Today's news tips:
USDC Treasury minted 400 million USDC this morning
The top three crypto tokens with the largest annual returns are: STRAX, KUJI, and SATS
Data: Bitcoin spot ETF had a net outflow of $426 million yesterday
Binance Labs announces investment in THENA
Binance Labs to invest in 46 projects in 2024, with a focus on blockchain, AI and biotech in 2025
Regulatory/Macro
Fed's Daly: Cryptocurrency is complex and does not yet have the conditions to become a "currency"
According to Jinshi, Mary Daly, president of the Federal Reserve Bank of San Francisco, said that cryptocurrencies should be considered an independent asset class rather than being lumped in with gold. She believes that cryptocurrencies are complex and do not yet meet the conditions to become "currency". Daly pointed out that crypto assets need to define their uses, whether as a medium of exchange, a speculative asset, or a hedge, but their volatility and demand-driven value characteristics differ significantly from the stability of traditional currencies. Daly's views differ from those of Federal Reserve Chairman Jerome Powell. Powell has previously likened Bitcoin to virtual gold rather than a competitor to the US dollar, but both believe that cryptocurrencies do not currently meet the conditions to be currencies.
Binance will perform wallet maintenance on the Ethereum network for about an hour on January 2
Binance will perform wallet maintenance on the Ethereum network (ETH) at 14:00 (ET on January 2, 2025). To support this maintenance, Binance will suspend deposits and withdrawals on the Ethereum network (ETH) at 13:55 (ET on January 2, 2025). The maintenance is expected to take 1 hour, and deposits and withdrawals will be automatically resumed after the maintenance is completed.
According to the announcement of the Supreme People's Court, the results of the major judicial research projects in 2024 have been announced, among which Project 7 is "Research on the Disposal of Virtual Currency Involved in Cases". This key funded project is divided into three research groups: • Research Group 1: Lin Wei from Southwest University of Political Science and Law, Wang Zhongwei from Chongqing Higher People's Court, and Yuan Shengqiang from Chongqing Fifth Intermediate People's Court • Research Group 2: Xue Chunjiang from Beijing Third Intermediate People's Court and Yang Dong from Renmin University of China • Research Group 3: Zhan Xuwei from Shenzhen Intermediate People's Court of Guangdong Province and Wu Xuebin from Shenzhen University
Judge postpones CFTC vs. Gemini trial to January 21
According to Cointelegraph, the U.S. court postponed the CFTC and Gemini case to January 21, 2025. New York District Judge Alvin Hellerstein announced that the trial date of the civil case between the U.S. Commodity Futures Trading Commission (CFTC) and Gemini Trust Company was postponed from the original January 13, 2025 to January 21, and made it clear that there would be no further delays. The CFTC filed a lawsuit against Gemini in June 2022, accusing it of providing false or misleading information when submitting an application for a Bitcoin futures contract in 2017, and seeking the return of illegal gains, civil penalties and injunctions. The delay in the case trial may be affected by the incoming administration and the policies of the new Congress.
U.S. Blockchain Association sues IRS over new digital asset reporting rules
According to Cointelegraph, the U.S. Internal Revenue Service (IRS) has issued new regulations requiring digital asset platforms, including decentralized exchanges (DEX), to disclose user transaction information and crypto asset sales revenue starting in 2027. The Blockchain Association and the Texas Blockchain Commission filed a lawsuit, claiming that the rule is unconstitutional and violates the Administrative Procedure Act, which may have a serious impact on the U.S. digital asset sector.
Financing
Binance Labs announces investment in THENA
Binance Labs announced an investment in THENA, a decentralized exchange (DEX) and liquidity protocol based on BNB Chain. The financing will be used to accelerate the development and expansion of the THENA platform, enhance security measures, expand user growth, strengthen partnerships within the BNB Chain ecosystem, and promote DeFi innovation. Founded in January 2023, THENA adopts an innovative ve(3,3) token economic model and is committed to building a comprehensive liquidity layer that integrates the best features of leading DeFi protocols into one platform to improve security, scalability and user experience, and promote the popularity of decentralized finance (DeFi).
