This Week in Review | SEC Chairman to Resign on January 20; Base Ecosystem on the Rise

BlockBeats will curate key industry news from the week of 11.18-11.24 in this article, and recommend in-depth articles to help readers better understand the market and stay informed of industry trends.

Important News Recap

Bitcoin Hits $99,588 for the First Time, Setting a New All-Time High Just a Stone's Throw Away from $100,000

This week, Bitcoin broke $99,000 multiple times to set a new all-time high. Multiple institutions are bullish on Bitcoin's future performance. Asset management giant VanEck's latest report points out that from key indicators, this rebound seems to be just beginning: since November 12, the perpetual futures funding rate has remained above 10%, indicating strengthening bullish momentum; moreover, the current 30-day moving average relative unrealized profit level is around 0.54, usually signaling that the market may peak over a longer time frame; the search term popularity is only 34% of the May 2021 peak, indicating that speculative frenzy has not yet spread, and retail investors' re-entry will give Bitcoin further room to rise. On November 24, BitMEX co-founder Arthur Hayes predicted in his latest podcast that Bitcoin will reach $100,000 by the end of this year and may reach $250,000 by the end of 2025, with Dogecoin possibly hitting $1. Related Readings: "After Bitcoin Breaks $100,000, Which Track Will Explode First?", "As Bitcoin Nears $100,000, Taking Stock of the Institutional Forces Behind Over 2.7 Million BTC Holdings"

SOL Hits an All-Time High; Global Asset Market Cap Rises to 153rd Place

On November 22, SOL reached $260 for the first time, hitting a historic high after 1100 days, with a 24-hour gain of 11.98%. Solana's market cap has reached $122.35 billion, surpassing companies such as Sony and Allianz, ranking 153rd in the global asset market cap. SOL previously hit a historic high of $259.9 on November 6, 2021, when the Solana ecosystem was deeply integrated with the well-known trading platform FTX, and SOL itself was highly praised by the crypto industry leader at the time—FTX founder SBF. With the end of the Fed's rate hike in the 2021 bull market, the crypto space in 2022 was successively impacted by LUNA, 3Arrows Capital’s liquidation, and FTX's eventual liquidation at the end of 2022, causing SOL to plummet to $8 at one point. Related Reading: "Solana: From Zero to One Billion Dollars, the Most Perfect Rebirth in Crypto History"

Sources: SEC in 'Negotiations' With SOL Spot ETF Issuer

On November 21, a FOX Business reporter posted on social media that, according to two sources, SEC staff have made 'progress' in negotiations with the issuer looking to launch a SOL spot ETF. The SEC is currently processing the S-1 application for the SOL spot ETF. These sources say it is 'highly likely' to see exchange representatives of the potential issuer submit some 19b-4 filings in the coming days, which is the next step in the ETF approval process. Possibly influenced by this news, SOL saw a 4% short-term rally.

Wall Street Bond Trading Giant Cantor to Acquire Approximately 5% Ownership Stake in Tether

On November 24, according to reports, Cantor Fitzgerald is expected to acquire approximately 5% ownership stake in Tether, the world's largest stablecoin issuer, with Lutnick leveraging his political influence to address threats facing Tether. Cantor Fitzgerald is currently one of Tether's key banking partners. Cantor Fitzgerald's CEO, Howard Lutnick, will serve as Trump's Secretary of Commerce.

Meme Track Heat Unabated: Case-Sensitivity Debate Resurfaces; TikTok Narratives Heat Up; Live Streaming Emerges as Thousandfold Mythology

ai16z recently attracted widespread attention by launching a Solana-based decentralized AI trading fund. This fund utilizes AI agents to analyze the market and execute trades, driving the performance of the eponymous token. In particular, AI agent Eliza reached a market cap of $50 million with ai16z's support. On November 16, due to ai16z partner Shaw announcing to 'set Eliza free' and introducing the new token ELIZA, Eliza's market cap plummeted by over 87% in a short time. This move sparked strong community reactions, and the drama between the community and the conspiracy group is still unfolding. Related reading: "The 'Case-Sensitivity' Battle of Eliza: On-chain 'VC' ai16z vs. Community Showdown?"

On November 20, as monitored, a teenage trader known as 'Kid Bro' created a MEME coin called Quant during a live stream and sold all of it at a price of 128 SOL ($30,000), earning $29,600. The 51 million Quant he sold is now worth $4 million. He then created lucy and sorry, selling them all and earning a profit of 103 SOL (approximately $24,000). Related reading: "How Did a Kid Who Live-streamed Coin Launches and Exit Scams Become a New Top Streamer?"

