As an extended transaction of Bitcoin, RGB transactions need to rely on a P2P network for transmission. When users conduct transfer transactions, they also need to interact with each other, and the recipient needs to provide a receipt. All of these rely on a P2P network independent of the Bitcoin network.Virtual Machine and Contract LanguageThe virtual machine of the RGB protocol currently mainly uses AluVM. As a new virtual machine, it currently lacks complete development tools and practical codes.The problem of no master contractThe RGB protocol currently does not have a complete interaction solution for unowned contracts (public contracts), which makes multi-party interaction difficult to achieve.

AI is undoubtedly the next super hot topic in the technology industry. Just like when the Internet was born, everyone shouted that "all industries can be redone with digital technology."After the release of GPT4 in early 2023, there is no doubt that all industries on the planet can be re-done using AI technology.The same may be true for blockchain.I think AI+blockchain will most likely have a huge market.Then we must figure out how AI will be combined with blockchain.I’ve looked at a lot of specific projects, and I feel like most of them are quite nonsense.Currently on the market, there are a large number of AI + blockchain projects that use AI as a tool to combine blockchain technology. I think it is not very reliable, at least not sexy.

In this article, we will explore the current token economic landscape of decentralized perpetual contract exchanges, analyze the different mechanisms utilized by these protocols, and discuss possible future developments. Why are tokenomics important? Token economics are critical to the growth and stability of the protocol. The experience of “DeFi Summer”, liquidity mining successfully led to the launch of yield protocols in the early stages, but was ultimately unsustainable in the long term. This mechanism attracts mercenary capital that seeks short-term high returns and is ready to transfer at any time, and promotes a vicious cycle of "mining and dumping". Farmers are constantly looking for the next agreement that provides higher returns, and the agreement that leaves is suffering. to serious damage. One example is Sushiswap’s vampire attack on Uniswap, which initially succeeded in attracting significant TVL, but was also ultimately unsustainable. At the same time, protocols like Aave and Uniswap have successfully attracted and retained their users through product-oriented and sustainable tokenomics strategies, which has helped them solidify their position as market leaders and remain the remain so to this day. (Source: DeFiLlama) While product-led growth is important, token economics are a differentiating factor for decentralized perpetual contract exchanges in a highly competitive market. Tokens represent users’ assessment of the value of a protocol based on its activity, similar to how stocks reflect a company’s expected performance. Unlike traditional markets, token prices often precede widespread awareness and growth of crypto projects. Therefore, it is important to have a tokenomics system that accumulates value as the protocol grows. Ensuring there is a sustainable token economy that provides adequate incentives for new users is equally important. Overall, good token economics are key to achieving long-term growth and preserving the value of the protocol. Review: The competitive landscape of decentralized perpetual contract exchanges dYdX was one of the first protocols to introduce perpetual contracts on-chain in 2020 and launched its token in September 2021. The token is widely known for high inflation from staking, liquidity provider, and trading rewards, offering little utility to holders aside from trading fee discounts.In response to the unsustainability of emissions, GMX entered the market in September 2021. GMX was one of the first platforms to introduce a peer-to-pool model and provide users with a revenue distribution mechanism that generates revenue through transaction fees, paid in major and native tokens. Its success also led to the creation of more peer-to-pool model systems, such as Gains Network. It differs in the staking model and revenue sharing parameters, with users taking lower risks but generating lower returns. Synthetix is ​​another established DeFi protocol in the field, supporting the front ends of multiple perpetual and options exchanges, such as Kwenta, Polynomial, Lyra, dHEDGE, etc. It uses a synthetic model where users must stake their SNX tokens as collateral to lend out sUSD for trading. Stakers receive sUSD fees generated from all front-end transactions. Tokenomics Comparison in On-Chain Perpetual Contract Exchanges The table below shows how different protocols compare on their tokenomics: Creating Good Tokenomics: Factors to Consider Designing Good Tokenomics Various factors need to be carefully considered to create a system that aligns the incentives of participants and ensures the long-term sustainability of the token. We discuss various factors below based on the current landscape of decentralized perpetual contract exchange token economics. 1. Incentives and Rewards Incentives and rewards play an important role in encouraging desired behavior. This includes staking, trading, or other mechanisms that encourage users to contribute to the protocol. 