Web3 AI Daily Review (2024/11/29)

I. Attention Value - Market Highlights

1. Market Trends

(1) Macro Environment:

l Matrixport: If Trump successfully nominates leaders for the Treasury and SEC, it may trigger a new round of DeFi market revival

Matrixport's latest report points out that the three key cabinet nominees selected by Trump will be responsible for the Treasury, Commerce, and Securities and Exchange Commission, who are generally seen as supporters of cryptocurrencies. These nominations are expected to accelerate the integration of cryptocurrencies into the US economy. If these nominations are confirmed, the market narrative in 2024 may shift from "Bitcoin as digital gold" to the revival of Decentralized Finance (DeFi), with traditional finance gradually integrating DeFi applications and blockchain technology to improve payment and transaction efficiency. Although clear regulations are expected, this transition may make cryptocurrencies the biggest beneficiaries of this election and drive global acceptance of cryptocurrencies.

Matrixport also mentioned that the possibility of establishing strategic Bitcoin reserves is increasing, but the US is unlikely to actively purchase Bitcoin, and will instead indefinitely hold its existing Bitcoin assets.

(2) Web3 Sector:

l Base AI agent is highly anticipated, is the "Base era" coming?

Recently, the AI hype has led to the emergence of many new cryptocurrencies, especially meme coins on Solana. At the same time, the Base ecosystem is also beginning to show potential, with the continuous emergence of new projects and tokens making the market atmosphere increasingly hot. As Coinbase's self-developed blockchain network, Base has attracted the attention of many Coinbase users. Coinbase provides Base with credibility, financial resources, and regulatory support, as well as a solid user base, giving Base tremendous potential. Furthermore, on November 26, Phantom announced that it will support Base, greatly reducing the usage threshold for Base. In the future, we will witness more and more protocols and applications gradually supporting Base, and more native-developed applications on Base will also emerge.

2.Hot Events

(1) Macro Environment:

l Russian President Putin Officially Signs Digital Currency Taxation Law

According to TASS, Russian President Vladimir Putin signed a new law on November 29 that regulates the taxation of digital currencies. This law treats digital currencies as property and applies to currencies used for foreign trade payments within the "Experimental Legal Regime for Digital Innovations" (EPR) framework.

Under the new regulations, the mining and sale of digital currencies will be exempt from value-added tax (VAT), but operators of mining infrastructure must report the cryptocurrencies issued through their services to the tax authorities. Failure to submit this information on time will result in a fine of up to 40,000 rubles. In terms of personal income tax, digital currencies obtained through mining will be treated as in-kind income, with their value determined based on market prices. This income will be taxed at a progressive rate, with a 13% rate for income up to 240 million rubles and a 15% rate for the portion exceeding this amount. For corporate income tax, digital currency mining will be taxed at the standard rate, which will be 25% starting from 2025. These measures aim to regulate the cryptocurrency market, increase government tax revenue, and promote industry development.

This law recognizes digital currency mining as a legitimate economic activity and grants it legal status. This means that mining companies and individuals can operate within the legal framework, reducing legal risks and attracting more participants to the market.

(2) Web3 Sector:

l Marc Andreessen Reveals That Multiple Tech Founders Have Been Abruptly Debanked Due to Crypto Associations

In a recent Joe Rogan podcast, a16z co-founder Marc Andreessen revealed that at least 30 tech founders have been abruptly "debanked" by banks due to their association with cryptocurrencies, a phenomenon that has sparked widespread discussion in the crypto community. Many industry insiders have shared their or their companies' experiences of being denied banking services. Custodia Bank founder Caitlin Longing stated that her company has faced multiple "debanking" incidents and is currently suing the Federal Reserve, with the case scheduled to be heard on January 21, 2025. Kraken founder Jesse Powell mentioned that the company has been unable to obtain US banking services for years and has had to turn to the European market. Gemini co-founder Tyler Winklevoss pointed out that the affected companies far exceed 30, and described this phenomenon as a systemic suppression of the crypto industry. In response, tech entrepreneur Balaji Srinivasan directly stated that these "debanking" actions targeting the crypto industry are the result of political pressure and called for accountability from the relevant policymakers.

3. Hot Narratives

l Christmas Fever Sweeps Solana: Rizzmas, GRINCH, and other tokens skyrocket, market capitalization soars!