Daily Briefing | Bitcoin briefly broke through $43,000 this morning; Atomicals' ecosystem token DMINT surged over 200% in 24 hours.
Top News::
1. Bitcoin briefly broke through $43,000 this morning with a 24-hour increase of 3.33%.
2. Atomicals' ecological token is soaring, with DMINT rising over 200% in 24 hours;
3. Jianan Yunzhi completed the first round of preferred stock financing of $125 million, raising $25 million.
4. The Federal Reserve maintains interest rates unchanged;
5. Due to the launch of "World ID 2.0" by Worldcoin, WLD rose nearly 8% in a short period of time.
Price Observation
FTT rose to $5.7, with a 24-hour increase of over 15%
On December 13th, market data shows that FTT briefly rose to $5.7 and has now fallen to $5.58, with a 24-hour increase of 15.42%.
It is reported that at 1:00 am Beijing time on December 14th, the Federal Bankruptcy Court in Delaware will hold a hearing on the bankruptcy case of FTX Trading Ltd. (Case No. 22-11068). The purpose of the hearing is to discuss various matters related to the bankruptcy case, including deferred matters such as motions and oppositions, as well as review of the third interim fee application submitted by all parties.
On December 13th, FUNToken announced that its token will be listed on the South Korean cryptocurrency exchange Upbit on December 14th, 2023 at 9:00 AM Korean Standard Time (0:00 UTC). Two trading pairs, FUN/USDT and FUN/KRW, will be available. The news of the listing caused a short-term increase of nearly 40% in the value of FUN token. Note: Upbit has not yet released an official announcement, so investors should be aware of the risks.
Affected by the launch of "World ID 2.0" by Worldcoin, WLD rose nearly 8% in a short period of time.
On December 13th, according to market data, WLD rose nearly 8% in the short term due to the release of "World ID 2.0" by Worldcoin, and is now priced at $2.515.
Sonorus announced a partnership with Linea, and SNS surged more than 20% in a short period of time.On December 13th, according to official sources, Sonorus, a music discovery and sharing platform for Web3, announced a strategic partnership with Linea. It is reported that SNS was launched on Kucoin and PanCakeSwap at 6 pm on December 12th. Perhaps due to the news of this partnership, SNS rose more than 20% in a short period of time.
Atomicals token sees widespread increase, DMINT surges over 200% in 24 hoursOn December 14th, according to Atomicals Market data, the ecological token of Atomicals saw a general rise in prices, including:
DMINT is currently priced at $0.12 with a 24-hour increase of 203.37%.
BITVM is currently priced at $0.03 with a 24-hour increase of 50.47%.
REALM is currently priced at $0.71, with a 24-hour increase of 47.73%.
AVM is currently priced at $0.2 with a 24-hour increase of 44.17%.
ATOM is currently priced at $10.27 with a 24-hour increase of 9.59%.
Atomicals 生态代币 ATOM 单价突破 10 美元，创历史新高 Translation:
Atomicals ecological token ATOM breaks through $10, creating a new historical highOn December 14th, according to Atomicals Market data, the price of Bitcoin Atomicals ecosystem token ATOM broke through $10, reaching a new historical high. BlockBeats notes that the minting cost of ARC-20 tokens is relatively low, and the vast majority of tokens themselves have no use cases, so users should be aware of the risks.
Bitcoin broke through $43,000 briefly this morning, with a 24-hour increase of 3.33%.
On December 14th, according to OKX market data, Bitcoin briefly rose above $43,000 in the early morning and is now falling back to $42,896, with a 24-hour increase of 3.33%.
On December 13th, Mantle Network and HackQuest jointly launched Mantle Learn, a comprehensive Web3 developer education platform aimed at introducing Web2 developers interested in Web3 to this field from the perspective of Mantle Network. Mantle Learn combines Mantle Network's technical strength with HackQuest's interactive learning modules and built-in IDE, aiming to improve the accessibility and quality of Web3 developer education.
