Headlines
▌Adam Back: MicroStrategy May Have Increased BTC Holdings
Blockstream founder Adam Back posted on the X platform saying: "I believe MicroStrategy has completed bitcoin purchases, but must announce to the market through an 8-K filing before or after normal trading hours in the stock market."
Previously, MicroStrategy founder Michael Saylor has been releasing Bitcoin Tracker-related information for the ninth consecutive week.
▌Analysis: Aave and MakerDAO Shine in 2024, DeFi Protocol Revenues Return to 2021 Highs Driven by New Platforms
Various DeFi protocols generated significant revenues in 2024, with many mature protocols' revenue data approaching their 2021 highs, while newer platforms have established themselves as key contributors. Pump.fun in the Solana ecosystem was the standout highlight this year, generating $313 million in fees in 2024, averaging $31 million per month, with an average monthly growth rate of nearly 77%. Jito started with just $5 million in fees in January and grew at an average monthly rate of 79%, reaching a total of $603 million in fees by year-end.
Meanwhile, Ethena grew from just $1.7 million in fees in January 2024 to over $267 million in fees by year-end. Notably, over 54% of Ethena's annual revenue was generated in the last three months, during which time it grew at an average monthly rate of 150%.
On the other hand, MakerDAO far exceeded its previous historical highs of $12.8 million in May 2021 and $32.6 million in April 2024. At the time of writing, MakerDAO generated nearly $40 million in revenue in December, up 38% from the previous month. It also generated over $313 million in fees for the full year, up 176% from 2023. Despite the revenue growth, the MKR token fell 10% this year. For Aave, 2024 marked a recovery in revenues approaching historical highs, with December revenues reaching $60.9 million, close to its October 2021 peak of $65.39 million. For the full year, Aave's total fee revenue was $389 million, averaging $32.4 million per month, with a stable monthly growth rate of 14%. This represents a 244% increase in annual revenue compared to 2023. Against this backdrop, the Aave token surged over 200% this year.
Market
As of the time of writing, according to Coingecko data:
BTC's latest trading price is $98,454.21, with a daily change of +0.3%;
ETH's latest trading price is $3,638.54, with a daily change of -0.5%;
BNB's latest trading price is $710.09, with a daily change of -0.4%;
SOL's latest trading price is $213.76, with a daily change of -1.4%;
DOGE's latest trading price is $0.3819, with a daily change of -3.0%;
XPR's latest trading price is $2.40, with a daily change of -0.7%.
Policy
▌Senator Cynthia Lummis: Holding Bitcoin Can Help Strengthen the US Dollar
U.S. crypto-friendly Senator Cynthia Lummis stated that holding Bitcoin can help strengthen the U.S. dollar.
Blockchain Applications
▌Social Capital CEO: Stablecoins Will Become a Key Tool for Wholesale Transactions by 2025
Social Capital CEO Chamath Palihapitiya predicts that the adoption of stablecoins will surge by 2025, becoming a key tool for wholesale transactions. He points out that by 2024, stablecoin usage will decouple from cryptocurrency trading, exceeding 1.1 billion transactions and $85 trillion in settlement value, more than double Visa's transaction volume.
Palihapitiya believes this growth will challenge the duopoly of Visa and Mastercard, especially as credit card rates rise. He also discussed regulatory issues, emphasizing that blockchain technology provides transparency and traceability for transactions. Last year, he predicted Bitcoin would achieve mainstream adoption by 2024.
Cryptocurrencies
▌Canadian Public Company Kontrol Technologies Holds 25 BTC
Canadian public company Kontrol Technologies Corp. announced that it has added multiple municipal clients after completing several successful RFPs. Kontrol won these opportunities by competing against larger organizations and will provide its sustainability solutions to multiple buildings in its client portfolio.
Following the news release on November 8, 2024, the company has accelerated its Bitcoin strategy on its balance sheet, currently holding approximately $3 million worth of Bitcoin or Bitcoin-related tokens on its balance sheet.
▌Ripple CEO: 75% of Ripple's Open Positions are Now in the US
Ripple CEO Brad Garlinghouse announced that 75% of Ripple Labs' open positions are currently in the US, and the company has made more deals and partnerships in the US since the November 2024 election, which Garlinghouse attributed to the incoming Trump administration and Donald Trump's pro-crypto rhetoric.
▌10x Research: Expects a Strong Start to the Year, Followed by a Slight Pullback Before the January 15 CPI Data Release
10x Research's market analysis indicates that while an initial burst of enthusiasm is expected at the start of the year, this is not the time to experience a bullish sentiment similar to late January through March or late September through mid-December 2024. The year is expected to start strong, followed by a slight pullback before the January 15 CPI data release. Favorable inflation data could reignite optimism and drive a rebound before the January 20 Trump inauguration. However, this momentum may wane, and the market may pull back before the January 29 FOMC meeting.
From January to mid-November 2024, Bitcoin's dominance rose from 50% to 60%, posing a significant challenge to Altcoin performance. Although the dominance index briefly dipped to 53% in three weeks, sparking hopes of an Altcoin season, it quickly rebounded to near 58% and then stabilized around 55%. This consolidation highlights Bitcoin's persistent dominance as the primary driver of the crypto market, while also suggesting that Altcoins may face challenges unless Bitcoin's dominance index declines again.
▌El Salvador Currently Holds 6,009.18 BTC
According to The Bitcoin Office in El Salvador, the country currently holds 6,009.18 BTC, worth over $591 million.
▌TON Network's Current Staked Amount Declined to 672.8 Million TON, Representing 26.50% of the Circulating Supply
According to tonscan data, the TON Network's current staked amount has declined to 672.8 million TON, representing 26.50% of the circulating supply (2.539 billion TON). Additionally, the current staking APY is 5.5%, and the network has 386 validator nodes.
▌$126 Million in Liquidations in the Past 24 Hours, Mainly Long Positions
Coinglass data shows that there were $126 million in liquidations across the network in the past 24 hours, with $79.25 million in long position liquidations and $46.83 million in short position liquidations.
Key Economic Developments
▌88.8% Probability of Fed Keeping Rates Unchanged in January
According to the CME FedWatch tool, there is an 88.8% probability of the Federal Reserve keeping interest rates unchanged in January, and an 11.2% probability of a 25 basis point rate cut.
▌Nordic Bank Strategist: US Monetary Policy Has Entered a New Phase Where Rate Cuts Depend on Falling Inflation or Weakening Labor Market
Lars Mouland, Credit and Rate Strategist at Nordic Bank, stated that US monetary policy has entered a new phase where rate cuts will depend on falling inflation or a weakening labor market. Interest rates may ultimately end up higher than market expectations.
Jinse Finance Encyclopedia
▌What is Compressed Non-Fungible Token (cNFT)?
cNFT is a relatively new type of Non-Fungible Token that utilizes state compression technology to store data more efficiently on Solana. Unlike traditional NFTs that either store all token metadata directly on-chain or through external links (such as IPFS), cNFT uses Merkle trees to optimize data storage.
Disclaimer: Jinse Finance, as a blockchain information platform, the articles published are for informational reference only and not as actual investment advice. Please establish the correct investment concept and be sure to increase risk awareness.
