1. Important events have occurred in the industry in the past week
1. Industry
More than 28,000 BTC (worth $1.19 billion) were withdrawn from centralized exchanges on Wednesday (December 27), the largest one-day outflow in BTC since December 14, 2022, Glassnode data showed. According to analytics firm CryptoQuant, Coinbase is the custodian of 9 of the 12 proposed BTC spot ETFs in the United States. More than 18,000 BTC flowed out of the Coinbase platform on Wednesday, leading the crypto community to speculate whether institutional on-chain activity is linked to Bitcoin spot ETFs. （CoinDesk）
Yesterday's news, according to data from Glassnode, CryptoQuant and Coinglass, Coinbase's Bitcoin wallet balance fell sharply, with about 30,000 bitcoins flowing out of the platform in a few days, the largest Bitcoin withdrawal since May this year. Recent outflows have brought Bitcoin holdings on the Coinbase platform to 411,000, the lowest since 2015.
The PancakeSwap community has voted on a proposal to reduce the maximum supply of CAKE from the current 750 million to 450 million.
According to the official announcement, the Avalanche Foundation announced its intention to recognize and encourage the culture and interest symbolized by meme-like tokens through the "Culture Catalyst" special program, creating a collection through the purchase of selected meme-like tokens based on the Avalanche chain. This move is intended to complement the Avalanche Foundation's ongoing engagement in the Avalanche ecosystem, including NFTs, RWAs, and other types of crypto assets, broadening its portfolio to cover more comprehensive possibilities. The collection's selection process is based on several key criteria, including factors such as the number of holders, liquidity thresholds, project maturity, fair start principles, and overall social sentiment.
The PancakeSwap community has voted on a proposal to reduce the maximum supply of CAKE from the current 750 million to 450 million.
Ripple recently released its Q3 market report, revealing its XRP holdings and market operations. As of the end of the third quarter, there was more than 5.25 billion XRP in Ripple's corporate accounts. These funds are used for operations at the discretion of the company. More than 41 billion XRP is held in custodial wallets. The Ripple company receives 1 billion XRP released by custodial wallets each month (for sales or to pay for operating expenses), a portion of which is typically sold.
According to the report, Ripple sold nearly 892 million XRP between July and September. Nonetheless, Ripple typically redeposits the majority of the XRP it receives into a custodial wallet. For example, about 800 million XRP has been returned to custodial wallets every month since August. Depending on the pattern of release and re-custody of its custodial wallet XRP tokens, it may take longer than expected for the custodial wallet's XRP tokens to be fully released (Ripple said at the end of October that these custodial locked tokens will be released monthly for the next 42 months). Ripple estimates that around 40 billion of XRP in custody will be fully released by early 2027. However, given Ripple Inc.'s practice of rehosting most of the released funds each month, the final release date may exceed this timeline.
According to The Block, Ethereum Layer 2 scaling solution zkSync has surpassed the Ethereum mainnet in terms of transaction volume in the past month. According to L2Beat data, zkSync has processed 34.7 million transactions in the last 30 days, surpassing the Ethereum mainnet's 34.2 million transactions in the same period. It was followed by Arbitrum, which processed 31.4 million transactions in the last 30 days. The spike in transaction volume for zkSync is attributed to the popularity of inscription activity, a feature that was originally created on Bitcoin and later expanded to EVM networks, including most Layer 2 chains. On December 16, when sync inscriptions launched on the web, zkSync experienced its largest spike in monthly transactions, processing a total of 5.3 million transactions that day, of which 4.6 million were inscription-related transactions.
NFPrompt, an AI-powered UGC platform, plans to launch the NFP staking program, through staking, NFP holders can publish exclusive collections on NPFrompt, obtain exclusive token airdrop qualifications, provide partners with farm-exclusive rewards program rewards, and stake stakers can also obtain voting rights, in which voters share the rewards with the winning works and will strive for greater rewards in the second season, and voters can also receive upgraded cNFP rewards and count towards the second season airdrop.
