Weekly Report | Trump says he will not run again if he fails in the 2024 election; Former Chinese Vice Minister of Finance emphasizes the importance of studying the development of cryptocurrencies; Harris's campaign office in Arizona was shot at
Just read this one! TOKEN2049 WEEK speeches and essays collection; Quick overview of the modular L2 Hemi led by Binance Labs: How to combine the security of Bitcoin with the flexibility of Ethereum?; The highlight of Solana Breakpoint PayFi, what application scenarios and participation opportunities were shared?Organizer: Luan Peng, ChainCatcher
"What Important Events Happened This Week (9.23-9.29)"
1、Trump Says He Will Not Run Again If He Loses the 2024 Election
According to Jinshi, U.S. Republican presidential candidate and former President Trump stated that if he fails in the presidential election this November, he does not believe he will run again in the 2028 presidential election.
Trump was born in 1946 and is currently 78 years old; he will be 82 by the time of the 2028 U.S. presidential election. Before current President Biden announced his withdrawal from the 2024 presidential election, Trump often attacked the 81-year-old Biden on age issues.
According to Jinshi, Pan Gongsheng, Governor of the People's Bank of China, announced at a State Council Information Office press conference on the 24th that the reserve requirement ratio and policy interest rates will be lowered. The reserve requirement ratio will be cut by 0.5 percentage points soon, releasing long-term liquidity of 1 trillion yuan, and there may be another reduction of 0.25-0.5 percentage points before the end of the year. At the same time, the central bank's policy interest rate will be lowered, with the seven-day reverse repurchase operation rate reduced by 0.2 percentage points, guiding the Loan Market Quotation Rate (LPR) to decline simultaneously.
3、Harris's Arizona Campaign Office Shot At
According to the New York Post, U.S. police are investigating a shooting incident that occurred this week at Vice President Kamala Harris's campaign office in Arizona.
According to the Tempe Police Department, damage from gunfire was discovered at the Democratic National Committee campaign office located near South Tempe Avenue shortly after midnight on Monday.
Public Information Officer Sergeant Ryan Cook stated, "No one was in the office at night, but this raised concerns for the safety of those working in the building and nearby."
Police stated that detectives are analyzing evidence collected from the scene and have taken additional measures to enhance the safety of staff and nearby individuals.
4、Harris Says the U.S. Will Dominate in the Blockchain Field and Reiterates Support for Digital Assets
U.S. Vice President Harris stated during a speech at the Pittsburgh Economic Club on Wednesday that under her leadership, the U.S. will "recommit" to maintaining global leadership in defining the next century, particularly in artificial intelligence, quantum computing, blockchain, and other emerging technologies.
Recently at a Wall Street fundraising event in Manhattan, Harris stated that artificial intelligence and cryptocurrency are part of her vision for an "opportunity economy."
Harris reiterated this point in her 80-page economic plan: "We will encourage innovative technologies like artificial intelligence and digital assets while protecting consumers and investors. We will create a safe business environment with consistent and transparent road rules."
5、OpenAI CEO Announces Major Executive Changes, Will Refocus on Technology and Products
OpenAI founder and CEO Sam Altman announced on social media that significant personnel changes are occurring at the company, with Chief Technology Officer Mira Murati, Chief Scientist Bob, and another executive Barret leaving. Altman stated that these decisions are independent and amicable. Mark will take over as Senior Vice President of the research department, leading the research team alongside Chief Scientist Jakub. Josh Achiam will serve as the mission alignment director, while Kevin and Srinivas will continue to lead the application team, and Matt Knight will become the Chief Information Security Officer.
Altman emphasized that although this change is sudden, the leadership transition is a natural result of the company's rapid growth. He plans to refocus on the company's technology and products and will discuss these changes further in an all-hands meeting.
6、SRC20 Founder: Fractal is Neither Bitcoin Nor L2, But a Shitcoin
SRC20 founder Mike In Space posted on X platform that Fractal is neither Bitcoin nor a Bitcoin-like product or L2, but a shitcoin.