On-chain credit analysis company Accountable completes $2.3 million seed round of financing
Accountable, an on-chain credit analysis startup powered by ZK technology, has completed a $2.3 million seed round of financing, led by MitonC and Zee Prime Capital, with participation from angel investors such as Darius Rugys of Maven 11 and DCBuilder of Worldcoin Foundation. This round of financing will be used to pay employee salaries, and a new round of financing is planned for the second quarter of 2025. Accountable is committed to building a privacy-preserving data platform that provides borrowers with real-time verification of assets, liabilities, and transaction exposure through technologies such as zero-knowledge proofs and homomorphic encryption. Users can connect to custodial accounts, exchanges, etc. to generate credit risk reports and decide on the scope of sharing. The company aims to rebuild the uncollateralized loan ecosystem affected by the collapse of the crypto credit market in 2022 while ensuring privacy and data security. Accountable's technology can also be applied to scenarios such as proof of assets and liabilities to provide institutions and users with real-time and confidential financial information verification.
Project News
Musk reposted "Elon Musk is now Kekius Maximus"
Musk reposted “Elon Musk is now Kekius Maximus”.
Bitget has completed the merger and token swap of BWB and BGB
According to the Bitget announcement, Bitget has completed the merger and token swap of Bitget Wallet Token (BWB) and Bitget Token (BGB). The details are as follows: 1. Swap ratio: 1 BWB = 0.08563 BGB. 2. Trading changes: BWB/USDT trading pair has been removed. 3. Deposit and withdrawal: Bitget no longer supports the deposit and withdrawal services of BWB tokens.
According to @0xjunkdogg, regarding the issue of whether ai16z is suspected of infringing on the a16z trademark, he said there is no need to worry and gave the following explanation: 1. He has communicated with a16z via email; 2. a16z's CTO is currently in ai16z's Discord, but has not yet spoken publicly; 3. a16z co-founder Marc Anderson has forwarded relevant content; 4. ai16z and a16z are jointly promoting the DUNA project, which is to promote the legalization of DAO in the United States. Previously, a16z has implemented the DAO legal framework in some states, and the two parties are currently working to expand their legal coverage.
The Wormhole Foundation tweeted this morning that today's FEG token issue has nothing to do with Wormhole, and all Wormhole contracts are completely unaffected. Analysis by blockchain security agency CertiK shows that the FEG bridge was attacked on December 29, 2024, and the problem stemmed from a logical error in the cross-chain message processing of the relay contract. The contract was deployed by an address funded by the FEG team and has no connection with the Wormhole team.
GitHub Trending data shows that Eliza, an autonomous agent framework developed by the ai16z team, ranked first in the December trend list, with 4,531 new stars this month and a total of 7,028 stars.
Viewpoint
Binance founder CZ forwarded Errands Gotham's view, saying that Q1 2025 will be the most promising period for altcoins in the past 36 months, with a similar pattern to 2021 and 2017. Errands Gotham predicts that the BNB chain will perform like Ethereum in 2021 in Q1 2025, with a minimum target price of $1,314 and a best target price of $1,986. This view shows that CZ once said that supporting small and medium-sized market value projects is an important strategy for Binance Labs to reduce market risks. And Binance Labs has emphasized that projects with practical application scenarios, strong teams, clear roadmaps and sustainable business models are more likely to survive and develop in market cycles.
