LianGuai Morning News | Indian grassroots cryptocurrency ranks first in Layer 2 with a total lock-up amount of 13.53 billion US dollars.

Groundbreaking Crypto from India Tops Layer 2 Charts with a Massive $13.53 Billion in Total Locked Amount, as Reported by LianGuai Morning News

Headline

▌Chainalysis: India ranks first in grassroots cryptocurrency adoption

According to Chainalysis’ 2023 Global Cryptocurrency Adoption Index, India ranks first in grassroots cryptocurrency adoption. In this index, India’s ranking is higher than other countries with a significant amount of Bitcoin trading and mining activity. Additionally, when examining the countries with top rankings in terms of estimated cryptocurrency value received from July 2022 to June 2023, India ranks second.

India has gained approximately $250 billion worth of cryptocurrency in the past year, second only to the United States, which gained around $1 trillion worth of cryptocurrency during the same period. India ranks first in the overall index ranking, second in concentrated service value ranking, third in retail concentrated service value ranking, and fifth in P2P exchange trading volume ranking. Nigeria, Vietnam, the United States, Ukraine, the Philippines, and Indonesia closely follow India.

▌Total lock-up volume of Layer2 is $13.53 billion, with a 7-day increase of 8.12%

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According to L2beat data, the current total lock-up volume of Layer2 networks is $13.53 billion, with a 7-day increase of 8.12%. Among them, Arbitrum One ranks first in lock-up volume, with a 6.9% increase in the past 7 days, reaching $7.42 billion; OPMainnet ranks second, with an 11.59% increase in the past 7 days, reaching $3.5 billion.

The highest increase is seen in PolygonzkEVM, which rose by 32.98% to $99.2 million; ImmutableX ranks second in terms of increase, rising by 25.8% to $161 million.

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Market

As of the time of publication, according to coinmarketcap data:

BTC recent trading price is $37,060.00, with a daily change of -0.23%;

ETH recent trading price is $2,044.63, with a daily change of -0.61%;

BNB recent trading price is $247.5, with a daily change of -0.40%;

XRP recent trading price is $0.6612, with a daily change of -0.42%;

DOGE recent trading price is $0.0779, with a daily change of -0.70%;

ADA recent trading price is $0.3834, with a daily change of -0.67%;

SOL recent trading price is $56.42, with a daily change of -3.77%.

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Policy

▌Fuzhou publishes the award-winning companies for blockchain industry development special funds: plans to support a total of 4.29384 million yuan

According to the “Notice of the Fuzhou Big Data Development Management Committee on Organizing the Application for Fuzhou Blockchain Industry Development Special Funds in 2022,” the Fuzhou Big Data Commission organized experts from “Digital Fuzhou” to evaluate the enterprises (institutions) that applied for the Fuzhou Blockchain Industry Development Special Funds in 2022. After expert review and research by the Big Data Commission, it was decided to publicly announce that ten enterprises (institutions), including Fujian Fuchain Technology Co., Ltd., meet the policy requirements and are eligible for special fund rewards. The planned support amount is 4.29384 million yuan.

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Blockchain Applications

▌NULS SCO Staking Platform Now Live in LP Mode

NULS has announced on their official Medium that LP mode is now live on their NULS SCO staking platform. LP mode aims to solve the problem of stakers not being able to trade the tokens they receive as rewards. When stakers claim SCO rewards, the liquidity mining process will be triggered automatically, and NULS and stakers’ SCO token rewards will be added as liquidity to NerveSwap and burned at a fixed ratio.

▌Starknet: V0.13.0 Mainnet Planned for January 22, 2024 with STRK Payment Support

The Starknet community forum announces information about the next versions (V0.12.3, V0.13.0) and the migration to the Sepolia testnet, including:

1. V0.12.3 will introduce a significant change by deprecating the feeder gateway, and builders should migrate to the API service or run a standalone full node. V0.12.3 also includes some changes to validate account contracts.

