Weekly Report | Binance Pool launches Fractal Bitcoin (FB) joint mining; Trump's team considers establishing the first crypto-related position in the White House; CBOE plans to launch its first cash-settled options product related to spot Bitcoin next week
Shanghai High Court: Virtual currency has property value, and individuals holding virtual currency is not illegal; Sun Yuchen: Willing to donate banana art to Musk, sending it to Mars and the Moon; CSRC releases "Guidelines for Communication of General Infrastructure for Regional Equity Market Blockchain" and 8 other financial industry standards.Organizer: Luan Peng, ChainCatcher
"What Important Events Happened This Week (11.18-11.24)"
According to Bitcoin Magazine, Polish presidential candidate Sławomir Mentzen has promised to establish Bitcoin strategic reserves if elected.
2、Binance Pool Launches Fractal Bitcoin (FB) Joint Mining
Binance Pool has officially launched Fractal Bitcoin (FB) joint mining. Participants in Bitcoin (BTC) mining can earn Fractal Bitcoin (FB) rewards.
Fractal Bitcoin (FB) has not yet been listed on Binance. The launch of Fractal Bitcoin (FB) mining services by Binance Pool does not guarantee that the token will be listed on Binance.
3、Musk: I Still Hold a Large Amount of Dogecoin, and SpaceX Holds a Large Amount of Bitcoin
DogeDesigner, the UI designer for Dogecoin, shared an audio clip of Musk stating: "I still hold a large amount of Dogecoin, and SpaceX holds a large amount of Bitcoin."
a16z co-founder Shaw responded to the Eliza token issuance controversy, stating, "I coordinated with our release partners to try to buy chips at the time of eliza's release, but did not get much. However, someone in our team did make quite a bit of profit and agreed to hand it over to the DAO and the team, so we have enough funds to fulfill our airdrop commitments to other projects and maintain the Eliza team's operations."
Shaw mentioned that while it is unfortunate that the project was released prematurely, the original team has reached an agreement with the early release party to compensate the initial token holders with a 10% airdrop of the supply. The new team will join the Eliza project as code contributors, focusing on developing meta-narrative tools. Shaw emphasized that the Eliza project has been in preparation for many years, and although this incident is regrettable, the team will continue to advance the project and ensure the token circulates freely without being controlled by any individual or organization.
5、Grayscale Has Submitted an Updated Prospectus for Its Bitcoin Covered Call ETF
Bloomberg ETF analyst James Seyffart stated: "Grayscale did not waste any time after the approval of BTC ETF options. They have submitted an updated prospectus for their Bitcoin Covered Call ETF (currently without a trading code), which will provide investments in GBTC (Grayscale Bitcoin Trust) and BTC (Bitcoin Mini Trust), while generating income through buying and selling options contracts on Bitcoin ETP."
According to Cointelegraph, over 60 listed companies have adopted Bitcoin strategies, and thousands of private companies are following suit.
The Shanghai High People's Court published an article stating that the Shanghai Songjiang District People's Court concluded a dispute case regarding the validity of a virtual currency issuance financing service contract, ruling that token issuance financing is an illegal public financing behavior, and the involved "Blockchain Incubation Agreement" is invalid.
The article pointed out that virtual currency, as a type of virtual commodity, has property value and is not prohibited by law. Although there are no explicit regulations on virtual currency in Chinese law, regulations issued by the People's Bank of China and other departments have regulated activities related to virtual currency.
Therefore, while individuals holding virtual currency is not illegal, commercial entities cannot freely participate in virtual currency investment transactions or issue tokens on their own. If they violate civil or criminal legal principles and rules in trading activities, they may suffer losses or even face criminal charges.
According to the Central Commission for Discipline Inspection and National Supervisory Commission website, Yao Qian, former director of the Technology Supervision Department of the China Securities Regulatory Commission (CSRC) and former director of the Information Center, has been expelled from the Party and public office due to serious violations of discipline and law. Investigations revealed that Yao Qian used regulatory power to seek benefits for specific technology service providers, involving power-for-money transactions related to virtual currency and illegally accepting large amounts of property.
