Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering the week's key news, market and contract data, mining information, project dynamics, technological progress and other industry dynamics. This article is a project weekly, taking you to see the progress of mainstream projects and star projects this week.
Bitcoin
The Chairman of the US SEC congratulated the 16th anniversary of the release of the Bitcoin white paper
Golden Finance reported that in an interview broadcast by Bloomberg Businessweek on October 22, Gary Gensler, Chairman of the US Securities and Exchange Commission, congratulated the 16th anniversary of the release of the Bitcoin white paper with "sweet sixteen" (the BTC white paper was released on October 31, 2008), but Gensler also said that the SEC will continue its practice of considering the risks of digital assets to investors and "enforcement supervision".
Gensler said: "For ninety years, we have benefited from strong laws enacted by Congress and rules established by agencies that have helped promote market development, protect investors, promote capital formation and the development of the middle market, and we will continue to do so."
Bernstein: Bitcoin price reaching $200,000 by the end of 2025 is a "conservative" forecast
Golden Finance reported that analysts at research and brokerage firm Bernstein claimed that their current forecast of a Bitcoin price of $200,000 by the end of 2025 is "conservative" and urged skeptics to reconsider the limited supply of cryptocurrencies in an era of record debt levels in the United States. For investors who do not want to hold Bitcoin directly, the analyst suggested that they can invest in MicroStrategy, the world's largest Bitcoin corporate fund holder, and Robinhood, which is continuing to expand encryption services, as an alternative to indirect investment.
Analysts also highlighted the potential of U.S. listed companies Riot Platforms and CleanSpark, which are integrating gigawatts of power for Bitcoin mining, and AI diversified companies like Core Scientific, which are taking advantage of the demand for AI hosting services because they have valuable power pipelines while still managing Bitcoin mining operations.
Tesla's Bitcoin holdings remain unchanged in Q3 2024
Golden Finance reported that Tesla's Bitcoin holdings remained unchanged in the third quarter of 2024.
Tesla's third-quarter revenue was $25.18 billion, analysts expected $25.43 billion, and $23.35 billion in the same period last year. Net profit in the third quarter was $2.167 billion, the market expected $1.78 billion, and $1.853 billion in the same period last year.
Bitcoin whale holdings hit a record high
Golden Finance reported that according to Cryptoquant data, Bitcoin whales currently hold about 670,000 Bitcoins, which is the highest value ever. There is no doubt that this is an optimistic long-term signal.
As can be seen from the chart, when whale holdings are at a high level, Bitcoin tends to show a sideways or local mild decline. This accumulation phase can be described as the calm before the storm in the medium and long term.
The real growth wave of Bitcoin begins when whales gradually reduce their holdings until the percentage change value of holdings becomes negative. Finally, if Bitcoin's historical highs are not updated between the US presidential election and November 28 (+/- 21 days), it will indicate that there are serious problems in the current bull market cycle and things will get bad.
CryptoQuant: Bitcoin retail investor activity picked up in October
On October 23, according to CryptoQuant data, retail investor activity slowed down between June and late September, but has started to pick up since October. The agency pointed out in a report released on Tuesday: "In the past 30 days, retail demand has increased by about 13%, showing a similar trend to when we approached the previous historical high in March." The report pointed out that the increase in retail demand for Bitcoin is in sync with the growth of institutional interest. Although retail investors are returning to the market, institutional investors have been steadily increasing their investment in Bitcoin this year. This is in stark contrast to the first quarter of 2024, when market demand was mainly driven by large investors. The current dynamics of retail and institutional investor demand are similar to previous Bitcoin market cycles, and the recent increase in retail activity may herald a similar pattern of optimism reappearing.
To gauge demand from retail investors, CryptoQuant looks at several key indicators. One of them is tracking the total amount of bitcoin held by wallets that hold less than one bitcoin. This total has grown from 1.734 million bitcoins in mid-March to the current 1.752 million bitcoins, an increase of 18,000. Another indicator is the volume of transactions on the chain with a transaction value of less than $10,000, which reflects the activity of small investors and provides a reference for the market sentiment of non-institutional investors.
Bitcoin "whale wallets" increased by 297 in the past two weeks
Golden Finance reported that Santiment posted on the X platform that Bitcoin "whale wallets" (which can be broadly defined as 100 BTC or more) increased by 297 (+1.9%) in the past two weeks. In the same period, the number of wallets with less than 100 BTC decreased by 20,629 (-0.1%). As the largest major stakeholders in cryptocurrency continue to acquire more cryptocurrency from retail traders who sell off, this has historically led to bullish results.
Bitcoin mining company Ionic Digital hired BDO as auditor
On October 22, Bitcoin mining company Ionic Digital mined 107.54 bitcoins during September, and the Ionic Board of Directors Audit Committee approved the hiring of BDOUSA as the company's independent registered accounting firm. John Penver, CFO and interim CEO of Ionic Digital, said, "BDO's role as Ionic's new auditor will enable us to further advance Ionic's progress as a listed entity."
Previously, Bitcoin mining company Ionic Digital announced in August this year that it would postpone its listing plan.
Ethereum
Vitalik publishes latest article: The future of Ethereum protocol - The Verge
On October 23, Ethereum co-founder Vitalik published the latest article "Possible futures of the Ethereum protocol, part 4: The Verge". He said that one of the most powerful features of the blockchain is that anyone can run a node on their own computer and verify whether the chain is correct. Stakeholders who do not belong to such conspiracy groups will automatically gather and continue to build a chain that continues to follow the old rules, and fully verified users will follow the chain.
