BlockBeats will organize the key industry news content of the week (11.25-11.29) in this article, and recommend in-depth articles to help readers better understand the market and learn about industry trends.
Important News Review
Base ecosystem AI-related memes are hotly hyped, Virtual Protocol ecosystem tokens continue to rise, and the Base mainnet cumulative bridge storage TVL exceeds 4.1 billion US dollars
On November 26, the AI tokens of Base ecosystem collectively rose, and both VIRTUAL and CLANKER hit record highs. On November 28, the TVL of the Base network exceeded US$11 billion, setting a new record. On November 29, according to Dune data, the cumulative bridge storage TVL of the Base mainnet exceeded US$4.1 billion. Bithumb launched the VIRTUAL Korean won trading pair. Affected by the relevant news, the Virtual Protocol ecosystem tokens continued to rise, and the market value of VIRTUAL continued to hit a new high. Virtual ecosystem popular tokens such as GAME by Virtuals (GAME), VaderAI by Virtuals (VADER), Bark Ruffalo by Virtuals (PAWSY), and The Css God by Virtuals (WEBSIM) have increased significantly. Related readings: "AI coin issuance failed but increased 100 times in three hours, hot crypto money began to flow into Base" , "Interpretation of Clanker: A multi-million dollar meme maker on Base" , " The rise of new AI agents, an inventory of potential tokens in the Virtuals ecosystem "
Binance launched Thena (THE), and the price continued to rise after the opening
On November 27, according to the official announcement, Binance launched the Thena (THE) U-based perpetual contract on November 27. THE continued to rise after opening, and the current price is $3.01. Related reading: "With the outbreak of the wealth effect, what other projects and MEMEs are worth paying attention to on BNB Chain?"
Binance launches WYH and CHEEMS contracts, and the price of the currency collapses. The community suspects "rat trading"
On November 25, Binance launched 1000WHYUSDT and 1000CHEEMSUSDT perpetual contracts, which subsequently caused a short-term plunge in WHY and CHEEMS. WHY fell by more than 30% and CHEEMS fell by more than 57% in a short period of time, triggering heated discussions in the community and suspecting Binance of "rat trading". Subsequently, Formula News issued a statement saying, "To insider traders who participated in the listing of Binance perpetual contracts, please sell your chips slowly next time. The collapse of WHY and CHEEMS caused by you this time is a 100% negative return for all those involved in the transaction. You are destroying the mood of the transaction."
The ZKasino team misappropriated user funds to continue to long ETH, with a floating profit of $3.22 million
On November 23, according to the monitoring of on-chain data analyst Ember, the ZKasino address began to embezzle "funds to be returned to users" to leverage long ETH on the chain. They deposited 5,270 ETH into Aave as collateral to borrow 11.589 million DAI, and then added 3,500 ETH. On November 28, the ZKasino project borrowed 9.36 million DAI to buy 2,603 ETH. After depositing 10,535 ETH of users into Aave as margin, it has lent a total of 53.77 million DAI to buy 15,645 ETH for leveraged long ETH. The average price of this part of ETH bought through leverage is US$3,437. With the sharp rise in ETH, the floating profit of the ZKasino project using users' ETH as margin leverage to long than US$3 million.
