Headlines
According to official sources, cross-chain infrastructure Wormhole has announced the launch of the native ERC-20 token W and released the token economics. The total supply of W tokens is 10 billion, with an initial circulation of 1,800,000,000. The allocation is as follows:
- Guardian nodes: 5.1%;
- Community & initial release: 17%;
- Ecosystem & incubation: 31%;
- Core contributors: 12%;
- Strategic network participants: 11.6%;
- Foundation treasury: 23.3%.
According to OKX market data, BTC has broken through 45000 USDT, with a 24-hour increase of over 4%.
Binance New Coin Mining Launches Pixels (PIXEL), Available for Mining with BNB, FDUSD
According to an official announcement, Binance's new coin mining has launched the 46th project, Pixels (PIXEL), which is a social network game based on the Ronin network.
Users can deposit BNB and FDUSD into the PIXEL mining pool on the Launchpad website after 08:00 on February 9th (UTC+8) to receive PIXEL rewards. The total mining period for PIXEL is 10 days. The website is expected to be updated within approximately 24 hours before the start of the mining activity.
Binance will list Pixels (PIXEL) on February 19th at 18:00 (UTC+8) and open trading markets for PIXEL/BTC, PIXEL/USDT, PIXEL/BNB, PIXEL/FDUSD, and PIXEL/TRY, following the seed label trading rules.
PANDORA Breaks 20000 US Dollars, 24-Hour Increase Exceeds 130%
According to CoinGecko data, Pandora (PANDORA) has broken through 20000 US dollars, with a 24-hour increase of over 130%.
Ethereum Dencun Upgrade to Go Live on Mainnet on March 13
According to EthHub co-founder Anthony Sassano (sassal.eth) on the X platform, the Ethereum Dencun upgrade will go live on the mainnet on March 13, with EIP-4844 coming soon.
Montenegro Court of Appeal Reverses Extradition Ruling for Do Kwon and Remands Case for Retrial
The Montenegro Court of Appeal has reversed a ruling involving the extradition of Do Kwon and remanded the case for retrial. The Court of Appeal pointed out that the original ruling was seriously irregular, unclear, and lacked sufficient reasoning. Previously, the first-instance court had determined that the extradition requirements were met, but did not consider the simplification of international legal assistance procedures and the requests for extradition from multiple countries. This ruling will be announced on the Court of Appeal's website.
Project News
Binance Research Institute has released a research report on the social Web3 game Pixels. As of February 8, the Pixels project has raised $4.8 million through three rounds of private token sales, with 14% of the PIXEL token supply sold at prices of $0.005, $0.009, and $0.012 per token. As of February 8, the maximum supply of PIXEL is 5 billion, with an initial circulation of 771,041,667 tokens upon listing (approximately 15.42% of the maximum supply).
Regarding its token sale and economics, 7% of the maximum token supply is allocated to Binance's new coin mining, 14% to private investors, 12.5% to the team, 9.5% to advisors, 34% to the ecosystem rewards, 17% to the treasury, 1% to liquidity, and 5% to Alpha rewards.
The current roadmap for the project is as follows:
Q1 2024: Chapter 2, introduction of PIXEL token; guilds (combination of SocialFi and Web3 games); additional pet forging.
Q2 2024: Caves and land grab updates; Chapter 3, introduction of combat system; launch of Realms, player-created worlds and universes.
Q3 2024: Chapter 4, Farm upgrade and automation; Realms script engine.
Q4 2024: Chapter 5, generated issues and exploration.
In addition, Pixels stated on the X platform that to ensure the reasonable use of the main coin PIXEL and the healthy development of the ecosystem, the in-game currency BERRY will be gradually phased out, and all BERRY holders will receive PIXEL rewards, with the rewards distributed in proportion to the amount of BERRY held. Pixels stated that the initial token exchange ratio is 1000 BERRY:7.6175 PIXEL.
Previously, Binance's new coin mining had launched the 46th project, Pixels (PIXEL). Users could deposit BNB and FDUSD into the PIXEL mining pool on the Launchpad website after 08:00 on February 9th (UTC+8) to receive PIXEL rewards, with a total mining period of 10 days.
Binance: Web3 Wallet Now Supports ERC404 Tokens
Binance announced on the X platform that the Binance Web3 wallet now supports ERC404 tokens.
Merlin Chain: Staking Now Live, Staking Rewards Calculated Daily
Merlin Chain announced on the X platform that staking is now live. Staking rewards are calculated daily, and ETH/USDT/USDC staking will be live within a few hours, while M-Token will be live within a few days.
Binance Labs Fund States Reviewing Applications for the 7th Season of MVB Accelerator Program
Binance Labs Fund tweeted that they are reviewing applications for the 7th season of the MVB Accelerator Program and contacting founders who are about to enter the next stage of interviews. Binance Labs stated that only projects prioritizing product development and launching native tokens on the BNB Chain will be considered.
