Today's news highlights:

The Federal Reserve lowered interest rates by 25 basis points as expected.

281 pro-crypto candidates were elected to Congress, with 263 entering the House of Representatives and 18 entering the Senate.

MakerDAO voted to maintain its rebranded name 'Sky'.

Detroit will become the largest city in the U.S. to accept cryptocurrency payments for taxes and other fees.

The Ethereum Foundation released its 2024 report: 99.45% of the $788.7 million in crypto asset reserves is ETH.

Bitcoin spot ETF saw a total net inflow of $1.376 billion yesterday, setting a record for the highest single-day net inflow in history.

Zhao Changpeng revealed he had received offers to sell his stake in Binance: 'No action yet, but willing to review every offer.'

49,000 BTC options and 295,000 ETH options are expiring today, with a total notional value of $4.56 billion.

Regulatory News

The Federal Reserve lowered interest rates by 25 basis points as expected.

The Federal Reserve lowered the benchmark interest rate by 25 basis points to 4.50%-4.75%, marking the second consecutive rate cut in line with market expectations. This decision was unanimously approved, with the policy statement's wording largely unchanged, continuing to emphasize close attention to the risks of the dual goals, but removing the phrase 'more confident that inflation is sustainably moving towards the target', without giving any clear signals regarding future rate cuts, nor commenting on the results of the U.S. elections in any way.

Powell: There are no plans to bring inflation below 2%, and I will not resign because of Trump.

The Federal Reserve's balance sheet has fallen below $7 trillion.

281 pro-crypto candidates were elected to Congress, with 263 entering the House of Representatives and 18 entering the Senate.

According to statistics from the 'Stand With Crypto Alliance', a total of 281 pro-crypto candidates were elected to Congress, with 263 entering the House of Representatives and 18 entering the Senate. Coinbase Chief Policy Officer Faryar Shirzad stated on social media X that the influence of 'crypto voters' has significantly increased, marking a win for the crypto industry in gaining bipartisan support.

The House of Lords in the UK supports the digital assets property bill.

According to CoinDesk, members of the House of Lords expressed support for the UK's digital assets property bill in the second reading meeting on Wednesday. The House of Lords Grand Committee generally believes that the bill will provide greater clarity on how the legal system treats cryptocurrencies and could represent a step forward for the UK in paving the way for domestic cryptocurrency usage. The bill was drafted by the independent statutory body, the Law Commission, and was launched in the UK in September. The bill adds a new category of 'items' under the property category to help resolve legal disputes over cryptocurrencies. This bill will assist judges in criminal proceedings where cryptocurrencies are stolen due to fraud or hacking, and will also help in the division of marital property.

A major cross-regional underground banking crime network involving virtual currency transactions has been dismantled, with an amount involved reaching 38 billion yuan.

According to the Poster News, on November 6, the Leshan police in Sichuan disclosed a case of illegal operation, where a major cross-regional underground banking crime network involving 13 provinces and an amount of over 38 billion yuan was dismantled. Recently, the Leshan Intermediate Court made a ruling, with three defendants sentenced to varying prison terms of two years and six months to thirteen years and six months for illegal operation and issuing false VAT invoices. It is reported that this case involved virtual currency transactions and cross-border fund transfers, with approximately 20 million pieces of information on fund operations. According to the police involved in the case, a total of 37 cases were filed nationwide, resulting in the arrest of 176 criminal suspects, successfully dismantling this major cross-regional underground banking crime network involving 13 provinces and an amount of over 38 billion yuan. Currently, various places are further investigating and processing related cases. Among them, the main culprit of the case was sentenced to thirteen years and six months in prison by the Leshan Intermediate Court.

Project Updates

MakerDAO voted to maintain its rebranded name 'Sky'.

According to The Block, MakerDAO voted to maintain its rebranded name 'Sky', part of founder Rune Christensen's 'Endgame' plan, aimed at launching new stablecoins and establishing 'subDAOs' to build crypto applications and infrastructure. Despite some community members expressing concerns about the brand change of the decentralized protocol, only four large entities among about 20 voting entities controlled nearly 80% of the voting power, all supporting the retention of the Sky brand.

