Selected News:

1. The Coinbase protocol manager has made over 30 times profit after purchasing the TYBG meme coin in the Farcaster ecosystem.

2. DWF Labs has applied to join the Klaytn Governance Council and plans to purchase 5 million KLAY tokens.

3. Particle Network's first Launchpad will go live on Merlin Chain (MERL);

4. Binance co-founder He Yi responded to the "RONIN listing information leak incident" and announced six major adjustment measures;

5. US Treasury Secretary Yellen warns of the risks associated with cryptocurrencies and recommends that Congress legislate to regulate stablecoins and spot markets for non-securities crypto assets.

Price Observation

LINK 24-hour surge over 8%, currently reported at $19.56

On February 5th, according to market data, LINK broke through $19 and is now priced at $19.56, with a 24-hour increase of 8.16%.

WHALES breaks $2, up 4.85% in 24 hours

On February 5th, according to market data, the decentralized over-the-counter trading platform Whales Market's token WHALES broke through $2 and is now priced at $2.089, with a 24-hour increase of 4.85%.

Transaction Tracking

DWF Labs applies to join Klaytn Governance Council, plans to purchase 5 million KLAY

On February 6th, according to the Klaytn Governance Forum, DWF Labs applied to join the Klaytn Governance Committee. They aim to provide support for the Klaytn ecosystem and promote business expansion within the Klaytn ecosystem.

DWF Labs has committed to purchasing 5 million KLAY independently from the market or foundation.

czsamsunsb.eth withdrew over 12,000 ETH from Lido and deposited it into Binance within the past 3 hours.

On February 5th, according to on-chain data, within the past 3 hours, czsamsunsb.eth withdrew 12,186 ETH from Lido and deposited 12,181.4 ETH (approximately $28.28 million) into Binance.

Grayscale's holding address started transferring BTC to Coinbase Prime 6 minutes ago.

On February 5th, according to on-chain data, the Grayscale holding address began transferring BTC to Coinbase Prime 6 minutes ago, and the transfer is currently ongoing.

Data: 773 BTC transferred from Antpool to Binance, worth approximately $33.35 million

On February 5th, according to Whale Alert monitoring, at 19:45 Beijing time, 773 BTC (approximately $33.35 million) was transferred from Antpool to Binance.

Coinbase protocol responsible person has made over 30 times profit after buying Farcaster ecosystem meme coin TYBG

On February 5th, according to on-chain data, Jesse Pollak, the protocol lead of Coinbase, purchased over 213 million Farcaster ecosystem meme project Base God token TYBG for 0.25 ETH (approximately $577 at the time) on January 24th and has held it until now. The current value of this position is approximately $19,486.

According to Jesse Pollak's X (formerly Twitter) account, he first interacted with the Base God project on January 25th and has since interacted more than 10 times.

Project Updates

Deez Nuts launches custom RPC function

On February 6th, Deez Nuts stated on social media that users can use a custom RPC URL when the website traffic is busy.

TreasureDAO has released the Treasure Chain Litepaper and plans to launch the mainnet in Q3 of this year.

Binance will launch RONIN 1-50x U perpetual contract on February 6th, 2024 at 12:30 (GMT+8).

OKX will delist leveraged and perpetual contracts for WSM trading pair on February 22nd

On February 5th, according to an official announcement, OKX will delist the leverage and perpetual contract of WSM trading pair from 4:00-5:00 PM (UTC+8) on February 22nd.

Viewpoint Data

Data: EigenLayer TVL breaks 1.5 million ETH

On February 6th, according to the official website of the Ethereum re-staking protocol EigenLayer, EigenLayer TVL reached 1.5026 million ETH, worth approximately 3.455 billion US dollars.

BitMEX Research: GBTC 17th trading day outflow of $108 million

On February 6th, BitMEX Research released Bitcoin spot ETF trading data on social media platforms. GBTC had a net outflow of $108 million on its 17th trading day.

Bitcoin collateral chain BounceBit TVL breaks $94 million

On February 6th, according to official website data, the TVL of Bitcoin collateral chain BounceBit has reached $94.51 million.

