Weekly Report | Tesla and SpaceX currently hold a total of 11,510 bitcoins; hedge fund mogul Ackman is considering buying bitcoin; Sam Altman returns to the OpenAI board
Tesla and SpaceX currently hold a total of 11,510 bitcoins; hedge fund mogul Ackman is considering buying bitcoin; Hong Kong Stock Exchange listed company Boyaa Interactive plans to continue purchasing up to 100 million dollars in cryptocurrency; the Solana ecosystem DePIN protocol io.net has completed a 30 million dollar Series A financing, led by Hack VC; Sam Altman returns to the OpenAI board, and the AI sector sees a resurgence in bullish trends.整理：Elvin，ChainCatcher
"What Important Events Happened This Week (3.4-3.10)"
1. Arkham: Tesla and SpaceX Confirmed to Hold 11,510 Bitcoins Worth Approximately $1.34 Billion
According to ChainCatcher, the crypto data analysis platform Arkham has confirmed on-chain the Bitcoin addresses held by Tesla and SpaceX. Tesla currently holds 11,510 Bitcoins across 68 addresses, worth approximately $780 million, while SpaceX holds 8,290 Bitcoins across 28 addresses, worth approximately $560 million.
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2. Folius Ventures Founder: Bitcoin L2 May Experience a Surge, ORDI, CKB, and Others May Trigger Panic Buying in Asian Markets
According to ChainCatcher, Folius Ventures founder MapleLeafCap tweeted that with the rotation of meme coins, we may be on the verge of a BTC L2 explosion. In the U.S., there is STX, while in China, there are ORDI, SATS, and CKB, along with Merlin having nearly $3 billion in TVL, which may trigger some panic buying in Asian markets.
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3. DePIN+AI Project Privasea Completes $5 Million Seed Round Financing, Previously Invested and Incubated by Binance Labs
According to ChainCatcher, the DePIN+AI project Privasea announced the completion of a $5 million seed round financing. Early investors include Binance Labs, MH Ventures, K300, Gate Labs, 1NVST, Zephyrus Capital, and others.
Privasea is said to integrate FHEML into a distributed computing crowdfunding network and combine it with self-developed DePIN mining machines to form an FHE computing network that supports all L1 and L2. The funds from this round of financing will be used for FHEML network construction and the promotion of the "Proof of Human" Dapp using FHE technology.
4. Hedge Fund Tycoon Ackman Considers Buying Bitcoin
According to ChainCatcher, American hedge fund tycoon and founder and CEO of Pershing Square Capital Management Bill Ackman predicts that the price of Bitcoin could soar to levels much higher than anyone imagines.
Ackman tweeted: "Imagine a scenario where the price of Bitcoin rises, leading to increased mining, increased energy usage, which in turn raises energy costs, causing inflation to rise, the dollar to devalue, driving demand for Bitcoin, increasing mining, driving demand for energy, and so on. Bitcoin grows infinitely, energy prices skyrocket, and the economy collapses. Maybe I should buy some Bitcoin." However, Ackman later added, "Of course, the problem is that it can also work in reverse."
In response, MicroStrategy founder Michael Saylor commented under Ackman's tweet: "You should buy some Bitcoin, but not for the reasons above. Most Bitcoin miners are reducing electricity costs for other consumers, not increasing them."
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5. Boya Interactive: Plans to Continue Purchasing Up to $100 Million in Cryptocurrency
According to ChainCatcher, Boya Interactive announced on March 8 on the Hong Kong Stock Exchange that to further promote the group's business development and layout in the Web3 field, the board seeks shareholder approval at the general meeting to grant further authorization for potential cryptocurrency purchases, allowing the board to continue purchasing cryptocurrency totaling no more than $100 million.
Currently, the company has purchased a total of 1,110 Bitcoins at an average price of approximately $41,790. It has also purchased a total of 14,855 Ether at an average price of approximately $2,777, and about 8 million Tether.