The Solana-based meme coin CHILLGUY has rapidly gained popularity due to the viral TikTok meme character, with its market value soaring from $10 million to nearly $500 million in just a few days. An early investor put in around $1,000 and achieved over $1 million in profits in less than a week. The surge of CHILLGUY has attracted a large number of new users to the crypto space and driven Solana's transaction volume to a new high. Related reading: "From $1,000 to $1 Million, Who Caught Chillguy's Sudden Wealth?" , "TikTok Heat Continues + AI Meme Rejuvenation, Solana On-chain Continues Money-printing Mode | What's Hot in Meme Today?"

The Rising Trend of Base Ecosystem, AI Agent's Coin Increases Hundredfold in a Week

Since Trump took office, the crypto storm has been ongoing. On November 19, Trump will once again discuss SEC appointments with Coinbase CEO Brian Armstrong, putting the long-neglected base ecosystem back into the public spotlight. In Base's meme ecosystem, in addition to well-known figures like already-listed Brett, Degen, and others, the Base meme, like the current market, is speeding up. Not only is the AI concept constantly emerging, but there are also many tokens from the Desci series migrating to Base. On November 21, Vitalik and Jesse successively bought into the Base ecosystem meme coin ANON, once again igniting an AI token frenzy on Base, where this functional token with ZK technology made the community realize that Base may be experiencing a narrative similar to the early days of Degen.

Related reading: "AI Agent's Coin Increases Hundredfold in a Week, the Emerging 'Base Agent' Ecosystem", "Quietly Brewing Hundredfold Opportunities in the Base Ecosystem, What Are the Hype Targets?"

SEC Chairman Gary Gensler to Resign on January 20

On November 22, according to official sources, SEC Chairman Gary Gensler will resign on January 20. The official announcement mentioned that in the previous full fiscal year, although the cryptocurrency market accounted for less than 1% of the U.S. capital market, 18% of the reports, complaints, and referrals received by the U.S. Securities and Exchange Commission were related to cryptocurrency. Courts across the board have supported the Commission's investor protection actions and rejected all arguments that the SEC cannot enforce the law when securities are issued—no matter the form of securities issuance. Related Reading: "Crypto Lawyer Teresa Might Become SEC Chairman, What Does Trump Intend to Do?"

MicroStrategy Breaks into the Top 100 U.S. Listed Companies by Market Cap, Currently Holding 331,200 BTC

On November 20, MicroStrategy (MSTR) surged over 2.43% in pre-market trading, with a stock price exceeding $440.55, a market cap of over $96.732 billion, breaking into the top 100 U.S. listed companies. According to mstr-tracker data, MicroStrategy currently holds 331,200 BTC, valued at $30.898 billion, with an average purchase price of $49,874 per Bitcoin, currently showing an unrealized gain of over $14.7 billion. Related Reading: "A $15 Billion Sun Tzu Strategy: Where Will MicroStrategy Take Bitcoin?", "Profiting Billions by Using a Listed Company to Speculate on Bitcoin, He Is the Happiest Person in This Bull Market"

Noted Short Seller Citron: Shorted MSTR for Hedge, Still Bullish on Bitcoin

On November 21, prominent short-selling firm Citron Research officially posted on social media, stating that as investing in Bitcoin has become easier than ever (one can now buy ETFs, COIN, and HOOD), MSTR's trading volume has completely decoupled from BTC's fundamentals. While Citron remains bullish on Bitcoin, we have hedged by establishing a short position on MSTR. Citron stated: "Even Michael Saylor must know that MSTR is now overheated." Related Reading: "Going Public with a Short on MicroStrategy, Can Citron Capital Win This Time?"

U.S. Bitcoin Spot ETF Options Set to Launch

On November 19, according to a notice published on the official website of the Options Clearing Corporation (OCC), the institution is preparing to launch spot Bitcoin ETF options. The disclosed notice indicates that the OCC is preparing for the clearing, settlement, and risk management of spot Bitcoin ETF options, which will adhere to the new option listing process outlined in the options listing schedule.

Total BTC and ETH Open Interest Surpass $64 Billion and $20 Billion Respectively, Setting New Highs

On November 22, according to Coinglass data, the total open interest of Bitcoin futures contracts across all platforms reached 648,800 bitcoins (approximately $640.9 billion). Among them, CME's Bitcoin open interest was 216,820 bitcoins (approximately $21.4 billion), ranking first; Binance's Bitcoin open interest was 124,570 bitcoins (approximately $12.31 billion), ranking second. On the same day, the total open interest of Ethereum futures contracts exceeded $20 billion, reaching $20.61 billion, hitting a record high with a 4.68% 24-hour increase.

Justin Sun: Acquires Cattelan Banana for $6.2 Million at Sotheby's Auction

On November 21, Justin Sun, the founder of TRON and member of the HTX Global Advisory Council, posted on social media: "Successfully purchased Maurizio Cattelan's iconic work 'Comedian' for $6.2 million. This is not only an artwork but also a cultural phenomenon connecting art, meme culture, and the cryptocurrency community. I believe this piece will inspire more thinking and discussion in the future and become part of history. I am honored to be the proud owner of this banana and look forward to it bringing more inspiration and influence to art lovers worldwide." Possibly influenced by this news, the on-chain meme token BAN saw a short-term increase of over 27%.

