Headlines
The ranking of the worlds most suitable countries and regions for cryptocurrency business in 2024 is released, and the top ten are: Dubai, Switzerland, South Korea, Singapore, the United States, Estonia, Italy, Russia, Germany, Brazil. It is reported that Dubai scored the highest in regulatory clarity, exemption from capital gains tax, preferential corporate tax (9%) and affordable licensing fees, making it the number one cryptocurrency destination.
According to Bitcoin News, 11.97 million bitcoins are currently owned by ordinary users and 500,000 bitcoins are owned by the government. The situation has officially reversed.
According to HOD L1 5 Capital monitoring, the US Bitcoin spot ETF increased its holdings by a total of 4,635 BTC last week, exceeding the BTC production in the same period (3,150).
According to monitoring, according to the Dune dashboard, as of October 13, Banana Guns total revenue has reached 14,524 ETH and 71,676 SOL (about 46.14 million US dollars), and the annualized rate for holders is about 14.37%, ranking fourth in the DeFiLama TG Bot annual income ranking.
Revenues peaked during the Meme craze in March and June 2024, with a peak daily revenue of $2.69 million; thanks to the recent hype about Meme, revenues last week were nearly $970,000, mainly contributed by the Ethereum mainnet (accounting for about 78%), with 295,000 active wallets.
Industry News
According to Geniidata, Runecoin’s total market capitalization reached $1.54 billion, up 13.71% in the past 24 hours, with a trading volume of $5.04 million during the period, down 34.4%.
Among them, the top three projects by market value are DOG•GO•TO•THE•MOON (US$539.53 million), GSC•BITCOIN•RGB (US$217.83 million), and PUPS•WORLD•PEACE (US$158.74 million).
Since Microstrategy adopted its Bitcoin strategy, the companys stock price has risen 1,620%, outperforming the gains of Bitcoin, the SP 500 and major technology stocks.
Earlier, the companys executive chairman Michael Saylor highlighted the performance on social media, comparing Microstrategys growth to Bitcoin, the Magnificent 7 and the overall market over the past three years, and reiterated his bullish stance on Bitcoin, writing: The only thing better than Bitcoin is more Bitcoin... If you want to win, you need a Bitcoin strategy.
7,574 ETH flowed into BlackRock Ethereum ETF on October 11
According to Arkham monitoring data, 7,574 ETH flowed into the BlackRock Ethereum exchange-traded fund ETHA Ethereum ETF from the Coinbase Prime hot wallet address on the 11th, worth $18.52 million. According to official data, the total holdings of the BlackRock Ethereum ETF as of October 10 were 414,168.197 ETH, equivalent to approximately $976,028,773.05.
A total of 346.337 BTC flowed into WisdomTree on October 11
According to Arkham monitoring data, a total of 346.337 BTC flowed from Flow Traders and Coinbase addresses into the WisdomTree Bitcoin exchange-traded fund WisdomTree Physical Bitcoin WBIT on the 11th, worth approximately US$20.495 million.
After the NFT aggregation trading platform OpenSea received the Wells Notice issued by the U.S. Securities and Exchange Commission (SEC), the law firm Bronstein, Gewirtz Grossman announced that it was investigating potential claims on behalf of OpenSea NFT buyers. The law firm advised investors who purchased OpenSea NFTs to assist in the investigation and will file a class action lawsuit on behalf of investors.
Taiwans virtual currency fraud cases totaled 9,625 in the first half of the year
Virtual currency fraud in Taiwan has been increasing. In the first half of the year, there were 9,625 virtual currency fraud cases, an annual increase of 25%, and the amount of financial losses reached NT$14.176 billion, an annual increase of nearly 30%. There are three main types of virtual currency fraud in Taiwan: fake investment, wallet authorization, and secondary fraud.
Uniswap front-end transaction revenue exceeds US$77 million
DefiLlama data shows that as of October 10, Uniswap front-end transaction revenue exceeded US$77 million ($77.15 million).
Earlier news said that Uniswap Labs, the development company behind Uniswap, launched the second-layer network Unichain. The network testnet has been launched and the mainnet will be launched soon.
Project News
Worldcoin recently shared a major project update in San Francisco, with developers saying the project has grown “significantly” over the past five years and that the time has come to move to the next phase of development.
At the upcoming “A new world” live event in San Francisco on October 17, Tools for Humanity (TFH) CEO Alex Blania and OpenAI CEO Sam Altman will join key members of the Worldcoin Foundation and TFH to discuss “meaningful updates” to the global initiative.
These key updates include improved digital technology and methods for bringing more users onto the Worldcoin network, aiming to scale the project from its current approximately 7 million verified users to 700 million or “more,” while also providing important tools to help everyone share in the “benefits” of the AI-powered smart age.
The Ethena community initiated a proposal to include SOL as a collateral asset for USDe
Seraphim, head of growth at Ethena Labs, posted on the X platform that the Ethena community has initiated a proposal to include SOL in the collateral assets of USDe, and will build a spot plus futures hedging mechanism around SOL that is the same as the current BTC and ETH.