It was previously reported that in April this year, ZKasino was already deeply involved in the "runaway" storm. After the project's staking activities ended, it delayed the ETH refund and arbitrarily transferred user funds to Lido for staking. As of August, ZKasino has not yet refunded. Related reading: "ZKasino refused to refund, and now misappropriated customer funds to speculate in cryptocurrencies and made a profit of more than 3 million US dollars"
Pump.fun disables live streaming, community plans to release guidelines to make usage rules more transparent
On November 26, Pump.fun disabled its live streaming function. pump.fun issued a community announcement to explain the previous live streaming incident. pump.fun stated that it would take a firm stance on curbing inappropriate activities, including proactively deleting non-compliant token images, names, descriptions, comments, and marking any NSFW content. In order to ensure the absolute safety of users, the live streaming function on the website will be suspended indefinitely until the audit infrastructure is ready to handle high levels of activity. In addition, pump.fun will release guidelines to make the website's usage rules and regulations more transparent. Related reading: "Suicide, being a dog, child abuse, the gradually out-of-control Pump.Fun live streaming"
Pump.science wallet key pair leaked, token creation wallets marked as URO and RIF on pump.fun were hacked to issue fake tokens
On November 26, Pump Science stated on social media that due to an oversight in its GitHub repository, its wallet starting with T5j2UB was attacked, and the attacker found the private key in the source code of the website; the private key was initially used for testing purposes in GitHub, and the development team considered it unimportant; however, the wallet was actually marked as the creator of off-chain tokens for URO and RIF on pump.fun, and the attacker used the wallet to issue fraudulent tokens. However, Pump.science officials did not take any remedial or compensatory measures against those users who mistakenly believed and took over the fraudulent URO tokens, which attracted widespread attention and heated discussions in the community. This incident caused some DeSci concept coins to fall, with URO and RIF both falling by more than 30% in 24 hours. Related reading: "Pump.science Private Key Loss: The Complete Story of the Fake Coin Launch and Collapse"
Binance Labs Announces Investment in Astherus and BNB Chain Restaking Infrastructure Kernel
On November 25, according to official news, Binance Labs announced its investment in Kernel, a re-staking infrastructure on BNB Chain, with an undisclosed amount. On November 28, Binance Labs announced its investment in Astherus, a multi-asset liquidity center. Astherus aims to solve inefficiencies in DeFi by focusing on maximizing the real yield of assets, providing sustainable and substantial returns while enhancing the utility and liquidity of digital assets within the ecosystem.
Justin Sun hired as advisor to Trump-backed crypto project WLFI
On November 27, Trump-backed crypto project World Liberty Financial (WLFI) announced that it had hired Justin Sun, founder of TRON and member of HTX Global Advisory Board, as an advisor. BlockBeats previously reported that Justin Sun announced that he would invest $30 million in World Liberty Financial (WLFI), becoming his largest investment.
Movement Co-founder publicly accused the Scroll team of improper behavior, which damaged the reputation of the L2 ecosystem
On November 28, Movement Labs co-founder Rushi Manche publicly accused the Scroll team of many problems on the X platform, including: enjoying the community's years of hard work, but launching a predatory incentive plan, ultimately shifting the burden to ordinary investors; the team has been selling secondary market share in the years before going online; other members of the team were forced to buy at a valuation of $1.8 billion, while senior leaders sold at the same time; the Scroll team directly distributed the airdrop to their own wallets and then cashed out; designed the most predatory token economic model with the goal of hurting every community member. Manche accused the Scroll team of damaging the reputation of the EVM L2 ecosystem with its actions, and called on it to make improvements to avoid "making it look like an outright scam." Related reading: "Two major "VC coins" quarreled in real name, who should I stand on?"
Ethereum co-founder Jeffrey Wilcke transferred 20,000 ETH to Kraken on November 28 and currently holds 106,006 ETH
On November 28, according to Spot On Chain, Ethereum co-founder Jeffrey Wilcke deposited 20,000 ETH (US$72.5 million) to Kraken, which was his fourth sale of ETH in 2024, totaling 44,300 ETH (US$148 million). He currently still holds 106,006 ETH (US$384 million).
