BlockBeats will organize the key industry news content of the week (11.18-11.24) in this article, and recommend in-depth articles to help readers better understand the market and learn about industry trends.
Important News Review
Bitcoin hits a record high of $99,588 for the first time, just one step away from $100,000
This week, Bitcoin has broken through $99,000 several times to set a new record high. Many institutions are optimistic about Bitcoin's subsequent performance. The latest report from asset management giant VanEck pointed out that from the perspective of key indicators, this round of rebound seems to have just begun: the perpetual futures funding rate has been above 10% since November 12, indicating that bullish momentum has increased; in addition, the current 30-day moving average relative unrealized profit level is about 0.54, which usually indicates that the market will peak in a longer period of time; the search term popularity is only 34% of the high in May 2021, indicating that the speculative frenzy has not yet spread, and the re-engagement of retail investors will give Bitcoin room to rise further. On November 24, BitMEX co-founder Arthur Hayes predicted in his latest podcast that Bitcoin will reach $100,000 by the end of this year, and may reach $250,000 by the end of 2025, and Dogecoin may reach $1. Related reading: "After Bitcoin breaks through $100,000, which track will explode first? 》 、 "Bitcoin is approaching $100,000, and the institutional power behind the holding of more than 2.7 million BTC is reviewed"
SOL hits record high; global asset market value ranking rises to 153rd
On November 22, SOL hit $260 for the first time, setting a new all-time high after 1,100 days, with a 24-hour increase of 11.98%. Solana's market value has reached $122.35 billion, surpassing companies such as Sony and Allianz, ranking 153rd in the global asset market value. SOL hit an all-time high of $259.9 on November 6, 2021. At that time, the Solana ecosystem was deeply bound to the well-known trading platform FTX, and SOL itself was highly praised by the then crypto leader, FTX founder SBF. As the Federal Reserve's interest rate hike ended the 21-year bull market, the crypto field was affected by the collapse of LUNA and Three Arrows Capital in 2022. FTX was also affected and eventually collapsed at the end of 2022. SOL also fell to $8. Related reading: "Solana: From Zero to a New High of $100 Billion, the Most Perfect Nirvana Rebirth in Crypto History"
Source: SEC's talks with SOL spot ETF issuer "making progress"
On November 21, a FOX Business reporter posted on social media that according to two people familiar with the matter, negotiations between SEC staff and issuers who want to launch SOL spot ETFs have "made progress." The SEC is currently processing the S-1 application for the SOL spot ETF. These people familiar with the matter said that it is "very likely" to see exchanges submit some 19b-4 documents on behalf of potential issuers in the next few days, which is also the next step in the ETF approval process. Perhaps affected by this news, SOL rose 4% in a short period of time.
Wall Street bond trading giant Cantor to acquire approximately 5% ownership interest in Tether
On November 24, it was reported that Cantor Fitzgerald is expected to acquire approximately 5% of the ownership interest in Tether, the world's largest stablecoin issuer, and Lutnick will use his political influence to defuse the threats facing Tether. Cantor Fitzgerald is currently one of Tether's most important banking partners. Cantor Fitzgerald CEO Howard Lutnick will serve as Trump's Secretary of Commerce
The meme track remains hot: the controversy over capitalization resurfaces; Tiktok narratives are hot; live streaming has a thousand-fold myth
ai16z has recently attracted widespread attention for launching a decentralized AI trading fund based on Solana. The fund uses AI agents to analyze the market and execute transactions, driving the market performance of the token of the same name. Among them, the AI agent Eliza once had a market value of 50 million US dollars with the support of ai16z. On November 16, due to ai16z partner Shaw's announcement of "Let Eliza be free" and the launch of a new token ELIZA, Eliza's market value plummeted by more than 87% in a short period of time. This move triggered a fierce reaction from the community, and the drama of the community VS conspiracy group is still going on. Related reading: "Eliza's "upper and lower case" war: the duel between the on-chain "VC" ai16z and the community?"
On November 20, it was monitored that a teenage trader named "Little Brother" created a MEME coin Quant during a live broadcast and sold all of it for 128 SOL (US$30,000), making a profit of US$29,600. The 51 million Quants he sold are now worth US$4 million. After that, he created lucy and sorry and sold them all, making another profit of 103 SOL (about US$24,000). Related reading: "How did a kid who ran away from live broadcasting and issued coins become a new top streamer?"
