Daily Report | DWF Labs fires partner accused of drugging women; dYdX Trading cuts 35% of core team members; Binance appoints Jeff Li as Vice President of Product
Highlights of October 30thOrganizer: Fairy, ChainCatcher
Important News:
- Circle: Will increase USDC stablecoin exchange fees due to Federal Reserve rate cuts
- DWF Labs: Has removed the partner accused of drugging women from related positions
- dYdX Trading has cut 35% of its core team members
- Binance announces the appointment of Jeff Li as its new Vice President of Products
- NYSE submits rule change 8.800-E and Grayscale Digital Large Cap Fund listing application to the SEC
- DWF Labs appoints Lingling Jiang as Head of Business Development Strategy
- OKX will delist VELA, KAN, WSM, BORING, CEEK, AVIVE spot trading
- Data: Canadian listed company Sol Strategies buys over 12,000 SOL, increasing SOL holdings to $23.51 million
"What important events happened in the past 24 hours"
NYSE submits rule change 8.800-E and Grayscale Digital Large Cap Fund listing application to the SEC
NYSE Arca has applied to the U.S. Securities and Exchange Commission (SEC) to adopt new rule 8.800-E, which will allow the listing and trading of investment products based on commodities and digital assets. Additionally, the exchange specifically proposed to list and trade shares of Grayscale's Grayscale Digital Large Cap Fund under this new rule.
Previous news reported that Grayscale applied to the SEC on October 15 to convert its Digital Large Cap Fund into an ETF, which is primarily composed of Bitcoin (nearly 75%) and Ethereum (about 19%), with the remainder including SOL, XRP, and AVAX.
Binance announces the appointment of Jeff Li as its new Vice President of Products
Binance announced the appointment of Jeff Li as its new Vice President of Products during Binance Blockchain Week. Jeff will focus on expanding and enhancing Binance's product portfolio, ensuring it remains at the forefront of building the future of blockchain and Web3. Jeff Li has over 16 years of comprehensive experience in Web2 and Web3 product leadership and software engineering. During his tenure at Binance, Jeff will lead Binance's global product and design teams.
Binance CEO Richard Teng stated, "We are excited to welcome Jeff to the Binance team. He has worked at some of the world's most renowned tech companies and has extensive experience in product development. Throughout his previous experiences, he has consistently demonstrated the ability to provide innovative solutions in dynamic emerging industries, making him an ideal candidate to fulfill Binance's mission. We look forward to Jeff driving product development and helping us continue to deliver industry-leading products to the global crypto community."
Circle: Will increase USDC stablecoin exchange fees due to Federal Reserve rate cuts
Circle announced an increase in its USDC stablecoin exchange fees. Due to the Federal Reserve's rate cuts, the cash reserve earnings of stablecoin operators have decreased, and this move by Circle aims to address this change.
Circle currently charges fees for USDC exchanges over $15 million and imposes additional fees for rapid redemptions exceeding $2 million daily. These fees start at 0.03% per transaction and can go up to 0.1%. This fee adjustment comes as the company prepares for its listing.
In an increasingly competitive stablecoin market, despite Tether dominating with over 70% market share, Circle still faces competitive pressure from smaller and more agile startups.
DWF Labs: Has removed the partner accused of drugging women from related positions
In response to the recent accusations against a DWF Labs partner for drugging women, DWF Labs officially posted on X: "We are aware of the recent allegations against one of our partners involving inappropriate and unacceptable behavior, which is deeply concerning. While this matter is still under investigation, DWF Labs has decided to immediately remove this partner from management and operational positions."
According to @hananotsorry Hana's X account, on the evening of October 24, a DWF partner allegedly placed unknown drugs into her drink multiple times at a bar in Hong Kong, and she was later rescued by staff.
dYdX Trading has cut 35% of its core team members
According to an official announcement, dYdX Trading has cut 35% of its core team members. CEO and co-founder Antonio Juliano wrote in a blog post, "This decision comes as we realize that the company we have built is different from the company dYdX must become. We will move forward with a clear mind and renewed passion. We will create amazing work."
