Mars Finance Crypto Daily | The cumulative fee income of Ordinals inscription exceeded 170 million US dollars, and the Avalanche network meme coin COQ rose by more than 40% in the past 24 hours

Mars 财经Crypto Daily Dec 18, 2023

1. Today's news

Sam Williams, founder of Arweave, said in a post on the X platform that, according to trusted sources, Irys (formerly Bundlr Network), a Web3 storage solution in the Arweave ecosystem, is considering forking Arweave in an insecure and anti-social form. Despite the existence of a framework for growing Arweave, Irys plans not to maintain the dataset and restart supplying tokens. When asked why, Irys personnel said they didn't want to support existing data and provide tokens to Arweave.

Williams believes that Irys's move is short-sighted and overly greedy, and that it could hurt his own development. He hopes that Irys will be able to build the fork the right way, and that Arweave will always be willing to communicate and support the ecosystem if it helps the ecosystem. He also said that if Irys users need help migrating, another Arweave eco-storage project ar.io can provide immediate support.

Previously, in October, Bundlr Network, an Arweave ecological Web3 storage solution, announced that it had changed its name to Irys, announcing that Bundlr Network had completed more than 1 billion transactions, fully reflecting the value of scalable and permanent on-chain data solutions.

Dune data shows that the cumulative fee income of the Bitcoin NFT protocol Ordinals inscription minting reached 4,170.8417 BTC, or about $172,683,611. The total number of inscriptions currently minted reaches 48,934,744.

According to CoinShares' latest Digital Asset Fund Liquidity Weekly Report, digital asset investment products have recently experienced a small outflow of funds, totaling $16 million, ending an 11-week streak of inflows. However, trading activity remains well above the average for this year, with total trading volume reaching $3.6 billion last week. This slight outflow was concentrated in the United States, with outflows of about $18 million, while Germany also saw a small outflow of $10 million.

At the same time, Canada and Switzerland continued to see inflows, at $6.9 million and $9.1 million, respectively. This mixed regional flow trend suggests that this is more due to profit-taking than a shift in sentiment towards the asset class. Among specific digital asset classes, Bitcoin experienced the largest outflow, reaching $33 million last week, while products that shorted Bitcoin also saw a small outflow of $300,000. In contrast, other cryptocurrencies, such as Solana, Cardano, XRP, and Chainlink, saw $21 million in inflows. Ethereum and Avalanche were slightly affected, seeing outflows of $4.4 million and $1 million, respectively. Meanwhile, blockchain stocks continue to be supported by positive sentiment, attracting massive inflows of $122 million last week, bringing the cumulative inflows over the past nine weeks to a record $294 million.

In response to the previous remarks of the founder of Arweave that "Irys is considering forking Arweave in an insecure way", Irys officially responded on the X platform that the behavior of Sam Williams, the founder of Arweave, is tragic and ironic, and the purpose of Arweave is to become open source and permissionless software, and Sam is trying to divest Irys from Arweave. Irys has never and will never deprive users of the choice of where their data is stored. Creating unrestricted access to persistent data for users is at the heart of what Irys does. Irys remains committed to censorship-resistant, open-source, and permissionless technology.

In addition, Irys said it is developing new provenance technology.

FTX Trading Ltd. has unveiled its latest proposal to return billions of dollars to customers and creditors. The restructuring plan leaves some of the most important questions unresolved, including whether FTX will restart the crypto exchange, how the company will estimate the value of some digital tokens, and how much assets creditors can expect to get back.

Next year, the plan will be submitted to creditors for a vote, with some key details likely to be added, before going to U.S. bankruptcy judge John Dorsey for final approval. Major creditors and client groups involved in Chapter 11 have agreed to the general framework of the plan.

The payment plan calls for billions of dollars to be distributed in cash after the majority of the company's cryptocurrency is liquidated.

Previously, FTX debtors submitted a revised restructuring plan, according to the plan document, the value of the debt will be determined based on the value of the token on 11/11/22, through the conversion of the value of crypto assets into cash at a specified conversion rate.

Bitget responded: The platform is operating normally, and regrets the malicious smearing of friends

Bitget officially issued a statement in response to recent market rumors. "Since its establishment in 2018, Bitget has been adhering to compliance operations, and to this end, we have continued to strengthen the construction of our compliance team and strengthen the platform's KYC and anti-money laundering (AML) measures," the announcement said. Bitget's operations and services are normal, the deposit and withdrawal channels are smooth, and all employees are on duty. Don't believe rumors and don't be deceived. At the same time, we encourage healthy competition in the industry, but we regret the malicious smearing behavior of some friends who "buy black drafts", and we will reserve the right to pursue legal responsibility for accounts that maliciously spread false information. ”

Avalanche Network Meme Coin COQ Extends Its Growth to 45.1% Over the Past 24 Hours

According to CoinGecko data, the Avalanche network meme coin COQ has extended its gain of 45.1% in the past 24 hours and is now trading at $0.00000196.

