Organizing: Biscuit, ChainCatcher
"What important events happened this week (12.11-12.17)"
1. He Yi: Binance previously did not invest enough in Mingwen, will pay attention in the future
Binance CEO Richard Teng and co-founder He Yi jointly appeared in the Chinese community's AMA dialogue event. He Yi stated in the AMA, "For users' complaints about the poor usability of Binance Web3 wallet, it may be because the product research team initially treated BRC20 as a new thing similar to NFT with strong periodicity, and was not sure if it would be popular in the future, so the resources invested were not enough. We will pay attention to it in the future."
On December 12, 2023, Binance launched the BRC-20 project Sats (1000SATS) and 1000SATS 1-50x U-based perpetual contract. According to on-chain data, over $189 million SATS has been transferred to Binance since the launch of SATS.
2. Ledger has updated its codebase to remove malicious code
Ledger stated on social media that the genuine Ledger Connect Kit version 1.1.8 has been pushed. Ledger and WalletConnect confirmed that the malicious code has been disabled. Users can now safely use the Ledger Connect Kit, but it is recommended that users wait for 24 hours and clear their browser cache.
Previously, hackers exploited the Ledger Connect Kit vulnerability to steal about $484,000 in assets. SlowMist founder Yu Xian emphasized that the Ledger wallet itself was not affected, but some DApps that rely on the Ledger module were affected.
3. SEC Chairman: Will re-evaluate Bitcoin spot ETF applications based on recent court rulings
Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), stated in an interview with CNBC on Thursday that the agency's "new perspective" on Bitcoin spot ETF applications takes into account recent court rulings.
Gensler said, "We have previously rejected some of these applications, but the District of Columbia Court has weighed in on this. So we are re-evaluating this issue based on the court ruling."
According to the page, the Bitwise Bitcoin ETF (code BITB) launched by cryptocurrency asset management company Bitwise is listed on the DTCC (Depository Trust & Clearing Corporation) website.
The SEC has postponed the decision on Invesco and Galaxy Ethereum spot ETFs, with a new deadline set for February 6, 2024.
In addition, Binance has submitted new documents to seek dismissal of the SEC lawsuit, stating that the U.S. Securities and Exchange Commission has overlooked the requirement of whether an "investment contract" must be determined on a transaction-by-transaction basis. (Source link)
4. Solana co-founder: Project teams should sell a larger proportion of tokens at a lower than expected price rather than airdrop
According to ChainCatcher, Solana co-founder Anatoly Yakovenko stated on social media that this may be a view contrary to mainstream opinions, but instead of airdropping, project teams should sell a larger proportion of tokens at a price 1/5 to 1/10 lower than "expected."
He stated that the same rules as airdrops could be used for eligibility for sale. The benefit of doing this is that the team can have a longer operating time, the token circulation is larger, and buyers need to truly participate. (Source link)
5. Basel Committee proposes revising standards to give stablecoins preferential risk treatment
According to ChainCatcher, as reported by CoinDesk, in a consultation paper released on Thursday, the Basel Committee on Banking Supervision (BCBS) proposed revising standards to allow stablecoins to be treated as lower risk than unsecured cryptocurrencies such as Bitcoin.
So far, the BCBS has taken a tough stance on cryptocurrencies, suggesting a maximum risk weight of 1250% for freely floating digital assets such as Bitcoin, which means that banks must issue capital to match their risk exposure. Banks are also not allowed to allocate more than 2% of their core capital to these higher-risk assets. The BCBS stated in a statement that there will be no changes to these standards. (Source link)
6. New Fire Technology: Expected annual net loss to increase to HK$280 million due to FTX impact
According to ChainCatcher, the Hong Kong-listed company New Fire Technology issued a profit warning as of the end of September 2023. Based on the preliminary review of the unaudited comprehensive management accounts for the year ended September 30, 2023, the group is expected to record a net loss of not less than approximately HK$280 million for the year ended September 30, 2023, compared to a net loss of approximately HK$200 million for the year ended September 30, 2022.
The announcement indicated that the increase in net loss was mainly due to (1) the inability to withdraw cryptocurrency assets from the cryptocurrency exchange FTX, resulting in impairment loss provision of approximately HK$86 million; (2) one-time company personnel restructuring expenses for severance pay, with related expenses of approximately HK$15 million. However, these accounts have not yet been reviewed or audited by the company's auditors, and New Fire Technology is still finalizing the full-year performance for the year ended September 30, 2023. The company is expected to announce the comprehensive financial performance for the year ended September 30, 2023 by the end of December 2023. (Source link)
7. Crypto company SafeMoon files for bankruptcy, executives face criminal charges
Crypto company SafeMoon filed for bankruptcy on Thursday, and its executives face criminal charges in the United States. SafeMoon stated that it has 50 to 99 creditors, assets between $10 million and $50 million, and debts between $100,000 and $500,000. Unlike Chapter 11 bankruptcy filed by other crypto companies, Chapter 7 bankruptcy usually does not intend to restructure and restart the company.
