Headlines
Litecoin official post says it is positioned as Memecoin, LTC short-term fast
Odaily Planet Daily News Litecoin (@litecoin) official posted on X: "Based on the current market conditions, I now define myself as Memecoin."
OKX market data shows that LTC briefly broke through 83 USDT.
Republicans take control of US House of Representatives, crypto-friendly lawmakers may lead key committees
Odaily Planet Daily News: The Republican Party continues to control the U.S. House of Representatives, which may usher in pro-cryptocurrency lawmakers to lead the formulation of digital asset-related bills. According to the Associated Press, the Republican Party won a majority of 218 members, while the Democratic Party won 208 seats.
That sets the stage for Republicans to take over leadership of the House Financial Services Committee, an influential panel that oversees the SEC, the Federal Reserve and other federal agencies. The current chairman, Rep. Patrick McHenry, R-N.C., is set to retire in January 2025.
McHenry played a key role in leading a bill to regulate stablecoins and legislation focused on crypto market structure. The latter gives the CFTC new jurisdiction over “digital commodities” and says the SEC will oversee digital assets offered as part of investment contracts.
The new chairman is likely to be chosen this month or December. The committee chairman candidates include Arkansas Rep. French Hill, Kentucky Rep. Andy Barr, Michigan Rep. Bill Huizenga, and Oklahoma Rep. Frank Lucas, all of whom have a friendly attitude towards cryptocurrencies. For example, Hill leads the committee's digital asset-focused group and has been working to pass cryptocurrency bills, including bills involving stablecoins. (The Block)
Fox: 18 U.S. states have filed a lawsuit against the SEC, accusing the agency of unconstitutional persecution of Crypto
Odaily Planet Daily reported that Fox Business reporter Eleanor Terrett posted on the X platform that 18 states in the United States have filed a lawsuit against the SEC and its commissioners, accusing them of unconstitutional overreach under the leadership of Gary Gensler and unfairly persecuting the cryptocurrency industry.
The lawsuit, signed by the 18 states’ attorneys general (all Republicans), details how the agency has violated states’ regulatory and economic interests by engaging in “serious governmental overreach” through enforcement of a $3 trillion industry.
Industry News
Yesterday, the U.S. Ethereum spot ETF had a net inflow of $148.05 million, setting a record for its second-highest single-day inflow
Odaily Planet Daily reported that according to Trader T's monitoring, the US Ethereum spot ETF had a net inflow of US$148.05 million yesterday, setting its second-highest single-day inflow record, of which BlackRock ETHA had a net inflow of US$36.78 million.
Franklin Templeton Expands Its U.S. Government Money Market Fund FOBXX to Ethereum
Odaily Planet Daily News Franklin Templeton's U.S. Government Money Market Fund OnChain U.S. Government Money Market Fund (FOBXX) is now traded on Ethereum. The fund has been launched on several other blockchains, including Base, Aptos and Avalanche recently. FOBXX was launched in 2021 and became the first money market fund to use a public blockchain to track transactions and ownership. It currently has a market value of US$410 million and is the third largest tokenized money market fund. (Coindesk)
Coinbase CEO slams DOJ investigation into Polymarket
Odaily Planet Daily News Coinbase CEO Brian Armstrong criticized the U.S. Department of Justice (DOJ)'s recent investigation into Polymarket, a cryptocurrency prediction market. Armstrong expressed his dissatisfaction on social media, believing that the DOJ's actions were politically motivated and might 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 List Usual (USUAL) and Start Pre-Market Trading
According to the official announcement, Binance will launch the 61st project Usual (USUAL) on Launchpool at 18:00 (UTC+8) on November 19, 2024, and start pre-market trading. Users can lock BNB and FDUSD to participate in mining, and the mining period is from 00:00 on November 15, 2024 to 8:59 on November 19, 2024 (UTC+8). The end time of pre-market trading and the time of spot listing will be announced separately.
Tether announces the launch of Hadron by Tether, an asset tokenization platform
Odaily Planet Daily reported that according to official news, Tether announced the launch of the asset tokenization platform Hadron by Tether, which aims to make asset tokenization more accessible than ever before and open up new ways of issuance, investment and core capital market technology for a wider audience (from institutions to fund managers, from governments to private companies).