2. Selected articles

In 2024, Bitcoin may leap to the legal status of a global asset and become a cornerstone of innovation, constantly evolving, and leading the transformation of the financial and technology sectors.

This week, the inscription project CIAS on Celestia was launched, but there may be plagiarism, which sparked heated discussions in the community. Public chains such as TON, Conflux, and Avalanche have also experienced stress tests brought about by inscription activity, and Arbitrum L2's sequencer has stopped working. The Binance Web3 wallet does not support inscriptions at the moment, but is working overtime to put in related work. The Inscription Circuit has become one of the strongest areas of wealth, but the future is still unknown.

When spring sleep dawns, wait for the wind and rain to wait for the flowers to bloom. From the macro market to the micro track, the most comprehensive inventory of the year.

Bitcoin enthusiasts try to block the inscription, but this could bring more serious damage, such as losing the mempool, not being able to make trustless fee estimations, and excluding privacy techniques like Coinjoin. But in the end, the supporters of Coin will let everyone cheat and things will go back to normal.

The Layer 2 sequencer is completely controlled by the project official, and users cannot share in the network growth dividends. With the combination of Mast contract + Schnorr signature brought by the Taproot upgrade, Bitcoin can also achieve a completely trustless cross-chain and a fully decentralized BTC Layer2. BEVM has given its own answer, and it is an inevitable trend that the volume of Bitcoin Layer 2 will surpass the volume of Ethereum Layer 2.

3. Project interpretation

The Solana ecosystem continues to embrace the Earth Dog Season, with a series of Meme-based Earth Dogcoins taking off, with the floor price of Sols breaking through 100 SOL, the BOONK token rising by more than 19,103%, and one investor making a huge profit of $1.47 million. The BOONK team launched the first Meme coin on Solana, and the Saga mobile phone comes with 30 million BONK tokens, and the recent market performance of BONC is impressive, and investors need to be cautious to participate.

ORDI is a BRC-20 token that can be used to input information on the Bitcoin blockchain, create Bitcoin inscriptions, and increase the transaction fees miners receive, bringing a positive impact on the security of the Bitcoin network. The meme token satisfies the needs of users in the cryptocurrency market, ORDI and SATS are the first BRC-20 tokens with a market cap of more than $1 billion, and the project for real purpose needs to be continuously built, and the meme needs the holders and the community to constantly speak out and create attention.

Irys plans to fork Arweave, reset the token supply, and ar.io network to remove Irys from trusted assemblies, allowing users to install their own bundler or use the free Arweave bundle service. Irys' data caching will be disabled, resulting in a delay in previously uploaded content.

There was a fork debate between Arweave and Irys, with Arweave proposing a new bundler to protect users, but Irys was disappointed. Arweave plans to remove the Irys bundler from the primary gateway, but this will cause latency in the network.

Stacks is Bitcoin's layer-2 blockchain network that aims to make Bitcoin more than just a buy and store asset, offering applications such as DeFi and NFTs. Projects such as Alex, StackingDAO, Arkadiko, Velar Protocol, Zest Protocol, and Uwu Protocol offer more opportunities for Bitcoin holders, while Hermetica and Bitflow Finance offer more earning opportunities.

4. Investment and financing

Unblock Global, an Argentina-based bitcoin miner, has announced that it has secured $15 million in funding to mine bitcoin from natural gas from Vaca Muerta, the world's second-largest shale gas reserve. Major energy companies involved in the project include Crusoe Energy, Pampa Energia and Petrocuyo. These companies contributed to the financing managed by Unblock Computos, a branch of Unblock Global.

DID market aggregator GoDID closed an undisclosed funding round at a valuation of $30 million, led by NGC. GoDIDs' capabilities include bulk search, registration, transactions, and management of all types of DIDs.

OneDegree, a Hong Kong-based digital asset insurer, has received an undisclosed strategic investment from Dubai Insurance. OneDegree said it will provide digital asset insurance by the UAE and work with Dubai Insurance to seek regulatory approval for related insurance products such as custodial wallet insurance in the UAE market.

Biis, an all-in-one BRC ecosystem technology stack, has received a strategic investment from CGV, a Japanese cryptocurrency investment firm. BIIS provides a suite of tools that can be used for integration, including asset issuance, cross-chain, bulk distribution, and more.