Weekly Report | He Yi stated that Binance has not invested enough in inscriptions and will pay more attention to it in the future; reviewing the top ten public chains worth noting inscription projects
"Creating Binance: Extreme Efficiency and Simple Tools" delves into how Binance employees collaborate efficiently, the treatment of employees, and how they achieved a trading volume of $30 trillion in just two years. What do former Binance employees and those from large companies think of Binance?Organizer: Cookies, ChainCatcher
"What Important Events Happened This Week (12.11-12.17)"
1. He Yi: Binance previously did not invest enough in inscriptions, will pay more attention moving forward
Binance CEO Richard Teng and co-founder He Yi appeared together in a Chinese community AMA dialogue event, where He Yi stated: "Regarding user complaints about the Binance Web3 wallet being difficult to use, it may be because the product research and development team initially viewed BRC20 as a highly cyclical new thing similar to NFTs, and were unsure if it would gain popularity in the future, so the resources invested were insufficient. Moving forward, we will pay more attention."
On December 12, 2023, Binance launched the BRC-20 project Sats (1000SATS) and 1000SATS 1-50x USDT perpetual contracts. According to on-chain data, over $189 million in SATS has been transferred to Binance since the launch.
2. Ledger has updated its codebase to remove malicious code
Ledger announced on social media that the legitimate Ledger Connect Kit version 1.1.8 has been pushed. Ledger and WalletConnect confirmed that the malicious code has been disabled. Users can safely use the Ledger Connect Kit, but it is recommended to wait 24 hours and clear browser cache.
Previously, hackers exploited a vulnerability in the Ledger Connect Kit to steal approximately $484,000 in assets. SlowMist founder Yu Xuan emphasized that the Ledger wallet itself was not affected; the issue was with some DApps relying on the Ledger module.
3. US SEC Chair: Will reassess Bitcoin spot ETF applications based on recent court rulings
Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), stated in an interview with CNBC on Thursday that the agency's "new perspective" on Bitcoin spot ETF applications considers recent court rulings.
Gensler said, "We have previously rejected some of these applications, but the D.C. Circuit Court has weighed in on this. Therefore, we are re-examining the issue based on the court's ruling."
According to the page, the spot Bitcoin ETF "Bitwise Bitcoin ETF" (ticker: BITB) launched by crypto asset management firm Bitwise has been listed on the DTCC (Depository Trust & Clearing Corporation) website.
The SEC has delayed its decision on Invesco and Galaxy's Ethereum spot ETFs, with a new deadline set for February 6, 2024.
Additionally, Binance submitted new documents to dismiss the SEC lawsuit, stating that the SEC ignored the requirement of whether an "investment contract" exists, which must be determined based on each transaction. (Source link)
4. Solana co-founder: Project teams should sell a larger proportion of tokens at lower-than-expected prices instead of airdropping
According to ChainCatcher, Solana co-founder Anatoly Yakovenko posted on social media that this may be a view contrary to mainstream opinion, but instead of airdropping, project teams should sell a larger proportion of tokens at prices 1/5 to 1/10 lower than the "expected" price.
He stated that the same rules used for airdrops could be applied to sales eligibility. The benefit of this approach is that the team can achieve a longer operational time, the circulation of tokens is larger, and buyers need to genuinely participate. (Source link)
5. Basel Committee proposes to revise standards to give stablecoins preferential risk treatment
According to ChainCatcher, as reported by CoinDesk, the Basel Committee on Banking Supervision (BCBS) proposed to revise standards in a consultation document released on Thursday, allowing stablecoins to be considered lower risk than unsecured cryptocurrencies like Bitcoin.
So far, the BCBS has taken a hardline stance on cryptocurrencies, suggesting a maximum risk weight of 1250% for freely floating digital assets like Bitcoin, meaning banks must issue capital to match their risk exposure. Banks are also not allowed to allocate more than 2% of their core capital to these higher-risk assets. The BCBS stated in a statement that it would not make any changes to these standards. (Source link)
6. New Fire Technology: Group annual net loss expected to increase to HKD 280 million due to FTX impact
According to ChainCatcher, Hong Kong-listed company New Fire Technology issued a profit warning for the year ending September 2023. Based on a preliminary review of the group's unaudited consolidated management accounts for the year ending September 30, 2023, and currently available information, the group expects to record a net loss of no less than approximately HKD 280 million for the year ending September 30, 2023, compared to a net loss of approximately HKD 200 million for the year ending September 30, 2022.
The announcement indicated that the increase in net loss was mainly due to (1) the inability to withdraw cryptocurrency assets from the FTX exchange, resulting in an impairment loss provision of approximately HKD 86 million; (2) one-time severance expenses related to employee restructuring and cost management plan expenses of approximately HKD 15 million. However, these accounts have not yet been reviewed or audited by the company's auditors, and New Fire Technology is still finalizing its full-year performance for the year ending September 30, 2023. The company expects to announce its consolidated financial results for the year ending September 30, 2023, by the end of December 2023. (Source link)
7. Crypto company SafeMoon files for bankruptcy, executives face criminal charges
Crypto company SafeMoon filed for bankruptcy on Thursday, and its executives are facing criminal charges in the U.S. SafeMoon stated that it has 50 to 99 creditors, with assets between $10 million and $50 million and debts between $100,000 and $500,000. Unlike other crypto companies that filed for Chapter 11 bankruptcy, Chapter 7 bankruptcy typically does not intend to reorganize and restart the company.
