BlockBeats will organize the key industry news content of the week (11.04-11.10) in this article, and recommend in-depth articles to help readers better understand the market and learn about industry trends.
Important News Review
Trump wins the US presidential election and becomes the first "Bitcoin President" in US history
On November 6, Trump won the US presidential election and will be inaugurated on January 20, 2025. Trump is the first US president who is extremely friendly to cryptocurrencies. Previously, Trump made 11 promises to Bitcoin and cryptocurrencies, including firing SEC Chairman Gary Gensler on his first day in office; establishing a "national Bitcoin reserve"; making the United States the "world's Bitcoin and cryptocurrency capital"; retaining the 203,650 BTC (US$14.95 billion) currently held by the US government; canceling capital gains tax on Bitcoin; supporting US Bitcoin mining; ending regulatory suppression ("anti-crypto movement"); establishing a "Bitcoin and Cryptocurrency Presidential Advisory Committee"; protecting the right of individuals to self-custody digital assets; refusing to issue CBDC; and commuting the double life sentence of Silk Road founder Ross Ulbricht. Related reading: "Trump becomes the first "Bitcoin President" in US history" , "Reviewing Trump's promises to Bitcoin: to fire the SEC Chairman and never sell your Bitcoin" , "Trump wins, what new opportunities will there be for cryptocurrencies and BTCFi? 》 、 《Trump returns to the White House, what will happen to Bitcoin after reaching its all-time high?》
The Republicans have won 210 seats in the House of Representatives and will further expand their advantage after winning the White House and the Senate
On November 6, the Republican Party took the lead in winning control of the U.S. Senate in the U.S. presidential election, giving the party a strong influence in high-stakes tax and spending battles and the final say in the executive and judicial nominations of the next president. On November 8, Coindesk reported that the U.S. Republican Party appears to continue to control the House of Representatives, completing a three-game winning streak after reversing the Senate and the White House in the 2024 election cycle. The Associated Press has announced 409 seats (out of 435), of which the Democrats won 199 seats and the Republicans won 210 seats. The party that first won 218 seats will win the majority. According to the Associated Press, as of 6:30 p.m. Eastern Time on Thursday, the Republicans were leading in at least 14 of the remaining 27 races, which means that if these results remain unchanged, they will maintain the majority for at least the next two years.
Trump team considers nominating Robinhood chief legal officer Dan Gallagher as next SEC chairman
On November 8, Reuters reported, citing multiple people familiar with the matter, that Trump transition team officials are considering hiring top lawyers from retail brokerage firm Robinhood, as well as bank regulators and corporate lawyers, to develop a short list of heads of major financial institutions that they expect to submit to the president-elect soon. Among them, one of the candidates being considered for chairman of the U.S. Securities and Exchange Commission (SEC) is Dan Gallagher, who was a Republican SEC commissioner from 2011 to 2015 and is currently Robinhood's chief legal and compliance officer. Related reading: "Trump wants to "fire" Gary Gensler, who will be the next SEC chairman?"
Musk appears in Trump's "victory family photo", and his net worth continues to rise; he vows to challenge taking over a huge government if Trump wins
On November 6, Musk said he would seek to reduce the number of federal agencies if Trump entered the White House and gave the billionaire businessman a position in his administration. Musk said he hopes to help Trump make his government more efficient while participating in Tucker Carlson's online show at Trump's Mar-a-Lago estate. "Our bureaucracy is huge and over-regulated. We need to let America's builders build it themselves," Musk told Carlson. On November 7, Musk suggested to Trump before the US presidential election that he hire well-known executives from SpaceX as senior government employees, including those at the Pentagon. Musk's proposal suggests that he could play a key role in the Trump administration after becoming one of the largest donors to Trump's campaign. Related reading: "It was premeditated, why did Musk all in Trump?" On November 7, Trump's granddaughter Kai Trump posted a "victory family photo" taken last night at Mar-a-Lago in Florida on her social platform. In the family photo, all the Trump family members entered the country, including Musk. On November 8, according to the world's richest list, Musk's net worth increased by US$4.7 billion from yesterday to US$290.3 billion.
