Developments
Michael Saylor’s MicroStrategy has bought another 16,130 Bitcoin at an average price of $36,785 for $593.3 million total.
This brings the firm's total Bitcoin holdings to 174,530 Bitcoin at an average price of $30,252 per coin.
MicroStrategy may also be looking to raise $750 million through the sale of class A common stock.
Illuvium Partnering with Team Liquid
Illuvium is partnering with eSports organisation Team Liquid to release themed NFTs as well as advise on the development of games in the Illuvium ecosystem and their eSports scene.
ParaX has rebranded under Parallel Finance as they announce a $30 million raise from Sequoia, Polychain, Blockchain Capital, Coinbase Ventures among others. Parallel Finance aims to be a “DeFi super app” through unifying lending, staking,Trading and more.
Sony Moving Into Digital Assets
Sony has filed a patent that would enable players on their Playstation console to transfer digital assets to each other through blockchain technology.
Similarly, leaked Microsoft documents from September 2023 showed that Microsoft is looking to integrate crypto wallets to Xbox.
The KyberSwap Exploiter who stole over $46 million has demanded “Complete executive control over Kyber (the company)” through an on-chain message sent to the KyberSwap team that states their terms.
Additional terms also include the "surrendering of all Kyber (the company) assets. This is both On-chain and Off-chain assets”and temporary full authority over the KyberDAO.
Furthermore, they state that once their demands are met, executives will be bought out, the salaries of employees that stay doubled (with those that leave given 12 months full severance), and LPs “gifted a rebate based on your recent market-making activity”.
They end with “This is my best offer. This is my only offer.” and require the demands to be “met by December 10th” without police contact or the treaty falls through .
A Blast “bridge contract” parameter led to a 10% loss in slippage off a users deposit. When a user deposits USDT or USDC, the contract automatically swaps these tokens into DAI in order to then stake in the DSR contract which provides the 5% APY.
Blast states through their twitter “A misconfigured parameter on the Blast UI led to1 user receiving 100k less DAI than they should have across 2 txs”. The user was refunded the 100k lost in slippage plus a 10% bonus for a total of $110k and the issue is now resolved.
StakeWise V3 launched on the 29th of November. V3 brings a myriad of upgrades and use cases to the StakeWise protocol such as allowing any node operator and staker on Ethereum to mint their staked ETH LST, osETH. Moreover, the upgrade features a marketplace of staking offers, where users can choose a “vault” to stake their ETH based on the vault's performance, infrastructure setup, MEV setup and commission. After staking their ETH through a vault, the user can then also mint osETH.
Binance Pilots Banking Triparty Agreement
Binance is piloting the first ever Crypto triparty agreement which “enables institutional investors to keep collateral off-exchange in the custody of a third party banking partner”. Additionally, the collateral can be in fiat or even US t-bills.
Polygon, DraftKings and 60M MATIC
According to Coindesk, Polygon delegated sports-betting firm ‘DraftKings’ over 60 million in MATIC, who took a 100% staking commission, in exchange for publicly running a validator on the Polygon network.
Polygon publicised the partnership as “the first time a major publicly-traded firm has taken an active role in blockchain governance” without disclosing said delegations.
Despite being delegated 60 million MATIC (2% of total staked MATIC on Polygon) which delivered millions of dollars in returns for DraftKings due to a highly unusual 100% commission, their validator failed to keep up with the network and was kicked off the network in September 2024.
Sei, a chain built using the Cosmos SDK, will be adding support for the Ethereum virtual machine (EVM) in their upcoming v2 upgrade.
This will allow for backwards compatibility of EVM smart contracts and services that support the EVM with 0 changes. This is achieved through Sei nodes adopting GETH which will process “ethereum transactions” and the consequent state changes. Additionally, Sei v2 will optimistically run all transactions in parallel.
dYdX Social Mitigation Strategy
A proposal written by investment firm Reverie has been posted for voting on whether to “launch a social mitigation strategy for MEV” on dYdX chain (v4). Ending on the 3rd of December, the votes so far as they stand: 18.3% in favour, 0.7% against and 81% abstaining.