10X Research Founder: Bitcoin is expected to reach $70,000 by the end of this year

On February 6th, according to CoinDesk, Markus Thielen, the founder of 10x Research, stated that Bitcoin (BTC) is expected to rise by about 65% from its current level and reach $70,000 by the end of the year. Thielen wrote in a report last Friday, "With macro environment, favorable monetary policy, the US election cycle, and the increasing demand for Bitcoin ETF by TradFi investors, it seems possible for Bitcoin to rebound to $70,000." Thielen pointed out that although Bitcoin has been rising for 10 out of its 13 years of existence, the return rate in January was more uneven, with only 7 years of growth and 6 years of decline.

Thielen stated in Friday's report that "although the Fed has postponed its first rate cut until (possibly) May or June, inflation is declining and economic growth is being maintained." He also noted that the U.S. presidential election cycle coincides with the year of Bitcoin halving, and historically, Bitcoin prices have risen. Specifically, Bitcoin rose by 152% in 2012, 121% in 2016, and 302% in 2020, with an average increase of 192%.

Cathie Wood: Bitcoin is replacing gold as a store of value asset

On February 6th, Ark Invest CEO Cathie Wood stated that Bitcoin is actually replacing gold as a store of value asset, and that BTC is more of a safe-haven asset, as well as an asset that investors seek during times of economic uncertainty for "quality assets".

Cathie Wood also shared a chart of Bitcoin priced in gold, which shows BTC's strong long-term upward trend. Cathie Wood said that this reflects Bitcoin's partial replacement of gold. She said: "This chart just shows you that Bitcoin is rising even relative to gold. Now that there are alternatives to Bitcoin, we believe this trend will continue because there is a simpler, less frictional way to access Bitcoin (spot ETF)."

Binance co-founder He Yi responds to the "RONIN listing information leak incident" and announces six major adjustments.

On February 6th, Binance co-founder He Yi stated that there have been occasional heated discussions about information leaks regarding coin listings on Binance in the past. These discussions usually involve projects that have not yet released their tokens, and it is not uncommon for the community to excessively promote them to maintain interest. However, after the announcement of RONIN's listing on Binance today, the community had a heated discussion as the price of RONIN dropped. After an internal investigation, it was discovered that the token retrieval service integrated with the public chain for users was detected and collected on the chain by an external party. Discussions about RONIN being listed on Binance began in the community. After careful consideration, adjustments will be made to the existing coin listing process.

1) Internal adjustments at Binance: The team members involved in the listing process, including business, research, Pre-IC, IC, development, operations, and announcements, will strengthen internal management and firewalls. If there is any information leakage due to mismanagement, a warning will be given for the first offense and termination for the second offense.

2) Binance's external partners adjustment: In the process of external business communication, it often involves project research information improvement, communication of token models, token custody management, and communication with project investors. The process has been further improved. If there is any information leakage about the project listing, the listing will be cancelled. If information leakage is discovered after the announcement, the listing will be put on hold and the decision to list will be made based on subsequent adjustments.

3) We will further enhance technical monitoring. Currently, we do not rule out the possibility of Binance's trading pairs and announcements being monitored by scripts. Although the content is encrypted, the actions taken are being monitored. Therefore, fluctuations in the price of BNB may occur, and everyone will speculate that Binance will welcome launchpool. If you have any clues, please feel free to contact us to submit information.

4) Due to the past desire to isolate coin listing research and business, Binance did not publicly disclose contact information, which gave many opportunities for fraud. Therefore, we are publicly requesting a link.

5) High rewards. We welcome all reports related to corruption involving Upbit and other activities. If you can verify corruption by Binance team members, we will provide a security vulnerability reward of $10,000 to $5 million while keeping your identity confidential.

6) For verified corrupt employees, if they are fired and then join any projects or funds, the corresponding projects and funds will be permanently blacklisted on Binance. Major funds are welcome to contact Binance for background checks before making offers.