This week, Bitcoin prices hit new highs, and its market value surpassed Meta to become the ninth largest asset in the world
On November 6, Bitcoin briefly rose to $75,000, and on November 7, Bitcoin broke through $76,000. On November 8, the price of Bitcoin reached a high of $76,400, with a 4-hour increase of 8.62%, a record high. According to market information, Bitcoin's market value surpassed Meta to become the ninth largest asset in the world. Related reading: "After the new high, will Bitcoin usher in a wave of selling?"
Coinbase and Binance's sky-high listing fees sparked controversy, CZ responded: "Bitcoin has never paid any listing fees"
On November 4, Justin Sun said on his social platform that Coinbase asked us to pay 500 million TRX (worth $80 million) and deposit $250 million in Bitcoin in Coinbase Custody to improve its performance. In contrast, Binance did not charge it a listing fee. On the same day, Andre Cronje, director of the Fantom Foundation and current chief technology officer of Sonic Labs (formerly Fantom), responded to Coinbase CEO Brian Armstrong's statement that "Coinbase's listing fee is 0" and said: Binance did not charge it a listing fee, but Coinbase asked for fees many times, and quoted $300 million, $50 million, $30 million, and the most recent quote was $60 million. "In response, CZ issued a statement in response to the recent "listing fee" controversy, saying, "We should work hard to reduce this kind of "quotation attack" in the industry. Bitcoin has never paid any listing fees. Focus on projects, not trading platforms. Related reading: Coinbase and Binance, who is charging sky-high listing fees?
Ethereum Foundation 2024 Report: 99.45% of crypto holdings are ETH, with asset reserves of approximately US$970.2 million
On November 8, the Ethereum Foundation released its 2024 report, stating that "As of October 31, 2024, EF (Ethereum Foundation) had asset reserves of approximately US$970.2 million, of which US$788.7 million were crypto assets and US$181.5 million were non-crypto investments and assets. Most of our crypto holdings (99.45%) are held in the form of ETH. These ETH accounted for 0.26% of the total ETH supply on October 31, 2024. The goal of EF's asset reserves is to provide funding for important public products in the Ethereum ecosystem for years to come. To achieve this goal, we must follow a conservative fiscal management policy to ensure adequate resources even in the event of multi-year market downturns. This requires regular sales of ETH to ensure adequate reserves in the coming years and planned increases in our fiat reserves in bull markets to fund spending in bear markets." Related reading: "Interpreting the EF report: its "great love" philosophy seems to be hindering business development" , "Quickly reading the Ethereum Foundation report: US$240 million in two years of spending, L1 R&D accounts for nearly 30%"
TON's famous game Hamster Kombat lost 260 million players in three months, and the number of users dropped by 86%
On November 5, Protos reported that Hamster Kombat, a Telegram "tap-to-earn" game that claimed to have 300 million users in August, has now seen a sharp drop in monthly active users to about 41 million, with more than 260 million players lost. The game's token, HMSTR, has plummeted 76% from its high of $0.009993 on September 26. Earlier this year, Telegram's CEO called it "the fastest growing digital service in the world," but the rough AI graphics and boring gameplay failed to retain players. The game frequently postponed airdrops and implemented a strict anti-cheating system, resulting in 2.3 million users being banned and 6.8 billion HMSTR tokens being confiscated. In addition, Hamster Kombat has been criticized by the Iranian and Russian governments for its negative impact on society.
The Federal Reserve cuts interest rates by 25 basis points
On November 8, the Federal Reserve cut its benchmark interest rate by 25 basis points to 4.50%-4.75%, the second consecutive rate cut in line with market expectations.
One of the most lucrative bets in the history of political predictions: A trader is expected to make $48.5 million betting on Trump's victory
On November 6, DL News reported that French trader Theó on Polymarket made a big bet on Trump winning the election. He bet more than $30 million. If Trump wins, he will earn at least $48.5 million. The mysterious man said: "I don't want to manipulate the US election, I just want to make money." But due to the huge amount of money, he can hardly withdraw these bets and bear huge risks. Theó's bet may become one of the most lucrative bets in the history of political prediction. Related reading: "30 million bets on Trump's victory, this mysterious whale said: just to make money"
Powell: I will not resign if asked
On November 8, Federal Reserve Chairman Powell: "If I were asked to resign, I would not resign"
Aleo Chinese Community issues an open letter on whether a16z's lawsuit against the original Aleo team is true
On November 7, the Aleo Chinese community sent an "Open Letter on the Aleo Project" to a16z, questioning whether the "a16z filed a lawsuit against the original Aleo team in a US court" was true. The community was curious about a16z's original intention to invest in Aleo, and whether a16z could share its vision and key reasons for supporting Aleo. There were changes in the leadership of Aleo Network, and Howard Wu was replaced by Alex Purden, who has an a16z background, which raised questions in the community as to whether the change was consistent with the long-term goals and strategies of Aleo Network. Rumors that "a16z and other venture capital firms filed a lawsuit against the original Aleo team in a US court" are spreading, and the community is deeply concerned about whether the above rumors are true.