The main learning path of Mantle Learn will enable users to master Solidity, the smart contract programming language required to build on Mantle. The course is designed based on Universal Design for Learning (UDL) principles, divided into 5-minute segments, and ultimately completed through interactive tasks to allow learners of all levels to complete the learning. After completing the Mantle learning path and deploying a project on Mantle MainNet, users will receive proof of completion of the on-chain Soul-bound Token (SBT) jointly issued by Mantle and HackQuest.
Vitalik Buterin discusses the future prospects and challenges of ZK-EVM
On December 13th, Vitalik Buterin, co-founder of Ethereum, wrote an article delving into the concept and possible implementation of "ZK-EVM" (Zero-Knowledge Ethereum Virtual Machine). The article pointed out that current Layer-2 EVM protocols (such as Optimistic Rollups and ZK Rollups) rely on the verification mechanism of EVM, but this also means that they must trust a large codebase. Once there is a vulnerability in the codebase, these virtual machines may face the risk of being attacked. In addition, even for ZK-EVM that hopes to remain fully equivalent to L1 EVM, a certain form of governance mechanism is needed to replicate changes in L1 EVM to its own EVM implementation.
Buterin proposed the concept of ZK-EVM, aiming to reduce the redundant implementation of Layer-2 projects on Ethereum protocol functions and improve its efficiency in verifying Layer-1 Ethereum blocks. He also envisioned that future light clients will be more powerful and may even use ZK-SNARKs for complete verification of L1 EVM execution, at which point the Ethereum network will essentially have built-in ZK-EVM functionality. The article also discusses different versions of implementing ZK-EVM, including their design challenges, trade-offs, and why certain directions may not be adopted. It emphasizes the importance of balancing the advantages of implementing protocol functions with maintaining the simplicity of the underlying protocol.
Regarding the key attributes of ZK-EVM, Buterin emphasized its basic functionality, compatibility with Ethereum's multi-client philosophy, data availability requirements, auditability, and upgradability. In addition, he also mentioned support for "almost-EVM", which allows L2 VMs to use ZK-EVM within the protocol with only minor differences from EVM, while also providing flexibility for partial customization of EVM.
Coti plans to expand to the Ethereum ecosystem through Layer 2 network
On December 13th, DAG payment network COTI announced plans to launch an Ethereum Layer 2 network in next year's upgrade. COTI's Ethereum Layer 2 network will focus on user privacy protection while receiving security support from the Ethereum mainnet. A COTI spokesperson told The Block, "COTI's infrastructure will transition from the previous proprietary DAG protocol to a privacy-centric Layer 2 network compatible with the Ethereum Virtual Machine (EVM)." The development network (devnet) for Coti V2 is scheduled to launch in the second quarter of 2024, followed by a testnet, and the mainnet is expected to go live before the end of the year. Coti V2 will use encryption technology to protect transaction privacy. The system will implement a method called "obfuscation circuit," which is an alternative privacy protection solution to commonly used zero-knowledge technology.
On December 14th, according to Decrypt, game giant Ubisoft's first original blockchain game "Champions Tactics: Grimoria Chronicles" will offer a priority list for NFT minting at 19:00 on December 18th Beijing time, and will launch public minting at 3:00 on December 19th Beijing time. "Champions Tactics: Grimoria Chronicles" will mint 9,999 Warlords NFTs. Although Warlords NFTs will run on Ethereum, the game itself is deployed on the Ethereum-compatible Oasys blockchain. 8,000 NFTs will be provided through free minting, 1,000 NFTs will be provided to the Oasys community, and 999 NFTs will be reserved by Ubisoft for future marketing and giveaways.
On December 14th, the smart contract wallet Argent announced that in order to keep up with the important step towards decentralization with Starknet next week, users should update their Argent X extension to version: v5.11.