Solana's on-chain meme coin CHILLGUY has quickly become popular due to TikTok's popular emoji characters, and its market value has soared from $10 million to nearly $500 million in just a few days. An early investor invested about $1,000 and realized a profit of more than $1 million in less than a week. The rise of CHILLGUY has attracted a large number of new users to the crypto field and pushed Solana's trading volume to a new high. Related reading: "1,000 US dollars turned into 1 million US dollars. Who caught Chillguy's wealth?" , "TikTok's popularity continues + AI meme is warming up, Solana chain continues to print money | What memes are hyped today? "
Base ecosystem is on the rise, AI Agent token issuance increased 100 times in a week
Since Trump took office, there have been constant crypto turmoil. On November 19, Trump will discuss the appointment of the SEC with Coinbase CEO Brian Armstrong. The long-neglected base ecosystem has once again returned to the public's hot spot vision. In the meme ecosystem of Base, in addition to the well-known Brett, Degen, etc., Base's meme is accelerating like the current market. Not only are AI concepts emerging in an endless stream, but many tokens of the Desci series have also migrated to Base. On November 21, Vitalik and Jesse bought the Base ecosystem meme coin ANON one after another, which once again set off an AI token craze on Base. This functional token with ZK technology once again made the community realize that Base may have ushered in a narrative like Degen at the beginning of the year.
Related reading: "AI Agent's coin issuance increased 100 times in a week, the emerging "Base Agent" ecosystem" " The Base ecosystem quietly brewing a 100-fold opportunity, what are the hype targets"
SEC Chairman Gary Gensler to step down on January 20
On November 22, according to official news, Gary Gensler, Chairman of the U.S. SEC, will leave on January 20. The official announcement mentioned that in the last full fiscal year, although the cryptocurrency market accounted for less than 1% of the U.S. capital market, 18% of the reports, complaints and recommendations received by the U.S. Securities and Exchange Commission were related to cryptocurrency. The courts have supported the Commission's actions to protect investors and rejected all arguments that the Securities and Exchange Commission cannot enforce the law when issuing securities-regardless of the form in which the securities are issued. Related reading: "Crypto lawyer Teresa may serve as SEC chairman, what does Trump intend to do?"
MicroStrategy ranks among the top 100 US listed companies by market value, currently holding 331,200 BT
On November 20, MicroStrategy (MSTR) rose more than 2.43% before the market opened, with a share price of more than $440.55 and a market value of more than $96.732 billion, ranking among the top 100 US listed companies. According to mstr-tracker data, MicroStrategy currently holds 331,200 BTC, worth $30.898 billion, with an average purchase price of $49,874, and a current floating profit of more than $14.7 billion. Related reading: "$15 billion conspiracy: Where will MicroStrategy take Bitcoin?" , "He is the happiest person in the bull market for making billions of dollars by speculating on Bitcoin with listed companies"
Well-known short-selling institution Citron: Has short MSTR for hedging, still optimistic about Bitcoin
On November 21, Citron Research, a well-known short-selling institution, officially posted on social media that as Bitcoin investment is easier than ever (currently you can buy ETFs, COINs and HOODs), MSTR's trading volume has completely deviated from BTC's fundamentals. Although Citron is still bullish on Bitcoin, we have hedged by opening a short position in MSTR. Citron said: "Even Michael Saylor must know that MSTR is now overheated." Related reading: "Publicly short MicroStrategy, can Citron Capital win this time?"
US Bitcoin Spot ETF Options to be Launched Soon
On November 19, the U.S. Options Clearing Corporation (OCC) announced on its official website that it is preparing to launch spot Bitcoin ETF options. According to the disclosure, OCC is preparing for the clearing, settlement and risk management of spot Bitcoin ETF options, which will comply with the new options listing process outlined in the options listing procedure plan.
The open positions of BTC and ETH contracts on the entire network exceeded US$64 billion and US$20 billion respectively, setting new records
On November 22, according to Coinglass data, the total open interest of Bitcoin futures contracts on the entire network was 648,480 BTC (about 64.09 billion US dollars). Among them, the open interest of CME Bitcoin contracts was 216,820 BTC (about 21.4 billion US dollars), ranking first; the open interest of Binance Bitcoin contracts was 124,570 BTC (about 12.31 billion US dollars), ranking second. On the same day, the total open interest of Ethereum contracts on the entire network exceeded 20 billion US dollars, reaching 20.61 billion US dollars, a record high, with a 24-hour increase of 4.68%.
Justin Sun: Cattelan banana bought from Sotheby's for $6.2 million
On November 21, Justin Sun, founder of TRON and member of the HTX Global Advisory Board, posted on social media: "We successfully purchased Maurizio Cattelan's iconic work "Comedian" for US$6.2 million. This is not only a work of art, but also a cultural phenomenon that connects art, meme culture and the cryptocurrency community. I believe this work will inspire more thinking and discussion in the future and become a part of history. I am honored to be the proud owner of this banana and look forward to it bringing more inspiration and influence to art lovers around the world." Perhaps influenced by this news, the on-chain meme token BAN rose by more than 27% in a short period of time.