Previously, in April 2021, Aleo received $28 million in financing, led by a16z; in February 2022, Aleo completed a $200 million Series B financing, led by SoftBank and Kora Management. After the mainnet was launched on September 18, 2024, Aleo failed to gain community recognition, but was instead filled with doubts on social media, especially from miners.
Ethereum Developers Launch Mekong Testnet to Trial Next Year’s Pectra Upgrade
On November 7, Ethereum developers introduced a temporary test network called Mekong for the Pectra upgrade. The test network is designed to try out specific code changes before deploying them to other public test networks and eventually to the mainnet. Initially, the Pectra upgrade plan included 20 Ethereum Improvement Proposals, but this number has been reduced to about 8. These modifications focus on improving user experience and network efficiency when Pectra is launched on the main network. The main changes being tested include improving the user experience of crypto wallets and account abstraction, increasing the maximum staking limit for validators from 32 ETH to 2,048 ETH, updating deposit and withdrawal mechanisms, etc.
Swell Network launches SWELL airdrop claim page, open for claiming on November 7
On November 4, the re-staking protocol Swell Network announced that the SWELL airdrop claim page is now online and claims will open on November 7.
Magic Eden Foundation announced the token economics of ME on November 18
On November 8, the Magic Eden Foundation stated that it would announce the token economics of ME on November 18.
Chinese police smashed a money laundering gang using virtual currency, involving more than 800 million yuan
On November 7, Guangming.com reported that in July this year, Beijing police found that the suspect Zhang had transferred more than 20 million yuan of criminal proceeds through overseas underground banks while investigating a case of occupational embezzlement, causing serious losses to private enterprises. Through analysis of suspicious transactions, the police gradually locked in Lv and more than a dozen accounts associated with him, and found out through work that they had transferred a large amount of unknown funds overseas in more than three years, with the amount involved reaching more than 800 million yuan. The criminal gang headed by Lv provided funding channels for crimes such as telecommunications fraud and online gambling. The upstream criminal gangs often used Lv and others to "exchange" virtual currencies, using domestic RMB funds to purchase virtual currencies from currency speculators and currency traders, and then sold virtual currencies to overseas sellers through overseas virtual currency platforms to obtain foreign exchange, thereby achieving the purpose of transferring illegal income from the country to overseas.
This week's hot articles
Trump becomes the first Bitcoin president in U.S. history
Trump won the 2024 US presidential election and became the first US president to show strong support for cryptocurrencies. His victory is seen as a major turning point in the crypto market, which is expected to ease the strict regulation of the industry during the Biden administration. Trump not only accepted Bitcoin donations, but also participated in the issuance of NFTs, demonstrating his personal commitment to digital assets. He promised to make the United States a global crypto hub, planned to fire the current SEC chairman, and established a Bitcoin/Cryptocurrency Advisory Committee. This series of measures has made market participants look forward to the future development of cryptocurrencies and pay attention to whether Trump can really fulfill his promises.
Review of Trump's Promise on Bitcoin: Fire the SEC Chairman, Never Sell Your Bitcoin
On November 6, 2024, the dust settled on the US election, Trump once again took the position of US President, and Bitcoin also hit a record high of $75,000. In order to win this election, Trump frantically showed goodwill to people in the crypto industry during the canvassing and became a Bitcoin activist. At the Bitcoin 2024 conference held in Nashville in July this year, Trump appeared and delivered a nearly 1-hour speech. Although it was delayed by 1 hour from the original time, tens of thousands of spectators on the scene were still in high spirits during Trump's very personal speech. Let's review this speech through this article and see what promises Trump made to Bitcoin.