It is reported that Hadron by Tethe can be used to issue and manage the entire life cycle of digital tokenized assets, providing modularity, security, reliability and seamless user experience. In its control suite, the focus is on providing the most comprehensive toolset for compliance, knowing your customer (KYC), anti-money laundering (AML), knowing your transactions, risk management and secondary market ecosystem monitoring.
MoonPay launches new payment solution MoonPay Balance, supporting storage and consumption of fiat currency balances
Odaily Planet Daily News: Cryptocurrency infrastructure company MoonPay has launched a new payment solution, MoonPay Balance, a new payment tool that enables users to store and spend fiat currency balances on MoonPay and use it as an entry point to interact with DeFi.
According to an announcement, the new solution enables users to spend their balances through MoonPay’s direct integration with non-custodial or self-custodial wallets such as MetaMask, Phantom, and Bitcoin.com. MoonPay Balance will initially be available in most European countries except the UK and Germany. (Cointelegraph)
Fuel: Users must migrate their assets to Fuel Ignition before November 22, otherwise their first quarter points will be reset to zero
Odaily Planet Daily News Fuel official X posted that all users who participated in the pre-depositors points activity, if they want to keep the first phase of Fuel points, need to migrate their assets from the Ethereum mainnet to Fuel Ignition before 11:59 pm UTC on November 22. Users can also choose to migrate their assets after this deadline, but the first phase points will be reset. Regardless of the migration status, the second phase points will not be affected.
Earlier news, Fuel Labs announced the launch of the Fuel mainnet and the launch of the Ethereum L2 solution Fuel Ignition.
Movement Co-founder: Mainnet is coming soon, which may imply that TGE will be held soon
Odaily Planet Daily reported that Movement Labs co-founder Rushi Manche posted on X that "Movement mainnet is coming soon", which may imply that TGE will be held soon.
StarkWare CEO: OP_CAT is expected to be launched within 12 months, which can introduce ZK-rollup and other functions to Bitcoin
Odaily Planet Daily News StarkWare CEO Eli Ben Sasson said he expects OP_CAT, a major upgrade to the Bitcoin network, to go live within the next 12 months.
In an interview at Devcon 2024 in Thailand, Ben-Sasson said that the launch of OP_CAT 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 perform native settlements on Bitcoin and Ethereum. (Cointelegraph)
ZKsync's proposal to "distribute 325 million ZK tokens to DeFi users within 9 months" has been approved by on-chain voting
Odaily Planet Daily News: The ZKsync community has voted on the chain to pass the "325 million ZK tokens distributed to DeFi users within 9 months" TPP 001 proposal, which proposes to distribute 325 million ZK tokens within 9 months, of which 300 million will be distributed to users through six minters (with an upper limit of 50 million each), and the other 25 million tokens will be managed by four minters to cover management and unforeseen costs. The proposal aims to establish a DeFi liquidity center on the ZKsync Era and improve the liquidity of all interoperable ZK chains (Elastic Chain).
As of Q3, the Uniswap Foundation held $33.83 million in stablecoins and 610,000 UNI
Odaily Planet Daily News According to official news, the Uniswap Foundation released the Q3 financial summary as of September 30, 2024 (unaudited):
As of September 30, 2024, the treasury holds $33.83 million and stablecoins, and 610,000 UNI. Fiat (USD) cash and stablecoins will be used for grants and operational activities, and UNI will be used for employee token rewards. The operational runway is expected to last until the end of 2025, with the following specific uses:
Grant commitments and incentives: A total of $24.72 million has been allocated for grants. $17.33 million will be committed in 2024 and 2025, $7.39 million is reserved for previously committed grants, and the remaining $9.11 million will be used to fund operating expenses through the end of 2025.
In the third quarter of 2024, the Foundation committed $5.32 million in new grants and issued $1.49 million in committed grants. As of September 30, 2024, $12.66 million has been committed and $6.78 million has been disbursed.
