Headlines
BTC rises to 89833 USDT, a record high
Odaily Planet Daily reported that OKX market data showed that BTC rose to 89833 USDT and is now trading at 89759 USDT, up 11% in 24 hours, setting a new historical high.
Ethereum Foundation researchers propose consensus layer upgrade proposal Beam Chain
Odaily Planet Daily News: Justin Drake, a researcher at the Ethereum Foundation, proposed a new consensus layer upgrade proposal Beam Chain at the Devcon conference, which was called Ethereum 3.0 by the community. The proposal aims to achieve faster block times, lower validator staking requirements, on-chain snarkification and quantum security improvements. The core of Beam Chain is to introduce technologies such as zkVM to greatly improve the scalability of the Ethereum mainnet, even without relying on Layer 2 solutions.
Doug Colkitt, founder of Ambient Finance, predicts that the localization of zkEVM may completely eliminate the Gas limit, allowing nodes to only verify snarks, theoretically achieving unlimited scalability of L1. Nevertheless, the proposal may lead to further centralization of block construction.
Drake stressed that the final implementation of Beam Chain requires community consensus, and called it his most ambitious proposal to date. He previously resigned from his advisory position due to potential conflicts of interest with EigenLayer. (The Block)
Trump: Elon Musk and Vivek Ramaswamy to lead government efficiency department
Odaily Planet Daily News: Trump said that Elon Musk and American entrepreneur Vivek Ramaswamy will work together to lead the proposed Department of Government Efficiency (DOGE). The department will pave the way for dismantling government bureaucracy, cutting redundant regulations, cutting wasteful spending, and restructuring federal agencies.
Industry News
Yesterday, the US Bitcoin spot ETF had a net inflow of US$1.09388 billion
Odaily Planet Daily reported that according to Farside Investors data, the US Bitcoin spot ETF had a net inflow of US$1.09388 billion yesterday.
Odaily Planet Daily reported that according to Farside Investors data, the US Ethereum spot ETF had a net inflow of US$294.9 million yesterday, setting a record for the highest single-day inflow.
Cryptocurrency market cap exceeds $3.1 trillion, close to France’s GDP
Odaily Planet Daily reported that the market value of cryptocurrency has hit a record high of 3.12 trillion US dollars and is now close to exceeding Frances gross domestic product (GDP).
If the cryptocurrency market were a country, its GDP would rank eighth, behind the United States, China, Germany, Japan, India, the United Kingdom, and France. Meanwhile, the market value of Bitcoin alone has exceeded $1.77 trillion, exceeding the GDP of Spain. (Cointelegraph)
Odaily Planet Daily News: Web3 investment institution MV Global said based on a survey of 77 large cryptocurrency investors (including venture capital institutions, hedge funds and high-net-worth individuals), investors expect the cryptocurrency bull market to continue until 2025 and peak in the second half of the year.
“This seems to be a very popular view, so it’s probably priced in by the market,” said Tom Dunleavy, managing partner at MV Global.
MV Global said it expects the price of Bitcoin to reach $100,000 to $150,000.
Additionally, the survey showed that investors are particularly bullish on Solana, with 30% predicting its price will peak above $600 before the end of this cycle. “Almost all of the allocators we interviewed were unanimously bullish on Solana,” Dunleavy said.
However, respondents have mixed views on Ethereum. One-third of investors expect ETH to rise only slightly, with the maximum price to be between $3,000 and $5,000, while another third of investors believe that ETH will reach $7,000 before the end of the market cycle. (Cointelegraph)
Coinbase Launches COIN 50 Index, Tradeable as Perpetual Futures
Odaily Planet Daily News Coinbase has launched a new index COIN 50, which represents the top 50 digital assets listed on its exchange that meet the basic inclusion criteria of the index and can be traded as perpetual futures with a leverage of up to 20 times. (TheBlock)
Bitwise to Launch World’s First Aptos Staking ETP on Swiss Stock Exchange
Odaily Planet Daily News Bitwise Asset Management announced today that the new Bitwise Aptos Staking ETP (stock code: APTB; ISIN DE 000 A 4 AJWU 3) is scheduled to be listed on the Swiss Stock Exchange on November 19, 2024. The product will become the worlds first Aptos Staking ETP.