1a. Staking Staking is a mechanism in which native tokens are deposited in the protocol in exchange for income. Benefits gained by users can be obtained through revenue sharing from fees, which can be larger market cap tokens/stablecoins, or emissions from the native token. Based on the protocols we analyzed, there are 3 main types of staking: (1) Fee sharing for primary tokens or stablecoins (2) Fee sharing for native tokens (3) Emission sharing period capital for native tokens, no vesting period, etc.) May attract mercenary users, which dilutes rewards for active users (active traders, long-term stakers, etc.). Our view is that staking is a common method of reducing the circulating supply of a token in most protocols.This is a good way to align with the interests of the user, especially if staking is required as collateral (such as SNX), it can reduce the volatility of the user's position through yields. If rewards were distributed as a share of fees and in the form of major tokens/stablecoins, then the effects of staking would be more positive and long-term, and this would also apply to most decentralized perpetual contract exchanges with decent trading volumes. 1b. Liquidity Providers (LPs) Liquidity Providers (LPs) are crucial for decentralized perpetual contract exchanges, especially for the Peer-to-Pool model, because of their ability to support on-platform More trading volume. In the peer-to-pool model, LPs become counterparties to traders on the platform. Therefore, the revenue sharing from fees must be sufficient to offset the trader's risk of loss. For order book models like dYdX, LPs serve as a way for users to earn rewards. However, the majority of TVL still comes from market makers, and the rewards issued in DYDX are purely inflationary. As a result, the LP module will be deprecated in October 2022. One exception is Synthetix, where stakers are technically LPs on the platform they are integrated with (Kwenta, Polynomial, dHEDGE, etc.) and earn fees from trading volume. Both GMX and Gains Network use peer-to-pool models that require LPs as counterparties. Comparing the two protocols: (1) GLP's TVL is significantly higher than gDAI - likely due to higher yields (2) gDAI users face lower risk of losses since traders' profits are backed by GNS minting, while GMX Then use user funds in GLP to pay users (3) For users with strong risk aversion, higher returns will attract them to choose GLP, while for users with strong risk tolerance, they may also choose GLP despite lower returns. The mechanism for choosing to deposit into gDAIGains Network is similar to GMX's predecessor - Gambit Financial on BNB. Gambit generated considerable volume and TVL upon launch. Although Gambit and GMX share similar features in their peer-to-peer pool model and revenue sharing mechanism, their parameters are different. (1) Incentive trading volume in the short term a. With the rewards of dYdX v3, traders are basically being paid to trade, which helps drive trading volume up.Factors to consider: (1) The type of users the protocol wants to attract a. For dYdX, the simple conditions for obtaining rewards and the lack of vesting conditions may attract many short-term users who will dilute the rewards from real users; b. For Kwenta, the upfront capital requirements and vesting conditions may make it unattractive to short-term users - this may reduce the dilution of rewards to long-term users. Our thinking: Transaction rewards can be an effective way to kick-start a protocol at the beginning, but should not be used indefinitely given that ongoing emissions/issuance reduce the value of the token. It should also not account for a significant percentage of supply and monthly inflation, while vesting is important for the protocol to spread selling pressure over time. 1d. Case study of value aggregation on the chain: The launch of the dYdXdYdX chain marks a new milestone for the protocol. On January 18, the dYdX chain even surpassed Uniswap and became the largest DEX by trading volume. Going forward, we may see more decentralized perpetual contract exchanges follow this pace. Major changes to the updated token economics of the dYdX chain include: (1) Staking to support chain security, not just to generate revenue a. In v3: Rewards in the security pool are sent in the form of DYDX token emissions, but Finally stopped after community voted in favor with DIP 17; b. In v4: dYdX chain requires staking of dYdX tokens in order for validators to run and secure the chain. Delegation (staking) is an important process in which stakers entrust validators to perform network verification and block creation. (2) 100% of transaction fees will be distributed to delegators and validators a. In v3: All fees generated are collected by the dYdX team, which is a concern for some people in the community; b. In v4: All fees, including transaction fees and gas fees, will be distributed between delegators (stakers) and validators. This new mechanism is more decentralized and aligned with the interests of network participants. c. PoS stakers (delegators) can select validators to stake their dYdX tokens and, in turn, receive a share of revenue from their validators. Commissions to delegators (stakers) range from a minimum of 5% to a maximum of 100%.Currently, the average validator commission rate on the dYdX chain is 6.82%, according to Mintscan data. (Data source: