Today's news tips:
The Federal Reserve cut interest rates by 25 basis points as expected
MakerDAO Votes to Maintain Its Rebranded Token “Sky”
Detroit to become largest US city to accept crypto for taxes, fees
Ethereum Foundation releases 2024 report: 99.45% of $788.7 million in crypto asset reserves are ETH
Regulatory News
The Federal Reserve cut interest rates by 25 basis points as expected
The Fed cut its benchmark interest rate by 25 basis points to 4.50%-4.75%, the second consecutive rate cut, in line with market expectations. This time the decision was unanimous, and the policy statement remained largely unchanged, continuing to emphasize the close attention to the risks of the dual goals, but deleting the sentence "more confident that inflation is moving sustainably toward the goal", without sending a clear signal about future rate cuts, nor commenting on the results of the US election in any way.
Powell: No plan to keep inflation below 2%, will not resign because of Trump
Fed's balance sheet falls below $7 trillion
According to statistics from the "Stand With Crypto Alliance", a total of 281 pro-crypto candidates were elected to congressional seats, including 263 to the House of Representatives and 18 to the Senate. Coinbase Chief Policy Officer Faryar Shirzad said on social media X that the influence of "crypto voters" has grown significantly, marking the crypto industry's support in both parties.
UK House of Lords backs Digital Asset Property Bill
According to CoinDesk, members of the British House of Lords expressed support for the country's Digital Asset Property Bill at the second reading meeting on Wednesday. The House of Lords Grand Committee generally believes that the bill will provide more clarity on how the legal system treats cryptocurrencies and may mark another step in the UK's efforts to pave the way for the use of cryptocurrencies in the country. The bill was drafted by the Law Commission, an independent statutory body, and was introduced in the UK in September. The bill adds a new category of "articles" to the category of property to help resolve cryptocurrency legal disputes. The bill will not only help judges in criminal proceedings where cryptocurrencies are stolen due to fraud or hacking, but will also help divide marital property.
According to Poster News, on November 6, the police in Leshan, Sichuan Province disclosed an illegal business case, and a large-scale cross-regional underground bank criminal network involving 13 provinces across the country and involving a total amount of more than 38 billion yuan was destroyed. Recently, the Leshan Intermediate People's Court made a judgment, and three defendants were sentenced to fixed-term imprisonment ranging from two years and six months to thirteen years and six months for the crime of illegal business and false VAT special invoices. It is reported that the case involved virtual currency transactions, cross-border fund transfers, and a large number of fund operation information. According to the police officers in the special case team, the public security organs across the country subsequently filed a total of 37 cases and arrested 176 criminal suspects, successfully destroying this large-scale cross-regional underground bank criminal network involving 13 provinces across the country and involving a total amount of more than 38 billion yuan. At present, various places are further investigating and trying related cases. Among them, the principal offender of the case was sentenced to thirteen years and six months in prison by the Leshan Intermediate People's Court in accordance with the law.
Project News
MakerDAO Votes to Maintain Its Rebranded Token “Sky”
According to The Block, MakerDAO voted to maintain its brand name "Sky", which is part of the "Endgame" plan proposed by founder Rune Christensen, aiming to launch a new stablecoin and set up a "subDAO" to build crypto applications and infrastructure. Although some members of the community have doubts about the brand change of the decentralized protocol, only four major holders control nearly 80% of the voting rights among the approximately 20 voting entities, all of which support the retention of the Sky brand.
As part of the Endgame plan, Sky plans to launch multiple new stablecoins, including the decentralized PureDAI and the regulatory-compliant NewStable, and will be launched on Solana and Ethereum L2 Base. In addition, the project will also integrate Aave, launch the SkyLink cross-chain bridge, and enter the field of asset tokenization.
Detroit to become largest US city to accept crypto for taxes, fees
According to the Detroit City Finance Office, Detroit will become the largest city in the United States to accept cryptocurrency payments for taxes and other fees, and the payment option is expected to be launched in mid-2025. Through a secure platform provided by a partnership with PayPal, Detroit residents will be able to pay municipal fees using cryptocurrency.
According to the 2020 U.S. Census, Detroit has about 630,000 residents, making it the 26th largest city in the United States. In the 1950s, it was the fourth largest city with a population of nearly 2 million. Currently, only three states in the United States (Colorado, Utah, and Louisiana) allow the use of cryptocurrencies for state-level payments. In addition, Miami and New York City have shown great interest in cryptocurrencies but have not opened payment options. There are already two cities in the United States that accept crypto payments, namely Williston, North Dakota and Miami Lakes, Florida.
Canadian crypto company WonderFi CEO kidnapped, released after paying $1 million ransom
According to CBC (Canadian Broadcasting Corporation), Dean Skurka, CEO of Canadian encryption company WonderFi, was kidnapped and released after paying a ransom of $1 million. The incident took place in downtown Toronto, where Skurka was forcibly taken into a vehicle and detained, and was later released after paying the ransom through electronic payment. Skurka said that he is currently safe and the company's customers' funds and data have not been affected.