Ethereum co-founder Vitalik Buterin proposed three solutions to address what he described as the underlying system complexity at the heart of Ethereum's proof-of-stake consensus mechanism. The first solution focuses on decentralized staking pools. This will involve setting the minimum amount of ETH required to run a validator higher, forcing the people running the validator to join forces and share resources. The second way is to use two tiers of stakers, one with higher requirements and the other with lighter requirements. The two tiers will be used differently in the block finalization process. The third approach is to employ a rotating set of participants, which means that each slot chooses a random set of validators. This will share the workload and reduce the total number of signatures, but as Buterin points out, this will add complexity.
As of mid-December, Pantera Capital's liquid token fund is up nearly 80% this year after falling 80% in 2022, according to Bloomberg, citing people familiar with the matter. Pantera Capital's liquid token fund hopes to leverage altcoins (tokens other than Bitcoin and Ether) to rise next year. Pantera portfolio manager Cosmo Jiang said in an interview that altcoins have historically outperformed the broader market in the second phase of the market rally following Bitcoin's rally, and what token you choose actually matters. Its limited partners approached us for the release of assets other than Bitcoin. And the core argument of Pantera is that if the industry is believed to grow, it must focus on agreements that can actually generate revenue. One of Pantera Capital's largest positions is dYdX at the moment, with Bitcoin and Ethereum together accounting for less than 40% of the fund.
Researcher @doganeth_en posted on the X platform that the EIP-7212 proposal proposed six months ago became the first Rollup Improvement Proposal (RIP) and will be implemented on multiple blockchains. The proposal is intended to enable secure and cost-effective verification of secp256r1 (P256) curves.
The decision to use this proposal for Rollups was due to its significant impact on account abstraction in L2, as well as the large number of pass-through keys and SE-based AA wallets already present on L2. The introduction of the new Rollup Improvement Standard enables researchers to propose improvements specifically for Layer 2 and sidechains, ensuring compatibility across various Rollup frameworks. In addition, EIP-7212 becomes the first RIP to be merged into the main repository, and RIP will exist as a proposal format in addition to EIP and ERC.
According to CoinGecko Research data, in 2023, AI, Web3 games, and MEME will occupy the top three crypto narratives, respectively, with the Solana ecosystem, BRC20, RWA, and public chains ranking fourth to seventh, and DeFi, Ethereum ecosystems, and NFTs ranking lower.
The Financial Services and the Treasury Bureau of the Hong Kong Special Administrative Region (HKSAR) and the Hong Kong Monetary Authority (HKMA) today jointly published a public consultation paper to solicit views on legislative proposals to regulate stablecoin issuers. The legislative proposals have taken into account the market and public views gathered in the HKMA's Discussion Paper on Cryptoassets and Stablecoins published last year, ongoing discussions with holders, local market conditions and needs, and relevant international standards.
The key points are as follows: the introduction of new legislation to implement a licensing regime that requires all eligible fiat stablecoin issuers to obtain a licence issued by the Monetary Authority, stipulates that only designated licensed institutions can provide services for the purchase of fiat stablecoins, and only fiat stablecoins issued by licensed issuers can be sold to retail investors, and prohibits promotion, etc. The HKMA will also introduce a "sandbox" arrangement to convey regulatory expectations and provide compliance guidance to issuers who intend to issue fiat stablecoins in Hong Kong with specific plans, as well as collect their views on the proposed regulatory requirements, with a view to facilitating the implementation of the subsequent regulatory regime and ensuring that the regime is fit for purpose.
According to recent court documents, FTX sought court approval to offer to compensate customers with an estimated value of $16,871 per BTC, $1,258 per ETH, and $16 per SOL. The move drew strong criticism from FTX's creditors, who described it as another theft and urged people to oppose the plan.