Trump's company in advanced talks to acquire cryptocurrency trading platform Bakkt
On November 19, it was reported that Trump's social media company was in advanced negotiations to acquire Bakkt, a cryptocurrency trading platform under the Intercontinental Exchange, as the company strives to expand its business beyond online conversations. Two people familiar with the negotiations said that Trump Media and Technology Group is close to acquiring Bakkt in full. On the same day, the market value of the Solana chain Meme coin BAKKT exceeded US$35 million, and the trading volume reached US$107 million in 9 hours after going online. Related reading: "Trump expands the "crypto business map" and plans to acquire the crypto exchage Bakkt"
Trump Crypto Team Expected to Set Up Bitcoin Reserve
On November 22, Reuters reported that Trump’s “Cryptocurrency Advisory Committee” is expected to set up a committed Bitcoin reserve.
Central Commission for Discipline Inspection: Yao Qian used virtual currency to trade power for money and abused his power to recommend and formulate policies
On November 20, The Paper quoted the Central Commission for Discipline Inspection and the National Supervisory Commission's Discipline Inspection and Supervision Group stationed in the China Securities Regulatory Commission and the Guangdong Provincial Commission for Discipline Inspection and Supervision as saying that the Central Commission for Discipline Inspection and the National Supervisory Commission's Discipline Inspection and Supervision Group stationed in the China Securities Regulatory Commission and the Guangdong Provincial Shanwei Municipal Supervisory Commission conducted a disciplinary review and supervisory investigation into the serious violations of discipline and law by Yao Qian, former director of the China Securities Regulatory Commission's Science and Technology Supervision Department and former director of the Information Center.
Upon investigation, it was found that Yao Qian abused his supervisory powers such as the right to recommend, formulate, and execute policies, abandoned his responsibilities for science and technology supervision, sought improper benefits for others in the expansion of business and software and hardware procurement of information technology system service institutions, and used virtual currency to trade power for money. After research by the Party Committee of the China Securities Regulatory Commission, Yao Qian was expelled from the Party; after research by the Discipline Inspection and Supervision Group of the Central Commission for Discipline Inspection and the National Supervisory Commission stationed in the China Securities Regulatory Commission, Yao Qian was expelled from public office; his illegal gains were confiscated; after research by the Shanwei Municipal Supervisory Committee of Guangdong Province, Yao Qian's suspected criminal issues were transferred to the procuratorate for review and prosecution in accordance with the law, and the property involved was transferred together.
Shanghai High Court: It is not illegal for individuals to hold virtual currency, but it is illegal to issue tokens
On November 21, it was reported that the People's Court of Songjiang District, Shanghai, recently concluded a service contract dispute case caused by the effectiveness of a virtual currency issuance and financing service contract. The plaintiff, an agricultural development company (hereinafter referred to as Company X), came up with the idea of issuing virtual currency and raising funds during the ICO in 2017. Under the introduction and recommendation of the defendant, an investment management company (hereinafter referred to as Company S), it signed a "Blockchain Incubation Agreement" with Company S, commissioned Company S to produce a "white paper", and issued tokens on the blockchain based on mainstream blockchain smart contract technologies such as Bitcoin and Ethereum. However, one year later, the tokens have not been issued. Upon inquiry by Company X, Company S stated that the issuance of tokens requires the development of the corresponding APP first, and the cost of APP development is high and does not fall within their service scope. Company X should develop the APP on its own, and Company S is only responsible for the subsequent issuance of tokens. Company X's expectations were dashed, and it sued the People's Court, demanding the termination of the contract and the return of the service fee of 300,000 yuan by Company S.
The judge of Songjiang District People's Court in charge of this case stated that virtual currency, as a virtual commodity, has property value. It is not illegal for individuals to hold virtual currency in itself, but commercial entities cannot participate in virtual currency investment transactions at will or even issue tokens on their own.
Aptos officially announces the launch of the mainnet of the Meme coin issuance platform emojicoin dot fun
On November 20, Aptos officially announced that the Meme coin issuance platform emojicoin dot fun is now online on the mainnet. It is driven by Aptos and Move programming languages. emojicoin.fun allows anyone to create and trade fairly issued Meme coins, redefining the way of interaction on the chain. It is reported that emojicoin dot fun is incubated by Econia Labs and operated by infranomicon.net. Related reading: "Meme saves the public chain? A quick look at Apots' "emoji package" launch platform emojicoin.fun"
Binance Mining Pool Launches Fractal Bitcoin (FB) Merged Mining
On November 18, Binance Pool officially launched Fractal Bitcoin (FB) joint mining. Participate in Bitcoin (BTC) mining and get Fractal Bitcoin (FB) rewards. Fractal Bitcoin (FB) is not yet listed on Binance.com. The launch of Fractal Bitcoin (FB) mining service on Binance Pool does not guarantee that the token will be listed on Binance.
