Compiled by: Luan Peng, ChainCatcher
“What important events happened this week (11.18-11.24)”
1. Polish presidential candidate Sławomir Mentzen: If elected, he will establish a strategic Bitcoin reserve
Polish presidential candidate Sławomir Mentzen has pledged to build a strategic Bitcoin reserve if elected, Bitcoin Magazine reports.
2. Binance Pool launches Fractal Bitcoin (FB) joint mining
Binance Pool officially launches Fractal Bitcoin (FB) merged mining. Participate in Bitcoin (BTC) mining to get Fractal Bitcoin (FB) rewards.
Fractal Bitcoin (FB) is not currently listed on Binance. The launch of Fractal Bitcoin (FB) mining service on Binance Pool does not guarantee that the token will be listed on Binance.
3. Musk: I still hold a lot of Dogecoin, and SpaceX holds a lot of Bitcoin
Dogecoin UI designer DogeDesigner shared an audio clip of Musk, in which Musk said: I still hold a lot of Dogecoin, and SpaceX holds a lot of Bitcoin.
4. ai16z co-founder: Someone in the team did receive a large amount of profit and has agreed to hand it over to the DAO and the team
ai16z co-founder Shaw issued a statement in response to the controversy over the issuance of Eliza tokens. “I coordinated with our launch partners and tried to buy chips when Eliza was released, but didn’t get much. But someone on our team did get quite a bit of proceeds and agreed to give it to the DAO and the team, so we have enough money to fulfill our airdrop commitments to other projects and keep the Eliza team running.”
Shaw said that although it is regrettable that the project was preempted, considering the interests of holders, the original team has reached a cooperation with the preemptive issuer and promised to airdrop 10% of the supply to the first token holders as compensation. The new team will join the Eliza project as a code contributor, focusing on assisting in the development of meta-narrative tools. Shaw emphasized that the Eliza project has been in preparation for many years. Although this incident is regrettable, the team will continue to promote the development of the project to ensure that the tokens are freely circulated and not controlled by any individual or organization.
5. Grayscale has submitted an updated prospectus for its Bitcoin Covered Call ETF
Bloomberg ETF analyst James Seyffart wrote: "Grayscale didn't waste time after its BTC ETF options were approved. They have submitted an updated prospectus for their Bitcoin Covered Call ETF (currently there is no trading code), which will provide investment in GBTC (Grayscale Bitcoin Trust) and BTC (Bitcoin Mini Trust), while generating income by buying and selling options contracts on Bitcoin ETP."
6. Statistics: More than 60 public companies have adopted Bitcoin strategies, and thousands of private companies are following suit
According to Cointelegraph, more than 60 public companies have already adopted a Bitcoin strategy, and thousands of private companies are following suit.
7. Shanghai High Court: Virtual currency has property value, and it is not illegal for individuals to hold virtual currency
The Shanghai High People's Court published an article stating that the Songjiang District People's Court of Shanghai concluded a dispute case arising from the validity of a virtual currency issuance and financing service contract. The court held that token issuance and financing was an illegal public financing behavior and the (blockchain incubation agreement) involved in the case was invalid.
The article points out that virtual currency, as a virtual commodity, has property value and is not prohibited by law. Although my country's laws do not make clear provisions for virtual currency, regulations issued by the People's Bank of China and other departments regulate virtual currency-related business activities.
Therefore, although it is not illegal for an individual to simply hold virtual currency, commercial entities cannot participate in virtual currency investment transactions at will or even issue tokens on their own. Once the bottom line of civil and criminal legal principles and rules is touched in the transaction, they will bear the losses at the least and may even be suspected of committing a crime at the worst.
8. Yao Qian, former director of the Science and Technology Supervision Department of the China Securities Regulatory Commission, was expelled from the Party and removed from public office for being involved in power-for-money transactions such as virtual currency
According to the website of the Central Commission for Discipline Inspection and the National Supervisory Commission, Yao Qian, former director of the Science and Technology Supervision Department and former director of the Information Center of the China Securities Regulatory Commission, was expelled from the Party and removed from public office for serious violations of discipline and law. The investigation showed that Yao Qian used his supervisory power to seek benefits for specific technology service providers, involved in power-for-money transactions such as virtual currency, and illegally accepted huge amounts of property.