Additionally, the SRC20 project OpenStamp launched yesterday on Fractal, and the account received attention from Mike In Space, but due to network issues with Fractal, minting was difficult, and the official stopped minting and will fully refund users who failed.
7、Celestia Will Unlock 175 Million TIA on October 30, Worth Over $1 Billion
According to Token unlock data, on October 30, the modular blockchain Celestia will unlock over 175 million TIA tokens, accounting for 17.68% of the total TIA supply, worth approximately $1.08 billion.
Previous reports indicated that on September 24, Celestia announced it had secured $100 million in financing, which was later revealed to be an over-the-counter (OTC) transaction completed months ago.
8、Bloomberg: Former Binance CEO Zhao Changpeng Has Been Released
According to Bloomberg, former Binance leader and co-founder Zhao Changpeng (CZ) has been released, two days earlier than originally planned.
A spokesperson for the U.S. Federal Bureau of Prisons declined to provide specific information regarding CZ's release.
The U.S. Department of Justice had sought to extend CZ's sentence to 36 months, as they accused him of willfully violating the law for the benefit of the company and himself. On the other hand, CZ's lawyer stated that CZ has taken responsibility and "deeply regrets" his crimes, requesting the court to sentence him to probation.
9、Trump: If Elected Again, He Will Seek to Sue Google
Former U.S. President Trump stated that if he is elected president again, he will seek to sue Google, accusing the company of publishing negative reports about him.
10、Zhao Changpeng Posts First Tweet "GM" After Release
Zhao Changpeng posted his first tweet "GM" on the X platform after his release.
11、Vitalik Releases New Article: "Making Ethereum's Alignment Clear"
Ethereum co-founder Vitalik released an article titled "Making Ethereum's Alignment Clear," discussing how to balance the Ethereum client teams, researchers, Layer 2 teams, application developers, and local community groups to ensure that all these projects collectively build a unified Ethereum ecosystem, introducing the concept of "Ethereum alignment."
This can include value alignment (e.g., open source, minimizing centralization, supporting public goods), technical alignment (e.g., adopting ecosystem-wide standards), and economic alignment (e.g., using ETH as a token whenever possible). Vitalik analyzes from the perspectives of open source, open standards, decentralization, security, and synergy, with the ideal goal of seeing more entities like L2beat emerge to track various projects' performance in meeting the aforementioned standards and other standards proposed by the community. Instead of competing for connections, projects should compete on alignment based on easily understandable standards.
"Dashboard organizations" like L2beat, block explorers, and other ecosystem monitoring tools are excellent examples of this principle successfully operating within the Ethereum ecosystem. If different aspects of alignment can be made clearer without concentrating on a single "overseer," this concept can be made more effective and better serve the fairness and inclusivity that the Ethereum ecosystem strives for.
The 2024 Tsinghua Wudaokou Chief Economist Forum was held in Beijing on September 28. Former Vice Minister of Finance Zhu Guangyao attended and gave a speech. Zhu called for attention to be paid to researching cryptocurrency development, stating, "It does have negative impacts, and we must fully recognize its risks and harm to the capital markets, but we must study the latest changes and policy adjustments internationally, as it is a crucial aspect of the development of the digital economy."
Zhu reviewed the development of cryptocurrency, noting that for over a decade, the U.S. has believed that cryptocurrency poses significant destructive power to international anti-money laundering and anti-terrorism financing efforts. Additionally, the extreme volatility of cryptocurrency values has had a huge impact on international financial markets, but this year, U.S. policy has undergone significant evolution.
Zhu introduced that Trump's campaign platform explicitly included cryptocurrency, and he publicly stated, "We must embrace cryptocurrency, or China will replace us." The U.S. Securities and Exchange Commission also approved the listing of 11 Bitcoin ETFs on the stock and futures markets. Meanwhile, in emerging market countries and BRICS nations, Russia, South Africa, Brazil, and India have also taken action.
