Weekly Report | FTX officially begins liquidation, Bitcoin will be compensated at a price of $16,871; Nigeria's House of Representatives Financial Crimes Committee summons Binance CEO; Official guide for FTX liquidation claims
FTX officially begins liquidation, Bitcoin will be compensated at a price of $16,871; Nigeria's House of Representatives Financial Crimes Committee summons Binance CEO; excess block space, and the reshuffling valuation logic; where is the next narrative in the crypto market heading?Organizer: Elvin, ChainCatcher
"What Important Events Happened This Week (2.26-3.3)"
1. FTX Officially Begins Liquidation, Bitcoin Will Be Compensated at $16,871
According to ChainCatcher, FTX Digital Markets Ltd (currently in formal liquidation) has notified customers and non-customer creditors to submit electronic claims by May 15, 2024. Eligible customers and non-customer creditors can check their balances in their FTX accounts on the website and submit electronic claims in the FTX Digital liquidation.
The FTX digital claims portal is managed by PwC on behalf of the joint official liquidators, and the first interim distribution is expected to be paid by the end of 2024 or early 2025. The joint official liquidators will provide further information about the distribution in due course. According to PwC's official information, under Bahamian law, each eligible claim must be distributed in US dollars, regardless of size. Currently, the claims pricing for major crypto assets on FTX is: BTC $16,871, ETH $1,258, SOL $16.24, BNB $286.
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2. L2 Network Taiko Completes $15 Million Series A Financing, Led by Hashed and Others
According to ChainCatcher, the Ethereum Layer 2 network Taiko, based on zkRollup, announced the completion of a $15 million Series A financing round, led by Lightspeed Faction, Hashed, Generative Ventures, and Token Bay Capital, with participation from Wintermute Ventures, Presto Labs, Flow Traders, Amber Group, OKX Ventures, GSR, and WW Ventures. According to crypto data platform RootData, Taiko has raised a total of $37 million through three rounds of financing.
Since 2022, Taiko has launched six testnets, with over 1.1 million unique wallets. Its Alpha-6 testnet KatlaTaiko, launched in January this year, has executed over 13 million transactions. Taiko plans to introduce new technologies to address liquidity fragmentation issues and launch a second developer incentive program in December 2023. At the same time, Taiko has committed to allocating 1% of its token supply to the Ethereum core development organization Protocol Guild.
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3. Insider: FTX Founder SBF Suggested Prison Guards Buy SOL
According to ChainCatcher, the New York Times reported that FTX founder SBF has been held at the Metropolitan Detention Center in Brooklyn since last summer, spending most of his time dealing with related cases.
The insider also stated that SBF recommended prison guards purchase the digital currency Solana (SOL).
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4. Wang Feng: Will Transfer All Shares Held in Element to Blueport Interactive, No Longer Holding Any Crypto Project Shares Personally
According to ChainCatcher, Wang Feng, founder of Blueport Interactive, tweeted, "I will transfer all my shares in Element to the Hong Kong-listed company Blueport Interactive Group Limited free of charge, making Element part of a listed company holding quality assets. I also announce that I will no longer hold any shares in any Crypto projects personally; all my investment paths will be through assets under Blueport Interactive."
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5. Binance Labs Invests in Babylon to Support Bitcoin Staking Development
According to ChainCatcher, Binance Labs announced its investment in Babylon to support the development of Bitcoin staking.
It is reported that Babylon has introduced the concept of native Bitcoin staking, allowing users to stake Bitcoin for PoS blockchains and earn rewards without the need for third-party custody, bridging solutions, or wrapping services. It provides adjudicable economic security guarantees for PoS chains while ensuring efficient staking unbinding, enhancing liquidity for Bitcoin holders.
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6. TokenPocket Announces Obtaining MSB License Issued by US FinCEN
According to ChainCatcher, TokenPocket announced on its official X account that it has obtained the MSB (Money Services Business) license issued by the US FinCEN (Financial Crimes Enforcement Network), which will help TokenPocket's global operating entity TP Global Ltd conduct crypto and payment-related business activities in multiple states in the US. TokenPocket officially stated that it will apply for compliance licenses in more countries and regions to provide users with diversified crypto services.
TokenPocket is a leading multi-chain self-custody wallet globally, supporting mainstream public chains such as BTC, ETH, BSC, TRON, Solana, DOGE, Polygon, Arbitrum, and Optimism. It has mobile wallets, Chrome extension wallets, and hardware wallets. TokenPocket has provided reliable services to over 25 million users worldwide, with over 3.5 million monthly active users across more than 200 countries and regions.
