Compiled by Luan Peng, ChainCatcher.

Important information:

  • Paradigm co-founder: Stablecoins are the next killer application in the Crypto industry.

  • Grass announced an airdrop plan, allocating 100 million GRASS to eligible users.

  • Infinex founder: If Trump had launched WLFI in 2017, it could have raised $1 billion.

  • Mining company Ionic Digital restarts IPO plans, with BTC holdings exceeding $135 million.

  • Borderless Capital launches a $50 million LATAM fund to promote Web3 innovation in Latin America.

  • CFTC Chairman: U.S. cryptocurrency regulation is stagnant, and the CFTC is facing 'constraints.'

'What important events have occurred in the past 24 hours?'

Paradigm co-founder: Stablecoins are the next killer application in the Crypto industry.

Paradigm co-founder Matt Huang stated on social media, 'Stablecoins are the next killer application in the Crypto industry—obvious to everyone in the cryptocurrency sector, but not so apparent to outsiders. Congratulations to Stripe and Bridge.'

Earlier, ChainCatcher reported that payment company Stripe has acquired the stablecoin platform Bridge for $1.1 billion, marking the largest acquisition in the cryptocurrency space.

Grass announced an airdrop plan, allocating 100 million GRASS to eligible users.

The Grass Foundation announced an airdrop plan on X, allocating 100 million GRASS to eligible users, accounting for 10% of the total supply.

  • 9% to users who earned Grass Points in the first phase (network snapshot).

  • 0.5% to GigaBuds NFT holders.

  • 0.5% awarded to users who install desktop nodes or the Saga application.

To ensure fairness and prevent network abuse, Grass uses a robust system to identify network abusers. Users are filtered using various technologies, including Graph ML for suspicious citation tree identification, device fingerprinting, similar IP subnets, etc.

Infinex founder: If Trump had launched WLFI in 2017, it could have raised $1 billion.

Infinex founder Kain Warwick stated that the lackluster sales of Trump's related World Liberty Financial project is due to the fact that 'the market has shifted,' no longer favoring ICO-style token financing but rather turning towards meme coins.

Warwick pointed out, 'If Trump had launched World Liberty Financial in 2017... this project could have raised $1 billion. The overlap between crypto natives and Trump’s core supporters may not be as large as imagined, which is evident from the insufficient demand.'

He added that the lock-up period for the tokens sold this time is one year, which may be part of the reason for their poor performance, as during the current memecoin market frenzy, the holding period for tokens is usually much shorter than a year, sometimes only a few hours.

Mining company Ionic Digital restarts IPO plans, with BTC holdings exceeding $135 million.

Mining company Ionic Digital has restarted its IPO plans after appointing BDO USA as its new auditor. As of September 30, 2024, it holds 2,102.29 BTC, valued at $135.3 million.

Additionally, Ionic Digital announced the launch of a second building at its facility in Ward County, Texas, increasing total capacity to 140 megawatts. The new facility houses 15,552 Bitcoin mining machines.

Borderless Capital launches a $50 million LATAM fund to promote Web3 innovation in Latin America.

Borderless Capital has launched a $50 million LATAM fund aimed at promoting Web3 innovation in Latin America. This fund focuses on Web3 projects in Latin America to tap into unique opportunities for blockchain adoption in the region and the potential for local innovations to address global challenges.

It is reported that Matias A., the head of finance and investment at the Avalanche Foundation, has also joined the fund.

CFTC Chairman: U.S. cryptocurrency regulation is stagnant, and the CFTC is facing 'constraints.'

According to Cointelegraph, CFTC Chairman Rostin Behnam claimed that as U.S. cryptocurrency regulatory negotiations hit a deadlock, the agency is facing 'constraints.'

Rostin Behnam stated that efforts to regulate the digital asset industry through a legislative framework have 'stalled to date.' However, he still believes that the new Congress and president can make more progress.

Rostin Behnam stated, 'I don't think anything will necessarily happen by the end of this year, but I believe this election has had a unique impact on digital assets and technology.' He added that without any legislation, the agency is 'really constrained' in its 'regulation' of the cryptocurrency market, which puts investors 'at risk.'

Matrixport: The altcoin boom has yet to arrive, and retail investors have not yet entered the market on a large scale.

Matrixport released a report stating that Bitcoin's market dominance continues to rise, now reaching 58%, indicating that the altcoin boom has yet to arrive. Although there are more than 20,000 cryptocurrencies on the market, attention remains highly focused on Bitcoin. Bitcoin's dominance suggests that ETF capital inflows have little effect on altcoins, while also implying that retail investors have not yet entered the market on a large scale.

Bitcoin trading volume doubled from $10 billion to $20 billion in 2023, further highlighting Bitcoin's increasing influence. From a risk-adjusted perspective, Bitcoin remains one of the most attractive trades in the current crypto market.

Binance's wealth management, one-click coin purchase, flash exchange, leverage, and contracts have launched Scroll (SCR).

