Daily Report | XRP's market capitalization surpasses USDT, becoming the third largest cryptocurrency by market cap; Zhao Changpeng responds to the view that he should be pardoned: he is unwilling to be CEO again but does not mind being pardoned; DWF Labs decides to relocate its headquarters to Abu Dhabi
December 2 News OverviewOrganizer: Luan Peng, ChainCatcher
Important News:
- Bitwise CEO: Project teams and market makers should change their mindset to challenge higher market caps in a bull market
- Solana Co-founder: We need national XRP reserves
- Data: XRP's market cap surpasses USDT, becoming the third largest cryptocurrency by market cap
- Pump.fun's weekly revenue plummets 66% after pausing live streaming feature
- Hashed founding partner: Ripple Labs sold XRP in Korea as a "Ponzi scheme," and there is a real XRP community in Korea
- Zhao Changpeng responds to the view that he should be pardoned: He is unwilling to be CEO again but does not mind being pardoned
- DeBox operational account private key leaked, resulting in losses of over 4.87 million BOX and 31 ETH
- Clipper: Attacked due to a vulnerability in the withdrawal function, not a private key leak as claimed by "third parties"
"What important events occurred in the past 24 hours"
Bitwise CEO Hunter Horsley stated on social media that the bear market has fostered a zero-sum mentality, where one profits by taking a share from others in a shrinking pie.
However, as of November this year, the total market cap of cryptocurrencies has surpassed the previous high of $3 trillion in November 2021. The market is entering a period where the pie is getting bigger, and it is time to change the way of thinking. The winning mindset in this phase is to encourage maximizing the size of the pie, increasing participation, treating on-site participants well, and supporting teams to maximize their potential and strengths.
Solana Co-founder: We need national XRP reserves
Solana co-founder Toly stated on X: "We need national XRP reserves."
According to previous reports, data from RootData shows that XRP's market cap has surpassed SOL, exceeding $130.2 billion, ranking third in the cryptocurrency market cap leaderboard (excluding stablecoins).
Data: XRP's market cap surpasses USDT, becoming the third largest cryptocurrency by market cap
According to RootData, XRP's market cap has exceeded $140.5 billion, surpassing USDT (market cap $134.2 billion), making it the third largest cryptocurrency by market cap, returning to levels before the SEC/Ripple lawsuit.
Pump.fun's weekly revenue plummets 66% after pausing live streaming feature
According to Cointelegraph, the Solana ecosystem meme coin issuance platform Pump.fun has seen a significant drop in weekly revenue due to the suspension of its live streaming feature. Data shows that the platform set a new weekly revenue high of $33.83 million in the fourth week of November, nearly a 400% increase from the beginning of the month. After shutting down the live streaming feature, revenue plummeted to $11.31 million from November 25 to December 1.
Previously, the platform was forced to suspend live streaming services due to users posting threatening content during the live stream, with several industry insiders warning that the incident could trigger a criminal investigation. Yuriy Brisov, a partner at Digital and Analogue Partners, stated that this is "reasonable grounds for criminal investigation and civil litigation."
Ryan Kim, founding partner of crypto investment firm Hashed, stated on social media that in 2014, Ripple Labs sold XRP in Korea through the "Ripple Market Korea" project as a "Ponzi scheme," attracting a large number of Korean investors. These early investors may have received substantial returns, and there is a real XRP community in Korea, which is why many Koreans bought XRP.
According to a report from Korean media in November 2014, the platform operator Ripple Market Korea completed its first round of sales within 2 hours on its opening day. The platform issued its own token RMK, promising to return transaction fee profits to users based on their holdings. At that time, the platform promoted XRP's advantages, such as being exchangeable with various national currencies, receiving investment from Google Ventures, and complying with U.S. regulations.
In response to The Telos Foundation member John Lilic's suggestion that "Trump should pardon Zhao Changpeng and let him return as CEO," Zhao Changpeng stated that he is unwilling to return to the CEO position at Binance but "absolutely does not mind being pardoned."
DeBox officially announced that due to the leakage of the private key of the EOA wallet of the DeBox operational account, 31.03 ETH and 4.879 million BOX were stolen. The official emphasized that this incident is unrelated to the asset security of platform users, assuring the community.
The response plan includes:
Stable Fund Buyback: The stable fund will be used to buy back stolen tokens from exchanges, expected to be completed within a week.
Token Distribution: All repurchased tokens will be injected into the BOX DAO asset pool, with specific uses to be decided by community voting.
Account Security Upgrade: Once the DeBox App supports multi-signature login, the operational account will be migrated to a multi-signature wallet.
Tracking and Accountability: A professional security company has been commissioned to investigate and track assets, with progress updates to be provided regularly. Any recovered assets will be managed through BOX DAO voting.
The DeBox team stated that they will continue to track the theft address and reserve the right to take legal action while committing to building an open, transparent, and sustainable ecosystem.
According to previous reports, the DeBox project has dropped over 30% in the past 24 hours, with Uniswap V2 pool liquidity remaining at only $2,900, and total on-chain liquidity around $10,000.
Decentralized exchange (DEX) Clipper clarified that a vulnerability in its withdrawal function led to a recent hack of its protocol, resulting in losses of $450,000, rather than a private key leak as claimed by "third parties."
Clipper stated: "On December 1, the attacker exploited two liquidity pools, locking approximately 6% of the total value. Some third parties claimed there was a private key leak. We can confirm that this is not the case and is inconsistent with Clipper's design and security architecture. The withdrawal function in the form of a token (bundled exchange + deposit/withdrawal transactions) has been disabled."
Previously, the co-founder of security firm Fuzzland posted on X that Clipper was hacked due to an API vulnerability (such as a private key leak), adding that the API might have vulnerabilities allowing attackers to sign deposit and withdrawal requests and steal more funds than they deposited.
