Weekly Report | Bitcoin Core developers may fix the "inscription" vulnerability; LayerZero expects to issue tokens in the first half of 2024
整理:饼干,ChainCatcher
"What Important Events Happened This Week (12.4-12.10)"
1. Bitcoin Core Developer: "Inscriptions" are Exploiting a Bitcoin Core Vulnerability to Send Spam to the Blockchain
Bitcoin Core developer Luke Dashjr stated on X that "Inscriptions" are exploiting a vulnerability in the Bitcoin Core client to send spam to the blockchain. Since 2013, Bitcoin Core has allowed users to set an additional data size limit ('-datacarriersize') when forwarding or mining transactions. Inscriptions bypassed this limit by disguising their data as program code.
Luke Dashjr mentioned, "This vulnerability was recently fixed in Bitcoin Knots v25.1. Due to significant disruptions in my workflow at the end of last year (v24 was completely skipped), the fix took longer than usual. The upcoming v26 version of Bitcoin Core still has vulnerabilities. I can only hope it will be finally fixed before next year's v27."
Luke Dashjr posted on the X platform: "We don't have to eliminate all inscriptions to benefit Bitcoin." This comment pushed ORDI to a new high of over $70. He later stated that Ordinals and SRC-20 are both scams. (Source link)
2. Fidelity's Spot Bitcoin ETF Code Released and Listed on DTCC, Swiss Asset Management Firm Pando Asset Joins U.S. Spot Bitcoin ETF Competition
Bloomberg analyst Eric Balchunas stated on his social platform that Fidelity's spot Bitcoin ETF code has been set as FBTC and has been listed on DTCC (Depository Trust & Clearing Corporation).
According to public documents, Swiss asset management firm Pando Asset has submitted an updated version of its Bitcoin spot ETF S-1 form to the U.S. SEC. It is reported that Pando Asset submitted its Bitcoin spot ETF application to the SEC last week. The ETF will be traded on the Cboe BZX exchange, with Coinbase serving as the custodian. Bitcoin pricing will be based on CME's CF Bitcoin Reference Rate.
According to Reuters, discussions between the SEC and potential issuers of Bitcoin spot ETFs have advanced to critical technical details, and the agency may soon approve these products. Grayscale Investments CEO Michael Sonnenshein expressed optimism about the company's discussions with the SEC regarding the possibility of launching a spot Bitcoin ETF. (Source link)
3. Solana Ecosystem MEV Infrastructure Jito Airdrops Governance Token, JTO Now Listed on Coinbase and Binance
Solana ecosystem MEV infrastructure Jito Labs launched its governance token JTO, which will be used to help manage the Jito network, aiming to enable "community members to have a direct impact on the decisions and direction of the Jito network," including setting fees for the JitoSOL staking pool, updating delegation strategies by controlling parameters of the StakeNet program, managing the treasury of JTO tokens held by the DAO, and contributing to the ongoing development and improvement of Jito protocols and products.
The total supply of JTO is 1 billion tokens, with the foundation receiving 59.3%, of which 10% will be airdropped, 24.3% will be directly controlled by token holders through Realms, and the remaining 25% will be donated to the foundation to fund and lead large-scale strategic relationships.
JTO tokens are now listed on Coinbase and Binance. (Source link)
4. LayerZero: Protocol Token Expected to be Issued in the First Half of 2024
According to official news, LayerZero Labs announced that the protocol will have a native token, and the team is committed to ensuring a proper distribution of the tokens, expected to be completed in the first half of 2024. (Source link)
5. Judge Orders Zhao Changpeng to Remain in the U.S. Until Sentencing
According to documents from the U.S. District Court for the Western District of Seattle, Judge Richard Jones has accepted the guilty plea of former Binance CEO Zhao Changpeng. Zhao pleaded guilty to charges of anti-money laundering violations and sanctions violations after a multi-year investigation by federal regulators.
Currently, Binance has agreed to pay $4.3 billion, and Zhao has agreed to pay a $50 million fine and resign as CEO.
A U.S. federal judge has ordered Binance founder Zhao Changpeng to remain in the U.S. until the sentencing on February 23. Previously, Zhao had requested the court to allow him to return to the UAE before sentencing. (Source link)
6. ETHGlobal Announces 2024 Season Event Schedule, Plans to Hold 20 Hackathons Worldwide
ETHGlobal announced its 2024 season event schedule, planning to hold 20 events worldwide. Events in the first half of 2024 include: LFGHO (January 12 - 24), Circuit Breaker (February 2 - 21), Pragma Denver (February 28), Pragma London (March 14), ETHGlobal London (March 15 - 17), Scaling Ethereum 2024 (April 5 - 26), Pragma Sydney (May 2), ETHGlobal Sydney (May 3 - 5).