The first RWA lending protocol TProtocol announces partnership with Backed FinanceOn December 14th, TProtocol, the first DeFi lending protocol dedicated to RWA on-chain, announced its partnership with Backed Finance, the largest RWA asset issuer in Switzerland, and will launch its national bond lending pool. The pool accepts short-term national bond tokens bIB01 issued by Backed Finance as collateral, generating approximately 4.9% lending yield, opening the second low-risk lending product on TProtocol with US Treasury bonds as collateral.
Backed Finance is the fourth largest on-chain provider of national debt, with a total locked position of approximately $45 million. This partnership will make TProtocol the largest integrated provider of on-chain national debt.
On December 14th, according to official sources, the yield aggregation protocol Yearn had 3,794,894 lp-yCRVv2 tokens from its entire treasury balance exchanged due to an error in a multi-signature script operation during a routine fee token conversion process. These tokens strictly belong to Yearn's protocol-owned liquidity (POL) and did not involve any user funds. As this quantity represents a significant portion of the Curve pool, there was a significant slippage loss, but the market quickly returned to normal prices. Based on the instantaneous price of lp-yCRVv2 at the time of the transaction, Yearn received 779,958 yvDAI tokens in this transaction, losing approximately 63% of the LP value.
Given the importance of these tokens to Yearn's yCRV liquidity, Yearn requests that any market participants who have profited from this error return a reasonable amount to its primary multisig address ychad.eth (0xFEB4acf3df3cDEA7399794D0869ef76A6EfAff52). To prevent similar errors in the future, Yearn will implement additional security measures, including allocating POL funds to a dedicated management contract, making transaction script outputs more human-readable, and enforcing stricter price impact thresholds.
OpenAI resumes ChatGPT Plus new user registration
On December 14th, Sam Altman, CEO of OpenAI, announced that the company has resumed new user registration for ChatGPT Plus.
On December 14th, Wang Feng, the founder of Bluehole Interactive, announced on social media that the company is preparing to submit an application to the Hong Kong Stock Exchange to approve its purchase of Bitcoin with a maximum price limit of $60,000. In addition, he stated that he personally increased his holdings of Bitcoin by $2 million yesterday and predicted that Bitcoin may surpass $50,000 before the end of the year or before the Spring Festival next year, and is expected to reach $100,000 by 2024.
Starknet v0.13.0 has been launched on the testnet.
On December 14th, according to official sources, Starknet v0.13.0 has been launched on the testnet. It includes V3 transactions: a new transaction version that will facilitate transaction fee payments once STRK becomes transferable. User transaction costs will be further reduced through optimized Cairo steps and additional optimizations to network configurations. Starknet v0.13.0 has already been launched on the testnet and will be subject to community voting on the new Starknet governance center.
CeFi Information
Coinbase International has launched perpetual futures contracts for OP, ARB, and ETC.
On December 13th, according to an official announcement, Coinbase International Exchange and Coinbase Advanced have added support for perpetual futures contracts for OP, ARB, and ETC. Limit, market, stop-loss, and stop-loss limit orders are now all available.
Upbit Warning: Beware of False Trading Support Promotion, Listing Information Only Released Through Official AnnouncementsOn December 13th, Upbit, a South Korean cryptocurrency exchange platform, issued a notice warning users to be cautious of false trading support promotion. Recently, some scammers have been falsely claiming on their websites and social media (SNS) that specific digital assets will receive trading support from Upbit. Upbit emphasized that all official information regarding trading support is only released through Upbit's official announcements. Upbit reminds investors to remain vigilant in their investment decisions to prevent asset losses.
BlockBeats Note: The false promotion screenshot in Upbit's announcement should be FUNToken, which previously claimed that its token would be listed on Upbit tomorrow.
Financing Express
On December 13th, Canaan Inc. (NASDAQ: CAN) announced that it has completed the first round of preferred stock financing, raising a total of $25 million. On November 27th, 2023, Canaan Inc. signed a securities purchase agreement with an institutional investor. According to the agreement, Canaan Inc. will issue and sell up to 125,000 shares of Series A convertible preferred stock to the investor at a price of $1000 per share.
