Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance. The content covers key news of the week, mining information, project trends, technology progress and other industry trends. This article is one of the weekly news articles, giving you an overview of the major events in the blockchain industry this week.
Headlines
▌Vitalik Buterin issued an article explaining the PoS simplification proposal, suggesting a design that requires only 8192 signatures per slot
Vitalik Buterin ) published an article describing a PoS simplification proposal, proposing a design that requires only 8192 signatures per slot (even using SSF), aiming to make consensus implementation simpler and lighter. Buterin proposed three methods, namely: a pledge pool focusing on decentralization; two-level pledge; and rotating participation (such as a committee).
Vitalik said he hopes to stick to 8192 signatures, which will make the lives of technology implementers as well as builders of side infrastructure such as light clients easier. , the future load of the Ethereum protocol is no longer an unknown: the load can be increased through hard forks in the future, but only if developers are convinced that the technology has improved enough to be able to handle more signed slots with the same efficiency. All that's left is to decide which of the three methods above to use, or something else.
▌Grayscale files revised S-3 document for GBTC conversion, or cash creation and redemption< /strong>
According to public documents, Grayscale submitted another revised S-3 document today, aiming to convert its GBTC into spot bits Coin ETF. Bloomberg analyst James Seyffart pointed out that Grayscale has made a compromise and may accept the SEC’s cash-only creation/redemption requirement.
▌India issued compliance "show cause" notices to nine offshore exchanges including Binance and KuCoin< /strong>
India's Financial Intelligence Unit announced that it has issued compliance "show cause" notices to nine offshore exchanges under the Prevention of Money Laundering Act (PMLA) , including Binance, Kucoin, Huobi HTX, Kraken, Gate.io, Bittrex, Bitstamp, MEXC and Bitfinex, and has written to the Secretary of the Ministry of Electronics and Information Technology of India requesting that the websites of these exchanges be blocked.
Policy
▌Chairman of the Russian State Duma Financial Market Committee: Crypto legislation is expected to become law in the first half of 2024
According to Bitcoin News, Russia Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, said: “Because the cryptocurrency market in Russia is quite large, the main players involved in the mining and circulation of cryptocurrency want to regulate it, and they are ready to pay taxes. Therefore, I expect that cryptocurrency The legislation will become law in the first half of 2024.”
▌Former SEC official: Doesn’t think spot Bitcoin ETF will be approved Batch is a good thing
John Reed Stark, former director of the SEC Internet Enforcement Office, said on the X platform that he is not personally a fan of Bitcoin spot ETFs , do not think the approval of Bitcoin spot ETF is a good thing.
John Reed Stark believes that the idea of a Bitcoin spot ETF is still a "ridiculous" concept because it will create another huge Wall Street investor. A scam, and the spot Bitcoin ETF may be the most “centralized” crypto product.
▌U.S. Congressman Warren: 2024 will be an excellent time to fire the SEC Chairman
U.S. Congressman Warren Davidson said that 2024 would be an excellent time to fire SEC Chairman Gary Gensler. He also proposed passing the Securities and Exchange Commission Stabilization Act in 2024 to hold the SEC accountable for its corruption practices and end the qualified investor rules that protect the plutocratic class’ transactions.
▌Digital Chamber of Commerce CEO: 19 senators who signed Warren’s anti-money laundering bill did not know the bill would be banned in the United States Bitcoin
Digital Chamber of Commerce CEO Perianne Boring said in an interview with Fox News that the 19 senators who signed Elizabeth Warren's anti-money laundering bill did not know The bill would effectively ban Bitcoin in the United States.
▌U.S. Attorney: No plan to hold a second trial against SBF
Blockchain Application
▌< /strong>Founder of FileMarket: The future of data privacy lies in fully homomorphic encryption
Founder of FileMarket, a decentralized P2P file sharing platform CEO and CEO Ilya Orlov said the data sharing economy is growing rapidly, decentralized data storage is the "new real estate" and the future of data privacy lies in fully homomorphic encryption (FHE), a method of encrypting data without decrypting it. Encryption technology for data calculation. Ilya Orlov predicts that FHE will be widely adopted in the next year and surpass the limitations of current zero-knowledge (ZK) methods.
