Today's News Highlights:
Suriname Presidential Candidate Promises to Make Bitcoin Legal Tender if Elected
Trump Family Crypto Project WLFI Receives $30 Million Investment from Justin Sun
Binance HODLer Airdrop Launches Second Phase Project Thena (THE)
MicroStrategy Purchased 55,500 Bitcoins Last Week, Total Value $5.4 Billion
Video Sharing Platform Rumble Announces Purchase of $20 Million in Bitcoin
Telegram Auction Platform Fragment Introduces Mandatory KYC
Pump.fun to Suspend Live Streaming Feature to Enhance Content Review
Ethereum Regains Dominance in USDT Supply, Surpassing Tron for the First Time Since 2022
Regulatory News
Suriname Presidential Candidate Maya Parbhoe Promises to Make Bitcoin Legal Tender if Elected
According to Cointelegraph, Maya Parbhoe, a presidential candidate in the South American country of Suriname, stated that if elected, she would make Bitcoin legal tender. In the first year, she plans to gradually replace the Surinamese dollar with satoshis (the smallest unit of Bitcoin) and ensure that all salaries are paid in BTC, aiming to establish a Bitcoin nation more deeply rooted in cryptocurrency than El Salvador. Parbhoe's subsequent plans also include dissolving the central bank, cutting taxes, privatizing public services, issuing national Bitcoin bonds, and promoting widespread deregulation.
UK Financial Regulators Plan to Establish Cryptocurrency Framework by 2026
According to CoinDesk, the UK's Financial Conduct Authority (FCA) has stated that it hopes to implement a cryptocurrency framework by 2026 to address the growing ownership of cryptocurrencies in the country. The FCA's roadmap indicates that it plans to release a discussion paper on market abuse and disclosure by the end of this year. It intends to publish documents regarding stablecoins, trading platforms, staking, prudent cryptocurrency risk exposure, and lending before the beginning of next year. The framework is set to take effect after the final policy statement is released in 2026. A study commissioned by the FCA showed that the ownership of crypto assets has grown by 4% over the past two years, with approximately 7 million adults holding crypto assets in a country of about 68 million people. Previously, it was reported that the UK would announce regulations for cryptocurrencies and stablecoins in early 2025.
AXIOS: Trump Considering Appointing an AI Minister
According to AXIOS, Trump is considering appointing an AI minister to coordinate federal policy and government use of emerging technologies.
Sources from Trump's transition team stated that if elected, Trump is considering appointing a head of AI in the White House to coordinate federal policy and government use of emerging technologies. Sources indicated that Elon Musk would not take the position but is expected to be closely involved in future debates and use cases. The position would be responsible for centralizing public and private resources to keep the U.S. at the forefront of AI. The federal government has a significant demand for AI technology, and the appointee may work with chief AI officers from various agencies (these chief AI officers were established under President Biden's AI executive order and may be fortunate to remain in their positions after Trump takes office).
Project Updates
Binance to Delist GFT, IRIS, KEY, OAX, REN
According to an official announcement, Binance has decided to stop trading and delist the following cryptocurrencies on December 10, 2024, at 11:00 AM (UTC+8): Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX), Ren (REN). Binance emphasized that it will regularly review the digital assets listed to ensure a high standard of coin quality. When a token no longer meets listing standards or there are significant changes in the industry environment, a deep project review will be conducted, and it may be delisted.
Binance HODLer Airdrop Launches Second Phase Project Thena (THE)
According to an official announcement, the Binance HODLer airdrop has launched the second phase project - Thena (THE), a DEX built on BNB Chain and opBNB that provides liquidity. From November 6, 2024, 08:00 to November 14, 2024, 07:59 (UTC+8), users who use BNB to purchase regular and/or flexible products on the earn platform will receive airdrop allocations. The THE HODLer airdrop page is expected to go live within twelve hours, and the new tokens will be distributed to users' spot wallets one hour before trading begins. Binance will list Thena (THE) on November 27, 2024, at 18:00 (UTC+8) and open trading pairs THE/BTC, THE/USDT, THE/BNB, THE/FDUSD, and THE/TRY. Seed label trading rules apply.
Later news, THE surged over 430% in one hour, possibly driven by Binance's announcement.
Former Binance CEO Zhao Changpeng stated on the X platform: "I am not opposed to meme coins, but meme coins have become 'a bit' strange now. Let's use blockchain technology to build real applications."
