LianGuai Daily | Jito Labs discloses the distribution specifications of 100 million JTO airdrops; ORDI breaks through $50, reaching a new all-time high
LianGuai Daily | Jito Labs Reveals Details of 100 Million JTO Airdrop Distribution; ORDI Surpasses $50, Sets New Record HighToday’s News Highlights:
SBF decides not to file a post-trial motion, suggesting a possible appeal
BlackRock has resubmitted the revised prospectus for its bitcoin spot ETF offering
- Jito officially announces the analysis of airdrop rules Who will receive blessings?
- Attacking its own exchange? Analyzing the SEC’s lawsuit against Kraken in the United States
- From DYDX to MAGIC, a review of self-built public chain projects that convert tokens into Gas Tokens.
Tether currently holds 57,576 BTC, with a floating profit of $1.1 billion
Regulatory News
SBF decides not to file a post-trial motion, suggesting a possible appeal
According to IBTimes, Sam Bankman-Fried (SBF), the founder of FTX, in a letter from his lawyer to Judge Lewis Kaplan on December 1st, said, “We, on behalf of our client SBF, submit this letter to present the latest status of the post-trial motion to the court. After further consideration, we have decided not to file any post-trial motions. We reserve the right to present any claims in the appeal.”
Legal experts believe that SBF’s decision to waive the post-trial motion indicates that the team is currently pursuing an appeal. Considering the strong assertion by this crypto tycoon’s lawyer, Mark Cohen, that his client is innocent and their intention to “actively respond to the accusations against him,” this is highly likely. SBF’s lawyer also made a bail request, which was denied by magistrate Joyann Ferguson Pratt, citing a potential flight risk. His next hearing is scheduled for February 8, 2024.
Previous News, although SBF has been convicted, he has not yet been sentenced. His sentencing will take place on March 28, 2024. SBF currently faces a maximum sentence of 115 years imprisonment, but some experts believe he will be sentenced to less than 25 years.
AI
According to Bloomberg, French artificial intelligence startup Mistral AI is in the final stages of a 450 million euros ($487 million) financing round, with a valuation close to 2 billion dollars. Investors, including a16z, will contribute more than 325 million euros in equity, with a16z currently negotiating an investment of 200 million euros. Nvidia and Salesforce have also agreed to contribute 120 million euros in convertible debt. Some details are still changing, according to insiders. The transaction terms document shows that the three co-founders of Mistral AI have agreed to sell over 1 million euros in equity each. Three other insiders from Mistral will sell shares, including former French Minister of State Cedric O, who serves as the company’s chief advisor. The document shows that General Catalyst, Lightspeed Venture LianGuartners, Bpifrance, and several other companies are also participating in this round of financing. Mistral, founded by former scientists from Alphabet Inc.’s DeepMind and Meta companies, will attempt to compete with OpenAI and Google in developing generative artificial intelligence infrastructure. In June of this year, Mistral completed a 105 million euros seed financing round, one of the largest seed financing rounds ever for a European generative AI company.
Project Updates
Bitwise has submitted the second revised Bitcoin spot ETF prospectus to the SEC
Bloomberg analyst James Seyffart tweeted that Bitwise has submitted the second revised Bitcoin spot ETF prospectus (S-1 document) to the SEC, indicating that the dialogue between the SEC and potential issuers is still ongoing.
BlackRock has resubmitted the revised Bitcoin spot ETF prospectus
Bloomberg analyst James Seyffart tweeted that BlackRock has once again submitted the revised Bitcoin spot ETF prospectus (S-1 document) to the US SEC. Bitwise had previously submitted the second revised S-1 document. The analyst said that the SEC has clearly issued similar or very similar instructions to multiple issuers. The SEC and these issuers are working to resolve issues. These documents are likely the result of multiple discussions and extensive work between the two parties. It is reported that BlackRock has added content regarding the trustee taking measures to monitor abnormal price movements in the latest submitted document. It also added wording about anti-money laundering compliance and included a PwC audit report.