GMT team launches BurnGMT.com website, users can vote on token burning
Odaily Planet Daily News: The GMT team recently launched the BurnGMT.com website. It is reported that users can vote on the platform to burn more than 600 million GMTs held by consultants, investors and even the team.
According to people familiar with the matter, the GMT to be burned was obtained by the team through the repurchase of shares held by early investors and consultants, involving a repurchase fund of up to $100 million. If the burn is completed, GMT may become the first Binance Launchpad token to achieve full circulation.
The GMT team is the company that develops Web3 products such as STEPN and STEPN GO. Some industry insiders expect that it may introduce gamification and gaming elements into the GMT burning rules.
Sui Name Service has opened NS token airdrops
Odaily Planet Daily News Sui Ecological Domain Name Service Sui Name Service announced that it has opened NS token airdrops. It is reported that Sui Ecological Domain Name Service Sui Name Service launched NS tokens to promote decentralization and give community members the right to participate in key protocol development decisions. SuiNS (NS) airdrop NFT holders will be able to receive token airdrops through the website, which will be open on TGE day.
IoTeX Twitter account: Given the current market conditions, IOTX is now recognized as a DePIN Meme coin
Odaily Planet Daily reported that the official X account of IoTeX (iotex_io) posted a message saying: "In view of the current market conditions, IOTX is now recognized as a DePIN Meme coin."
Regulatory trends
Powell: Fed doesn't need to 'rush' to cut rates
Odaily Planet Daily News: Federal Reserve Chairman Powell said that due to the strong US economy, the Fed does not need to "rush" to lower interest rates, and the Fed will "watch carefully" to ensure that certain inflation indicators remain within acceptable ranges. Powell reiterated that the Fed's policy interest rate path will depend on upcoming data and the evolution of the economic outlook. He said that the inflation rate is approaching the Fed's 2% target, but has not yet reached it. The Fed will pay close attention to 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 in the recent range, and the road to the Fed's 2% target will sometimes be bumpy." (Jinshi)
U.S. SEC Chairman Gary Gensler makes final lobbying for U.S. crypto regulation
Odaily Planet Daily News: According to agency reports, before the Trump administration came to power and its enthusiasm for digital assets, SEC Chairman Gary Gensler was making a final lobbying 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 cryptocurrency sales and intermediaries such as brokers and exchanges to support proper disclosure. Gensler said that the experience of the Great Depression made policymakers realize the "importance of disclosure terms because information about securities creates a public product." (Jinshi)
Gary Gensler once again urged crypto exchanges to comply with regulations, reiterating that most tokens may be securities
Odaily Planet Daily News: Gary Gensler, the current chairman of the U.S. Securities and Exchange Commission (SEC), once again urged cryptocurrency exchanges to comply with regulations and require projects selling securities to make appropriate disclosures at the annual securities regulation meeting on Thursday. He said that among the approximately 10,000 digital assets currently in circulation, except for Bitcoin, Ethereum and stablecoins, most of the others may fall into the category of securities. The total value of these possible securities assets in the crypto market is approximately US$600 billion, accounting for less than 0.25% of the global capital market.
Gary Gensler's speech came just one week after Trump was elected president. Trump had previously said he would fire him after taking office. Gary Gensler may resign after his term as chairman ends and may choose to continue to serve as SEC commissioner. (TheBlock)
Pennsylvania proposes legislation to include BTC as a reserve asset on its balance sheet
Odaily Planet Daily reported that Fox Business reporter Eleanor Terrett posted on the X platform that the Pennsylvania House of Representatives has proposed legislation that would enable the state to include Bitcoin as a reserve asset on its balance sheet to recognize Bitcoin as a means of storing value.
Investment and Financing
Ethereum Rollup Deployment Platform Caldera Announces Strategic Acquisition of Hook
Odaily Planet Daily News: Ethereum Rollup deployment platform Caldera announced a strategic acquisition of Hook. The specific acquisition amount has not been disclosed. The latter is the development team behind the Hook Odyssey protocol, which is a perpetual futures Rollup focusing on memecoin and NFT. It is reported that the addition of the Hook team will bring Caldera's employee count to 20, mainly distributed in the Americas, Europe and Asia. (Chainwire)
Altos Ventures raises $500 million for new fund, focusing on AI, blockchain and other technological innovations
Odaily Planet Daily reported that US SEC documents showed that Altos Ventures has completed fundraising of US$500 million for its new fund, focusing on technological innovation fields such as artificial intelligence, cybersecurity, cloud computing and blockchain.