According to Decrypt, Mark Longo, the owner of influencer squirrel Peanut and raccoon Fred, shared in a Twitter video how he dealt with the stories of Peanut and Fred and decided to launch a new token called "Justice for Pnut and Fred" (abbreviated as JUSTICE) on the Solana blockchain to commemorate his pets. Longo stated, "The government will not get away with this. Justice will be served, not just for Peanut and Fred… We will show the world that crossing the line is unacceptable." He also accused the crypto community of profiting from his personal trauma. Longo insisted, "The cryptocurrency world has exploited my tragedy and gained various possible benefits from it." He described it as "one of the most painful things" in his life. He claimed, "People want to make money from this." After condemning the crypto community for allegedly profiting from this incident, Longo continued to announce the launch of the new token. Longo stated, "This is the only token I will ever be associated with." Members of the PNUT community countered that they had donated about $50,000 to Longo, but he immediately sold it. According to Solscan, as of the time of writing, JUSTICE has a market cap of approximately $42.1 million and over 15,800 holders, and the token was minted using the Pump.fun platform.
Crypto KOL Mark summarized the project information updated by ai16z founder Shaw on the X platform. This includes: plans to launch the ai16z DAO autonomous trading feature next week and a commitment not to tweet until everything is completed; a leading CEX wants to list ai16z but requires ai16z to establish a legal entity first; discussions with the actual a16z about launching DUNA (Decentralized Non-Corporate Non-Profit Organization: a legal DAO formation in Wyoming); negotiations with companies like the Ethereum Foundation, Magic Eden, and Jupiter for potential collaborations; the Ai16z open committee will be established in collaboration with Nous Research (a top open-source AI company) and Loot Realms.
Farcaster Founder: Frames v2 to Fully Launch in Early 2025
According to Cointelegraph, Dan Romero, the founder of the decentralized Web3 social protocol Farcaster, detailed the updates on Frames, which saw a 400% surge in user numbers within a week. While introducing the Frames v2 specifications on X, Romero stated, "The new Frame standard will support interactive applications, on-chain transactions, and user notifications, which will drive the emergence of many new social applications." Additionally, in another post linking to the developer preview of Frames v2, Romero mentioned, "We have significantly improved the reliability and speed of transactions and signing messages on mobile devices using the Mobile Wallet Protocol and Rainbow." Romero emphasized that the new Frames specifications will be launched on web and mobile devices on November 27, with a more feature-rich update set to be released on December 6. According to the complete specifications on GitHub, a fully stable version is expected to be released in January or February next year.
MicroStrategy Purchased 55,500 Bitcoins Last Week, Total Value $5.4 Billion
According to MicroStrategy's latest 8-K filing, the company purchased 55,500 Bitcoins between November 18 and 24, 2024, for a total value of approximately $5.4 billion, at an average price of $97,862 per coin. This purchase was funded through proceeds from convertible bond issuance and stock sales. As of November 24, MicroStrategy holds a total of 386,700 Bitcoins, with a total purchase cost of approximately $21.9 billion and an average cost of $56,761 per coin. The company reported a quarterly return of 35.2% on its Bitcoin holdings and an annual return of 59.3%.
Rumble Announces Bitcoin Financial Strategy, Including Purchase of $20 Million in Bitcoin
According to official news, video sharing platform and cloud service provider Rumble (NASDAQ:RUM) announced that its board has approved a corporate financial diversification strategy that allocates part of the company's excess cash reserves to Bitcoin. Rumble's Bitcoin allocation strategy will include a company-determined purchase of up to $20 million in Bitcoin. The actual timing and value of Bitcoin purchases will be determined by management and will depend on various factors, including but not limited to general market and business conditions, Bitcoin trading prices, and Rumble's expected cash needs. The allocation strategy may be suspended, halted, or modified at any time for any reason. Rumble Chairman and CEO Chris Pavlovski stated, "We believe the world is still in the early stages of Bitcoin adoption, and with the U.S. electing a crypto-friendly presidential government and increasing institutional adoption, the pace of Bitcoin adoption has recently accelerated. Unlike any government-issued currency, Bitcoin will not be diluted by endless printing, making it a valuable inflation hedge and an excellent addition to our treasury."
Fox Business Reporter: WisdomTree Registers XRP ETF in Delaware
Fox Business reporter Eleanor Terrett posted on the X platform that global ETF provider WisdomTree has registered an XRP ETF in Delaware, and she has confirmed with the company that this is a legitimate application. Notably, WisdomTree currently manages over $100 billion in assets.
Semler Scientific Acquires 297 Bitcoins, Total Holdings Reach 1,570
Semler Scientific purchased 297 Bitcoins between November 18 and 22 for a total cost of approximately $29.1 million, at an average price of $97,995 per coin. As of November 22, the company holds a total of 1,570 Bitcoins, with a total investment of approximately $117.8 million and an average purchase cost of $75,039 per coin. Additionally, Semler Scientific announced a quarterly Bitcoin yield of 37.4% and a year-to-date yield of 58.4%. The company stated that Bitcoin has been included as a primary financial reserve asset and has achieved asset appreciation through its fund management strategy.
