the backdrop of Bitcoin potentially reaching 100K, which will benefit ETH from capital overflow. Secondly, AI Agents are viewed as crucial for the future development of the crypto market, particularly on the Basechain platform, where AI Agents combined with crypto infrastructure will drive the large-scale application of this technology. Lastly, the author mentions that election results may impact the performance of different crypto assets, predicting that the crypto market will welcome a more relaxed regulatory environment in 2025.
(Crypto x AI Agents, Will They Be the Final Piece of the Internet's New Paradigm?)
OpenAI's next phase of AI Agent plans will launch in 2025, marking the approach of the third phase of General Artificial Intelligence (AGI). AI agents are no longer just chat tools; they will autonomously complete tasks, fundamentally changing how the internet is used. As AI technology progresses, traditional search models will gradually be replaced by AI agents, allowing users to issue commands to agents to receive results directly without manual searches. Meanwhile, Crypto serves as the infrastructure for AI agents, playing a key role in helping them build autonomous identities, manage finances, and ensure secure boundaries, paving the way for the implementation of AI agents.
(Consensus in the Rift: Tether and the New Global Financial Order)
Tether (USDT), as an important liquidity tool in the global offshore market, exhibits strong profitability and a substantial market share. Since its inception, Tether has continuously developed in various fields such as payments, settlements, and value storage, successfully expanding into a 'shadow dollar' widely used in the global financial system, especially in regions with high inflation or capital controls. However, despite Tether's positive role in the expansion of US financial hegemony, it still faces pressure from US regulators, particularly concerning monetary policy and the stability of the US debt market. Tether's future may not only be limited to maintaining its current market position but also include innovative measures such as linking with Bitcoin, promoting the establishment of a supranational currency system.
(Bitcoin's Knox Fortress Moment)
Trump's victory gives him an unprecedented power base, similar to the economic strategies of the small Roosevelt era, where he claims Bitcoin will become the federal reserve asset of the United States. Despite the numerous transformations the US dollar system has undergone, from the gold standard to the era of credit currency, the current dollar remains a voucher for US debt. Bitcoin is seen as a new anchor to replace US debt, and while its price may not fully bear the massive scale of US debt, it could play a crucial role in addressing American debt issues in the future. The distribution of Bitcoin and the potential control of the US government are expected to have significant impacts on its market, thereby ushering in a new era for Web3 in the United States.
(Earned 1 BTC in 1 Hour Playing 'Minecraft'?)
Last week, Casey Rodarmor, the founder of Ordinals & Rune Protocol, launched an 8-hour puzzle game via a tweet, with the prize being his hand-minted 'cactusseeds' inscription, part of the number 0 inscription 'Dia De Pixales' series. The game required players to find specific coordinates on the anarchic Minecraft server 2b2t. Ultimately, player @Rhynohowl1 was the first to find Casey and won the inscription, which was valued at as much as 10 BTC on the trading market. Although this player was initially unfamiliar with Ordinals, his success garnered widespread attention from the Ordinals community, leading to multiple high-value acquisition interests.
(The Iceberg Meme Returns, Revealing Industry Insider Knowledge You Don't Know)
This article uses the 'iceberg model' to introduce the different levels and darker sides of the cryptocurrency industry, from basic concepts to the dark humor and conspiracy theories within the community. It reveals the historical background and some significant events of Bitcoin, Ethereum, and others, as well as the popular mystique culture in the market, the phenomenon of altcoins, and the controversial behaviors of industry figures, aiming to satirize and mock this not-so-serious industry.
(Nine Common Misunderstandings Around Chain Abstraction: Is Gas Too High? Will It Cause Interaction Security Issues?)
This article clarifies several misunderstandings about chain abstraction: chain abstraction refers to a user experience that eliminates the need for manual interaction with multiple blockchains, aiming to simplify multi-chain usage processes. It differs from cross-chain bridges and multi-chain wallets, focusing on integrating multi-chain liquidity, allowing users to interact with dApps directly without switching chains or preparing different gas tokens. Chain abstraction is distinct from concepts like account abstraction and intent, and its goal is to solve the problem of chain fragmentation, enhancing user experience and interaction efficiency. Through a real-time, multi-chain ecosystem, it offers convenient operations for users and developers while lowering transaction costs and ensuring security. As the multi-chain ecosystem rapidly develops, chain abstraction is expected to become a key driving force for industry innovation.
(Notes on Binance and Dubai)
This article reflects the author's initial impressions of the Middle East and Dubai through a brief trip and participation in the Binance Blockchain Week (BBW) event. The rapid development of Dubai and the stark contrast between its unique new and old districts left a deep impression on the author, particularly as the new districts are unburdened by historical baggage and full of futuristic elements. The author shares experiences interacting with the Binance team, noticing the positive atmosphere within the company and the pride of its employees, emphasizing the significance of being normal people within a remote work company. The article also touches on interactions with prominent figures and a meeting with CZ, showcasing his sensitivity to internet trends and sense of humor.
(Five Reasons Why Solana Can't Compete with Ethereum)
This article discusses the impracticality of Solana as the core of the global financial system, as Solana requires excessively high bandwidth, limiting its applicability worldwide; furthermore, it faces high risks of downtime and lacks mechanisms for continuous operation; Solana's token distribution is overly centralized, leading to insufficient economic decentralization and lack of broad economic support; while Ethereum can achieve more chain settlements through zk aggregation, Solana falls short in scalability.
