This week in review | Bitcoin's ecological wealth effect continues; OpenAI CEO Altman is removed from office.
BlockBeats will compile industry news highlights for the week of 11.06-11.19 in this article, and recommend in-depth articles to help readers better understand the market and industry trends.
This Week's Important News Review
Bitcoin's ecological wealth effect continues, and major public chains have launched inscription minting projects
1. The two-week-long Bitcoin ecosystem craze not only did not decline, but also showed a growing trend. ORDI continued to hit new highs, breaking through $24. "Animal zoo" meme coins such as rats and cats have been listed on multiple trading platforms, with prices repeatedly hitting new highs.
2. The Atomicals protocol, a new asset protocol in the Bitcoin ecosystem, has sparked discussion again. The protocol's ecosystem coin, ATOM, was minted in a short period of time.
Related reading: "Analysis of BTC's two native asset protocols, BRC20 and ARC20" and "Looking for the next "BRC20", exploring Atomicals (ARC20) and Lightning Network".
3. In addition, Nostr Assets announced the launch of the Fair Mint feature, and the platform's Halloween-themed coin TRICK&TREAT has also risen for several days due to this news.
Related reading: "Nostr Assets is about to launch the Fair Mint feature, how should users participate? (Tutorial included)"
4. This week on November 14th, Ethereum's inscribed token ETHS once again experienced a strong upward trend, with a single increase to $4000. Those who did not leave since the initial investment cost of less than 1U on June 18th have already seen a return of 6000 times. The inscribed trend has not stopped at the Bitcoin ecosystem, as Ethereum's inscribed token ETHS has skyrocketed. Under the wealth effect and FOMO sentiment of inscribed casting projects on various public chains, inscribed tokens on Dogecoin, Binance Smart Chain, Litecoin, and BASE Chain have been discovered and have their own secondary trading markets. On November 16th, due to the influx of users, the inscribed prc-20 pols deployed on the Polygon network in May caused an abnormal increase in Polygon Gas fees, which once exceeded 5000gwei.
Related reading: "The wind of inscriptions has blown to Polygon, have you minted with one click?" and "How to buy the first inscription of other public chains to catch the next ETHS?".
On November 14th in both May and November, the founder of the Ordinals protocol stated on Twitter that the official Ordinals protocol is considering a "Jubilee" at block height 820512 of the Bitcoin mainnet. During the development of the Ordinals protocol, the occurrence of some special situations led to successfully engraved inscriptions not being assigned numbers by the indexer and therefore unable to be retrieved. This is known as the "cursed inscription". The "Jubilee" is a correction to some of the special situations that caused the "cursed inscription" in the past, which means that the old method of creating "cursed inscriptions" will no longer be applicable in the future.
Related reading: "Ordinals New Gameplay, Will "Curse Inscriptions" Be the Next Hotspot for Bitcoin NFTs?" and "As the "Jubilee Year" Approaches, Will the Ordinals Protocol's "Curse Inscriptions" Become Discontinued?"
SEC Delays Multiple Cryptocurrency ETF Applications Again, BlackRock and Fidelity Submit New Applications
On November 16th, according to official documents, BlackRock has submitted its Ethereum spot ETF's S-1 prospectus to the U.S. Securities and Exchange Commission (SEC).
On November 17th, asset management company WisdomTree submitted a revised prospectus (S-1 document) for its spot Bitcoin ETF to the US Securities and Exchange Commission (SEC).
On November 18th, Fidelity submitted an application for an Ethereum spot ETF to the US SEC, becoming the seventh applicant for an Ethereum spot ETF. The ETF will be listed on Cboe.On November 18th, the SEC will approve the decision to delay the approval of the Franklin Templeton Bitcoin ETF until early 2024.