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6. Solana Ecosystem DePIN Protocol io.net Completes $30 Million Series A Financing, Led by Hack VC
According to ChainCatcher, the Solana ecosystem DePIN protocol io.net announced the completion of a $30 million Series A financing, led by Hack VC, with participation from Multicoin Capital, 6th Man Ventures, M13, Delphi Digital, Solana Labs, Aptos Labs, Foresight Ventures, Longhash, SevenX, ArkStream, Animoca Brands, Continue Capital, MH Ventures, and OKX, as well as industry leaders including Solana founder Anatoly Yakovenko, Aptos founders Mo Shaikh and Avery Ching, Animoca Brands' Yat Siu, and Perlone Capital's Jin Kang.
It is reported that io.net is a decentralized computing network that supports the development, execution, and scaling of ML applications on the Solana blockchain, combining 1 million GPUs to form the world's largest GPU cluster and DePIN. io.net aggregates GPUs from underutilized resources (such as independent data centers, crypto miners, and crypto projects like Filecoin and Render) to address this issue, combining these resources into a decentralized physical infrastructure network (DePIN) that allows engineers to access massive computing power in an accessible, customizable, cost-effective, and easy-to-implement system.
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7. Uniswap V3 Fees: Factory Owner Amendment Not Passed, Opposition Vote Ratio Reached 59.89%
According to ChainCatcher, the Uniswap V3 Fees: Factory Owner amendment initiated by Michigan Blockchain, 404 DAO, and GFX Labs was not passed, with 30M UNI (59.89% opposition) votes cast against it, including representatives such as teemulaumhonkasalo.eth and Wintermute (wintermutegovernance.eth).
It is reported that the proposal allows the DAO to change the fee mechanism in the future. In the proposal put forward by the Uniswap Foundation, V3FactoryOwner.sol does not set a new owner for UniswapV3Factory.sol; if the proposal is ultimately passed, no one will be able to change V3FactoryOwner.sol, and this will be a permanent change.
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8. Uniswap Announces v4 is Coming Soon
According to ChainCatcher, Uniswap has officially announced that v4 is coming soon.
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9. Onramp.money, an On/Off Ramp Solution, Secures Strategic Investment from FunFair Ventures
According to ChainCatcher, Indian on/off ramp solution Onramp.money announced that it has secured a strategic seed round investment from FunFair Ventures, with specific amounts not disclosed. FunFair Ventures is a venture capital firm under Funfair Technologies Group.
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10. Helium Foundation CEO Confirms Attendance at "2024 DePIN Global Hardware Conference" and Will Deliver a Keynote Speech
According to ChainCatcher, Helium Foundation CEO Abhay has confirmed his attendance at the "2024 DePIN Global Hardware Conference" on April 8, 2024, where he will deliver a keynote speech.
The "2024 DePIN Global Hardware Conference" is hosted by the globally renowned Web3 hardware manufacturer JDI Global, co-hosted by CGV and Web3Labs, and organized by Techub News, with strong support from Cyberport. The conference aims to bring together the world's top manufacturers, investment institutions, and projects to discuss the latest trends and developments in the Web3 and AI fields, promoting the widespread application and development of Web3 hardware and AI technology.
11. Data
- BTC breaks $70,000, setting a new historical high
- BNB breaks $500
- The USDe treasury of stablecoin project Ethena Labs has made a profit of approximately $4 million
- Tether has issued an additional 2 billion USDT on the Ethereum network (authorized but not yet issued)
- Total assets under management for Bitcoin ETFs exceed $55 billion
- Ethereum L2 TVL breaks $38 billion, setting a new historical high
- Losses from cryptocurrency investment scams in the U.S. in 2023 total $3.94 billion
- An address of the liquidator Teneo for Three Arrows Capital has assets exceeding $1.15 billion
- WLD breaks $11, setting a new historical high
- The FLOKI ecosystem TVL reaches $658 million, surpassing the total of SHIB, DOGE, PEPE, and others.
"What Interesting Articles Are Worth Reading This Week (3.4-3.10)"
1. "Vitalik's New Article: If Quantum Attacks Come Tomorrow, How Will Ethereum Solve the Problem?"
On March 9, Ethereum co-founder Vitalik Buterin published a short article titled "How to Rescue User Funds from a Sudden Quantum Attack through Hard Fork" on the Ethereum research forum (ethresear.ch).
