Headlines
▌Trump Family Project WLFI Increases Holdings of DeFi Tokens Worth $50 Million
According to Arkham tracking data, the Trump family's DeFi project WLFI has just increased its holdings of DeFi tokens worth $50 million, including: $35 million in ETH/WETH; $10 million in cbBTC; $1 million in LINK; and $1 million in AAVE.
▌Tether Mints 1 Billion New USDT
According to Lookonchain monitoring, Tether has minted 1 billion new USDT in the last 15 minutes. Since November 6, Tether has minted 21 billion USDT on the Ethereum and Tron blockchains.
Market
As of the time of writing, according to Coingecko data:
BTC last traded at $100,136, with a daily change of -1.1%;
ETH last traded at $3,889.08, with a daily change of +1.5%;
BNB last traded at $707.56, with a daily change of -0.7%;
SOL last traded at $227.33, with a daily change of +0.0%;
DOGE last traded at $0.4076, with a daily change of -1.4%;
XPR last traded at $2.35, with a daily change of -1.8%.
Policy
▌Crypto-Friendly Congressman French Hill Wins Financial Services Committee Chair
Crypto supporter, U.S. Congressman from Arkansas French Hill defeated three other competitors to win the chairmanship of the Financial Services Committee.
It is reported that French Hill had stated in a July Unchained podcast that stablecoin and market structure legislation would be two of the bills he most wants to pass as chairman.
▌Texas Republican Representative Introduces Bill to Establish Bitcoin Strategic Reserve
Texas Republican Representative Giovanni Capriglione announced the introduction of legislation to establish a Bitcoin strategic reserve, which would serve as a testbed for the U.S. Treasury. The proposed bill would allow the state to begin building a strategic Bitcoin reserve, receiving tax revenue, fees, and donations in Bitcoin, which would be held for at least five years. The bill aims to provide a way to strengthen the state's fiscal stability and make it a leader in Bitcoin innovation.
▌Trump: I Think the U.S. Should Establish a Crypto Strategic Reserve Like Oil
On December 12, 2024, Trump, after participating in the NYSE bell ringing, was interviewed by CNBC's Jim Cramer. Cramer asked Trump, "You're embracing crypto, which is very different from the last administration. Would you establish a crypto strategic reserve like oil?" Trump responded, "Yes, I think we should do that." Trump also stated that we will do great things in crypto because we don't want China or any other country - not just China - to embrace crypto, we want to be the leader.
Additionally, Trump emphasized that the U.S. will maintain a leading position in artificial intelligence, and the U.S. needs to produce twice as much electricity as the current level to meet energy demand.
Blockchain Applications
▌Electric Capital: Solana Surpasses Ethereum as the Fastest Growing Ecosystem for New Developers
A developer report by venture capital firm Electric Capital found that Solana is the blockchain of choice for new developers. The report found that of the 39,148 new developers who started exploring cryptocurrencies this year, 7,625 were developing on Solana, representing an 83% year-over-year growth in the network's developer count. The report states that this is the first time since 2016 that the growth rate of Solana's blockchain ecosystem has surpassed Ethereum.
However, in terms of total developer count, Ethereum remains the largest blockchain in North America, South America, Asia, Europe, and Africa. Solana ranks second in developer count in the same regions.
The Electric Capital report also found that in 2024, Aptos, Base, Bitcoin, Internet Computer, NEAR, Polkadot, Polygon, Starknet, and Sui each added over 1,000 new developers. BNB, Optimism, Scroll, Stellar, and TON also added over 500 new developers.
Cryptocurrencies
▌Report: Emerging Markets Lead in Crypto Adoption by 2024
According to a survey report by Consensys, emerging markets will lead in crypto adoption by 2024, with at least half of respondents in Nigeria (84%), South Africa (66%), Vietnam (60%), Philippines (54%), and India (50%) saying they will have a crypto wallet by 2024. Turkey and the U.S. also rank high, with 44% and 43% of respondents respectively saying they have a wallet.
Crypto ownership increased across multiple countries in 2024, with Mexico up 8%, Philippines and South Africa up 7%, followed by Germany up 5% and Japan up 4%.
The survey found that around 40% of respondents own or have previously purchased cryptocurrencies. This proportion is lower, less than a third, in Japan, Argentina, Canada, France, Italy, and the UK.
▌CryptoQuant: Ethereum May Break $5,000 Due to Increased Institutional Demand
According to a new report by CryptoQuant, Ethereum may soon break $5,000 as institutional demand increases, marking a new all-time high for the second-largest cryptocurrency by market cap. On-chain activity is also very active. The company said in a Thursday report that inflows of new capital into Ethereum ETFs have hit a record.