The proposal states that SOL can provide higher funding rates than BTC and ETH. Including SOL as a collateral asset can further promote the consolidation of Ethena and Solana, and can also increase protocol revenue when market conditions improve.
Paxos September PYUSD Transparency Report: Total Circulation Drops to About $700 Million
Paxos officially released the PYUSD transparency report for September 2024, disclosing relevant unaudited data of PYUSD as of 05:00 Beijing time on August 31, 2024, including:
1. Total Tokens Outstanding dropped to $709,794,225;
2. The current market value of the collateral in U.S. Treasuries is approximately $111,598,980 and the notional position value is approximately $110,718,542;
3. The current market value of the collateral in the U.S. Treasury-backed reverse repurchase agreements is approximately $585,329,040, and the notional position value is approximately $573,852,000;
4. The current market value of the cash deposit is approximately $23,224,383 and the notional position value is approximately $23,224,383;
5. The current market value of the collateral in the total net assets is approximately $720,152,403 and the notional position value is approximately $707,794,925.
Sui liquidity protocol DeepBook announced that the airdrop claim website will be open today
Sui liquidity protocol DeepBook announced that the DEEP token will be launched on October 14, and the claim website will be open at 17:55 Beijing time. DBClaimNFT holders can destroy NFTs on the claim website to receive DEEP airdrops. DEEP tokens will be publicly issued on centralized and decentralized exchanges at 18:00.
WalletConnect recently announced that the WalletConnect Foundation will launch Season 1 WCT airdrops for certain early users and contributors. If a user has ever used WalletConnect to connect a mobile wallet to an application (whether by scanning a QR code or using the Connect via WalletConnect button), they may be eligible for the WCT airdrop. Users must register before October 18.
pump.funs cumulative revenue exceeds $120 million
DefiLlama data shows that as of October 10, the Solana ecosystem Meme coin issuance platform pump.fun has accumulated revenue of more than US$120 million, and currently stands at US$123.35 million.
Investment and Financing
Gate Ventures, Movement Labs, and Boon Ventures to Launch $20 Million Crypto Fund
Gate Ventures and Boon Ventures announced that they will work with Movement Labs to establish a new $20 million fund specifically for investing in Web3 startups. The fund will support the development of Move-based protocols, especially applications that connect the Move network to Ethereum compatibility (EVM), mainly including: GameFi dedicated to secure decentralized finance (DeFi) projects, in-game asset trading and non-fungible token (NFT) management, and interoperability solutions for data and asset transfers between the Move and EVM ecosystems.
Fission Labs, an on-chain venture capital platform, announced the completion of a $1.6 million Pre-Seed round of financing, led by SALT Fund and Kraynos Capital, with participation from Anthony Scaramucci (Skybridge). The new funds intend to promote Fission Labs to introduce venture capital into on-chain DeFi applications. Its platform has launched a testnet on Ethereum to support cryptocurrency native users and traditional financial participants to invest in and trade private equity-backed tokens.
Khosla Ventures raises $405M to participate in OpenAIs $6.6B funding round
Venture capital firm Khosla Ventures has raised a $405 million special purpose vehicle (SPV) to invest in OpenAIs $6.6 billion financing round, according to people familiar with the matter and a regulatory filing. The SPV will be composed of funds provided by Khosla Ventures and external investors, according to people familiar with the matter. Venture capitalists usually support startups, but they also pool funds through SPVs to participate in later-stage financing rounds.
Khosla Ventures has previously invested in projects including NEAR ecosystem blockchain infrastructure company Calimero Network, Worldcoin, investment application Seashell, Chain (XCN), etc.
Regulatory trends
The Laiwu District Peoples Court of Jinan City published the 167th typical case of the application of the Civil Code by the Shandong Court, the determination of the legal attributes of digital collections and the effectiveness of their trading behaviors (the case of Yang XX v. a cultural and creative companys sales contract dispute). The judgment pointed out that digital collections are a kind of online virtual property. At present, there is no law in my country that explicitly prohibits the issuance and trading of digital collections. As long as the actor has the corresponding civil capacity and the intention is true, the transaction of digital collections between civil subjects should be deemed legal and valid. Digital collections have the dual attributes of collection and investment, and contain higher market risks. The purchaser aims to earn the difference in the secondary market transaction of digital collections, and should not be identified as a consumer under the Consumer Protection Law, and should bear the corresponding market price fluctuation risks.
The South African Revenue Service (SARS) announced that it will include crypto assets in its compliance program. The tax department is seeking information about crypto users from the Financial Sector Conduct Authority (FSCA) and crypto asset service providers.
SARS said recently that it felt it was necessary to take this step after noticing that taxpayers did not declare crypto assets and transactions in their tax returns. According to the statement, South African law requires SARS to account for all income and assets, including cryptocurrencies.
In its latest comments on the issue, SARS said it is working to make compliance easier for taxpayers and traders. At the same time, the tax officer stressed the consequences of deliberate tax evasion. To achieve this, SARS said it has strengthened its audit team and adopted the latest technology.