Additionally, he violated the spirit of the Central Eight Regulations, improperly accepted valuable items, attended banquets, and engaged in irregular operations in employee recruitment and investment. The CSRC Party Committee and relevant disciplinary inspection and supervision departments decided to take serious action against Yao Qian and referred the criminal issues to the procuratorial organs for legal review and prosecution.
Previous reports indicated that Yao Qian was suspected of serious violations of discipline and law and had undergone disciplinary review by the Central Commission for Discipline Inspection and National Supervisory Commission stationed at the CSRC and investigation by the Shantou Municipal Supervisory Commission in Guangdong Province.
It is reported that Yao Qian was the first director of the People's Bank of China's Digital Currency (CBDC) Research Department and was named one of the most influential figures in the blockchain field by Coindesk in 2017. He has published several research articles on blockchain technology, digital currency, and Web 3.0, and co-authored "Web 3.0: Changes and Challenges of the Next Generation Internet."
9、Data: BlackRock Bitcoin ETF Options First Day Trading Volume Reaches $1.9 Billion
Cointelegraph reported on X platform that BlackRock Bitcoin ETF options reached a trading volume of $1.9 billion on the first day.
10、Insiders: Trump's Team Considering Establishing the First Crypto-Related Position in the White House
According to Bloomberg, sources familiar with the transition work revealed that President-elect Trump's team is discussing whether to establish a new position in the White House specifically responsible for cryptocurrency policy.
Insiders stated that Trump's team is reviewing candidates for this position. If established, this would be the first position in the White House dedicated to the cryptocurrency field, highlighting the influence of the emerging industry on the new government.
It is still unclear whether a senior staff position or "crypto czar" (a term used in Washington to refer to the person overseeing federal government policy and regulation) will be established. They indicated that advocates for the crypto industry are pushing for this position to have direct contact with Trump.
FTX Trading Ltd. and its affiliated debtors announced that FTX is nearing the completion of the final prerequisites for the court-approved bankruptcy restructuring plan, paving the way for FTX to begin distributing compensation to creditors and customers. The effectiveness of the bankruptcy restructuring plan means that the court-approved restructuring plan officially begins implementation. This typically marks that the bankrupt company has completed key steps in the restructuring process, reached agreements with creditors and other stakeholders, and is prepared to proceed with actual debt repayment and asset distribution according to the plan.
FTX provided the following updates regarding the expected distribution timeline:
In early December, the debtors expect to finalize arrangements with professional distribution agents who will assist FTX in distributing compensation to global customers within supported jurisdictions. At that time, the debtors will provide instructions to guide customers in establishing approved accounts on the existing customer portal.
By the end of December, the debtors expect to announce the exact effective date after the court approves the disputed claims reserve amount, which is a prerequisite for distribution according to the confirmation order.
The debtors currently expect the bankruptcy restructuring plan to take effect in early January 2025. According to the confirmation order, the first distributions will occur within 60 days after the effective date, targeting convenience creditors allowed to claim under the plan. The record date for the initial distribution will be the same as the effective date.
12、Trump Media Technology Group May Be Considering Launching a Crypto Payment Service Called TruthFi
According to a trademark application submitted this week, Trump Media Technology Group has filed for a cryptocurrency payment service named TruthFi, describing it as a platform for crypto payments, financial custody services, and digital asset trading.
The application does not detail how the project will operate, aiming to diversify its business beyond the social media platform Truth Social. Any large-scale crypto project will likely require Trump Media Technology Group to acquire another company, as it currently has fewer than 36 employees.
13、Sun Yuchen: Willing to Donate Banana Artwork to Musk, Send It to Mars and the Moon
TRON founder Sun Yuchen tweeted: "I am willing to donate banana artwork to Musk, stick it on a SpaceX rocket, and send it to Mars and the Moon."
Previous news reported that Sun Yuchen purchased Maurizio Cattelan's artwork Comedian banana for $6.2 million.
Time Magazine featured Musk as its cover story yesterday and published a special article on Musk's alliance with Trump titled "How Musk Became a Kingmaker."