As part of the Endgame plan, Sky plans to launch several new stablecoins, including decentralized PureDAI and regulatory-compliant NewStable, and will be launched on Solana and Ethereum L2 Base. Additionally, the project will integrate Aave, launch the SkyLink cross-chain bridge, and enter the asset tokenization field.

Detroit will become the largest city in the U.S. to accept cryptocurrency payments for taxes and other fees.

According to the Detroit City Finance Office, Detroit will become the largest city in the U.S. to accept cryptocurrency payments for taxes and other fees, with the payment option expected to go live by mid-2025. Through a secure platform provided in partnership with PayPal, Detroit residents will be able to pay municipal fees using cryptocurrency.

According to the 2020 U.S. Census, Detroit has approximately 630,000 residents, making it the 26th largest city in the U.S., while in the 1950s it was the fourth largest city with a population close to 2 million. Currently, only three states in the U.S. (Colorado, Utah, and Louisiana) allow cryptocurrency for state-level payments. Additionally, while Miami and New York City have shown strong interest in cryptocurrency, they have not yet launched payment options. There are currently two cities in the U.S. accepting crypto payments: Williston in North Dakota and Miami Lakes in Florida.

The CEO of Canadian crypto company WonderFi was kidnapped and released after paying a $1 million ransom.

According to CBC (Canadian Broadcasting Corporation), the CEO of Canadian crypto company WonderFi, Dean Skurka, was kidnapped and released after paying a $1 million ransom. The incident occurred in downtown Toronto, where Skurka was forcibly taken into a vehicle and held captive, subsequently released after electronically transferring the ransom. Skurka stated that he is currently safe, and the company’s clients' funds and data were not affected.

The police have launched an investigation but have not disclosed further details. In recent years, executives in the crypto industry have frequently become targets of crime; in July of this year, a Bitcoin holder was kidnapped and murdered after being rescued, losing three Bitcoins. WonderFi claimed last year to own nearly half of Canada's regulated cryptocurrency exchanges.

Jito Labs set a monthly fee revenue record of $78.92 million in October, surpassing Lido and Uniswap.

According to The Block, Jito Labs set a monthly fee revenue record of $78.92 million in October, doubling the previous record of $39.45 million from May. This growth has made Jito Labs the leading fee generator in the DeFi space, surpassing Lido and Uniswap.

Jito Labs' revenue on October 24 was particularly significant, with a single-day tip income of $6.14 million, highlighting the growing demand for MEV (Maximum Extractable Value) services on the Solana chain. Jito Labs' success is attributed to its MEV infrastructure, including the Jito-Solana validation client and block engine, which effectively extract value from on-chain trading activity. Additionally, JitoSOL staking tokens further broaden the income sources by combining staking rewards with MEV extraction profits.

The rise of Jito Labs indicates that the fee model in the DeFi space may shift towards MEV optimization, but its sustainability may depend on high transaction volumes on Solana, especially those driven by memecoins.

Coinbase: cbBTC has been launched on the Solana blockchain.

Coinbase announced that its first SPL token cbBTC issued on the Solana chain is officially launched. cbBTC is a token pegged 1:1 to Bitcoin (BTC) and is backed by BTC assets held in custody by Coinbase.

Upbit will list trading for Drift (DRIFT) in KRW, BTC, and USDT markets.

Korean digital asset exchange Upbit announced support for trading the new digital asset Drift (DRIFT). DRIFT will be supported through the Solana network and will launch in KRW, BTC, and USDT markets. The deposit opening time is within 3 hours after the announcement, and trading support is expected to start on November 8 at 6 PM (Korean time). Users must confirm the correct network when making deposits, and deposits and withdrawals from other networks will not be supported.

The Ethereum Foundation released its 2024 report: 99.45% of the $788.7 million in crypto asset reserves is ETH.