During the US election, the prediction market platform Polymarket quickly became popular due to its keen market dynamics and high trading volume, becoming one of the focuses of the election market. Compared with traditional polls, Polymarket's odds changes react more quickly to the direction of the election. Trump's chances of winning in key states have been rising frequently, attracting a large number of users to participate. As of November 6, Polymarket's election-related trading volume has exceeded 3.6 billion US dollars, and the server crashed temporarily due to excessive traffic. French trader Théo invested heavily in betting on Trump's victory, and eventually made nearly 16.47 million US dollars with Trump-related winning contracts, which attracted widespread attention.
"If Trump wins the election, what new opportunities will cryptocurrencies and BTCFi have?"
This article focuses on the impact of the US election on the cryptocurrency market, especially the potential boost to the prediction market and BTCFi. By interpreting the innovations in prediction platforms such as Polymarket, DeFi and BTCFi, it explores the possible opportunities for crypto projects in terms of policy, regulation and technology. At the same time, the article also discusses the incentives for developer innovation from Bitcoin technology upgrades (such as OP_CAT) and its significance to the entire crypto market.
Governments face challenges in formulating policies for emerging technologies such as Web3, especially since the decentralized nature of Web3 does not fit into traditional regulatory frameworks. The United States currently lacks an effective decentralized crypto asset regulatory system, although there has been progress in areas such as Wyoming's DUNA Act. The article suggests that the U.S. government promote decentralized development in many ways, including: adjusting regulatory methods to reduce reliance on centralized intermediaries, improving decision-making transparency, allowing government personnel to use cryptocurrencies and receive blockchain training, supporting blockchain technology research and development and adopting privacy protection technologies such as zero-knowledge proofs to ensure data security and enhance innovation and national competitiveness.
"Trump wants to fire Gary Gensler, who will be the next SEC chairman?"
In the 2024 US presidential election, Trump won the 47th US President and the Republican Party won control of the Senate. This result may affect the regulatory direction of the cryptocurrency industry, especially in terms of the chairman of the US Securities and Exchange Commission (SEC). The current chairman, Gary Gensler, has been controversial for his strict regulation of the cryptocurrency industry, especially Trump has publicly stated that if elected, he will try to fire Gensler. Among the eight potential candidates, Hester Peirce and Chris Giancarlo are considered likely to bring more friendly policies to the crypto industry, while others such as Chris Brummer and Erica Williams prefer a more neutral or traditional regulatory approach. This change will directly affect the future US cryptocurrency regulatory policy and arouse the industry's high attention to the new SEC chairman.
"SEC Chairman's term is coming to an end. What else can he do for the crypto industry?"
After Trump won the US election, the crypto market rebounded sharply, and investors are full of expectations for his promise to support the crypto industry. SEC Chairman Gensler may take tougher regulatory actions against the crypto industry before the end of his term, but also faces the possibility of being revoked after the Republican government takes office. Experts believe that Trump's successor has the power to terminate the current investigation or repeal the new rules, and Trump has stated that he will remove Gensler from his position after taking office, although he cannot completely remove him from the SEC. Gensler can choose to accelerate enforcement measures during his term or leave quietly, while the new administration and Congress may overturn or repeal the rules set by Gensler.
"Selling 'Trump': Earning tens of millions of dollars by 'branding' crypto projects"
The 60th presidential election in the United States has come to an end. The outcome of Trump and Harris has not only attracted global attention, but also brought changes to the crypto market. Trump actively supported cryptocurrencies during his campaign and promised that if elected, he would retain the government's holdings of Bitcoin and list it as a strategic reserve. Trump himself is deeply involved in the crypto field, with NFT projects generating cumulative revenues of more than $22 million, and the DeFi project World Liberty Financial is expected to generate $337 million in revenue. However, because it is mainly in the form of OEM and lacks substantial family involvement, the market response has been cold.
The Wisdom of the Market: Why Polymarket Outperforms Traditional Polls in Election Predictions
In this election, the prediction market Polymarket demonstrated accuracy and speed that surpassed the mainstream media. Before voting began, Polymarket had assessed Trump's chance of winning at 62%, and quickly adjusted it to 97% on voting night, far exceeding the predictions of polling agencies. This is due to the fact that Polymarket collects information from multiple traders and ignores ideology, which enables it to capture public opinion more keenly than mainstream polls. Traders adjust their expectations based on the national election situation, while mainstream media adhere to the traditional publishing process. Polymarket's performance not only questions the bias of polls, but also reveals the limitations of media narratives, becoming an alternative guide for this election.