In addition, he also violated the spirit of the Central Committee's eight regulations, illegally accepted valuables, accepted banquets, and violated regulations in employee recruitment, investment and shareholding. After research and decision by the China Securities Regulatory Commission's Party Committee and relevant discipline inspection and supervision departments, Yao Qian was severely punished and the suspected criminal issues were transferred to the procuratorate for review and prosecution in accordance with the law.
It was previously reported that Yao Qian was suspected of serious violations of discipline and law, and had been subject to disciplinary review by the Central Commission for Discipline Inspection and the National Supervisory Commission's Discipline Inspection and Supervision Group of the China Securities Regulatory Commission and supervisory investigation by the Shanwei Municipal Supervisory Committee of Guangdong Province.
It is reported that Yao Qian was the first director of the Digital Currency (CBDC) Research Department of the People's Bank of China and was named one of the most influential figures in the blockchain field in 2017 by Coindesk. He has published many research articles on blockchain technology, digital currency, and Web3.0, and co-published (Web 3.0: Changes and Challenges of the Next Generation Internet) with others.
9. Data: BlackRock Bitcoin ETF options trading volume reached $1.9 billion on the first day
Cointelegraph published an article on the X platform stating that the trading volume of BlackRock Bitcoin ETF options on the first day reached US$1.9 billion.
10. Insider: Trump team considers setting up the first encryption-related position in the White House
According to Bloomberg, people familiar with the transition work revealed that President-elect Trump's team is discussing with the digital asset industry whether to establish a new position in the White House specifically responsible for cryptocurrency policy.
Trump’s team is reviewing candidates for the position, which, if created, would be the first-ever White House position dedicated to the cryptocurrency sector and would highlight the emerging industry’s influence on the new administration, people familiar with the matter said.
It was not immediately clear whether a senior White House staff position or “crypto czar” — Washington parlance for someone who oversees federal government policy and regulation — would be created. Crypto industry advocates are pushing for the position to be directly connected to Trump, they said.
11. FTX expects the restructuring plan to take effect in early January 2025 and to start user compensation in March
FTX Trading Ltd. and its affiliated debtors announced that FTX is approaching the final prerequisites for the court-approved bankruptcy reorganization plan, paving the way for FTX to begin distributing compensation to creditors and customers. The effectiveness of the bankruptcy reorganization plan means that the court-approved reorganization plan has officially begun to be implemented. This usually indicates that the bankrupt company has completed key steps in the reorganization process, reached an agreement with creditors and other related parties, and is ready to carry out actual debt repayment and asset distribution in accordance with the plan.
FTX provided the following update on the expected distribution schedule:
1. In early December, the debtors expect to reach final arrangements with professional distribution agents who will help FTX distribute compensation to global customers in supported jurisdictions. At that time, the debtors will provide instructions to guide customers to establish approved accounts on the existing customer portal.
2. By the end of December, the Debtors expect to announce the exact effective date following the Court’s approval of the Court’s order for the reserve amount for the disputed claims, which is a condition precedent to making distributions pursuant to the Confirmation Order.
3. The Debtors currently expect the Bankruptcy Reorganization Plan to become effective in early January 2025. Pursuant to the Confirmation Order, the first distribution will be made within 60 days of the effective date to creditors of the convenience class whose claims are permitted under the Plan. The record date for the first distribution will be the same as the effective date.
12. Trump Media Technology Group may be considering launching a crypto payment service called TruthFi
Trump Media & Technology Group has filed an application for a cryptocurrency payment service called TruthFi, describing it as a platform for crypto payments, financial custody services, and digital asset trading, according to a trademark application filed this week.
The application does not detail how the project will work, which is intended to diversify its business beyond social media platform Truth Social. Any large-scale crypto project would most likely require Trump Media Technology Group to acquire another company, as it has fewer than 36 employees.
13. Justin Sun: Willing to donate banana artwork to Musk and send it to Mars and the Moon
Justin Sun, founder of TRON, tweeted: “I’d like to donate the banana artwork to Musk to be glued to a SpaceX rocket and sent to Mars and the Moon.”
Earlier news, Justin Sun acquired Maurizio Cattelan's Comedian Banana for US$6.2 million.
14. (Time) Magazine: Musk has been involved in Trump’s domestic and foreign policies except for government efficiency departments
Yesterday’s issue of Time magazine featured Musk on its cover and published a feature article about Musk’s alliance with Trump (How Musk Became the Kingmaker).