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7. Binance Labs Announces 13 MVB VII Accelerator Program Projects, Including Surf, BitU, and Others
According to ChainCatcher, Binance Labs announced 13 early projects in the MVB VII accelerator program, covering the following projects:
- BitU: A crypto-native collateral stablecoin protocol providing higher yields.
- Blum: A hybrid exchange offering universal token access through gamification within a Telegram mini-app.
- Surf: A liquidity hub for long-tail assets.
- Vooi: A cross-chain Perp DEX aggregator supporting EVM and non-EVM chains.
- Aggregata: Supporting the aggregation of decentralized value of AI data.
- Nesa: A lightweight Layer-1 executing key queries for AI reasoning on-chain using ZKML.
- Nimble: A composable AI protocol enabling ML models and data to be combined and utilized by AI agents, data providers, and computing resources.
- Aspecta: An AI-driven platform for the developer economy, supporting individual developers and ecosystem development.
- Holoworld: A decentralized AI character marketplace and social platform for creating intelligent AI robots.
- Opinion Labs: A platform for establishing dynamic opinions and continuous prediction markets.
- Side Quest: A gaming and social platform with a strong community.
- Story Chain: An innovative multi-layer dApp for collaborative storytelling based on AI.
- Tilted: A TikTok-like marketplace for buying, selling, and trading game assets, skins, and NFTs on-chain.
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8. BlackRock's IBIT AUM Surpasses Largest Silver ETF, Ranking Third Among Commodity ETFs
According to ChainCatcher, statistics from HODL15Capital show that BlackRock's IBIT AUM ($10.03 billion) has surpassed the largest silver ETF SLV ($9.626 billion), ranking third among commodity ETFs.
Additionally, Fidelity's FBTC, ARK 21Shares ARKB, and Bitwise BITB rank fifth, ninth, and eleventh, respectively.
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9. Tether Issues 1 Billion USDT on Ethereum Network (Authorized but Unissued)
According to ChainCatcher, Whale Alert data shows that Tether has issued 1 billion USDT on the Ethereum network.
Tether CEO Paolo Ardoino stated that this issuance of 1 billion USDT is a supplement to the inventory on the Ethereum network. This is an authorized but unissued transaction, meaning this issuance will be used for the next issuance requests and cross-chain exchange inventory.
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10. Nigerian House of Representatives Financial Crimes Committee Summons Binance CEO
According to ChainCatcher, Nigerian media The Punch reported that the Nigerian House of Representatives Financial Crimes Committee summoned Binance Holdings Limited CEO Richard Teng over allegations of terrorism financing and money laundering.
On Friday, the committee's chairman Ginger Onwusibe issued a seven-day ultimatum to Binance Holdings Limited's management to attend a committee meeting on or before March 4, 2024.
Ginger Onwusibe warned that if Binance Holdings does not comply with the summons, the committee will be forced to invoke the powers granted to it by the constitution to take appropriate measures.
Previously, the committee had called for a hearing with Binance's managing director in a letter dated December 12, 2023, signed by chairman Onwusibe, with the hearing scheduled for December 18, 2023.
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11. Data
- Binance registered users exceed 178 million, with net inflows exceeding $3 billion in the past 3 months.
- Blast TVL drops to $503 million.
- Grayscale addresses transferred 3,200 BTC to Coinbase Prime.
- Total DeFi protocol TVL reaches $91.2 billion.
- Pendle TVL surpasses $2 billion, setting a new historical high.
- Total cryptocurrency market capitalization exceeds $2.42 trillion, with BTC market share at 50.5%.
- US Bitcoin spot ETFs currently hold a total of 778,178 BTC, accounting for 3.7% of total BTC.
- In February, over 38,000 ENS domain names were newly registered, with a total of about 2.093 million active domain names.
- In February, Solana on-chain NFT sales exceeded $200 million, down nearly 9% from the previous month.
- Bitwise BITB Bitcoin holdings market value exceeds $1.5 billion.
"What Exciting Articles Are Worth Reading This Week (2.26-3.3)"
1. “Over 20 Blockchain Games Have Raised $100 Million This Year, Which New Projects Are Worth Attention?”