FTX debtors argue that this valuation reflects a "fair and reasonable" price for the cryptocurrencies. This move is essential to prevent any obstacles in the bankruptcy process, adding: "It is neither practical nor necessary to liquidate each individual claim for digital assets, and it would unnecessarily delay Chapter 11 cases. In addition, FTX estimates that AVAX's compensation price is $14.19 per coin, while stablecoins USDT, TUSD, and BUSD are a few points below their $1 peg price. FTX creditors advised customers who wanted to object to the motion to write to the judge in charge of the bankruptcy case. Simon Dixon, CEO of BnkToTheFuture, said FTX's customers "should stand up to this initiative." Clients who disagree with the motion will have time to oppose the plan until January 11, 2024.
2. Sound
Hasu, Lido's strategic advisor, tweeted that Rollups now account for 20% of Ethereum's revenue and are growing rapidly. This proves the need for "opaque modifications" that Ethereum itself cannot easily provide. One of the biggest strategic mistakes Ethereum can make is trying to compete as an execution layer instead of focusing on what it uniquely can offer: security. Agreeing on all of these issues, the Ethereum Roadmap 2024-26 has done a lot of work to address them. To me, it just goes to show that it's extremely difficult to do a good job of security. No other chain has done a better job of these than the introduction of centralization.
In his annual review, Polkadot founder Gavin Wood looks ahead to a roadmap for technology in 2024. Wood noted that the new year will be very busy for Polkadot, with four key infrastructures expected to include Agile Coretime, On-Demand Parachains, Ethereum Snowbridge, and Kusama Bridge. In addition, Elastic Scaling technology is also expected to be the fifth technology breakthrough in 2024.
Wood also said he is looking forward to the expansion of Polkadot's DAO (Decentralized Autonomous Organization) primitives, which include a new scholarship program, a multi-asset sub-treasury, an expanded XCM, and some exciting new primitives in the works. Polkadot's new forkless block generation consensus algorithm, Sassafras, has also taken shape and is expected to begin using on the testnet in 2024. Parity Labs is also working on several new technologies, one of which is a recent RFC called CoreJam, which is currently undergoing major iterations in the prototype phase, which may provide some clues as to where the technology is headed.
Greeks.live macro researcher Adam released the December 29 option delivery data on the X platform:
- 178,000 BTC options expiring soon, with a Put Call Ratio of 0.67, a maximum pain point of $33,000, and a notional value of $7.59 billion;
- 1.49 million ETH options are about to expire, with a Put Call Ratio of 0.51, a maximum pain point of $1,900, and a notional value of $3.47 billion.
"Today is the annual delivery date, with a total of $11 billion of options expiring and delivery, higher than the total position of $9.8 billion last year, and more than twice the annual delivery volume at that time," it noted.
The market always goes into a state of low volatility at the end of the year, and this year is no exception, but thanks to the ETF expectations in January next year, the current overall IV level is not low. ”
According to the SFC's updated Joint Circular on Virtual Asset-related Activities of Intermediaries, virtual asset funds authorized by the SFC can only invest (directly or indirectly) in VA Tokens on licensed VATPs, which should have a good compliance record and at least one qualified staff member with relevant experience in the management of virtual assets or related products.
SFC-authorized cash virtual asset ETFs allow for physical and cash subscription and redemption of ETFs that invest in spot virtual assets whose substantial shareholders should be: SFC-licensed corporations or registered institutions, subject to additional terms and conditions imposed by the licensing authorities, if applicable.
BitMEX Research posted on Platform X that the following is how ETFs work: If an ETF trades at a premium, usually due to more buyers than sellers, then an Authorized Participant (AP) has an incentive to purchase the instrument in question and deliver it to the issuer for new ETF units. Then, due to the ETF premium trade, the AP can sell new ETF units in the market and make a profit. If an ETF is trading at a discount, the opposite is true. The AP buys the ETF units in the market, offers them to the issuer, and then receives the underlying asset. The underlying asset is then sold for a profit (as the product is trading at a discount). Most importantly, there should be multiple competing APs. This ensures that the product is able to handle large amounts of money flow and has a low tracking error. If only cash subscriptions and redemptions were allowed, most of the advantages of the ETF structure would be lost. Now, only issuers can buy and sell bitcoin on the market. Much of the competition that makes ETFs effective will cease to exist.