The article pointed out that Musk has played a significant role in Trump's successful presidential campaign in terms of funding and influence. At the same time, Musk has been deeply involved in Trump's government affairs. Except for government efficiency departments, Musk has been involved in Trump's domestic and foreign affairs.
The article cited examples where leaders from Turkey and Ukraine had Musk participate in their calls with Trump. Additionally, when House Republicans invited Trump to a closed-door meeting on Capitol Hill, Musk followed behind, placing a "GUEST 1" label on the window of Trump's convoy.
According to CoinDesk, Binance stated in its latest statement that it expects its full-time compliance team to reach 645 by the end of 2024, a 34% increase from November last year. Including contractors, there are currently over 1,000 employees focused on compliance work.
Binance's Chief Compliance Officer Noah Perlman stated that the crypto industry has entered a new stage of maturity, and regulatory compliance has become a fundamental standard for user experience and protection, business success, and responsible growth. The latest compliance talent includes Todd McElduff, former head of global financial crime compliance at PayPal, and special investigation experts Céline Inial and Caner Akyürek from law enforcement in France and Turkey, with nearly 20 years of experience. In 2023, Binance's compliance spending increased by 36% year-on-year.
16、Insiders: a16z Expected to Secure a Seat on Trump's Cryptocurrency Advisory Committee
According to several executives in the digital asset industry, numerous crypto companies, including Ripple, Kraken, and Circle, are competing for seats on the cryptocurrency advisory committee promised by President-elect Trump, seeking a voice in his planned U.S. policy reforms.
One insider stated that the venture capital giant Andreessen Horowitz's crypto division a16z is expected to secure a seat, while a16z's spokesperson declined to comment on the matter.
According to market news, the Chicago Board Options Exchange (CBOE) plans to launch the first cash-settled options product related to spot Bitcoin next week, expected on Monday, December 2.
18、Magic Eden Foundation: ME Token Will Conduct TGE on December 10
The Magic Eden Foundation officially announced on social media that the ME token will conduct its TGE on December 10.
According to the official website of the China Securities Regulatory Commission (CSRC), the CSRC released eight financial industry standards, including "Communication Guidelines for Blockchain General Infrastructure in Regional Equity Markets." The financial industry standard specifies communication guidelines between the general financial infrastructure based on the "regulatory chain-local business chain" dual-layer architecture and existing systems in regional equity markets, clarifying the systems, main data objects, business scenarios, and operational instructions involved in six types of communication agreements, including user registration agreements, asset registration agreements, fund mapping agreements, asset mapping agreements, transfer management agreements, and settlement management agreements. The implementation of the standards is conducive to fully leveraging the supporting role of the "regulatory chain-local business chain" dual-layer blockchain architecture for existing business systems and promoting the transformation and integration of existing business systems.
20、The ETF Store President: Solana ETF Expected to Be Approved by the End of Next Year at the Latest
The ETF Store President Nate Geraci stated: "I believe the Solana ETF is highly likely to be approved by the end of next year at the latest, and the SEC is likely in discussions with the issuer regarding this product, which is clearly a positive signal."
Given that industry leaders like Bitwise have already submitted applications, Two Prime Digital Assets CEO Alexander Blume also agreed with this view. "If they didn't have a good feeling about success, they wouldn't waste time and money doing this," Blume stated, noting that the success and precedents set by spot Bitcoin and spot Ethereum ETFs, along with a more crypto-friendly regulatory environment, will lead to the emergence of the SOL ETF within the year.
"What Exciting Articles Are Worth Reading This Week (11.18-11.24)"
1、Recent Popular Meme Narratives and Leading Project Analysis
In the cryptocurrency market, the craze for meme coins is no longer limited to mere humor and entertainment but is gradually penetrating more innovative tracks. Whether integrating AI technology or incorporating medical research and political elements, meme coins are rapidly evolving and attracting increasing attention. This article will review the leading meme coins that have emerged in different tracks recently, exploring how they have become potential targets in the crypto market through unique narratives and creativity.
2、50 Unreleased Projects in the Crypto Industry Worth Attention
Attention in crypto is everything?