2. V0.13.0 will introduce a new transaction type, V3, which sets the foundation for future features on the roadmap, including paying transaction fees with STRK instead of ETH, fee market, LianGuaiymaster, and nonce generalization. Additionally, V0.13.0 will come with a new Cairo version V2.4.0, introducing string literals and basic string operations.

3. The planned dates for network upgrades are as follows:

– November 19, 2023: V0.12.3 Goerli testnet;

– December 11, 2023: V0.12.3 mainnet. Please note that this is one week earlier than previously communicated;

– December 5, 2023: V0.13.0 Goerli testnet. This date may be postponed by a week until December 13 if necessary;

– January 22, 2024: V0.13.0 mainnet, pending governance vote.

4. Starknet will migrate the testnet to Sepolia after deprecating Goerli. The Goerli testnet will be supported until the end of 2023, and developers are encouraged to migrate to Sepolia as much as possible.

Starknet will begin migration to the Sepolia testnet on November 15, 2023. At that time, full nodes, API services, SDKs, and other Starknet development tools will also start migrating to Sepolia.

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Cryptocurrencies

▌CZ: Sold House and Fully Devoted to Crypto in 2014, Founded Binance in 2017

User X @VT_BNB posted that Binance founder CZ didn’t have a smooth sailing journey when seeking investments and institutional financing at the start of founding Binance.

In response, CZ stated that he sold a house to buy crypto in 2014, went all in crypto, and only founded Binance in 2017.

▌Ordinals Inscriptions Accumulated Fee Income Reaches 2,393.90BTC

Latest data from Dune shows that the cumulative fee income generated by the Bitcoin NFT protocol, Ordinals Inscriptions, has reached 2,393.90BTC, equivalent to approximately $88.57 million. The total number of inscriptions minted currently stands at 39,698,143.

MicroStrategy Co-founder: Global Tech and Banking Industries to Widely Adopt Digital Assets from 2024 to 2028

MicroStrategy co-founder Michael Saylor provided a comprehensive outlook on the future development trajectory of Bitcoin at the 2023 Australian Cryptocurrency Conference. Saylor discussed the highly anticipated Bitcoin halving in 2024 and predicted that next year will be crucial for Bitcoin, foreseeing it evolving into a “teenage mainstream asset” by the end of 2024. Looking ahead to 2024-2028, Saylor predicts that Bitcoin will enter a phase of high growth. He anticipates that major global tech and banking industries will extensively adopt digital assets, integrating them into their products and services. The competition between companies like Apple and Meta (Facebook) to acquire Bitcoin for lucrative profits is expected to intensify.

He also highlighted a key factor involving major financial institutions such as JPMorgan Chase, Morgan Stanley, Goldman Sachs, Bank of America, and Deutsche Bank. Saylor predicts that they may engage in activities such as lending, providing mortgage loans, customization, and buying/selling Bitcoin.

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Important Economic Trends

▌Probability of Fed Keeping Rates Unchanged in December at 90.9%

According to CME’s “Fed Watch”: The probability of the Fed maintaining rates unchanged in December within the 5.25%-5.50% range is 90.9%, while the probability of a 25 basis point rate hike to the 5.50%-5.75% range is 9.1%. The probability of rates staying unchanged in January next year is 77.7%, with a 21% chance of a cumulative 25 basis point rate hike and a 1.3% chance of a cumulative 50 basis point rate hike.

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LianGuai Encyclopedia

▌AA Technology

Account Abstraction (AA) is a new paradigm for contract wallets based on ERC-4337, enabling on-chain interaction of contract accounts in an application-layer manner. AA does not require modification of ETH node consensus and provides more programmability and contract composability compared to current externally owned accounts (e.g., Metamask accounts).

Disclaimer: LianGuai, as a blockchain news platform, publishes articles solely for informational purposes and does not serve as actual investment advice. Please embrace correct investment principles and always exercise risk awareness.

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