Salvadoran President Nayib Bukele tweeted: “Bitcoin investment in El Salvador has been profitable. Despite the thousands of reports and critical articles mocking El Salvador’s so-called losses, those losses were calculated based on the market price of Bitcoin at the time. But according to the current Bitcoin market price, if El Salvador were to sell its Bitcoin, it would not only recover 100% of the investment but also make a profit of $3.62 million. El Salvador has no intention of selling Bitcoin, that has never been the goal. We are well aware that future prices will continue to fluctuate, but this does not affect our long-term strategy. Nevertheless, it is responsible for those critics and authors of those articles to retract their statements and acknowledge that El Salvador is currently profitable.”
Binance’s new CEO, Richard Teng, responded to community members’ concerns about whether “Binance can afford the fines in the settlement agreement.” He stated that Binance’s financial situation is very good and its business foundation is very solid. We have been profitable almost from day one and have continued to be profitable. In terms of trading volume, we are still the largest cryptocurrency exchange in the world. US regulatory agencies have not claimed that Binance has misappropriated user funds. User funds are backed 1:1, and users can choose to withdraw 100% of their funds at any time. Binance has more registered users than ever before, currently reaching 166 million. These fines are not a problem. We will continue to move forward. Our expenses are moderate, but our profits and revenues are strong.
Coinbase: Stablecoins are part of the future of currency and should be subject to clear regulations
In its latest blog post, Coinbase states that stablecoins are part of the future of currency. The primary reason why Americans oppose using cash in the current financial system is that the cost of obtaining and transferring funds is too high. Stablecoins offer consumers all the benefits of cash without the drawbacks and at a lower cost and faster speed. In governments and countries with unstable currencies, stablecoins provide a decentralized way for citizens to protect their savings and engage in cross-border transactions. Emerging markets have already dominated the overall application of cryptocurrencies. Stablecoins are an important component of the future of currency, and they have already helped update the system. As their importance grows, clear regulations for stablecoins become more urgent.
“Grand Theft Auto 6” mentioned in the first trailer that the official release date is 2025
According to Decrypt’s report, Rockstar Games, a game development subsidiary of Take-Two Interactive, has officially released the first trailer for “Grand Theft Auto 6”, which reveals the game’s release date as 2025. It is reported that Rockstar’s “Grand Theft Auto 5” has sold over 185 million copies, making it the second highest-selling video game of all time, second only to “Minecraft”.
Last year in June, there was news that “Grand Theft Auto 6”, an action game, may introduce a cryptocurrency system. In February of this year, Web3 game KOL and streamer Brycent mentioned that “Grand Theft Auto 6” will feature the element of cryptocurrency, but it won’t have real-world value, instead resembling the stock market system seen in “Grand Theft Auto 5”.
Taiko, an Ethereum Layer-2 network based on zkRollup, has announced the launch of the second phase of its grant program (Taiko Grants Cycle 2), with a total grant pool of $30 million. This grant program covers three tracks: community, partners, and Request for Proposals (RFP).
The community track is for early-stage projects planning to build on Taiko, those already doing so, or those already deployed. Applications are open from now until January 15, 2024. The partners track is for established projects or service providers that are already live and looking to integrate, support, or deploy on Taiko, and it will remain open after Cycle 2 ends. The Request for Proposals (RFP) track is for high-impact projects, experienced builders or teams interested in participating in the Taiko Labs program and will also remain open after Cycle 2 concludes.
Web3 developer platform Thirdweb on the X platform stated that on November 21st at 10:00 Beijing time, a security vulnerability was discovered in a commonly used open-source library in the Web3 industry. This will affect various smart contracts in the Web3 ecosystem, including some pre-built smart contracts by Thirdweb. Based on the investigation so far, this vulnerability has not been exploited in any ThirdWeb smart contracts. However, smart contract owners must take mitigating measures for certain pre-built contracts created on ThirdWeb before 11:00 on November 23rd Beijing time. Affected pre-built contracts include but are not limited to DropERC20, ERC721, ERC1155 (all versions), and AirdropERC20.