https://dydx.forum/t/dydx-v3-vs-v4-new-trader-rewards-overview/881) On top of these changes, new trading incentives also ensure that rewards will not exceed what is paid cost. This is an important factor as many of the concerns surrounding v3 were about inflation and unsustainable token economics, and although this was updated along the way, it had little impact on the token's performance. Xenophon Labs and other community members have raised the issue of being able to "manipulate" rewards, which has also been discussed a few times in the past. In v4, users can only earn transaction rewards up to 90% of the net transaction fees paid by the network. This will lead to an improved balance of demand (fees) and supply (rewards) and control token inflation. Rewards are capped at 50k DYDX per day and will last for 6 months, ensuring inflation is not significant. Our Thoughts: The dYdX chain is at the forefront of the industry’s move toward greater decentralization. The verification process plays several key roles in the new chain: securing the network, voting on on-chain proposals, and distributing staking rewards to stakers. Combined with 100% of fees being distributed back to stakers and validators, it ensures that rewards are aligned with the interests of network participants. 1e. Value aggregation into liquidity center case study: SynthetixSynthetix plays an important role as a liquidity center for multiple perpetual contracts and options exchanges, such as Kwenta, Polynomial, Lyra, and dHEDGE. These integrators create their own custom functionality, build their own communities, and provide users with a trading front-end. Among all integrators, Kwenta is the leading decentralized perpetual contracts exchange directing the majority of trading volume and fees to the entire Synthetix platform. Synthetix’s ability to capture the value brought by Kwenta and other exchanges is due to Synthetix’s tokenomics. Key reasons include: (1) The first step to trading on the aggregator requires staking SNXa. Even with its own governance token, Kwenta only quotes its asset price against sUSD, which can only be minted by staking SNX tokens ;b. In addition to Kwenta, other integrators such as Lyra and 1inch & Curve (atomic swaps) also use sUSD and therefore the SNX token.Therefore, Synthetix's front-end integrator allows for the imputation of value in SNX tokens. (2) Liquidity Center Reward Distribution to Aggregators a. In April 2023, Synthetix announced the exciting news of distributing its massive Optimism tokens to traders. For 20 weeks, Synthetix is ​​giving out 300k OP per week, while Kwenta is giving out 30k OP per week. b. Synthetix is ​​able to attract higher transaction volumes and fees from Q2 to Q3 2023. This has been a major catalyst for Synthetix's price growth. c. Through these mechanisms, Synthetix not only provides users with a platform to trade synthetic assets, but also creates value for SNX token holders and the entire ecosystem through its token economics strategy, promoting its healthy development and growth. a. Without a stable income stream, the mechanism will be unsustainable, and its reduced impact may cause users to lose the motivation to continue holding tokens. Our thinking: The burning mechanism may not directly affect the price, but it can contribute to the narrative of buying deflationary tokens. This works well for protocols that generate strong revenue and already have a large portion of the total supply in circulation (e.g. RLB). Therefore, using this mechanism would be ideal for protocols like Synthetix that are already established and don’t have much supply inflation. 3. Token distribution and vesting plan It is important to focus on the token distribution and vesting plan of different stakeholders to ensure that the parameters are not biased towards certain stakeholders. For most protocols, the main split between stakeholders is investors, team, and community. For community tokens, this includes airdrops, public sales, rewards and DAO tokens, etc. (1) Investors: Usually receive token allocations early in the project, and the vesting plan can help prevent them from selling all their tokens at once, causing pressure on the market. (2) Team: Tokens earned by team members usually have a long vesting period, which encourages the team’s long-term commitment to the project and its success. (3) Community: Community tokens can be distributed in a variety of ways, including but not limited to airdrops, public sales, and reward programs. A community’s ownership program should be designed to encourage long-term ownership and participation.(4) DAO tokens: DAO tokens are used for governance voting and may be distributed to community members based on participation or other criteria. Ensuring fair and transparent token distribution and vesting plans is critical to building investor and community trust. A transparent vesting plan reduces the risk of market manipulation and ensures the long-term health of the protocol. Token allocation and vesting plans should be open and transparent so that all stakeholders understand their entitlements and expectations. Investors sell large amounts of tokens in the early stages of the project to stabilize the market. (4) Discharges/issuances should be spread out over time and include some form of vesting to prevent significant selling pressure at any point in time. This helps keep the token supply stable while encouraging long-term holding and participation. Through such a strategy, the protocol can better balance the interests of all parties while encouraging long-term ecosystem development and token value growth. Ensuring that token economics are fair and sustainable is critical to building the trust of investors and community members, as well as ensuring the long-term success of the project. 