Vitalik accepted an interview with Tencent: Crypto+DeAI may save the world
On November 25, in an interview with Tencent's "Qianwang", Ethereum co-founder Vitalik expressed his views on the intersection of Crypto and AI industries. He said: "If you want to see how Crypto can save the world? It can't be just Crypto, but Crypto + something else. The first may be Crypto + Decentralized AI; the second may be Crypto + a technology that can replace AI. AI's reaction speed is very fast. For a person to do this, he needs to be on the computer 24 hours a day, watching all the news every minute and every second. And an LLM, you let it run, it can do it by itself. I think there will be more examples in the future. Crypto is a security bottom layer. Through Crypto, you can make a game to ensure that the rules of the game are fair. The role of AI is to participate." Related reading: "Tencent Dialogue with Vitalik: The world should not fall into the power kingdom of AI"
Hong Kong ZhongAn Bank becomes first bank in Asia to offer crypto trading services to retail investors
On November 25, Hong Kong ZhongAn Bank (ZA Bank) announced that it has become the first bank in Asia to provide cryptocurrency trading services to retail users, providing two virtual currencies, Bitcoin and Ethereum, for trading in Hong Kong dollars and US dollars on the App. After opening an investment account with ZhongAn Bank, Hong Kong residents need to complete risk assessment and other processes, and then they can buy and sell the two currencies on the app. The entry fee is US$70 or HK$600, and the commission for each transaction is US$1.99 or HK$15. The platform fee is 1.5% of the transaction amount (the minimum fee for each transaction is US$1.99 or HK$15). The bank will waive the commission by the end of June next year, and the platform fee will also be reduced to 0.8% of the transaction amount.
Market News: US court rules that sanctions against Tornado Cash smart contracts are illegal
On November 27, according to market news, a U.S. court ruled that sanctions against Tornado Cash smart contracts were illegal. Related reading: "Historic ruling: Sanctions against Tornado Cash were ruled illegal, TORN soared more than 10 times before falling back"
Trump nominates five "cryptocurrency players" as new government ministers
On November 28, President-elect Trump announced the nomination of Brooke Rollins as Secretary of Agriculture. So far, all the cabinet ministers of Trump's new administration have been confirmed. In addition, Trump has nominated several high-level officials in the past few weeks. Judging from the list of the new government, in addition to Musk, Howard Lutnick and other well-known names in the crypto market, many cabinet officials are firm supporters of cryptocurrencies and have publicly disclosed their cryptocurrency holdings, including the nominated vice president, secretary of the treasury, secretary of commerce, secretary of health and human services, director of national intelligence, etc.
Musk: xAI will set up an AI game studio to make games great again
On November 28, Musk posted on X that too many game studios are owned by large companies. xAI will set up an AI game studio to make games great again.
Movement Network Foundation announces MOVE token economics, 60% of total tokens allocated to the community
On November 26, the Movement Network Foundation announced the token economics of its token MOVE. The total supply of MOVE tokens is 10 billion, with an initial circulation of approximately 22%. 60% of the total will be allocated to the community, including the ecosystem and community, the foundation, and initial claims. MOVE tokens will be gradually unlocked over 60 months, and the team and investors will not be able to participate in staking in the early stages. The Movement Network Foundation stated that MOVE tokens will undergo a TGE on the Ethereum mainnet. After the mainnet is launched (coming soon), MOVE holders can migrate across chains to the Movement Network. The Movement network's gas fees are settled in MOVE, and the use cases of MOVE tokens include: economic security staking, gas fees, governance and decentralization, and the native assets of the Movement Network.
Hyperliquid airdrop will be launched on November 29, with a total of 1 billion HYPE
On January 28, the genesis event of HYPE, the native token of the decentralized derivatives trading platform Hyperliquid, went live at 15:30 on November 29, Beijing time. The maximum supply of HYPE is 1 billion. 38.888% is used for future emissions and community rewards; 31.0% is allocated to the genesis allocation; 23.8% is allocated to current and future core contributors; 6.0% is used for the Super Foundation budget; 0.3% is used for community grants; 0.012% is allocated to HIP-2. Tokens will be issued over time, of which 76.2% will be allocated to the community. Eligible participants in the genesis event will receive 310 million tokens, which will be fully unlocked. Unallocated tokens will be transferred to future issuance and community rewards.