Recently, the Supreme People's Procuratorate and the State Administration of Foreign Exchange jointly released eight typical cases of punishing foreign exchange-related violations and crimes. The person in charge of the Fourth Procuratorate of the Supreme People's Procuratorate said that the cases released this time are mainly aimed at cross-border illegal foreign exchange trading cases. In such cases, the RMB and foreign currencies generally do not carry out physical cross-border flows, and on the surface, the funds circulate in one direction at home and abroad, which is in essence a disguised act of buying and selling foreign exchange, disrupting the order of the foreign exchange market, and if the circumstances are serious, it constitutes the crime of illegal business operation. In response to the typical cases of using virtual currencies as a medium to carry out illegal foreign exchange trading, the person in charge of the Fourth Procuratorate of the Supreme People's Procuratorate pointed out that in the mainland, virtual currencies do not have the same legal status as legal tender, and related business activities are illegal financial activities. It said that at present, more and more illegal foreign exchange trading crimes are carried out through virtual currency transactions and exchanges. In the course of handling the case, the procuratorate found that the use of virtual currency as a medium of exchange to indirectly convert the currency value of foreign exchange and RMB is an important link in the chain of illegal foreign exchange trading and should be punished in accordance with the law. To guide the collection of evidence, review and judgment of criminal facts related to virtual currency transactions, it is necessary to be familiar with the technical characteristics related to virtual currency transactions, so as to help improve the quality and efficiency of case handling. According to its introduction, the Supreme People's Procuratorate selected two criminal cases involving illegal trading of virtual currencies in Zhejiang and Shanghai, and explained the key points of evidence collection in combination with the cases, so as to provide guidance for evidence collection and evidence review in handling such cases. At the same time, when handling cases, procuratorial organs should make full use of procuratorial technology to assist in handling cases, make up for shortcomings in professional knowledge in areas such as information technology, and raise the level of professionalism in case handling.
3. Data
Cryptoslam.io data shows that NFT trading volume fell by 12.26% last week, totaling $463.87 million. The number of NFT buyers increased by 72.05% and the number of sellers increased by 56.61% last week.
Despite a 13.71% decrease from the previous week, Bitcoin on-chain NFTs still topped the list with $265.61 million in weekly trading volume, accounting for 57.25% of all NFT trading volume last week. The Solana on-chain NFT trading volume ($88.42 million) rose to second place, and the weekly NFT trading volume on the Ethereum chain ($75.91 million) fell to third place.
Nine of the top 10 major NFT collections by trading volume in the past week came from the Bitcoin Chain. Solana's on-chain NFT collection, Open Solmap, ranked fifth in terms of weekly trading volume ($10.24 million).
More than 28,000 BTC (worth $1.19 billion) were withdrawn from centralized exchanges on Wednesday (December 27), the largest one-day outflow in BTC since December 14, 2022, Glassnode data showed. According to analytics firm CryptoQuant, Coinbase is the custodian of 9 of the 12 proposed BTC spot ETFs in the United States. More than 18,000 BTC flowed out of the Coinbase platform on Wednesday, leading the crypto community to speculate whether institutional on-chain activity is linked to Bitcoin spot ETFs. （CoinDesk）
Yesterday's news, according to data from Glassnode, CryptoQuant and Coinglass, Coinbase's Bitcoin wallet balance fell sharply, with about 30,000 bitcoins flowing out of the platform in a few days, the largest Bitcoin withdrawal since May this year. Recent outflows have brought Bitcoin holdings on the Coinbase platform to 411,000, the lowest since 2015.
