headlines
USDC circulation fell by $600 million in the past week
According to official data, as of November 2, Circle has issued a total of US$1.2 billion USDC and redeemed US$1.8 billion USDC in the past seven days, resulting in a reduction of US$600 million in circulation. USDC has a total circulating supply of $24.4 billion and reserves of $24.5 billion, including $1 billion in cash and $23.5 billion held in the Circle Reserve Fund.
This week HFT, APT and other tokens will receive large amounts of unlocking
Token Unlocks data shows that this week (November 6 to November 12) GLMR, HFT, EUL, APT and other tokens will usher in large unlocks:
At 8:00 on November 7, Moonbeam will unlock 3.04 million GLMR (approximately $688,000), accounting for 0.39% of the circulating supply;
At 8:00 on November 7, Hashflow will unlock 160.38 million HFT (approximately $41.83 million), accounting for 73.74% of the circulating supply;
At 11:04 on November 9, Euler will unlock 140,000 EUL (approximately $500,000), accounting for 0.75% of the circulating supply;
At 8:00 on November 12, Aptos will unlock 24.84 million APT (approximately $171.1 million), accounting for 10% of the circulating supply.
Industry news
Bloomberg Analyst: Crypto Industry Will Explode in the Next Five Years
Bloomberg Intelligence analyst Jamie Coutts tweeted that the crypto industry may experience explosive growth in the next five years. The number of daily users of smart contract blockchains such as Ethereum and Solana may reach 100 million. Since 2019, the quarterly growth rate of smart contract blockchains is 29%. The number of daily users of smart contract blockchains currently exceeds 500. Ten thousand. The user base has grown from 5 million to 100 million, which is equivalent to a 20-fold increase.
Analyst: Coinbase’s third-quarter results predict its future as a “crypto super app”
Alyssa Choo, a cryptocurrency stock expert at Bitwise, said that Coinbase’s subscription and services revenue in the third quarter was $334 million, surpassing trading revenue for the second consecutive quarter - the subscription and services business line includes revenue generated from stablecoins and custody fees, and blockchain reward and interest income.
“People think Coinbase is a commission-based business, but that’s very short-sighted,” Choo said. “Commission revenue is the bridge to the true future of Coinbase, which is a crypto super app—the center of gravity of the crypto world with a variety of Monetization pathways, including Base, stablecoins, etc. And we saw these other capabilities flourish this quarter.
CEX spot market turnover increased by nearly 60% month-on-month in October
Data from The Block shows that the CEX spot market turnover in October reached US$497.98 billion, an increase of nearly 60% from September’s turnover (US$311.93 billion).
In addition, the Binance spot market share in October was 40.47%, while the market share in September was 41.7%.
Project News
Aave community initiates on-chain voting on proposal to “disable stable lending rates”
The governance page shows that the Aave community is conducting an on-chain vote on the Disable Stable Lending Rate proposal, and the vote will end on November 8. The proposal disables stable lending rates for all assets in all pools on all networks. Additionally, it unfreezes assets previously frozen by the freeze steward.
The proposal states: “In response to attack vectors reported by white hat hackers, we took immediate steps to protect the Aave market by suspending and freezing the affected markets. The proposal would revoke these freezes and implement permanent fixes. Where applicable The pool will be restarted via Guardian.
Convex Finance: The first batch of PRISMA airdrops will be collected at 17:00 on November 6
Convex Finance, a one-stop platform for CRV staking and liquidity mining, posted on the X platform that the first batch of PRISMA airdrops for veCRV voters will be received at 17:00 on November 6, Beijing time.
In addition, the second batch of PRISMA airdrops for Prisma point holders will be launched at 17:00 on November 9, Beijing time.
Previously, LSD stablecoin protocol Prisma Finance announced that it will launch the governance token PRISMA on November 2, with a total supply of 300 million PRISMA.
Stars Arena posted on the X platform that all assets have been transferred from the original team to a new team led by CEO Jason Desimone. All original team members have been removed from their roles and will have no further role in SAs future.
In addition, Stars Arena said that Paladin Blockchain Security is conducting an audit of its contract while advancing vulnerability fixes, with TVL inching closer to $1 million.
SafeMoon: The team will continue to build and continue to provide services to users
SafeMoon posted on the X platform that it is reviewing recent news and will do its best to resolve the issue as soon as more information is received. In addition, SafeMoon said that the team will continue to build and continue to provide services to users.
Previously, the SEC charged Safemoon and its executives with fraud and unregistered securities offerings, and two SafeMoon executives were arrested on suspicion of fraud and money laundering.
The Sandbox will launch a new fund of 100 million SAND game makers next year
The Sandbox announced three major launches at its first Global Creators Day event to empower creators in the platform ecosystem and focus on user-generated content (UGC). The Sandbox will be opened from November 3. LAND owners can publish completed experiences on The Sandbox map without a publishing application process, fully opening the metaverse to UGC. The Sandbox will launch a new Game Maker version before the end of 2023, introducing new game mechanics, templates and social interactions. The Sandbox will launch a new 100 million SAND Game Maker fund in 2024, and its DAO-based selection system will reward not only creation and content, but also the engagement it generates within the platform.
TheSandbox will also launch eight new cultural and geographical communities on its map in 2023, including Voxel Madness, MegaCity 3, Infinite Pulse, Kverse, Lion City, and more.
Character*Voice
Austin Campbell, former head of Paxos portfolio management and partner at Zero Knowledge Consulting, published an article on the X platform reviewing the list of projects prosecuted by the SEC, but there was no FTX, Celsius, Terraform Labs, Hex, or BlockFi.
Austin Campbell said: “Basically, if you are a genuine scam or criminal operation, you are 100% safe from the SEC, and in fact, they will go out of their way to help you in an attempt to undercut your legitimate competitors.
Fed Kashkari: Cryptocurrency regulation should be the responsibility of the SEC
Federal Reserve Kashkari said cryptocurrency regulation should be the responsibility of the U.S. Securities and Exchange Commission (SEC).
Charlie Munger: Digital currencies are a destabilizing and unproductive financial invention
Berkshire Hathaway Vice Chairman Charlie Munger once again issued sharp criticism of Bitcoin and other cryptocurrencies in a recent interview with the Wall Street Journal. He views digital assets as a destabilizing and unproductive financial invention and likens the emergence of Bitcoin to throwing a stinky ball into the refined recipe of traditional finance.
He emphasized the importance of strong currency in the transition from primitive society to advanced civilization, noting that whether it was shells or gold coins, the solidity of currency was always the most important.
Elon Musk: None of my companies will create crypto tokens
Dogecoin designer DogeDesigner reminded on the X platform that Elon Musk and his AI project xAI are not related to any such crypto tokens, to which Elon Musk responded: None of my companies will create crypto tokens.
