Headline
Ethereum Foundation: Dencun Mainnet Upgrade Expected to Take Place on March 13th at 21:55
The Ethereum Foundation has released an announcement regarding the Dencun mainnet upgrade. Dencun is expected to be activated on the Ethereum mainnet on March 13th, 2024 at 21:55 Beijing time, with a block height of 269568. Node operators and stakers must upgrade their software to the versions listed in the announcement. It is reported that this upgrade introduces a temporary data blob with EIP-4844, also known as protodanksharding, which will help reduce L2 transaction fees.
Uniswap Launches Web-based Limit Order Functionality without Gas Fees
Uniswap Labs has announced the addition of limit order functionality for any ERC-20 token on the Uniswap web application. The limit order feature is supported by UniswapX and leverages on-chain and off-chain liquidity without the need for gas fees. Limit orders allow users to automatically execute trades based on their desired price without constantly monitoring the market. When placing a limit order, users can set the desired price at which they want to buy or sell tokens within a specific time frame. If the market reaches the user's specified price and UniswapX filler accepts the user's swap request, the order will be executed automatically, and with no gas fees. If the order is not fulfilled within the user's specified time, the order will expire. Expired orders do not incur any fees, but canceling a limit order incurs a fee.
Magic Eden and Yuga Labs Launch Ethereum Market
Magic Eden, created in collaboration with Yuga Labs, has officially launched its Ethereum market. The market allows users to access all popular minting platforms from top creators and enables users to earn rewards through Magic Eden's reward program. Users can earn diamonds through platform activities, including a retrospective diamond airdrop for delisting and relisting NFTs in the new market.
In addition, Magic Eden has announced the establishment of the Magic Eden Creator Alliance, aimed at promoting initiatives for a sustainable royalty framework to ensure fair compensation for creators across the industry.
Sun Yuchen discloses personal HTX account balance, holding over 28,613.73 BTC
Sun Yuchen, the founder of TRON and member of the HTX Global Advisory Council, has revealed his HTX account balance. According to the screenshot, the value of his account assets is 28,613.73 BTC, equivalent to $1.624 billion.
Industry News
IntoTheBlock: 95% of Bitcoin addresses are in profit, comparable to the peak of the 2021 bull market
IntoTheBlock posted on X platform stating that 95% of Bitcoin addresses are currently in profit. The last time this percentage was reached was during the peak of the 2021 bull market when the price of Bitcoin exceeded $60,000.
Over 112,000 addresses are eligible for the Runestone airdrop
According to Ordinals developer Leonidas, each address that meets the airdrop criteria will receive one Runestone. Currently, 112,383 addresses qualify for the airdrop. Whales Market data shows that the presale price for one Runestone is $545. Leonidas reiterated, "Runestone has no team allocation, no physical support, no utility, and no roadmap."
It is reported that the Runestone airdrop criteria include holding at least three inscriptions and excluding inscriptions with file types beginning with "text/plain" or "application/json". In addition, qualifying inscriptions include cursed inscriptions, and according to data from the NFT market Magic Eden, there are currently over 74,000 cursed inscriptions.
Reuters: Do Kwon may be absent from the trial of fraud charges brought by the U.S. SEC on March 25
Due to extradition delays, Do Kwon, co-founder of Terraform Labs, may be absent from the trial of fraud charges brought by the U.S. SEC on March 25.
Do Kwon's lawyer, David Patton, stated in a letter to the New York Federal Court on Monday that the defendant is not seeking a postponement of the trial date. Do Kwon had previously expressed a desire to attend the trial in person, which was originally scheduled for January but was postponed to March.
DWF Labs: Intends to purchase $10 million worth of FLOKI tokens to support the Floki ecosystem
DWF Labs announced its intention to purchase $10 million worth of FLOKI tokens to support the Floki ecosystem. This purchase will span two years. It is reported that Floki announced its collaboration with DWF Labs in May 2023, and the latter has already purchased $5 million worth of FLOKI tokens. This large-scale FLOKI token purchase may further deepen the relationship between Floki and DWF Labs.
The term "Bitcoin" has been removed from Weibo's hot search list
The term "Bitcoin" has been removed from Weibo's hot search list. It was reported that on February 27, "Bitcoin" briefly ranked 11th on Weibo's hot search list.