Character Voice
Trump says Elon Musk vows to launch rocket to Mars before end of second term
Fox News revealed that former US President Trump said that Elon Musk vowed to launch a rocket to Mars before the end of his second term. Trump also said that he plans to stimulate economic growth and fight inflation, which has risen by 19.9% under the Biden-Harris administration. Trump said that Elon Musk wants to be in charge of cost-cutting and will create a new position called Minister of Cost Cutting. (Jinshi)
Elon Musk says he will build a self-sufficient city on Mars in the future
Elon Musk responded to a users question about building a city on Mars on Twitter at 21:07 Beijing time. He said that if civilization remains stable in the next 30 years, a self-sufficient city with a population of 1 million will be built on Mars.
It was previously reported that Elon Musk released a new plan to launch five starships to Mars within two years, send humans to Mars within four years, and build the first Martian city TERMINUS on Mars that can accommodate one million people by 2050.
Binance He Yi: There is only one X account
Binance co-founder He Yi posted a message on the X platform to clarify that he only has one X account.
Previously, it was suspected that Zhu Su retweeted a tweet named 何一HEYI on the X platform, and the relevant tweet was subsequently deleted.
Star: Solana is one of the most important ecosystems supported by OKX Web3
OKX CEO Star wrote that Solana is one of the most important ecosystems supported by OKX Web3.
CryptoQuant CEO: Trump may face some challenges as the founder of Web3
Ki Young Ju, founder and CEO of CryptoQuant, wrote on the X platform that as a Web3 founder, Trump may face some challenges, including:
1. Withstood the scrutiny of on-chain detective ZachXBT;
2. Build a fan base to defend the token price through bold, even narcissistic tweets;
3. Negotiate listing on the exchange;
4. Protect wallets and smart contracts;
5. Control the retail token distribution of IC0 and defend the price;
6. Continuously demonstrate strong use cases and narratives;
7. Risk being labeled a scammer worldwide until the token price recovers.
Trump previously stated on the X platform that the public sale of WLFI tokens will begin on October 15 (local time), and the details of the public sale will be introduced in the live broadcast on October 14.
Head of Base Protocol: Doubled the number of searchable assets on Coinbase Wallet last week
Jesse Pollak, head of the Base protocol, said in a post on the X platform: “This week (October 7-13 last week), we doubled the number of searchable assets on Coinbase Wallet to approximately 1.37 million, and intentionally increased the number of price charts.
Our goal is to achieve 100% instant coverage for search, charts, notifications, etc. for all assets. There is more work to do.”
Additionally, Pollak urged stakeholders to submit feedback for optimization.
Kevin Sekniqi, co-founder of Ava Labs, said in a post on X: “In the past few years, Avalanche has been committed to achieving horizontal expansion (application chains, etc.), and it seems that it will soon dominate this field. However, there is still a lot to do in terms of vertical expansion, and this problem must be solved next.
In my opinion, bigger hardware has to be at the heart of achieving this.”
Christian 2022.eth, a whale, posted: “Sold a little EIGEN and bought some SPX 6900 (SPX) and HPOS 10 I ETH (BITCOIN) as a start. Late but late.
Just found out I still have over $5 million in altcoins and will continue to focus on building Cheems and Ethereum on-chain meme coins to make it great again.”
Earlier today, Christian 2022.eth said it was considering swapping altcoins for Meme coins and seeking community advice.
Opinion: The trend of Meme coin is inevitable, but further transparency and fairness are needed
Crypto KOL cygaar posted: “The Meme coin trend is inevitable.
Cryptocurrency is widely adopted by:
-Always online, love Internet culture;
-Always looking for ways to make money;
- Want to be part of a close-knit community;
-It takes some faith.
Creating, trading, and talking about tokenized memes is a natural progression for a new generation of internet consumers.
There’s still a lot of work to be done to make Meme Coin more transparent and fair, but people are having a lot of fun and some are making (a lot of) money doing it.
The lure of getting rich by investing in the next viral meme coin will continue to draw users in. This is why AMC and GME have become such massive phenomena.
As long as people spend a lot of time on the internet, meme coins will continue to exist and thrive.”
Well-known trader Ansem wrote: “Overall, cryptocurrencies have insufficient funds flowing into meme coins ($50 billion out of a $2.2 trillion market cap, or 2.5%), and they are gradually gaining momentum.
The best trades over the next 4 months will determine which meme coins possess the following characteristics:
- Long accumulation period;
-Loyal community on X;
-Easy to relate to for the average person.”
ZachXBT: Robberies targeting cryptocurrency traders have increased recently
On-chain detective ZachXBT said he has noticed an increase in reports of victims of cryptocurrency robberies. He recently posted that in the past few months, the number of victims of cryptocurrency burglaries in Western Europe has been much higher than in other regions. He has received information from multiple victims and disclosed a robbery involving $4.3 million.
ZachXBT said: This is a cautionary tale that hopefully will help lead to arrests and hopefully people will learn from it and take protective measures. Avoid sharing personal information or details about your crypto assets with friends or showing off on social media.
According to GitHub data, there were at least 15 offline crypto robberies from different countries or regions in the past year, about 17 in 2023, and 32 in 2021.