Last week, global investors injected $1.2 billion in new capital into Ethereum funds, a record since spot ETH funds started trading in the U.S. a few months ago.
▌U.S. Think Tank NCPPR Proposes Amazon to Include Bitcoin in Financial Reserves
The U.S. think tank "National Center for Public Policy Research" (NCPPR) has proposed that Amazon include Bitcoin in its financial reserves. NCPPR believes Bitcoin can serve as a hedge against currency devaluation, but it remains uncertain whether Amazon will adopt a more innovative strategy. Amazon may vote on NCPPR's proposal at its annual shareholder meeting in May 2025.
▌Chainalysis Expands Solana Coverage to Meme Coins on Pump.fun Platform
Blockchain analytics firm Chainalysis announced it has expanded its Solana token coverage to include meme coins on the Pump.fun platform. The company's product director Matthew Wilson stated that from SPL contract deployment, Chainalysis provides comprehensive alerts, risk exposure, and tracing capabilities to help exchanges list compliantly and assist governments in investigating fraud and "rug pulls".
▌U.S. Hedge Fund Starboard Value Has Taken a Stake in Riot Platforms, Pushing the Company to Improve Its Business Model
According to The Wall Street Journal, citing people familiar with the matter, U.S. hedge fund Starboard Value has taken a stake in Riot Platforms, though the exact size is unknown, and is pushing the company to improve its business model.
The report states that Starboard has been urging Riot to convert some of its Bitcoin mining sites into data centers to host machines and provide high-performance computing (HPC) services to large tech companies. Riot is currently a "pure-play" Bitcoin miner, deriving its revenue solely from Bitcoin mining, while some of its peers like Core Scientific (CORZ) have dedicated a large portion of their facilities to HPC and AI computing.
Important Economic Dynamics
▌The yield on the 30-year US Treasury bond issued was 4.535%, higher than the pre-issuance trading yield
The US Treasury Department issued another $22 billion in 30-year Treasury bonds, with a winning bid yield of 4.535%, higher than the pre-issuance trading yield of 4.523% at the 1pm New York time bidding deadline. The allocation ratio to primary dealers was 14.4%, higher than the previous issuance. The allocation ratio to direct bidders decreased to 19.1%, while the allocation ratio to indirect bidders increased to 66.5%. The bid-to-cover ratio was 2.39 times, lower than the 2.42 times average of the past six consecutive issuances.
▌The probability of a 25-basis-point rate cut by the Fed in December is 94.7%
According to the CME "Fed Watch", the probability of the Fed keeping the current interest rate unchanged in December is 5.3%, and the probability of a cumulative 25-basis-point rate cut is 94.7%. The probability of keeping the current interest rate unchanged in January 2023 is 4.1%, the probability of a cumulative 25-basis-point rate cut is 73.7%, and the probability of a cumulative 50-basis-point rate cut is 22.3%.
▌Trump: For me, the stock market is everything
US President-elect Trump rang the opening bell at the New York Stock Exchange on Thursday, and was named Time's Person of the Year 2024 that day. After ringing the bell, Trump said in an interview, "If you don't produce (goods) here (in the US), you have to pay a 21% tax. If you produce here, we'll work to get the tax rate down to 15%, you must produce your products in the US." Trump also attributed the recent stock market rally to his defeat of Biden (rather than Harris), saying, "I've always said, for me, the stock market is everything. It's very important." He also revealed that he will establish closer ties with some of the wealthiest and most influential people after returning to the White House.
Jinse Encyclopedia
Rollup is a way of processing transactions on a Layer 2 protocol that can free up precious space on the underlying layer. Rollup will batch transactions on the second layer, sometimes bundling dozens at a time, and then roll them up together before sending the data back to Layer 1. There are two main types of Rollup, Optimistic and Zero-Knowledge (ZK) proofs. Optimistic Rollup is a fairly straightforward term. This means that the Rollup runs on an "optimistic" approach, assuming transactions are valid unless a validator proves them wrong. They only check the validity of transactions if there is a dispute. ZK Rollup will prove transactions without revealing any transaction data. Hence the "zero-knowledge" moniker. ZK Rollup provides instant finality, as the cryptographic proof guarantees the data is valid. In many ways, Rollup to your standard blockchain transactions is like a Calzone to a regular pizza slice. By rolling them up, you can fit more in.
Disclaimer: Jinse Finance, as a blockchain information platform, the articles published are for information reference only and do not constitute actual investment advice. Everyone should establish the correct investment concept and be fully aware of the risks.