On November 18th, the US SEC postponed its decision on whether to approve Hashdex's Nasdaq Ethereum ETF, which aims to hold Ethereum spot and futures contracts. The SEC stated that more time is needed to take action on the changes and indicated that a decision on whether to approve, disapprove, or "take action to determine not to approve" will be made by January 1, 2024.OpenAI CEO Altman dismissed by board
On November 18th, the OpenAI board announced that CEO Sam Altman has resigned and stepped down from the company's board, with Chief Technology Officer Mira Murati appointed as interim CEO. The OpenAI board stated that they had lost confidence in Altman's candor. According to insiders cited by Bloomberg, Altman had extensive disagreements with the board, particularly with OpenAI co-founder and Chief Scientist Ilya Sutskever, before being fired. Points of disagreement included opinions on AI safety, technology development speed, and company commercialization. After Altman's dismissal, some employees were dissatisfied with the decision, including OpenAI Research Director Jakub Pachocki, Head of the AI Potential Risk Assessment Team Aleksander Madry, and Researcher Szymon Sidor, who had worked at OpenAI for seven years, have also resigned.
PantherTrade, a virtual asset trading platform under Futu Holdings, has submitted a license application to the Hong Kong Securities and Futures Commission
On November 17th, the list of virtual asset trading platform applicants released by the Hong Kong Securities and Futures Commission showed that a total of 6 companies are currently applying for virtual asset trading platform licenses. The latest application was submitted by Leopard Trading (Hong Kong) Co., Ltd., a wholly-owned subsidiary of Futu Holdings, on Wednesday (15th), and its virtual asset trading platform is named PantherTrade. According to the information, PantherTrade appointed Chen Zhihu as a director on September 14th. He was formerly the investment director of Huobi Asset Management (Hong Kong) Co., Ltd. Huobi was later renamed as New Fire Technology, and Chen Zhihu's No. 4 fund in New Fire Asset Management will end in May 2023. Another director is Hong Yimin. The company submitted its incorporation form on March 7th this year, and the first director was Fang Xingzhi. The information shows that he was employed by JD Securities Co., Ltd. from September 2019 to July 2020.
Related reading: "PantherTrade applies for Hong Kong license, Futu Securities and Tiger Securities are accelerating their Web3 layout."
A new cryptocurrency exchange, Backpack Exchange, formed by former FTX executives, goes live with a staking SOL airdrop campaign
Recently, according to the Wall Street Journal, some former FTX executives, including Can Sun, the former general counsel of FTX, are joining forces to create a new cryptocurrency exchange called Backpack Exchange. Backpack Exchange then announced the launch of Pyth Network (PYTH) on Sunday, as well as a staking airdrop campaign for PYTH. To participate in this airdrop, users need to register an account on Backpack Exchange and complete the KYC verification process, as well as purchase or deposit at least 5 SOL tokens and stake them for at least 24 hours. Related reading: "Backpack, the legitimate successor of FTX: a new trading platform opened by former FTX employees (with KYC tutorial)"
Vitalik's new article proposes using new technology to transform Layer2 Plasma, attracting attention from the ecosystem users
On November 14th, Vitalik released his latest article, proposing to use new technology to transform Ethereum's scaling solution Plasma. In the article, Vitalik stated that since Plasma was first proposed in 2017, it has undergone multiple iterations and is now facing new developments. This technology allows all data and calculations (except for deposits, withdrawals, and Merkel roots) to be kept off-chain, greatly improving scalability. However, due to the high cost of client data storage and the inability to be universally applicable to applications other than payments, Plasma has gradually been replaced by rollups technology. Now, the emergence of validity proofs (such as ZK-SNARKs) has made it possible to reconsider Plasma technology, especially in the payment field. Subsequently, many developers and Ethereum ecosystem users have expressed their opinions on this. Related reading: "Vitalik's new article: Plasma returns - the exit game of EVM validiums", "Vitalik's new article proposes a new direction of "ZK+Plasma", will the L2 pattern change again?"
OKX and Polygon jointly launch zkEVM Layer2 network X1, OKB will serve as the native token
On November 15th, according to official news from OKX, OKX and Polygon jointly launched the zKEVM Layer2 network X1 and officially launched the testnet. The network is an upgrade of OKBC and is a high-performance, high-security Ethereum Layer2 network built on Polygon CDK. Through ZK zero-knowledge proof technology, it helps users achieve lower transaction costs, and OKB will serve as its native token.