"The crypto winners behind the election emerge: Who has already made their move?"
In the 2024 US election, Trump was successfully elected as the "crypto president", marking the growing influence of the cryptocurrency industry in American politics. Bitcoin subsequently broke through $75,000, and the 21st Century Financial Innovation and Technology Act, driven by a large amount of lobbying funds, paved the way for the development of the crypto industry. Major political action committees (PACs) such as Fairshake, Protect Progress, and Defend American Jobs have spent huge sums of money to support candidates who are favorable to cryptocurrencies to ensure the future policy environment. Many crypto giants such as Coinbase, Ripple, and A16Z donated hundreds of millions of dollars in this election, deepening the connection between the crypto industry and the political world, and indicating that the future regulatory framework will be more favorable to the crypto industry.
"It was all planned, why did Musk go all in on Trump?"
Trump returned to the White House, and Musk became "Ma Baoguo". People were surprised to find that Musk wrote in his biography published last year, "I think it is important to have an inclusive and trustworthy digital public space." He answered, then paused and added, "Otherwise, how can we help Trump get elected president in 2024?" Fortune magazine wrote in this article that Trump's coming to power may bring about policy relaxation, which will benefit Musk's companies. SpaceX and Starlink are expected to reduce regulatory pressure and win more government contracts; Tesla may also receive support in autonomous driving regulation and electric vehicle tax incentives; The Boring Company and Neuralink may benefit from infrastructure projects and faster approval processes. Musk will use his relationship with Trump to influence policies in multiple fields and promote business development.
In the 2024 US election, candidates who support cryptocurrencies dominated, with 247 supporters winning seats in the House of Representatives and 15 in the Senate. Coinbase CEO Brian Armstrong said this was a watershed moment in the cryptocurrency field. The crypto industry invested significantly in the election, especially $40 million to support Bernie Moreno to win a Senate seat, which also paved the way for the Republican Party to regain the majority in the Senate. Such funds not only support pro-crypto candidates, but also influence opponents through negative advertising. With the advancement of more pro-crypto policies, American politics is gradually entering the "crypto gold era."
Coinbase founder: Thinking about the US election from an encryption perspective
The election marked an important victory for the cryptocurrency industry, with broad support for pro-cryptocurrency candidates, especially the Republican Party, which has a more positive attitude towards crypto. With the defeat of Senator Sherrod Brown and the support of Trump, cryptocurrencies have received an unprecedented friendly environment in Congress. Voters clearly expressed their opposition to excessive regulation and government intervention, calling for economic freedom and limited government. The election also showed the potential for bipartisan support for cryptocurrencies, especially in terms of fair competition and technological innovation. The crypto community has taken a non-partisan stance to promote the continued development of the industry in the United States and seek to protect consumers and the industry from attacks through reasonable legislation.
The Ethereum Foundation recently released a report detailing its core values, spending, financial status, and ecosystem status. The three core values of the Foundation are long-term thinking, self-limitation, and value protection. In 2022 and 2023, the Foundation spent $105.4 million and $134.9 million, respectively, with spending mainly concentrated on L1 research and development and support for new organizations. Spending increased by nearly 28% in 2023, with the proportion of new institutional spending increasing significantly. The Foundation's total treasury as of October 2024 was approximately $970.2 million, most of which was ETH. The total treasury value of projects within the Ethereum ecosystem reached $22.2 billion, and between 2022 and 2023, the ecosystem invested a total of $497 million to support community projects.
"Interpreting the EF report: Its "great love" philosophy seems to be hindering business development"
The Ethereum Foundation recently released a report detailing its core values, spending, financial status, and ecosystem status. The three core values of the Foundation are long-term thinking, self-limitation, and value protection. In 2022 and 2023, the Foundation spent $105.4 million and $134.9 million, respectively, with spending mainly concentrated on L1 research and development and support for new organizations. Spending increased by nearly 28% in 2023, with the proportion of new institutional spending increasing significantly. The Foundation's total treasury as of October 2024 was approximately $970.2 million, most of which was ETH. The total treasury value of projects within the Ethereum ecosystem reached $22.2 billion, and between 2022 and 2023, the ecosystem invested a total of $497 million to support community projects.
"RAY surged 66% in 3 days, why did it lead the rise of Solana?"