This year's narrative may belong to memes, with their frenzy coming in waves, even overwhelming one another.
Bitcoin continues to set records, while altcoins have not seen the expected rise, making value investment a futile endeavor, with founders surrendering and joking, "We can also be memes."
If memes are a paradise for adventurers, it is filled with stories of crossing classes and overnight wealth, full of survivor bias. In the dark side of this paradise, it ruthlessly washes away participants who go with the flow, with "diamond hands" seizing most of the wealth, while "paper hands" are left with nothing.
Perhaps we can view value investment as a game for honest people. It must be acknowledged that technology and application innovation are still underpinning the entire crypto industry.
Last week, during the Devcon in Bangkok, the "DeInsight 2024" annual summit was officially held, where the Web3 data platform Rootdata announced the RootData List 2024 Annual Rankings. The list includes five categories: Top 50 Projects (Released), Top 50 Projects (Unreleased), Crypto VC Top 50 Investment Institutions, Top 10 Angel Investors, and Top 20 Best CEOs.
We believe the most noteworthy category in the list is "Top 50 Projects (Unreleased)," as these 50 projects may represent the most important investment opportunities in the crypto market in the coming period. This article will summarize the fundamentals and recent developments of these 50 projects.
3、Interview with Metya COO of AI & Web3 Dating Platform: Aiming to Bring More Humanistic Care to Web3
Recently, Metya COO Christy participated in the "DeInsight 2024" annual summit co-hosted by the Web3 asset data platform RootData and ChainCatcher during Devcon, where she took part in a roundtable discussion themed "Social, AIGC and Metaverse." During the discussion, she expressed that the progress of social interaction has been underestimated and that she looks forward to AIGC's impact on various aspects of daily social interactions. After the event, ChainCatcher invited Christy for an interview.
In the context of the growing SocialFi, Metya, as an AI-driven Web3 dating platform, adheres to a human-centered principle, aiming to lower social barriers through technology. We had the privilege of interviewing Metya's co-founder Christy, who will delve into the vision and mission of this unique platform. Christy stated that Metya combines blockchain and AI technology to provide users with a decentralized, privacy-protecting, and incentivized dating experience. Through token incentives, Metya hopes to help users easily find like-minded partners while gaining tangible benefits from interactions.
4、Stablecoin Handbook: How a Trillion-Dollar Market Was Formed?
The crypto market is not key in the competition for stablecoins; allocation and real adoption are crucial. The adoption of stablecoins is primarily reflected in three areas: crypto-native, fully banked, and unbanked worlds.
During the "DeInsight 2024" annual summit co-hosted by the Web3 asset data platform RootData and ChainCatcher in Bangkok, the report titled RootData: 2024 Web3 Industry Development Research Report and Annual Rankings* was officially released.*
The report analyzes and interprets the development characteristics of the Web3 venture capital market in 2024 and prominently releases the RootData List 2024. This list is the second annual selection launched by RootData following its first release in 2023, and its results are being closely watched by more entrepreneurs, investors, LPs, and crypto enthusiasts.
The RootData List 2024 covers five categories: Top 50 Projects (TGE Completed), Top 50 Projects (TGE Not Conducted), Crypto VC Top 50 Investment Institutions, Top 10 Angel Investors, and Top 20 Best CEOs.
ChainCatcher will publish a series of articles interviewing projects and institutions on the RootData List 2024, seeking builders who traverse bull and bear markets and tracking the latest trends in Web3.
Today's interview features Huma Finance, which was selected for the RootData List 2024 in the "Top 50 Projects (TGE Not Conducted)" category.
During the "DeInsight 2024" annual summit co-hosted by the Web3 asset data platform RootData and ChainCatcher in Bangkok, the report titled RootData: 2024 Web3 Industry Development Research Report and Annual Rankings (click the link to view the complete report and rankings) was officially released.
This list is the second annual selection launched by RootData following its first release in 2023. This year's RootData List 2024 covers five categories: Top 50 Projects (TGE Completed), Top 50 Projects (TGE Not Conducted), Crypto VC Top 50 Investment Institutions, Top 10 Angel Investors, and Top 20 Best CEOs.