Once home to the explosive Axie Infinity and STEPN, leading the bull market of 2021, the blockchain gaming sector has attracted a new wave of users and institutions in this bull market. According to RootData, since January 2024, over 20 blockchain games have announced financing, with a total amount exceeding $100 million.
Currently, the average daily number of game users in blockchain gaming is 2.21 million, with an average daily transaction volume of $4.66 million. In terms of market share among gamers, Ronin ranks first with 610,000 players, growing over 100% month-on-month, accounting for over 29%. The top three games by daily transaction volume are Axie Infinity, Treasure DAO, and Gods Unchained; while the top three games by player count are Carv, MotoDEX, and Pixels.
2. “Facing Market Pressure After an 80x Surge, Where Will Binance Launchpool's New Project Portal Go?”
Against the backdrop of a continuously improving crypto market, the Web3 gaming ecosystem Portal made a splash with an opening surge of over 80x, marking the first success of Binance Launchpool in this bull market, creating the highest surge for new coin mining on Binance this round, surpassing previous analysts' expectations of a peak opening price of $2-3, breaking through the expectations of most miners at $4.3, creating a new wealth myth.
This article provides a detailed introduction to the Portal project.
When a $1 trillion market cap Bitcoin can rise 50% in a month, Markus Thielen's market analysis report has spread widely in the community. Of course, what people are more familiar with is his title—an analyst at Matrixport, and he is also a researcher at 10X Research. Markus's Bitcoin report has been quite accurate in predicting Bitcoin prices in recent months, with both rises and falls seemingly within his calculations. Not long ago, Markus analyzed that Bitcoin had a risk of falling, and the market responded with a drop, making Markus quite famous.
With Bitcoin already standing at $60,000, less than 10% away from its previous high of $69,000, BlockBeats chatted with Markus. The most important information for everyone is that this exceptionally accurate analyst believes Bitcoin can reach $125,000 this year. Of course, beyond the price, Markus also discussed the impact of ETFs and his views on the market.
4. “Riding the AI Wave, Introducing 3 GPU Mining Projects That Retail Investors Can Participate In”
Every bull market has new narratives that promote new rather than old, and the most promising narrative this time is undoubtedly related to AI. This AI craze has swept from Web2 to Web3, with various AI-related projects emerging like mushrooms after rain, among which decentralized cloud computing projects sharing GPU resources are particularly favored by venture capitalists. Combining the most traditional hardware mining gameplay with the concepts of Depin + AI, it allows blockchain decentralization to keep pace with the AI trend.
This week's Cryptosnap Dr.DODO will introduce three early GPU mining decentralized cloud computing projects that retail investors can participate in, allowing us to ride this wave together.
5. “Excess Block Space and the Reshuffling Valuation Logic”
CompoundVC's MPMichael Dempsey believes that there are currently too many personnel in new L1/L2/LST and other infrastructures, while those trying to build new crypto applications are in short supply. Therefore, he wrote an article explaining his views on the expected value of cryptocurrencies and the infinite block space construction. He focuses on why this situation occurs, how it happens, and how we can solve this existing problem.
The author recently reread three excellent (in my opinion, normative) earlier cryptocurrency posts that shaped many people's views on cryptocurrency value capture (fat protocols, thin applications, crypto tokens, and the upcoming era of protocol innovation).
6. “With a Nearly 50% Monthly Increase, Surpassing $64,000, What Is Driving Bitcoin's Current Surge?”
In just the month of February, BTC rose about 50%, becoming the best-performing major asset since the beginning of 2024. According to data on investment returns from major global capital markets, the Russian stock index has the largest year-to-date increase of 40.65%, followed by the Nasdaq index with an increase of 38.7%. Although the commodity market also shows strong growth momentum in 2024, BTC's increase still leads. Gold, as one of the representatives of commodities, reached a historical high in 2024, but its increase is smaller compared to BTC.
Some investors have called this bull market "epic," but for most investors, BTC's "50% monthly increase" was unexpected.
What exactly has driven BTC's rapid rise, pushing it close to $65,000?
7. “Arthur Hayes Blog: It's Altcoin Season, What Are My Picks?”
We are all speculators. Every moment we exist in this universe is filled with uncertainty. As we try to navigate through unpredictable existence, our brains constantly construct probability maps of our environment. Our actions are not based on facts but on probabilistic predictions of various outcomes.
