Daily Report | Grass announces airdrop plan, allocating 100 million GRASS to eligible users; Paradigm co-founder: Stablecoins are the next killer application in the crypto industry
October 22 News OverviewOrganizer: Luan Peng, ChainCatcher
Important News:
- Paradigm Co-founder: Stablecoins are the next killer app in the Crypto industry
- Grass announces airdrop plan, distributing 100 million GRASS to eligible users
- Infinex Founder: If Trump had launched WLFI in 2017, it could have raised $1 billion
- Mining company Ionic Digital restarts IPO plan, BTC holdings exceed $135 million
- Borderless Capital launches $50 million LATAM fund to drive Web3 innovation in Latin America
- CFTC Chairman: U.S. cryptocurrency regulation is stalled, CFTC faces "constraints"
"What important events happened in the past 24 hours"
Paradigm Co-founder: Stablecoins are the next killer app in the Crypto industry
Matt Huang, co-founder of crypto investment firm Paradigm, stated on social media, "Stablecoins are the next killer app in the Crypto industry—it's obvious to everyone in the cryptocurrency space, but not so clear to outsiders. Congratulations to Stripe and Bridge."
Earlier, ChainCatcher reported that payment company Stripe acquired stablecoin platform Bridge for $1.1 billion, marking the largest acquisition in the cryptocurrency space.
Grass announces airdrop plan, distributing 100 million GRASS to eligible users
The Grass Foundation announced an airdrop plan on X, distributing 100 million GRASS to eligible users, accounting for 10% of the total supply.
- 9% to users who earned Grass Points in the first phase (network snapshot)
- 0.5% to GigaBuds NFT holders
- 0.5% to users who install desktop nodes or the Saga application.
To ensure fairness and prevent network abuse, Grass employs a robust system to identify network abusers. Users are filtered based on various technologies, including Graph ML for identifying suspicious reference trees, device fingerprints, similar IP subnets, etc.
Infinex Founder: If Trump had launched WLFI in 2017, it could have raised $1 billion
Infinex founder Kain Warwick stated that the lackluster sales of the Trump-related World Liberty Financial project were due to "a shift in market direction," moving away from ICO-style token financing towards meme coins.
Warwick pointed out, "If Trump had launched World Liberty Financial in 2017… this project could have raised $1 billion. The overlap between crypto natives and Trump's core supporters may not be as significant as imagined, as evidenced by the insufficient demand."
He added that the token lock-up period for this sale is one year, which may partly explain its poor performance, as during the current memecoin market frenzy, the holding period for tokens is often much shorter than a year, sometimes just a few hours.
Mining company Ionic Digital restarts IPO plan, BTC holdings exceed $135 million
Mining company Ionic Digital has restarted its IPO plan after appointing BDO USA as its new auditor. As of September 30, 2024, it holds 2,102.29 BTC, valued at $135.3 million.
Additionally, Ionic Digital announced the opening of a second building at its facility in Ward County, Texas, increasing total load capacity to 140 megawatts. The new facility houses 15,552 Bitcoin mining machines.
Borderless Capital launches $50 million LATAM fund to drive Web3 innovation in Latin America
Borderless Capital has launched a $50 million LATAM fund aimed at driving Web3 innovation in Latin America. The fund focuses on Web3 projects in the region to tap into unique opportunities for blockchain adoption and local innovations that address global challenges.
It is reported that Matias A., the financial and investment director of the Avalanche Foundation, has also joined the fund.
CFTC Chairman: U.S. cryptocurrency regulation is stalled, CFTC faces "constraints"
According to Cointelegraph, CFTC Chairman Rostin Behnam claimed that as U.S. cryptocurrency regulatory negotiations have stalled, the agency faces "constraints."
Rostin Behnam stated that efforts to regulate the digital asset industry through a legislative framework have "stalled so far." However, he remains optimistic that the new Congress and President can make more progress.
Rostin Behnam said, "I don't think anything will necessarily happen by the end of this year, but I believe this election has a unique impact on digital assets and technology." He added that without any legislation, the agency is "really constrained" in "regulating" the cryptocurrency market, which puts investors "at risk."
Matrixport released a research report stating that Bitcoin's market dominance continues to rise, now reaching 58%, indicating that the altcoin boom has not yet arrived. Although there are over 20,000 cryptocurrencies in the market, attention remains highly focused on Bitcoin. Bitcoin's dominance suggests that ETF inflows have little impact on altcoins, while also indicating that retail investors have not yet entered the market on a large scale.
Bitcoin's trading volume has doubled from $10 billion to $20 billion in 2023, further highlighting Bitcoin's growing influence. From a risk-adjusted perspective, Bitcoin remains one of the most attractive trades in the current crypto market.