4. Governance and voting Governance is very important for decentralized perpetual contracts because it gives token holders the power to participate in the decision-making process and influence the direction of the protocol. Some of the decisions that can be made through governance include: (1) Protocol Upgrades and Maintenance a. Decentralized perpetual contracts often require upgrades and improvements to enhance functionality, scalability, and growth. This ensures that the protocol remains up to date and competitiveb. For example, in GMX’s most recent snapshot, governance passed proposals to create a BNB market and GMX v2 fee split on GMX V2 (Arbitrum) (2) Risk Management and Securitya .Token holders can collectively decide on collateral requirements, liquidation mechanisms, bug bounties, or emergency measures in the event of a security breach or exploit. This helps protect user funds and build trust in the protocol b. The recent incident Synthetix experienced due to TRB price fluctuations resulted in stakers losing $2 million. This highlights the importance of continuous review of parameters - increasing volatility circuit breakers and increasing sensitivity to deviation parameters for pricing volatility spikes (3) Liquidity and User Incentives a. Token holders can propose and incentivize liquidity Voting on provider strategies, adjusting fee structures or introducing mechanisms to enhance liquidity provision b.For example, the governance of dYdX passed the v4 launch incentive proposal (4) Establishing a decentralized and transparent community a. Governance aims to establish a decentralized, transparent and responsible community. Publicly accessible governance processes and on-chain voting mechanisms provide transparency in decision-making b. For example, DEXs like dYdX, Synthetix, GMX adopt on-chain voting mechanisms to promote decentralization Our idea: With governance, it helps Yu creates a robust and inclusive community for stakeholders participating in a decentralized perpetual contract exchange. Having an on-chain voting mechanism and transparency in the decision-making process builds trust between stakeholders and the protocol because the process is fair and accountable to the public. Therefore, governance is a key feature of most cryptographic protocols. Trying New Mechanics In addition to the above factors, we believe there are many other innovative ways to introduce additional utility and incentivize token demand. When protocols introduce new mechanisms, they need to prioritize them based on the stakeholders they target and what matters most to them. The table below shows the main stakeholders and their main concerns: Given the breadth of concerns, it is unlikely that the protocol will meet the needs of all stakeholders. Therefore, it is very important for a protocol to reward the right group of users to ensure continued growth. We believe there is room to introduce new mechanisms to better balance the interests of different stakeholders. Conclusion In conclusion, token economics are a core part of any crypto protocol. Because there are so many factors that affect performance, including factors outside a project’s control, there is no clear formula for determining a successful token economy. Regardless, the cryptocurrency market is rapidly evolving and constantly changing, which highlights the importance of the ability to react and adapt based on the market. As you can see from the examples above, trying new mechanisms can also be very effective in achieving exponential growth.

1. Currently, the United States occupies the top spot in the global Bitcoin mining computing power rankings with 38%, followed by China (21%), Kazakhstan (13%), Canada (7%), Russia (5%), and Germany ( 3%), Malaysia (3%) and Ireland (2%). In total, EU countries only account for 6% of the global Bitcoin mining power. 2. Bitcoin mining revenue reached US$1.51 billion in December 2023, a month-on-month increase of approximately 30%, setting a record for the highest single month of the year. In addition, transaction fees in December were $324 million, setting a record for the highest single month of the year. 3. BitDeer released its December operational update. A total of 434 Bitcoins were mined, an increase of 7.7% from last month and an increase of 149.4% from December 2022. Approximately 6,000 legacy mining machines were eliminated; at the Tydal mining facility in Norway The construction work of the 175MW immersion cooling data center is still continuing and is expected to be completed in mid-2025; it is planned to start construction of a 221MW data center in Ohio, USA, and is expected to be completed in 2025; in terms of AI cloud services, the first batch of NVIDIA DGX H100 system and cloud service platform will be launched in the first quarter of 2024. 