Mt.Gox address transferred 2,500 BTC, worth $222.26 million
Odaily Planet Daily reported that according to Arkham monitoring, the Mt.Gox address transferred 2,500 BTC to the address starting with 1 PQZw 2 20 minutes ago, with a value of approximately US$222.26 million.
Ethereum Foundation sold another 100 ETH in exchange for 334,000 DAI
According to Odaily Planet Daily, Spot On Chain monitored that the Ethereum Foundation sold 100 ETH in exchange for 334,315.7 DAI about 25 minutes ago. This is the first ETH sale since the release of the 2024 report on November 8. The report shows that the foundations asset reserves as of October 31 were US$970.2 million, of which US$788.7 million were crypto assets (99.45% were $ETH). The Ethereum Foundation plans to sell ETH regularly to fund key public projects and maintain reserves. As of 2024, the foundation has sold a total of 4,266 ETH, earning US$11.83 million, with an average selling price of approximately US$2,773.
According to the on-chain analyst @ai_9684xtpa, the four-year dormant address 1 BnkE...yxFey transferred 206.34 BTC worth 18.12 million USD to 15286...bjYma 10 minutes ago. Currently, all BTC in this address have been transferred empty.
Project News
Odaily Planet Daily News CZ updated the progress of its new educational project Giggle Academy on social media this morning. Giggle Academy updated its official website, the App will launch some courses, and will launch an AI-assisted storybook creator. In addition, Giggle Academy is recruiting AI video engineers, and applicants must be familiar with using AI to generate long continuous videos.
Starknet Mainnet STRK Staking Function Will Be Enabled on November 26
Odaily Planet Daily News: Ethereum Layer 2 network Starknet officially announced that it will launch the STRK token staking function on the mainnet on November 26. This function has been extensively tested on the Sepolia testnet and is about to enter the first phase of deployment.
According to the official announcement, there are two ways to participate in staking: to become a validator, you need to stake at least 20,000 STRK and run a full node; to become a delegator, you only need to hold STRK tokens and choose from the list of available validators. Whether it is a validator or a delegator, it takes a 21-day lock-up period to release the stake.
Odaily Planet Daily News Pendle announced that it will soon launch the yield trading platform Boros (formerly known as Pendle V3), which can provide traders with more flexible and accurate trading fund interest rate functions. Officials said that no new tokens will be launched, and there will be no changes in token economics. In addition, individual vePENDLE holders will receive airdrops from the points collected by the protocol, and its snapshot will be at 7:59 on January 1, 2025, Beijing time. Tokens will be distributed proportionally, and airdrops will not include third-party liquidity staking platforms. The tokens currently distributed include sENA, REZ, ETHFI, PUFFER, EIGEN, and COOK. The official will also change the distribution of Pendle protocol income, with 80% allocated to vePENDLE, 10% to the protocol treasury, and 10% to the protocol operation and maintenance. Changes at the protocol level will only take effect when Boros is officially launched, and V2 fees will continue to be optimized due to demand.
Odaily Planet Daily News: Parallel officially announced that the founding team will deposit all tokens (including tokens deposited in the Wayfinder cache contract, unlocked tokens, unclaimed tokens and other tokens) into a new trustless smart contract, which will unlock 10% of the tokens every year in the next 10 years.
The Parallel founding team added that the decision strengthens the long-term consistency between the team and the project. In the next few months, the team will transfer all tokens to a new contract to start this new 10-year unlocking plan. In addition, these tokens will no longer be handled by team members, but will be professionally managed under the advice of the foundation.
Ethereum Layer 2 protocol Lisk launches mainnet and announces airdrop plan
Odaily Planet Daily News Ethereum Layer 2 protocol Lisk has been launched on the mainnet and announced an airdrop plan. Lisks airdrop event will start on November 21, and the first season will last for four months. One way for users to claim points is to complete tasks on the Lisk platform. Doing so can earn them points, and the total points the user earns determines how many LSK tokens they will receive through airdrops. Lisk was originally launched as a layer 1 blockchain in 2016. It transitioned to Ethereum Layer 2 in December 2023 to move to RWA and a decentralized physical infrastructure network.