Finally, He Yi stated that Binance's past achievements were due to the establishment of a fair, transparent, and efficient platform.

Farcaster Ventures: Focusing on User Growth, So the Registration Process Cannot Use Cryptocurrency and is Designed Like Web2On February 6th, Dan Romero, co-founder of the decentralized social protocol Farcaster, explained on social media why users cannot register for Farcaster using cryptocurrency. He stated that "Farcaster focuses on user growth, and to achieve this goal, the registration process is designed to be as similar to Web2 as possible - mobile-first, without the need for a wallet or cryptocurrency."

In addition, Romero stated that if users think this is foolish or "anti-cryptocurrency", they are free to build a web-based Farcaster client and use cryptocurrency for payment. No need for Warpcast. This is the beauty of permissionless and decentralized systems - the potential for true client competition.

Ronin联创：Binance使用「RONIN」全称以示尊重，并避免与法币RON重名

Translation:

Ronin Co-founder: Binance uses the full name "RONIN" to show respect and avoid confusion with the fiat currency RON

On February 5th, Jihoz.ron, co-founder of Axie Infinity and Ronin, posted on social media that "some people have been asking why Binance uses RONIN instead of RON as its project token name. First, there is already a Romanian currency listed as RON. Secondly, Binance respects the full name of Ronin by using it to refer to the token."

L1 Blockchain Nibiru Chain Completes $12 Million Financing, with Kraken Ventures ParticipatingOn February 5th, according to Chainwire, L1 blockchain Nibiru Chain completed a $12 million financing round with participation from Kraken Ventures, ArkStream, NGC Ventures, Master Ventures, Tribe Capital, and Banter Capital.

Regulatory News

US Treasury Secretary Yellen warns of risks related to cryptocurrencies and suggests that Congress should legislate to regulate the spot market for stablecoins and non-securities crypto assets

On February 6th, according to CoinDesk, Janet Yellen, the US Treasury Secretary, warned of the risks associated with cryptocurrencies during her explanation of the Financial Stability Oversight Council's (FSOC) latest work to the House Financial Services Committee. She stated that the crypto industry poses various potential hazards to the financial system, including the dangers of stablecoins, runs on crypto platforms, and price fluctuations.

And we will continue to work with Congress on encryption legislation, "appropriate rules and regulations should be enforced, and Congress should pass legislation to regulate the spot market for stablecoins and non-security cryptocurrencies."

Fox reporter: NYDFS is "very close" to approving WisdomTree's digital asset business in New York State

On February 6th, Fox reporter Eleanor Terrett posted on social media that ETF issuer WisdomTree is closely working with the New York State Department of Financial Services (NYDFS) to provide cryptocurrency-related products and services to New York customers. Sources say that NYDFS is "very close" to approving WisdomTree's Limited Purpose Trust Charter, which means the company will be able to conduct digital asset business in New York State.

Currently, only 9 companies hold the New York State Limited Purpose Trust Charter for cryptocurrency, including Coinbase and Fidelity Digital Assets from Fidelity.

Multicoin Capital is discussing the sale of approximately $100 million worth of FTX bankruptcy claims.

On February 6th, according to CoinDesk, cryptocurrency investment firm Multicoin Capital is reportedly discussing the sale of its FTX bankruptcy claims, which are worth approximately $100 million, according to sources.

Positive news regarding FTX bankruptcy claims has caused the claim price to rise to over 70 cents per US dollar and gradually increase to around 80 cents.

Companies like Multicoin, which were inadvertently affected by FTX's bankruptcy, have been contacted by claimant buyers for over a year. As potential bids increase, these companies are evaluating the opportunity cost of capital and choosing to sell early rather than wait.

Fox reporter: US SEC wins mandatory motion to force Ripple to submit its financial reports, etc.

On February 6th, Fox reporter Eleanor Terrett posted on social media that the US Securities and Exchange Commission (SEC) won a motion to compel Ripple to submit its 2022-2023 financial statements, contracts related to regulatory sales of XRP, and information on the amount of institutional sales revenue received in XRP.

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