Dune data shows that in the past week, the BONK trading bot generated 70% of the total trading volume of the DEX bot, generating about $4.8 million in fee revenue during the period. In addition, as of press time, BONK bot's fees in the last 24 hours are comparable to those generated by DeFi protocols Aave and Curve.
According to DefiLlama data, the total market capitalization of stablecoins reached $130.679 billion, of which the USDT market value reached $91.496 billion, with a market share of 70.02%.
According to Coingecko, BNB's total market capitalization (about $51.28 billion) surpassed SOL (about $45.19 billion) and returned to the fourth place in the crypto market capitalization list.
According to DeBank data, the total value of assets held by the Blast contract address, a Layer 2 network launched by Blur founder Pacman, exceeded $1.13 billion, of which $1.03 billion worth of ETH was deposited into the Lido protocol and more than 100 million DAI was deposited into the Maker protocol.
According to The Block, the number of active addresses on the Solana network, as well as the number of new addresses, have reached an all-time high, despite still having a week to go this month.
So far, the number of monthly active addresses on the Solana network has exceeded 15.6 million in December, an increase of about 50% from November.
In addition, the Solana network added 6.8 million new addresses in December, although the number of non-voting transactions on the network in December was slightly lower than in November.
James Butterfill, head of research at CoinShares, said in a post on the X platform that there was a net inflow of $103 million into digital asset investment products last week. It was previously reported that in the previous week, digital asset investment products had a net outflow of $16 million.
According to data RWA.xyz by the RWA monitoring platform, as of press time, the size of the tokenized U.S. Treasury market has grown from about $100 million at the beginning of the year to $770 million, an increase of more than 600%. Among them, the value of the U.S. Treasury token on the Ethereum chain is $410.4 million, and the corresponding market capitalization of Stellar is $336.6 million.
According to Bitcoin.com data, the difficulty of Bitcoin mining has undergone a total of 27 adjustments this year, of which 20 have increased and 7 have decreased, with an increase of about 74% for the whole year, of which the largest increase in difficulty reached 10.26% on January 16, the smallest increase was only 0.12% on August 9, the largest decline in difficulty was 3.59% on January 3, the smallest decrease was 0.49% on February 12, and the 27th The next and last adjustment of the year took place on December 24.
According to btc.com data, the first Bitcoin mining difficulty adjustment in 2024 is expected to occur around January 4, when the difficulty may increase by 2.25% to 73.62 T.
According to Tokenview on-chain data monitoring, the market value of BRC-20 is about $2.18 billion so far, up 30.7% in the past 24H; The trading volume of BRC-20 in the past 24H is about 2.15 billion US dollars, and the top three trading volume are ORDI, 1000SATS, and SATS.
According to The Block, the amount of crypto VC investment in 2023 fell by 68% compared to last year, falling to $10.7 billion, compared to $33.3 billion in 2022. In 2023, the proportion of venture capital allocated to pre-seed, seed-stage, and Series A startups increased, while the mid-to-late stage decreased from the previous year. In terms of verticals, NFTs, gaming, infrastructure, and Web3 maintained their dominance in the number of transactions, while other categories such as data, transactions, and enterprises saw a decrease.
BlockWorks released the 2023 revenue ranking of DeFi protocols, and the top five are:
1. Maker — $95.91 million;
2. Lido—5579万美元;
3. PancakeSwap—5231万美元；
4. Convex Finance – $42.23 million;
5. GMX - $37.52 million;
Revenue figures are calculated based on DefiLlama's data as of December 13. Uniswap Labs only has revenue after increasing front-end fees after October, with an estimated annualized revenue of $17.7 million.
According to L2BEAT data, the total locked position (TVL) of Ethereum's Layer 2 network Metis rose to $570 million, an increase of 419.21% on the 7th, surpassing zkSync Era ($568 million) and becoming the fourth largest L2 network in TVL.
According to Dune, Bitcoin's security budget — the revenue miners earn to secure the network — has surpassed $1.55 billion this month. This figure is only about $400 million below the all-time high of $1.96 billion set in April 2021.