According to data from Velo Data and CoinGlass, the annual funding rate for Bitcoin perpetual futures contracts on Binance has exceeded 100% for the first time in at least a year. The funding rate on Bybit and Deribit has risen to 95% and 56% respectively. Rising funding rates indicate a bullish market sentiment or a bias towards long positions with leverage.
Markus Thielen, the founder of 1OX Research, stated that the increase in funding rates may be due to traders betting on further inflows of funds into U.S. spot ETFs.
Matrixport: Bitcoin and Ethereum are among the best-performing risk assets this year
According to the latest report from Matrixport, risk assets have performed well so far this year. Bitcoin and Ethereum have risen by 30-36%, making them one of the best-performing risk assets. These cryptocurrency returns will drive traditional investors' FOMO sentiment.
Canaan: Q4 2023 revenue of $49.1 million, mining revenue of $3.7 million
Canaan announced its operating and financial summary for the fourth quarter of 2023 and the full year of 2023. In the fourth quarter of last year, Canaan's revenue was $49.1 million, compared to $33.3 million in the third quarter of 2023 and $58.3 million in the same period of 2022. Mining revenue for the previous quarter was $3.7 million, a 13.6% increase from the third quarter of 2023, but a 65.5% decrease from the same period in 2022.
In addition, Canaan's total sales hash rate for the full year of 2023 was 19.6 million Thash/s, a 29.6% increase compared to 15.1 million Thash/s in 2022. The annual revenue was $211.5 million, compared to $651.5 million in 2022. Mining revenue was $34 million, compared to $32.5 million in 2022.
Vitalik recommends Elon Musk to use the Linux open-source operating system on his new computer
Elon Musk complained that he couldn't install Microsoft's Windows operating system on his newly bought laptop unless he uses a Microsoft account. In response, Vitalik Buterin recommended Musk to join the desktop Linux community.
Unlike most other operating systems, Linux is an open-source operating system. Linux was first released in September 1991 and has been popular among certain user groups for many years.
Some users on the X platform praised Vitalik for promoting open-source software. However, others pointed out that Linux also has its own issues. Some argued that Linux may not be the best choice for Musk, as his primary purpose for using a PC is gaming.
Project news
Decentralized social protocol Lens Protocol announced on X that it has relaxed licensing restrictions.
Lens Protocol founder Stani said, "After two years of development, we are pleased to announce that Lens is now available without a license, and anyone can access it freely."
According to data disclosed by sealaunch.xyz, after Lens Protocol lifted the licensing restrictions, there was a significant increase in registered accounts (profiles created).
Uniswap will launch the Extension plugin, prioritizing testing for uni.eth
Uniswap Labs announced that it will soon launch the Uniswap Extension plugin, which will prioritize testing for uni.eth. Uniswap Extension can be suspended on the browser sidebar, allowing users to quickly complete functions such as swapping, transaction signing, and token transfer.
Aevo initiates AGP-1.5 proposal, proposing to postpone TGE time to mid-March
Aevo initiated the AGP-1.5 proposal on the governance forum, proposing to postpone the TGE and staking launch of the AEVO token to mid-March (originally scheduled for February 1st in AGP-1). In addition, AGP-1.5 also proposes to shorten the staking duration of sAEVO from 3 months (13 weeks) to 2 months (9 weeks), in order to allow the earliest RBN/AEVO staking users to unlock in a timely manner when the RBN to AEVO migration starts in May. Aevo stated that voting on the AGP-1.5 proposal will begin on March 4th.
OKX officially launches cryptocurrency exchange OKX TR in Turkey
OKX officially launched its cryptocurrency exchange OKX TR in Turkey, aiming to provide Turkish users with a reliable, compliant, and transparent cryptocurrency trading and decentralized finance platform. With the launch of OKX TR, Turkish users can benefit from enhanced localization features, including the ability to deposit and withdraw Turkish Lira from banks such as Fibabanka, VakıfBank, Ziraat Bankası, İş Bankası, Şekerbank, and Türkiye Finans, as well as round-the-clock Turkish and English customer support provided by OKX TR to ensure timely assistance and comprehensive guidance when needed.
Currently, Turkish users can trade mainstream cryptocurrency pairs such as USDT/TRY, BTC/TRY, and ETH/TRY on OKX TR, and enjoy advanced cryptocurrency functionalities. In addition, users can use the OKX Web3 wallet product on the OKX global platform.