Binance Labs to invest in 46 projects in 2024, with a focus on blockchain, AI and biotech in 2025
PANew reported on December 31 that Binance Labs announced that it will invest in 46 projects in 2024, of which 14 are from the BNB chain MVB plan or Labs incubation plan, and 32 are direct investments. Infrastructure and application projects each account for 50%. Investment projects cover 10 DeFi, 7 AI, 7 BTC ecosystems, 4 Restaking, 3 Gaming, 2 ZK, 2 RWA and 2 consumer applications, and there are multiple infrastructure and emerging field investments, including Move ecology and DeSci. The investment portfolio covers Telegram, Solana, Ethereum and the main Ethereum L2, and is distributed in emerging ecosystems such as Berachain, Monad, Initia and mature ecosystems such as Stacks, Celestia, and Bittensor. About 20% of the investment comes from BNB ecological projects (MVB plan). Binance Labs said that in 2025, it will focus on blockchain, AI and biotechnology, and look forward to the innovation brought about by the intersection of these three fields. As the new US government takes a positive attitude towards the crypto industry, the regulatory environment may improve, driving institutional participation and promoting industry development. Binance founder CZ has returned to the investment field and will spend more time communicating directly with founders. Binance Labs plans to expand its investment scope to cover various transaction types such as primary and secondary markets, and continue to look for projects with practical application scenarios, strong teams and sustainable business models.
According to Matrixport analysis, Ethereum Gas fees have continued to decline since the upgrade in March 2024, the ecosystem activity remains sluggish, and coupled with weak trading volume, ETH prices may face great resistance to a significant increase in 2025. In 2024, Ethereum encountered strong competition from alternative protocols such as Solana and Sui, which attracted more users and whose tokens performed better than Ethereum throughout the year. The analysis pointed out that without significant positive news stimulus, Ethereum may continue to be at a disadvantage in 2025, while competing projects are expected to further expand their advantages.
Franklin Templeton Digital Assets said that in 2025, the cryptocurrency sector will usher in key developments due to regulatory clarity, institutional adoption and technological progress. The specific aspects are as follows: 1. Regulation and institutional adoption: Clear policies from regulators such as the U.S. Securities and Exchange Commission (SEC) are expected to promote the development of crypto-related financial products (such as ETFs and tokenized securities products), helping the United States to re-establish its position as a global crypto innovation center. 2. Integration of traditional finance and crypto infrastructure: The establishment of a stablecoin regulatory framework will pave the way for major financial institutions to issue stablecoins and promote the further expansion of the DeFi ecosystem. 3. Consolidation of Bitcoin's status: Bitcoin will accelerate its development as a global financial asset and digital value storage medium, and many countries may include it in strategic reserve assets. 4. Decentralized Internet of Things Network (DePIN) demand growth: Decentralized solutions will receive more attention in practical application areas such as logistics and the Internet of Things. 5. Integration of AI and encryption: The importance of blockchain technology in the fields of transparency and verification will increase, accelerating the expansion of the AI-driven economy. AI agents will automate on-chain transactions, portfolio management, and the integration of digital content with on-chain activities through blockchain. 6. Practicality first: 2025 will mark the transition of crypto technology from speculation to practicality, becoming a key component of the global financial and operational system.
Pantera: Optimistic about Encrypted AI, DePIN and New Layer1 Blockchain in 2025
Lauren Stephanian, partner at Pantera Capital, said that with the promotion of pro-crypto policies in the United States, crypto venture capital is expected to increase in 2025, and investors are more positive about capital deployment. Stephanian pointed out that the bull market will not last long, and it remains to be seen when it will start to slow down in 2025. Pantera will continue to invest extensively in the crypto and blockchain fields, focusing on crypto AI, decentralized physical infrastructure networks (DePIN), and new Layer 1 blockchains with stronger application layer capabilities.
Rob Hadick, partner at Dragonfly, said that crypto venture capital will grow significantly in 2025, driven by the relaxation of the US regulatory environment, the continued rise in token prices and the inflow of institutional funds. However, he believes that it will be difficult for financing levels to return to the peak of 2021-2022 in the short term, reflecting VC's cautious attitude to avoid repeating the same mistakes. Dragonfly will continue to support areas such as DeFi, CeFi, stablecoins/payments, etc., where market demand has been verified, while paying attention to expansion platforms. Hadick said that although emerging fields such as crypto AI and decentralized physical infrastructure networks (DePIN) have attracted attention, they are still in the "experimental stage". He expects that investment in areas such as security, tokenization and interoperability may decrease, and the market focus will shift to emerging tracks. In addition, decentralized social media may face development challenges due to lack of scalability and market fit.
