Daily Report | Devansh Mehta joins the Ethereum Foundation; Upbit suspends digital asset deposit and withdrawal services over 1 million KRW
February 10 News OverviewOrganizer: Fairy, ChainCatcher
Important News:
- Nasdaq has submitted application documents to the SEC for the listing and trading of CoinShares XRP ETF and LTC ETF
- Devansh Mehta joins the Ethereum Foundation, focusing on AI, public goods, and governance
- Base team member denies rumors of consistently transferring its sequencer fee income to Coinbase for sale
- CoinShares: Last week, net inflows into digital asset investment products reached $1.3 billion, marking five consecutive weeks of inflows
- Alliance DAO founder: I have fully divested my ETH held for 10 years, its growth potential is nearly exhausted
- Slow Mist's Yu Xian: The funding for CAR creators comes from Binance, with nearly 80% of tokens distributed across six creator-associated addresses
- Upbit: Due to VerifyVASP server maintenance, the withdrawal and deposit services for digital assets over 1 million KRW are suspended
"What important events occurred in the past 24 hours"
Nasdaq has submitted application documents to the SEC for the listing and trading of CoinShares XRP ETF and LTC ETF
According to Cointelegraph, Nasdaq Stock Market LLC has submitted a proposed rule change to the U.S. Securities and Exchange Commission (SEC) to list and trade shares of CoinShares XRP ETF and LTC ETF.
Devansh Mehta joins the Ethereum Foundation, focusing on AI, public goods, and governance
Devansh Mehta announced on X that he has joined the Ethereum Foundation as the head of AI x Public Goods / Governance. He was previously active in the Arbitrum and Gitcoin ecosystems.
Mehta stated that he is currently focusing on three directions: AI x ecosystem growth funding, AI x practicality, and AI x governance. For example, he plans to use AI to predict the funding situation of Ethereum ecosystem projects, develop an AI scoring mechanism to measure the utility of decentralized applications, and explore introducing AI prediction market mechanisms into DAO governance to optimize proposal decision-making processes.
Base team member denies rumors of consistently transferring its sequencer fee income to Coinbase for sale
According to CoinDesk, Base team member Kabir.base.eth denied rumors that Base has been consistently transferring its sequencer fee income to Coinbase for sale.
Kabir explained that Base uses off-chain custody to ensure security and audit transparency, so funds are transferred to Coinbase. Additionally, Base primarily settles in ETH and uses it for Ethereum L1 fee payments and ecosystem support.
Previously, anonymous analyst Santisa questioned whether Base had transferred all sequencer fees to Coinbase, which may have been sold. Sonic Labs founder Andre Cronje also pointed out that the centralized operation model of L2 sequencers could affect the deflationary effect of ETH, causing Ethereum to re-enter an inflationary state.
CoinShares: Last week, net inflows into digital asset investment products reached $1.3 billion, marking five consecutive weeks of inflows
According to CoinShares' latest weekly report, digital asset investment products saw net inflows of $1.3 billion last week, marking five consecutive weeks of inflows, bringing the total inflow for the year to $7.3 billion. Recent price declines have caused the total assets under management of ETPs to drop from a historical high of $181 billion at the end of January to $163 billion. This week, trading volume stabilized at $20 billion.
Regionally, inflows in the U.S. amounted to $1 billion, with widespread buying on dips, while most other regions also saw inflows, notably Germany, Switzerland, and Canada, with inflows of $61 million, $54 million, and $37 million, respectively.
Bitcoin saw inflows of $407 million, and global ETPs currently account for 7.1% of the current market cap, becoming the largest holder relative to any other entity. This week, Ethereum became the focus, with its price recently dropping to nearly $2,100, triggering significant buying on dips, with inflows reaching $793 million, surpassing Bitcoin for the first time this year.
Alliance DAO founder: I have fully divested my ETH held for 10 years, its growth potential is nearly exhausted
Alliance DAO founders Imran Khan and Qiao Wang shared their views in a podcast titled "On Consumer Crypto."
Imran believes that "supporters of Base in the current market have turned to Solana," to which Qiao responded, "It is easier to attract users on Solana; for developers familiar with EVM, transitioning to Solana is not easy and requires learning a whole new set of tools, but even so, they still feel it is worth it because Solana offers a better user base and ecosystem support."
Additionally, Qiao stated, "I have actually held Ethereum since the genesis block. But I sold it last year; I held it for a full 10 years. You can imagine holding an asset for 10 years and then suddenly feeling that its growth potential is nearly exhausted."
