Daily Report | Bitget will burn $5 billion worth of BGB; Binance Alpha announces the 8th batch of project tokens; LayerZero's proposal to "turn on protocol fee switch" was not approved

Organizer: Fairy, ChainCatcher

Important News:

• Bitget will burn BGB worth over $5 billion, accounting for 40% of total supply
• Solana co-founder accused of hiding millions in staking rewards in divorce settlement with ex-wife
• Binance Alpha launches arc, WHY, APU, HAPPY, FWOG
• The State Administration of Foreign Exchange releases management measures for high-risk transactions related to illegal cross-border financial activities involving virtual currencies
• Binance BNSOL Super Staking launches MANTRA (OM)
• LayerZero's vote on "turning on the protocol fee switch" did not pass
• Strive Asset Management applies to the SEC for a Bitcoin bond ETF
• Bitwise submits application to the SEC for listing "Bitcoin Standard Corporations" ETF

"What important events occurred in the past 24 hours"

Cambodia approves commercial banks and payment institutions to provide cryptocurrency services, including stablecoins and collateralized cryptocurrencies

The National Bank of Cambodia (NBC) has approved commercial banks and payment institutions to provide services related to stablecoins or collateralized cryptocurrencies. This is the first time NBC has approved such services, with relevant directives issued on December 26 and announced on December 27. However, Bitcoin remains prohibited.

According to the new regulations, institutions must obtain prior approval from the NBC to conduct cryptocurrency exchanges, inter-account transfers, and custody services.

Bitget will burn BGB worth over $5 billion, accounting for 40% of total supply

The Bitget team released a new version of the BGB white paper, announcing the introduction of a buyback and burn mechanism. In the first burn, 800 million BGB held by the core team will be burned at once, accounting for 40% of the total supply. Based on the current price of BGB, the value of the burned portion exceeds $5 billion. After the burn, the total supply of BGB will be reduced to 1.2 billion, with 100% circulation.

At the same time, BGB will initiate quarterly buybacks and burns. Starting in 2025, Bitget will use 20% of the profits from the exchange and wallet business each quarter to buy back and burn BGB. The profits will come from trading fees for spot, contract, and leveraged trading on the Bitget exchange, as well as fees from Swap, contracts, and NFT trading on Bitget Wallet.

The white paper also introduces future rights plans for BGB, focusing on three areas: on-chain application scenarios, PayFi payment scenarios, and on-site rights scenarios, allowing BGB to become a mainstream asset deeply integrated into popular public chains and leading DeFi ecosystems.

Bitget CEO Gracy Chen stated: "The Bitget team’s decision to proactively burn over $5 billion worth of platform tokens fully demonstrates our firm commitment to long-termism. Over the past decade, CEX has played a crucial role in the development of the crypto industry. As more applications and activities gradually migrate on-chain, Bitget will build an integrated ecosystem around BGB, continuing to drive industry innovation and development."

Solana co-founder accused of hiding millions in staking rewards in divorce settlement with ex-wife

According to DLNews, Solana co-founder Stephen Akridge is accused of hiding millions in staking rewards during his "contentious" divorce from ex-wife Elisa Rossi. Rossi has filed a lawsuit in California state court seeking the withheld staking rewards. The couple was married for nearly ten years, accumulating significant wealth primarily from Akridge's founding role at Solana Labs.

According to the lawsuit, Rossi claims the divorce process has been "long and contentious." As part of the divorce settlement, she was entitled to a portion of the profits from SOL tokens, but Akridge did not hand over the staking rewards, resulting in her losing "millions of dollars." After discovering that Akridge had concealed these staking rewards, Rossi repeatedly contacted him to request their return but received indifferent responses.

The State Administration of Foreign Exchange releases management measures for high-risk transactions related to illegal cross-border financial activities involving virtual currencies

According to an announcement from the State Administration of Foreign Exchange, the "Management Measures for Reporting Bank Foreign Exchange Risk Transactions (Trial)" have been released and will take effect immediately. The measures are a supporting document to the "Management Measures for Bank Foreign Exchange Business (Trial)" and aim to strengthen banks' foreign exchange risk management, enabling early identification, early warning, and early handling of high-risk transactions involving false trade, underground banks, and illegal cross-border financial activities related to virtual currencies.

Key contents include: clarifying the reporting responsibilities for bank foreign exchange risk transactions, requiring the establishment of monitoring systems and submission of reports; specifying the scope of information reporting, including activities involving illegal cross-border capital flows; clarifying report contents, such as basic information and proposed measures; and strengthening internal management measures, including internal control systems and data confidentiality management.

Binance BNSOL Super Staking launches MANTRA (OM)

Binance BNSOL Super Staking will launch the third project MANTRA (OM), which is a Layer 1 blockchain designed for tokenizing real-world assets.

From January 1, 2025, 08:00 to February 1, 2025, 07:59 (UTC+8), users holding BNSOL in Binance accounts and Binance wallets, or staking SOL to BNSOL, will receive OM APR Boost airdrop rewards.