SafeMoon's executives were arrested last month by U.S. officials on charges of conspiracy to commit securities fraud, conspiracy to commit telecommunications fraud, and conspiracy to commit money laundering, but founder Kyle Nagy has been charged but not yet arrested. The company is also facing a lawsuit from the SEC, alleging fraud and violations of securities laws. SafeMoon's SFM has plummeted 42% in the past 24 hours, despite its low liquidity and relatively small market capitalization. (Source link)
8. Data
- As of December 17, 2023, there are 128 days left until the BTC halving.
- dYdX Chain's total trading volume has surpassed $2 billion.
- PayPal's USD stablecoin PYUSD total issuance exceeds 200 million.
- Over 1 billion FDUSD participated in Binance's latest Launchpool, accounting for over 93% of the circulation.
- The top 20 holders of SATS hold a total of 15.9% of the total supply.
- Binance's market share has dropped from 55% at the beginning of the year to 30% in December.
"What Exciting Articles Are Worth Reading This Week (12.11-12.17)"
1. "Manufacturing Binance: Extreme Efficiency and Simple Tools"
This is the second article in the author's "Binance Series" by Han Yang. In the first article "Who is Manufacturing Binance: A Stateless Company in 4000 Resumes," Han Yang detailed over 4000 resumes found online from individuals who have worked or interned at Binance. In this second article, the author continues to delve into Binance, exploring how internal employees collaborate efficiently, the treatment of employees, and how they achieved a trading volume of $30 trillion in two years. What do veteran Binance employees and those from large firms think of Binance?
Jacob is the founder and manager of Superscrypt, a crypto fund under Temasek. Being in Singapore, he naturally favors the local crypto atmosphere. Compared to Hong Kong, Singapore has a smaller land area and scarcer natural resources, so the country tends to over-invest in human resources to achieve economies of scale and innovation. This article discusses his journey and story, why he entered the Web3 industry, and the core benefits of using blockchain technology. We also discuss their investment approach, what areas they find exciting in Web3, and how early teams should build in a less favorable financing environment.
3. "Review of the Latest Progress of 13 Spot Bitcoin ETF Proposals, SEC May Decide Next Month"
Industry insiders are confident and waiting for the U.S. Securities and Exchange Commission (SEC) to make a decision on spot Bitcoin ETFs next month. Cory Klippsten, CEO of Swan Bitcoin, predicted in an interview with Bloomberg that the approval window may have narrowed to January 8, 9, or 10, 2024.
A list compiled by Bloomberg Intelligence analyst James Seyffart shows that there are currently 13 proposed spot Bitcoin ETFs submitted to the SEC.
At the end of 2023, Bitcoin Ordinals are once again booming in the market. According to CRYPTOSLAM data, the trading volume of Bitcoin Ordinals (inscriptions) in November was approximately $376 million, surpassing Ethereum NFTs' trading volume by 8.05% during the same period, and this advantage has expanded to 18.75% in December (as of December 10). However, unlike at the beginning of the year, this boom in Ordinals is also related to the emerging BRC-20 tokens. According to CoinGecko data, the largest market cap token ORDI saw its price increase by 180.07% in just four days from December 2 to December 6. Other BRC-20 tokens also experienced significant increases.
5. "Chain Games Reviving: How are the Former Two Giants Axie and STEPN Positioning Themselves?"
With the revival of the chain game market, the former two giants Axie and STEPN have also been active recently.
Axie has unveiled three strategies: on one hand, focusing on the game side chain Ronin Network, on the other hand, upgrading the classic game Axie Classic, and attempting to open new growth channels in Web2 through IP sales; while STEPN is more focused on launching its second chain game Gas Hero, using GMT as the game token. During this market upswing, AXS and GMT tokens have also seen monthly increases of around 20%.
6. "Key Points from the FTX Hearing: $24 Billion Claim by the IRS and Dispute with LayerZero"
The purpose of this hearing is to discuss various matters related to the bankruptcy case, including postponed matters such as motions and objections, as well as reviewing the third interim fee applications submitted by various parties. The hearing will review various applications and documents related to the debtor and the debtor's property, including creditor claims, attorney fees, financial advisor fees, etc.
7. "ABCDE: Why We Invest in BitSmiley?"
BitSmiley is the MakerDAO+Compound of the Bitcoin ecosystem, providing comprehensive solutions for Bitcoin DeFi, filling the current gap in the Bitcoin ecosystem for "stablecoin" + "lending" infrastructure.
The startup decentralized NFT data platform bitsCrunch successfully partnered with Web3Port, becoming a lucky player in this "Web3 resource war." What product appeal led Web3Port to extend an "olive branch" to bitsCrunch?
9. "Top Ten Public Chains Worth Noting for Inscriptions Projects"
With Binance announcing the launch of SATS spot and contracts, the heat of the inscriptions sector has further increased. Besides the inscriptions in the BTC ecosystem, which public chain inscription projects are also highly popular? This article compiles a list of recently notable inscription projects across various public chains based on on-chain data, public sentiment data, and other indicators.