ChainCatcher will publish a series of articles interviewing institutions on the RootData List 2024, seeking builders who traverse bull and bear markets and tracking the latest trends in Web3.
SevenX was successfully selected for the Crypto VC Top 50 and recently appeared on RootData Space to share its success story.
Founded in 2020, SevenX launched its first fund in August of that year, with a scale of $5 million and an exit return rate of 700%. Notable projects include asset issuance platform DAOMaker and Web3 application Mask Network. SevenX Ventures currently manages three main funds and one FoF, with assets under management in the hundreds of millions of dollars. Notably, SevenX Ventures practices boutique investment rather than being a track-type player, thus proposing the "Three Drafts" theory + "CIVIC" model + industry chain layout.
In this interview, SevenX founding partner Eraser shared the process of forming a Web3 investment system from the perspective of IT industry investment, pointing out that there are currently two main investment lines in the market: the enhancement of infrastructure and consumption-driven development, predicting an explosion of full-chain applications in the next 3-5 years.
"I personally do not have much confidence in the combination of Web3 projects and the real world," Eraser also candidly stated his current lack of optimism about certain areas.
The following are the main contents of the Space:
7、Memecoin Market Map: An Asset Class Worth $120 Billion
Over the past year, memecoins have been the best-performing sector in the crypto market. Today, the total market capitalization of memecoins has exceeded $100 billion, surpassing the combined total of DeFi, DePin, gaming, and the metaverse.
As the scale and diversity of this asset class continue to expand, we attempt to draw a market map to identify opportunities within it.
We analyzed the best-performing memecoins from each quarter this year, and the results confirmed our hypothesis—memecoins dominated the market in every quarter. In the first quarter, $POPCAT, $WIF, $MOG, and $MYRO were the top performers;
In the second quarter, $PONKE, $SPX, $TURBO, $GIGA, $WOJAK, $BRETT, and $MOG stood out; in the third quarter, $SPX, $GIGA, $FUD, and $MUMU led the way.
8、Kevin Warsh: What Is His Connection to Crypto?
On November 12, Beijing time, The Wall Street Journal cited sources revealing that President-elect Trump is considering appointing former Federal Reserve Governor Kevin Warsh as Treasury Secretary. The report also indicated that after the current Federal Reserve Chairman Jerome Powell's term ends in 2026, Kevin Warsh could be nominated as the Federal Reserve Chairman.
Some insiders stated that Trump is considering appointing Scott Bessent to lead the White House Economic Council, and if Kevin Warsh becomes Federal Reserve Chairman, Trump would nominate Scott Bessent as Treasury Secretary in the later stages of his term.
On Polymarket, the prediction market regarding "Who will Trump choose as Treasury Secretary?" shows that Kevin Warsh's probability of winning has risen to 52%, with Scott Bessent at 29%.
9、The $15 Billion Conspiracy: Where Will MicroStrategy Send Bitcoin?
First, let's get excited about Bitcoin reaching $98,000!
Undoubtedly, the contributors to the $40K-$70K range are Bitcoin ETFs, while the contributors to the $70K-$100K range are MicroStrategy.
Many people now liken MicroStrategy to the BTC version of Luna, which makes me a bit uncomfortable because Bitcoin is my favorite cryptocurrency, while Luna happens to be my least favorite.
I hope this post helps everyone better understand the relationship between MicroStrategy and Bitcoin.
First, a few conclusions at the beginning:
- MicroStrategy is not Luna; its safety net is much thicker.
- MicroStrategy increases its Bitcoin holdings through bonds and stock sales.
- MicroStrategy's recent debt repayment date is in 2027, which is still over two years away.
- MicroStrategy's only soft threat is Bitcoin whales.
10、Want to Live Forever with Money? What Is the Recently Popular DeSci?
Decentralized science (DeSci) is not a new concept; as early as last March, research organization Messari published a related report. Recently, this track has regained market attention, largely due to Binance's investment in BIO Protocol.