The integrated public chain Supra went mainnet and launched TGE; Solv Protocol launched the token SOLV and will hold TGE in the near future
On November 27, according to official news, the vertically integrated public chain Supra announced the launch of the mainnet and the launch of TGE, providing MultiVM support, native oracles, on-chain random numbers, cross-chain communication and automation functions. The SUPRA token was launched on ByBit, Kucoin, Gate and MEXC on November 27. Supra has completed US$38 million in financing, and investors include Coinbase, HashKey and Animoca. Supra's testnet has processed more than 9 million transactions since its launch in August 2024. On November 28, according to official news, the Bitcoin staking protocol Solv Protocol announced that it will launch the token SOLV and conduct TGE in the near future.
Research: 76% of crypto KOLs promoted Meme coins that have now gone to zero, with high-follower accounts performing the worst
On November 25, according to a Coinwire report, 76% of cryptocurrency KOLs on the X platform had promoted Meme coins that have now returned to zero, and two-thirds of the promoted tokens completely lost value. Data shows that among the 377 KOLs surveyed, only 1% of the Meme coins promoted achieved a tenfold increase. The study found that 80% of the promoted Meme coins plummeted by 70% in a week, 90% lost 80% of their value after a month, and 86% plummeted by more than 90% after three months. KOLs with more than 200,000 fans had the worst promotion effect, with their promotion projects losing an average of 39% after a week, and the loss expanded to 89% after three months. In contrast, small accounts with less than 50,000 fans promoted projects that received an average positive return of 141% after three months. Related reading: "The truth of the data: more than 65% of KOLs recommend Meme coins that have returned to zero, and only 1% have increased 10 times"
64% of Wintermute’s top 25 market-making Meme coins are listed on Binance
On November 26, according to @ai_9684xtpa’s monitoring, 64% of the tokens in the top 25 holdings of Wintermute market-making Meme coins have been listed on Binance, of which only 6 have launched both spot and futures, and the rest have only launched contracts. For projects that have recently added market making or projects with a high holding ratio, the proportion will be even higher. List of tokens that have not yet been listed on Binance: PEPECOIN, APU, SPX, COQ, MANEKI, michi, MOTHER, REKT (a new market-making project added three days ago), BENJI (the project with the lowest market value among the TOP25 holdings). Commonalities of projects listed on Binance: The community is hot enough; the market value before listing on Binance is greater than 10 million US dollars and less than 500 million US dollars; Wintermute’s initial holding ratio is not less than 1%
Pantera Bitcoin Fund's return has exceeded 1,000 times, and the return rate is currently 131,165%
On November 26, according to official news, Pantera Bitcoin Fund recently reached an amazing milestone-the return reached 1,000 times. The market rebound after the election has further increased the fund by 30%. The fund's cumulative return rate is currently 131,165%-after deducting fees and expenses. The catalyst has appeared: the regulation in the United States has become clearer. Large institutional managers such as BlackRock and Fidelity now provide extremely low-cost and efficient ways to invest in Bitcoin for anyone with a brokerage account. This new and convenient channel will finally allow tens of millions of investors and individuals to access this important new asset class. Related reading: "Pantera founder looks back: 10 years ago we bought 2% of the world's BTC, and now we have achieved a thousand-fold return"
Following up on the DEXX theft, the founder said, "If the hacker takes the initiative to contact us within 48 hours, we will still communicate with him, otherwise we will pursue him to the end."
On November 16, the user assets of the on-chain trading terminal DEXX were stolen, and the loss reached tens of millions. On November 25, Roy, the founder of DEXX, posted on social media that "DEXX has not dismissed any members of the team until today. This week we have paid a huge financial cost to recover the hacker's funds. We are working with law enforcement agencies and multiple security companies to investigate and lock down the hackers, and are determined to recover the stolen funds. The team is currently formulating a compensation plan. If the hacker actively contacts us within 48 hours, we are willing to communicate with a solution attitude, otherwise we will definitely pursue it to the end." From November 26 to 29, the DEXX attack continued to convert a large number of tokens on the Solana address into SOL. On November 28, SlowMist released a list of DEXX attacker addresses, and currently 8,612 addresses have been identified on the Solana chain.