Events in the second half of 2024 include: Pragma Brussels (July 11), ETHGlobal Brussels (July 12 - 14), ETHOnline 2024 (August 23 - September 13), ETHGlobal Singapore (September 20 - 22), Pragma San Francisco (October 15 - 17), ETHGlobal San Francisco (October 18 - 20), ETHGlobal Devcon 2024 (tentatively November), and five additional events. (Source link)
7. Solana Co-Founder: Solana Phone Sales Underperforming, Internal Discussions on Launching Another Phone
Solana Labs co-founder Anatoly Yakovenko stated on the "Unchained" podcast that the Web3 phone launched by Solana has underperformed, selling only about 2,200 units, and the company is internally discussing whether to launch another phone, which currently does not support Bitcoin. (Source link)
8. Data
- Tether issued a total of $3.98 billion USDT on Ethereum and Tron chains in the past 30 days.
- Ethereum L2 TVL surpassed $16 billion, with a 7-day increase of over 12%.
- Layer 2 network Blast TVL exceeded $800 million.
- Tether currently holds 57,576 BTC, with an unrealized profit of $1.1 billion.
- The total cryptocurrency market cap exceeded $1.6 trillion, with BTC market share over 50%.
- ETH surpassed $2,400 USDT, reaching a new high since May 2022.
"What Great Articles Are Worth Reading This Week (12.4-12.10)"
1. "a16z 2024 Outlook: Modularization, AI, Web3 Gaming…"
As we approach 2024, a16z's core portfolio is now fully allocated. This article aims to express a16z's views on investments as much as possible, but it is not financial advice; it is merely an insight into how a16z views the development of cryptocurrency in 2024.
2. "Solana's Phoenix: Building Heaven in Hell"
After the collapse of FTX, Solana faced an existential crisis, clearing its ecosystem of all the less loyal individuals. In fact, Solana's opportunities today are undoubtedly the best. While many smart contract platforms are moving towards similar ultimate technical goals, it is becoming increasingly clear that the path to get there has meaningful trade-offs functionally.
3. "RUNE Token Surges Over 4 Times in 40 Days, THORChain Takes Off with Bitcoin Ecosystem Tailwind"
The recent abnormal fluctuations in RUNE token prices have stirred significant waves in the crypto community and brought THORChain back strongly. At this time, people discovered that this cross-chain protocol, leveraging the tailwind of the Bitcoin ecosystem, has already cleared the shadow of previous hacks and has been reborn. So, how did THORChain rise from the brink of death? What factors are driving the rise in RUNE token prices? Will THORChain maintain this growth momentum?
4. "Can Inscriptions Disappear? How Much Power Do Bitcoin Core Developers Have?"
Since 2013, Bitcoin Core has allowed users to set an additional data size limit when forwarding or mining transactions. Inscriptions bypassed this limit by obscuring their data as program code. In simple terms, Bitcoin Core developer Luke Dashjr believes that the inscription track represented by ORDI, which has entered the top 50 by market cap, is a bug that can be fixed.
5. "RootData November Data Summary: Financing Amount Soars, Projects Flood Mainnet and Tokens"
In November 2023, the financing data in the crypto field once again reached impressive figures, with total financing amounting to $1.18 billion and over 90 financing rounds. This data not only refreshes the record for nearly a year but also marks a warming trend in the financing market. Meanwhile, a wave of projects like Pyth and Chainflip issued tokens or launched mainnets in November, attracting significant market attention. In this article, we will focus on specific financing data, active investors, trending projects, and other aspects to present the changing trends in the crypto market.
6. "What Factors Boosted Bitcoin After Breaking the $40,000 Barrier? What Are the Future Trends?"
As 2024 approaches, many institutions predict that the Bitcoin spot ETF will be approved in January 2024. How much will Bitcoin break through at that time? Besides the expectation of the Bitcoin spot ETF approval, what other factors are driving Bitcoin's rise? What predictions do institutions have for Bitcoin's trend in 2024, and what potential narratives should investors be looking out for?
How should you choose which tokens to invest in during a bull market? How do you conduct your research? Are you just looking for potential targets on Twitter? Given the multitude of tokens and narratives in the crypto space, how should you evaluate which tokens have the potential to outperform BTC? In my view, the success of any crypto ecosystem is driven by three key factors: technological innovation, token minting opportunities, and the level of narrative surrounding the project.
8. "Arthur Hayes Podcast Transcript: Is a Bitcoin Spot ETF Really a Good Thing?"
Overall, Arthur Hayes believes that the market will always go through cycles. As for the duration of this cycle, it cannot be predicted. This article also discusses how macro perspectives such as debt, energy, and fiscal conditions should truly integrate into the framework of digital assets.
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