Blockchain.com data shows that Bitcoin hashrate hit an all-time high of 544 EH/s on December 25, and Bitinfocharts' report confirms this, with hashrate up 130% since January. As the popularity of the BRC-20 has waned, the Hash price, a measure of profitability, has fallen over the past week, having fallen by 34% since reaching a 2023 high of 0.136/TH/s/d on December 17.
According to Dune's latest data, the cumulative fee income of the Bitcoin NFT protocol Ordinals inscription minting exceeded 5,142 BTC, or about $221,168,342, and the total number of inscriptions minted reached 52,280,276.
4. Safety
According to Paishield monitoring, Ordinal Dex (ORDEX) is suspected of having a Rug Pull, and its token price has fallen by 100%. At the beginning of the 0xea8, 1,000,000,000,000,000,000 ORDEX has been exchanged for 30.96 ETH (about $70,600). This Rug Pull token may have the same name as other tokens.
According to The Block, Levana Protocol, a Cosmos eco-perpetual trading platform, was hacked and lost more than $1.1 million. Post-mortem reports provided by his team revealed that between December 13 and December 26, the attackers managed to withdraw 10% of Levana's liquidity pool. Levana said it is working to fix the issue and existing trading positions and profits have not been impacted. In the future, it is planned to compensate the affected liquidity providers through airdrops and the distribution of protocol fees collected during the attack.
As of December 25, the total losses caused by hacking, phishing scams and Rug Pull in the Web3 field in 2023 reached $2.02 billion, according to the EagleEye platform, a subsidiary of blockchain security audit firm Beosin. Among them, there were 191 attacks with a total loss of about US$1.397 billion, 267 Rug Pull incidents with a total loss of about US$388 million, and a total loss of about US$238 million from phishing fraud.
In 2023, hacking, phishing scams, and Rug Pull incidents all decreased significantly compared to 2022, with a total decrease of 53.9%. Among them, the number of hacking incidents decreased the most, from $3.6 billion in 2022 to $1.397 billion in 2023, a decrease of about 61.2%. Phishing scam losses decreased by 33.2% compared to 2022, and Rug Pull losses decreased by 8.8% compared to 2022.
In 2023, there will be 4 attacks with losses of more than 100 million US dollars, and 17 attacks with losses in the range of 10 million US dollars to 100 million US dollars. The top 10 security incidents total about $1 billion, accounting for 71.5% of the total annual attack incidents.
The types of projects attacked in 2023 are more extensive than those in 2022, including DeFi, CEX, DEX, public chains, cross-chain bridges, wallets, payment platforms, gambling platforms, crypto brokers, infrastructure, password managers, development tools, MEV bots, TG bots and other types. DeFi is the type of project with the highest frequency of attacks and loss amounts, with a total loss of about $408 million caused by 130 DeFi attacks.
In 2023, the types of public chains with attacks will be more frequent, and there will be multiple security incidents stolen on multiple chains. Ethereum remained the most loss-making public chain, with 71 Ethereum attacks causing $766 million in losses, accounting for 54.9% of the total losses for the year.
From the perspective of attack methods, 30 private key leaks caused a total of about 627 million US dollars, accounting for 44.9% of the total losses, which is the attack method that caused the most losses. Contract vulnerability exploits are the most frequent attack methods, with 99 of the 191 attacks coming from contract vulnerabilities, accounting for 51.8%.
About $295 million of stolen funds were recovered for the year, accounting for about 21.1%, a significant increase from 2022. Approximately $330 million of stolen funds were transferred to mixers throughout the year, accounting for 23.6% of the total stolen funds.
Unlike on-chain hacking, phishing scams, and a significant drop in the amount of Rug Pull, the off-chain crypto field will see a significant increase in crime data in 2023. In 2023, the amount of crime in the global crypto industry reached a staggering $65.688 billion, an increase of about 377% from $13.76 billion in 2022. The top three types of crimes involving money are online gambling, money laundering and fraud.
