Bitcoin Breaks $90,000 This Week | Snap DeFi Biweekly Report November (Part 1)

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1. DeFi Industry Observation

1. Trump Becomes the First "Bitcoin President" in U.S. History

On November 6, 2024, Trump was successfully elected as the President of the United States, not only changing the political landscape but also becoming the first leader to support cryptocurrency, a stark contrast to the previous Biden administration. During his campaign, Trump clearly supported cryptocurrency policies, allowing donations in Bitcoin and other cryptocurrencies, and openly opposed Biden's anti-crypto policies.

As early as May, Trump announced that supporters could donate using cryptocurrencies supported by Coinbase Commerce. In addition to policy support, Trump also personally engaged in crypto assets, such as his NFT collection "Mugshot Edition," which includes several commemorative images.

More notably, Trump's crypto assets have reached $6.25 million, including a significant amount of ETH and the meme coin TRUMP, demonstrating his emphasis on the crypto market. He also plans to fire the SEC chairman upon taking office to strengthen support for Bitcoin and the crypto industry, ensuring that the U.S. becomes a "superpower" in crypto and Bitcoin, and announced that the U.S. would retain all national-level Bitcoin reserves.

2. Bitcoin Surpasses $90,000 This Week

Bitcoin performed strongly this week, briefly surpassing $90,000, setting a new historical high and once again refreshing its market capitalization ranking. Since last week’s record highs, Bitcoin's market cap has surpassed Meta, firmly establishing itself as the ninth largest asset globally. Market analysts believe that Bitcoin's recent strong rebound reflects an increasing demand for crypto assets, coupled with a gradually friendlier U.S. policy towards cryptocurrencies, adding momentum to future price trends.

3. On-chain Alpha Mining: SynFutures' Perp Launchpad Creates a New Model for Perpetual Contracts

With the expansion of the Base ecosystem, SynFutures has launched a new perpetual contract platform—Perp Launchpad—designed to lower the entry barriers for the perpetual contract market through a unique "one-stop launcher" model. The platform attracts a large number of on-chain users, especially participants in the Restaking and meme coin sectors, with its low Gas environment, deep incentives, and efficient liquidity management, providing a convenient trading pair release channel for new tokens.

Highlights of Perp Launchpad SynFutures' Perp Launchpad aims to simplify the process of launching perpetual contracts, allowing any token to create trading pairs on the platform without permission. For example, Lido's wstETH/ETH trading pair achieved a trading volume of $260 million and a peak TVL of nearly $920,000 within two months of its launch, showcasing the platform's rapid growth potential. Investors can earn annualized returns by providing liquidity and also look forward to future token airdrops and rewards.

Diverse Asset Applications SynFutures has attracted Restaking enthusiasts and collaborations with Lido, opening new monetization channels for Restaking assets, particularly as BTC Restaking assets gradually become the new favorites in the perpetual contract market. The BTC/ETH trading pair provides a stable pricing benchmark due to price correlation, making it a popular choice among many investors.

Challenges and Potential Although SynFutures has achieved initial success in perpetual contracts, the performance of meme coin contracts has been relatively lackluster, primarily due to high volatility and impermanent loss deterring traders. SynFutures, characterized by its lower issuance threshold, attempts to incorporate both "blue-chip assets" and "retail favorites" into its market, opening a new chapter for perpetual contracts.

Source: https://www.panewslab.com/zh_hk/articledetails/y8rx08geFt.html

4. UK's First Case: Pension Fund Officially Includes Bitcoin in Investment Portfolio

Recently, a pension fund in the UK has made its first direct investment in Bitcoin, becoming the first of its kind in the country, with private keys managed by five independent institutions. With the assistance of consulting firm Cartwright, the fund allocated 3% of its assets to Bitcoin and plans to launch a Bitcoin employee benefits program, with companies already expressing interest. This marks a further expansion of pension funds' investment in crypto assets, moving beyond indirect methods like ETFs.

Globally, pension funds are gradually entering the crypto space. Florida and New Jersey in the U.S. have publicly stated plans to invest in Bitcoin ETFs, while the Michigan retirement system has purchased Grayscale's Ethereum spot ETF. This trend reflects that as Bitcoin's status solidifies, more pension funds are likely to consider including crypto assets in their investment portfolios.

Source: https://foresightnews.pro/article/detail/70945

5. EigenLayer Advisory Changes, Ethereum Neutrality Faces Challenges

On November 2, Ethereum Foundation members Dankrad Feist and Justin Drake announced their resignation from the EigenLayer advisory role to focus on "more neutral" work. This change has raised community concerns about potential profit motives. Dankrad stated that this move aims to avoid conflicts of interest, while Justin admitted that accepting the advisory role was a mistake and that he did not receive any tokens.