Google searches for "Memecoin" surge to all-time high
On November 18, according to Google data, the number of Google searches for "Memecoin" surged to an all-time high. The founder of Wealth Mastery said, "Retail investors are waking up, and their usual preferred entry point is various Memecoins."
Agency: Nvidia's fourth-quarter revenue forecast failed to impress Wall Street
On November 21, Nvidia released its fourth-quarter revenue forecast on Wednesday, which was slightly higher than expected, but still fell short of some investors' high expectations. The company's stock fell about 2% after the market closed after the earnings report. The company expects fourth-quarter revenue of $37.5 billion, plus or minus 2%, while analysts' average expectation is $37.09 billion, according to data compiled by LSEG. "The era of artificial intelligence is moving at full speed, driving the world's shift to Nvidia computing," said Nvidia CEO Jensen Huang. "As basic model manufacturers scale up pre-training, post-training and inference, the demand for Hopper and the expectations for Blackwell are incredible," he said. Expectations were high before the results were released, and Nvidia's stock price has risen by more than 20% in the past two months. So far this year, the company's stock price has almost quadrupled and has risen more than ninefold in the past two years.
Magic Eden announces token economics: initial airdrop accounts for 12.5%
On November 19, Magic Eden announced the token economics of its ME token. The total amount of ME is 1 billion. The token distribution will be issued within 4 years, and 50.2% will be allocated to the community. The community and ecosystem account for a total of 37.7%, and the initial community allocation will account for 12.5% of the total supply. In addition, contributors account for 26.2% and strategic participants account for 23.6%, both of which include a lock-up period. Magic Eden stated that it will soon launch an airdrop inspection website, but the specific date has not yet been determined. Related reading: "Magic Eden tokens are about to TGE, what preparations should be made before receiving the airdrop?"
ETHGlobal Bangkok Hackathon 10 winning projects announced, including AI agent, Telegram applets and other tracks
On November 18, ETHGlobal held its latest hackathon after Devcon in Bangkok, Thailand last weekend. A total of 713 projects submitted applications. The judges included Ethereum co-founder Vitalik Buterin, Aave founder Stani Kulechov, Base founder and head Jesse Pollak and many other important participants in the Ethereum ecosystem. The ten finalists selected by the judges focus on growing areas in the crypto space, including Meme coins, AI agents, DAO tools, and more. This hackathon offers a prize pool of $750,000, which is also the largest prize pool in the history of ETHGlobal. Related reading: "From AI agents to DeSci, a quick look at the 10 projects shortlisted for the ETHGlobal Bangkok finals"
This week's hot articles
Solana: From Zero to a New High of $100 Billion, the Most Perfect Nirvana Rebirth in Crypto History
In November 2024, the price of SOL reached an all-time high of $260, highlighting the rebirth of the Solana ecosystem. From the birth of the initial code to the dark days of fundraising difficulties, to the strong promotion of FTX founder SBF, Solana once became a star public chain. However, in 2022, FTX's bankruptcy and ecological collapse caused the price of SOL to fall to $8, and the market almost gave up. Since then, the foundation has successfully restored community confidence by transparent assets, improving technology and holding global hackathons, attracting more than 60,000 developers to participate and incubating multiple star projects. With the advantages of high-speed and low-fee transactions, Solana has become the preferred chain for MEME transactions and diversified applications, once again writing a crypto miracle.
This week, the price of Bitcoin hit a new high, and MicroStrategy's stock price soared simultaneously, with an increase of more than 2,500% since mid-2020, far exceeding the performance of Bitcoin and Nvidia. The company's founder, Michael Saylor, used a bold Bitcoin investment strategy to turn the company that originally focused on data analysis into the listed company with the largest Bitcoin holdings in the world. He and his company hold a total of more than 330,000 Bitcoins, and plan to continue to increase their holdings. Saylor has transformed from a Bitcoin skeptic to a staunch supporter, reshaping the company's destiny with forward-looking layouts and high-risk bets. At the same time, he is known for his luxurious lifestyle and innovative management style, showing his complex and legendary life and business achievements.