Trump-Owned Company in Advanced Talks to Acquire Cryptocurrency Exchange Bakkt

On November 19, according to reports, a social media company owned by Donald Trump is in advanced discussions to acquire Bakkt, a cryptocurrency exchange under the Intercontinental Exchange, as the company strives to expand its business beyond online conversations. Two sources familiar with the negotiations said that the Trump Media and Technology Group is nearing a full-stock acquisition of Bakkt. On the same day, the market capitalization of the Solana-based meme coin BAKKT surpassed $35 million, with a trading volume of $107 million within 9 hours of listing. Related Reading: "Trump Expands 'Crypto Business Map,' Plans to Acquire Crypto Exchange Bakkt"

Trump Crypto Team Expected to Establish Bitcoin Reserve

On November 22, according to Reuters, Trump's "Cryptocurrency Advisory Council" is expected to establish a committed Bitcoin reserve.

Central Commission for Discipline Inspection: Yao Qian Used Virtual Currency for Power and Money Transactions, Abused Policy Recommendation Power, and Decision-Making Power

On November 20, according to Pengpai News citing the Central Commission for Discipline Inspection of the Communist Party of China and the National Supervisory Commission stationed in the China Securities Regulatory Commission, as well as the Guangdong Provincial Commission for Discipline Inspection and Supervision, the Central Commission for Discipline Inspection of the Communist Party of China and the National Supervisory Commission stationed in the China Securities Regulatory Commission along with the Shanwei Municipal Commission for Discipline Inspection and Supervision conducted a disciplinary review and supervision investigation into Yao Qian, the former director of the Science and Technology Regulatory Department of the China Securities Regulatory Commission and former director of the Information Center, for serious violations of discipline and law.

Upon investigation, Yao Qian abused regulatory powers such as policy recommendation, decision-making, and enforcement powers, neglected his duties in technology regulation, sought undue benefits for others in expanding business at information technology system service institutions, hardware and software procurement, and engaged in power and money transactions using virtual currency. After deliberation by the China Securities Regulatory Commission Party Committee, Yao Qian was expelled from the Party. After deliberation by the Central Commission for Discipline Inspection of the Communist Party of China and the National Supervisory Commission stationed in the China Securities Regulatory Commission, Yao Qian was dismissed from public office. The illicit gains from his violations were confiscated. After deliberation by the Shanwei Municipal Commission for Discipline Inspection and Supervision in Guangdong Province, the suspected criminal issues involving Yao Qian were transferred to the procuratorial organs for review and prosecution in accordance with the law, and all relevant assets were seized and transferred.

Shanghai High People's Court: Individual Holding of Virtual Currency Not Illegal, but Token Issuance Illegal

On November 21, it was reported that the Songjiang District People's Court in Shanghai recently concluded a service contract dispute case caused by the effectiveness of a virtual currency issuance financing service contract. The plaintiff, a certain agricultural development company (hereinafter referred to as Company X), during the 2017 ICO period, conceived the idea of issuing a virtual currency for financing. Upon the recommendation of the defendant, a certain investment management company (hereinafter referred to as Company S), Company X signed a "Blockchain Incubation Agreement" with Company S, entrusted Company S to produce a "White Paper," and based on mainstream blockchain smart contract technologies such as Bitcoin and Ethereum, conducted token issuance on the blockchain. However, after a year, the tokens were still not issued. When Company X inquired, Company S stated that the issuance of tokens required the development of a corresponding APP first. Since the development cost of the APP was high and not within their service scope, Company X was required to develop the APP on its own, and Company S would only be responsible for the subsequent token issuance. Disappointed by the unmet expectations, Company X sued in the People's Court, seeking to terminate the contract and requesting Company S to refund the service fee of 300,000 RMB.

The judge from the Songjiang District People's Court handling this case stated that virtual currency, as a virtual commodity with property value, is not illegal for individuals to hold, but commercial entities cannot arbitrarily participate in virtual currency investment transactions or even issue tokens themselves.

Aptos Announces Mainnet Launch of Meme Coin Issuance Platform emojicoin dot fun

On November 20, Aptos officially announced that the Meme Coin issuance platform emojicoin dot fun has now launched its mainnet. Powered by Aptos and the Move programming language, emojicoin.fun allows anyone to create and trade fairly issued Meme Coins, redefining on-chain interaction. Reportedly, emojicoin dot fun was incubated by Econia Labs and is operated by infranomicon.net. Read more: "Can Meme Save the Public Chain? A Quick Look at Aptos' Emoticon Launch Platform emojicoin.fun"

Binance Pool Introduces Fractal Bitcoin (FB) Joint Mining

On November 18, Binance Pool officially launched Fractal Bitcoin (FB) joint mining. Participate in Bitcoin (BTC) mining and receive Fractal Bitcoin (FB) rewards. Fractal Bitcoin (FB) is not currently listed on Binance.com. The launch of Fractal Bitcoin (FB) mining services on Binance Pool does not guarantee that the token will be listed on Binance.