Robinhood US Launches WIF Token
According to Aggr News, Robinhood's U.S. platform has officially launched the WIF token.
According to Telegram Info (@tginfo), the Telegram-exclusive auction platform Fragment has begun to enforce mandatory real-name verification (KYC) procedures, requiring users to verify their identity to purchase services such as "Star Coins," Telegram Premium, or anonymous numbers. The verification process is provided by the third-party service Sumsub, which requires users to submit an email, phone number, ID document scans, and a facial photo. Users can check the verification status of their Telegram account and TON wallet on the Fragment profile page. Currently, purchasing Telegram Premium and Star Coins through @PremiumBot or app stores is unaffected. Decentralized markets (such as Getgems.io) still support the purchase of anonymous numbers and usernames using cryptocurrencies without KYC, but it remains uncertain whether these NFTs can be used long-term on Telegram. Telegram has not yet responded to this change.
Avalanche Announces Launch of Avalanche9000 Testnet and $40 Million Retroactive Rewards
Avalanche announced the official launch of the Avalanche9000 testnet, along with the initiation of a retroactive rewards program called Retro9000, with a total reward amount of up to $40 million, including $2 million in referral rewards. This program will specifically reward developers who develop L1 blockchains and related key development tools on the Avalanche9000 testnet. Avalanche9000 includes technical updates such as the Etna upgrade, ACP-77, and ACP-125, which reduce deployment costs by 99.9%, simplify customization, and enhance maintenance performance. Currently, over 500 L1 projects are being developed on the testnet and mainnet, covering various fields such as community gaming, small business payment solutions, and institutional research.
Telegram's Digital Asset Value Increases to $1.3 Billion in the First Half of 2024
According to the Financial Times, Telegram reported a significant increase in the value of its digital assets in the first half of 2024, rising from nearly $400 million at the end of last year to $1.3 billion, according to unaudited financial statements. These documents indicate that this growth, along with the profits from the sale of the closely related cryptocurrency Toncoin and another Toncoin-related transaction, provided financial cushioning for the Dubai-based company after its founder Durov faced legal troubles; Durov is currently on bail in France. According to the financial statements, Telegram achieved $525 million in revenue in the six months ending June 30, a 190% increase compared to the same period in 2023. According to the documents, nearly half of the revenue ($225 million) came from a one-time transaction with an unnamed company. Under the terms of the deal, Telegram allowed the cryptocurrency Toncoin to be the only method for small businesses to purchase advertising on the app in exchange for "compensation." The documents state that this exclusive agreement was terminated on October 1. Telegram disclosed that it "holds a significant amount of Toncoin and faces the risk of changes in Toncoin's market value," acknowledging that its price has been volatile since Durov's detention. In the first half of the year until June, the company generated $353 million in profits from the sale of digital assets, followed by another $348 million from the sale of Toncoin. The company also achieved $335 million in after-tax profits in the first half of this year. These figures far exceed the $342 million in revenue and $173 million in losses for the entire year of 2023, indicating that Telegram was on track to achieve its first annual profit before Durov's detention.
Pump.fun to Suspend Live Streaming Feature to Enhance Content Review
Meme coin launch platform Pump.fun announced that it will indefinitely suspend the platform's live streaming feature until the content review infrastructure can handle the increased activity. Pump.fun stated that it will improve rule transparency by publishing guidelines in the future and provide clearer review decision information for creators and users.
Investment and Financing
According to official news, the BNB Chain ecosystem's re-staking infrastructure Kernel has announced that it has raised a total of $10 million in multiple rounds of financing, with investors including Binance Labs, SCB Limited, Laser Digital, Bankless Ventures, Hypersphere, Draper Dragon, DACM, CYPHER, ArkStream Capital, HTX Ventures, Avid VC, GSR, Cluster Capital, Longhash Ventures, Via BTC, Side Door Ventures, NOIA, and DWF Labs. Kernel is a core re-staking infrastructure project focused on the BNB Chain, and it is set to launch its mainnet soon, introducing the KERNEL token to unify the governance and incentives of Kelp, Kernel, and Gain, rewarding early supporters and promoting ecosystem development.
Earlier news reported that Binance Labs announced an investment in BNB Chain's re-staking infrastructure Kernel.
Trump Family Crypto Project WLFI Receives $30 Million Investment from Justin Sun
According to Bloomberg, Justin Sun, the founder of TRON, has invested $30 million in World Liberty Financial (WLFI), a DeFi project associated with U.S. President-elect Donald Trump, becoming the largest investor in the project. Sun stated on the X platform, "The U.S. is becoming a blockchain hub, and the rise of Bitcoin is thanks to Trump." A spokesperson for WLFI said in a statement, "There have been several significant purchases in recent weeks, and we are confident about future success. More developments are expected in the coming weeks and months."
