Headline
▌BTC Breaks $105,000
The market shows that BTC has broken through $105,000, currently trading at $105,027.14, with a 24-hour increase of 3.67%. The market is highly volatile, please manage your risks accordingly.
▌OpenSea Registers Foundation, Sparking Airdrop Speculation, New Version to Launch This Month
Yesterday, TheBlock co-founder Mike Dudas revealed on social media that OpenSea has registered a foundation in the Cayman Islands, and Azuki NFT series anonymous researcher Waleswoosh also posted a screenshot of OpenSea's registration in the Cayman Islands. Typically, Web3 projects register a foundation in preparation for token issuance, sparking speculation about the upcoming token and user airdrop.
On November 4th, OpenSea co-founder and CEO Devin Finzer announced that the NFT marketplace is planning a comeback. While Finzer revealed few details, he promised that the revamped OpenSea will launch in December.
Market
As of the time of writing, according to Coingecko data:
BTC last traded at $104,634, with a daily change of +3.2%;
ETH last traded at $3,965.45, with a daily change of +2.4%;
BNB last traded at $719.96, with a daily change of +0.6%;
SOL last traded at $224.22, with a daily change of +2.0%;
DOGE last traded at $0.4067, with a daily change of +2.2%;
XPR last traded at $2.46, with a daily change of +2.6%.
Policy
▌Meta Seeks to Block OpenAI from Becoming a For-Profit Company
Following Musk, Meta has also filed a complaint with the attorney general's office to block OpenAI from becoming a for-profit company. According to reports, Meta wrote to the California Attorney General, stating that allowing this transition would have a "significant impact on Silicon Valley". Meta is calling for the Attorney General to take "direct action", and also stated that Musk and former OpenAI board member Shivon Zilis "are qualified and capable of representing the interests of Californians" in this matter. (Jinshi)
Blockchain Applications
▌Viewpoint: As CeFi Lending Declines, DeFi Lending is Surging
The CEOs of Abra and Arch, active in the crypto lending space, stated that as CeFi lending declines, DeFi lending is surging. Driven by protocols like Aave v3 and Spark v1, lending protocol TVL has reached new highs.
Aave v3: From November 5 to December 5, Aave v3's TVL increased from $16.5 billion to $27 billion, leading the recovery. Its success is attributed to features like cross-chain functionality and improved capital efficiency, making it the dominant player in DeFi lending.
Spark v1: This protocol has also seen significant growth, with its TVL increasing from $4.5 billion to $8 billion during the same period, nearly doubling.
Cryptocurrencies
▌Over $50 Million in Liquidations in the Past Hour, Mainly Short Positions
Data shows that in the past hour, there were $50.93 million in total liquidations, with $1.70 million in long liquidations and $49.23 million in short liquidations, mainly short positions. Among them, ETH had $9.39 million in liquidations, and BTC had $25.28 million in liquidations.
▌Asia to Account for 32% of Global Crypto Developers by 2024, New Developers Prefer Solana over Ethereum
According to a report by venture capital firm Electric Capital, Asia will account for 32% of global crypto developer activity by 2024. The company recently released a comprehensive annual report analyzing over 900 million code commits across the crypto industry. Compared to 12% in 2015, this represents nearly a threefold increase, while North America's share has declined from 43% to 24%. New developers are favoring Solana over Ethereum, and the best talent in the crypto space is migrating eastward at a pace that other regions struggle to keep up with.
▌Trump Family Crypto Project WLFI Purchases $250,000 in ONDO Tokens via Cow Protocol
According to Arkham monitoring, this morning at 6:51 Beijing time, the Trump family crypto project WLFI spent 250,000 USDC to purchase 134,216 ONDO tokens through the Cow Protocol.
Important Economic Dynamics
▌96% Probability of 25bps Rate Cut by the Fed in December
According to the CME "Fed Watch": The probability of the Fed maintaining the current rate in December is 4.0%, and the probability of a cumulative 25bps rate cut is 96%. The probability of maintaining the current rate in January 2023 is 3.2%, the probability of a cumulative 25bps rate cut is 78.3%, and the probability of a cumulative 50bps rate cut is 18.5%. (Jinshi)
▌Goldman Sachs: Fed Rate Cut in December is a Certainty, 25bps Cuts in January and March 2023 Expected
Goldman Sachs believes that a Fed rate cut in December is a certainty, followed by consecutive 25bps cuts in January and March 2025; with further 25bps cuts only in the June and September meetings.
However, there are still some variables, as more and more Fed officials have indicated that the FOMC may slow the pace of rate cuts sooner, so there is a risk of a pause in rate cuts at the January meeting. Traders now see a 97% chance of a 25bps rate cut by the Fed at the December 17-18 meeting. But the strong November data has increased the risk of the Fed pausing rate cuts early next year. Powell's post-meeting remarks and the latest economic projections will be crucial. (Jinshi)
Jinse Encyclopedia
Rollup is a way of processing transactions on a Layer 2 protocol to free up precious space on the base layer. Rollup will batch transactions on the second layer, sometimes 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 the Rollup runs an "optimistic" approach, assuming transactions are valid unless proven otherwise. They only check the validity of transactions if there is a dispute. ZK Rollup will prove the validity of 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 it up, you can fit more in.
Disclaimer: Jinse Finance, as a blockchain information platform, publishes articles for informational purposes only and does not provide actual investment advice. Please everyone establish the correct investment concept and be sure to improve risk awareness.
