Project Weekly | Bitcoin is experiencing exponential growth as an asset, decentralized computation protocol Facet has launched on the Ethereum mainnet.

Project Weekly | Bitcoin Continues to Surge as a Valuable Asset, Revolutionary Decentralized Computation Protocol 'Facet' Now Live on Ethereum Mainnet

LianGuai Weekly is a weekly summary column of the blockchain industry launched by LianGuai. The content covers key news, market and contract data, mining information, project updates, technological advancements, and other industry updates. This article is a project newsletter, giving you an overview of mainstream projects and the progress of star projects this week.

Bitcoin

Fidelity Global Macro Director: Bitcoin is an exponentially growing asset

Jurrien Timmer, the Global Macro Director at Fidelity, shared his new insights on Bitcoin on social media. He compared Bitcoin to gold, calling BTC the “younger brother, trying to secure its place.” Timmer also stated that the unique properties of Bitcoin will not end due to its limited supply. It is a network asset that is experiencing exponential growth, following a classic S-curve path of adoption, similar to the growth pattern of major technological innovations.

SEC meets with Fidelity to discuss the creation and redemption mechanism of physically-backed Bitcoin ETF

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The SEC has met with Fidelity to discuss the physically-backed Bitcoin ETF and its creation and redemption mechanisms. Fidelity provided the regulatory agency with a presentation titled “Bitcoin ETF Workflow,” which detailed the slides on the “physical” creation and redemption model. The presentation stated, “Physically-backed creations and redemptions are more efficient for arbitrage and hedging, and self-clearing ETF market making firms can act as Proxy APs (authorized participants) for non-self-clearing ETF market making firms with crypto affiliates, facilitating efficient arbitrage. Allowing for physical creation and redemption is crucial for improving trading efficiency and secondary market pricing for all participants.”

Bloomberg Analyst: VanEck Bitcoin ETF ticker is “HODL”

According to Bloomberg ETF Senior Analyst Eric Balchunas, the VanEck Bitcoin ETF ticker is “HODL,” which differs significantly from the Bitcoin ETF tickers of BlackRock, Invesco, and Fidelity. Balchunas also noted that VanEck primarily focuses on niche markets and has a strong retail user base.

Ordinals Founder: Different sources of demand for Bitcoin block space may be a good thing

Casey Rodarmor, the founder of Bitcoin NFT protocol Ordinals, stated on social media on December 8 that it might be a good thing to have different sources of demand for Bitcoin block space. If the different sources of demand are not fully correlated, the total demand curve may be smoother than its individual components.

Moodys Analytics: Large asset management firms are ready to buy more BTC before the launch of physically-backed Bitcoin ETF

Senior Director Yiannis Giokas from Moody’s Analytics conducted an in-depth analysis of the factors behind the recent surge in Bitcoin prices. Giokas stated that the biggest driving force behind the surge in Bitcoin prices might be the number of applications for physically-backed Bitcoin ETFs, which are expected to be approved by the SEC in January. Competition to introduce these tools is heating up, and large asset management firms are ready to buy more BTC before the launch of physically-backed Bitcoin ETFs to offer ETFs to retail investors and institutional investors.

Grayscale: Bitcoin is the digital substitute for physical gold

Grayscale states on X platform that Bitcoin is the digital substitute for physical gold. Bitcoin benefits from factors that drive up the price of gold, such as decreasing real interest rates. Grayscale analysts believe that the Federal Reserve raising real interest rates may suppress the price of Bitcoin, while a rate cut may help valuation recover. Any signs indicating that a rate cut may start relatively early next year could support Bitcoin’s price.

Ethereum

Decentralized computing protocol Facet launches on the Ethereum mainnet

Decentralized computing protocol Facet has launched on the Ethereum mainnet. According to their official website, Facet is a secure, decentralized, and cost-effective computing protocol that is not a blockchain. Instead, it offers a different way of thinking and using blockchain. Facet argues that anything that can be done with smart contracts can be done more efficiently without them. The team’s goal is to migrate all popular Ethereum applications, from NFT markets to lending protocols, onto the more efficient Facet protocol.

Aave community initiates “Launch ETHx on Aave V3 Ethereum Network” ARFC proposal

On December 8th, according to the governance page, the Aave community initiated the “Launch ETHx on Aave V3 Ethereum Network” ARFC proposal. ETHx is Stader’s liquidity staking token aimed at enhancing LST liquidity and asset diversity.

