Bluefin and Pyth Network have reached a new round of cooperation and will distribute 500,000 $PYTH tokens to the community.
Author: Deep Tide TechFlow
Yesterday's Market Dynamics
Sui Foundation: The seller of $400 million SUI is not an insider, but may be an infrastructure partner
The public chain project Sui Network stated on the X platform that in response to the accusation that "Sui insiders sold $400 million worth of tokens during this surge," the Sui Foundation directly responded to the individual:
During this period, no insiders, foundation, or employees of Mysten Labs (including the founders of Mysten Labs) or ML investors sold $400 million worth of tokens individually or collectively. Insiders did not participate in any preemptive sales or violations of lock-up periods and circulation supply plans.
Although the poster did not provide a wallet address, we believe the possible owner of the wallet is an infrastructure partner who holds tokens according to the lock-up period. All token lock-up periods are executed by qualified custodians and continuously monitored by the Sui Foundation, and this partner complies with regulations.
Coinbase to list Degen (DEGEN)
According to official news, Coinbase announced it will add support for Degen (DEGEN) on the Base network. Coinbase reminds users not to send this asset through other networks to avoid loss of funds. The transfer function for DEGEN will be available in regions where Coinbase and Coinbase Exchange support trading.
According to the announcement, trading for DEGEN will begin at 00:00 Beijing time on October 16, or later, provided liquidity conditions are met. Trading will be launched in phases on the DEGEN-USD trading pair.
Bluefin and Pyth Network reach a new round of cooperation, distributing 500,000 $PYTH tokens to the community
The decentralized exchange Bluefin in the Sui ecosystem has reached a new round of cooperation with Pyth Network and will distribute 500,000 $PYTH tokens to community users as incentives. Community users who completed snapshots on July 16, 2024, and October 7, 2024, will receive corresponding amounts of wPYTH rewards based on their user levels.
Hyperliquid announces the establishment of a foundation and the upcoming launch of the native token HYPE
The decentralized trading platform Hyperliquid announced the establishment of the Hyper Foundation, aimed at supporting the development of the Hyperliquid blockchain and ecosystem. With the launch of HyperEVM, applications built on Hyperliquid will be able to access this deep liquidity and other native financial primitives.
Hyperliquid's next step is to launch the native token HYPE, which is crucial for the development of HyperBFT proof-of-stake consensus, HyperEVM, and the future roadmap. As part of the genesis distribution, eligible users can choose to receive HYPE tokens and optional Hypurr NFTs to commemorate the upcoming launch of HyperEVM on the mainnet.
Users must review and accept the terms of the genesis event on the official website by 23:59 UTC on November 11, 2024, to participate. Hyperliquid stated that more information about HYPE and the genesis event will be announced later.
Trust Wallet announces the launch of its first Launchpool, allowing TWT or slisBNB to be locked for participation
According to official news, multi-chain wallet service provider Trust Wallet announced the upcoming launch of its first Launchpool project. This project will provide users with two token lock-up pools: TWT (Trust Wallet Token) pool and slisBNB (Lista Staked BNB) pool, where users can choose to lock corresponding tokens in these pools to earn rewards.
Bitcoin Staking Platform Solv Protocol completes $11 million financing, with participation from Laser Digital and others
According to CoinDesk, the Bitcoin staking platform Solv Protocol has completed $11 million in financing, with a valuation of $200 million. Investors include Laser Digital, a subsidiary of Nomura Securities, Blockchain Capital, and OKX Ventures. Solv's SolvBTC product has deployed over 20,000 bitcoins (approximately $1.3 billion) across 10 major blockchain networks.
Solv co-founder Ryan Chow stated that if the Bitcoin staking rate reaches 28% of Ethereum's level, it could release $330 billion in value. Currently, the Bitcoin staking platform Babylon has attracted over $1.5 billion in staking funds, indicating strong demand in this sector. However, this scale is still far below staking platforms like Lido ($23.7 billion) and EigenLayer ($10.9 billion) on Ethereum.
Vitalik releases new article looking ahead to Ethereum's future development: lowering the staking threshold from 32 ETH to 1 ETH
Ethereum founder Vitalik Buterin published an article discussing the future development direction of the Ethereum protocol.
He believes that Ethereum has successfully operated a proof-of-stake (PoS) system for nearly two years, performing stably. Future improvements will focus on single-slot finality and the democratization of staking. The goal is to reduce the block finality confirmation time from 15 minutes to 12 seconds or less, and to lower the staking threshold from 32 ETH to 1 ETH.
To achieve this, he proposed three possible solutions: improving signature aggregation protocols, introducing a committee mechanism, and implementing a two-tier staking system. Vitalik emphasized that these improvements will help Ethereum compete with other high-performance blockchains in terms of performance and accessibility while maintaining its unique security guarantees.
DeFi Report founder: UNI holders will benefit from Unichain, while ETH holders may be harmed
According to Cointelegraph, DeFi Report founder Michael Nadeau stated on social media that Uniswap Labs and UNI token holders will benefit the most from Unichain, while ETH holders may suffer the greatest losses, with an expected annual revenue of nearly $500 million from fees that would have been paid to the Ethereum network.
Michael Nadeau added, "The launch of Unichain will direct the $36.8 billion paid to Ethereum validators last year directly into Uniswap Labs and possibly Uniswap. Uniswap Labs will also be able to capture all the maximum extractable value (MEV) on Unichain, as it has all the validators on the network, rather than allowing Ethereum validators to exploit MEV. It is estimated that MEV accounts for about 10% of the total fees paid on Uniswap (around $10 million in the past year), and they can choose to share a portion of it with token holders. Additionally, Uniswap's liquidity providers can also benefit from the new blockchain as they can participate in settlement and MEV capture through staking."
Previously, Uniswap launched Unichain on October 10, promising faster and cheaper transactions while improving interoperability across different blockchain networks.
Bloomberg: China begins taxing super-rich overseas investment income
According to Bloomberg, citing informed sources, China has begun taxing the overseas investment income of the country's super-rich. Some wealthy individuals in major Chinese cities have been asked to self-assess or have been summoned by tax authorities to evaluate potential tax liabilities, including amounts owed from previous years. Mainland investors may pay a 20% tax on investment income, and those with overdue payments may face fines, although the final amount can be negotiated.
The report also noted that mainland China implemented the Common Reporting Standard (CRS) as early as 2018 to avoid tax evasion issues, although local regulators have pointed out that mainland residents must pay taxes on global income, including investment income. Some targeted individuals have at least $10 million in assets overseas, while others are targeted for owning publicly listed companies in Hong Kong and the United States.
Market Dynamics
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