Altos Ventures has currently invested in more than 250 companies, more than a dozen of which have gone public or been acquired by listed companies. Its portfolio includes South Korean e-commerce giant Coupang and gaming platform Roblox.
Portal Ventures' Crypto Fund Completes Oversubscribed Funding of Approximately $90 Million
Odaily Planet Daily reported that Portal Ventures' crypto fund completed an oversubscribed fundraising of approximately US$90 million. It is reported that this is the second fund under the venture capital firm. The fundraising is about to close. Its initial financing target was approximately US$75 million, but it was oversubscribed by US$90 million.
The Portal Ventures fund is backed by crypto industry investors including Hack VC, as well as Lennertz and Accolade.
Portal Ventures is largely unknown among flashier crypto super funds like Paradigm, Haun Ventures and a16z crypto, and therefore has a lower profile in the market. (Fortune)
Hyla Fund Management plans to launch a new $30 million fund next year, focusing on the Latin American crypto space
Odaily Planet Daily News Hyla Fund Management is launching a new $30 million fund focused on the Latin American cryptocurrency sector. Hyla invests in other hedge funds on behalf of clients and manages $115 million in assets.
Paola Origel, CEO of Hyla, said the Latin American cryptocurrency market is still small but full of opportunities. She said crypto funds are like a bridge between traditional investors and the crypto ecosystem. The crypto space is a new and rapidly developing field, and some investors simply do not have the time, resources or expertise to deeply research the industry and determine which crypto hedge funds they want to invest in. This is where Hyla steps in.
“The value of a fund of funds is access, we are jurisdiction agnostic so we know most fund managers globally and each manager has their own strategy. For example, some funds are fully dedicated to developing Bitcoin L2,” Origel said.
She said Hyla's goal is to become the "Goldman Sachs of digital assets." The company currently offers a variety of strategies, including its Liquid Venture Fund and its Bitcoin and Ethereum Market Neutral Income Strategy. The new Latin American fund is scheduled to launch in January 2025, which will add $30 million to Hyla's assets under management. (CoinDesk)
Digital asset trading infrastructure provider Wyden completes $16.4 million Series B financing, led by Truffle Capital
Odaily Planet Daily News: Wyden, a digital asset trading infrastructure provider, announced the completion of a US$16.4 million (CHF 14.5 million) Series B financing round, led by Truffle Capital, with participation from new investors Postfinance, SBI-Sygnum-Azimut Digital Asset Opportunity Fund, Fivet Fintech and existing investor C3 Venture Capital.
Wyden said it intends to use the investment to accelerate its sell-side expansion to banks, brokers and exchanges. The company also plans to enter markets where digital asset operations are regulated in the same way as traditional financial services. In addition to integrating an additional 20 banks, brokers and exchanges, Wyden will also strengthen its various functions and development centers in Poland. (Bitcoin.com)
Water Resources RWA Project LAKE Completes $12.4 Million Financing, Artaize Invest and Others Participate
Odaily Planet Daily News: LAKE, a blockchain company focused on reshaping the global water economy, announced the completion of a $12.4 million financing round, with participation from Artaize Invest, EMB Venture Capital, Michel Audeban-Business Angel and MSM Family Office
Earlier this year, LAKE closed $3 million in private equity funding, expanded its workforce, and opened a new operations center in Dubai.