PeckShield tweeted that the decentralized finance platform Telcoin suffered a vulnerability attack that caused a loss of about $1.3 million, and its token, TEL, fell 43.25% in 24 hours. Telcoin has temporarily frozen the use of the app and will provide an update as soon as possible.
2. An in-depth article worth reading and re-reading
The Web3 industry has experienced a number of major events in 2023, including the implementation of a virtual trading platform licensing regime in Hong Kong, the gambling between US financial giants and regulators over Bitcoin spot ETF applications, Ripple's phased victory in the SEC lawsuit, Grayscale's approval, Binance's huge fines, and the inscription and meme boom. 2023 has been a year of Web3 recovery, with mainstream cryptocurrency prices rising sharply, laying the foundation for further development in 2024.
The micro development of Bitcoin this year: the price of Bitcoin has increased by more than 158%, the increase in computing power is less than the increase in the price of Bitcoin, the TVL of DeFi has increased by more than 211%, Bitcoin will usher in the fourth production cut, the long-term cycle of holding coins, the mining income is growing, the total number of inscriptions exceeds 49.46 million, and the rise of Ordinals has made the development of Bitcoin applications promising.
2023 is a pivotal year for the cryptocurrency industry, with traditional financial giants applying for Bitcoin spot ETFs, Bitcoin prices accelerating recovery, the Federal Reserve implementing the fastest interest rate hike in history, leading to a banking crisis, BitMEX launching more than 70 derivatives contracts, more than 5 professional trading platform features, Binance US and CZ fined $4.3 billion, the altcoin market rising, Meme coins in the spotlight, and the SEC announcing the drop of charges against Ripple.
The Bitcoin ecosystem has undergone earth-shaking changes, Bitcoin Cats, IDO platform BakerySwap, Bounce, etc. are hot, BRC20 continues to be hot, Bitcoin fee rates continue to soar, providing DeFi solutions, cross-chain bridges, Layer2 networks and stablecoins and other services, NFT is in full bloom, and investors can use basic tools such as Unisat wallet, OKX Web3 wallet, and Magic Eden marketplace.
The Web3 gaming annual report released by Delphi Digital pointed out that the market value of games will stabilize at $40-70 in 2023, the interest of gaming giants will grow, the appeal of mobile games will increase, 76 new networks will appear, and the average on-chain transaction volume generated by games will be 23 times that of DeFi protocols, and 2024 will be an exciting year.
He Yi is the CEO of Binance, and she is Changpeng Zhao's lover and mother of three. She took over Binance and was involved in the selection of a new board of directors to help uncover vulnerabilities in illegal transactions by US users. Despite warnings from the Department of Justice, Binance remains the most powerful platform in the cryptocurrency space. He Yi launched a reality TV show and launched a project to sell the digital identity of the Pacific island nation of Palau to foreigners, but after Changpeng Zhao's plea deal, He Yi issued a message of "a new page, keep building."
This year, there are endless stories of getting rich in the crypto industry, the price of KAS coin soared from $0.0002 to $0.008, and the market value moved towards the $1 billion level, COQ Inu token COQ created 2 myths of about 5,000 times the income, and Silly token also created a 20-day, 25,000-fold myth of getting rich. I hope that readers can seize the next wave of secretly accumulating sections and become the protagonists of a new round of rich stories.
The combination of AI and cryptocurrencies can provide transparent and trustless solutions, and incentives and governance mechanisms can improve transaction transparency, reduce costs, and improve efficiency. ChainML is a decentralized AI platform, and the AI market can financialize the whole chain of models, incentivize users to choose and support potential models, and users care about whether the results given by the model are satisfactory. AI can improve user experience and development efficiency, and the gameplay of AI marketplace can create a unique way to capture value in web3, allowing users to participate in the wave of AI in a unique way.