Binance Labs announced investment in Arkham token ARKM
On November 15th, according to official sources, Binance Labs announced investment in the Arkham token ARKM, a cryptocurrency data tracking platform. The specific amount of investment has not been disclosed.
Circle strategically invests in Sei Network to support the launch of native USDC on the network
On November 15th, according to Fortune, USDC issuer Circle strategically invested in Sei Network to support the launch of native USDC on the network. Circle's investment will enable Sei to integrate USDC with its growing suite of applications, such as the popular decentralized exchange Sushiswap.
Pyth Network: PYTH airdrop to add approximately 55 million tokens to DeFi users
Pyth Network, a decentralized oracle project, has announced an expansion of its airdrop program to include more DeFi participants. The airdrop was previously announced to distribute 200 million PYTH tokens. An additional approximately 55 million PYTH tokens will now be distributed to DeFi participants, bringing the total airdrop distribution to approximately 255 million PYTH tokens. The eligibility criteria and snapshot date remain unchanged, and ecosystem participants can check their eligibility again.
HashKey Exchange announces token listing fees: expected to be between $50,000 and $300,000
On November 15th, HashKey Exchange, a licensed trading platform in Hong Kong, officially announced its listing fee policy. HashKey stated that applicants seeking to list their tokens should pay a non-refundable application fee of $10,000 or equivalent in advance to enter the token review process of HashKey Exchange when submitting the listing application form. However, paying the application fee does not guarantee successful listing on HashKey Exchange. In addition, applicants are required to pay a one-time listing fee before the token is officially listed. The listing fee will vary greatly depending on the complexity, unique features, and trading structure of the token, and may have an impact on the participating team, expert opinions, and regulatory approval process. HashKey Exchange stated that the token listing fee on its platform is expected to be between $50,000 and $300,000, and the specific amount will be determined by factors such as token type, trading structure complexity, due diligence and compliance, as well as expert opinions and consulting services.
China's largest chess and card game company Boyaa Interactive plans to spend $90 million to buy Bitcoin and Ethereum
On November 15th, according to the announcement of the Hong Kong Stock Exchange, Boyaa Interactive, China's largest chess and card game company, will increase its holdings of cryptocurrencies. It is currently expected to purchase approximately $45 million worth of Bitcoin and $45 million worth of Ethereum, and will also spend up to $10 million to purchase the US dollar stablecoins USDT and USDC. Potential cryptocurrency purchases will be conducted on publicly regulated and licensed trading platforms.
On November 15th, SOL rose back above $60 and continued to rise, with a current price of $65 at the time of writing. In the past week, SOL has increased by over 45%. In addition to the overall market recovery, another important factor driving the rise in SOL price is the upcoming airdrop information on JupiterExchange on Solana. Users can earn Jupiter tokens by interacting with Defi protocols and trading platforms such as marginfi, Kamino, DriftProtocol, and Jito on Solana, and these protocols also have their own point systems. Therefore, Solana has attracted a large amount of liquidity from the community.
Binance recently announced the launch of its Web3 wallet, with technical support provided by the Trust Wallet team, which Binance acquired back in 2018. BlockBeats previously interviewed Trust Wallet CEO Eowyn Chen to gain insight into her contributions to the cryptocurrency industry, as well as the opportunities, challenges, and future prospects for Trust Wallet.
As a Crypto blogger and influencer, the veteran driver in the industry records his experiences and operations on social media platforms. Becoming a KOL seems to be a natural progression for him, who was originally responsible for brand KOL on trading platforms. Like other industries, becoming a KOL in Crypto is not easy, and simply showing off profits does not guarantee success. To understand the experiences of this veteran driver in the Crypto industry, BlockBeats had a chat with him about his journey to becoming a KOL, as an 8-year veteran of cryptocurrency born in the 1990s.
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