Hot News

  • Bitcoin prices rose 16.95% last week, the highest increase since February 2024, mainly because Donald Trump won an overwhelming victory in the US presidential election and is expected to control the Senate and the House of Representatives. Trump is expected to take office in January 2025, and the market has high expectations for the actions promised by the new "cryptocurrency president", including replacing Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), pardoning the founder of Silk Road, making Bitcoin a US reserve asset, and formulating policies that are favorable to cryptocurrencies.
  • Last week, the US Federal Reserve Chairman Jerome Powell announced a 25 basis point rate cut, in line with market expectations. Bitcoin's market share began to decline after the rate cut decision, showing that market interest has shifted to high-risk altcoins.

Macro Outlook

  • The US economy continues to show resilience. The ISM Services PMI index rose to 56 in October, higher than the expected 53.8.
  • The preliminary Michigan Consumer Sentiment Index for November rose to 73, a seven-month high and above the forecast of 71. Nevertheless, Jerome Powell noted at last week's press conference that inflation progress may encounter twists and turns, and long-term inflation expectations appear to remain stable. However, market expectations for another 25 basis point rate cut in December fell from 82% to 65% in one week.

The upcoming economic calendar includes:

  • Wednesday, November 13, 9:30 pm: U.S. inflation rate for October
  • Thursday, November 14, 9:30 pm: US PPI for October
  • Friday, November 15, 9:30 pm: US retail sales for October

Cryptocurrency Market Quick Facts

  • Citigroup and Fidelity International have developed a proof-of-concept (PoC) on-chain money market fund that includes real-time digital foreign exchange settlement.
  • Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood have partnered to launch the Global Dollar Network to accelerate global adoption of stablecoins and incentivize new USD stablecoin use cases.
  • An undisclosed UK pension fund is reportedly investing 3% of its assets in Bitcoin.
  • According to 13F filings, the Michigan pension fund acquired 460,000 shares of ETHE.
  • VanEck launched the PYTH ETN on Euronext in Amsterdam and Paris.

Layer 1 and Layer 2 Public Chains

  • Puffer launched a UniFi-based Rollup testnet, providing developers with sub-second transactions, instant withdrawals, and an experience that meets Ethereum's decentralized standards.
  • Soneium enabled proof of failure on Soneium Minato, extended the challenge period from 30 minutes to 7 days, and connected with the hyperchain ecosystem to enhance security and reliability.
  • Nethermind, a major contributor to Ethereum, launched Surge Rollup, which is planned to be a Phase 2 Rollup at launch and utilize Taiko Stacks and a throughput of billions of Gas per second.
  • BNB Chain has launched a one-stop tokenization solution to make the tokenization process simpler and faster.

Dapps

  • Shogun launched a trading bot on the Ethereum mainnet, which is an intent-driven trading bot and has integrated Solana and Ethereum, with plans to expand to TON and Sui.
  • Paraswap, a decentralized trading aggregator on Ethereum, has launched Delta V2, providing a better format and onboarding new brokers and API partners.
  • SushiSwap launched the Dojo platform with the Vesting Launch feature, allowing users to gradually purchase new tokens within 24 hours to prevent early sniping and "pump and dump" activities.
  • f(x) Protocol released its V2.0 white paper, which features 10x fixed leverage, zero financing costs, no personal liquidation risk, and a simplified perpetual contract trading model.
  • Euler launched Prime, a multi-collateral loan market that supports 11 collateral assets, high loan-to-value ratios (LTV), and carry trades between yielding and non-yielding assets. Users of Euler Prime are eligible for rEUL rewards.
  • Bounce Finance has launched BounceX, a perpetual exchange that uses AUCTION as trading collateral.

Governance/Project Updates

  • Morpho Labs has voted to enable transferability of MORPHO tokens and the team will deploy a wrapper contract soon.
  • Wintermute proposed turning on the Ethena fee switch, which will be parameterized by the risk committee.
  • OpenSea announced an update upgrade in December 2024.
  • Rujira, the protocol formed after the merger of Kujira and Levana, announced that it will launch a DeFi hub utilizing Thorchain in the first quarter of 2025.

Token Unlock

  • APT tokens will be unlocked on November 12th, accounting for 2.19% of the total token supply.
  • STRK tokens will be unlocked on November 15th, representing 3.02% of the total token supply.
  • CYBER tokens will be unlocked on November 15th, representing 14.2% of the total token supply.
  • ARB tokens will be unlocked on November 16th, accounting for 2.32% of the total token supply.
  • APE tokens will be unlocked on November 17th, accounting for 2.09% of the total token supply.
  • MERL tokens will be unlocked on November 19th, representing 5.76% of the total token supply.
  • WELL tokens will be unlocked on November 23rd, representing 1.25% of the total token supply.
  • IMX tokens will be unlocked on November 29th, representing 1.46% of the total token supply.
  • OP tokens will be unlocked on November 30th, representing 2.56% of the total token supply.