This week's hot articles
The guest of this interview is Benjels, co-founder of pump.science, whose support from CZ and Vitalik at the Bangkok event brought a lot of heat to deSci. The interview discussed the innovation brought by DeSci and its future development direction, and mentioned the practical significance of promoting the development of medical and longevity technologies by raising experimental funds through token transactions. At the same time, Benjels also brought new Alpha information, saying that pump.science will launch nearly 20 new experimental tokens around Christmas.
"Suicide, being a dog, child abuse, the Pump.Fun live broadcast that is gradually out of control"
In May this year, Pump.fun launched the live broadcast function for the first time, but it did not receive the expected popularity. In November, the official once again vigorously promoted the function and successfully led to the craze of "live broadcast with meme". However, within a week, Pump live broadcast gradually began to get out of control. Due to the platform's poor content review, the broadcasters did not hesitate to make all kinds of extreme behaviors in order to attract attention, and even posed a direct threat to others, putting this killer application of the Solana ecosystem into legal and regulatory risks. On November 26, Pump.fun announced the disabling of the live broadcast function.
Tencent Dialogue with Vitalik: The world should not fall into the power of AI
Recently, Ethereum founder Vitalik was interviewed by Tencent News' Periscope. When discussing the similarities and differences between artificial intelligence (AI) and cryptography (Crypto), Vitalik proposed that the two represent different technical philosophies. AI emphasizes centralization, the concentration of power and data, and may become a mainstream force in the world in the future, while Crypto advocates decentralization and equality, and is more suitable for solving trust issues. Buterin believes that the development of AI may intensify the trend of centralization, especially as technology advances, privacy and security issues become more prominent. Despite this, he still has hope for decentralized AI and believes that distributed AI can avoid over-reliance on centralized large companies. He also mentioned that although AI has strong instrumentality, Crypto technology still has unique advantages in solving trust issues and achieving global applications.
BNB Chain has recently attracted market attention, especially after it launched several new MEME tokens and DeFi projects. Binance launched 1000WHYUSDT and 1000CHEEMSUSDT perpetual contracts, and further invested in BNB Chain's DeFi infrastructure Kernel. With the rise of representative DeFi projects such as Thena, BNB Chain's trading volume and market value have risen sharply, and the market's attention to its ecosystem has continued to increase. At the same time, the AI MEME concept has also begun to gain attention on BNB Chain, and projects such as $AICELL and $NMT have performed well. In addition, multiple MEME tokens such as $COOKIE and $BOB have also attracted the attention of investors, bringing more capital flow and market heat to BNB Chain.
Since its launch in 2013, the Pantera Bitcoin Fund has achieved significant returns, with a current return of 131,165%. The fund's success began with a decision made when Bitcoin prices were low, when investors purchased 2% of the world's Bitcoin. Although Bitcoin prices have experienced dramatic fluctuations, fund managers believe that Bitcoin is still in its early stages and has great potential for future growth. In particular, with the gradual clarification of the US regulatory environment and the participation of large financial institutions, the market for Bitcoin is expected to continue to expand. The author firmly believes that Bitcoin will become part of the global monetary system and may bring dozens of times growth, becoming a global payment and storage tool that surpasses traditional financial assets.
Michael Saylor, founder of MicroStrategy, known as "Bitcoin Jesus", shared his personal and company's successful transformation experience, and explored in depth the uniqueness of Bitcoin and its investment value. He believes that in economic uncertainty, it is wiser to concentrate on investing in Bitcoin than to diversify risks, because Bitcoin is the only digital commodity with global liquidity and scarcity. He reviewed his journey from skepticism to conviction in Bitcoin, and emphasized that Bitcoin is not only an investment tool, but also a means of global wealth empowerment. Saylor also explained how MicroStrategy uses innovative means such as issuing convertible bonds to take advantage of Bitcoin's high volatility and liquidity to create higher returns for investors, and predicted that Bitcoin will become the world's main wealth storage tool in the future, and the price of each Bitcoin is expected to reach US$13 million by 2045.