According to Binance's announcement, Scroll (SCR) will fully launch on multiple Binance products and services. SCR capital-protected earning products will open for subscription on October 22 at 17:00 (UTC+8); users can purchase SCR starting from 18:00 on October 23 using credit cards, Google Pay, Apple Pay, etc., or trade using wallet balances. Meanwhile, SCR can be exchanged for assets like BTC and USDT without fees on the flash exchange platform within one hour after its spot launch.

Additionally, Binance will add SCR leverage trading pairs at 19:00 on October 22, supporting both cross-margin and isolated-margin modes. On the same day at 18:00, SCR 1-75x U-based perpetual contracts will also be launched.

DAO funds management solution provider Karpatkey completes $7 million funding round, with participation from Wintermute Ventures and others.

According to The Block, the provider of on-chain funds management solutions for DAOs, Karpatkey, announced the completion of a $7 million funding round. Investors in this round include AppWorks Ventures and Wintermute Ventures, along with a group of prominent angel investors such as Joe Lubin from ConsenSys, Stani Kuchelov from Avara, and Fernando Martinelli from Balancer Labs.

It is reported that Karpatkey is a non-custodial on-chain asset management infrastructure that provides financial services for leading DAOs. The newly acquired funds will be specifically used to expand Karpatkey's service scope to more DAOs and accelerate its expansion into traditional financial institutions.

QCP Capital: Short-term implied volatility peaked on election day, and the crypto market remains bullish.

Singapore-based crypto investment firm QCP Capital stated that short-term implied volatility peaked on election day, expanding by 10 volatility points compared to the previous expiry date, with a skew towards call options rather than put options, even though Bitcoin is about 8% lower than its historical peak. Meanwhile, the stock market shows a different picture.

The S&P 500 index has reached an all-time high, with 20% of companies about to announce earnings. The options market is biased towards put protection, with expectations that the index may fluctuate 1.8% on the day after the election, November 6. The correlation between the stock market and cryptocurrencies has reached a record high of 0.83. Given its mean-reversion trend and differences in options market positioning, this may signal the arrival of a turning point.

The election has created a zero-sum game scenario for the stock market, where industry winners will depend on the election results. In contrast, both U.S. presidential candidates are more supportive of cryptocurrencies than the previous administration, so any weakness in the stock market could prompt capital to be redistributed into the cryptocurrency space.

'What are the exciting articles worth reading in the past 24 hours?'

Is SKY going back to Maker? Why is brand reshaping so difficult?

On September 18, the established DeFi leader Maker officially completed its brand upgrade and rebranding, launching the token migration from MKR to SKY and from DAI to USDS.

More than a month later, possibly due to the original brand Maker being deeply rooted in public consciousness, the original tokens MKR and DAI have already accumulated a broader range of application scenarios, the migration process to the new brand and new tokens seems to be quite bumpy.

Dune data shows that as of the time of writing, about 900 million DAI have been migrated to USDS, accounting for about 15.5% of the current total DAI supply (5.8 billion); about 91,880 MKR have been migrated to SKY, accounting for about 10.6% of the current circulating MKR supply (868,478).

Do AI coins also have a Cult culture? How to understand the essence of AI coins.

The rise of AGI will change the relationship between humanity and currency, shaping a new economic belief system that emphasizes the importance of loyalty and faith. Some cryptocurrency enthusiasts believe that AI tokens are not just a form of currency but also a bridge to the future.

A review of the grand launch of Apechain: MEME, pump, automatic earnings, showcasing a marketing combination for the mainnet launch.

In a day and a half, APE has surged 135%, once again returning to the mainstream crypto spotlight, but this time it relies on MEME.

On October 20 at 4:27 AM, the official Twitter account of Bored Ape Yacht Club released a message announcing that the Apechain mainnet is now officially online. Just over ten minutes later, the market began to respond to this new L3, and the Apechain governance token APE started to surge. Meanwhile, as the one-click token creation platform Ape Express created and began to boost the CURTIS token, the price of APE also rose in tandem. As of October 21, the price of APE rose from 0.748 to a peak of 1.758, with a maximum increase of over 135%.

Many people exclaimed that the king of NFTs has returned in a new way, while others are not optimistic, believing this is merely a brief blind stimulus in the market, and Apechain's fate remains uncertain. Regardless of how things develop next, based on what has happened in the past two days, Apechain has indeed once again demonstrated its outstanding operational capability, showcasing a classic marketing battle in Web3 to the world.

Comparison of mainstream DeFi derivatives play: real asset-backed vs synthetic asset trading.

This article will discuss hard liquidity support models and synthetic models.

Price plummets 70%: How did the AI computing rental bubble burst?

The decline in AI computing costs will spark a wave of innovation among startups utilizing low-cost resources.

Last year, due to tight AI computing supply, the rental price of H100 reached as high as $8 per hour, but now the market has an oversupply of computing power, and the price has dropped below $2 per hour. This is due to some companies signing computing power rental contracts early on, and to avoid wasting excess power, they began to resell their reserved computing resources. The market mostly opts for open-source models, leading to a decrease in demand for new models. Currently, the supply of H100 on the market far exceeds demand, making renting H100 more economical than purchasing it, and investing in new H100 has lost its profitability.