"Copycat 312" and "BTC New High", who made your money in the crash? "
Recently, the Altcoin market has experienced a major crash, and many investors have fled with their profits, causing the currencies to plummet. For example, $URO and $RIF fell by 36.2% and 21.8% respectively. These profitable funds quickly flowed into Bitcoin, pushing its price to a new high, proving Bitcoin's dominance in the market. Some big money players, such as MicroStrategy and BlackRock, have long been away from the short-term bubble of Altcoin by hoarding a large amount of Bitcoin. For ordinary investors, perhaps they should be more rational and focus on the long-term value of Bitcoin rather than chasing quick profits in Altcoin.
"Musk and DOGE: What you need to know about the Department of Government Efficiency"
The U.S. government will launch a new program called the Department of Government Efficiency (DOGE) to cut the federal budget deficit, reduce regulatory spending and reorganize government agencies. The program is co-led by Elon Musk and entrepreneur Vivek Ramaswamy. Although the department cannot be officially established as a government department, the program will promote government streamlining through reports and recommendations. The core goal of the DOGE program is to cut spending. Musk proposed a $2 trillion budget reduction, while Ramaswamy suggested significant layoffs. The name of the program "DOGE" is inspired by Musk's favorite cryptocurrency Dogecoin, and is also closely related to his image in political activities.
"He performed a hat trick and stole $1.2 billion from FTX by exploiting loopholes"
Nawaaz Mohammad Meerun, a Mauritian citizen, obtained $1.2 billion from FTX and Alameda Research in one year through elaborate market manipulation and exploitation of exchange loopholes. He first pushed up the price of the low-liquidity token BTMX and borrowed to cash out, then turned to a short strategy that caused Alameda to lose $1 billion, and repeatedly used fake accounts to manipulate other tokens. Although he was eventually discovered by FTX, he still managed to withdraw a large amount of funds. The lawsuit further accused him of being related to transnational criminal networks and terrorist financing, but Meerun denied all allegations and claimed to be a rule trader.
"Vitalik and Jesse bought in succession, what is the origin of ANON in the Base ecosystem?"
Ethereum founder Vitalik Buterin and Base protocol leader Jesse Pollak recently purchased ANON tokens, pushing its price to soar in a short period of time, with a market value of over $50 million. ANON tokens originated from Superanon, an anonymous posting function on the Supercast social platform. They were issued through a combination of zk technology and AI, and quickly attracted the attention of the crypto community. Despite the "uppercase dispute", ANON tokens have inspired more applications and ecological construction, such as anonymous publishing platform anoncast and NFT project Base Colors. ANON's success reflects the potential of decentralized communities and token ecosystems, but it also faces the dual challenges of short-term hype and long-term application development.
"What are the hype targets of the Base ecosystem that is quietly brewing a hundredfold opportunity?"
Since Trump planned to discuss the SEC appointment with Coinbase CEO, the Base ecosystem has once again attracted attention. As an important extension of Ethereum, Base has promoted innovative narratives such as social, RWA, and Depin this year, and has quickly become an important source of AI meme and Desci projects. In the field of AI, the Virtuals platform supports the construction of the AI Agent ecosystem, tokens such as LUNA form a closed loop through live repurchase, and projects such as Aixbt and Sekoia have also gained market favor with the help of cross-chain or investment narratives. In the field of Desci, projects such as VitaDAO, Baby, and Grow use the ecological advantages of Base to explore longevity research and synthetic biology, but overall lack of liquidity is still a constraint. Base may be quietly taking over the innovation baton and becoming the hope of Ethereum.
Listed companies are driving share price growth through strategic reserves of Bitcoin, with MicroStrategy leading the list with 331,200 BTC in profit, followed by Coinbase and Tesla. German companies have performed well with high multiples of profits, while Boyaa Interactive and Meitu represent Hong Kong-listed companies to join the ranks. As Bitcoin prices break new highs, more companies are accelerating the layout of BTC reserves, driving up stock prices and attracting new capital into the market. Recently, many US-listed companies have announced plans to purchase BTC, further confirming the trend of Bitcoin mainstreaming. Companies that have not yet invested may have missed the opportunity.
"A $15 billion conspiracy: Where will MicroStrategy take Bitcoin?"
MicroStrategy has continued to increase its Bitcoin investment through bold bond financing and stock issuance, and has accumulated huge floating profits with flexible financial operations and solid Bitcoin price support. Compared with Luna, which lacks actual anchor assets, MicroStrategy's leverage strategy is more robust, and its debt maturity date is as far as 2027, with no pressure to blow up in the short term. As the price of Bitcoin continues to rise, MicroStrategy's successful model has attracted more institutions to follow suit, further promoting market prosperity. However, its main threat in the future lies in the potential selling behavior of Bitcoin whale, which may pose a shock to the market.