Police have launched an investigation but have not disclosed further details. In recent years, executives in the crypto industry have repeatedly become targets of crime. In July this year, a Bitcoin holder was kidnapped and killed, losing three Bitcoins. Last year, WonderFi claimed to own nearly half of the shares of Canada's regulated cryptocurrency exchanges.
Jito Labs records $78.92 million in monthly fee revenue in October, surpassing Lido and Uniswap
According to The Block, Jito Labs recorded $78.92 million in monthly fee revenue in October, doubling its previous record of $39.45 million in May. This growth has enabled Jito Labs to surpass Lido and Uniswap to become the leading fee generator in the DeFi field.
Jito Labs' earnings were particularly significant on October 24, with a single-day tip income of $6.14 million, highlighting the growing demand for MEV (maximum extractable value) services on the Solana chain. Jito Labs' success is attributed to its MEV infrastructure, including the Jito-Solana validation client and block engine, which effectively extract value from on-chain transaction activities. In addition, JitoSOL staking tokens further broaden the source of income, combining staking rewards with MEV extraction income.
The rise of Jito Labs signals a possible shift in fee models in the DeFi space toward MEV optimization, but its sustainability may rely on high transaction volumes on Solana, especially those driven by memecoin.
Coinbase: cbBTC has been listed on the Solana blockchain
Coinbase announced the official launch of its first SPL token cbBTC issued on the Solana chain. cbBTC is a token pegged 1:1 to Bitcoin (BTC) and backed by BTC assets in Coinbase custody.
Upbit to launch Drift (DRIFT) trading in KRW, BTC, USDT markets
South Korean digital asset exchange Upbit announced support for trading of new digital asset Drift (DRIFT). DRIFT will be supported through the Solana network and will be launched in the Korean won, BTC, and USDT markets. Deposits will be open within 3 hours after the announcement, and trading support is expected to be opened at 18:00 on November 8 (Korean time). Users must confirm the correct network when recharging, and recharges and withdrawals on other networks will not be supported.
Ethereum Foundation releases 2024 report: 99.45% of $788.7 million in crypto asset reserves are ETH
The Ethereum Foundation (EF) released its 2024 report, emphasizing that its core values include long-term thinking, decentralization, and value protection. The report shows that EF's expenditure in 2023 reached US$134.9 million, of which 37.2% was used for internal operations, 35.2% supported the development of new institutions, and 25.7% was invested in L1 research and development. EF holds US$970 million in assets and implements a conservative financial strategy to cope with market fluctuations. The report also introduces the ecosystem organizations funded by EF, including the Nomic Foundation, L2BEAT, and 0xPARC. In addition, EF has implemented a conflict of interest policy to ensure that its actions are in the long-term interests of the Ethereum ecosystem.
Of EF's $970.2 million in assets, $788.7 million is in crypto assets, and $181.5 million is in non-crypto investments and assets. 99.45% of crypto holdings are held in the form of ETH. These ETH account for 0.26% of the total ETH supply on October 31, 2024.
Coinbase International will launch Raydium perpetual futures contracts
Coinbase International Station announced on the X platform that Coinbase International Station and Coinbase Advanced will add support for Raydium perpetual futures contracts. The RAY-PERP market is expected to open at or after 17:30 on November 14, 2024, Beijing time.
According to Cointelegraph, a fake app posing as DeFi platform Curve Finance has appeared in the Apple App Store for the third time this year, once again targeting unsuspecting users. Despite previous warnings and removals, the app continues to land on the App Store, attracting a large number of downloads and ranking in the top few in the financial category in multiple regions. The app disguises itself as a legitimate tool built for token exchange and liquidity staking in the store, resulting in many reports of financial losses and security issues in user reviews. Babu Lal, co-founder of Indian cybersecurity company Frautect, said that it has "identified, reported and removed" more than 6,500 fake public applications, most of which "belong to the financial category." Despite a large number of user reports, warnings from security experts and even the removal of these applications, deceptive applications continue to appear, putting users at risk of being exploited. Lal said that the current situation is that "new modus operandi emerges every day" and the situation will continue to get out of control if security measures are not improved.
According to Bloomberg, after the appearance in Dubai, just one day before Trump's victory in the US presidential election caused cryptocurrency prices to soar and Zhao Changpeng's estimated net worth to approach $53 billion, Zhao Changpeng recalled in an interview his forced departure from Binance and his experience of serving a four-month sentence, during which he passed the time by exercising, writing books and discussing cryptocurrencies with his cellmates. Zhao Changpeng said: "I don't think I want to go back to being the CEO of Binance. I have led the company for seven years. I enjoy this job. Although the work is heavy. But I think that chapter is over." In addition, Zhao Changpeng said that he even received an offer to sell his controlling stake in the exchange - these shares make up the majority of his personal net worth, but he refused to disclose who the buyer was or the price. Zhao Changpeng added: "I'm not saying that I will hold these shares forever. I am happy to review every offer, but I haven't done anything so far. But you know, I'm just an ordinary shareholder now."