In the article, Vitalik outlines how Ethereum can minimize user fund losses in an emergency if a quantum attack were to come tomorrow, and what procedures should be followed to transition to a quantum-resistant form and then restore normal operations.
The 2024 NVIDIA GTC conference will be held from March 17 to 21 in San Jose, California, where NVIDIA's CEO Jensen Huang will deliver a keynote speech titled "Don't Miss the Transformative Moment of AI," along with over 900 inspiring sessions, more than 300 exhibitions, over 20 technical workshops covering generative AI, and numerous social events. This conference will again focus global attention on hot fields such as AI, the metaverse, and semiconductors, with various related AI crypto projects already seeing a rise. Since the AI track in the crypto world began to take shape in 2023, various AI projects will become one of the main lines of speculation and investment throughout 2024. This article will provide a quick overview of some noteworthy AI crypto projects.
3. "From DePIN to the Bitcoin Ecosystem, What Wealth Codes Did ETHDenver 2024 Reveal?"
With the rapid development of blockchain and Web3 technology, the ETHDenver conference, as an annual event in the industry, once again attracted global attention. This year, tens of thousands of Web3 enthusiasts and developers gathered to discuss cutting-edge technologies and development trends in the industry. During the conference, topics such as liquidity re-staking, Bitcoin Layer 2, points, Crypto+AI, Berachain, DePIN, and modularization became the focus of attendees.
ChainCatcher interviewed several investors, developers, project leaders, and technical experts attending the conference to interpret this year's event from the participants' perspectives.
Although it is said that in a bull market, new projects are favored over old ones, some veteran projects that have survived a long bear market are returning to the table with new narratives, and the market is still buying in.
Some projects have already tasted the sweetness; Arweave (AR) announced a shift from decentralized data storage to "Ethereum killer," surging 50% within 24 hours; Nervos Network (CKB) transformed from a UTXO-based Layer 1 to a hot Bitcoin Layer 2, with a rise of over 300% in nearly a month.
Currently, the popular tracks for old projects to focus on are Bitcoin Layer 2, AI, and DePIN. ChainCatcher has compiled a list of projects that have recently changed their "clothes."
Bitcoin reached a previous high of around $69,000 in March, and the hot sales of Bitcoin ETF products may be the biggest influencing factor, with institutions increasingly impacting the crypto market. How to formulate optimal trading strategies based on institutional movements by observing on-chain data may be a good approach.
After DeFi Summer, on-chain infrastructure has developed rapidly, and on-chain activities have become increasingly transparent. The holdings and transfers of whale addresses can significantly impact coin prices. Therefore, these whale on-chain activities hide a lot of trading value.
This article will delve into on-chain holdings, covering well-known institutions, active market makers, and industry opinion leaders. Users can easily view this information with just one click, whether on RootData's project, institution, or personal page. Notably, RootData's structured data processing extends from MakerDAO's related data to its founder Rune, or similar projects like Uniswap, and even a16z Crypto.
Additionally, RootData has launched a tracker feature to monitor the dynamic addresses of on-chain entities in real-time, covering tens of thousands of addresses including exchanges, VCs, individuals, and project treasuries, providing a higher level of on-chain readability through the linkage of on-chain and off-chain data.
6. "Tide Capital: Is BTC's Surge Driven by ETFs, Why Is There No Pullback?"
The incremental funds brought by Bitcoin spot ETFs, the rapid expansion of U.S. debt, and the halving of mining output in April will further exacerbate the supply-demand imbalance for Bitcoin, making the timing and extent of market pullbacks quite limited.
Although ETH and most altcoins are still quite far from their historical highs, we believe that the positive cycle of off-market funds entering the market has already begun, and the significant rise of meme coins is just an appetizer; the altcoin season is about to arrive. It is important to note that the pressure from BTC's previous highs remains, and contract rates are relatively high, so caution is warranted regarding short-term deleveraging risks.
This article analyzes various factors affecting the cryptocurrency market led by BTC and the outlook for the future.
7. "After the Ponzi Collapse, Can the OHM Team Bring Wealth Codes Again?"