Google Searches for "Memecoin" Reach All-Time High

On November 18, according to Google data, searches for "Memecoin" surged to an all-time high. The founder of Wealth Mastery commented, "Retail investors are waking up, and their usual entry point is various Memecoins."

Institution: NVIDIA's Q4 Revenue Expectation Fails to Impress Wall Street

On November 21, NVIDIA's Wednesday announced fourth-quarter revenue forecast was slightly higher than expected but still fell short of some investors' high expectations. The company's stock fell about 2% in after-hours trading after the earnings report. The company expects fourth-quarter revenue to be $37.5 billion, plus or minus 2%, while analysts' average expectation, according to LSEG, was $370.9 billion. NVIDIA CEO Jensen Huang said, "The era of AI is advancing at full speed, driving the global transformation to NVIDIA computing." He added, "With the expansion of pre-training, post-training, and inferencing at scale by base-model manufacturers, the demand for Hopper and the anticipation for Blackwell are incredible." Expectations were very high before the earnings announcement, and NVIDIA's stock price has risen more than 20% in the past two months. The company's stock has nearly doubled this year and has risen more than nine times in the past two years.

Magic Eden Announces Tokenomics: Initial Airdrop Allocation 12.5%

On November 19, Magic Eden announced its ME token tokenomics, with a total supply of 1 billion ME tokens to be distributed over 4 years, with 50.2% allocated to the community. The community and ecosystem together make up 37.7% of the allocation, with the community's initial allocation accounting for 12.5% of the total supply. Additionally, contributors make up 26.2%, and strategic participants make up 23.6%, both with lock-up periods. Magic Eden stated that an airdrop verification website will be launched soon, but the specific date has not yet been announced. Related reading: "Magic Eden Token Generation Event (TGE) Approaching, What Preparations Should Be Made for Claiming the Airdrop?"

ETHGlobal Bangkok Hackathon Announces 10 Winning Projects, Including AI Agents, Telegram Mini-Apps, and More

On November 18, ETHGlobal hosted its latest hackathon in Bangkok, Thailand, over the weekend following Devcon, with a total of 713 projects submitted. The judges included Ethereum co-founder Vitalik Buterin, Aave founder Stani Kulechov, Base founder and lead Jesse Pollak, and many other key participants in the Ethereum ecosystem. The ten finalists chosen by the judges focused on the rapidly growing areas of the crypto space, covering topics such as meme coins, AI agents, and DAO tools. The hackathon offered a $750,000 prize pool, making it the largest prize pool in ETHGlobal's history. Related reading: "From AI Agents to DeSci, a Quick Look at the 10 Projects Finalists in ETHGlobal Bangkok"

This Week's Top Articles

《Solana: From Zero to a Billion-Dollar All-Time High, the Most Perfect Rebirth in Crypto History》

By November 2024, SOL reached a historic high of $260, showcasing Solana's phoenix-like journey. From the early days of code inception to the challenging fundraising dark ages, and then to FTX founder SBF's strong push, Solana once rose as a star public chain. However, in 2022, FTX's bankruptcy and ecosystem collapse caused SOL's price to plummet to $8, almost leading to market abandonment. Subsequently, the foundation transparentized its assets, improved its technology, and hosted global hackathon events, successfully restoring community confidence and attracting over 60,000 developers to participate, incubating several star projects. With its advantage of high-speed, low-fee transactions, Solana has become the preferred chain for MEME trading and diversified applications, once again scripting a crypto miracle.

《Turning a Publicly Listed Company into a Bitcoin Player: The Happiest Person in the Bull Market》

This week, Bitcoin hit a new all-time high, and MicroStrategy's stock price surged as well, with a growth of over 2500% since mid-2020, outperforming both Bitcoin and Nvidia. The company's founder, Michael Saylor, through a bold Bitcoin investment strategy, transformed the company, originally focused on data analytics, into the publicly listed company with the most Bitcoin holdings globally. His personal and corporate holdings exceed 330,000 bitcoins, and he plans to continue accumulating. Saylor shifted from a Bitcoin skeptic to a staunch supporter, reshaping the company's destiny through visionary positioning and high-risk bets. Moreover, he is known for his luxurious lifestyle and innovative management style, exemplifying his intricate and legendary personal and business achievements.

《"Shanzhai 312" and "BTC New High": Who Profited from Your Loss in the Crash?》

Recently, the altcoin market experienced a significant crash, leading to profit-taking by many investors and causing a sharp decline in various altcoin prices. For example, $URO and $RIF plummeted by 36.2% and 21.8%, respectively. These profit-taking funds swiftly flowed into Bitcoin, driving its price to new highs and reaffirming Bitcoin's dominance in the market. Some major players, such as MicroStrategy and BlackRock, had long been accumulating Bitcoin in anticipation of avoiding the short-term altcoin bubble. For the average investor, perhaps a more rational approach focusing on Bitcoin's long-term value rather than chasing quick profits from altcoins may be advisable.