The Ethereum Foundation (EF) released its 2024 report, emphasizing its core values of long-term thinking, decentralization, and value guarding. The report shows that EF's expenditures reached $134.9 million in 2023, with 37.2% for internal operations, 35.2% supporting the development of new institutions, and 25.7% invested in L1 R&D. EF holds $970 million in assets and implements a conservative financial strategy to cope with market volatility. The report also introduces ecosystem organizations funded by EF, including the Nomic Foundation, L2BEAT, and 0xPARC. Furthermore, EF has implemented a conflict of interest policy to ensure its actions align with the long-term interests of the Ethereum ecosystem.

In EF's $970.2 million asset reserves, $788.7 million is in crypto assets, and $181.5 million is in non-crypto investments and assets. 99.45% of the crypto holdings are in the form of ETH. These ETH account for 0.26% of the total ETH supply as of October 31, 2024.

Coinbase International will launch Raydium perpetual futures contracts.

Coinbase International announced on platform X that Coinbase International and Coinbase Advanced will add support for Raydium perpetual futures contracts, with the RAY-PERP market expected to open on November 14, 2024, at 5:30 PM or later (Beijing time).

A fake app impersonating Curve Finance has reappeared in the Apple App Store, attracting many downloads.

According to Cointelegraph, a fake application impersonating the DeFi platform Curve Finance has reappeared in the Apple App Store for the third time this year, again targeting unsuspecting users. Despite previous warnings and removals, the application continues to land in the App Store, attracting many downloads and ranking highly in the finance category in multiple regions. This app disguises itself as a legitimate tool built for token swaps and liquidity staking in the store, leading to numerous reports of financial losses and security issues in user reviews. Babu Lal, co-founder of Indian cybersecurity company Frautect, stated that it has 'identified, reported, and removed' over 6,500 fake public applications, most of which 'belong to the finance category.' Despite many users reporting, and security experts issuing warnings and even deleting these applications, deceptive applications continue to emerge, putting users at risk of exploitation. Lal noted that the current situation is that 'new methods of crime appear every day,' and without improved security measures, the situation will continue to spiral out of control.

Zhao Changpeng revealed that he had received offers to sell his stake in Binance: 'No action yet, but willing to review every offer.'

According to Bloomberg, after making an appearance in Dubai, just a day before Trump won the U.S. presidential election, causing cryptocurrency prices to surge, and Zhao Changpeng's estimated net worth approached $53 billion, Zhao reflected on his forced departure from Binance and his four months in prison, during which he passed the time by exercising, writing, and discussing cryptocurrency with his cellmates. Zhao stated, 'I feel like I don't want to go back to being the CEO of Binance; I have led the company for seven years. I enjoyed that job. Although it was heavy work, I think that chapter is over.' Additionally, Zhao stated that he even received offers to sell his stake in the exchange—these stakes constitute a significant portion of his personal net worth, but he refused to disclose who the buyer is or the price. Zhao added, 'I'm not saying I will hold these stakes forever; I'm happy to review every offer, but so far, I haven't done anything. But you know, I'm just an ordinary shareholder now.'

Now, Zhao Changpeng claims to be a passive investor in the cryptocurrency field, with the Binance logo tattooed on his arm, insisting that his 'criminal status' has not deterred people from doing business with him. Additionally, Zhao Changpeng declined to comment on the U.S. elections but expressed satisfaction with the direction of X (formerly Twitter). He stated, 'I believe Twitter's pace of development has greatly accelerated since Musk took over, introducing new features and changing rapidly. I'm not too worried about the rise and fall of investment values. We are long-term investors.'

Nethermind launched an Ethereum Layer 2 network called 'Surge Rollup'.

According to The Block, Ethereum client Nethermind has launched a new Ethereum Layer 2 solution, Surge Rollup, focusing on performance. Additionally, according to Nethermind's official website, Surge Rollup is a gigabit-speed ULTRABASED rollup built on the Taiko stack, designed for developers, builders, and autonomous agents; it launches as the second phase, prioritizing activity, censorship resistance, security, and permissionless features; sorted by Ethereum validators rather than centralized sorters; uses ETH as gas, with no need for any native tokens, points, or airdrops; providing Ethereum performance through the Nethermind client.