As a public goods foundation, the Ethereum Foundation has always emphasized non-profit and neutrality, but its members often participate in advisory roles for different projects, sparking discussions in the community about Ethereum's neutrality. Although Ethereum founder Vitalik Buterin frequently advocates for technical neutrality, balancing interests in a rapidly evolving ecosystem remains a significant challenge.

Source: https://foresightnews.pro/article/detail/70891

6. TON Hamster Game Active Users Plummet, Token Crashes 76%, Is the "Play-to-Earn" Model Facing a Bottleneck?

The once-popular Telegram game "Hamster Kombat" is facing severe challenges. Recent data shows that the game's monthly active users have sharply declined from 300 million in August to 41 million, a drop of 86%. Additionally, the game token $HMSTR has plummeted 76% in just over a month, raising market concerns about its future.

What Caused the Significant Decline in Users and Token Value?

The decline of "Hamster Kombat" can be attributed to multiple factors. In addition to the sluggish crypto market, the game failed to deliver on its promises to the community, coupled with delayed airdrop rewards and returns that fell short of expectations, leading users to gradually lose confidence and even feel "betrayed" by the developers. These issues have sparked widespread skepticism among players regarding the game's integrity and weakened market trust in its token.

Is There a Possibility for a Comeback?

The Hamster Kombat team plans to integrate NFTs as in-game assets in the second quarter, hoping to enhance user engagement. However, whether this plan can save the game's declining momentum remains to be seen. Analysts believe that to regain user trust, the development team must improve gameplay, increase reward mechanisms, and strengthen communication with the community; otherwise, it will be difficult to regain a foothold in the competitive market.

Source: https://web3plus.bnext.com.tw/article/3269

7. Ethereum Launches Mekong Testnet for Pectra Upgrade, Focused on Improving User Experience and Network Efficiency

The Ethereum development team has recently launched a temporary test network named Mekong for the upcoming Pectra upgrade. This testnet aims to experiment with specific code changes and assess their impact on the network. Although Mekong's runtime is short, it includes all proposed Ethereum Improvement Proposals (EIPs) and is seen as a complete functional testing environment for Pectra.

Initially, the Pectra upgrade planned to include about 20 EIPs, but this has now been reduced to around 8, focusing on enhancing user experience and network efficiency. Major changes include:

• Improving the user experience of crypto wallets and account abstraction features
• Increasing the maximum staking limit for validators from 32 ETH to 2,048 ETH
• Updating deposit and withdrawal mechanisms, etc.

These changes will be tested on the Mekong testnet, subsequently deployed to other public testnets, and ultimately implemented on the Ethereum mainnet. Developers have stated that while there may be some minor specification changes or adjustments to smaller EIPs, the functionalities included in the Mekong testnet will gradually enter public testnets and eventually be deployed to the Ethereum mainnet.

Source: https://www.theblock.co/post/324970/ethereum-mekong-testnet-pectra?utmsource=twitter\&utmmedium=social

8. Bitcoin Staking Standardization: Solv Protocol Leads Staking Revolution

With the increasing demand for Bitcoin staking, Solv Protocol is leading market standardization by launching a Staking Abstraction Layer (SAL). SAL provides a unified technical framework for staking, addressing the challenges of Bitcoin staking decentralization and liquidity management, allowing users to easily participate in cross-chain staking and earn returns. Solv not only enhances the liquidity of assets but also offers DeFi users more flexible yield strategies, helping the Bitcoin staking market mature and diversify, becoming an important cornerstone of the future DeFi ecosystem.

Source: https://foresightnews.pro/article/detail/71003

9. Innovative Exploration of UniFi Layer2 Solutions

Puffer Finance recently launched the UniFi Layer2 solution, centered on Based Rollup + native AVS verification system, creating a new generation of Layer2 architecture. This Rollup As A Service (RAAS) model based on Ethereum mainnet functionality (Proposer + AVS) not only strengthens the security and decentralization of Layer2 but also allows Based Rollup and AVS services to have broader market potential.

Innovative Ordering Mechanism Based on Based Rollup

Based Rollup delegates the ordering function of Layer2 to the Ethereum mainnet's Proposer, addressing the issue of centralized Sequencers by packaging submitted transactions. However, this approach does not resolve consensus consistency between Layer2s, prompting Puffer Finance to further introduce AVS decentralized verification services to provide additional security consensus beyond transaction ordering.

Fast Confirmation Transaction Processing Flow

The transaction process of UniFi employs Layer1 Proposer for ordering, followed by AVS verification to provide pre-confirmation. Unlike traditional Layer2s, transactions initiated in UniFi can receive immediate fast confirmation without long waiting times, making it more user-friendly for needs such as quick withdrawals.

Dual Verification Architecture: TEE + Multiprover

To accelerate final confirmation, UniFi utilizes TEE secure enclave isolation for verification, achieving millisecond-level consensus and establishing a standardized security assurance mechanism, enhancing overall verification efficiency and reliability.

Through these innovations, UniFi not only addresses the centralization issues of Layer2 but also builds a decentralized interoperability platform, which will provide standardized cross-chain services for more Layer2 applications in the future, promoting asset circulation and liquidity sharing.