《Musk and D.O.G.E: What You Need to Know About the Government Efficiency Department》

The U.S. government is set to launch a new initiative called the "Department of Government Efficiency" (DOGE), aimed at reducing the federal budget deficit, cutting regulatory expenses, and restructuring government agencies. Led by Elon Musk and entrepreneur Vivek Ramaswami, although the department cannot be formally established as a government entity, the plan will drive government streamlining through reports and recommendations. The core objective of the DOGE initiative is cost reduction, with Musk proposing a $2 trillion budget cut and Ramaswami suggesting significant workforce reductions. The plan's name, "DOGE," is inspired by Musk's favorite cryptocurrency, Dogecoin, and closely ties into his image in political engagements.

《Pulling Off a "Hat Trick," He Exploits FTX to Steal $1.2 Billion》

Mauritian citizen Nawaaz Mohammad Meerun managed to obtain $1.2 billion from FTX and Alameda Research in a year through carefully crafted market manipulation and exploiting exchange vulnerabilities. He first pumped the price of the illiquid token BTMX and cashed out through borrowing, then shifted to a shorting strategy that led to Alameda's staggering $1 billion loss. He also utilized fake accounts multiple times to manipulate other tokens. Despite eventually being uncovered by FTX, he successfully withdrew a significant amount of funds. Legal documents further accuse him of involvement with a transnational criminal network and terrorism financing, but Meerun denies all charges and claims to be a legitimate trader.

《Vitalik, Jesse Make Successive Buys, What's Behind ANON in Base Ecosystem?》

Ethereum founder Vitalik Buterin and Base Protocol lead Jesse Pollak recently purchased the ANON token successively, driving its price to a sudden surge, pushing its market cap past $50 million. The ANON token originated from the anonymous posting feature Superanon on the Supercast social platform, issued through zk technology and AI integration, quickly attracting attention from the crypto community. Despite the "uppercase-lowercase debate," the ANON token has sparked more applications and ecosystem development, such as the anonymous publishing platform anoncast and the NFT project Base Colors. ANON's success demonstrates the potential of decentralized communities and token ecosystems but also faces the dual challenges of short-term speculation and long-term application development.

Diving into the Base Ecosystem's Hundredfold Opportunity, What Are the Speculative Targets?

Since Trump's plan to discuss SEC appointments with Coinbase's CEO, the Base ecosystem has once again drawn attention. As a significant extension of Ethereum, Base has driven narratives of social, RWA, Depin innovations this year and quickly become a key birthplace of AI meme and Desci projects. In the AI field, the Virtuals platform supports AI Agent ecosystem development, tokens like LUNA form a closed loop through live repurchase, and projects like Aixbt and Sekoia gain market favor through cross-chain or investment narratives. In the Desci field, projects like VitaDAO, Baby, and Grow leverage Base's ecosystem advantage to explore longevity research and synthetic biology, but overall liquidity constraints remain a limiting factor. Base may be quietly taking over the innovation relay baton and becoming Ethereum's beacon of hope.

“Publicly Listed Companies Flocking to Buy BTC: Top 15 Profit Ranking Revealed, Who Grew Nearly 30x?”

Publicly listed companies are driving stock price growth through a Bitcoin reserve strategy, with MicroStrategy leading the pack with a profit from holding 331,200 BTC, followed closely by Coinbase and Tesla. German companies have shown outstanding profit growth rates, while Boyaa Interactive and Meitu represent Hong Kong-listed companies joining this trend. With Bitcoin's price hitting new highs, more companies are accelerating their BTC reserve strategies, boosting their stock prices and attracting new capital into the market. Recently, several US-listed companies have announced BTC purchase plans, further confirming the trend of Bitcoin's mainstream adoption. Companies that have not yet invested may have missed a prime opportunity.

“A $15 Billion Plan: Where Will MicroStrategy Take Bitcoin?”

MicroStrategy continues to ramp up its Bitcoin investment through bold bond financing and stock offerings, accumulating significant unrealized gains with flexible financial operations and strong Bitcoin price support. Compared to Luna, which lacks a tangible asset anchor, MicroStrategy's leverage strategy is more robust, with its debt maturity extended to 2027, alleviating short-term liquidation pressures. As Bitcoin's price continues to rise, MicroStrategy's successful model is attracting more institutional imitators, further driving market prosperity. However, a key future threat lies in potential sell-offs by Bitcoin whales, which could impact the market.