4. Canadian crypto mining company Hut 8 announced that it mined 453 Bitcoins in December, currently owns 9,195 BTC, has 205,759 mining machines, and has a total computing power of 21.5 EH/s. In addition, Hut 8 purchased a 63 MW substation and 1.9 acres of land for approximately $7.1 million; a U.S. court approved Hut 8’s continued implementation of a comprehensive mining operation plan related to the Celsius bankruptcy proceedings and the transfer of mining operations to the newly formed MiningCo. 5. Bitcoin mining company Core Scientific announced that it mined 1,177 Bitcoins in December and mined 13,762 Bitcoins throughout 2023; as of the end of the month, it operated a total of approximately 209,000 self-owned and managed Bitcoin mining machines; it is located in Data centers in Georgia, Kentucky, North Carolina, North Dakota, and Texas have a combined hash rate of 23.2 EH/s. 6. Marathon, one of the largest listed mining companies, announced that it mined 1,853 Bitcoins in December and 12,852 Bitcoins in 2023, setting a company record. The increase in output comes from higher transaction fees on the Bitcoin network. ;The average running hash rate increased by 18% month-on-month to 22.4 EH/s. As of December 31, Marathon held a total of 15,174 unrestricted Bitcoins. 7. The Bitcoin mining company Bitfarms released its financial report for December 2023. A total of 446 BTCs were produced and 444 BTCs were sold, with a total revenue of US$18.9 million. The computing power for the month increased by 2% to 6.5 EH/s; its total revenue in 2023 4,928 BTC were sold; as of the end of 2023, it held approximately US$84 million in cash and cash equivalents. 8. Canaan Technology announced that it has obtained cooperation with Cipher Mining and Stronghold Digital Mining for follow-up purchase orders. In total, these orders involve the purchase of more than 17,000 Bitcoin mining rigs and build on Canaan’s existing relationships with Cipher and Stronghold. Cipher has purchased 16,700 A1466 model mining machines, and Stronghold has purchased 1,100 A1346 model mining machines. The machines will be delivered in April, May and January 2024 respectively. 9. U.S.-listed Bitcoin mining company CleanSpark plans to launch an in-house Bitcoin trading platform this year to maximize returns on its cryptocurrency holdings. The company plans to develop strategies based on regulated crypto products, such as options contracts traded on CME or its affiliates, aiming to reduce costs and risks through its in-house division. CleanSpark held 2,575 Bitcoins as of November 2023 and generated revenue of $168 million in the fiscal year ending in September 2023. 10. Crypto mining company Argo Blockchain announced the completion of a common stock placement of 7.8 million pounds ($9.9 million). The net proceeds from the placement are expected to be used for working capital, debt repayment and general corporate purposes. The new ordinary shares issued this time account for approximately 7.06% of the company's existing issued ordinary shares before the placement and are expected to be listed and start trading on January 11, 2024. 11. Crypto mining company Core Scientific announced the final results of its $55 million equity offering (ERO). The ERO was oversubscribed and will be distributed proportionally based on the upper limit of $55 million and the number of restructured Core Scientific shares subscribed by each participant. Thanks to this successful capital raise, Core Scientific was able to emerge from bankruptcy in January. 12. CleanSpark, an American Bitcoin mining company, announced the purchase of up to 160,000 Bitmain S21 mining machines, equivalent to 32 EH/s.The purchase price for the first 60,000 units is $16.1/T, for a total of $193.2 million after discounts and coupons; an additional 100,000 mining machines can be purchased at $16/T. 13. Phoenix Group, a Bitcoin mining and hardware distribution company headquartered in the United Arab Emirates, announced the purchase of mining machines from Bitmain for $187 million. Phoenix has recently purchased $136 million worth of mining equipment from Bitmain competitor Shenma Mining Machinery. 14. Crypto mining company Hut 8 announced that it has signed a $65 million revised and restated credit facility agreement with Coinbase. Coinbase provided an additional $15 million in loans to Hut 8, bringing the total principal amount of the loan to $65 million. The new loan is expected to be for general corporate purposes and will be funded upon or shortly after closing of the transaction. 15. CoinShares released a mining report showing that Bitcoin mining computing power increased by 104% in 2023; the average production cost of each Bitcoin after the halving in 2024 is expected to be US$37,856; unless the Bitcoin price remains above US$40,000, only Bitfarms, Iris, CleanSpark, TeraWulf and Cormint can continue to be profitable, and the impact on miners comes from bloated selling, general and administrative expenses (SG&A) costs. 16. Crypto mining company Core Scientific said that the U.S. Bankruptcy Court has approved its reorganization plan under Chapter 11 of the Bankruptcy Code and plans to relist on Nasdaq at the end of January. According to the reorganization plan, the company's shareholders will receive approximately 60% of new equity in Core Scientific, and the company will repay its debt in full. Core Scientific filed for bankruptcy protection in December 2022 and this month announced the completion of an oversubscribed $55 million equity offering. 