SafeMoon's executives were arrested by U.S. officials last month on charges of securities fraud conspiracy, wire fraud conspiracy, and money laundering conspiracy, but founder Kyle Nagy has been charged but not yet arrested. The company also faces a lawsuit from the Securities and Exchange Commission, alleging fraud and securities law violations. SafeMoon's SFM plunged 42% in the past 24 hours, despite its low liquidity and not very large market value. (Source link)
8. Data
- December 17, 2023, 128 days until BTC halving
- dYdX Chain's total trading volume exceeds $20 billion
- PayPal's USD stablecoin PYUSD total supply exceeds 200 million
- Over 1 billion FDUSD tokens participate in Binance's latest Launchpool, accounting for over 93% of the circulation
- The top 20 holders of SATS collectively hold 15.9% of the total supply
- Binance's market share has decreased from 55% at the beginning of the year to 30% in December
"What are some great articles to read this week (12.11-12.17)"
1. "Creating Binance: Ultimate Efficiency and Simple Tools"
This is the second article in author Hanyang's "Binance Series." In the first article "Who is Creating Binance: 4000 Resumes from a Borderless Company," Hanyang meticulously detailed over 4000 resumes found on the internet of individuals who have worked or interned at Binance. In this second article, the author continues to delve into Binance, exploring how internal employees at Binance collaborate efficiently, their treatment, and how they managed to achieve a trading volume of $3 trillion in just two years. Former Binance employees and employees from major companies share their evaluations of Binance.
Jacob is the founder and manager of the crypto fund Superscrypt under Temasek. Being in Singapore, he naturally has a preference for the local crypto atmosphere. Compared to Hong Kong, Singapore has a smaller land area and scarcer natural resources, so the country overinvests in human resources to achieve economies of scale and innovation. This article discusses his journey and story, why he entered the Web3 industry, and the core benefits of using blockchain technology. We also discuss their investment approach, what areas they find exciting in Web3, and how early teams should build in an unfavorable financing environment.
Industry insiders are confident and await the U.S. Securities and Exchange Commission (SEC) to approve a spot Bitcoin ETF next month. Swan Bitcoin CEO Cory Klippsten predicted in an interview with Bloomberg that the approval window may have narrowed down to January 8, 9, or 10, 2024.
A list compiled by Bloomberg Intelligence analyst James Seyffart shows that there are currently 13 proposed spot Bitcoin ETFs submitted to the SEC.
4. "Reading Bitcoin Ordinals: Contribute 23% of Transaction Fees, Popular BRC20 Average Rises Over 400%"
At the end of 2023, Bitcoin Ordinals once again heated up the market. According to CRYPTOSLAM data, the November trading volume of Bitcoin Ordinals (Mingwen) was approximately $376 million, 8.05% higher than the trading volume of Ethereum NFTs during the same period, and this advantage has expanded to 18.75% in December (as of December 10). However, unlike the beginning of the year, this surge in Ordinals is also related to the derived BRC-20 tokens. According to CoinGecko data, the largest market cap ORDIs rose by 180.07% in just 4 days from December 2 to December 6. Other BRC-20 tokens also saw significant increases.
With the rebound of the chain game market, the former two chain game kings Axie and STEPN have been active recently.
Axie has revealed three strategies, focusing on the game sidechain Ronin Network on one hand, and upgrading the classic game Axie Classic on the other, and attempting to open up new growth channels in Web2 through IP sales. Meanwhile, STEPN is more focused on launching its second chain game Gas Hero, using GMT as the game token. In the general market surge, the monthly gains of AXS and GMT tokens have also reached around 20%.
6. "Key Points of FTX Hearing: $24 Billion Claim by the U.S. Tax Authority, and Disputes with LayerZero"
The purpose of this hearing is to discuss various matters related to the bankruptcy case, including postponed matters such as motions and objections, as well as review the third interim fee applications submitted by all parties. The hearing will review various applications and documents related to the debtor and debtor's property, including creditors' claims, attorney fees, financial advisor fees, etc.
7. "ABCDE: Why Should We Invest in BitSmiley?"
BitSmiley is the MakerDAO+Compound of the Bitcoin ecosystem, providing a comprehensive solution for Bitcoin DeFi, filling the most missing "stablecoin" + "lending" infrastructure in the current Bitcoin ecosystem.
The startup decentralized NFT data platform bitsCrunch successfully reached a cooperation with Web3Port, becoming the lucky one in this "Web3 resource war." What kind of product attractiveness can make Web3Port extend an "olive branch" to bitsCrunch?
9. "Inventory of 10 Major Public Chain Mingwen Projects Worth Paying Attention to"
With Binance announcing the launch of SATS spot and contracts, it has further boosted the popularity of the Mingwen sector. In addition to BTC's ecological Mingwen, which public chain's Mingwen projects are highly popular? Through comprehensive consideration of on-chain data, public opinion data, and other indicators, this article compiles a list of Mingwen projects on various public chains that have been highly anticipated recently.
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