▌ssv network launches hosting and staking platform Allnodes
ssv network announced that it has launched Allnodes. Allnodes is a non-custodial platform where users can host master nodes, verification nodes, super nodes, Sentry nodes, complete nodes, and participate in staking of more than 70 protocols.
▌BGD Labs: Aave Governance v3 is online
BGD Labs announced on the X platform that Aave Governance v3 has been launched. 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.
Cryptocurrency
▌Analyst: Institutional investors prepare to increase cryptocurrency activity in 2024
By 2024, financial institutions’ Cryptocurrency market activity is likely to increase, driven by the potential approval of a spot Bitcoin ETF, expectations of a rate cut by the Federal Reserve, and greater regulatory clarity. Deribit chief commercial officer Luuk Strijers said the data shows that experienced players from traditional markets are preparing for greater participation in the market in 2024. “Institutional activity has increased significantly since the end of October, primarily due to anticipation of potential ETF news in January and clients’ strategic positioning towards this event,” Luuk said.
▌Glassnode: Stablecoins have become traders’ “preferred quote currency” and a major source of liquidity
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According to recent analysis by Glassnode, the role that stablecoins play in market dynamics has changed significantly compared to the previous cycle, and they have become the The investor’s “preferred quote currency” (Quote Currency) and the main source of market liquidity. Additionally, October marked the first time the stablecoin supply expanded since March 2022, which could be a sign of renewed investor interest.
▌Blockchain Association CEO: 2024 will be a turning year for the encryption industry
Blockchain Association CEO Kristin Smith said in an interview that the cryptocurrency field is likely to be "turning a corner on core regulatory issues." She said: “FTX’s verdict and the conclusion of the Department of Justice’s case against Binance should clarify some misunderstandings in Washington, and 2024 will be a turning year for the industry.”
▌Opinion: The launch of a spot Bitcoin ETF will spark more excitement and support for digital assets
Beth Haddock, managing partner and founder of Warburton Advisers, wrote that a spot Bitcoin ETF may be approved in 2024, which may change people's view of digital assets. The sentiment comes after the industry faced a backlash in the past year. Looking ahead to 2024, two possible developments stand out. First, the SEC’s approval of a spot Bitcoin ETF could spark more excitement and support for the digital asset, clarifying regulatory uncertainty and valuation concerns.
Secondly, promoting the modernization of U.S. capital market infrastructure is in line with the needs of the digital generation for efficiency and transparency. Initiatives such as the upcoming T+1 trade settlement deadline and BlackRock CEO Larry Fink’s predictions about the future of the market driven by token economics underscore this trend. Expect increased institutional support for use cases aimed at enabling this revolution by 2024, such as Figure’s use of the Provenance blockchain.
▌Former Bloomberg analyst: Cryptocurrencies may account for 20% of technology stock market value in 2025
Former Bloomberg Intelligence analyst Jamie Coutts CMT published an article on the X platform that by the end of 2025, technology stocks are expected to account for 25% of the total global stock market. This figure has doubled in the past decade. By 2025, cryptocurrencies are expected to account for 20% of the value of technology stocks (a five-fold increase in five years).
Jamie Coutts believes that technology stocks and cryptocurrencies should be the largest overweights in portfolios for at least the next 1-2 years until liquidity Cycle changes.
▌Bitfinex report: Global cryptocurrency users may reach 950 million in 2024
< p style="text-align: left;">Bitfinex released a special outlook report for 2024. The report believes that the global cryptocurrency user base is soaring and may reach 950 million by 2024. Each new user represents a step forward. A step towards a more inclusive financial world. The rise in Bitcoin adoption proves that it is increasingly more than just a currency, it is a tool for social change, reshaping the way people think about and use money.