Source: https://www.panewslab.com/zh_hk/articledetails/5jg5ge08Ft.html

10. Aerodrome: The Liquidity Engine on Base Chain

Aerodrome is an innovative liquidity engine that combines various decentralized exchange (DEX) models such as Curve, Convex, and Uniswap v3. As the main DEX on Base, it allows holders to vote on liquidity pool fees and emissions through the "veAERO" incentive mechanism and utilizes automated market makers (clAMM) to enhance capital efficiency. These mechanisms make Aerodrome the preferred liquidity platform on Base.

Addressing the Deficiencies of Traditional DEX Models

Aerodrome addresses the challenges of liquidity provision, fee distribution, and sustained growth faced by traditional DEXs. LPs receive 100% of AERO emission incentives, while traders benefit from high liquidity and better execution outcomes. These designs have contributed to Aerodrome's rapid growth, capturing 63% of the market share on Base.

Coinbase's Catalytic Effect

With the close collaboration between Base and Coinbase, economic activities on the Base platform have rapidly increased, with DAU and trading volumes gradually climbing, significantly boosting Aerodrome's usage. The investment from Coinbase Ventures also indicates Aerodrome's potential as the leading DEX on the Base chain.

Future Development Expectations

It is expected that with the robust growth of Base and Aerodrome, TVL will reach $4 billion within a year, with monthly trading volumes hitting $50 billion. As the core liquidity engine of the Base ecosystem, Aerodrome will continue to benefit from the booming DeFi and blockchain markets.

Source: https://www.chaincatcher.com/zh-tw/article/2151070

2. DeFi Data Dashboard

1. TVL Data

This week's TVL has not changed significantly compared to last week, remaining stable.

https://defillama.com/chains

2. Stablecoin Issuance

The total market capitalization of stablecoins is currently reported at $178.22 billion, with a 7-day increase of 3.04%. USDT accounts for 69.22%, slightly down.

https://defillama.com/stablecoins

3. DEX Data

According to the latest data, Uniswap continues to lead the decentralized exchange (DEX) market. This week, DEX performance on the Solana chain remains impressive, with Solana's on-chain DEX trading volume reaching $14.634 billion over the past 7 days, ranking first across all chains.

https://defillama.com/dexs

https://defillama.com/dexs/chains

4. Token Unlocking Data

Aptos (APT) will unlock approximately 11.31 million tokens at 2 PM UTC+8 on November 11, accounting for 2.18% of the current circulating supply, valued at approximately $12.8 million. The unlocking event may impact the market, and investors should closely monitor related developments.

https://defillama.com/unlocks

3. Snap DeFi Radar

Snap DeFi Radar focuses on macro trends and data insights in the DeFi market. We will periodically invite KOL guests to share their views and delve into industry hotspots and developments.

This Issue's Guest: Crypto Paul 幣圈保羅

With Bitcoin hitting a new high above 90,000, everyone is starting to expect that the overflow of funds can drive other sectors and lead to a wave of altcoin season. Understanding the market's context and trends will be very important; with various sectors and tokens, which sector will be the leader?

Looking at the current DeFi ecosystem, the once-promising Restaking narrative has all but fallen from grace, and the market is beginning to shift towards the issuance narrative of meme assets led by pumpfun. We can think about how the issuance of meme assets can be extended to create different tracks.

The meme frenzy on Solana is already well-known across the market, and other chains will surely want to imitate it because the results are very good. Base actually has significant potential, especially backed by Coinbase, with net inflows of funds in the ecosystem continuously rising; in the past month, net inflows even surpassed Solana. Capital is the key to determining market trends, and we can pay more attention to what special tracks exist on Base.

Recently, the largest contract DEX on Base, SynFutures, launched Perp Launchpad, allowing projects with a market cap below $1 million to apply, making it very suitable for low-cap meme tokens. This effectively adds a contract market to pumpfun, promoting liquidity for low-cap tokens and on-chain capital utilization, which can be seen as a new variant track.

We can focus on the native tokens on SynFutures' Perp Launchpad, as the best advertisement is to pump the price. If SynFutures wants to seriously operate the meme contract market, pumping a leading native meme token is essential. However, meme tokens themselves are highly volatile, and adding contracts will sharply increase risks; proper hedging and risk management are necessary conditions for long-term survival in the market.

Net inflow chart: https://app.artemis.xyz/flows

Crypto Paul 幣圈保羅

Paul is a dual-skilled player proficient in both contracts and on-chain activities, having turned 200,000 into millions of TWD. He understands what newcomers need and studies day and night like an owl, selflessly sharing crypto information, dedicated to helping more people deeply understand the crypto space.

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【Disclaimer】: The market has risks, and investment should be cautious. This article is for communication and learning purposes only and does not constitute any investment advice. Not Financial Advice, Do Your Own Research.