Jupiter updated the liquidity information of USDC in the Launchpool on the X platform, indicating that with all JUP tokens removed, there are still about 63.5 million USDC remaining in the Launchpool to support JUP token liquidity, and the related USDC will be removed in the next 2-3 months.
Uniswap Foundation announced a reimagined Grants strategy, planning to allocate $30 million in Grants over the next two years. The foundation will focus on larger strategic initiatives and plans rather than funding one-time projects, events, and content.
Frax Finance announced the launch of the modular Layer 2 blockchain Fraxtal. The Fraxtal testnet and mainnet have been opened to specific launch partners, and regular users will be able to connect to the chain in the coming days.
The ETH staking ratio has risen to over 25%, with the total amount of Ethereum exceeding 30.1 million and a value of approximately $73 billion. The staking yield has decreased from a peak of 25% to less than 4%.
DEX aggregator Flood completed a $5.2 million seed round of financing, with Bain Capital Crypto and Archetype co-leading the investment, and Robot Ventures participating. Flood is a DEX aggregator currently live on Arbitrum One and plans to expand to Ethereum, Base, and Optimism in the coming months.
Cross-chain yield market Superform Labs announced the completion of a $6.5 million financing round, with Polychain Capital leading the seed round, and participation from BlockTower Capital, Maven 11, Circle Ventures, and others. Superform is a permissionless cross-chain yield market that allows DeFi protocols to list their treasuries or asset pools, and crypto users can deposit funds into these treasuries and earn yields.
SevenX Ventures announced that its total investment amount in 2023 exceeded $40 million, with 11 lead investments. The focus of the investments was on infrastructure and gaming, with representative Portfolio including Flashbots, Manta Network, Altlayer, Renzo, Matr1x, AI Arena, Curio, Myshell, and others.
The Hong Kong government announced a public consultation on the proposed legislation to establish a licensing regime for virtual asset over-the-counter trading service providers.
The US Department of the Treasury released the 2024 National Money Laundering, Terrorist Financing, and Proliferation Financing Risk Assessment report, emphasizing the increasing use of cryptocurrencies by criminals and fraudsters.
Please note that "派网" has been translated to "Pionex" and "Odaily" has been retained as is, as it is a proper noun.
The U.S. Department of the Treasury defines Virtual Asset Service Providers (VASPs) as providers of services involving transactions between virtual assets and fiat currency, transactions between different forms of virtual assets, as well as the transfer and custody of these assets. The department stated that some VASPs do not comply with U.S. requirements, either claiming to be unregulated or failing to register properly.
The report pointed out that under the Bank Secrecy Act (BSA), DeFi services classified as financial institutions must comply with anti-money laundering/counter-terrorist financing (AML/CFT) regulations. "Nevertheless, many existing DeFi services have failed to comply with AML/CFT obligations, which is a loophole exploited by illicit actors." Criminals are seeking to exploit new financial services, including DeFi and online gaming.
The U.S. Department of the Treasury also expressed concern about the increasing use of stablecoins: "The 2022 National Terrorism Financing Risk Assessment (NTFRA) report showed that the most common form of virtual asset donations by terrorist organizations was in the form of Bitcoin, but now more terrorist organizations soliciting virtual asset donations are turning to stablecoins."
Disney to Invest $1.5 Billion in Epic Games and Collaborate on a New Social Universe
Odaily Star News Disney announced a $1.5 billion investment in the game company Epic Games, acquiring a partial stake. The two parties will also "collaborate to create a new open, persistent, and social universe, further expanding Disney's popular stories and experiences."
The teaser states that a new universe is about to be born, where players can come to play, visit, create, and shop, while "exploring a place where magic and epicness collide."
Disney emphasized that the company has been using Epic's Unreal Engine in film editing and projects such as "Star Wars: Galaxy's Edge" theme park. The company stated that Disney's new gaming universe will also be built using the Unreal Engine.
In response, Cointelegraph commented that less than a year ago, Disney cut its metaverse department, but now it seems to be collaborating with Epic Games to build another metaverse department.
Odaily Star News According to a report released by Fidelity Digital Assets, as of the end of the fourth quarter of 2023, data shows overall optimism for the short-term and long-term outlook of Bitcoin and Ethereum.
By the end of 2023, the price of Bitcoin had risen by 154%, surpassing many short-term and long-term indicators at the time of the report. The reduction in token supply on exchanges will be a key indicator to closely monitor in 2024, highlighting the importance of other custody options such as self-custody or using regulated third-party custodians.
