Daily Report ｜Binance Launchpool launches AEVO (AEVO), mining available with BNB and FDUSD; Binance.US sees a 75% drop in revenue due to SEC lawsuit, lays off two-thirds of staff

Organizer: Luan Peng, ChainCatcher

"What Important Events Happened in the Last 24 Hours"

1. Binance Launchpool Launches AEVO (AEVO), Mining Available with BNB and FDUSD
According to ChainCatcher, Binance announced that the 48th project on its new coin mining platform is now live - AEVO (AEVO), a decentralized derivatives trading platform.

Users can stake BNB and FDUSD in the AEVO mining pool on the Launchpad website starting from March 8, 2024, 08:00 (UTC+8) to earn AEVO rewards, with mining available for a total of 5 days. The website is expected to update approximately twenty-four hours before the mining activity opens. Binance will list AEVO (AEVO) on March 13, 2024, at 18:00 (UTC+8), and will open trading pairs AEVO/BTC, AEVO/USDT, AEVO/BNB, AEVO/FDUSD, and AEVO/TRY, subject to seed label trading rules. (Source link)

2. Spartan Group Co-founder: BTC Will Not Fall Below $42,000, Market Will Quickly Rebound

According to ChainCatcher, Kelvin Koh, co-founder of cryptocurrency asset management firm Spartan Group, summarized six key points regarding Bitcoin's sharp drop in the early morning:

1. Such adjustments in the cryptocurrency market are not uncommon. As the market continues to rise, similar situations will be seen several times this year.

2. The market will rebound quickly. Idle funds will be put to use. The fundamentals have not changed.

3. This sell-off will clear the leverage and positions accumulated over the past few weeks, laying the foundation for the next round of market uptrend.

4. Your portfolio should have withstood the test of the sell-off. If you were liquidated, you need to manage your risks better. Even though we are in a bull market, the market will still clear out the weak hands in this way.

5. If you have been on the sidelines so far, this is your opportunity to enter. Bitcoin will not drop to $42,000, so don't try to be too clever.

6. If you have been considering buying a certain cryptocurrency, now is a good time to buy. (Source link)

3. Binance.US Revenue Drops 75% Due to SEC Lawsuit, Two-Thirds Layoffs
According to ChainCatcher, a CoinDesk report stated that Christopher Blodgett, an executive at Binance.US, testified in December 2023, "After the TRO, we saw about $1 billion in assets leave the platform." This testimony is part of a recent update on the SEC-Binance lawsuit status.

The U.S. Securities and Exchange Commission (SEC) froze Binance.US's operations last year through a temporary restraining order (TRO). The loss of $1 billion in assets led to a 75% drop in Binance.US's revenue, resulting in the layoff of 200 employees, which is two-thirds of its total workforce. Due to the reduced team size, the layoffs affected the exchange's ability to respond to the SEC's document requests.

Blodgett also stated that the exchange's legal fees skyrocketed to $10 million, and audit costs increased "tenfold," in addition to losing banking relationships that allowed customers to withdraw digital assets as fiat currency. "The SEC's allegations have severely damaged institutional trust in our platform." (Source link)

4. Ethereum Layer2 Developer Polymer Labs Launches Polyverse Testnet
According to ChainCatcher, Ethereum Layer2 developer Polymer Labs announced the launch of the Polyverse testnet, which will reward developers, infrastructure operators, and builders for their contributions to enhancing Ethereum's scalability through Layer 2 solutions, expanding cross-chain applications, and promoting IBC within the Cosmos ecosystem.

The Polyverse testnet is divided into three phases. The first phase, Basecamp (now live and continuing until April), allows the development of dApps using Polymer, aimed at facilitating the development of innovative dApps and seamless interoperability, as well as enhancing developer tools within the ecosystem. The second phase is planned for release this month, during which Polymer will select a subset of dApps developed in the first phase and create additional incentives for end-users to join the testnet. The third phase of Polyverse emphasizes fundamental infrastructure components, developing more tools to support relayer operations, and soliciting feedback on the relayer incentive program, aiming to refine and optimize the incentive mechanisms to encourage participation and improve the overall security and effectiveness of cross-chain communication.

According to RootData, Polymer Labs completed a $23 million Series A funding round in January 2024, led by Blockchain Capital, Maven 11, and Distributed Global. (Source link)

"What Are the Must-Read Articles in the Last 24 Hours"

1. “Exploring DePIN Networks: Current Landscape, Growth Dynamics, and Potential Trajectories”

DePINs are quietly leading a revolution. This movement is based on a simple logic: shifting from traditional, centralized approaches to more open, collaborative, and innovative models; it harnesses the appeal of cryptocurrency incentives to bring people together to build and manage the infrastructure we all rely on.

This study explores the DePINs track, which has shown stable and lasting development performance against the backdrop of volatility in the overall cryptocurrency market. Notably, the revenue model of DePINs has proven to be based on utility rather than speculation. While the overall cryptocurrency market has experienced a sharp decline of 70-90% over the past few years, DePINs' revenue has only dropped by 20-60% from its peak.

2. “Wall Street Bets on Bitcoin: Bull Market Fence Sitters OR True Crypto Believers?”

Now, traditional finance has married the crypto world, forming a community of shared interests (for better or worse).

For JPMorgan CEO Jamie Dimon, cryptocurrencies are just "pet rocks"—(Translator's note: Pet Rock was a popular toy in the U.S. in the 1970s, essentially a regular rock treated as a fun pet), worthless. For Warren Buffett's long-time partner Charlie Munger, cryptocurrencies are "extremely foolish" things. And U.S. Senator Elizabeth Warren believes that only terrorists, drug dealers, and scammers would find cryptocurrencies appealing.

The reality may be as they say. But there are some things you need to know about Bitcoin: it will not disappear in the short term. Instead, over time, Wall Street's resistance to it is gradually dissipating.

3. “Bitcoin Hits New High, Plummets $10,000 in One Minute; Is the Bull Still Here?”

Yesterday at 23:00, BTC briefly broke through 69,000 USDT, reaching a peak of 69,080 USDT, surpassing the previous high of 69,040.1 USDT set in November 2021.

According to OKX market data, BTC broke the previous high for less than one minute, after which the overall crypto market experienced a rapid decline. By 3:55 AM, BTC had dropped to 59,000 USDT, and ETH fell to a low of 3,179 USDT. As of the time of publication, the decline has somewhat recovered, with BTC currently at 63,300 USDT, a 24-hour drop of 7.8%, and ETH at 3,524 USDT, a 24-hour drop of 3.5%.

CoinGecko data shows that the total market capitalization of cryptocurrencies has fallen to $2.47 trillion, with a 24-hour drop of 5.9%. Alternative data indicates that crypto users' trading enthusiasm has significantly decreased compared to yesterday, with today's Fear and Greed Index at 75, categorized as "Greed," while yesterday's index was 90, categorized as "Extreme Greed," the highest since February 2021.

In terms of derivatives trading, Coinglass data shows that in the past 24 hours, the total liquidation across the network reached $1.154 billion, with long positions liquidated at $888 million and short positions at $266 million; BTC liquidations amounted to $323 million, and ETH liquidations were $208 million. Binance's BTC contract open interest is $6.66 billion, down 10.9% in 24 hours, indicating significant deleveraging.