Forward Research, the core organization of the Arweave ecosystem, held an online press conference to officially launch AO, a decentralized parallel computing layer based on the Arweave permanent storage network. Sam Williams, the founder of Arweave, provided detailed information about AO during the conference and announced the opening of the testnet.
AO is a decentralized computer that can run any number of processes (programs) in parallel. It uses Arweave as a shared messaging layer, allowing processes running in the AO computing network to interact with any other processes in the network without permission.
In addition, the Arweave ecosystem has established a subsidiary institution called ArweaveOasis in Asia, which will focus on serving the Asian market, especially the Chinese market, in the future.
Frax Finance plans to launch the proposed token stakers reward mechanism within 10 days
Sam Kazemian, the founder of Frax Finance, stated that they are considering resuming rewards to veFXS stakers within the next two weeks, and the proposed revenue distribution plan will be implemented within 10 days.
Sushi will abandon the Trident Pool, and users need to withdraw liquidity assets before March 16th.
Sushi announced that it will abandon the Trident Pool, and users need to withdraw liquidity assets before 23:59 Eastern Time on March 15th (12:59 Beijing Time on March 16th). After this date, the user interface (UI) will stop functioning, and withdrawal will need to be done through smart contracts or with manual support from the official team, which may cause delays. For users who wish to continue providing liquidity on Sushi, the official recommendation is to migrate to the V3 Automated Market Maker (AMM).
NFT project y00ts to enforce creator royalties
NFT project y00ts announced on X platform that starting from tomorrow, they will enforce a royalty policy in collaboration with Magic Eden. 100% of the royalties will be used for two things: purchasing y00ts and providing X badges to y00ts creators. After the launch of y00ts on the Magic Eden ETH market, trading will no longer be possible on markets that do not enforce royalties.
Huobi HK re-submits virtual asset trading platform license application in Hong Kong
The Hong Kong Securities and Futures Commission's official website has once again included Huobi HK in the list of applicants for virtual asset trading platform licenses. The application was re-submitted on February 26th.
Prior to this news, the official website of the Hong Kong Securities and Futures Commission displayed that the virtual asset trading platform operator company name submitted by Huobi HK was "HBGL Hong Kong Limited," with the application submission date being February 20th, 2024, and the date of withdrawal of the application being February 23rd.
Data
According to SoSoValue data, the total net inflow of Bitcoin Spot ETF on February 26 in US Eastern Time was $519 million. On Monday, Grayscale's GBTC ETF had a daily net outflow of $22.37 million, marking a continuous decrease in net outflow for four consecutive trading days and reaching a new historical low.
The Bitcoin Spot ETF with the highest net inflow on Monday was Fidelity's FBTC ETF, with a daily net inflow of approximately $243 million, bringing FBTC's total net inflow to $4.35 billion. The second highest net inflow was BlackRock's IBIT ETF, with a daily net inflow of $111 million, bringing IBIT's total net inflow to $6.02 billion.
As of the time of writing, the total net asset value of Bitcoin Spot ETF is $40.7 billion, and the net asset ratio (market value compared to the total market value of Bitcoin) is 3.81%. The historical cumulative net inflow has reached $6.15 billion.
USDC supply has grown by 14.3% since December last year, with a total market value of $28 billion
In a research report on Monday, Coinbase stated that USDC, a stablecoin under Circle, is the second-largest in terms of market value and is experiencing a recovery. With increasing global liquidity and rapid adoption outside of the United States, its supply has experienced significant growth in recent months.
Coinbase analysts David Duong and Li Liu wrote: "Since December 1, 2023, the supply of USDC has grown by 14.3% (over $3.5 billion), bringing its total market value to $28 billion, while the growth rate of USDT during the same period has been smaller, at only 8.7%." It is worth noting that USDT issued by Tether is the largest stablecoin to date, with a market value of $98 billion.
According to on-chain analyst Yu Jin, a whale has been buying 11,719 ETH (equivalent to $37.73 million) through loop borrowing since February 9th.
On February 9th, he withdrew 4,369 ETH from Binance as initial collateral, and then borrowed a cumulative total of 24.6 million stablecoins (USDT and USDC) from Compound to buy ETH. His average cost for ETH is $2,600, and he currently has a floating profit of $7.27 million (+24%).