17. Since January 12, Bitcoin’s network computing power is expected to have dropped by 25%, from about 600 EH/s to 450 EH/s. The reason is that the Texas Electric Reliability Commission asked Deke to Saskatchewan businesses and residents save electricity. 18. Deus X Capital, a professional investment company with $1 billion in assets, has partnered with Fabiano Consulting to explore investment and strategic opportunities in the Bitcoin mining industry. The two companies hope to become investors and treasury management providers for mining companies seeking funding and strategic advice, including expansion and corporate structuring.Fabiano Consulting was founded by former Galaxy Digital and former Fidelity Investments mining executive Amanda Fabiano. (CoinDesk) 19. Bitcoin mining company Hut 8 Corp. issued a statement saying that a short-selling report released on January 18 by J Capital Research, a group of self-proclaimed biased activists, clearly disclosed that if the company’s stock price falls, , they will make a profit. Hut 8 is reviewing this report and will provide an update as the company deems appropriate. Hut 8 Corp. shares fell 23% on an unconfirmed report from short-selling firm J Capital Research. 20. The crypto mining company Core Scientific has completed the restructuring process and relisted on Nasdaq. It entered bankruptcy proceedings in December 2022. The announced restructuring plan cuts $400 million in debt from its balance sheet by converting the debt of equipment lenders and convertible note holders into equity. Core Scientific is deploying tens of thousands of mining rigs, aiming to increase its capacity by more than 50% over the next four years. (CNBC) 21. Yassine Elmandjra, director of digital assets at Ark Invest, said that the annual revenue from Bitcoin mining averages $12.3 billion, which has exceeded the revenue of many large listed companies, such as Spotify ($11.8 billion) and eBay ($10.1 billion) and Hemes ($10.1 billion), among others. In addition, the cumulative revenue of Bitcoin miners has reached nearly $60 billion. 22. Canadian mining company Bitfarms said it has purchased land in Iguazu, Paraguay, and plans to expand 100 megawatts (MW) of production capacity in Latin America. Bitfarms said the land purchased is located near the Itaipu Dam and has the potential to harness renewable energy at one of the world's largest hydroelectric power stations. The company did not disclose the value of the deal but said it expects to complete the expansion in the second half of 2024. (The Miner Mag) 23. BitDeer Group (NASDAQ: BTDR) was named one of Singapore’s fastest growing companies in 2024. The annual rankings, jointly published by The Straits Times and Statista, recognize a broad range of companies known for their rapid growth and contribution to the local economy. BitDeer is the first blockchain company to receive this honor, ranking 6th out of 18 companies in the IT & Software category and 34th on the top 100 list.Statista identified more than 2,000 companies for nomination, reviewing compound revenue growth from 2019 to 2022 to determine eligibility. According to its ranking, BitDeer achieved an absolute growth rate of 275.51% from 2019 to 2022. 24. Swan Bitcoin announced that Swan Mining will become a division of the Swan organization. Swan Mining will begin operations in the summer of 2023 and has provided 4.5 exahash to the Bitcoin network. The unit has purchased and delivered mining equipment, bringing its total capacity to more than 8 exahash, with full deployment expected in March. Swan has mined over 750 Bitcoins. 25. Bitcoin mining machine manufacturer Canaan Technology announced that it had completed the second phase of preferred stock financing on January 22, raising more than US$50 million. Its previous preferred stock financing raised a total of US$25 million. Net proceeds will be used for research and development, expanding production and general corporate expenses. 26. Matt Prusak, chief commercial officer of crypto mining company Hut 8, will leave his post on January 31 and take over the five mining farms owned by Celsius in Texas. In addition, Hut 8 has signed a four-year agreement with Celsius that will see Hut 8 pay an annual management fee of $20 million in addition to receiving restricted stock and incentive equity in the new company. 27. BitDeer announced that Wu Jihan, the company’s founder and chairman of the board of directors, will serve as CEO, and former CEO Kong Linghui will serve as chief business officer. This decision will take effect on March 1, 2024. Wu Jihan said that in the future, resources will be invested in developing cutting-edge technologies and cultivating a strong leadership team. 28. Bitcoin mining company GRIID began trading on Nasdaq on January 29 under the stock code GRDI. The listing follows GRIID's Jan. 2 merger with special purpose acquisition company Adit EdTech Acquisition Corp., more than two years after the original proposal. Headquartered in Cincinnati, GRIID has been operating since 2019 and currently operates four U.S. mining facilities. (The Block) 29. Celsius announced that the company has completed transactions under its confirmed restructuring plan. The plan includes the distribution of more than $3 billion in cryptocurrency and fiat currencies to Celsius creditors, as well as the creation of a new Bitcoin mining company, Ionic Digital, Inc., the company will be owned by Celsius creditors and have mining operations managed by mining company Hut 8.