The Solana ecosystem has blossomed in the past few days after Bitcoin hit a new high. SOL has exceeded $200, and a number of ecological projects such as JTO, DRIFT, and JUP have performed well, but the most outstanding performance is Raydium, the largest DEX in the Solana ecosystem. According to DeFiLlama data, Raydium TVL ranks fourth in the entire network, and its 7-day trading volume is second only to Uniswap. This article introduces Raydium's position and advantages on the Solana blockchain, especially its dominant position in meme coin transactions.
This article analyzes the abnormal impact of the Fed's interest rate cuts on bond yields. The core point is: in the current environment, the Fed's interest rate cuts will lead to a decline in short-term interest rates, but due to the large scale of debt and deficits, the market requires higher yields on long-term government bonds to maintain the balance of the investment portfolio. In addition, the operations of the Federal Reserve and the Treasury Department will invisibly transfer public wealth to asset holders, and the economic recession will make this problem more serious.
"Common sense" returns, new market themes emerge: PayFi, AI Agent and Meme"
With Trump's election as the 47th President of the United States, Bitcoin broke through its previous high and reached $76,000 in one fell swoop. Trump's favor for the entire crypto world will become one of the important driving forces of this bull market. Lai Bai, partner of ABCDE Investment Research, analyzed his views on the main line of this bull market on X. He believes that PayFi, AI Agent and Meme will take over Defi, NFT and X2Earn from the previous bull market and become the new main theme.
Recent data shows that the revenue of multiple crypto protocols continues to grow, among which L1 public chains such as Ethereum, Bitcoin and TRON are still the money-making giants. Ethereum has generated more than $2.5 billion in revenue in the past year, ranking first; stablecoin issuers Tether and Circle have also performed well, with protocol revenues of $16.1 billion and $516 million respectively. It is worth noting that Meme coin platforms such as pump.fun have also become new money-making hotspots, with revenues reaching $146 million. Overall, L1 public chains, infrastructure projects and application projects still dominate the money-making trend in the crypto industry. Although the success of emerging projects is uncertain, the stable and developing ecosystem is still the core money-making force in the industry.
"Coinbase and Binance, who is charging sky-high listing fees?"
The controversy over exchange listing fees has once again become a hot topic, especially after the CEO of Moonrock Capital exposed that Binance charged up to $100 million in listing fees, sparking widespread discussion. Although Coinbase has also been accused of charging listing fees, and the amount is not small, its co-founder insisted that the company lists coins for free. Binance co-founder He Yi responded that Binance does not charge listing fees and its listing screening process is strict and transparent. Regarding the controversy over listing fees, the industry has different opinions. Some people believe that it is a necessary fee to ensure the quality of the project, while others believe that high fees may limit the listing of potential projects with insufficient funds.
Recently, there has been widespread controversy over whether Binance and Coinbase charge listing fees. Although both exchanges claim that they do not charge listing fees, multiple project parties have been asked to pay high fees. Binance's listing application form reveals its emphasis on projects, including referrals, project valuations, community data, and the use of the BNB chain; while Coinbase emphasizes compliance, focusing on whether the project meets the requirements of the US market and whether it has super user permissions. Upbit pays more attention to compliance, requiring projects to provide KYC information and select trading pairs.
This article is the author's prediction and thinking about the market after November 2024. First, despite the market's bearish sentiment on Ethereum, its core advantages lie in the ETF and RWA fields, especially in the context of Bitcoin's potential to reach 100K, ETH will benefit from the outflow of funds. Secondly, AI Agent is seen as the key to the future development of the crypto market, especially on the Basechain platform, where AI Agent combined with crypto infrastructure will promote the large-scale application of this technology. Finally, the author mentioned that the results of the election may affect the performance of different crypto assets, and predicted that the crypto market will usher in a more relaxed regulatory environment in 2025.
"Crypto x AI Agents, will it be the last piece of the puzzle for the new Internet paradigm?"
OpenAI's next phase of focus, AI Agents, is scheduled to be launched in 2025, marking the third phase of general artificial intelligence (AGI). AI agents are no longer just chat tools, they can complete tasks autonomously, which will completely change the way the Internet is used. With the advancement of AI technology, traditional search modes will gradually be replaced by AI agents. Users only need to issue instructions to the agent to get results directly, without the need for manual search. At the same time, Crypto, as the infrastructure of AI agents, plays a key role in helping them build autonomous identities, manage finances, and ensure security boundaries, paving the way for the implementation of AI agents.