“Another Profit Strategy for Investing in Memes: Boosting Returns by Being a Passive LP”

The article analyzes, with practical examples, how to achieve high returns in the memecoin market using Uniswap v3 LP strategies. The author demonstrates how to optimize liquidity provision by setting reasonable ranges and fees to maximize transaction fee returns while minimizing impermanent loss effects. In a high-volume and volatile environment, this strategy achieved an APY (Annual Percentage Yield) of up to 32,120% in just 10 hours, showcasing the potential of becoming a passive LP in meme markets. The article also discusses further optimization methods for range setting and fee tiers, offering valuable insights to long-term holders and developers.

《Magic Eden Token Generation Event (TGE) Approaching: What Preparations Should Be Made for Airdrop Claim?》

Magic Eden has announced the ME tokenomics and airdrop plan, with 12.5% of the total token supply unlocking at TGE to incentivize Bitcoin, Solana, and EVM users, as well as rewarding user activity through product usage. Following the news, the pre-sale price of ME saw a significant surge, but the related NFT Magic Tickets' floor price retraced to pre-announcement levels. The ME token distribution is community-centric, with over half allocated to users and ecosystem development. The official team emphasizes actual user usage over trading volume and has established a security council to safeguard token operations. The market's interest in the NFT sector continues to decline, posing a challenge to whether ME can reignite the market through its token model.

《Ethereum and Solana Staking Business Model Differences: Insights from Lido and Solayer》

Solayer recently secured funding support from Polychain and Binance Labs, becoming a significant highlight in the Solana on-chain DeFi space. Its TVL has been steadily increasing, surpassing Orca and entering the top twelve in Solana chain TVL rankings. In the staking arena, despite challenges faced by projects like Lido, Eigen, and ETHFI, Solayer's restaking model has garnered widespread attention. Unlike Ethereum's Liquid Staking and Restaking, Solayer's restaking involves further staking ETH through Eigenlayer to potentially offer users more returns. Meanwhile, Etherfi provides users with a simpler way to participate through Liquid Restaking Tokens (LRT), emerging as a newcomer in the market.

《RWA Big Data: Over $13 Billion in Assets On-chain, BlackRock's BUIDL Fund Surpasses $500 Million in Total Value》

As of November 2024, over $13.1 billion of Real World Assets (RWA) have been tokenized on the blockchain, spanning multiple blockchain networks such as Aptos, Polygon, Avalanche, Optimism, and Arbitrum. The tokenization of RWA has further driven the growth of the gold, alternative fund, and corporate credit markets, especially with the active performance of Paxos Gold (PAXG) and the BUIDL Fund. With the expansion of tokenized financial products, especially the strong growth of the Maple and Syrup platforms, the demand for tokenized funds is also increasing, with more fund managers expected to explore this emerging field. Furthermore, the BUIDL Fund has surpassed $543 million and achieved multi-chain support, enhancing its market attractiveness.

《Code Nation: A Brief History of "Code is Law"》

In 2024, the crypto world still holds "Code is Law" as a core tenet, where code is not only the foundation of the crypto world but also the embodiment of governance and belief. From Professor Lessig's warning of "Code is Law" at Harvard Law School to Nick Szabo's introduction of smart contracts, to the birth and development of Bitcoin and Ethereum, code has gradually become a self-executing rule, granting decentralized applications and organizations a new life. However, this idea has also revealed problems in practice, especially in The DAO incident, where a hacker exploited a code vulnerability for an attack, leading to a fierce split in the Ethereum community, and the ultimate hard fork solution did not completely resolve the dispute. With the rise of DeFi and DAOs, "Code is Law" is once again at the forefront. "Code is Law" is not a flawless doctrine but an ongoing experimental evolution, a continuous exploration process.

《DeSci Makeup Class: How to Quickly Get Started with Pump.Science?》

Pump.Science is combining the speculative nature, transparency, and meme effect of cryptocurrencies to integrate Decentralized Science (DeSci) with longevity research, creating an innovative ecosystem. Users can fund longevity experiments from worms to mice by purchasing experiment-related tokens while tracking real-time progress and results. This milestone-based funding model not only provides new momentum for scientific research but also encourages more people to participate in scientific innovation, driving the development and practical application of longevity compounds, bringing revolutionary changes to the traditional funding approach of science.

《A Veteran VC Investor Across Three Bull Cycles: Is He Anxious About This Meme Cycle?》

In the current extreme market divergence in crypto, Meme coins have become an undeniable investment opportunity. As traditional finance enters the crypto space, market liquidity is gradually shrinking, causing investors to turn to the more speculative Meme market due to the high valuations and lack of substantial progress of VC projects. Meme coins, by embodying cultural trends and emotions, have built strong community support. Their low circulating supply results in a low investment risk-to-reward ratio, providing early investors with high returns. Despite the risks of excess liquidity and market downturns, Meme coins have shown cross-cycle potential, offering opportunities to adventurous investors.