Now, Zhao Changpeng calls himself a passive investor in the cryptocurrency space, with the Binance logo tattooed on his arm, and he claims that his "criminal identity" has not stopped people from doing business with him. In addition, Zhao Changpeng declined to comment on the US election, but said he was satisfied with the direction of X (formerly Twitter). Zhao Changpeng said: "I think Twitter has developed a lot faster since Musk took over. It has launched new features and changed a lot faster. I don't worry too much about the rise and fall of investment value. We are long-term investors."
Nethermind launches Ethereum Layer2 network called “Surge Rollup”
According to The Block, Ethereum client Nethermind has launched a new Ethereum Layer2 solution, Surge Rollup, which focuses on performance. In addition, according to the Nethermind official website, Surge Rollup is an ULTRABASED rollup with gigabit speeds, built on the Taiko stack, designed for developers, builders, and autonomous agents; the launch is the second phase, giving priority to activity, censorship resistance, security, and permissionless functionality; sorting is done by Ethereum validators, not centralized sorters; ETH is used as gas, without any native tokens, points, or airdrops; and Ethereum performance is provided through the Nethermind client.
Financing News
Crypto-focused AI company Pond completes $7.5 million seed round led by Archetype
According to The Block, Pond, an AI startup focusing on the cryptocurrency field, raised $7.5 million in a seed round of financing, led by Archetype, and other investors include PAKA, Web3.com Ventures, Cyber Fund, Delphi Ventures, Coinbase Ventures, Near Foundation, and several angel investors. Pond aims to build a decentralized AI model layer to provide AI support for blockchain.
Important data
Pump.fun transferred 78,000 SOL to Kraken 8 hours ago
According to the on-chain analyst Ember, the price increase has accelerated the frequency of sales for pump.fun, which has been selling SOL: they continued to transfer 78,000 SOL ($15.13M) to Kraken 8 hours ago. Pump.fun has received a total of 1.153 million SOL in fees so far. The number of sales is 823,400 SOL ($133.81M), with an average price of $162.
Paradigm transferred another 6.938 million LDO to Coinbase Prime 2 hours ago
According to on-chain analyst Ember, Paradigm transferred another 6.938 million LDO to Coinbase Prime 2 hours ago, worth about $9.23 million. So far, 15.118 million (about $20.52 million) of the 70 million LDO purchased by Paradigm from the Lido Treasury have been transferred to Coinbase Prime, with an average price of $1.36.
A suspected Paradigm Capital wallet deposited 6.939 million LDO to Coinbase Prime 5 hours ago
According to The Data Nerd, 5 hours ago, a wallet suspected to belong to Paradigm Capital deposited 6.939 million LDO, equivalent to $9.23 million, into Coinbase Prime. The day before, the wallet received 61.82 million LDO, equivalent to $85.31 million, from Paradigm Capital’s main wallet.
According to SoSoValue data, yesterday (November 7, Eastern Time), the total net inflow of Bitcoin spot ETFs reached US$1.376 billion, setting a record high for single-day net inflow. Among them, BlackRock's Bitcoin ETF IBIT had a single-day net inflow of US$1.12 billion, accounting for 81.4% of the total net inflow on that day, and refreshed its single-day net inflow record, bringing its historical total net inflow to US$27.181 billion. Grayscale's ETF GBTC had a single-day net inflow of US$7.309 million, and Grayscale Bitcoin Mini Trust ETF BTC had a single-day net inflow of US$20.3787 million. In addition, Fidelity's ETF FBTC had a single-day net inflow of US$191 million, and its historical total net inflow reached US$10.728 billion.
As of press time, the total net asset value of Bitcoin spot ETFs was US$78.5 billion, accounting for 5.19% of the total market value of Bitcoin, and the cumulative historical net inflow reached US$25.495 billion.
Greeks.live macro analyst Adam posted on the X platform: The options market ushered in the concentrated delivery of BTC and ETH options today. Data shows that 49,000 BTC options expired, the Put Call Ratio was 0.72, the maximum pain point was $69,000, and the nominal value reached $3.7 billion; for ETH options, the number of expiration reached 295,000, the Put Call Ratio was 0.65, the maximum pain point was $2,500, and the nominal value was $860 million.
Adam analyzed that with Trump's victory, Bitcoin rose sharply this week, breaking through $75,000 to a record high, driving Ethereum to rebound to $2,900. Options expiring today account for 15% of total positions, but the biggest pain point is not affected. Affected by the election, the implied volatility (IV) of short-term options has dropped significantly, market sentiment is optimistic, and the trend in the fourth quarter may continue to be strong.
PANews APP has updated its functions, download and experience it now!
【Comment】Speak freely and exchange views
【Floating window】Reading interrupted, return at any time
【Search within the article】Quickly locate and get to the core