The purpose of this article is to show readers the conceptual framework guiding Maelstrom. In the coming months, most of the articles I write will focus on specific tokens we hold and their macro and micro stories. These tokens have already been launched or are about to be launched, so I am working to spread this story more widely. I don't care whether you buy or sell any tokens I mention. What I care about is that I present such an engaging story and supporting argument that you will discuss it positively or negatively with others.
8. “Giants Planet: How to Empower the Bitcoin Ecosystem with Games, RWA, and AI”
As we explore more possibilities for Bitcoin, we are at an unprecedented historical moment. With the Bitcoin halving cycle approaching, market attention has once again turned to this earliest cryptocurrency, a cyclical event historically seen as a catalyst for Bitcoin's value growth. Moreover, the approval of Bitcoin spot ETFs not only marks further integration of cryptocurrencies into the mainstream financial system but also provides a new avenue for a broader group of investors to participate in Bitcoin investments. At the same time, the emergence of the Ordinal protocol on Bitcoin has brought a new wave of innovation to the Bitcoin network. By directly embedding data on the Bitcoin blockchain, the Ordinal protocol transforms Bitcoin from merely a medium for storing and exchanging value into a platform for issuing new types of digital assets, igniting an innovation cycle within the Bitcoin ecosystem. This technological advancement not only expands Bitcoin's application scenarios but also injects new momentum into its ecosystem's development.
At this critical moment, Giants Planet has proposed its product philosophy aimed at building a self-sustaining Bitcoin ecosystem. By deeply exploring the essence of Bitcoin, Giants Planet is committed to developing products and services that can promote broader applications of Bitcoin, enhance network utility, and ultimately drive the entire ecosystem forward. Building a sustainable Bitcoin ecosystem requires not only technological innovation but also a profound understanding of Bitcoin's values and a shared pursuit of future visions.
With the arrival of the Bitcoin halving cycle, the approval of spot ETFs, and the application of the Ordinal protocol, we are at a new starting point for Bitcoin's development. In the face of these changes, Giants Planet and its product philosophy provide us with a forward-looking way of thinking, guiding us on how to better leverage these opportunities and jointly promote the prosperous development of the Bitcoin ecosystem.
Since the beginning of 2024, among the six projects launched on Binance Launchpool, four are related to games, namely the virtual companion game Sleepless AI, Layer3 game public chain, metaverse farm game Pixels, and the cross-chain focused Protal platform.
Binance's continuous launch of gaming track assets has revitalized the long-dormant GameFi sector, and among the four gaming projects launched, two assets are more or less related to game-specific chains, with Xai representing the Layer3 game-specific chain; while Pixels is the first project on the Ronin sidechain to be launched on Binance, and on February 5, Binance officially launched the native token RON of Ronin.
In fact, not only Binance is increasing its support for blockchain games, but several gaming projects are also building their own GameFi-specific chains. On February 15, the ApeCoin community announced plans to build ApeChain based on the Arbitrum developer stack; on February 22, the TreasureDAO community, known as the Web3 Nintendo, voted to develop Treasure Chain based on the Arbitrum ecosystem, with plans to launch the mainnet in Q3 of this year.
Searching for "new GameFi public chains and high-quality on-chain game assets" as well as combinations of "new public chains + new games" is becoming the new alpha in the crypto community. So, how are the representative game public chains and their ecological developments in the current crypto market?
10. “How to File Claims for FTX Liquidation? Please Keep This Official Guide Handy”
After a long wait, the joint official liquidators (JOL) of FTX, PwC, have updated the liquidation claims process and announced the activation of the FTX Digital Markets (the main regulatory and licensing entity of FTX International) claims portal.
According to disclosed information, FTX will notify eligible customers and non-customer creditors to submit proof of claims and other information through the FTX Digital Markets claims portal, and only those customers and non-customer creditors who submit electronic claims before the specified deadline of May 15, 2024, and whose relevant information is recognized, will be eligible for the distribution of liquidation claim funds in the Bahamian proceedings.
11. “Exploring the Frenzied Crypto Market: Where Is the Next Narrative Heading?”
With the Ethereum Dencun upgrade approaching and the Bitcoin halving also on the horizon, the sentiment in the crypto market has surged along with Bitcoin's breakthrough of $60,000. In this context, crypto researcher Ignas has written an in-depth analysis and observation of the current dynamics of the cryptocurrency market, offering insights into the future of major blockchain projects such as Ethereum, Bitcoin, and Solana.
The article discusses the technological upgrades, market performance, and potential risks of different blockchain projects, expressing unique insights into key trends and development directions in the cryptocurrency space.