《Sygnum Report: Singapore Could Become the Next 'Crypto Hot Money Haven'》

Singapore's cryptocurrency market is evolving rapidly, with increasing institutional and individual investor interest in crypto assets. According to Sygnum Group's latest survey, 57% of institutional investors plan to increase their long-term cryptocurrency holdings, especially driven by the diversification potential of crypto assets and long-term growth trends. Despite significant market volatility, 65% of respondents stated that they have a higher risk tolerance. While regulatory clarity has improved, security and custody remain the primary barriers for institutional investors in Singapore to invest in crypto. Additionally, L1 public chains and Web3 infrastructure are the areas of greatest interest to current investors, with most respondents favoring investments in mature assets like Bitcoin and Ethereum. Overall, Singapore's crypto market is moving towards a more mature and diversified direction.

《Bitcoin Nearing $100,000: Examining the Institutional Strength Behind Over 2.7 Million BTC Holdings》

As of November, globally, 93 entities hold over 2.728 million Bitcoins, accounting for nearly 13% of the total Bitcoin supply. Bitcoin spot ETFs have become a significant channel for institutional holdings, with BlackRock's IBIT holding the most, and Bitcoin miners and private companies actively increasing their Bitcoin holdings. Multiple countries, including the US, China, and the UK, have also become significant holders. In terms of publicly traded companies, MicroStrategy leads the pack, holding approximately 331,000 Bitcoins and continuing to expand its Bitcoin investments. With active institutional and national participation, Bitcoin's market dominance is gradually shifting from retail to institutional investors.

《Eliza's "Case" Battle: On-chain "VC" ai16z vs. Community Showdown?》

ai16z recently attracted widespread attention by launching a decentralized AI trading fund on Solana. The fund utilizes an AI agent to analyze the market and execute trades, driving the performance of the eponymous token. The AI agent Eliza, supported by ai16z, briefly reached a market capitalization of $50 million. However, after ai16z partner Shaw announced "Let Eliza be free" and introduced a new token, ELIZA, Eliza's market cap plummeted by over 87% in a short period. Shaw stated that Eliza no longer belonged to ai16z, expressing his desire for the AI agent project to genuinely serve the community rather than serve as a speculative tool. This move sparked a strong community reaction, and the drama of Community vs. Conspiracy Group is still unfolding. As for who, in the end, will be the Eliza that leads to freedom, the market will naturally provide the answer.

《Why This Is a Stock-to-Bitcoin Bull Market Cycle?》

In the recent period, while Bitcoin's price has been surging, the altcoin market has shown weakness, mainly due to the "premium issuance" strategy of MicroStrategy (MSTR) in the stock market. By issuing stock at a premium when the price of Bitcoin rises, MicroStrategy continues to accumulate more BTC, creating a cyclical flywheel effect that drives up the company's market cap and MSTR's stock price. At the same time, this pattern has attracted other major U.S. stock companies to start exploring similar "Bitcoin Treasuries," intensifying the link between Bitcoin and the stock market. This trend has led to funds flowing into Bitcoin and a few capable projects like Solana, while altcoins face the risk of marginalization.

《Crypto Gains a New Ally: Who Is Trump's Nominated Commerce Secretary Lutnick?》

Trump has nominated Wall Street financier Howard Lutnick to be the next Secretary of Commerce, and if approved, he will drive U.S. economic growth and strengthen domestic industries. Lutnick is known for rebuilding the heavily affected Cantor Fitzgerald after the 9/11 attacks, demonstrating extraordinary resilience. He is also a Bitcoin supporter, collaborating with Tether to manage digital assets and endorsing Trump's high-tariff policy. Lutnick's appointment has received support from Musk and is seen as a non-traditional choice capable of bringing about change.

“Rune Trading Gains Momentum, Has the Bitcoin Ecosystem Finally Heated Up?”

This week, OKX launched the Rune DOG•GO•TO•THE•MOON perpetual contract, gradually attracting the attention of Bitcoin ecosystem players. Although current market liquidity is mainly concentrated on Solana, after a period of accumulation, the Rune ecosystem has begun to show strong potential. Projects like DOG•GO•TO•THE•MOON, PUPS•WORLD•PEACE, and BILLION•DOLLAR•CAT have surpassed a billion-dollar market cap, and the community continues to grow. Several projects in the Rune ecosystem, such as MEMENTO•MORI, CYPHER•GENESIS, and RSIC•GENESIS, have shown varying degrees of growth and innovation, attracting increasing investor attention.

“Is Upbit in Trouble? Why Is the Premium Effect of Listing in Korea Gradually Disappearing?”

There have been significant changes in cryptocurrency trading in the Korean market recently, especially after the introduction of USDT, making arbitrage opportunities easier but also suppressing the premium phenomenon in the Korean market. With the widespread adoption of USDT, Korean investors have been transferring their crypto assets to overseas exchanges for arbitrage, avoiding high premiums and making the market fairer. However, with the Korean government tightening regulations on cryptocurrency trading, including plans to freeze accounts without prior notice, more funds may flow out of the Korean market. For Koreans, this means an increased risk in the cryptocurrency trading environment and a potential trend of more funds moving to foreign exchanges in the future.