Zhao Changpeng posted on the X platform that the food tastes great, and being able to eat more than one piece of fruit a day is truly a luxury. He thanked everyone for their support, stating that it means a lot to him and helps him stay strong during his darkest times.
Some quick updates/ideas: Giggle Academy is progressing well and will become an important part of my life in the coming years. I will continue to invest in blockchain/decentralized technology, artificial intelligence, and biotechnology. I am a long-term investor, focused on impact rather than returns. I will also dedicate more time and funds to charity (and education). I have some rough ideas and am still writing my book. I think I have completed about two-thirds of it. Writing the book has been much more labor-intensive than I expected, but I will persevere.
"What Great Articles Are Worth Reading This Week (9.23-9.29)"
1、Just Read This! TOKEN2049 WEEK Speech and Essay Compilation
The highly anticipated TOKEN 2049 WEEK concluded successfully last week, and the "Essay Creator Competition for TOKEN 2049 WEEK" was launched. The ChainCatcher editorial team selected the wonderful speeches from attending guests and outstanding works from the "Essay" competition, summarizing their essence for a quick look.
Hemi is a modular blockchain network designed to provide scalability, security, and interoperability, unifying Bitcoin and Ethereum into a single super network. The Hemi virtual machine allows developers to build smart contracts compatible with Bitcoin and Ethereum, as well as the Hemi Bitcoin suite, enabling individuals to create proof of stake, MEV markets, and other Bitcoin-native applications through direct access to granular Bitcoin states.
Hemi positions itself as "a Layer 2 network tunnel between Bitcoin and Ethereum," integrating Ethereum's advanced programmability with Bitcoin's security.
Currently, Hemi's incentive testnet has been launched, and its mainnet is expected to be released in the fourth quarter of 2024.
Hemi's co-founders are renowned early Bitcoin developers Jeff Garzik and blockchain security pioneer Max Sanchez.
On September 18, Hemi Labs, the developer of the Hemi network, announced the completion of a $15 million financing round, with notable overseas venture capital firms focused on Bitcoin and Bitcoin OGs participating, led by Binance Labs, Breyer Capital, and Big Brain Holdings.
Breyer Capital is an early investor in Facebook, Circle, and Spotify. Big Brain Holdings is a leading Web3 fund that has invested in projects including Solana, The Graph, and Arweave. Crypto.com, Web3 Ventures, HyperChain Capital, Alchemy, SALT Fund, Kelly Investments, Sunflower Capital, DNA Fund, and Bit Deer founder Wu Jihan, Portal founder George Burke, and Beluga founder Sonny Singh also participated in this round of financing.
Community users focused on the Solana ecosystem should be familiar with the concept of PayFi, which has been a recurring topic for Solana Foundation Chair Lily Liu at industry conferences this year.
Recently at the Solana Breakpoint conference, PayFi remained a highlight of the Solana ecosystem, with several Solana ecosystem PayFi concept projects announcing their latest developments and participation opportunities.
PayFi can be simply understood as using blockchain technology to innovate payment systems, achieving a more efficient and low-cost transaction experience.
The core of PayFi emphasizes the time value of money. Simply put, today's money is more valuable than future money because today's money can be immediately used for investment, consumption, or savings, potentially generating more returns in the future. In contrast, future money, which requires waiting for a period before use, loses some opportunity cost and is subject to inflation risks and other uncertainties, thus reducing its value. What PayFi aims to do is help users maximize the time value of money.
It may still be difficult to understand the future value of PayFi solely from its definition and vision. However, from the project dynamics at the Solana Breakpoint conference, we can see that some PayFi projects mainly focus on scenarios such as cross-border payments, creator monetization, commercial lending, and subscription payments. However, most PayFi concept projects still have a high participation threshold, requiring KYC and facing compliance issues.
4、Interview with Puffpaw Founder Reffo: Smoking "Mining" is Cool, But How to Implement It?
Good news for smokers: soon smoking will also be a way to earn money.