Vitalik previously sold Meme coins for 400 ETH, which has been donated to Ukrainian charities
According to rev miller, head of a Ukrainian charity organization, Vitalik previously sold meme coins (such as MOODENG, EBULL, and DOG) for 400 ETH, which has been donated to Ukrainian charities. Vitalik has confirmed this.
Previous report stated that Ethereum co-founder Vitalik Buterin transferred 100 ETH to four addresses (totaling about $1.02 million).
DWF Labs appoints Lingling Jiang as Head of Business Development Strategy
DWF Labs announced the appointment of Lingling Jiang as the head of the company's business development efforts. Lingling has two years of experience at DWF Labs, previously serving as the regional sales head for Asia and the Hong Kong area.
According to DWF Labs managing partner Andrei Grachev, Lingling has many years of deep industry experience and will play a key role in shaping the company's strategic direction. In her new position, she will participate in corporate decision-making, lead business development strategies, and represent DWF Labs at global industry events.
Previous news reported that DWF Labs has removed the partner accused of drugging women from related positions.
OKX will delist VELA, KAN, WSM, BORING, CEEK, AVIVE spot trading
OKX will delist the trading pairs VELA/USDT, KAN/USDT, KAN/USDC, WSM/USDT, BORING/USDT, BORING/USDC, CEEK/USDT, AVIVE/USDT, and AVIVE/USDC on November 7, 2024, from 16:00 to 16:30 (UTC+8).
Users must cancel orders for the above trading pairs before 16:00 on November 7, 2024. If not canceled in time, the order system will automatically execute cancellations, which may take 1 to 3 business days.
Analysis: Coinbase Q3 revenue may decline by about 13% due to decreased trading volume and regulatory uncertainty
According to CoinDesk, Wall Street analysts expect that Coinbase's (COIN) spot trading volume will further slow in the third quarter, partly due to a lack of catalysts in the crypto market and regulatory uncertainty ahead of the presidential election.
According to FactSet estimates, when Coinbase reports earnings after the market closes on Wednesday, third-quarter revenue is expected to decline by about 13%, from $1.45 billion in the previous quarter to $1.26 billion. Meanwhile, earnings per share (EPS) are expected to be $0.46, up from $0.14 in the second quarter.
Barclays analyst Benjamin Buddish wrote in a report, "Coinbase's trading volume has remained weak this quarter, primarily due to weak retail trading revenue." He gave the stock an equal weight rating and raised its target price from $169 to $175, while lowering the third-quarter EPS forecast from $1.62 to $1.05.
Florida CFO proposes to include Bitcoin in the state pension fund investment portfolio
Florida CFO Jimmy Patronis has suggested that the agency managing the state's retirement funds consider investing in Bitcoin.
Patronis wrote to the Florida State Board of Administration (SBA) yesterday, stating, "Bitcoin is often referred to as 'digital gold,' and it can help diversify the state's portfolio and provide a safe hedge against volatility in other major asset classes."
He urged the SBA to "provide a report on the feasibility, risks, and potential benefits of allocating a portion of the state retirement system funds to digital asset classes," and to complete it before the next legislative session scheduled for March 4, 2025.
The Florida Small Business Administration manages over 30 funds, including the Florida Retirement System Trust Fund. As of September 30, the fund manages assets of approximately $205 billion.
Data: Canadian listed company Sol Strategies buys over 12,000 SOL, increasing SOL holdings to $23.51 million
Canadian listed company Sol Strategies sold $1.71 million in Bitcoin and purchased 12,389 SOL, increasing its SOL holdings to $23.51 million.