“Why Should You Start Building on Base Now?”

Since Trump's election victory, COIN and BTC have seen significant gains, but the author leans more towards ETH and is optimistic about the development of the Base L2 ecosystem. Base is poised to stand out in the competition, attracting MEME, consumer dApps, and more on-chain activities. ETH remains at the core of digital assets, and Base, as Coinbase's on-chain leverage, benefits from Coinbase's resources and support. It possesses scarcity and innovativeness, attracting users in the long term without relying on traditional token incentives. The vibrancy of the Base ecosystem and the continuous growth of TVL prove its great potential in the ETH-L2 space.

"The Rise and Fall of Stablecoins: From Currency Wars to Tripartite Balance"

Stablecoins, as a major part of the cryptocurrency market, have seen significant growth but also face numerous challenges. Their fundamental mechanism is similar to traditional banks' money creation, relying on debt and collateral to support their issuance. However, the existing stablecoin models suffer from fragmentation, counterparty risk, and competitive returns. For example, the presence of multiple stablecoins in the market has led to poor interoperability, and the exchange between different stablecoins has increased transaction friction. Additionally, centrally issued stablecoins are vulnerable to bank risks. The article predicts that future stablecoins may be categorized into three areas: payment, returns, and intermediation, and will face a more decentralized and balanced competitive landscape.

"Understanding the Current Stablecoin Landscape: How Can Retail Investors Participate in the Trillion-Dollar Race?"

This article describes how stablecoins are reshaping the payment and financial world, analyzing the yield strategies of stablecoins, their advantages compared to traditional payments, and their role in exchanges and cross-chain transactions. It also mentions some challenges such as regulatory and technical issues. The article also discusses how large companies like JPMorgan and PayPal are entering the stablecoin issuance space, the astonishing profits behind it, and the new possibilities that stablecoins bring in improving payment efficiency and expanding financial inclusion. Overall, stablecoins are driving a financial revolution but are also facing a game of freedom and regulation.

"ai16z Founder Shaw's Latest Interview: Why Can AI Meme Attract Institutional Funds? | In-Depth Dialogue"

ai16z's founder Shaw delves into the future potential and challenges of the combination of AI and cryptocurrency in the interview. He emphasizes that AI will trigger large-scale changes, including potentially replacing human work, leading to unemployment, among other issues. Shaw also mentions that a decentralized AI ecosystem can prevent the misuse of "god-like AI" and advocates for universal basic income as a solution. He proposes that through open source and community-driven approaches, AI can drive market development and optimize trading decisions. The integration of AI with social platforms and the application of simplified technology will enable more people to participate and contribute, driving social change.

《How to Quickly Launch a Coin Using an AI Bot on Farcaster?》

Clanker is an AI-based 'Token Bot' that allows users to easily create tokens without any technical background. By interacting with Clanker in the Farcaster client (such as Warpcast or Supercast), users can deploy their own token on Base with simple commands. Clanker's emergence has lowered the barrier to token issuance, attracting multiple parties including AI agents. Recently, the AI agent Aether from the Higher community created the $LUM token through Clanker, which saw its market value soar to $80 million within a week, showcasing Clanker's potential. While not all tokens may be successful, Clanker provides a user-friendly tool for creators and communities to experiment and earn liquidity pool rewards.

《'AI Poisoning' Is Unstoppable, Can We Still Code with ChatGPT?》

A user attempting to develop an automatic bumping bot for pump.fun encountered online fraud due to blindly trusting the code guidance provided by ChatGPT. The user followed the instructions to visit a website masquerading as the Solana API and unknowingly submitted their main Solana wallet private key, resulting in the theft of around $2,500 worth of assets. The scammers swiftly transferred the funds using the website. Investigation revealed that the malicious code repository was designed to steal private keys, with much of the code being generated by AI. Experts warn users to avoid blindly using AI-generated code and to take strict security measures to safeguard their private keys.

《Pump.fun Is Becoming the 'TikTok of the Crypto World'》

This article was first published in July during the launch of Pump.fun's live streaming feature, coinciding with the emergence of the 'live streaming with memes' trend. Recently, Pump.fun officially promoted the live streaming feature again, and in the early hours of November 22, a North American unemployed youth announced during a Pump.fun live stream that he would only end the stream once his token (LIVE) reached a $100 million market cap. This live stream was also featured as a Pump official selection and highlighted on the homepage. After reaching an intraday high of $100,000, the LIVE token experienced continuous growth, eventually surpassing a $20 million market cap. Following the popularity of the 'live streamer,' Pump.fun's website saw another surge in live streaming activities, with various hosts showcasing their talents and engaging in abstract activities to boost their token prices, giving Pump.fun a 'TikTok of the crypto world' vibe.