To be precise, this is a project aimed at helping people quit smoking; smoking is just the behavior, and the goal is to quit smoking, with X-To-Earn as the mechanism.
Puffpaw, a project focused on "earning money by quitting smoking" on Berachain, announced on September 5 that it has completed a $6 million seed round of financing, and as the first DePIN project on Berachain, Puffpaw has received support from the Berachain Foundation.
"We are currently developing our own e-cigarettes and sensor devices, and at this stage, we are launching a new proprietary e-cigarette brand. We aim to enhance consumer experience through exploring Web3 and help people quit smoking. In the future, our sensors will support more e-cigarette brands; selling e-cigarettes and cartridges is not our ultimate business goal," Puffpaw founder Reffo stated in an exclusive interview with ChainCatcher.
Reffo and two other partners are already in the e-cigarette industry, with their own brand in the U.S. and a complete supply chain covering production, OEM, and tobacco. After spending some time in the Web3 industry, Reffo gradually articulated the e-commerce application scenario of combining e-cigarettes and blockchain, and thus began to launch this idea at the end of last year.
Currently, Puffpaw has completed the preliminary development of e-cigarettes and hardware, and the team has expanded to 15 people. They will launch a TG mini-game in October and use NFTs for a cold start.
Interestingly, Reffo also mentioned that they chose Berachain because its culture and community consensus align well with the project, and also because the name of Berachain's founder, "Smokey," sounds related to smoking.
5、Over $50 Million Floods into Solana: Investment Hotspots and Opportunities After Breakpoint
"More than 6,000 tickets were sold out, with representatives from over 114 countries and regions participating, and more than 70 Solana-related products discussing their latest developments and actions, covering DeFi, DePIN, Game, and other fields." This is the official summary of the Breakpoint event by Solana.
At the conference, traditional financial institutions such as Franklin Templeton, Societe Generale's subsidiary Forge, and Citibank announced that they have established partnerships with Solana. The SOL token also performed exceptionally well during the conference, with daily gains exceeding 10%.
The large number of attendees and projects made the Breakpoint conference a focal point in the industry, becoming the hottest topic of discussion at the Token2049 conference and was considered one of the most notable summit events in the crypto space this year.
After the Breakpoint conference, a large amount of capital began to flow into the Solana ecosystem in search of new opportunities. On September 23, according to the latest cross-chain data from SolanaFloor, over $50 million has flowed from various blockchain networks to the Solana network in the past seven days. Among them, the amount transferred from Ethereum reached $34 million, accounting for nearly 70% of the total cross-chain amount.
However, for ordinary users, the focus is on what opportunities are available for participation in Solana and its ecosystem after the Breakpoint conference and how to capture more Alpha.
Since native projects like Pyth, Jupiter, Wormhole, and Drift have successively launched tokens and airdrops, the impression of the Solana ecosystem for users has mainly been centered around MEME coin speculation. However, at this Breakpoint conference, over 70 Solana-related projects participated and announced their latest product developments, such as Eclipse launching its mainnet at the end of October, the perpetual contract protocol Flash Trade launching its token FLASH later this year, and the NFT platform Magic Eden launching its ME token on Solana, among others.
6、Analysis of Airdrop Performance in 2024: Why Did Nearly 90% of Token Airdrops Fail?
The report analyzed 62 airdrops on 6 chains, revealing that 88% of the airdropped tokens have seen price declines, with most plummeting within 15 days. Price changes after airdrops mainly occur in the initial days. Three months later, few tokens manage to achieve positive returns, with only a handful reversing this trend.
7、Crypto Growing Pains Totem CZ Returns: Can Confidence and Innovative Vitality Be Recreated?
After four months in prison, CZ is expected to return in a few hours. This Chinese entrepreneur has led Binance to become a global giant, officially navigating through the first major "tribulation."
Looking back at November 22, a historic date, CZ pleaded guilty, resigned as CEO of Binance, and accepted a staggering fine of over $4 billion, causing the crypto market to plunge into turmoil.
