📢 Is the community the main culprit for project collapse? Crypto projects are digging their own graves｜BeWater Weekly (11.15–12.1)
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"Is the community the main culprit for project collapse? Crypto projects are digging their own graves" by @YUPING123777 👇
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🐟 Ecosystem Cooperation
1. BeWater, as a community partner, will support the Taipei Blockchain Week from December 12 to December 14. BeWater discount code: BEWATER20
2. Supported by BeWater, PermaDAO will host the Arweave/AO ecosystem weekly highlights review #23 on December 3 at 9 PM.
📰 Key News
(1) Coinbase has integrated Apple Pay into its Onramp service, allowing third-party applications to purchase cryptocurrencies directly on its platform. This integration simplifies the process of converting traditional currencies like USD into cryptocurrencies without needing multiple websites or applications, reducing associated fees. This move indicates an increasing acceptance of cryptocurrencies by Apple, possibly marking a shift in its historically cautious stance towards the industry.
(2) $HTX's redemption of 7,300 WBTC raises community concerns. The cryptocurrency exchange $HTX, advised by Justin Sun, redeemed 7,300 wrapped bitcoins (WBTC) in two transactions on November 24 and December 1. These redemptions are noteworthy as WBTC had no 24-hour trading volume on $HTX and was not included in $HTX's proof of reserves. The Bitcoin address receiving the redeemed WBTC was also not part of $HTX's proof of reserves. The total redemption amounts to about one-third of all the Bitcoin in $HTX's proof of reserves. The processing speed of these redemptions was notably quick compared to the typical two-week wait for other users, raising further questions. Justin Sun's involvement in these undisclosed redemptions could spark ongoing controversy, especially considering his legal issues with the SEC and recent high-profile financial maneuvers.
(3) The U.S. government is transferring over $1.90 billion worth of Bitcoin associated with Silk Road. The U.S. government will transfer approximately 19,800 $BTC seized from the Silk Road market to a Coinbase Prime wallet. Blockchain analytics company Arkham Intelligence reported this transfer occurred from a wallet linked to the government on December 2.
(4) $Solv Protocol will soon conduct its TGE. According to official news, the Bitcoin staking platform $Solv Protocol has announced the launch of the token $SOLV and will conduct its TGE soon, aiming to further unlock the potential of the Bitcoin ecosystem. Previously, $Solv Protocol completed a $11 million funding round, with a valuation of $200 million, backed by investors including Nomura's subsidiary Laser Digital, Blockchain Capital, and OKX Ventures.
📊 Data Performance
(1) Solana reports that it has received $4 billion in funds from other blockchain networks over the past year, outpacing Ethereum's inflows by $3 billion. Solana's price has reached $240, a significant milestone. In the past 30 days, Solana generated $2.33 million in royalties, exceeding the total of all other chains combined. Solana's Raydium, Jito, and Solana Protocol collectively surpassed Ethereum in protocol fees, with Raydium alone generating $200 million in fees.
(2) Stablecoin trading volume increased by 77.5% in November, reaching $1.81 trillion as of November 25, driven by increased institutional confidence. Market capitalization growth: the total market cap of stablecoins rose 9.94% to $190 billion, surpassing the previous high of $188 billion set in April 2022. Among them, Tether (USDT) grew by 10.5% to $133 billion, maintaining a 69.9% market share, while USD Coin (USDC) increased by 12.1% to $38.90 billion. Despite the APY decreasing from 55.9% in March to 21.2%, the market cap of USDe from Ethena Labs rose by 42.2% to $3.86 billion, thanks to interest in Ethena's revenue-sharing proposal. Additionally, First Digital USD (FDUSD) and Sky Dollar (USDS) saw significant declines, with market caps dropping 14.9% and 8.34%, respectively.
(3) On December 3, Base chain's 24-hour trading volume surpassed $2 billion for the first time. The market cap of the ecosystem project $VIRTUAL exceeded $1 billion, and aixbt topped the CT leaderboard on KAITO with a token increase of up to 170 times over half a month. Moreover, 195 participants took part in a virtual prize pool challenge guarded by the AI agent Freysa on the Base chain, with one user successfully convincing Freysa to transfer out a value of 4.70 thousand dollars in funding.
📚 Recommended Articles
(1) Bitcoin's 2 Trillion Dollar Conspiracy: Expanding the Boundaries of Time and Space
https://t.co/LkL2siIcR7
(2) Reviewing the Rise of the BASE Chain: On-chain Marketing May Become the Best Approach, Possibility of New Public Chains without Airdrops
https://t.co/NRA9VNYMR8
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