The article points out that Musk has made great contributions to Trump's successful presidential campaign in terms of funding and influence. At the same time, Musk is also deeply involved in Trump's government affairs. In addition to the government efficiency department, Musk has been involved in Trump's domestic and foreign affairs.
The article cited the example of Turkish and Ukrainian leaders involving Musk in their calls with Trump. In addition, when House Republicans invited Trump to a closed-door meeting on Capitol Hill, Musk followed behind, and he put a "GUEST 1" label on the window of Trump's motorcade.
15. Binance’s latest statement: It is expected that the full-time compliance team will reach 645 people by the end of the year, a year-on-year increase of 34%
According to CoinDesk, Binance said in its latest statement that it expects its full-time compliance team to reach 645 people by the end of 2024, a 34% increase from November last year. Including contract workers, there are currently more than 1,000 employees focusing on compliance work.
Noah Perlman, chief compliance officer of Binance, said that the crypto industry has entered a new stage of maturity, and regulatory compliance has become a basic standard for user experience and protection, business success and responsible growth. The latest compliance talents include Todd McElduff, former head of PayPal's global financial crime supervision department, and Céline Inial and Caner Akyürek, special investigation experts with nearly 20 years of experience from French and Turkish law enforcement agencies. In 2023, Binance's compliance expenses increased by 36% year-on-year.
16. Source: a16z is expected to get a seat on Trump’s cryptocurrency advisory committee
Ripple, Kraken and Circle are among a host of crypto firms vying for seats on President-elect Trump’s promised cryptocurrency advisory board, seeking a say in his planned U.S. policy changes, according to multiple digital asset industry executives.
One source said a16z, the crypto unit of venture capital giant Andreessen Horowitz, is expected to get a seat; an a16z spokesperson declined to comment.
17. Market News: CBOE plans to launch its first cash-settled options product related to spot Bitcoin next week
According to market sources, the Chicago Board Options Exchange (CBOE) plans to launch its first cash-settled options product related to spot Bitcoin next week, which is expected to be Monday, December 2.
18. Magic Eden Foundation: ME tokens will be TGE on December 10
The Magic Eden Foundation officially announced on social media that the ME token will undergo TGE on December 10.
19. The China Securities Regulatory Commission issued 8 financial industry standards including the (Communication Guidelines for Regional Equity Market Blockchain General Infrastructure)
According to the official website of the China Securities Regulatory Commission, the China Securities Regulatory Commission has issued 8 financial industry standards, including the "Communication Guidelines for the General Infrastructure of Blockchain in Regional Equity Markets". The "Communication Guidelines for the General Infrastructure of Blockchain in Regional Equity Markets" financial industry standard stipulates the communication guidelines between the general financial infrastructure based on the "supervision chain-local business chain" two-layer architecture and the existing systems of the regional equity market, and clarifies the systems, main data objects, business scenarios and operation instructions involved in the six types of communication protocols, including the user registration agreement, asset registration agreement, fund mapping agreement, asset mapping agreement, transfer management agreement, and settlement management agreement. The formulation and implementation of the standard is conducive to giving full play to the supporting role of the "supervision chain-local business chain" two-layer blockchain architecture for existing business systems and promoting the transformation and docking of existing business systems.
20. President of The ETF Store: Solana ETF is expected to be approved by the end of next year at the latest
“I believe there is a high probability that the Solana ETF will be approved by the end of next year at the latest,” said Nate Geraci, president of The ETF Store. “The fact that the SEC is currently likely engaging with issuers about the product is clearly a positive sign.”
Given that industry leaders such as Bitwise have already submitted applications, Two Prime Digital Assets CEO Alexander Blume agrees. "If they don't have a good feeling of success, they won't waste time and money doing it," Blume said, adding that the success and precedent of spot Bitcoin and spot Ethereum ETFs, coupled with a more cryptocurrency-friendly regulatory environment, will lead to the launch of the SOL ETF within the next year.
“What are some interesting articles worth reading this week (11.18-11.24)”
1. Analysis of recent popular meme narratives and leading projects
In the cryptocurrency market, the craze for Meme coins is no longer limited to pure humor and entertainment, but has gradually penetrated into more innovative tracks. Whether it is combined with AI technology, or integrated with medical research and political elements, Meme coins are developing rapidly and attracting more and more attention. This article will take stock of the leading Meme coins that have recently emerged in different tracks, and explore how they have become potential targets in the crypto market through unique narratives and creativity.