The official Web3 mobile phone Saga launched by the Solana blockchain network, airdropped BONK tokens, pushing the Saga mobile phone to a 500% premium on eBay, triggering a meme boom, and the total value of crypto assets (TVL) on the Solana chain increased to $1.475 billion. Meme coins are hot, but the capital activity on the Solana chain is not only concentrated in memes, new DeFi applications and NFT projects are also emerging, and the meme frenzy has made the market pay attention to Solana again, testing whether there can be more interesting applications to undertake traffic.
Ethereum tries to be decentralized, but there are problems with technical sacrifices and unfulfilled goals. This paper proposes three solutions to get the maximum return, the largest validator will own 262144 ETH, and the attack cost is about 9 million ETH. The advantage of this approach is that the recognizable form retains a separate stake, which can be increased by a hard fork in the future.
2023 is a year of change for Binance, and the new CEO Richard Teng said that Binance will be committed to building excellent products, ensuring the security of user assets and user experience, and promoting the growth and adoption of Web3. Binance Labs has successfully helped crack a large-scale pig killing scam, and Binance is accelerating the popularization of crypto payment products to more users outside the circle, launching Proof of Reserves, Emergency Insurance Fund SAFU, Project Launchpool, Binance Academy, Binance Pay, Binance Card, and Web3 Wallet to help users seamlessly cut into the Web3 world.
In 2023, the crypto industry is recovering from the cold winter, doubling its market capitalization. AI+Crypto decentralized blockchain can reduce costs, Bitcoin DeFi total value locked (TVL) may rise, DePIN sub-track includes decentralized storage, decentralized database, decentralized wireless network and decentralized AI machine, Coinbase Research found that modular blockchain is gaining traction from the crypto community, DeSci can enable fair credit distribution, simplify transactions, allow global resource sharing, and overcome economic barriers.
This year, there has been positive progress in decentralized social media apps, with FriendTech, an open social finance platform, gaining a significant boost in popularity, providing a space where users can purchase keys that can access the influencer's closed group chat. Since its launch in August, 843,000 users have spent a total of $267 million in ETH across 120 million transactions. Blockchain can reward users across the globe without requiring platforms to leverage user data or run ads, and the core concept of social networks compensating users for the content they post does have value.
The Layer 2 network is actively developing, launching features such as Token List and Law of Chains, improving technology, supporting multiple languages, reducing gas costs, BNB Chain releasing the TVL incentive program, and ConsenSys reshaping its Layer 2 network ConsenSys zkEVM is Linea, Blast is a platform built specifically for NFTs, ZKFair is online on the testnet and mainnet, and ZKF tokens will be distributed by airdrop, and the claim will officially start at 11:00 on January 1, 2024.
Robin Linus has proposed a BitVM initiative to bring smart contracts to the Bitcoin blockchain. OP_NOTOP_BOOLANDTaproot Tree can etch the logic circuit into the Taproot script of a series of tree-like UTXO transactions to form a "contract-like" logic circuit that can handle certain computing tasks. Taproot Assets can achieve secure settlement, and Metatrust can provide guarantee for the safe implementation of the BitVM ecosystem.
Ten years ago, Berlin's Bitcoin Kitz had more than a dozen shops accepting Bitcoin payments, as well as the Room 77 restaurant and bar. Gavin Wood's vision for "web3" technologies, including Whisper, Swarm, zero-knowledge proofs, and more, aims to build a freer and more open society and economy. Ethereum provides a platform to experiment, incubate, and receive secure technologies, and Zupass is an Ethereum-based privacy system that can be used for voting, payments, and more. The Ethereum community takes incentives seriously and has a strong social layer that lives up to its diverse spirit and vision.
The Solana community's Silly Dragon Meme appeared, representing the spirit and culture of the community, and then the SILLY token was born, becoming a new option for community members seeking a digital currency associated with Silly Dragon. The value of the BONK token given away by Saga mobile phone exceeds the selling price, which has promoted the meme season of the Solana community, and the price of SILLY has generally shown an upward trend since its release.
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