In the first round of preferred stock financing, Canaan issued 25,000 preferred shares at a price of $1,000 per share and delivered 8,000,000 American Depositary Shares (ADS) through The Bank of New York Mellon. Each ADS represents 15 ordinary Class A shares of Canaan. The price per ADS is $0.00000075. Canaan plans to use the net proceeds from the sale of these securities for research and development, expanding production capacity, and other general corporate purposes.
Learn to Earn Platform Intract Completes $3 Million Financing, Led by Gumi CryptosOn December 13th, Learn to Earn platform Intract announced the completion of a $3 million financing round. The round was led by Alpha Wave Global, BITKRAFT Ventures, and Gumi Cryptos, with participation from Polygon Ventures, Tokentus, MoonPay, Web3 Studios, and others. Intract claims to have over 2 million active users, helping them explore new Web3 projects in various verticals. Users are incentivized to complete certain tasks to earn rewards and learn about these projects.
Web3 identity verification startup Dynamic raises $13.5 million, led by a16z and Founders Fund
On December 13th, according to CoinDesk, the Interchain Foundation, which supports the Cosmos blockchain ecosystem, detailed a $26.4 million funding allocation plan for 2024. Of this, $3 million will be used to ensure the continuous modularity, efficiency, and stability of CometBFT (a Byzantine fault-tolerant engine used for state machine replication); $4.5 million will be used to expand the composability of the Cosmos SDK (the world's leading framework for building secure, high-performance application-specific blockchains); $7.5 million will be invested in the Inter-Blockchain Communication Protocol (a leading blockchain interoperability protocol that supports secure and permissionless arbitrary data transfer for expanding cross-blockchain ecosystems); $2.5 million will be used for CosmWasm (an intelligent contract framework focused on security, performance, and interoperability to enhance dApp functionality and IBC connectivity); $155,000 will be invested in CosmJS (a library that helps developers integrate JavaScript-based clients with the Cosmos SDK blockchain to bridge the gap in Cosmos SDK compatibility); and $1.5 million will be used for security audits of the Interchain Stack.
On December 13th, Andalusia Labs (formerly known as RiskHarbor), which focuses on digital asset risk infrastructure, announced the completion of a $48 million Series A financing, with a valuation of over $1 billion. The round was led by Lightspeed Venture Partners, with participation from existing investors such as Mubadala Capital, Pantera Capital, Framework Ventures, Bain Capital Ventures, and Digital Currency Group. The company also announced the establishment of its global headquarters in Abu Dhabi.
Andalusia Labs co-founder Rauf Ben-Hal said that this round of funding will be used for product development and team expansion. So far, the company has raised a total of approximately $51 million. Andalusia Labs has developed three digital asset technology solutions: the layer 2 blockchain Karak, the encrypted risk management market Subsea, and the security-centric institutional platform Watchtower, each providing digital asset support for institutions, developers, and consumers through their respective features. Ben-Hal pointed out that both Subsea and Watchtower are built on the Karak blockchain. The Karak blockchain has launched a public test network and is expected to go live soon. He emphasized that in the field of blockchain and Web3, strong risk infrastructure is becoming indispensable due to the widespread existence of security threats. Subsea has protected over $1 billion in encrypted assets and has established over 100 integrations with different blockchains and financial applications.
On December 13th, NodeKit team, which focuses on Avalanche network, announced that it has completed a pre-seed round of financing of $1.2 million. The round was led by Borderless Capital, with participation from Avalanche Blizzard Fund, Polygon Ventures, and Wormhole Cross-Chain Ecosystem Fund.
NodeKit is building SEQ - a shared sorter Layer 1 network aimed at helping Rollup chains launch and decentralize their transaction sorting. SEQ will run as an independent blockchain or subnet within the Avalanche ecosystem. The design of SEQ will also support various data availability layers such as Celestia. The testnet for SEQ is planned to launch in 2024, followed by the mainnet release. SEQ is one of the major projects developed using Avalanche's HyperSDK software toolkit. HyperSDK provides builders with customization while optimizing the building of custom blockchains on top of Avalanche.