Market enthusiasm is still revolving around memes; just over a weekend, the new meme coin YES on Blast triggered community FOMO, and even Cinneamhain Ventures partner Adam Cochran (AC) discussed it with the community on Discord, having read all the code of Baseline.
Baseline, formerly known as Jimbos protocol, announced after its renaming that it would create a permissionless algorithmic market-making protocol. This protocol expands POL (Protocol Owned Liquidity) and uses smart contracts to manage token liquidity within centralized liquidity pools. This market-making mechanism has allowed YES to achieve a "only rise, no fall," no liquidation mechanism, and multiple leverage Ponzi effect.
The concept of POL originates from Olympus DAO (OHM), which is why many believe that Baseline has a close connection with the Olympus team. However, Berachain founder Smokey The Bera intends to clarify the relationship between OHM and Baseline, stating that projects borrowing the POL idea should not rely on OHM's fame but should focus on solidly building their own.
However, if you pay attention to DeFi, you may notice that in this round of stories, terms like "former OHM core members" or "former OHM developers" seem to have become new wealth codes. What surprises can the once-star OHM bring to DeFi this time?
8. "DePIN Revolution: The Quietly Rising New Crypto Movement"
DePINs are quietly leading a revolution. This movement is based on a simple logic: shifting from traditional, centralized methods to more open, collaborative, and innovative models; it leverages the appeal of cryptocurrency incentives to bring people together to build and manage the infrastructure we all rely on.
This research explores the DePIN track, which has shown stable and lasting development performance against the backdrop of the volatile crypto market. Notably, the revenue model of DePINs has proven to be based on utility rather than speculation. While the overall crypto market has experienced a sharp decline of 70-90% in the past few years, DePINs' revenue has only decreased by 20-60% from their peak.
9. "MIIX Capital: NEAR Research Analysis Report"
The NEAR protocol is committed to providing a Web 2-like user experience through its complex sharding architecture, with its team's development capabilities and vision at the forefront of the industry. Its collaboration with Polygon on zkWASM, the fast settlement sequencer in partnership with EigenLayer, the independently built NEAR DA, and the ultimate goal of chain abstraction, along with continuous iterations and improvements in its sharding architecture and focus on consumer applications, all demonstrate its pragmatic attitude in thinking and exploration, as well as its dedicated pursuit of technology.
On-chain data shows that NEAR's TVL has entered a phase of positive growth, with developers, transaction volume, and active user numbers all reaching new highs (excluding inscription market), although the data is primarily driven by volume-based applications, it reflects the diversity and compatibility of its ecosystem. Considering what it is currently doing, NEAR has the opportunity to capture narrative points such as Layer 1, ZK virtual machines, DA, and chain abstraction in the future, gaining higher attention and expectations in the market.
10. "Sam Altman Returns to OpenAI Board, AI Sector Sees a Surge"
The OpenAI board recently announced on Twitter that it has completed a review conducted by the law firm WilmerHale and that Sam Altman and Greg Brockman will continue to lead OpenAI.
The announcement indicated that WilmerHale conducted dozens of interviews with former board members, OpenAI executives, former board advisors, and other relevant witnesses, reviewed over 30,000 documents, and assessed various actions taken by the company. The summary concluded that Sam Altman's actions did not warrant his removal. Instead, WilmerHale found that Altman's dismissal was due to a "breakdown of trust and relationship between the former board and Mr. Sam Altman." The old board acted too quickly, without prior notice to key stakeholders, and did not conduct a thorough investigation.
Based on the records established by WilmerHale and the recommendations of the special committee, the board expressed full confidence in the continued leadership of Sam Altman and Greg Brockman at OpenAI. The announcement quoted OpenAI board chair Bret Taylor as saying, "We unanimously believe that Sam and Greg are the right leaders for OpenAI."
Influenced by the news of Sam Altman's return to OpenAI, the crypto market's enthusiasm for the AI sector has been reignited. AI projects such as Render (RNDR), Fetch.ai (FET), SingularityNET (AGIX), and Arkham (ARKM) have all seen over 15% gains in 24 hours. Meanwhile, Worldcoin (WLD), founded by Sam Altman, has set a new historical high, breaking $10, with a 24-hour increase of over 40%.