QCP Capital said that due to low liquidity, the volatility of the BTC spot market has increased, and the recent rise has been constrained by continued selling pressure. Since December 19, spot ETFs have seen a net outflow of $1.8 billion, while MicroStrategy's purchase of BTC has slowed significantly, causing BTC to lose momentum at the end of the year. The weak trend in the crypto market is consistent with global market sentiment. The S&P 500 and Nasdaq fell by more than 1% for the third time in eight trading days, reflecting the market's pricing of global trade uncertainty in 2025. Despite the lackluster performance at the end of the year, BTC rose 120% throughout the year, outperforming global stocks and gold. QCP Capital believes that the key catalyst for BTC in 2025 may appear in January, and institutional readjustments of asset allocations may increase the proportion of BTC allocations, consolidate Bitcoin's dominance, and bring volatility closer to the stock market. The market is expected to increase demand for downside protection and hedge risks more by selling call options.
Important data
According to Sosovalue data, the top 10 tokens with the largest annual return rate decline among the top 500 cryptocurrencies by market value since the beginning of the year are as follows: STRAX (Stratis) annual return rate -92.57%, currently quoted at $0.07416; KUJI (Kujira) annual return rate -85.33%, currently quoted at $0.6239; SATS (SATS) annual return rate -78.42%, currently quoted at $0.0001762; AZERO (Aleph Zero) annual return rate -77.86%, currently quoted at $0.3527; DAO (DAO Maker) annual return rate -72.31%, currently quoted at $0.3229; OSMO (Osmosis) annual return rate -72.22%, currently quoted at $0.4349; BIGTIME (Big Time) annual return rate -71.59%, currently quoted at $0.13601; NTRN (Neutron) The annual return rate is -71.08%, and the current price is $0.347; the annual return rate of CSPR (Casper Network) is -71.01%, and the current price is $0.01489; the annual return rate of NFP (NFPrompt) is -70.44%, and the current price is $0.2675.
Data: Bitcoin spot ETF had a net outflow of $426 million yesterday
According to SoSoValue data, Bitcoin spot ETFs had a net outflow of $426 million yesterday (December 30, Eastern Time), with net outflows for two consecutive days. Among them, Grayscale ETF GBTC had a net outflow of $135 million in a single day, and its historical cumulative net outflow reached $21.487 billion; Grayscale Bitcoin Mini Trust ETF BTC had a net outflow of $31.73 million in a single day, but its historical cumulative net inflow was still $829 million. As of press time, the total net asset value of Bitcoin spot ETFs was $106.239 billion, accounting for 5.69% of the total market value of Bitcoin, and the historical cumulative net inflow reached $35.238 billion.
CryptoRank data shows that among the top 15 blockchains in terms of decentralized exchange (DEX) trading volume in 2024, Ethereum ($674 billion, a year-on-year increase of 46.3%) and Solana ($626 billion, a year-on-year increase of 1049%) ranked first and second, followed by BNB Chain ($352 billion, a year-on-year increase of 178%), Arbitrum ($252 billion, a year-on-year increase of 101%) and Base ($222 billion, a year-on-year increase of 5.8%). Blast ranked sixth with $133 billion, while Polygon ($49.8 billion, a year-on-year decrease of 3.9%) and Avalanche ($46.8 billion, a year-on-year increase of 105%) followed closely. Sui ($41.2 billion, a year-on-year increase of 1859%) and Optimism ($33.8 billion, a year-on-year increase of 69.6%) also performed strongly. In addition, TRON (US$20.2 billion, a year-on-year increase of 401%), Mantle (US$13.4 billion, a year-on-year increase of 918%), Aptos (US$11 billion, a year-on-year increase of 2867%), Osmosis (US$11 billion, a year-on-year increase of 164%) and TON (US$9.4 billion, a year-on-year increase of 4372%).
USDC Treasury minted 400 million USDC this morning
According to on-chain data monitored by Whale Alert, at 2:17, 2:42, 2:57 and 5:12 am Beijing time today, USDC Treasury minted 100 million USDC on the Ethereum and Algorand chains (the last time), respectively, for a total of 400 million USDC.