Data: Wintermute holds 11 projects among the top 20 Meme coins listed on Binance, accounting for 55%
On-chain analyst @ai_9684xtpa released an overview of Wintermute's market-making projects, indicating that the Memecoin projects selected for market-making by Wintermute generally have high market capitalizations, having long moved beyond the early PVP stage, and typically have professional teams and large investors backing them.
Among the top 20 tokens held, 90% have a market cap exceeding $100 million, with 30% even exceeding $1 billion, where $PEPE and $COK are the highest and lowest market-making projects by market cap, respectively.
Current situation:
Among the top 20 Memecoins held by Wintermute, 11 projects have already been listed on Binance, accounting for as much as 55%.
Already listed on spot: $PEPE / $NEIRO (lowercase) / $BONK / $WIF / $FLOKI / $BABYDOGE
Already listed on futures: $PEPE / $BONK / $WIF / $MOODENG / $GOAT / $MEW / $NEIRO (uppercase) / $POPCAT / $FLOKI / $BABYDOGE
White House: Biden thanks Nigerian President for releasing Binance executive Tigran Gambaryan
According to a statement released by the White House on Tuesday, President Joe Biden called Nigerian President Bola Tinubu on Tuesday to thank him for releasing American citizen and Binance executive Tigran Gambaryan. The press release stated that Biden "expressed gratitude for President Tinubu's leadership in ensuring Gambaryan's release" during the call, and specifically appreciated the cooperation in law enforcement, including through the recently announced bilateral task force on illegal finance and cryptocurrency, collaboration on new technologies and innovations, and shared interests in reforming international organizations to reflect African voices.
"What are the exciting articles worth reading in the past 24 hours"
Token issuance peaks, dragging feet, moving to other chains, is the TON ecosystem mini-games heading towards twilight?
The TON ecosystem mini-game applications have been an unavoidable topic in the crypto industry this year. With click-to-earn games like Notcoin and Hamster Kombat gaining popularity, the TON ecosystem has experienced unprecedented growth. Especially with the launch of Telegram game tokens like Hamster Kombat on the TON network, the number of TON wallet addresses has surged from just 4.3 million at the beginning of the year to over 100 million.
However, beneath the seemingly imminent prosperity of large-scale applications, the TON ecosystem has also shown some concerns. Not only do phenomenon projects like Hamster Kombat come with numerous controversies, but their "followers" have frequently disappointed players and users. It seems that the vast majority of mini-applications cannot avoid criticism from the community and the fate of being short-lived.
A play within a play or self-directed drama, Truth Terminal founder X's account hacked in a series of events
Yesterday at 9:54, Truth Terminal author Andy Ayrey posted an image with token names and contracts on the X platform. As the source of the recently popular token GOAT, Andy and Truth Terminal's every word and action are closely watched, and even snippets of his key statements can lead to meme valuations in the tens of millions of dollars.
On the other hand, the style and content of the image closely resemble Andy's usual content style, and the account attacker did not directly post the token contract like typical hackers, which did not raise the alarm for most users.
Just three minutes after Andy posted the image, the token's market cap surged from $500,000 to $20 million. However, the attacker's bundled wallet then began to sell off large amounts, and users started to realize that Andy's account had been hacked, leading to a price crash.
AI enters the Meme competition: From playing with memes to creating value, a battle of utility and fun
For a long time, memes have been static images, later evolving into GIFs, then actions and jargon, and now entering the AI era. The rapid growth of AI memes and the divergence among market participants clearly indicate this trend.
Some believe that AI memes (or smart memes) represent a new era and will replace traditional static memes, thus choosing to pledge allegiance to these new AI "rulers." However, the traditional meme community resists this. This divergence has led to a split in the meme space, forming two camps: AI and non-AI. As funds shift from static memes to smart memes, it is understandable that the traditional community feels threatened. But should they really be worried?
Liquidity is like the tide, always changing, with funds continuously flowing between the two camps. Personally, I believe the traditional community need not worry, as they have a unique advantage over smart memes: price is their core competitive strength.