Earlier news, Lisk is based on Optimisms 2nd layer development framework OP Stack and Gelatos aggregation-as-a-service platform. The move also transitions the platforms native token LSK to Ethereum. (The Block)
Regulatory trends
U.S. Senator Lummis Promotes Crypto Legislation and Supports Bitcoin Reserve Proposal
Odaily Planet Daily News: After Trump won the 2024 US presidential election on November 5, US Senator Cynthia Lummis expressed support for his Bitcoin reserve proposal.
Lummis, a Wyoming Republican and a staunch supporter of cryptocurrency, highlighted her intention to push crypto legislation in the Senate and suggested that the United States buy 1 million Bitcoins (about 5% of its supply) and hold them for at least 20 years. The initiative builds on Trumps idea that the government should hold rather than liquidate its seized Bitcoin assets. (Cointelegraph)
Italy to increase tax on crypto transactions to 28%, instead of 42% as previously proposed
Odaily Planet Daily reported that people familiar with the matter revealed that the government led by Italian Prime Minister Giorgia Meloni may approve a proposal by coalition partners to reduce the tax increase on cryptocurrency transactions.
The League, the junior partner in Meroni’s governing coalition, has proposed an amendment to cap the tax on crypto transactions at 28%, compared with an initial increase to 42% proposed in last month’s budget, according to a copy of the proposal. The current tax rate is 26%.
Cryptocurrency executives have said the proposed tax rates are too high and would make the local industry less competitive than in other EU countries, which are preparing to fully adopt its first EU-wide cryptocurrency regulation, known as “MiCA,” by the end of this year.
In addition, Forza Italia, another ruling coalition party founded by the late Silvio Berlusconi, proposed another amendment that would completely cancel the tax increase and eliminate tax exemptions for earnings of 2,000 euros ($2,120) or less.
As part of the amendments proposed by the League, Italy will establish a permanent working group consisting of digital asset companies and consumer associations to educate investors about cryptocurrencies. Two people familiar with the matter said the government is likely to approve the Leagues proposal, although a final decision has not yet been made and it may be amended. (Bloomberg)
South Korea’s opposition parties oppose delaying cryptocurrency taxation plan
Odaily Planet Daily News: Noh Jong-myun, spokesman for the Democratic Party of Korea, said that it is unacceptable for the ruling party to postpone the implementation of the virtual asset taxation plan for two years. (News 1)
Investment and Financing
Notabene, a crypto AML service provider, completes $14.5 million Series B financing led by DRW VC
Odaily Planet Daily News Crypto Anti-Money Laundering (AML) service provider Notabene has completed a $14.5 million Series B financing round, led by DRW VC, with participation from funds managed by Pollo, Nextblock, ParaFi Capital and Wintermute. Notabene aims to become the SWIFT of crypto transactions, and its network effect is growing. 165 companies have used the platform, including some of the worlds largest virtual asset service providers (VASPs), such as Copper, OKX and Ramp. (Coindesk)
According to official news from Odaily Planet Daily, Animoca Brands announced that it has completed a $10 million financing for its Mocaverse. This round of financing was participated by OKX Ventures, CMCC Global, Hong Shan (formerly Sequoia China), Republic Crypto, Decima Fund, Kingsway Capital, etc. It has previously raised $31.88 million in financing.
The new funding will allow the company to accelerate its goal of Web3 mass adoption and interoperability by continuing to expand and build the Mocaverse, an interoperable infrastructure layer for cryptocurrency accounts, identities, and reputation systems for consumer adoption. This includes the Realm SDK, an interoperable software development kit (SDK) that allows partners to create their own reputation-based ecosystems and provide corresponding application experiences that are interoperable with all ecosystems built on the Moca Network.
At the same time, this investment comes with a free warrant for the utility token MOCA, which has an FDV of $1 billion.
BNBChain receives $10 million in credits from Google Cloud for MVB project construction
Odaily Planet Daily News BNBChain announced today that it has received a $10 million investment in cloud service credits from Google Cloud to support the development of MVB projects in its ecosystem. Through this cooperation, more than 40 projects in BNBChains Most Valuable Builder (MVB) program will be able to apply for up to $350,000 in Google Cloud credits, mainly for project development in the fields of artificial intelligence and cloud computing. In addition, each project in other directions will also have the opportunity to receive $200,000 in credits for a period of 2 years.
