Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance. The content covers key news of the week, market and contract data, mining information, project trends, technology progress and other industry trends. This article is a project weekly, giving you an overview of the progress of mainstream projects and star projects this week.
Bitcoin
Bitcoin miner reserves fell to approximately 1.832 million BTC, the lowest since May< /strong>
Cryptocurrency miners’ Bitcoin reserves fell to their lowest since May after a surge in withdrawals this week, CryptoQuant data showed, indicating growing selling pressure, miner reserves gauge The number of coins held by affiliated miner wallets, as coins move to cryptocurrency exchanges, may signal a prelude to a sell-off. Currently, Bitcoin miners hold approximately 1.832 million BTC reserves, down from the October high of 1.845 million. AliCharts previously pointed out in a social media post that miners have sold 3,000 Bitcoin (BTC) in the past 24 hours, equivalent to approximately $129 million.
The average monthly turnover of the virtual asset business of Victory Securities reaches US$10 million, and Bitcoin investment accounts for 80%
Data disclosed by Chen Peiquan, executive director of Victory Securities, shows that since Since the company launched virtual asset trading services, the average monthly turnover has reached US$10 million. Its virtual asset business has made profits. He believes that related customers will maintain a multiple growth rate next year. Chen Peiquan said that currently investors mainly invest in Bitcoin, accounting for about 80% of their overall virtual asset investment. Chen Peiquan also revealed that next year Victory Securities will integrate its stock and virtual asset platforms in the hope of becoming a one-stop platform to facilitate investors to buy and sell virtual assets. Next year, Bitcoin will usher in a halving that occurs every four years, and the Federal Reserve may start During the interest rate cut cycle, I believe that virtual assets will usher in another bull market.
The Valkyrie Bitcoin Miner ETF rose 314% throughout the year and is the best-performing non-leveraged ETF in the United States in 2023
Bloomberg ETF analyst James Seyffart Posting on social media, Valkyrie’s Bitcoin Miner ETF (WGMI) rose by approximately 399% in 2023. Although there has been a decline in the past two days, the annual increase is still 314%, making it the best-performing non-leveraged ETF in the United States in 2023.
Coinbase Bitcoin reserves hit lowest level since 2015
Coinbase’s Bitcoin balances fell sharply, days after data from Glassnode, CryptoQuant and Coinglass About 30,000 Bitcoins left the platform, making it the largest Bitcoin withdrawal since May this year. This reduction brings the platform’s Bitcoin holdings to an estimated 411,000 coins, the lowest level since 2015.
The prospect of Bitcoin spot ETF approval triggers traders’ assessment and possible profit-taking
Bitcoin has fallen back, and traders are evaluating if Regulators approve first Bitcoin spot ETFs, and how the crypto market might react. Bitcoin is up 156% this year, in part because investors are betting that ETFs will spur new demand for the currency. A key question is whether actual approval of these products will spur some profit-taking. In other words, there remains uncertainty about potential market interest in planned spot Bitcoin ETFs from the likes of BlackRock and Fidelity Investments.
Bitcoin mining difficulty will be adjusted a total of 27 times in 2023, with the annual difficulty increasing by 74%
According to Bitcoin.com data, Bitcoin Mining difficulty has experienced a total of 27 adjustments this year, including 20 increases and 7 decreases, with an annual increase of approximately 74%. The largest increase in difficulty reached 10.26% on January 16; the smallest increase was only 0.12%, which occurred on August 9; the largest difficulty drop was 3.59%, which occurred on January 3; the smallest drop was 0.49%, which occurred on February 12; the 27th and last adjustment in the year was on December 12 Conducted on the 24th of March.
According to data from btc.com, 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.
Ethereum
Vitalik Buterin published a blog post discussing the long-term plan of Ethereum
Ethereum Founder Vitalik Buterin published a blog post titled "Make Ethereum Cypherpunk Again". Vitalik stated in the article that the deeper vision behind cryptocurrency is to comprehensively build a more free and open society and economy, in which different parts - technology, society and economy fit with each other. The early vision for "web3" was also this type of vision, moving in a similarly idealistic but slightly different direction. Unfortunately, these visions have faded away since around 2017. There is very little talk about consumer crypto payments, the only non-financial application that is really being used on-chain at scale is ENS, and there is a big ideological divide, with large parts of the non-blockchain decentralized community viewing the crypto world as as a distraction rather than a like-minded spirit and powerful ally. Having lived through that era, I believe the main culprit for this shift is rising transaction fees.