《Another profit strategy for investing in Meme: increasing returns by being a passive LP》
The article uses practical examples to analyze in detail how to achieve high returns in the memecoin market using the Uniswap v3 LP strategy. The author shows how to optimize liquidity provision by setting reasonable ranges and rates to maximize transaction fee income while reducing the impact of Impermanent Loss. Against the backdrop of high trading volume and volatility, the strategy achieved an annualized rate of return (APY) of up to 32,120% in just 10 hours, demonstrating the potential of becoming a passive LP in the meme market. The article also explores ways to further optimize range settings and fee tiers, providing valuable ideas for long-term holders and developers.
Magic Eden announced the economic model and airdrop plan of ME tokens. 12.5% of the total supply of tokens will be unlocked at TGE to incentivize Bitcoin, Solana and EVM users, and reward user activity through product use. Affected by the news, the pre-market price of ME soared, but the floor price of the related NFT Magic Tickets fell back to the pre-news level. The distribution of ME tokens is centered on the community, and more than half will be allocated to users and ecological development. The official emphasized that actual user use takes precedence over transaction volume, and set up a security committee to ensure the operation of tokens. The market's attention to the NFT sector continues to decline, and whether ME can detonate the market again through the token model remains a challenge.
Solayer has recently received financing support from Polychain and Binance Labs, becoming an important highlight in the DeFi field on the Solana chain. Its TVL continues to rise, surpassing Orca and ranking in the top twelve of the Solana chain TVL. In the staking track, despite the challenges faced by projects such as Lido, Eigen, and ETHFI, Solayer's restaking model has attracted widespread attention. Unlike Ethereum's Liquid Staking and Restaking, Solayer's restaking further stakes ETH through Eigenlayer in an attempt to bring more benefits to users. At the same time, Etherfi provides users with an easier way to participate through Liquid Restaking Tokens (LRT), becoming an emerging competitor in the market.
As of November 2024, more than $13.1 billion of real-world assets (RWA) have been tokenized on the blockchain, covering multiple blockchain networks such as Aptos, Polygon, Avalanche, Optimism, and Arbitrum. The tokenization trend of RWA has further driven the growth of the gold, alternative funds, and corporate credit markets, especially the active performance of Paxos Gold (PAXG) and BUIDL funds. With the expansion of tokenized financial products, especially the strong growth of Maple and Syrup platforms, the demand for tokenized funds is also increasing, and more fund managers are expected to explore this emerging field. In addition, the BUIDL fund has exceeded $543 million and achieved multi-chain support, enhancing its market appeal.
Code Nation: A Brief History of "Code is Law"
In 2024, the crypto world still takes "Code is Law" as its core creed. Code is not only the cornerstone of the crypto world, but also the embodiment of governance and faith. From Professor Lessig of Harvard Law School's "Code is Law" warning, to Nick Szabo's proposal of smart contracts, to the birth and development of Bitcoin and Ethereum, code has gradually become a self-executing rule, giving new life to decentralized applications and organizations. However, this concept has also exposed problems in practice, especially in the DAO incident, where hackers exploited code vulnerabilities to attack, leading to a fierce split in the Ethereum community, and the final hard fork solution did not completely resolve the dispute. With the rise of DeFi and DAO, "Code is Law" has once again been pushed to the forefront. "Code is Law" is not a perfect dogma, but an evolving experiment and a process of continuous exploration.
"Make up for DeSci: How to quickly get started with Pump.Science?"
Pump.Science is combining decentralized science (DeSci) with life extension research to create an innovative ecosystem by combining the speculation, transparency and meme effects of cryptocurrency. Users can fund life extension experiments from worms to mice by purchasing experiment-related tokens, while tracking the progress and results of the experiments in real time. This milestone-based funding model not only provides new impetus for scientific research, but also encourages more people to participate in scientific innovation, promotes the development and practical application of longevity compounds, and brings revolutionary changes to the funding methods of traditional science.
In the current extreme polarization of the crypto market, Meme coins have become an investment opportunity that cannot be ignored. As traditional finance enters the crypto field, market liquidity is gradually compressed, and the high valuation of VC projects and the lack of substantial implementation have caused investors to turn to the more speculative Meme market. Meme coins have built strong community support by carrying cultural trends and emotions, and their low issuance capital makes the investment signal-to-noise ratio low, but it can bring high returns to early investors. Despite the risks of excess liquidity and market weakness, Meme still shows cross-cycle potential and provides opportunities for investors who dare to take risks.