On February 27th, he continued to withdraw 2,426 ETH from Binance and deposited them into Compound. He then borrowed 5 million USDT and transferred it to Binance. His loop borrowing for long ETH is still ongoing.
A trader spent $310 to buy 2.58 million WIF tokens last year, currently floating profit 4,530x
According to Lookonchain, a trader made a profit of $1.4 million (4,530x) by using 5,288 SOL tokens (equivalent to $310)
The trader bought 2.58 million WIF tokens on November 26th, 2023, with 5,288 SOL. As the price of WIF rose by approximately 50% on Tuesday, the value of the WIF holdings has increased to $1.4 million.
Suspected Amber Group address has accumulated 3.16 million DYDX and 25.38 million BLUR tokens
According to on-chain analyst @ai_9684_xtpa, a suspected Amber Group address has accumulated 3.16 million DYDX tokens and 25.38 million BLUR tokens, with a total value of approximately $30 million. The address received 200,000 DYDX tokens, equivalent to $690,000, from the Amber affiliated address (0x011D) one day before February 27th, and has been continuously receiving DYDX and BLUR tokens since April 2023.
Xinjingyu address received 23,359 ETH from Binance and deposited it into Staked
According to Scopescan, Xinjingyu address received 23,359 ETH (equivalent to 75.9 million USD) from Binance and deposited it into Staked.
Investment and Financing
Binance Labs invests in Babylon to support Bitcoin staking development
Binance Labs announced the investment in the Bitcoin staking protocol Babylon. The specific amount has not been disclosed to support the development of Bitcoin staking. Babylon chain is built using Cosmos SDK, providing Bitcoin timestamp services for PoS chains and acting as a control plane for synchronization between the Bitcoin network and PoS chain.
Asymmetry Financial launches Bitcoin DeFi Venture Fund I, planning to raise 21 million USD
Cryptocurrency fund Asymmetry Financial announced the launch of Bitcoin DeFi Venture Fund I, planning to raise 21 million USD. The fund will focus on investing in emerging areas of blockchain and will be led by general partner Dan Held.
Initia raises 7.5 million USD in financing, led by Delphi Ventures and Hack VC
The blockchain platform Initia announced the completion of a $7.5 million financing, jointly led by Delphi Ventures and Hack VC, with participation from Nascent, Figment Capital, Big Brain, A.Capital, as well as angel investors including anonymous cryptocurrency trader Cobie, DCF God, Split Capital co-founder Zaheer Ebtikar, Fiskantes, WSB Mod, and Celestia COO Nick White.
Initia is an L1 on Cosmos, utilizing the application-specific L2 of OP Rollup. With Initia's architecture, including the L1, L2, and communication layer, developers can easily launch application-specific blockchains based on Initia L2 without needing to understand complex chain-level infrastructure or run validator sets.
Validation Cloud completes $5.8 million financing, led by Cadenza Ventures
Web3 data flow and infrastructure company Validation Cloud announced that it has completed a $5.8 million financing round, led by Cadenza Ventures, with participation from Blockchain Founders Fund, Bloccelerate, Blockwall, Side Door Ventures, Metamatic, GS Futures and AP Capital.
Validation Cloud has built a proprietary system architecture that provides users with staking, node APIs, and data services, aiming to connect enterprise and institutional users to Web3 through a fast, scalable, and intelligent platform.
Cycle Network completes "millions of dollars" in first round of financing, led by Vertex Ventures
The trustless distributed ledger protocol Cycle Network has announced the completion of "millions of dollars" in its first round of financing, with the specific amount undisclosed. The round was led by Vertex Ventures and Summer Ventures, with participation from LTP, Super Chain Capital, GSG Digital, and others. Cycle Network has launched a solution to the interoperability problem in the blockchain field, introducing a method of interaction without trust through its innovative ODLT (Optimally Distributed Ledger Technology), addressing the fragmentation issue in blockchain networks.
PlayMakers Raises $1.5 Million in Pre-Seed Funding, Led by RockawayX
Web3 gaming user-generated content startup PlayMakers announced the completion of a $1.5 million Pre-Seed funding round, led by RockawayX, with participation from angel investors including Sébastien Borget, Vincent Hart de Keating, and Hugues Ouvard.