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Grayscale: Ethereum’s rebound should be seen as evidence of further recovery in the crypto market
Grayscale officials posted on social media that ETH will be in 2023 It has generated strong returns (80%+) in 2018, but has lagged behind BTC and certain other smart contract blockchain tokens. The ratio between the ETH and BTC price index recently reached its lowest level since mid-2021. In fact, most smart contract platform tokens have gained less than Bitcoin this year, with ETH largely in line with this peer group. The FTSE Grayscale smart contract platform CryptoSector Index rose by approximately 94% in 2023, only slightly higher than ETH’s growth. Although ETH lags behind Bitcoin and certain other cryptoassets in 2023, it still outpaces traditional asset classes. Therefore, we believe that ETH’s rebound should be viewed as evidence of a broadening crypto recovery.
SEC delays decision on ARK Invest, VanEck’s spot Ethereum ETF
< p>According to a document update released by Bloomberg analyst James Seyffart, the SEC has postponed its decision on ARK Invest/21Shares and VanEck’s spot Ethereum ETF application. The original deadline was December 26, and the new resolution date is Late May 2024.
Delegate founder: Ethereum seems to have lost some of its roots in terms of security
Delegate founder foobar discussed Ethereum on the X platform, foobar said that Ethereum seems to have lost some of its roots when it comes to security. More relays succumb to OFAC, LST models defeat individual stakers, etc., so fixing the execution layer may be necessary for EVM to win. Sure, and confident enough that ETH will have some fixes by 2026, but this isn't 2013 and the world can't be expected to stand still for three years while we dig into PBS executing tickets and L1 being unavailable for EOA Upgrading EVM for the central concurrent execution layer is necessary to stay ahead of the curve. Another failed narrative: L2 is supposed to be a testing ground for new EIPs. But that didn’t happen, instead L2 lagged behind L1 in EIP adoption, so Ethereum needed to play a bigger role in driving these improvements, and a successful L2 upstream would drive the entire ecosystem forward.
The difficulty/cost of aggregation isn't the main bottleneck though, it's the swamp of surrounding EVM infrastructure that must be coordinated in parallel to achieve EIP-3074 support. The main bottleneck is the wallet. So if m*tam*sk wants to board the ship, L1 needs to lead the way.
Lido Strategic Advisor: One of the biggest strategic mistakes Ethereum can make is trying to compete as an executive layer
Lido Strategic Advisor Hasu tweeted , Rollups now accounts for 20% of Ethereum’s revenue and is still growing rapidly. This demonstrates the need for “opaque modifications” that Ethereum itself cannot easily provide. One of the biggest strategic mistakes Ethereum could make is trying to compete as an execution layer instead of focusing on what it uniquely can offer: security. With all of these issues agreed upon, the Ethereum Roadmap 2024-26 does a lot to address them. To me, it just goes to show that doing a good job of security is extremely difficult. Other than introducing centralization, no other chain does these things better.
Moody's: Public blockchains such as Ethereum will be more connected to traditional infrastructure over time
Moody's believes that as time goes by Over time, public blockchain networks such as Ethereum and traditional infrastructure will become more interconnected, which will enhance blockchain use cases and promote industry growth. Asset tokenization converts assets such as funds, real estate or art into digital tokens, allowing them to be stored and transferred using DLT. Progress has been made over the past year. The total value of real-world assets tokenized on public blockchains has grown from $1 billion to $2 billion in the past 12 months, with Ethereum currently hosting the vast majority of them. One factor hindering tokenization adoption is the lack of reliable forms of digital cash, which leads market participants to settle transactions off-chain or use stablecoins.
Data: Bitcoin will surpass Ethereum in terms of market capitalization, NFT and miners in 2023
According to CMC archived data, at the close of December 2022, BTC Its market dominance is 40.1%, while ETH’s share is 18.4%. Currently, BTC’s market share has surged to 51.5%, while ETH has dropped slightly to 16.6%. Currently, Bitcoin's market capitalization is as high as $856 billion, while Ethereum's market capitalization is $275 billion, which makes BTC's market capitalization approximately 3.11 times that of ETH.
The latest data from cryptoslam.io shows that in November 2023, Bitcoin surpassed Ethereum in NFT sales and maintained its lead in the subsequent 30 days. During this 30-day period, Bitcoin-based NFT sales reached $761,951,324, while Ethereum sales reached $387,167,225.