US Presidential candidate: Gary Gensler has yet to clarify if ETH is a security

Vivek Ramaswamy, a US Republican Presidential candidate, harshly criticized the US Securities and Exchange Commission (SEC) and its chairman, Gary Gensler, for failing to clarify cryptocurrency regulations. Ramaswamy stated that regulatory agencies must keep up with current trends and used FTX as an example to demonstrate the ineffective regulatory framework of the SEC. Furthermore, Ramaswamy pointed out that Gary Gensler has yet to specifically clarify whether Ethereum (ETH) should be classified as a regulated security.

ETHS: Waiting time to bridge back to Ethereum from Facet-VM will be reduced to 3 days

On December 7th, ETHS announced on X platform that starting tomorrow, the waiting time to bridge back to Ethereum from Facet-VM will be reduced from 5 days to 3 days, ultimately achieving instant settlement.

Other projects

SlowMist Cosmos: Some Web3 project leaders recently targeted by phishing attacks disguised as well-known capital

Cosmos, the founder of SlowMist, posted on social media that some Web3 project leaders have fallen victim to phishing attacks. The organization behind the attacks is believed to be North Korean hackers who impersonate well-known capital entities and privately message project leaders on platforms like Telegram, luring them to use the provided meeting systems. Once the victims download and run the target file (which could be a simple script file that is executable on Mac computers), their computers get infected.

The Cosmos ecosystem project Aether will launch a new airdrop mechanism to reward long-term supporters of ATOM

The Cosmos ecosystem project Aether announced that it will launch a new airdrop mechanism, and the claimed tokens will be automatically locked in one of the long-term staking contracts, preventing immediate liquidation of the airdropped tokens. This mechanism is primarily used to reward long-term supporters of ATOM. In addition, the long-term contracts will receive additional token rewards.

ForbesWeb3: Created its own wallet specifically for long-term NFT collection

ForbesWeb3, the Web3 experience and community center launched by Forbes, stated on social media that they are collecting NFTs for the following reasons: Forbes has long supported artists and innovative thinking. With their in-depth research into Web3, ForbesWeb3 has created its own wallet specifically for long-term NFT collection. This signifies their commitment to recognizing artistic talent and embracing new possibilities brought by digital art forms.

▌As Ordinals Trading Soars, TON Blockchain Processing Speed Nearly Stagnates

According to Telegram messages from TON developers and users, the TON blockchain processing speed has slowed down as a result of increased activity inspired by Ordinals. According to data from the dTON bot monitoring the blockchain status, as of early Friday morning Beijing time, there were over 2.5 million transactions waiting to be processed, bringing the TON blockchain speed to less than 1 transaction per second. The most popular TON wallets, Wallet and Tonkeeper, have temporarily suspended their services.

It is reported that during the “public stress test” in early November, TON’s maximum speed was about 100,000 TPS. According to a technical report released anonymously on the Telegraph blog platform, the congestion was attributed to “validator nodes running on weaker hardware.”

▌a16z Reveals Exciting Trends for the Crypto Industry in 2024, including Modular Technology Stack

a16z crypto has released a trend list for the crypto industry in 2024, including: entering a new era of decentralization; resetting the future of UX user experience; the rise of modular technology stack; the combination of AI and blockchain; transitioning from Play to Earn to Play and Earn; when AI becomes the game maker, cryptocurrencies provide assurance; making formal verification more accessible; NFT becoming ubiquitous brand assets; SNARK (Succinct Non-interactive Argument of Knowledge) becoming mainstream.

▌IBM Launches New Cryptographic Asset Cold Storage Technology “OSO”

IBM has released a new cryptographic signing technology called IBM HyperProtectOfflineSigningOrchestrator (OSO) for handling digital assets in cold storage, reducing risks associated with manual processes and maintaining a certain distance between assets and the internet. OSO helps protect high-value transactions by providing additional security layers, including disconnected network operations, time-based security, and electronic transaction approvals from multiple stakeholders. Metaco, a custodian company under Ripple, a long-term partner of IBM in the cryptocurrency field, is using the new OSO technology.

Disclaimer: LianGuai, as a blockchain information platform, provides article content for informational purposes only and should not be considered as actual investment advice. Please establish a correct investment philosophy and always be aware of the risks involved.

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