Binance launches savings, one-click buy, swap, leverage, and contracts for Scroll (SCR)
According to Binance's announcement, Scroll (SCR) will be fully launched across multiple Binance products and services. The SCR capital-protected earning product will open for subscription on October 22 at 17:00 (UTC+8); users can purchase SCR starting from October 23 at 18:00 using credit cards, Google Pay, Apple Pay, or wallet balances. Additionally, SCR can be swapped for BTC, USDT, and other assets without fees on the swap platform within one hour of its spot launch.
Furthermore, Binance will add SCR leverage trading pairs at 19:00 on October 22, supporting both cross and isolated margin modes. On the same day at 18:00, SCR perpetual contracts with 1-75x U-margin will also be launched.
According to The Block, DAO fund management solution provider Karpatkey announced the completion of a $7 million financing round. Investors in this round include AppWorks Ventures and Wintermute Ventures, as well as several well-known angel investors, such as Joe Lubin of ConsenSys, Stani Kuchelov of Avara, and Fernando Martinelli of Balancer Labs.
Karpatkey is a non-custodial on-chain asset management infrastructure that provides financial services to leading DAOs. The newly acquired funds will be specifically used to expand Karpatkey's service offerings to more DAOs and accelerate its expansion into traditional financial institutions.
QCP Capital: Short-term implied volatility peaks on election day, crypto market remains bullish
Singapore crypto investment firm QCP Capital stated that short-term implied volatility peaked on election day, expanding by 10 volatility points compared to the previous expiration date, with a skew towards call options rather than put options, despite Bitcoin being about 8% lower than its historical peak. Meanwhile, the stock market presents a different picture.
The S&P 500 index has reached an all-time high, with 20% of companies set to announce earnings. The options market is leaning towards put protection, anticipating that the index may fluctuate by 1.8% on the day after the election, November 6. The correlation between the stock market and cryptocurrencies has reached a historical high of 0.83. Given its mean-reverting trend and the differences in options market positioning, this may signal an impending turning point.
The election creates a zero-sum game scenario for the stock market, with industry winners depending on the election results. In contrast, both U.S. presidential candidates are more supportive of cryptocurrencies than the previous administration, so any weakness in the stock market could prompt a capital reallocation to the cryptocurrency space.
"What are some great articles worth reading in the past 24 hours"
Is SKY going back to Maker? Why is brand restructuring so difficult?
On September 18, the established DeFi leader Maker officially completed its brand upgrade and restructuring, changing its name to Sky while initiating the token migration from "MKR to SKY" and "DAI to USDS."
More than a month later, possibly due to the original brand Maker being deeply ingrained in people's minds, and the original tokens MKR and DAI having accumulated a wide range of applications, the migration process to the new brand and new tokens does not seem to be going smoothly.
Dune data shows that as of the time of writing, approximately 900 million DAI have been migrated to USDS, accounting for about 15.5% of the current total DAI supply (5.8 billion); approximately 91,880 MKR have been migrated to SKY, accounting for only 10.6% of the current circulating supply of MKR (868,478).
Does AI coin also have a Cult culture? How to understand the essence of AI coins
The rise of AGI will change the relationship between humanity and currency, shaping a new economic belief system that emphasizes the importance of loyalty and faith. Some cryptocurrency enthusiasts believe that AI tokens are not only a form of currency but also a bridge to the future.
After a 135% increase in a day and a half, APE has once again returned to the mainstream crypto spotlight, but this time relying on MEME.
At 4:27 AM on October 20, the official Twitter account of Bored Ape Yacht Club announced that the Apechain mainnet has officially launched. Minutes later, the market began to respond to this new L3, and the Apechain governance token APE started to rise. Meanwhile, as the one-click token creation platform Ape Express within the ecosystem launched the CURTIS token and began to rise, the price of APE also increased correspondingly. By October 21, the price of APE rose from 0.748 to a peak of 1.758, with a maximum increase of over 135%.
Many exclaimed that the king of NFTs has returned in a new way, while others are skeptical, believing this is merely a brief market stimulus, and the fate of Apechain remains uncertain. Regardless of how things develop next, the events of the past two days have indeed showcased Apechain's outstanding operational capabilities in a classic Web3 marketing battle.
Comparison of mainstream DeFi derivatives play: Real asset-backed vs. synthetic asset trading
This article will discuss hard liquidity-backed models and synthetic models.
Price plummets 70%: How did the AI computing power leasing bubble burst?
The decline in AI computing power costs will spark a wave of innovation among startups utilizing low-cost resources.
Last year, due to a tight supply of AI computing power, the rental price of H100 reached as high as $8 per hour, but now, with an oversupply of computing power in the market, prices have dropped below $2 per hour. This is because some companies signed computing power leasing contracts early on, and to avoid wasting the excess computing power, they began reselling their reserved computing resources, while the market largely chose to use open-source models, leading to a decrease in demand for new models. Now, the supply of H100 in the market far exceeds demand, making renting H100 more cost-effective than purchasing, and investing in new H100 has become unprofitable.