Additionally, Bitcoin continues to outperform Ethereum in terms of fee generation. In the past 24 hours alone, BTC miners collected $39,480,534 in fees from on-chain transactions, significantly higher than the $551,880 collected by ETH validators.
Other projects
Polkadot founder: Four infrastructures are about to be launched, and Elastic Scaling is expected to be implemented in 2024
Polkadot Founder Gavin Wood said that Agile Coretime, On-Demand Parachains, Ethereum Snowbridge and Kusama Bridge will be launched soon. In addition, Elastic Scaling is expected to be implemented in 2024. In addition, the new fork-free block generation consensus algorithm Sassafras has taken shape and is expected to be used on the test network in 2024.
Hashkey Cloud and SuperMeta have reached a cooperation to build a liquidity restaking benchmark
Hashkey Cloud, a Web3 infrastructure service provider owned by HashKey, announced a liquidity restaking solution After reaching a partnership, HashKey Cloud will also join its "Super Operator" association. It is reported that the two parties will cooperate in digital asset management and build a liquidity restaking benchmark.
Distributed ledger technology platform Grape completes US$35 million in financing
Layer1 distributed ledger technology platform (DLT) Grape completes US$35 million in financing, a global alternative Investment group LDA Capital participated in the investment. Grape plans to use the funds to accelerate project development.
Galxe announces cooperation with BRC20 inscription Turtsat to deepen community participation
Web3 community platform Galxe announces cooperation with BRC20 inscription Turtsat. Turtsat will expand its impact through Galxe reach and deepen community engagement. This strategic partnership brings exclusive opportunities to the Turtsat and Galxe communities, including incentives such as licensing lists.
BakerySwap: The third Launchpad project will be launched next week
BakerySwap posted on the X platform that it will launch the third Launchpad project next week , this project is invested by Binance Labs, FDV is only US$630,000, and only BAKE and 1CAT can be used to participate.
Telcoin releases update on stolen incident: fixes have been deployed and no keys, backend systems or user data were compromised
Blockchain payment application Telcoin Posting an update on the theft, Telcoin stated that we have determined the root cause of the theft. This is not an issue with the Telcoin wallet code itself, but an issue with the proxy implementation of the wallet on Polygon, which mainly affects wallets that have never initiated transactions. We have deployed a fix to prevent further exploitation. We plan to restore all wallets to their previous balances (for all affected assets) before reopening the application service, which may take some time. No keys, backend systems or user data were compromised. We will provide updates as soon as possible and thank you all for your patience and support. The Telcoin team is very grateful for the help provided by the blockchain security community and we will publicly express our gratitude to them once we have completed our investigation.
Golden Finance previously reported that a large number of suspicious token operations occurred on the blockchain payment application Telcoin on Polygon. The suspicious address was suspected of stealing more than 300 million TEL tokens and converting them into MATIC. At present, the official stated that it is aware of the situation of the Telcoin application and has temporarily frozen the use of the application while the problem is investigated.
BGD Labs: Aave Governance v3 is online
BGD Labs announced on the X platform that Aave Governance v3 is online. In Governance v3, AAVE, stkAAVE and AAVE stored in Aave v3 Ethereum have voting rights. The delegation dynamics are exactly the same as Governance v2, but all delegations have been reset to 0 when the system is activated. Additionally, voting/delegation can currently be done directly through any instance of the governance smart contract or user interface.
The decentralized storage platform CESS completed US$8 million in financing, with HTX Ventures participating
The decentralized storage platform Cumulus Encrypted Storage System (CESS) started from More than 13 venture capital firms raised approximately $8 million. HTX Ventures, Infinity Ventures Crypto, DWF Labs, Mentha Partners, Vespertine Capital, Web3 Foundation, Singchain Investment, 7 O'Clock Capital, SolrDAO, FishDAO, OneBlock+, Winkrypto and Polkadot Ecological Research Institute participated in the investment.
According to its documentation, CESS is both a blockchain network and a decentralized storage system. It allows files to be stored on multiple nodes and identified by their hash value. The new funding will be used to “drive technological advancements, expand global operations, and strengthen CESS’s position in the decentralized infrastructure space.”
Zhu Su: Consider migrating OX tokens to IBC
Zhu Su, co-founder of Three Arrows Capital, posted on the social platform that OPNX tokens Migration of OX to IBC seems reasonable.
Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and not as actual investment advice. Please establish a correct investment philosophy and be sure to increase your risk awareness.
Sanya