Binance Alpha launches arc, WHY, APU, HAPPY, FWOG

According to official news, Binance Alpha has announced the 8th batch of project tokens, including arc, WHY, APU, HAPPY, FWOG.

ai16z founder joins Eliza project as an advisor

AVA posted on the X platform that ai16z founder Shaw has joined the Eliza project as an advisor. Meanwhile, Eliza Studios director, ai16z creative Jeff, Nous Research researcher Ropirito, and Ryze Labs founder Matthew also announced their roles as advisors to the Eliza project.

LayerZero's vote on "turning on the fee switch" did not pass

The vote on LayerZero's proposal to "turn on the fee switch" has concluded. Due to not reaching the quorum, the LayerZero protocol fee switch will remain off, with the next vote scheduled to take place in six months.

Citi: Cryptocurrency will surge in 2025 driven by Trump policies and ETF inflows

According to Bitcoin.com, Citi analysts predict that cryptocurrency will experience strong growth in 2025, driven by Trump policies, increased ETF inflows, and innovations in stablecoins. Bitcoin breaking $100,000 may just be the beginning.

Citi analysts expect a shift in regulation and explain that this is more about removing obstacles than deregulation, meaning policies may reduce barriers that previously hindered growth rather than relaxing regulations. Widespread adoption remains key to the long-term success of cryptocurrencies.

Bitwise submits application to the SEC for listing "Bitcoin Standard Corporations" ETF

According to Cointelegraph, Bitwise has submitted an application to the U.S. Securities and Exchange Commission (SEC) for listing the "Bitcoin Standard Corporations ETF."

The fund aims to provide exposure to the stocks of companies that adopt the Bitcoin standard and hold at least 1,000 BTC in their financial assets.

Strive Asset Management applies to the SEC for a Bitcoin bond ETF

Vivek Ramaswamy's Strive Asset Management has applied to the U.S. Securities and Exchange Commission (SEC) for a Bitcoin bond ETF.

"What are the exciting articles worth reading in the past 24 hours"

What projects on the bull market dark horse Hyperliquid are worth participating in?

Every bull market brings forth a dark horse exchange, and Hyperliquid seems to be that dark horse in this round of the bull market.

Although it has not yet listed on CEXs like Binance and Coinbase, Hyperliquid's fully diluted valuation (FDV) has reached $27 billion, entering the top 30 by market capitalization in crypto assets. Its HYPE token has performed remarkably, with the initial price set at $3.9 per token during the Token Generation Event (TGE), and within a month, the price peaked near $35 per token, making it a highly sought-after asset, causing many investors who missed out to regret.

But if you missed Hyperliquid, there are still Hyperliquid ecosystem projects worth exploring.

Institutions' 2025 crypto predictions are rolling out; did they get it right last year…?

Grading time------This article takes you on a one-stop review of the popular predictions and actual performances in the crypto industry for 2024, examining how many of the predictions made by top research institutions like Binance Labs, Coinbase Venture, a16z, Messari, Pantera Capital, etc., came true last year. After all, their predictions for this year have also been released.

Predictions are a contest of intelligence and vision, while the market provides the answer with harsh reality. Get ready to take a look at this year's crypto landscape!

❌ Represents that the prediction was wrong or not entirely correct

☑️ Represents that the prediction was correct

⭕️ Represents not entirely accurate, with room for discussion

2024 Crypto AI narrative evolution: from decentralized GPU, data, and other infrastructure to AI Agent | Annual Review

In 2024, the "Crypto+AI" field achieved unprecedented breakthrough growth. At the beginning of the year, this field was composed of only a few projects, but now it has become an independent track in the crypto market that cannot be ignored.

According to the latest data compiled by ChainCatcher, as of December 7, the total market capitalization of the crypto AI sector has surpassed $70 billion, accounting for up to 2% of the entire crypto market, with an annual growth rate of 400%.

At the same time, the number of crypto AI projects has also seen explosive growth, currently exceeding 600, covering various categories such as decentralized AI infrastructure and AI Dapps.

Looking back at 2024, the narrative of crypto AI has undergone several significant changes. At the beginning of the year, the Sora project launched by OpenAI ignited speculation around crypto AI infrastructure. Subsequently, the NVIDIA AI annual conference brought decentralized GPUs into the spotlight, leading investors to pursue decentralized AI infrastructure. Mid-year, the crypto AI sector experienced an investment boom, with crypto VC firms announcing their involvement, and numerous crypto projects received funding support, accelerating the development and application of technology. By the end of the year, the explosion of the AI Agent Meme pushed the narrative of crypto AI to a new climax.

Meme Popularity Rankings

According to the meme token tracking and analysis platform GMGN, as of December 27, 19:40:

The top five popular Ethereum tokens in the past 24 hours are: SEN, MOODENG, RAI, KHAMOO, MYSTERY

The top five popular Solana tokens in the past 24 hours are: GUZUTA, FUSH, SHIKOKU, PEWZY, YUPI

The top five popular Base tokens in the past 24 hours are: COPE, SKICAT, MOEW, CLANKER, BRETT