Upbit: Due to VerifyVASP server maintenance, the withdrawal and deposit services for digital assets over 1 million KRW are suspended
Upbit announced that due to VerifyVASP (VV) server maintenance, transfers involving digital assets over 1 million KRW may be affected from February 12, 2025, 23:00 to 23:30.
This maintenance will affect withdrawal and deposit operations through travel rule verification and account holder confirmation services.
U.S. CFPB acting director has cut off the agency's funding sources and suspended some oversight
Russell Vought, the acting director of the Consumer Financial Protection Bureau (CFPB) appointed by President Trump, stated that he has cut off the agency's new funding sources and has reportedly asked staff to suspend all activities.
Vought stated in a post on X on February 9, "I have informed the Federal Reserve that the CFPB will not draw down the next tranche of unallocated funds, as this is 'not reasonably necessary' for fulfilling its duties. Given the current fiscal environment, the agency's current balance of $711.6 million is actually excessive."
The agency was established to regulate financial companies such as banks and remittance companies to prevent them from engaging in abusive and predatory practices. It also accepts complaints against U.S. cryptocurrency exchanges.
Jupiter co-founder: CAR token deployers have re-locked the contract to ensure irreversibility
Jupiter co-founder meow stated on the X platform that the CAR token team has verified its deployment through on-chain transactions and has re-locked the contract to ensure irreversibility.
The team redeployed the initially revocable contract and tracked key transaction records from minting to locking, while destroying 0.06942 SOL to verify address ownership. Additionally, the tokens have been locked as planned, including national development, charity, public offering distribution, and team shares, with national development funds now made irrevocable. All locking situations can be publicly queried through Streamflow.
Slow Mist's Yu Xian: The funding for CAR creators comes from Binance, with nearly 80% of tokens distributed across six creator-associated addresses
Slow Mist founder Yu Xian stated on social media that the website for the Meme coin CAR, car.meme, is currently inaccessible, and this URL was registered on Namecheap four days ago. The funding for CAR creators comes from Binance, with nearly 80% of CAR primarily distributed across six addresses associated with the creators, and the locking cannot be verified.
"What important events occurred in the past 24 hours"
Alliance DAO founders discuss: Solana will ultimately prevail, Bitcoin Strategic Reserve (SBR) may become the new ETF moment
Imran: A lot of noteworthy things have happened in recent weeks. The market has shown a continuous downward trend over the past month, and I feel that our sentiment is highly consistent with the market's performance.
Qiao: The market does seem a bit weak.
Imran: Overall, the market is digesting the significant news released by Trump and the subsequent liquidity injections. As for the market's short-term trajectory, I cannot provide a clear judgment, but from a medium to long-term perspective, I remain optimistic about the market.
Guess who is dumping ETH?
In this cycle, ETH has significantly underperformed the overall market, with some attributing it to "heavy loads being hard to pull," while others criticize the Ethereum Foundation (EF) for being "unworthy of its position." Recently, Layer 2 has again become the target of community criticism.
On February 9, the DeFi god of the last cycle and current Sonic co-founder Andre Cronje (AC) posted on X, angrily criticizing Layer 2 for profiting significantly through continuous selling of sequencer earnings, becoming a parasite on Ethereum.
Everything you need to know about CAR, the coin launched by the president of the Central African Republic
DVM Perspective: Central African Republic President Faustin Archange Touadéra (@FA_Touadera) has officially launched $CAR. Within the first two hours of its launch, the trading volume reached $250 million. Currently, this token is regarded as an "experimental" Meme coin. According to tradingeconomics, the GDP of the Central African Republic is expected to be $2.5 billion in 2023, while the market cap of $CAR has reached $500 million, equivalent to 1/5 of the GDP. The liquidity is low, at only $3.5 million, making the investment risk relatively high. This phenomenon reflects a new trend in PoliMeme (political Meme coins), marking the second occurrence of a similar event after another president launched a Meme coin. From the current situation, the launch of $CAR also brings new growth opportunities to the $SOL ecosystem.
Meme Popularity Rankings
According to the meme token tracking and analysis platform GMGN, as of February 10, 20:00:
The top five popular Ethereum tokens in the past 24 hours are: BAD, DOGE, SPX, LINK, PEPU
The top five popular Solana tokens in the past 24 hours are: CAR, jailstool, YODA, WOMP, JAILMURAD
The top five popular Base tokens in the past 24 hours are: VIRTUAL, AIXBT, MEGA, USD+, BRETT