Schuman Financial Launches Euro Stablecoin EURØP Compliant with MiCA Regulations
According to The Block, Schuman Financial has launched the EURØP stablecoin, which is compliant with MiCA regulations and is pegged 1:1 to the euro, supported by cash and cash equivalents. The stablecoin aims to simplify global digital payments, on-chain foreign exchange trading, and the tokenization of physical assets. Schuman Financial has received a stablecoin issuance license from the French regulatory authority ACPR, allowing it to issue electronic currency tokens pegged to any currency under MiCA regulations.
This launch follows a $7.36 million seed round financing completed in September, led by RockawayX, with participation from Lightspeed Faction, Kraken Ventures, Nexo Ventures, Gnosis VC, Delta Blockchain Fund, and Bankless Ventures. EURØP will initially be issued on the Ethereum and Polygon chains, with plans to integrate more blockchains and DeFi protocols in the future, while also listing on major European crypto exchanges. The company will also build an ecosystem that includes SEPA integration, banking channels, and custodial partnerships with top global banks such as Société Générale.
Important Data
South Korea's Cryptocurrency Trading Volume Surges, DOGE and XRP Trading Volumes Exceed Bitcoin
According to Bitcoin.com, South Korea's largest crypto exchange Upbit saw its trading volume increase by over 100% in the past week, rising from $5.4 million on November 21 to $11.9 million on November 25. Notably, DOGE and XRP trading volumes reached $58.2 billion and $38.6 billion in the fourth quarter, far exceeding Bitcoin's $30.1 billion. A report from Tiger Research indicates that approximately 7.78 million South Koreans (15% of the total population) are active in cryptocurrency trading. A survey by SamarinHR shows that 49.8% of South Korean employees aged 30-39 invest in cryptocurrencies, while the investment rate for employees in their 20s is 37.1%.
Analysis: 64% of Tokens in Wintermute's Top 25 Meme Coin Holdings Have Been Listed on Binance
According to on-chain analyst @ai_9684xtpa, currently, 64% of the tokens in Wintermute's Top 25 Meme Coin holdings have been listed on Binance, with only 6 of them listed on both spot and futures, while the rest are only listed on contracts. For market makers, this hit rate is already very high; for recently added market-making projects or those with a higher holding ratio, the percentage may be even higher. Meme coins that Wintermute is participating in but have not yet been listed on Binance include: PEPECOIN, APU, SPX, COQ, MANEKI, michi, MOTHER, REKT (a project added to market making three days ago), and BENJI (the project with the lowest market cap in the Top 25 holdings). Common characteristics of tokens that Wintermute has participated in market making and have been listed on Binance include: 1. Sufficient community enthusiasm; 2. Market cap greater than $10 million and less than $500 million before listing on Binance; 3. Wintermute's initial holding ratio of no less than 1%. Recent significant changes in Wintermute's holdings include: 1. NEIRO's (in uppercase) holding ratio surged by 13.57%, making it the token with the highest holding ratio; 2. GOAT surpassed MOODENG to become the top-ranked meme coin in holdings; 3. POPCAT's position value has increased to $18.1 million, ranking third; 4. REKT is its latest market-making project.
Base Sets Record with 106 TPS, TVL Exceeds $10 Billion
According to Cointelegraph, the Ethereum Layer 2 network Base has just set a record of 106 TPS, further surpassing Taiko to become the fastest Ethereum Layer 2 solution, while its total value locked (TVL) recently exceeded $10 billion. This marks a nearly 28% increase in Base's TPS since November 23. According to Base founder Jesse Pollak, the average TPS for Base was only 4 in January. Data from L2BEAT shows that Base's TVL has also increased to $10.68 billion after surpassing the $10 billion mark on November 15, making it the second-largest Ethereum Layer 2 by TVL, only behind Arbitrum One's $18.3 billion, which surpassed OP Mainnet in June to claim second place. L2BEAT states that this brings the total locked value of Ethereum Layer 2 solutions to $49.3 billion.
Ethereum Regains Dominance in USDT Supply, Surpassing Tron for the First Time Since 2022
According to The Block, Ethereum has regained its dominance in USDT supply, surpassing Tron for the first time since 2022. As of the time of writing, the circulating supply of USDT on Ethereum is 66.936 billion, while on Tron it is 61.77 billion. Year-to-date, the USDT supply on Ethereum has increased by nearly 62%, while Tron has seen a smaller increase of 24.4%.
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