However, with CZ and Binance's acceptance of penalties, the crypto industry officially ended its wild era. Soon after, the U.S. Bitcoin spot ETF and Ethereum ETF were successively approved, allowing crypto newcomers to exert their cash capabilities to compete for discourse power in the U.S. elections, making crypto no longer niche.
During CZ's nearly year-long absence, it was also a critical period for Binance and the entire crypto market to transition from wildness to strong compliance, from niche to mainstream.
Under the leadership of He Yi and new CEO Richard Teng, Binance's business has developed steadily, with its historical trading volume surpassing $100 trillion for the first time in September.
However, not everything has gone as smoothly as expected. Facing a rapidly changing crypto market, Binance has inevitably experienced some strategic confusion and has been embroiled in significant controversy over its listing strategy.
Binance's fate is a microcosm of the crypto industry. Amid the alternating cycles of crypto, hope and confusion intertwine.
Although the massive influx of funds from Wall Street briefly pushed Bitcoin above $70,000, crypto innovation seems to have failed to keep pace, with project parties, VCs, and retail investors unable to enjoy the immense wealth as they did in the previous bull market cycle. This round of crypto bull market has thus been criticized as a false bull market.
As the Federal Reserve begins its interest rate cut cycle, can the return of crypto totem CZ inject confidence and innovative vitality back into the confused crypto market?
8、Ahead of Major Unlock, Selling Tokens Packaged as Financing, Celestia is Accused of "Pump and Dump"
Recently, the highly anticipated modular blockchain Celestia has fallen into a trust crisis, with claims that "the disclosed $100 million financing is actually an OTC token sale, announced just before a major unlock countdown." This series of confusing operations has pushed the leading modular public chain Celestia into the spotlight.
The community has questioned Celestia's actions, suggesting possible collusion with VCs or institutions to "pump" the token price before selling off, announcing the OTC token sale as financing news to create a favorable impression and using information manipulation to guide retail investors into buying, thus seeking personal gain.
The community believes that the Celestia Foundation has failed to provide necessary transparency regarding this off-market transaction, instead packaging it as financing news, misleading investors and triggering a trust crisis.
However, as of the time of publication, Celestia has not responded to this controversy.
Most investments in the Web3 space are essentially attention investments.
Crypto KOL @redphonecrypto once stated that a token's ability to attract attention is more important than other metrics. This bull market has once again clarified this point, as meme coins have outperformed "value coins."
However, in the current environment of scattered attention and noise, determining the true direction of attention is not easy. Users are often misled by marketing information from social media platforms like X or by project parties' false TVL data.
The Web3 market also lacks a more authoritative data analysis platform to guide users in making attention investments.
To address these pain points, the Web3 asset data platform RootData has launched the first "Web3 Popular Projects Ranking." This popularity ranking helps users capture the real pulse of attention through 4.3 million real user behavior data, improving the accuracy of user investment decisions.
10、Vitalik's New Article: It's Time for the Entire Ethereum Ecosystem to "Align"
In the Ethereum ecosystem, balance is one of the most important governance challenges—more accurately, it is about integrating decentralization and cooperation. The strength of this ecosystem lies in the wide array of individuals and organizations—client teams, researchers, Layer 2 network teams, application developers, and local community groups—all striving towards their respective visions of what Ethereum could become. The main challenge is to ensure that all projects collectively build an Ethereum ecosystem rather than 138 incompatible territories.
To address this challenge, many within the Ethereum ecosystem have proposed the concept of "Ethereum alignment." This may include value alignment (e.g., open source, minimizing centralization, supporting public goods), technical alignment (e.g., collaborating with ecosystem-wide standards), and economic alignment (e.g., using ETH as a token whenever possible). However, this concept has historically been poorly defined, leading to risks of social control: if alignment means having the right friends, then the concept of "alignment" fails.
To solve this problem, I believe we should clarify the concept of alignment by breaking it down into specific attributes that can be represented by specific metrics. Everyone's list will differ, and metrics will inevitably change over time. However, I believe we already have some solid starting points.