2. The 50 most noteworthy un-coined projects in the crypto industry
Attention in crypto is everything？
This year's narrative may be unique to Meme, the craze of which is so fierce that one wave is even greater than the other.
Bitcoin continues to break records, but altcoins have not seen the expected rise, value investments have gone to waste, and the founders have surrendered, saying to themselves, “We can also be Memes.”
If Meme is a paradise for adventurers, it is full of stories of crossing classes, becoming rich overnight, and full of survivor bias. On the dark side of the paradise, participants who followed the crowd were ruthlessly cleansed, and the "diamond hands" grabbed most of the wealth, while the "paper hands" were left with nothing.
Then we may regard value investing as an honest man's game. It must be admitted that technology and application innovation are still supporting the entire crypto industry.
Last week, at the "DeInsight 2024" annual summit held during Devcon in Bangkok, Web3 data platform Rootdata officially announced the RootData List 2024. There are five items on the list, namely: Top 50 projects (coins have been issued), Top 50 projects (coins have not been issued), Crypto VC Top 50 investment institutions, Top 10 angel investors, and Top 20 best CEOs.
We believe that the most noteworthy item on the list is the "Top 50 Projects (Unissued Tokens)". As a value investor, these 50 projects may be the most important investment opportunities in the crypto market in the coming period. This article will sort out the fundamentals and recent developments of these 50 projects.
3. Conversation with Metya COO, an AI & Web3 dating platform: I hope to bring more humanistic care to Web3
Recently, Metya COO Christy attended the "DeInsight 2024" annual summit held by Web3 asset data platform RootData and ChainCatcher during Devcon, and participated in a roundtable discussion on the theme of "Social, AIGC and Metaverse". During the discussion, she said that the progress of social interaction has been underestimated, and she looks forward to the impact of AIGC on all aspects of daily social interaction. After the meeting, ChainCatcher also invited Christy for a dialogue interview.
Against the backdrop of the growing development of SocialFi, Metya, as an AI-driven Web3 dating platform, always adheres to the principle of people-oriented and is committed to lowering the threshold of social interaction through technology. We are fortunate to interview Christy, the co-founder of Metya, who will give us an in-depth introduction to the vision and mission of this unique platform. Christy said that Metya combines blockchain and AI technology to provide users with a decentralized, privacy-protected and incentive-based dating experience. Through token incentives, Metya hopes to help users easily find like-minded partners while gaining real benefits from the interaction.
4. Stablecoin Handbook: How a trillion-dollar market was formed?
The crypto market is not the key in the stablecoin competition, distribution and real adoption are crucial. Stablecoin adoption is mainly reflected in three areas: crypto-native, fully banked, and unbanked worlds.
5. Dialogue with RootData List Project | Huma Finance Co-founder: There are three key challenges in building the PayFi network
During Devcon in Bangkok, Web3 asset data platform RootData and ChainCatcher jointly held the "DeInsight 2024" annual summit and officially released (RootData: 2024 Web3 Industry Development Research Report and Annual List) (click the link to view the full report and list).
The report analyzes and interprets in detail the development characteristics of the Web3 venture capital market in 2024, and releases the RootData List 2024. This list is the second annual selection launched by RootData after its first release in 2023. The results of the list are being paid attention to by more entrepreneurs, investors, LPs and pan-Crypto enthusiasts.
RootData List 2024 covers five lists, namely: Top 50 projects (completed TGE), Top 50 projects (not conducted TGE), Crypto VC Top 50 investment institutions, Top 10 angel investors, and Top 20 best CEOs.
ChainCatcher will publish a series of articles to talk with the projects and institutions listed on the RootData List 2024, looking for builders who have survived the bull and bear markets and tracking the latest trends in Web3.
Huma Finance, the project on the list in today's conversation, was selected into the RootData List 2024 annual list "Top 50 Projects (without TGE)".
6. Dialogue with RootData List Institutions | SevenX co-founded Eraser: It’s the right time to invest in Web3 applications
During Devcon in Bangkok, Web3 asset data platform RootData and ChainCatcher jointly held the "DeInsight 2024" annual summit and officially released (RootData: 2024 Web3 Industry Development Research Report and Annual List) (click the link to view the full report and list).