Recently, Clanker has broken through historical highs one after another, and Farcaster has once again attracted a lot of attention. In this podcast interview, we can see how a veteran in the crypto field who came out of Coinbase led Farcaster from the start-up stage to a pioneer platform for exploring decentralized social networks. From the expectations for Frames V2, to the collaboration with Base, to the vision for the strategic reserve of Bitcoin, Dan not only shared his vision, but also faced the ups and downs and challenges of ten years in the industry. He frankly said, "The peak is not as high as you think, and the trough is not as low as you think."
"Understanding Clanker: The Million-Dollar Meme Maker on Base"
Clanker is a Web3 project that integrates AI agents, social meme platforms, and token issuance tools, dedicated to automating the issuance of meme tokens. Since November 2024, Clanker has rapidly risen in the Base ecosystem, successfully issuing multiple meme coins with a market value of over 10 million US dollars, such as LUM and ANON, and has attracted the attention of Ethereum founder Vitalik by combining with zk anonymous technology. Unlike other platforms such as Solana's pump.fun, Clanker emphasizes the combination with AI technology and adopts a more transparent model in terms of transaction fees and revenue sharing. It represents the rise of "application-based memes" in the Base ecosystem and may become a major breakthrough for the Ethereum ecosystem in the meme track.
"Missed the first bite of crab, these AI Agents coins are still exploding"
Recently, the MEME field is still dominated by the existing AI Agent and meme models, with refinements and innovations in gameplay. On the BASE chain, several emerging projects have performed outstandingly, and even diverted a portion of Solana's on-chain funds. This article summarizes the latest AI Agents popular coins and potential coins.
"Two major "VC coins" are quarreling with each other, who should we support?"
Recently, Scroll and Movement teams had a fierce dispute over accusations of technology and token economic models. Toghrul, a former Scroll team member, criticized Movement's "postconfirmations" term as just a renaming of an existing concept, and accused it of code plagiarism and immature technology; while Movement fought back against the Scroll team's behavior, criticizing it for over-reliance on the community, issuing unfair incentive policies, and unreasonable token distribution, which led to community disgust. The dispute between the two sides not only involved technical details, but also touched on issues such as internal team management, community relations, and token economics, sparking widespread discussion and criticism. In public opinion, Movement seems to have the upper hand, and many people believe that Scroll's management and public relations strategies have serious problems, which undermine the fairness and transparency of the blockchain ecosystem.
This article points out that as encryption technology is gradually accepted by the mainstream technology field, with the relaxation of encryption regulation, the growth of the accelerationist bubble and the continuous emergence of iconic encryption-driven cases, the early DePin, DeSci and AI are hot, and trends and opportunities can already be seen. In the future, more innovators will use encryption + technology for project financing and development. The next four years may be the time for the real application of encryption technology to explode.
Research reveals that with the rise of Memecoin, many influencers packaged it as a get-rich-quick investment opportunity, but in fact most Memecoins are "dead" and investors often suffer significant losses. Analysis shows that 76% of influencers have promoted "dead" Memecoins, and most tokens fell rapidly in value after the promotion, plummeting 90% in three months. Only 1% of Memecoins achieved a 10-fold increase, and the more followers the influencers had, the worse the Memecoins they promoted performed. Despite this, influencers can still earn a lot of money by promoting these tokens, showing that their motivation is mainly economic rather than profiting for investors. Investors should be wary of the risks of influencer promotions and rationally assess the true value of these tokens.
The bull market in 2024 is very different from that in 2021. There is a lack of new narratives and new investors, and there is no large influx of funds into high FDV projects. However, Trump's favorable policies have brought new opportunities to Bitcoin and meme coins, especially BTC has broken through several important barriers with his support, and meme coins such as Dogecoin and Pepe have also performed well under the impetus of Western capital. BTC and meme coins have attracted a lot of funds. Although there is no traditional "copycat season", funds have flowed to crypto-related US stock targets such as Coinbase, MicroStrategy and other companies. With Trump's possible promotion of the approval of crypto ETFs, the dominant logic of this bull market has become clear: investing in assets related to Trump and Western capital will be the most cost-effective option.