▌Canadian crypto exchange Catalyx suspends trading and withdrawals due to "security breach"
CatalX CTX Ltd, the company behind Canadian cryptocurrency exchange Catalyx, announced that it has suspended all transactions, deposits and withdrawals due to a security breach that resulted in the loss of some customer funds. CatalX CTX said in a press release that it has launched an investigation into the incident, which may have involved an employee, with an undisclosed amount of damage.
Last week, Canadian regulators ordered Catalyx to cease all cryptocurrency contract trading and launched an investigation into the company.
▌Fidelity and WisdomTree designate Jane Street as an authorized dealer for spot Bitcoin ETF
According to public documents, Fidelity and WisdomTree respectively submitted revised S-1 forms for spot Bitcoin ETFs, and both designated Jane Street as the authorized dealer of the ETF ( AP). Fidelity said in its S-1 that its ETF sponsorship fee is 0.39%.
▌The third-party service provider of digital asset trading platform INX was attacked, customer data and funds are safe
INX, a securities token and digital asset trading platform, announced that on December 20, a cyber attack occurred on the computer system of a third-party supplier that provides services to its subsidiaries. The malicious actors managed to access the third-party vendor's servers and perform unauthorized transactions, resulting in the subsidiary losing approximately $1.6 million in funds. INX stated that the company took immediate action to fix the security vulnerability and investigate the nature and scope of the incident. INX's customers were not affected by this incident, and the security breach by the third-party provider did not have any impact on INX's platform and servers. INX customers No personal information or other data was compromised and INX.One remains fully operational.
Important economic developments
▌Economic Daily Jin Guanping: Coordinate risk resolution and stable development
Risk resolution and stable development It is a dialectical relationship. Risk resolution is for high-quality development, and high-quality development can fundamentally prevent risks. Preventing and defusing major risks requires sufficient resources, and development is the foundation and key to solving all problems in our country. We can neither stop development because of choking, and miss opportunities for development in order to resolve risks; nor can we just rush forward without looking at the path ahead, and do not have a deep understanding of the correlation between some risks, resulting in "a minor illness that cannot be cured will become a serious one, and a missed opportunity will not be missed." The consequences of the dam collapse. It is necessary to dynamically grasp the effective balance between stable development and risk prevention, and ensure that while preventing risks, we can promote stability and continue to consolidate the positive momentum of economic recovery. We must use a development perspective to evaluate risks, use reform methods to resolve risks, and prevent and resolve risks in development.
▌Ministry of Commerce: Cultivate new momentum for foreign trade and study and reserve new policies and measures
Xu Xingfeng, Director of the Department of Market Operation and Consumption Promotion of the Ministry of Commerce, said in an interview that in 2024, we will resolutely implement the spirit of the Central Economic Work Conference, cultivate new momentum for foreign trade, and consolidate foreign trade and foreign investment. The fundamentals will promote foreign trade to stabilize and improve. Introduce new policies. We will continue to work with various local departments to implement various policies that have been introduced to stabilize foreign trade. At the same time, in response to the new situation and new tasks, we will study and reserve new policies and measures, promote their introduction in a timely manner, and do a good job in publicity and interpretation.
▌Mergers, acquisitions and reorganizations are ushering in a period of opportunities due to warm policies
Wind data shows that as of December 26, 111 listed companies have disclosed major restructuring announcements for the first time this year, far exceeding the level of 80 companies in the same period last year. The reporter learned that regulatory authorities are actively studying the establishment and improvement of a "green channel" for mergers, acquisitions and reorganizations of technology-based companies that have made breakthroughs in key core technologies. Private enterprises' mergers, acquisitions and reorganizations are also expected to receive more policy support. Market participants expect that under a more inclusive and innovative mechanism, capital market mergers and acquisitions will usher in a period of opportunity.
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.
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