The MVB (Most Valuable Builder) program is an accelerator program jointly launched by BNBChain, Binance Labs and CMC Labs, focusing on supporting early developers of Web3. The project has now entered its eighth phase, and BNBChain provides full-chain support including initial hackathon activities, mid-term incubation, and later market and business resources. This investment from Google Cloud will help developers in the MVB program obtain more resources and better promote large-scale applications in the crypto world.
BetHog, built on Solana, completes $6 million seed round, led by 6 MV
Odaily Planet Daily reported that the cryptocurrency sports betting platform BetHog announced the completion of a $6 million seed round of financing, led by 6 MV, with participants including Will Ventures, Bullpen Capital, etc.
BetHog was founded by FanDuel co-founders Nigel Eccles and Rob Jones. The platform is built on the Solana blockchain, with SOL as the supporting token for PvP games. In addition, BetHog also supports betting on Bitcoin, Ethereum, and USDT. BetHog includes original games such as HODL (Crash game for memecoin) and Thermonuclear Boars (Mines game), as well as innovative PvP gameplay, where users can play games with well-known anchors. (TheBlock)
Web3 AI company Eidon completes $3.5 million seed round of financing, led by Framework Ventures
Odaily Planet Daily News Web3 AI company Eidon has completed a $3.5 million seed round of financing, led by Framework Ventures and participated by cyber.Fund. Eidon encourages users to provide data for training AI models. The ultimate goal is to create a decentralized AI network. It is reported that its first network version is scheduled to be launched on November 12. (TheBlock)
Odaily Planet Daily reported that Brazilian blockchain startup Multiledgers announced the completion of a new round of financing of US$1 million, led by Oxygea Ventures and Indicator Capital (invested US$475,000 each), and Koyamaki Ventures participated (invested approximately US$50,000). The company plans to use the new funds to help companies create, manage and integrate networks to manage and authenticate information and assets. Its main use case is to manage environmental certificates on-chain to ensure compliance.
iGaming platform Betski completes $345,000 Pre-Seed round of financing
Odaily Planet Daily News: iGaming platform Betski announced the completion of a $345,000 Pre-Seed round of financing. It is reported that this round of financing is completed by a combination of 2% equity and 2.25% token supply, from early supporters and global participants in Panama, but the specific investor information has not been disclosed. The new funds are intended to support the platform to expand its marketing strategy, enhance its product offerings and rapidly expand its scale. (cryptoslate)
OKX Ventures announces investment in Corn, an Ethereum Layer 2 network built for BTCfi
Odaily Planet Daily News According to official news, OKX Ventures announced its investment in Corn, marking an important step in introducing Bitcoin applications in the Ethereum ecosystem. Corn is based on Arbitrum and integrates Coinbase support, allowing BTC holders to easily access the Ethereum DeFi ecosystem. In a unique, secure and sustainable way, Corn maximizes the potential of Bitcoin and has achieved several important milestones, such as becoming the first Ethereum L2 network to use hybrid tokenized Bitcoin (BTCN) as Gas fee, and the first network to achieve Bitcoin security through Babylon and support BTC LST liquidity.
Character*Voice
CZ comments on the “Bitcoin is dead” statement: If you believe it, you can only blame yourself
Odaily Planet Daily News CZ YuX commented on the Bitcoin is dead statement: If you believe any of them, then... blame yourself.
Odaily Planet Daily reported that BitMEX co-founder Arthur Hayes wrote that the hierarchy of his investment portfolio starts with Bitcoin, followed by other cryptocurrencies and cryptocurrency-related company equity, then gold stored in vaults, and finally stonks (Note: a hot word in technology in 2021 to lament the crazy trend of these stocks). A small amount of fiat currency will be retained in money market funds to pay American Express bills.
Furthermore, it claims that it took the US $4 trillion to reduce its debt-to-nominal GDP ratio from 132% to 115%. Assuming the US further reduces it to 70%, the level in September 2008, using only linear extrapolation it would be equivalent to having to create $10.5 trillion in credit to achieve this deleveraging, which is why Bitcoin reached $1 million.
Ethena founder: Bulls currently need to pay $66 million in funding fees every day
Odaily Planet Daily reported that Guy Young, founder of Ethena, posted on the X platform that under the current market conditions, longs need to pay $66 million in funding fees every day.