Consensus in the Cracks: Tether and the New Global Financial Order
As an important liquidity tool in the global offshore market, Tether (USDT) has demonstrated strong profitability and a huge market share. Since its inception, Tether has continued to develop in multiple fields such as payment, settlement and value storage, and has successfully expanded into a "shadow dollar", which is widely used in the global financial system, especially in areas with high inflation or capital controls. However, despite Tether's positive role in the expansion of US financial hegemony, it still faces pressure from US regulation, especially in terms of monetary policy and the stability of the US debt market. Tether's future may not only be limited to maintaining its existing market position, but may also promote the establishment of a super-sovereign currency system through innovative measures such as linking to Bitcoin.
Trump's victory brought him an unprecedented power base. Similar to the economic strategy of Roosevelt, he declared that Bitcoin would become the US Federal Reserve. Although the US dollar system has undergone many changes, from the gold standard to the credit currency era, the US dollar is still the exchange voucher for US debt. Bitcoin is seen as a new anchor to replace US debt. Although its price cannot fully carry the huge scale of US debt, it may play a key role in solving the US debt problem in the future. The distribution of Bitcoin and the potential control of the US government are expected to have a significant impact on its market, thereby promoting Web3 into a new era in the United States.
"I earned 1 BTC by playing Minecraft for 1 hour?"
Last week, Casey Rodarmor, founder of Ordinals & Rune Protocol, launched an 8-hour puzzle game with a tweet. The prize was the "cactusseeds" inscription he cast himself, which belongs to the "Dia De Pixales" series of inscription No. 0. The game requires players to find the coordinates he specified in the 2b2t anarchic Minecraft server. In the end, player @Rhynohowl1 was the first to find Casey and won the inscription, which was valued at up to 10 BTC on the trading market. Although the player was not familiar with Ordinals at first, his success attracted widespread attention from the Ordinals community and even received multiple high-priced acquisition intentions.
"The Iceberg Stem Picture Reappears, Revealing the Industry Insider Information You Don't Know"
This article uses the "iceberg model" to introduce the different levels and dark sides of the cryptocurrency industry, from basic concepts to dark humor and conspiracy theories within the community. It reveals the historical background and some important events of Bitcoin, Ethereum, etc., as well as the mysterious culture popular in the market, the phenomenon of Altcoin, and the controversial behaviors of industry figures, aiming to satirize and ridicule this not-so-serious industry.
This article sets the record straight on several major misunderstandings about chain abstraction: Chain abstraction refers to a user experience that eliminates the need to manually interact with multiple blockchains, and is designed to simplify the multi-chain usage process. Different from cross-chain bridges and multi-chain wallets, it focuses on integrating multi-chain liquidity, allowing users to interact directly with dApps without switching chains or preparing different gas tokens. Chain abstraction is different from concepts such as account abstraction and intent, and its goal is to solve the problem of chain fragmentation and improve user experience and interaction efficiency. It provides users and developers with convenient operations through a real-time, multi-chain ecosystem, while reducing transaction costs and ensuring security. With the rapid development of the multi-chain ecosystem, chain abstraction is expected to become a key driving force for industry innovation.
This article reflects the author's initial impression of the Middle East and Dubai through his short trip to Dubai and his experience participating in the Binance Blockchain Week (BBW) event. The author is deeply impressed by Dubai's rapid development and its unique contrast between the old and new urban areas, especially the new urban area, which has no historical baggage and is full of a sense of the future. At the same time, the author shared his communication with the Binance team, felt the positive atmosphere of the company and the pride of the employees, and emphasized the significance of Binance as a normal person and work within a remote work company. In addition, the article also mentioned the contact with Yijie and the meeting with CZ, showing his sensitivity and sense of humor to Internet hot spots.
Five Reasons Why Solana Loses Ground on Ethereum
This article discusses the infeasibility of Solana as the core of the global financial system. Solana requires too much bandwidth, which limits its applicability worldwide. There is a high risk of downtime in the future and a lack of a mechanism for continuous operation. Solana's token distribution is too centralized, resulting in insufficient economic decentralization and a lack of broad economic support. While Ethereum can achieve settlement of more chains through zk aggregation, Solana lacks scalability.
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