However, running a fully verified node needs to be feasible for enough people. It is possible to run a node on a consumer laptop today, but it is difficult to do so. The Verge is going to change this and make the fully verified chain so computationally affordable that every mobile wallet, browser wallet, and even smartwatch does it by default.
Initially, "Verge" referred to the idea of moving Ethereum state storage to a Verkle tree - a tree structure that allows for more compact proofs, enabling stateless verification of Ethereum blocks.
But over the past year, Verge has become more open, and there are multiple possibilities. The Verge: Key Goals
· Stateless Clients: Fully verifying clients and staking nodes do not require more than a few GB of storage space
· (Long-term) Fully verify the chain (consensus and execution) on a smartwatch. Download some data, verify the SNARK, and you're done.
Institutions such as Mitsubishi UFJ, Nomura Securities, and SBI Securities support the priority of launching Bitcoin and Ethereum ETFs
Golden Finance reported that according to Bloomberg, Japan has previously considered whether to follow overseas initiatives to allow ETFs to invest in cryptocurrencies, and this news has attracted the attention of mainstream Japanese institutions. Some Japanese companies said that the discussion should focus on major tokens such as Bitcoin and Ethereum. Organizations including major trust banks such as Mitsubishi UFJ and Sumitomo Mitsui, cryptocurrency exchanges such as bitFlyer, and brokerage firms such as Nomura Securities and SBI Securities have put forward a series of proposals, arguing that the huge market value and "stable returns" of these cryptocurrencies make them suitable for investors to accumulate assets in the medium and long term.
Japanese Financial Services Agency officials said last month that the agency will review its approach to cryptocurrency regulation, an assessment that has no set conclusions and may take some time to complete.
OpenZeppelin has been funded by the Ethereum Foundation
On October 25, the secure blockchain application standard OpenZeppelin has been funded by the Ethereum Foundation. Officials said that the grant will enable it to add a modular ERC-4337 implementation, advance account abstraction, and help developers build more secure applications and more flexible smart wallets. In addition, the team will introduce new signature schemes such as secp256r1, BLS, and RSA, providing broader encryption support.
Vitalik: Ethereum TPS can be increased by 1.5 times by selectively reducing Gas fees
On October 24, Ethereum co-founder Vitalik Buterin posted on the X platform, "I think the ideal solution is to make a deep but selective reduction in Gas fees: reduce the gas cost of all EVM opcodes currently in the range of 2-5 to 1, and reduce the gas cost of 6-10 to 2. · Reduce the gas cost of log operations by 4 times. · Reduce the gas cost of precompiled contracts (except those we plan to deprecate). In this way, it is possible to increase TPS by 1.5 times without compromising any "critical worst-case" indicators (such as calldata size, IO).
QuickSwap will be expanded to Ethereum through Orbs Liquidity Hub
Other projects
Uniswap launches in-app cross-chain bridge, currently supporting 9 network cross-chains including Ethereum
Golden Finance reported that Uniswap announced that its permissionless in-app cross-chain bridge has been launched. Uniswap users can now cross-chain across nine networks directly from the Uniswap interface and Uniswap wallet. The cross-chain bridge is currently applicable to: Ethereum, Base, Arbitrum, Polygon, OP Mainnet, Zora, Blast, World Chain and ZKsync.
Scroll Ecological Stablecoin Project Essence Finance Suspected of Rug Pull
On October 26, according to WuBlockchain, Scroll Ecological Stablecoin Project Essence Finance is suspected of Rug Pull. Its stablecoin CHI fell by more than 92% to $0.077 in the past 24 hours, and more than $20 million in collateral was suspected to be removed. The last tweet was published on September 11. The audit report of this project comes from FEI Protocol V2.
Catizen Announces that Layer2 Project Zircuit Will Be Listed on Its Launchpool
Golden Finance reported that Catizen announced that Layer 2 Project Zircuit will be listed on its Launchpool, becoming the first project to land on its Launchpool. From October 28 to November 4, users can earn Zircuit tokens ZRC by staking CATI and Cats.
Microsoft lists "Evaluation of Bitcoin Investment" as a voting item for the December shareholders' meeting
Golden Finance reported that documents submitted by Microsoft to the U.S. Securities and Exchange Commission (SEC) show that the December 10 shareholders' meeting will vote on "Evaluation of Bitcoin Investment". The proposal was proposed by the conservative think tank National Center for Public Policy Research, but Microsoft's board of directors recommended that shareholders vote against it. The board of directors believes that the proposal is "unnecessary" and said that the company's management has fully considered Bitcoin and other cryptocurrencies and will continue to monitor related trends in the future to provide a basis for decision-making.
Multi-chain settlement network Twine releases project introduction
On October 24, the multi-chain settlement network Twine released a project introduction. The project aims to allow users to access the liquidity of multiple chains such as Ethereum, Solana, and Bitcoin through a single platform, aggregate multiple chains, and achieve seamless user experience and Dev X.
Solana co-founder Toly retweeted and said that a single execution environment can accommodate multiple DA layers at the same time and provide each layer with a strong anti-censorship exit guarantee that is better than honest majority multi-signature. I think it's cool.
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