During the same period, Ethereum's price increased by approximately 90%, showing positive short-term price signals and growth in on-chain indicators at the end of 2023. Overall, the slowing growth of staked Ethereum, adoption of Layer 2, and continued usage of the base layer indicate a healthy development of the Ethereum ecosystem in 2024.
Bakkt: Company May Not Be Able to Continue Operating Due to Cash Shortage
Odaily Star News Digital asset platform Bakkt warned on Wednesday that the company may not be able to continue operating.
In a filing with the U.S. SEC, Bakkt stated, "We may not be able to continue operating. Our cash and restricted cash are unlikely to support our operations for the next 12 months."
Bakkt, founded by Intercontinental Exchange, initially aimed to help Starbucks customers use Bitcoin to purchase coffee. Bakkt launched a digital wallet in 2021, but it was discontinued last year as Bakkt shifted towards enterprise-focused technology services.
Bakkt went public in 2021. The company's stock closed at $1.45 on Wednesday, significantly lower than its price of over $40 in 2021.
ETF Developments
Bitcoin Spot ETF Net Inflow Reaches $145 Million Yesterday
Odaily Star News According to Farside Investors monitoring, the net inflow of funds for the 19th trading day of the U.S. Bitcoin Spot ETF (February 7th) was approximately $145 million.
Among them, Grayscale GBTC saw a net outflow of $81 million, while BlackRock's IBIT saw a net inflow of $56 million, Fidelity's FBTC saw a net inflow of $130 million, Bitwise's BITB saw a net inflow of $21 million, Ark 21Shares' ARKB saw a net inflow of $3 million, ProShares' BTCO saw a net inflow of $9 million, Franklin's EZBC saw a net inflow of $5 million, Valkyrie's BRRR saw a net inflow of $1 million, WisdomTree's BTCW saw a net inflow of $1 million, and VanEck's HODL was not included in the statistics due to minimal flow changes.
Note: The data collected by Farside Investors is automatically generated in real-time and prioritizes speed over accuracy.
Bloomberg Analyst: Today's Bitcoin Spot ETF Total Trading Volume Exceeds $1 Billion, BlackRock Leads
Odaily Star News Data released by Bloomberg analyst James Seyffart shows that today's total trading volume for Bitcoin Spot ETF exceeds $1 billion, with BlackRock's IBIT ranking first at $340 million, followed closely by GBTC at $296 million, and Fidelity's IBTC at $200 million.
As of the U.S. stock market close on February 7th, the total trading volume for U.S. Bitcoin Spot ETF since its listing is $32.7216 billion.
JPMorgan: BlackRock and Fidelity Bitcoin ETFs Lead GBTC in Two Liquidity Metrics
Odaily Star News According to JPMorgan's data, at least in two liquidity metrics, BlackRock and Fidelity's Bitcoin Spot ETFs have surpassed Grayscale's GBTC. The first metric is the market breadth indicator based on the Hui-Heubel ratio. JPMorgan analyst Nikolaos Panigirtzoglou wrote in a report on Wednesday that the market breadth of BlackRock and Fidelity's ETFs is about four times lower, indicating that the market breadth of these two ETFs is significantly greater than GBTC.
The second metric is based on measuring the average deviation of ETF closing prices from their net asset value. The analyst stated that this metric indicates that in the past week, the deviation of ETF prices from net asset value for Fidelity and BlackRock's Bitcoin ETFs is close to that of the SPDR Gold Shares ETF, indicating significantly improved liquidity. Meanwhile, the analyst added that the deviation of GBTC ETF is still relatively high, indicating lower liquidity.
The analyst pointed out that while these two metrics do not cover all dimensions of market liquidity, especially market depth, there is evidence that BlackRock and Fidelity's Bitcoin ETFs have an advantage over GBTC in certain liquidity metrics related to market breadth. The analyst also noted that if GBTC fees are not reduced, the fund may experience more outflows and lose funds to other ETFs, especially BlackRock and Fidelity's Bitcoin ETFs.
Bitwise Bitcoin Spot ETF Holds Over 16,000 BTC, Increased by 485.25 BTC from the Previous Day
Odaily Star News According to official data from Bitwise, as of February 7th local time, its Bitcoin Spot ETF (BITB) holds 16,067.78 BTC, an increase of 485.25 BTC from the previous trading day (15,582.53 BTC), with a total market value of $707,504,536.14. The current circulating shares of BITB are 29,470,000.
Odaily Star News According to official data from Grayscale, as of February 7th local time, GBTC holds a total of 470,637.4128 BTC, a decrease of approximately 1707.64 BTC from the previous trading day (472,345.0521 BTC).
In addition, GBTC's assets under management (non-GAAP) amount to $20,762,470,675.49, with circulating shares decreasing to 526,870,100.
Grayscale Transfers 1500 BTC to Coinbase Prime Address, Moves 2276.6 BTC to New Address
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