Daily Report | Over $200 million in HFT and APT will be unlocked in one go this week; Curve founder initiates proposal for "Ethereum mainnet deployment of Venus Protocol."
Binance is conducting a grayscale test of its built-in Web3 wallet product; FTX and debtors are requesting the court to approve the sale of $744 million in Grayscale and Bitwise trust assets.整理：Mia, ChainCatcher
"What Important Events Happened in the Last 24 Hours"
1. Over $200 Million in HFT and APT Tokens to Be Unlocked This Week
According to Token Unlocks data, from November 6 to November 12, GLMR, HFT, EUL, 1INCH, and APT tokens will undergo a one-time unlock. Among them, the Moonbeam token GLMR will unlock 3.04 million tokens (approximately $688,000) at 08:00 on November 7, accounting for 0.39% of the circulating supply; the Hashflow token HFT will unlock 160 million tokens (approximately $41.66 million) at 08:00 on November 7, accounting for 73.74% of the circulating supply; the "early investors" and "core team" portions will begin unlocking this week; the Euler token EUL will unlock 140,000 tokens (approximately $500,000) at 11:04 on November 9, accounting for 0.75% of the circulating supply; the 1inch token 1INCH will unlock 15,000 tokens (approximately $4,980) at 20:00 on November 9, accounting for 0% of the circulating supply; the Aptos token APT will unlock 24.84 million tokens (approximately $172 million) at 08:00 on November 12, accounting for 10% of the circulating supply, with the "investors" and "core contributors" portions beginning to unlock this week. (Source link)
2. Curve Founder Proposes "Deploy Venus Protocol on Ethereum Mainnet"
Michael Egorov, the founder of Curve, has initiated a proposal in the Venus Protocol community on the BNB Chain to "deploy Venus Protocol on the Ethereum mainnet." The proposal suggests deploying Venus Protocol on the Ethereum mainnet and using Curve tokens crvUSD and CRV as collateral and borrowable assets. It is reported that the proposal suggests Curve incentivize with 500,000 CRV and requires Venus to match this mining incentive with XVS, doubling the rewards with an annual interest rate of 10%. (Source link)
3. Binance is Gradually Testing Its In-App Web3 Wallet Product
ChainCatcher has verified that Binance is gradually testing its in-app Web3 wallet product, which currently has basic Web3 wallet functionalities, allowing users to transfer assets from the Binance platform to the Web3 wallet with one click.
According to market data, TWT (Trust Wallet) has seen an increase of nearly 100% since early October, currently priced at $1.33.
It is reported that Binance announced the acquisition of Trust Wallet in August 2018. (Source link)
4. FTX and Debtors Request Court Approval to Sell $744 Million in Grayscale and Bitwise Trust Assets
Court documents show that FTX and its debtors have requested the U.S. Bankruptcy Court in Delaware to approve the sale of certain trust assets, namely Grayscale and Bitwise funds, through an investment advisor, with an estimated value of $744 million.
According to court documents, this move aims to prepare for the upcoming monetization distribution for creditors and allows FTX to quickly sell these trust assets at the appropriate time.
Additionally, by establishing a pricing committee, all stakeholders will have representation to alleviate the costs and delays associated with selling each asset individually. (Source link)
5. Data: Elon Musk's AI Model "Grok" Inspires Over 400 Token Issuances, Total Market Cap Reaches Tens of Millions
On-chain data shows that anonymous developers released nearly 400 different GROK tokens over the past weekend, seemingly inspired by the AI chatbot service Grok from the social application X, with a total market cap reaching tens of millions of dollars, and early investors have profited several times over.
It is reported that the earliest GROK token was issued on Ethereum on Saturday, reaching a market cap of $10 million by early Monday. Data shows that the token has 4,600 holders, with $10 million worth of tokens traded in ETH over the past 24 hours. The largest holder has made over $150,000 in profit from an initial purchase of only a few thousand dollars worth of ETH. (Source link)
6. Data: The Number of Bitcoin Addresses Holding Over $1,000 Reaches 8 Million, a Record High
According to data from Blockware Solutions and Glassnode, the number of blockchain addresses holding at least $1,000 in BTC has increased to 8 million, a record high. (Source link)
"What Interesting Articles Are Worth Reading in the Last 24 Hours"
1. “DYDX Valuation Report: Unlocking Panic and Data Truth”
The new version of DYDX has launched on the mainnet, receiving a positive market response with strong price increases. However, it is also noteworthy that in December, dYdX will face a large amount of initially allocated tokens being unlocked (accounting for 15% of the total token supply). How will the market react to potential selling pressure? Will the token release lead to inflation and dilute the empowerment of v4? Can the positive effects of the new version continue to drive the growth of DYDX tokens? Is the time before December the last opportunity to get in? To explore the development prospects of dYdX and the expected value of the DYDX token more deeply, this article will be data-driven, analyzing from a valuation perspective based on previous works. It will use DCF and comparable analysis models to reasonably predict dYdX's revenue and token price, and discuss the potential impacts of this selling pressure on v4 staking yields.
2. “Brazil: Digital Literacy Paves the Way for Cryptocurrency Use”
Brazil is the largest crypto economy in Latin America: 8% of Brazil's 214 million population used cryptocurrencies in 2021, and usage continues to grow exponentially. Brazilian policymakers and regulators widely support the shift to cryptocurrencies, indicating Brazil's significant development potential and increasing the likelihood of becoming a regional center for cryptocurrencies. However, stricter regulations pose a challenge, as lawmakers express the need to balance innovation while protecting consumers.
3. “Interpreting Bitcoin Layer 2, Solving the "Impossible Triangle" Dilemma”
The Bitcoin L2 space is fascinating, with protocols like Ordinals, BRC-20, and Runes attracting more Web3 developers to build on Bitcoin, leading to increasing competition. As Web3 investors, our focus remains on applications and infrastructure while avoiding token trading. Currently, we are interested in off-chain networks and decentralized sidechains with unique application advantages, mainly due to their open member consensus models, community building, and capital acquisition advantages. If BitVM successfully introduces a more minimal trust approach for joint cross-chain bridges, we are also optimistic about joint mining.
Importantly, both collateral-driven cross-chain bridges like sBTC and the BitVM approach are still in development. BitVM was just announced this month through a white paper, generating significant interest among developers, while sBTC has been in development for over a year with substantial resources invested. Ultimately, in addition to investing in Bitcoin L1 applications and infrastructure, the Bitcoin Frontier Fund also aims to strategically enter these three areas.