The mitigation strategy would adopt a social slashing strategy to combat dYdX chain’s in-memory orderbook design that enables MEV.
BITO Reaches ATH In Total Fund Assets
ProShares Bitcoin Strategy ETF (BITO) has reached an all time high of $1.5 billion in total fund assets.
Wormhole has raised $225 million at a $2.5 billion valuation in a funding round that saw participation from Brevan Howard, Coinbase Ventures, Multicoin Capital and Jump Trading among others.
Wormhole is an interoperability protocol that offers cross-chain bridging and messaging. In the raise announcement, Wormhole also announced the launch of Wormhole Labs, a company that will contribute to the Wormhole protocol.
Celsius To Open Partial Withdrawals
Celsius will open partial withdrawals for holders of “Class 6A General Custody Claims' and/or Class 6B Withdrawable Custody Claims,". The holders will only be able to withdraw 72.5% of their claims and only up until February 28th 2024. For the select holders withdrawals will open “around the 29th of November” (today).
Velodrome Frontend Compromised
Velodrome’s frontend has been compromised. According to ZachXBT, the attackers have been syphoning funds to two wallets which hold $145,000 combined. Velodrome has said that protocol funds are safe, contracts are unaffected and to only interact through their decentralised frontend. The incident may reflect in the price of Velodrome’s native token, VELO, which is 6% in the last 24 hours.
Former co-founder and CEO of Twitter, Jack Dorsey led a $6.2 million seed funding round for a decentralised Bitcoin mining pool project, OCEAN. The project will provide non-custodial and direct payouts to miners from the block reward.
The IOTA token has risen 50% on the 29th of November as the team launches the ‘Iota Ecosystem DLT Foundation’ supported by $100 million in IOTA tokens vested over the next 4 years. The foundation, located in Abu Dhabi, is focused on promoting distributed ledger technology (DLT) in the middle east.
Kronos Offers White Hat Bounty
Kronos Research, a crypto trading and investing firm associated with WOO, has offered a 10% white hat bounty to a hacker who stole $25 million from the firm's treasury via authorised access to their API keys.
Ark Invest, whose CEO is Cathie Wood, sold $5.3 million of $COIN (Coinbase’ stock) on Monday and bought $1.2 million of Robinhood stock.
Animoca Brands has become the largest validator of the TON blockchain as it recently invested in the TON ecosystem. Animoca announced that they have and will continue to assist third party GameFi projects on TON as they seek to scale.
Notable previous investments by Animoca Brands and its subsidiaries include Yuga Labs, Axie Infinity, Polygon,, Consensys, and Yield Guild Games among others.
dYdX Distributing Token Rewards
dYdX has initiated the distribution of DYDX token rewards from the chains trading fees to validators and stakers.
Additionally dYdX chain has also launched its trading incentive program which offers $20 million of DYDX tokens over the next 6 months.
As of 28th November, the chain has done $1.86 million in volume across 14,000 transactions.
Some Coinbase users have received a subpoena that involves Bybit from US Commodity Futures Trading Commission regulators (CFTC). Coinbase announced that if needed, Coinbase will send information concerning the user accounts to the CFTC.
According to Glassnode data, ETH has turned deflationary again as ETH entering the validator queue has slowed down and the number exiting increases, alongside increased network activity which burns ETH.
Over the last 4 months NFT and DeFi transactions have both decreased by 3% and 57% respectively whereas gas usage for token and stablecoin transfers has increased by 8.9% and 19% respectively.
Chainlinks priority migration period for existing users staking LINK, the project's native token, has gone live as Chainlink’s new staking pool (v0.2) goes live. The new pool has 45 million LINK (8% of total LINK supply) in rewards. The next stage will allow early access whitelisted wallets to stake in the new pool on December 7th and the pool will open to the public on December the 11th.