"Net capital inflow surpasses Solana, is the "Base era" approaching?"
The future of Base Chain is widely optimistic, mainly based on the strong support of Coinbase, the synergy of Ethereum and the rapidly decreasing friction of use. As the world's leading crypto trading platform, Coinbase actively promotes the development of Base Chain and attracts a large number of users. At the same time, Base is gradually catering to emerging trends such as AI and memecoin, and the integration of virtual agents and Farcaster is also a highlight of its ecological development. Despite the high risks and bubble problems, Base has shown the potential to become an important platform in the next stage of the crypto field with the professionalism of the team, the growth of capital inflows and the outstanding community performance.
In a recent interview, Arthur Hayes boldly predicted that if Trump comes to power in the United States, his loose monetary policy may lead to a depreciation of the US dollar, thereby driving up the prices of Bitcoin and other crypto assets. He believes that global inflation and changes in monetary policies of various countries will bring benefits to fixed supply assets such as Bitcoin. He also mentioned that crypto assets such as meme coins will also benefit from the rise of Bitcoin, and warned investors to remain vigilant in the bull market and avoid ignoring market risks due to greed. In addition, Hayes predicted that Bitcoin could reach $250,000 by 2025, and emphasized the importance of cashing out at the right time.
The Chicago Board of Trade Cboe recently submitted applications for four Solana ETFs, reflecting the potential of the cryptocurrency ETF market. Although Solana faces the challenge of a lack of a mature futures market, the prospects for approval of the Solana ETF have become more optimistic as the regulatory environment for cryptocurrencies in the United States changes. The resignation of SEC Chairman Gary Gensler in January 2025 may lead to a shift in regulatory strategy from an enforcement-based model to an information disclosure-based model, which brings new opportunities for the approval of the Solana ETF. Solana has strong growth momentum, and although there are still legal obstacles and market challenges, its decentralized progress and the recognition of commodity attributes have laid the foundation for its ETF application. If approved, the Solana ETF is expected to stimulate huge demand in the cryptocurrency market.
"Ethereum spot ETF welcomes pledge expectations, which currencies will benefit?"
In July, the US SEC approved the trading of Ethereum spot ETFs, but four months later, the traditional financial market's enthusiasm for ETH is far less than BTC. The main reason is that ETH is difficult to attract traditional markets, and the selling pressure of Grayscale ETHE and the SEC's restriction on the staking function have weakened its appeal. However, with Trump's victory and the expected improvement in the regulatory environment, the ETH spot ETF is expected to introduce a staking function to enhance investment attractiveness. Bitwise has acquired Ethereum staking service provider Attestant, and 21 Shares has also added a staking function to its Ethereum ETP product, which may drive the growth of ETH and the staking sector. Despite this, the rebound in the staking and re-staking sectors is still mainly driven by market sentiment in the short term, and actual business opportunities are still limited.
"The old guns on Wall Street have also started copycatting"
This week, Bitcoin experienced a correction, and the Altcoin market rebounded, especially Ethereum broke through $3,600, and multiple sectors such as DeFi and Layer2 saw a general rise. Wall Street's cryptocurrency ETF application is the main driver of this recovery, especially the ETF application of Altcoin such as Solana and XRP, which has attracted widespread attention. Changes in the regulatory environment, especially the Trump administration's cryptocurrency-friendly policies, have increased market confidence in the approval of Altcoin ETFs. Although regulation still faces challenges, traditional institutions are actively exploring crypto asset investment products, and it is expected that the derivatives market for crypto assets will usher in an explosion in the future. These factors have injected new vitality into the Altcoin market.
"Why is the recent popularity of RWA showing a trend of flooding?"