"Sygnum Report: Singapore may become the next "cryptocurrency hot money gathering place""
Singapore's cryptocurrency market is growing, with more and more institutional and individual investors paying attention to crypto assets. According to the latest survey by Sygnum Group, 57% of institutional investors plan to increase their long-term holdings of cryptocurrencies, especially driven by the diversification potential and long-term growth trend of cryptocurrencies. Despite the volatility of the market, 65% of respondents said they have a higher risk tolerance. Despite the improvement in regulatory clarity, security and custody issues remain the main obstacles for institutional investment in cryptocurrencies in Singapore. In addition, L1 public chains and Web3 infrastructure are the areas of greatest interest to investors at present, and most respondents prefer to invest in mature assets such as Bitcoin and Ethereum. Overall, Singapore's cryptocurrency market is moving towards a more mature and diversified direction.
As of November, 93 entities around the world hold more than 2.728 million bitcoins, accounting for nearly 13% of the total supply of bitcoin. Among them, Bitcoin spot ETFs have become an important channel for institutional holdings, with BlackRock's IBIT holding the most, and Bitcoin mining companies and private companies are also actively increasing their holdings of Bitcoin. Several countries, including the United States, China, and the United Kingdom, have also become important holders. Among listed companies, MicroStrategy takes the lead, holding approximately 331,000 bitcoins and continuing to expand its Bitcoin investment. With the active participation of institutions and countries, Bitcoin's market dominance has gradually shifted from retail investors to institutional investors.
"Eliza's "uppercase" war: a showdown between on-chain "VC" ai16z and the community?"
ai16z has recently attracted widespread attention for launching a decentralized AI trading fund based on Solana. The fund uses AI agents to analyze the market and execute transactions, driving the market performance of the token of the same name. Among them, the AI agent Eliza once had a market value of 50 million US dollars with the support of ai16z, but because ai16z partner Shaw announced "Let Eliza be free" and launched a new token ELIZA, Eliza's market value plummeted by more than 87% in a short period of time. Shaw said that Eliza no longer belongs to ai16z, and he hopes that the AI agent project can truly serve the community rather than become a speculative tool. This move has triggered a fierce reaction from the community, and this drama of community VS conspiracy group is still going on. As for who will eventually be the Eliza who leads to freedom in uppercase and lowercase, the market will naturally give the answer.
"Why is this a bull market for US stocks and Bitcoin?"
The recent strong rise in Bitcoin prices, but the weak performance of the Altcoin market, is mainly related to the "premium issuance" strategy of MicroStrategy (MSTR) in the US stock market. By issuing additional stocks at a premium when the price of Bitcoin rises, MicroStrategy continues to accumulate more BTC, forming a circular flywheel effect, pushing up the company's market value and MSTR's stock price. At the same time, this model has attracted other US stock giants to begin exploring similar "Bitcoin finances", intensifying the binding of Bitcoin and US stocks, and causing funds to flow into Bitcoin rather than other encrypted assets. Under this trend, the future market mainline may focus on Bitcoin and a few projects with the ability to undertake, such as Solana, while Altcoin face the risk of marginalization.
"Crypto gains a new ally: Who is Trump's nominee for US Commerce Secretary Lutnick?"
Trump nominated Wall Street financier Howard Lutnick as the next Secretary of Commerce. If approved, he will promote US economic growth and strengthen domestic industries. Lutnick is known for rebuilding Cantor Fitzgerald, which was hit hard by the 9/11 attacks, and has shown extraordinary resilience. He is also a Bitcoin supporter, working with Tether to manage digital assets, and supports Trump's high tariff policy. Lutnick's appointment was supported by Musk and is seen as an unconventional choice that can bring about change.
"Rune trading has become active. Has the Bitcoin ecosystem finally recovered?"
This week, OKX launched the Rune DOG•GO•TO•THE•MOON perpetual contract, which has gradually attracted the attention of Bitcoin ecosystem players. Although the current market liquidity is mainly concentrated on Solana, the Rune ecosystem has begun to show strong potential after a period of accumulation. The market value of projects such as DOG•GO•TO•THE•MOON, PUPS•WORLD•PEACE and BILLION•DOLLAR•CAT has exceeded 100 million US dollars, and the community is also growing. Many projects in the Rune ecosystem, such as MEMENTO•MORI, CYPHER•GENESIS and RSIC•GENESIS, have shown varying degrees of growth and innovation, attracting more and more investors.
"Upbit is failing? Why the premium effect of listing coins in South Korea is gradually disappearing"
The recent cryptocurrency trading in the Korean market has seen significant changes, especially after the introduction of USDT, which has made arbitrage opportunities easier, but also suppressed the premium phenomenon in the Korean market. With the popularity of USDT, Korean investors have avoided the emergence of high premiums by transferring crypto assets to overseas exchanges for arbitrage, resulting in a fairer market. However, the Korean government has strengthened its supervision of cryptocurrency trading and even plans to allow account freezing without notifying users, which may prompt more funds to flow out of the Korean market. For Koreans, this means an increased risk in the cryptocurrency trading environment, and there may be a trend of more funds turning to foreign exchanges in the future.