This list is the second annual selection launched by RootData after its first release in 2023. This year's RootData List 2024 covers five lists, namely: Top 50 projects (completed TGE), Top 50 projects (not conducted TGE), Crypto VC Top 50 investment institutions, Top 10 angel investors, and Top 20 best CEOs.
ChainCatcher will publish a series of articles, interviewing the institutions listed on the RootData List 2024, looking for builders who have survived the bull and bear markets and tracking the latest trends in Web3.
SevenX was successfully selected into the Crypto VC Top50 and recently visited RootData Space to share its secrets to success.
SevenX was founded in 2020. In August of that year, it launched its first fund with a scale of US$5 million and an exit return rate of 700%. The dark horse projects it invested in include asset issuance platform DAOMaker and Web3 application Mask Network. SevenX Ventures currently has three main funds and one FoF, with an asset management scale of hundreds of millions of dollars. What is more special is that SevenX Ventures practices boutique investment rather than track-based players, so it proposed the "three drafts" theory + "CIVIC" model + industrial chain layout.
In this interview, Seven X founding partner Eraser shared his process of forming a Web3 investment system from the perspective of IT industry investment, pointing out that there are two main investment themes in the current market: infrastructure improvement and consumer-driven development, and predicted that full-chain applications will explode in the next 3-5 years.
“I personally am not very confident about the integration of Web3 projects with the real world.” Eraser also frankly stated the areas that he is not optimistic about at the moment.
The following is the main content of Space:
7. Memecoin Market Map: A $120 Billion Asset Class
Memecoin has been the best performing sector in the crypto market over the past year. Today, Memecoin’s total market capitalization has exceeded $100 billion, surpassing DeFi, DePin, games, and the metaverse combined.
As this asset class continues to grow in size and diversity, we seek to map the market to identify opportunities.
We analyzed the best performing Memecoins in each quarter of this year, and the results confirmed our conjecture - Memecoin has dominated the market in each quarter. In the first quarter, $POPCAT, $WIF, $MOG, and $MYRO were the best performers;
In the second quarter, $PONKE, $SPX, $TURBO, $GIGA, $WOJAK, $BRETT and $MOG performed outstandingly; in the third quarter, $SPX, $GIGA, $FUD and $MUMU led the way.
8. Kevin Walsh, what is your connection with Crypto?
On November 12, Beijing time, the Wall Street Journal quoted people familiar with the matter as saying that US President-elect Trump is considering appointing former Federal Reserve Board member Kevin Warsh as Treasury Secretary. The news also revealed that Kevin Warsh may be nominated as Federal Reserve Chairman after the current Federal Reserve Chairman Jerome Powell's term ends in 2026.
Trump is considering appointing Scott Bessent to lead the White House Economic Council and to serve as Treasury secretary later in his term if Kevin Warsh becomes Fed chairman, some people familiar with the matter said.
On Polymarket, in the prediction market for "Who will Trump choose as Treasury Secretary?", Kevin Warsh's chances of winning have risen to 52%, while Scott Bessent's is 29%.
9. The $15 billion conspiracy: Where will MicroStrategy send its Bitcoins?
First, get excited about our beloved Bitcoin hitting $98,000!
There is no doubt that the contributor to the 40K-70K is the Bitcoin ETF, and the contributor to the 70K-100K is MicroStrategy.
Many people now compare MicroStrategy to the BTC version of Luna, which makes me a little embarrassed because Bitcoin is my favorite cryptocurrency, and Luna happens to be the cryptocurrency I hate the most.
I hope this post will help you better understand the relationship between WeStrategy and Bitcoin.
First, a few conclusions are put at the beginning:
WeStrategy is not Luna, and its safety cushion is much thicker.
MicroStrategy increased its Bitcoin holdings by purchasing bonds and selling stocks.
MicroStrategy’s nearest debt repayment date is 2027, which is more than two years away.
The only soft threat to WeStrategy is Bitcoin whales.
10. Want to be immortal if you have money? What is the recently popular DeSci?
Decentralized science DeSci is actually not a new concept. As early as March last year, the research institution Messrai published a related report. Recently, this track has attracted market attention again, which is inseparable from Binance’s investment in BIO Protocol.
