This week in review | Ethereum will undergo the Cancun upgrade on January 17th; BRC20 follows Ordinals upgrade.
BlockBeats will summarize the industry's key news content for the week (1.1-1.7) in this article, and recommend in-depth articles to help readers better understand the market and industry trends.
This Week's Important News Review
On January 3rd, Bitcoin's daily decline exceeded 10%, causing a total of $450 million in liquidations across the network.
Matrixport released a report analyzing whether the SEC will approve a Bitcoin spot ETF on the same day. The report stated that if the SEC rejects the Bitcoin spot ETF, Bitcoin will quickly fall by 20%. The report was widely circulated by users, causing some users to speculate that the report was one of the reasons for the decline. Subsequently, Wu Ji Han, the founder of Matrixport, responded that the Matrixport analysis report did not plan to spread widely, and short-term fluctuations would not affect the results of the ETF and the status of BTC.
BRC20 Almost Forked, Eventually BRC20 Will Follow Ordinals Upgrade
On January 3rd, a tweet from @domodata, the founder of BRC-20, caused a stir and officially brought the dispute over the fork of BRC-20 to the table. Domo claimed in the tweet that UniSat's behavior of upgrading the Ordinals protocol indexed by BRC-20 to version v0.13.0 was a "fork" of BRC-20, a "unilateral" technical behavior of UniSat, and a struggle for protocol control. UniSat has always been trying to promote the development of BRC-20 quickly. After Domo's tweet was sent out, UniSat also responded with a tweet, saying that it will temporarily suspend other development tasks and do its best to ensure that the BRC-20 upgrade is carried out on schedule. Finally, this Friday, relevant parties reached a consensus, and BRC20 founder Domo agreed that BRC-20 will follow the Ordinals upgrade. Related reading: "Will BRC-20 Fork? What are the potential impacts?"
Ethereum will undergo the Cancun upgrade on the Goerli testnet on January 17th
On January 5th, the 178th Ethereum core developer execution meeting (ACDE) reconfirmed the Cancun upgrade time on the Goerli testnet as January 17th, and set January 30th and February 7th as the upgrade dates for the Sepolia and Holesky testnets respectively. If everything goes smoothly, developers will release the Goerli client next week, and the Sepolia/Holesky clients will be released on the week of January 22nd. In addition, the 179th ACDE meeting is scheduled to be held on January 18th. If there are any issues within the first 24 hours after the fork, the upgrade time will be rescheduled. Related reading: "Under the Cancun upgrade, Layer 2 urgently needs a "power delegation" movement" and "As the Cancun upgrade approaches, which EIP protocols are worth paying attention to in Ethereum?"
TRB falls more than 70% after hitting a historical high of $714.5, users accuse the exchange of inaction
On January 1st, according to OKX market data, TRB experienced violent fluctuations in the past 24 hours. After hitting a historical high of $315 on December 31, 2023, at 20:47, it fell 25% to touch $232 in a short time, and then rose more than 200% within 7 hours. It hit a historical high of $714.55 at 4:26 am on January 1st, and after a brief consolidation, it began to plummet. Within 3 hours, it fell 73% and fell below $200. According to Coinglass data, due to the violent price fluctuations of TRB, the liquidation amount in 24 hours reached $57.78 million, almost twice the liquidation amount of BTC ($24.3 million). As TRB has a relatively small total and circulation, it is a highly controllable token. The obvious manipulation behavior that occurred within 24 hours has sparked discussions among users. Many users believe that neither the rapid rise nor the rapid fall triggered the exchange's risk control mode, which is difficult to understand, and they directly stated that this may be a joint operation between the exchange and the controlling party.
Vitalik: ENS is very important, Layer 2 should run on CCIP resolver to support ENS
On January 3rd, Ethereum co-founder Vitalik Buterin posted on social media that all Layer 2 should run on (untrusted, Merkle-proof-based) CCIP resolver so that we can directly register, update and read ENS domain names on Layer 2. ENS is very important. According to OKX market data, ENS started to rise after Vitalik's post, with the highest increase of 46.7% within 15 minutes, and is now priced at $12.3.
Arthur Hayes predicts that Bitcoin will face a 20% to 30% pullback in March and reveals his options trading strategy
Arthur Hayes, founder of the cryptocurrency trading platform BitMEX, published a lengthy article on his blog, analyzing the current trends and potential risks in the cryptocurrency market. Hayes pointed out that although the cryptocurrency market is in the early stages of a bull market, investors need to remain vigilant against upcoming market volatility. He is particularly concerned about three key variables that will intersect in March of this year: changes in the US reverse repurchase program (RRP) balance, the possibility of renewing the bank financing plan (BTFP), and the Federal Reserve's interest rate decision. Related reading: "Arthur Hayes: Bitcoin may experience a 20%-30% adjustment in March".