Coinbase has withdrawn its pre-application to enter the Turkish cryptocurrency market
Cryptocurrency exchange Coinbase has withdrawn its pre-application to enter the Turkish cryptocurrency market, with the reason for the withdrawal unclear. Turkey's financial regulatory agency updated the list of companies applying for clearance, confirming that Coinbase has withdrawn its application. Bitfinex, Bitbns, Bitlo, OKX, and Rain Software are still seeking opportunities in Turkey by providing custodial services through applications.
QCP released a daily outlook stating that Bitcoin briefly touched $98,000 during the Thanksgiving holiday, driven by Michael Saylor presenting his Bitcoin investment strategy to Microsoft. Microsoft's shareholders plan to vote on December 10 on whether to include Bitcoin on its balance sheet.
Major shareholders of Microsoft, such as Vanguard, BlackRock, and Fidelity, have gained exposure to cryptocurrencies by investing in MSTR, Coinbase, and other crypto companies. Some may argue that they already have sufficient exposure. However, if the proposal passes, it would not only benefit Bitcoin but also positively impact their other investments.
As we await Microsoft's decision next week, U.S. employment and labor data will again be in focus this week. ISM manufacturing data and PMI data are scheduled for release on Monday and Wednesday, respectively. However, the highlight of the week is Friday's non-farm payroll data. The market will closely monitor this week's reports to better grasp inflation trends, especially ahead of the interest rate decision on December 17-18.
DWF Labs decides to relocate its headquarters to Abu Dhabi
DWF Labs co-founder Andrei Grachev stated on X: "To establish a strong presence in the Middle East and provide more RWA and financial services, DWF Labs has decided to relocate its headquarters to Abu Dhabi, with more news to come."
CryptoQuant CEO: Coinbase whales drove the rise of XRP
CryptoQuant CEO Ki Young Ju stated on X that Coinbase whales drove the recent rise of XRP. Over the past 30 days, Coinbase's minute-level price premium during this rise ranged between 3%-13%.
Meanwhile, the South Korean exchange Upbit, which has more XRP investors than Binance, has not shown a significant premium to date.
"What excellent articles are worth reading in the past 24 hours"
XRP surges, reviewing 9 associated ecosystem projects with issued tokens
The trend of favoring new tokens over old ones is reversing. The long-established public chain Ripple's XRP has continued to surge, with an increase of over 360% in the past month, and today its market cap has surpassed USDT and SOL to become the third largest cryptocurrency. Additionally, XRP's market cap has also surpassed Pinduoduo, China Life, and Citigroup, rising to the 138th position in global asset rankings.
According to RootData's popularity trend, the tokens related to the XRP ecosystem are rapidly gaining popularity, and ChainCatcher has briefly reviewed the projects related to the XRP ecosystem.
XRP's market cap returns to third in crypto, is XRP ETF ahead of the curve?
Latest data shows that XRP's market cap once exceeded $136.2 billion, surpassing USDT to return as the "third largest cryptocurrency by market cap," back to levels before the SEC/Ripple lawsuit in 2020.
Previously, Odaily Planet Daily provided a detailed analysis of the "U.S. court ruling that Ripple did not violate federal securities laws" in August, see the article "XRP Surges Over 20% Following Ripple's Another Milestone Victory Against the SEC." Nearly four months later, XRP's price has surpassed $2.3, increasing nearly fourfold, and the market is optimistic about XRP's future performance.
Odaily Planet Daily will summarize the current situation and related information of Ripple and XRP for readers' reference in this article.
Executive "Great Migration": How can crypto companies become ideal habitats for top talent?
A company's recruitment can reveal its actual progress in strategic execution while reflecting the changing trajectory of industry demand, thus predicting the future market's activity level and development potential.
According to a report released by Tiger Research, the number of job postings in the global Web3 market has begun to increase significantly after the U.S. Securities and Exchange Commission (SEC) approves Bitcoin spot ETFs in January 2024. As expectations for market recovery rise, recruitment activities have become relatively active.
In the first half of 2024, the number of Web3 job postings increased by about 20% year-on-year, reflecting a significant rise in overall industry expectations compared to last year. The increase in job postings mainly comes from crypto ETF management companies and exchanges.
Exclusive interview with Xiao Z: The business acumen of a "listing expert" in CEX
Since October, listing on CEX has become a new discipline. Whether it's ACT, PNUT, or MOODNEG, countless people have become wealthy due to these new tokens being listed. Every batch of players waiting for these potential listing tokens holds their breath when CEX announces, hoping to be the lucky one.
However, in addition to early positioning, there is a group of players like Xiao Z who focus on studying CEX announcements, forming a "announcement trading" strategy. With his understanding of CEX, Xiao Z has not only successfully positioned some potential listing targets (such as CAT MOODNEG) but also gained considerable profits after CEX announcements (such as PEPE, ACT, OL). Thus, Blockbeats specifically chatted with Xiao Z about the lesser-known announcement trading.
After much anticipation, on November 29, decentralized derivatives exchange Hyperliquid announced the genesis event for its native token HYPE. After the token went live, HYPE's price soared from the opening price of $2 on November 29 to a peak of $9.8 on December 1, increasing nearly fivefold in less than three days.
Compared to other major airdrop projects this year, HYPE's market performance is indeed impressive. In this airdrop, Hyperliquid distributed a total of 310 million tokens, and even at the opening price of $2, the airdrop scale reached $620 million. It is undoubtedly one of the largest airdrop projects of the year.
However, strangely, in the early stages of Hyperliquid's airdrop announcement, there were few Chinese KOLs discussing it on social media, and there were not many Chinese bloggers "showing off" afterward. It seems that those KOLs focused on quick profits collectively missed out on this real big opportunity.