"Why should we start developing Base now?"
Since Trump's victory, COIN and BTC have risen significantly, but the author prefers ETH and is optimistic about the development of the Base L2 ecosystem. Base is expected to stand out from the competition and attract MEME, consumer dApps, and more on-chain activities. ETH is still the core of digital assets, and Base, as the on-chain leverage of Coinbase, benefits from Coinbase's resources and support, has scarcity and innovation, can attract users in the long run, and does not rely on traditional token incentives. The activeness of the Base ecosystem and the continued growth of TVL prove its great potential in ETH-L2.
The ups and downs of stablecoins in the past decade: from currency civil war to three-way division
As a major component of the cryptocurrency market, stablecoins have achieved significant growth, but they also face many challenges. Its basic mechanism is similar to the money creation of traditional banks, and its issuance is supported by debt and collateral. However, the existing stablecoin model has problems such as fragmentation, counterparty risk, and yield competition. For example, there are multiple stablecoins in the market, which leads to poor interoperability, and the exchange between different stablecoins increases transaction friction. In addition, centralized stablecoins are susceptible to bank risks. The article predicts that in the future, stablecoins may be divided into three areas: payment, yield, and middle layer, and face a more decentralized and balanced competition landscape.
This article describes how stablecoins are changing the world of payments and finance, analyzes the revenue play of stablecoins, their advantages over traditional payments, and their role in exchanges and cross-chain transactions, and also mentions some challenges, such as regulatory and technical issues. The article also talks about how big companies like JPMorgan and PayPal have entered the stablecoin issuance, how amazing the profits behind them are, and the new possibilities that stablecoins bring in improving payment efficiency and expanding financial coverage. Overall, stablecoins are driving a financial revolution, but they are also facing a game between freedom and regulation.
In the conversation, Shaw, the founder of ai16z, spoke in depth about the future potential and challenges of combining AI with cryptocurrency. He emphasized that AI will trigger large-scale changes, including the possibility of replacing human jobs and causing unemployment. He also mentioned that a decentralized AI ecosystem can avoid the abuse of "god-like AI" and advocated universal basic income as a solution. Shaw also proposed that AI can promote market development and optimize trading decisions through open source and community-based methods. The integration of AI and social platforms and the application of simplified technology will enable more people to participate and contribute their own strength to promote social change.
"How to quickly issue coins using AI Bot on Farcaster?"
Clanker is an AI-based "Token Bot" that allows users to easily create tokens without a technical background. By interacting with Clanker in a Farcaster client (such as Warpcast or Supercast), users can deploy their own tokens on Base with just a few simple commands. The emergence of Clanker has lowered the threshold for token issuance and attracted multiple parties, including AI agents, to participate. Recently, the $LUM token created by Aether, an AI agent in the Higher community, through Clanker, soared to a market value of US$80 million in just one week, demonstrating the potential of Clanker. Although most tokens may not succeed, Clanker provides a simple tool for creators and communities to experiment and gain liquidity pool benefits.
"AI poisoning" is hard to prevent, can you still use ChatGPT to write code? "
When a user tried to develop an automatic posting robot for pump.fun, he blindly trusted the code instructions provided by ChatGPT and encountered an online scam. The user followed the instructions to visit a website disguised as Solana API and submitted his master Solana wallet private key, resulting in the theft of about $2,500 in assets. The scammer used the website to quickly transfer funds. The investigation found that the malicious code repository was designed to steal private keys, and most of these codes were generated by AI. Experts warn that users should avoid blindly using AI-generated code and take strict security measures to protect private keys.
《Pump.fun is becoming a "fast-handed crypto"》
This article was first published in July, when Pump.fun launched the live broadcast function and the "live broadcast with meme" phenomenon began to gain popularity. Recently, Pump.fun has once again promoted the live broadcast function. In the early morning of November 22, an unemployed young man in North America said in a live broadcast on Pump.fun that he would wait until "the market value of his token (LIVE) reaches 100m before going offline." The live broadcast was also selected by Pump and placed on the homepage. After the internal market reached 100,000 US dollars, the LIVE token rose all the way, and the final market value exceeded 20 million US dollars. After the "live broadcast brother" became popular, a live broadcast fever was once again set off on the Pump.fun official website. Various anchors showed their magical powers and made abstractions in order to raise the price of their own tokens, making Pump.fun gradually look like a "fast hand in the crypto."
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