Thirdweb said that the top priority is to protect customers affected by this vulnerability. If the contract builder used Thirdweb’s dashboard or SDK to deploy one of these pre-built smart contracts before 11:00 on November 23rd Beijing time, they will need to take steps to mitigate the potential exploitation of this vulnerability. In most cases, mitigation measures will involve locking the contract, taking a snapshot, and migrating to a new contract that does not have any known vulnerabilities. Please note: if the contract builder has tokens locked in any liquidity or staking pools, they should withdraw those tokens before starting these steps. Otherwise, the contract builder will not be able to distribute new tokens to these users. Additionally, the contract builder should use http://revoke.cash to request their users to revoke approval for all ThirdWeb contracts. We have successfully remedied all affected pre-built contracts created by Thirdweb after 11:00 on November 23rd Beijing time. All other ThirdWeb services, including our wallet, payment, and infrastructure services, are not affected and continue to operate as usual.
Jito Labs, the developer of Solana’s MEV infrastructure, published an article introducing the eligibility and distribution specification for its governance token JTO’s airdrop. Out of the 10% airdrop allocation (100 million tokens), 15% (15 million tokens) will be distributed to Jito-Solana validators, 5% (5 million tokens) will be distributed to Jito MEV searchers (must have accumulated at least 1 SOL between epochs 366 and 536), and 80% (80 million tokens) will be distributed to JitoSOL users (must have held at least 100 points before November 25, 2023, estimated to be 9,852 unique addresses), with the snapshot taken between January 1, 2023 and November 25, 2023.
Currently, users can verify their eligibility with their Solana wallet address, and after the airdrop goes live, they can initiate the JTO token claim process on the official website. The validity period for all claimable JTO tokens is 18 months, starting from the token generation date. Any unclaimed tokens after that period will be transferred to the DAO treasury in the Realms wallet without permission. In addition, all past and present core contributors are not included in the JTO airdrop, including any core contributor wallets holding JitoSOL, any validators operated by core contributors, and any canary searchers operated by core contributors (core contributors do not participate in MEV).
Earlier in August last year, Jito Labs completed a $10 million Series A financing round with Multicoin Capital and Framework Ventures leading the investment.
According to CoinDesk, BlackRock (BLK) has revealed in a new application filed with the US Securities and Exchange Commission (SEC) that it has received $100,000 as “seed funding” for its proposed Bitcoin ETF. The investment giant disclosed this news, stating, “The seed capital investor has agreed to purchase $100,000 worth of shares on October 27, 2023, and deliver 4,000 shares (‘seed shares’) at a price of $25 per share on the same day.”
Seed capital refers to the initial funding that allows an ETF to provide funding to the units upon which the ETF is based for creation and trading on the public market. BlackRock’s proposed “iShares Bitcoin Trust” will invest in Bitcoin rather than futures associated with cryptocurrencies. This is one of the 13 applications awaiting regulatory approval.
HashKey Exchange to launch Compound (COMP)
According to an official announcement, HashKey Exchange is set to launch Compound (COMP). Deposits and withdrawals are now open with trading available from December 7, 2023, at 16:00. Trading of the COMP/USD trading pair is restricted to professional investors only.
Funding News
Ethereum L2 Rollup project Ten secures $7.5 million funding with participation from Republic Capital
According to official sources, Ethereum Layer2 Rollup project Ten (formerly Obscuro) has announced a $7.5 million funding round with participation from Republic Capital, KuCoin Labs, R3, Big Brain Holdings, Magnus Capital, Builder Capital, DWF Labs, Pragma Ventures, GTS Ventures, and others.
Ten is a decentralized cryptographic Layer2 built on Ethereum that aims to enable any Ethereum contract to operate at a larger scale and with lower gas costs, without MEV risk, and fully encrypted. It utilizes a technology called Secure Enclaves to provide protection for most devices.