Viewpoint Data
On December 13th, according to Cointelegraph, the "2023 Industry Status Report" released by the Blockchain Gaming Alliance (BGA) showed that nearly 40% of surveyed blockchain game developers believe that traditional game studios will become the main positive driving force in the Web3 game field by 2024. The report shows that 37.8% of respondents believe that Web2 studios launching new Web3 games or applying blockchain elements to existing games will help drive industry development in 2024. When identifying the biggest positive driving factors in 2023, 19.8% of respondents pointed out that traditional game studios launching non-fungible token (NFT) games, while 15.2% of people are optimistic about these studios turning to Web3. Overall, 35% of respondents believe that the industry will benefit most from Web2 game studios dedicating themselves to adopting Web3 technology in 2023.
A report surveyed 526 professionals in the blockchain gaming industry from August to October 2023. In Q3 2023, Web3 gaming projects received $600 million in investment, bringing the total investment for the year to over $2.3 billion. A latest report by Fortune Business Insights predicts that the global blockchain gaming market will reach $615 billion by 2030, with a compound annual growth rate of 21.8% since the $128 billion market size in 2022.
On December 13th, according to Reuters, Mathew McDermott, the global head of digital assets at Goldman Sachs, stated that the volume of blockchain-based asset transactions is expected to significantly increase in the next one to two years. McDermott pointed out that as the market expects the US securities regulatory agency to soon approve the application for a Bitcoin spot ETF (exchange-traded fund), customer interest in cryptocurrency derivative trading is also increasing. In addition, he emphasized that there is "huge demand" for blockchain-based tokens that represent traditional assets such as bonds, in addition to cryptocurrencies.
McDermott also mentioned that using blockchain to trade assets can improve operational and settlement efficiency, as well as "de-risk" the financial market. He also added that if securities are traded through blockchain, margin and liquidity can be transferred more quickly and accurately between parties. Although there is still a long way to go for the large-scale blockchainization of the financial market, McDermott believes that we will see these markets gradually mature in the next three to five years. Goldman Sachs' client survey shows that 16% of respondents expect that over 10% of the financial market will be "tokenized" in the next three to five years.
The Federal Reserve keeps interest rates unchanged.
On December 14th, the Federal Reserve concluded its annual interest rate decision for 2023, deciding to maintain the benchmark interest rate at 5.25%-5.50%, as expected. Out of the eight decisions made this year, the Federal Reserve raised interest rates by 25 basis points four times and kept rates unchanged for the other four times. (Data from Jin10 App)
Powell: Discussions on the timing of interest rate cuts are still ongoing
On December 14th, Federal Reserve Chairman Powell stated that we believe we have done enough in terms of interest rates, but we are not yet fully confident in this view. Discussions about the timing of interest rate cuts are still ongoing, and decisions will be made very cautiously. (Jin10)
Analyst: Interest rate discussion causes significant market speculation of 30 basis points
On December 14th, analysts evaluated the Federal Reserve's interest rate decision: due to discussions about interest rate cuts during the FOMC meeting, the front end of US Treasury bonds saw increasingly intense increases.
The 2-year treasury bond yield fell by 30 basis points to 4.43%. According to swap data, the pricing of a rate cut in 2024 has now exceeded 1.4%, and has changed by nearly 30 basis points since the FOMC interest rate decision was announced. (Jin10)
The US stock market continues to rise, with the Dow hitting a new all-time high.
On December 14th, the Federal Reserve turned dovish and the US stock market continued to rise, with the Dow Jones Industrial Average reaching a new all-time high. Prior to this, Apple (AAPL.O) stock reached a new all-time high, with a market value of $3.07 trillion. (Jin10)
On December 14th, according to CoinDesk, FTX victims are expected to recover their funds faster from the trading platform. Judge John Dorsey of the Delaware Bankruptcy Court took action at a bankruptcy hearing to end the long-standing dispute between FTX and its largest creditor, signaling efforts to expedite the recovery of FTX customer funds. The judge plans to hold a hearing early next year to calculate FTX's debt to the US Internal Revenue Service (IRS), a key issue that has delayed compensation for many victims of the exchange. As FTX's largest creditor, the IRS's claim must be resolved before FTX victims can recover their losses.