According to reports, LAKE is an RWA project whose vision is to use blockchain technology to improve the current water economy and promote fair and decentralized access to water resources around the world. (Cointelegraph)
Ennoventure, a provider of cryptographic signature services, completes $8.9 million Series A funding round led by Tanglin Venture Partners
Odaily Planet Daily News: Ennoventure, an AI-based blockchain encryption signature solution provider, announced the completion of a $8.9 million Series A financing round, led by Tanglin Venture Partners, with participation from Fenice Investment Group and other SAFE investors. The specific valuation information has not yet been disclosed. The Ennoventure platform uses technologies such as artificial intelligence and blockchain to track product packaging through application scanning information for product authentication and supply chain management. Its patented invisible signature technology has been expanded to industries such as fast-moving consumer goods, automobiles, and industrial parts. (Entrackr)
DeFi platform Folks Finance completes $3.2 million Series A financing, led by Borderless Capital
Odaily Planet Daily News DeFi platform Folks Finance announced that it has completed a $3.2 million Series A financing with a valuation of $75 million, led by Borderless Capital, with participation from Algorand Ventures, Mapleblock Capital, Sovo Ventures, etc. As of now, Folks Finance's total financing has reached $6.2 million. Previously, the company raised $3 million from investors such as Coinbase Ventures, Jump Crypto, OKX Ventures, and ParaFi Capital in the seed round of financing. (TheBlock)
Web3 education platform Academic Labs completes new round of financing of US$3.2 million, with participation from UOB Ventures Management and others
Odaily Planet Daily News Web3 education platform Academic Labs announced on X platform that it has completed a new round of financing of US$3.2 million, with participation from UOB Ventures Management, Signum Capital, HTX Ventures, Web Master, WIDUSPartners, DWF Ventures, Blockchain for Good Alliance, AsiaTokenFund, and Citystate Group. The specific valuation information has not been disclosed yet.
It is reported that the team said that information about new products, token airdrops and token listings will be released in the coming weeks, and the new funds will be used to expand the ecological coverage and expand cooperation with universities.
Web3 health technology startup Pulse completes $1.8 million Pre-Seed round of financing, led by Collaboration+Currency and Lemniscap
Odaily Planet Daily News: Web3 health technology startup Pulse announced the completion of a $1.8 million Pre-Seed round of financing, led by Collab+Currency and Lemniscap.
The team said: “Pulse’s digital twin technology aggregates wearable, electronic health record and diagnostic data into a comprehensive, unified health profile. Using privacy-first technology, Pulse enables users to securely share this data with trusted partners such as researchers or healthcare providers at their discretion, thereby gaining actionable health insights, improving health and moving medical research forward.” (CoinDesk)
Character*Voice
Musk: It feels great that traditional media pronounces "DOGE" in the news
Odaily Planet Daily News: In response to investor Melissa Chen's post saying "When I heard a serious reporter from the (Wall Street Journal) read out DOGE in a professional broadcast tone in a serious news, I laughed my ass off. I can hardly believe that all this started with a meme", Musk responded that "This is awesome."
Vitalik Buterin: The ideal Ethereum experience should be like using a credit card
Odaily Planet Daily News: In the Devcon panel discussion held in Bangkok, Vitalik Buterin, Stephen Goldfeder, Ben Jones and Jesse Pollack discussed the problems facing Ethereum and its Rollup-centric roadmap. Vitalik Buterin said that currently whenever users operate across multiple chains, customized solutions are required. The ideal Ethereum experience should be like the use of credit cards in Web2, where everything is seamlessly connected in the background. "If Ethereum cannot achieve this level of experience, it will lose to other things that can achieve this level."
Stephen Goldfeder said that users should not be bothered by the complexity of the infrastructure and advocated a "unified Ethereum" that envisions seamless cross-chain transitions within the ecosystem. Vitalik Buterin also emphasized the need to simplify cross-chain asset flows. In the end, the group articulated a common mission: to enhance the user experience without compromising the decentralized spirit of Ethereum, aiming to build an ecosystem centered on users rather than chains. (blockworks)
Chris Giancarlo: I have no intention of running for the next SEC chairman and I don't want to clean up Gary Gensler's mess
Odaily Planet Daily News: Former U.S. Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo posted a message on the X platform to clarify that he did not run for the next U.S. Securities and Exchange Commission (SEC) Chairman. He said that when he was the chairman of the CFTC, he had cleaned up a lot of the "mess" of the current SEC Chairman Gary Gensler, and now he does not want to do it again.