Recently, RWA has been gaining more and more attention in the blockchain and crypto markets, especially becoming a hot topic at fintech events in Hong Kong and Singapore. Hong Kong's compliant RWA market is gradually developing, but it is currently mainly focused on private equity funds and tokenized issuance, and the primary and secondary markets are not yet perfect. The RWA projects promoted by the Hong Kong Monetary Authority and the Hong Kong Securities and Futures Commission still face some challenges. At the same time, some leading exchanges have also begun to pay attention to RWA and launched related products. As the mainland market's interest in RWA grows, Hong Kong may become a bridge connecting mainland assets with global capital. However, the RWA market still needs to solve problems such as liquidity, trading platform construction, and the improvement of the regulatory framework, which may promote the emergence of dedicated RWA exchange platforms in the future.
In this special roundtable discussion, several leading figures in the fields of crypto and artificial intelligence (AI) shared their views on agent technology and Web3. The guests discussed the rise of AI agents in social media and how crypto tokens can drive the progress of this technology. They analyzed the pros and cons of decentralized and centralized AI platforms, and discussed the future direction of agent autonomy and general artificial intelligence (AGI). In addition, how agents integrate with DeFi and social platforms is also an important topic. By sharing their respective project progress and innovative practices, the guests demonstrated the great potential of combining AI agents with cryptocurrencies, and predicted that this field will continue to develop rapidly in the future, especially in social platforms and games.
More and more listed companies around the world are including Bitcoin in their reserve assets to optimize their financial structure and drive up their stock prices. This week, Chinese concept stock SOS Ltd. announced that it would invest $50 million in Bitcoin and plans to achieve steady returns through quantitative trading strategies, which led to a sharp rise in its stock price. In addition to SOS, other listed companies in the United States and Hong Kong are also actively investing in Bitcoin, such as Meitu and Boyaa Interactive. Meitu holds 941 Bitcoins, with a floating profit of more than $40 million, but its stock price has not risen significantly; Boyaa Interactive holds 2,641 Bitcoins, and its stock price has risen by more than 750% this year. In addition, some companies such as NetDragon and Coolpad have also made considerable profits by investing in Bitcoin, although their stock prices are volatile.
As the price of Bitcoin soars, more and more companies not related to cryptocurrency are beginning to imitate MicroStrategy's approach and purchase Bitcoin as a reserve asset. This strategy has driven up the stock prices of these companies in the short term, but its long-term effects remain uncertain. Optimists believe that this will help mainstream adoption of Bitcoin, while skeptics believe that this is just an attempt by some small companies to hype up short-term speculation. Although MicroStrategy's success has provided these companies with opportunities to raise funds, market experts warn that this behavior may just be unsustainable hype that may lead to a sharp correction as Bitcoin prices fluctuate.
DeSci has become a hot topic in the crypto space since November, attracting the attention of bigwigs such as CZ and Vitalik. DeSci aims to solve the problems of financing difficulties and insufficient data sharing in traditional scientific research through Web3 technology, and promote more fair and transparent scientific research. At present, entrepreneurs in this field can be divided into different echelons. The founders of the first echelon often have highly vertical scientific research backgrounds, such as Tyler Golato, the founder of Molecule and VitaDAO, and Alok Tayi of Vibe Bio. Although the second-tier entrepreneurs have a wider resume, they also show a strong influence. Brian Armstrong, the founder of Coinbase, has also made some layouts in the DeSci field. With the rapid development of DeSci, more elites with experience in related fields have entered this track, forming a fiercely competitive "contempt chain", and investors tend to support entrepreneurs with a deep background.
Crypto market financing activity in October showed a significant lag effect, with many deals completed after months of efforts by founders. Signs of improvement in the market still need to be interpreted with caution. Although October's financing amount hit a new high, this increase mainly reflects investor confidence a few months ago. The appearance of projects such as Praxis, Kiva AI and Azra Games at different stages of financing shows the potential of the Web3 ecosystem in breaking through technical and application bottlenecks. Overall, despite the increase in financing activities, trading activity is expected to remain sluggish in November and December, and investors may delay decision-making and make judgments in the new year.
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