Mining News
Riot announces $290.5 million investment to purchase new generation MicroBT Bitcoin miners
Crypto mining company Riot Platforms has announced a $290.5 million investment to purchase the latest generation MicroBT Bitcoin miners. The new order will primarily include the recently released M66S model with an efficiency of 18.5 EH/s. All machines in this order will be manufactured in the United States and designed for immersion cooling. Riot CEO Jason Les stated that this is the largest hash rate order in the company’s history, marking significant expansion and technological advancement in the crypto mining field.
According to Bloomberg, Abu Dhabi-based crypto mining company Phoenix Group witnessed a 50% surge in its stock price after raising 1.36 billion dirhams (approximately $371 million) in its initial public offering in Abu Dhabi.
The stock opened at 2.25 dirhams on Tuesday, higher than the IPO price of 1.50 dirhams. This is the first IPO related to a crypto company in the Middle East and received 33 times oversubscription, meaning the orders were worth $12 billion. The portion of the IPO reserved for retail investors received 180 times oversubscription.
In addition, it was reported that International Holding Co., the largest corporate group in Abu Dhabi controlled by members of the royal family, purchased a 10% stake in Phoenix earlier this month.
Important Data
Market: ORDI breaks $50, reaching a new all-time high
The market shows that ORDI has broken $50, reaching a new all-time high. Previously, it reached a peak of $54.35 and is currently trading at $50.82, with a 24-hour increase of 40.61%. At the same time, ORDI’s market value has exceeded $1 billion, currently at $1,068,470,121.
Over $323 million liquidated in the past 24 hours, both longs and shorts
Coinglass data shows that over the past 24 hours, the cryptocurrency market has seen over $323 million in liquidations across all platforms, with a total of 116,817 people liquidated. Among them, longs were liquidated for $145 million and shorts for $177 million. In terms of specific cryptocurrencies, BTC accounted for approximately $91.36 million in liquidations, the highest share, followed by ETH with approximately $36.90 million, ORDI with approximately $17.91 million, BIGTIME with approximately $17.91 million, and SOL with approximately $9.42 million.
Tether currently holds 57,576 BTC, with a floating profit of $1.1 billion
According to on-chain analyst Yu Jin, Tether’s BTC holdings currently have a floating profit of $1.1 billion (+85%). Tether currently holds a total of 57,576 BTC ($2.4 billion), with a comprehensive cost of $22,480: 53,492 BTC were acquired as reserves before March this year, and 4,083 BTC were acquired from 15% of Tether’s net profits starting in May this year.
A whale deposits 39,260 ETH to Kraken, worth approximately $87.6 million
According to Spot On Chain, around 12:00 Beijing time, a whale address starting with 0x496 deposited 39,260 ETH to Kraken at a price of $2,232 per ETH (worth $87.6 million). From June to August 2017, the whale accumulated a total of 47,260 ETH at an average price of $240 ($11.3 million). Therefore, if this sale is realized, the whale’s estimated total profit from ETH would reach as high as $78 million.
Bitcoin’s hashrate has exceeded half a ZettaHash, setting a new daily record of 578 EH/s
According to CryptoSlate, the hash rate of Bitcoin is soaring, with recent data setting a new single-day record. On December 1st, the computing power reached a high of 578 EH/s, followed by a significant surge on November 3rd, reaching 558 EH/s. Additionally, Btc.com’s data shows that the current overall network hash rate of Bitcoin is at 500.74 EH/s.
Earlier this year, River Financial research analyst Sam Wouters predicted that by the end of 2025, Bitcoin could enter the ZettaHash era (1,000 EH/s). It is estimated that this milestone might be achieved around December 23rd, 2025, or possibly in early 2026.
Robinhood’s cryptocurrency nominal trading volume in November increased by approximately 75% compared to the previous month, as reported by The Block. In an 8-K filing submitted to the U.S. Securities and Exchange Commission (SEC), Robinhood indicated that this may signify a reversal in the company’s trading performance. In the third quarter of this year, Robinhood’s cryptocurrency trading volume dropped by 55% compared to the same period last year, amounting to $23 million. Additionally, their cryptocurrency trading revenue in the second quarter also decreased by 18% compared to the previous quarter. Robinhood previously announced plans to start offering cryptocurrency trading in the European Union in the coming weeks.
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