Hot News

  • Bitcoin continued to hit a record high of $93,430, closing last week with a weekly gain of 11.75%, and the market value of Bitcoin reached $1.778 trillion, surpassing the market value of silver.
  • Donald Trump announced the creation of the Department of Government Efficiency (DOGE) and appointed Elon Musk and Vivek Ramaswamy to lead the agency. Dogecoin rose 32% last week, while PEPE soared 72% after Coinbase and Robinhood announced their listing. Ethereum experienced a brief period of deflation due to PEPE transactions. Meanwhile, the daily trading volume of memecoin hit a new high of about $72 billion on November 14.
  • Ethereum ETFs saw a record high in net inflows last week, reaching $515.17 million.

Macro Outlook

  • The US inflation rate rose from 2.4% in September to 2.6% in October, in line with market expectations. At the same time, the producer price index (PPI) rose by 0.2% in October, also in line with market expectations.
  • Federal Reserve Chairman Jerome Powell said at the Dallas Regional Chamber of Commerce last Friday that there are expected to be "ups and downs" in the process of achieving the 2% inflation target. He stressed that the current economy does not yet require the Fed to rush to cut interest rates. The market lowered the probability of a 25 basis point rate cut in December from 65% to 62%.

Cryptocurrency Market Quick Facts

  • Deutsche Bank has announced technical updates to its Memento ZKChain, including the launch of a testnet powered by zkSync and interoperability with Axelar.
  • Bitwise has acquired Attestant, a non-custodial Ethereum staking service provider. The market interprets this move as paving the way for an Ethereum ETF that supports staking functionality.
  • Microstrategy purchased another 27,200 bitcoins and currently holds 279,420 bitcoins on its balance sheet.
  • Pennsylvania has proposed the Bitcoin Strategic Reserve Act, which plans to allocate 10% of state government funds to Bitcoin. The bill will be submitted to the Republican-led Senate for review in the coming weeks, and if passed, it will be submitted to the governor for signature.
  • Robinhood Crypto relists tokens such as SOL, ADA, XRP, and PEPE.
  • Blackrock announced that it will expand BUIDL to Aptos, Arbitrum, Avalanche, Optimism and Polygon chains.
  • VanEck launches Sui ETN product on Euronext in Amsterdam and Paris.

Layer 1 and Layer 2 Public Chains

  • Ethereum researcher Justin Drake proposed Beam Chain at DevCon, an upgrade of the consensus layer to achieve 4-second block time, quantum-resistant security, 1 ETH staking requirements, and zkSNARKs at the client level. The upgrade is expected to be completed in 2030.
  • ENS launched the zkEVM-based second-layer network Namechain, aiming to expand ENS functions at a low cost.
  • Zero Network, the second-layer network built by Zerion, has officially launched its mainnet.
  • Peaq, a layer 1 network dedicated to DePIN, has launched its mainnet and launched PEAQ tokens on major exchanges. For more details on Peaq and other DePIN protocols, please click this link.
  • Shared ordering protocol Espresso Systems launches Mainnet 0.

Dapps

  • Avara (Aave team) launched Family wallet, which supports account abstraction, pass keys, in-app messaging and other functions. It is now available on the iOS App Store.
  • RISC Zero introduces Kailua, an innovative hybrid architecture that achieves optimistic rollup finality of 1 hour and generates proofs only when disputes occur.
  • Pendle has launched a new yield trading platform, Boros, which supports off-chain interest rates and funding rates. It will run in collaboration with Pendle V2 and will not launch new tokens.
  • Lens launched V3, using zkSync and Avail as the data availability layer, providing a modular toolkit that enables developers to easily launch application-specific instances.
  • Curve launches the yield-generating stablecoin scrvUSD, sharing revenue with crvUSD.
  • AltLayer launches Autonome to accelerate the development of "verifiable agent networks" to support the creation, deployment and distribution of autonomous AI agents.
  • LayerZero launches lzRead, making data such as governance, TWAP, proof of reserves or state synchronization accessible across all chains.

Governance/Project Updates

  • Bitwise plans to launch the Aptos Staking ETP on SIX Swiss Exchange on November 19.
  • NVIDIA's third-quarter earnings report will be released after the U.S. stock market closes on Wednesday, November 20.
  • Starknet plans to launch STRK mainnet staking on November 26.
  • DYDX Unlimited is expected to be officially launched in November.
  • Hyperliquid expects to launch the HYPE token in November.
  • Stacks founder Muneeb said sBTC is expected to be released in December.
  • Bonk launched the BURNmas event and plans to burn 1 trillion BONKs before Christmas in December.
  • Jupiter plans to hold the first Jupiverse conference "Catstanbul" in Istanbul at the end of January 2025, but the specific date has not yet been announced. The 30% supply reduction plan approved earlier this year will be implemented on the second day of the conference.
  • Consensys announced that Linea plans to launch the LINEA token in the first quarter of 2025.
  • Ethena's sUSDe has passed the proposal to become collateral for Aave.
  • Blur proposed turning on the fee switch, converting the minimum 0.5% royalty to a 0.5% protocol fee, and introducing veBLUR.

Token Unlock

  • 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.
  • SUI tokens will be unlocked on December 3rd, representing 2.87% of the total token supply.