Circle’s Cross Chain Transfer Protocol for USDC is now live on Noble, an application-specific chain built for native asset issuance in Cosmos. This will allow users to send their USDC directly from other chains to all Cosmos chains that are connected to IBC like the dYdX chain.
Circle's CTO Marcus Boorstin said that “This will be the first time CCTP has integrated with a non-Ethereum Virtual Machine (EVM) chain.”
SEC Delays Hashdex and Franklin Templeton Spot BTC ETFs
The SEC has delayed both the Hashdex and Franklin Templeton spot BTC ETFs. Their next deadlines both lie on the 31st of March 2024.
Notably, Franklin’s BTC ETF is the only issuer who hasn't submitted a S-1a filing.
James Seyffart (of BBG) also suspects that this could potentially be the SEC lining up the BTC ETFs for simultaneous approval in 2024.
Following a successful proposal to reduce the max inflation parameter of Cosmos’ native token ATOM from 19% to approximately 13.4%, Cosmos’ founder Jae Kwon has initiated steps and community discussion about hard forking the Cosmos blockchain.
The hard fork would be called AtomOne and have its own new native token although it would include ATOM participation to prevent “mass selling of ATOM and collapsing it all”.
A large amount of the new token would be airdropped to ATOM stakers proportionally.
KyberSwap has recovered $4.7 million of funds stolen last week with the remaining $1M going to the hacker as a white hat bounty. This recovery is separate from the main exploit event.
Last week, weekly crypto fund inflows reached $346 million. Bitcoin inflows accounted for $311.5 million (90%) of that sum. Ethereum took second place with $33.5 million, and Solana third with $3.5 million.
According to a Bitfinex report, 83.7% of Bitcoin holders are in profit which is the highest level seen since November 2021. Additionally 70 percent of Bitcoin’s supply has not been transacted or moved for over a year.
Binance Futures launched USTC perpetuals with up to 50x leverage. USTC, TerraClassicUSD was previously pegged to $1 before the Luna collapse in May of 2022.
Japanese Crypto Fund CGV has announced that they will be investing $5 million into the Blast ecosystem through “incubating and investing in innovative projects”.
Google Cloud is now among 65 operators taking part in EigenLayer’s testnet. EigenLayer is a restaking protocol whose mainnet is set for release in the first half of 2024.
Binance founder CZ has been denied the right to leave the US before his sentencing.
Magic Eden has introduced a wallet made for “Magic Eden users and cross-chain NFTcollectors”. The wallet is in closed beta and will support Bitcoin, Ethereum, Solana, and Polygon (the 4 chains Magic Eden’s marketplace supports). Users can apply for the waiting list via a link posted on their twitter.
TORN, the native token of Tornado Cash, has gone down 53% after Binance announced the tokens delisting on the 7th of December 2023,. Additionally BitShares, PERLECO and Waltonchain will also be delisted on the same date.
Trending Assets
Below $100M MC by performance, on chain
RBX, a perp platform, has been receiving attention as it rivals the volume of top decentralised perp DEX’s despite having an FDV of just $129M.
Above $100M MC by performance, on chain
OLAS up 40.56% as the AI investment theme takes hold. METIS up 28% as they aim to build the first decentralised sequencer.
Above $1B MC by performance, on chain
SNX & RNDR top performers this week, both up greater than 10%.
Trading Volumes
TVL
TVL Above $10M
Over the past week:
Kamino Lend, lending on Solana, TVL grew by 173.47%.
Terra Bridge TVL grew by 138.40%.
TruStake MATIC, liquid staking on Ethereum, TVL grew by 108.80%.
Fees
Curve DEX fees earned are up 323.47%, and dYdX fees earned are up 109.85% over the past week. Vertex fees earned are down 43.95% over the past week.
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