At the bankruptcy hearing, Judge Dorsey stated that despite the complexity of FTX's bankruptcy case, it still needs to be resolved faster. "The goal of the bankruptcy case is to come to a conclusion as quickly and accurately as possible, without wasting the time and resources of the country or other creditors," he said at the end of the hearing. The IRS claims that based on its own calculations, the cryptocurrency company owes up to $24 billion in unpaid taxes and has been insisting that the court approve its claim. It is not yet clear whether the court's estimation of FTX's tax debt will increase the IRS's recovery amount. In corporate bankruptcy cases, the IRS is usually one of the first creditors to be paid, but Judge Dorsey has warned the agency to adjust its expectations for billions of dollars in compensation. "The FTX debtor may not owe any taxes. It may owe a little bit of taxes, it may owe millions or tens of millions of dollars in taxes," he said. "I'm not sure yet, because there's no benefit to evidence." He suggested that the lawyers for the IRS and FTX study FTX's tax information and work together to avoid going to trial.
CoinList violated OFAC sanctions and paid a settlement of $1.2 million
On December 14th, CoinList Markets LLC, a virtual currency trading platform based in San Francisco, agreed to pay $1,207,830 to settle potential civil liability arising from 989 transactions processed for Crimean resident users between April 2020 and May 2022. These transactions were deemed to violate the Russian/Ukrainian sanctions regulations of the US Department of the Treasury's Office of Foreign Assets Control (OFAC).
CLM was established in 2017 as a currency service business, mainly serving as an intermediary for users to buy, sell, and convert various cryptocurrencies. When users open a CLM account and digital wallet, they are required to provide certain customer identification (KYC) information, such as country of residence, address, date of birth, phone number, selfie photo, and government-issued identification photo. However, CLM's screening process failed to identify users who claimed to reside in non-sanctioned countries but actually provided a Crimean address.
Specifically, CLM has opened accounts for 89 users, almost all of whom have specified "Russia" as their country of residence, but provided addresses in Crimea when opening their accounts. In the process of providing financial services to these users, CLM committed 989 apparent violations of Ukrainian/Russian sanctions regulations between April 19, 2020 and May 7, 2022, involving approximately $1,252,280. OFAC determined that these violations were not voluntarily self-disclosed, but were also not malicious. According to OFAC's Economic Sanctions Enforcement Guidelines, the final settlement amount is $1,207,830.
Jingshun submits latest S-1 form to SEC, promising to only issue Bitcoin spot ETF in cash
On December 14th, Invesco and Galaxy submitted their third revised Bitcoin spot ETF prospectus (S-1 document) to the US Securities and Exchange Commission (SEC), promising to focus on launching Bitcoin ETFs that are created solely through cash. Bloomberg ETF analyst Eric Balchunas pointed out that this is a clear signal that the SEC prefers cash creation for initial ETF product approvals. Although the market is generally focused on whether BlackRock can persuade the SEC to accept the in-kind creation method, internal sources suggest that the SEC may only allow cash creation for the first batch of products.
SEC has approved Hashdex Bitcoin Futures ETF's proposed rule change
On December 14th, according to the announcement of the US Securities and Exchange Commission (SEC) file number SR-NYSEARCA-2023-84, the New York Stock Exchange Arca (NYSE Arca) submitted a proposed rule change on December 1st, 2023. This change aims to modify certain statements of the Hashdex Bitcoin Futures Fund. The fund is currently listed and traded on NYSE Arca under Rule 8.200-E. The rule change mainly involves the restructuring of the Hashdex Bitcoin Futures Fund into the Hashdex Bitcoin Futures ETF, which will be one of the series of Tidal Commodities Trust I.
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