Financing News

Pond, a crypto-focused AI company, completed a $7.5 million seed round financing led by Archetype.

According to The Block, Pond, an AI startup focused on cryptocurrency, raised $7.5 million in seed financing, led by Archetype, with other investors including PAKA, Web3.com Ventures, Cyber Fund, Delphi Ventures, Coinbase Ventures, Near Foundation, and several angel investors. Pond aims to build a decentralized layer of AI models to provide AI support for blockchain.

Important Data

Pump.fun transferred 78,000 SOL to Kraken 8 hours ago.

According to on-chain analyst Yu Jin's monitoring, the price increase has accelerated the selling frequency of pump.fun, which had been selling SOL: they transferred 78,000 SOL ($15.13M) to Kraken 8 hours ago. Pump.fun has so far generated a total fee income of 1.153 million SOL. The amount sold is 823,400 SOL ($133.81M), with an average price of $162.

Paradigm transferred 6.938 million LDO to Coinbase Prime again 2 hours ago.

According to on-chain analyst Yu Jin's monitoring, Paradigm transferred 6.938 million LDO to Coinbase Prime again 2 hours ago, worth approximately $9.23 million. So far, Paradigm has transferred 15.118 million LDO (approximately $20.52 million) out of the 70 million LDO purchased from the Lido treasury to Coinbase Prime, with an average price of $1.36.

A suspected Paradigm Capital wallet deposited 6.939 million LDO into Coinbase Prime 5 hours ago.

According to The Data Nerd's monitoring, 5 hours ago, a wallet suspected to belong to Paradigm Capital deposited 6.939 million LDO into Coinbase Prime, approximately worth $9.23 million. The previous day, this wallet received 61.82 million LDO from Paradigm Capital's main wallet, approximately worth $85.31 million.

Bitcoin spot ETF saw a total net inflow of $1.376 billion yesterday, setting a record for the highest single-day net inflow in history.

According to SoSoValue data, yesterday (Eastern Time on November 7), the total net inflow of Bitcoin spot ETFs reached $1.376 billion, setting a record for the highest single-day net inflow in history. Among them, BlackRock's Bitcoin ETF IBIT had a single-day net inflow of $1.12 billion, accounting for 81.4% of the total net inflow for the day, breaking its single-day net inflow record and bringing its historical total net inflow to $27.181 billion. Grayscale's ETF GBTC had a single-day net inflow of $7.309 million, and Grayscale's Bitcoin Mini Trust ETF BTC had a single-day net inflow of $20.3787 million. Additionally, Fidelity's ETF FBTC had a single-day net inflow of $191 million, with a historical total net inflow of $10.728 billion.

As of the time of publication, the total net asset value of Bitcoin spot ETFs is $78.5 billion, accounting for 5.19% of Bitcoin's total market cap, with a cumulative historical net inflow of $25.495 billion.

Data: Bitcoin spot ETF saw a total net inflow of $79.7401 million yesterday, setting the third-highest historical record.

49,000 BTC options and 295,000 ETH options are expiring today, with a total notional value of $4.56 billion.

Adam, a macro analyst at Greeks.live, stated on platform X that the options market is facing concentrated expiration of BTC and ETH options today. Data shows that 49,000 BTC options are expiring, with a Put Call Ratio of 0.72, and the maximum pain point at $69,000, with a notional value of $3.7 billion; for ETH options, the expiring number reached 295,000, with a Put Call Ratio of 0.65, and the maximum pain point at $2,500, with a notional value of $860 million.

Adam analyzed that with Trump's victory, Bitcoin surged significantly this week, breaking through $75,000 to set a new all-time high, which led Ethereum to rebound to $2,900. Today's expiring options account for 15% of total positions, but the maximum pain point remains unaffected. The implied volatility (IV) of short-term options has dropped significantly due to the elections, market sentiment is optimistic, and the trend in Q4 may continue to be strong.

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