Manta Network launches airdrop plan, rewarding 5% of total supply
Manta Network announced the launch of the Into the Blue airdrop plan, which currently supports users to check their eligibility for airdrops based on their contributions to the ecosystem over the past 3 years. Into the Blue rewards 50 million MANTA, accounting for 5% of the total supply. Among them, 30 million MANTA (3% of the total supply) will be distributed to supporters and users of the Manta ecosystem on Manta Atlantic and Manta Pacific. 20 million MANTA (2% of the total supply) will be distributed as bonus rewards to supporters and users of the Manta ecosystem.
Multiple projects using Cosmos and Celestia technologies launch airdrops, Cosmos and Celestia staking addresses surge
Recently, modular blockchain network Dymension, scalable protocol Saga in the Cosmos ecosystem, and privacy protocol Namada announced the launch of airdrop activities. Among them, Dymension will airdrop 70 million DYM tokens (7% of the total supply) to users in the Celestia, Ethereum, Cosmos, and Solana ecosystems. The eligibility criteria for the Saga community's genesis airdrop involve members of the ATOM, Celestia, Polygon, and Avalanche communities. Related reading: "Quick view of the distribution rules for the Dymension genesis airdrop".
Eleven Bitcoin Spot ETF Applicants, including BlackRock, have Submitted Revised 19b-4 Filings
On January 6th, according to Bloomberg, as of now, all 11 Bitcoin spot ETF applicants, including BlackRock, Valkyrie, Ark Invest, Fidelity, Bitwise, Grayscale, Hashdex, Invesco, WisdomTree, Franklin Templeton, and VanEck, have submitted revised 19b-4 filings.
Binance's new coin mining project Sleepless AI announces airdrop rules: users who participate in NFT auctions, sign-in interactions, and other activities will receive airdrops
All 20 Genesis NFT holders, the top 10 bidders, and participants in the staking plan will receive AI.
2. Users who participate in voting and daily check-ins more than 10 times will receive an airdrop; the airdrop will be reserved for the top 100 users with the highest level who have pre-ordered the game.
Sleepless AI token's 1% total supply will be used for airdrops, and users who stake AI can receive an additional 2-5 million AI tokens as a special reward.
This Week's Popular Articles
一份价值 4.5 亿美元的比特币报告？
Translation:
A $450 million Bitcoin report?
Entering January, people's expectations for "Bitcoin spot ETF approved on January 10th" became clearer and stronger. Investors who have made profits in the past few months have also prepared for "Sell the news". On the first day of work in the 2024 New Year, the market's enthusiasm reached a new high after Bitcoin broke through $45,000. However, just one day later, the industry suddenly experienced a long-unseen "bull market correction", and the price of Bitcoin plummeted to below $42,000 in a flash, causing the entire network to increase its liquidation by $451 million in just one hour, leaving many "just fully loaded" investors in tears.
DeFi master reveals 2024 investment list, see if your coins are on it?
This article is written by FIROUTE 2 FI, who is the Growth Officer of Silent Protocol and a partner of Bybit. In the article, he showcases his favorite cryptocurrencies for 2024, covering multiple project categories such as L1, L2, AI, DEX, etc.
坎昆预期，Layer2 们炒起来了
Translation:
Cancun expectations, Layer2s are heating up
With the rise of Ethereum and the upcoming upgrade of Cancun, ARB continues to break new historical highs. On January 3rd, ARB briefly broke through $1.94, with a 24-hour increase of 10.33%. The value locked in Arbitrum has exceeded $20 billion, making it the largest L2 Rollup. Other L2s are also starting to make efforts.
50 days of "shovel season", is it coming to an end?
During the last two months of 2023, the "shovel fever" that emerged from the Bitcoin ecosystem showed surprising wealth effects. MUBI and BSSB brought AUCTION and TURT to new heights, and with the later emergence of BAKE, each "shovel coin" had its glorious moment of doubling in just a few days. However, from the completion of MultiBit's IDO by Bounce Brand and the release of MUBI on November 12, 2023, to January 1, 2024, the "shovel market" seemed to have gone from rising to ending in just 50 days.
According to data, in December 2023, the trading volume of Solana's ecosystem DEX exceeded 28 billion US dollars, setting a new record for monthly trading volume. This also means that there are more and more competitors and robots in the trading of Solana. As ordinary retail investors, how should we respond? This article delves into how to track and analyze successful traders in this dynamic market, as well as how to use trading robots to simplify and optimize trading strategies.
SEC's decision on spot ETF, will it make Bitcoin rise or fall?
Why did the SEC's final decision on Bitcoin spot ETF cause a huge reaction in the cryptocurrency market? Cryptocurrency researcher Reed Macdonald reviewed the history of Bitcoin's relationship with ETFs in recent years, pointing out the uncertainty of Bitcoin's future trend after the SEC's ruling, and emphasizing the importance of considering broader market dynamics.
Two weeks nearly quadrupled, is Sei the next Solana?
People are searching for the next Solana, and Sei is considered to be the most promising candidate. Recently, the price of Sei's native token SEI has been attracting attention, and yesterday SEI reached a new all-time high of $0.8, with a two-week increase of nearly four times. The community can't help but wonder why Sei, which was not given many airdrops and had a lukewarm price, has suddenly taken off in 2024?
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