Project Weekly | US Senator proposes bill to protect Bitcoin self-custody rights

Enhancing Project Weekly US Senator Introduces Bill to Safeguard Bitcoin's Self-Custody Rights

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

Bitcoin

US Senator proposes a bill to protect the right to self-custody Bitcoin

US Senator Ted Budd has introduced a new bill called the Keep Your Coins Act to protect the right of citizens to self-custody Bitcoin and other cryptocurrencies. The bill aims to protect individuals’ rights to conduct transactions with cryptocurrency assets without the need for third-party intermediaries. Additionally, Ted Budd stated that the bill aims to prevent the third-party risks consumers face during the collapse of FTX. In a statement, Budd said, “As consumers face new challenges and risks associated with using digital currency, we should empower individuals to retain control over their own digital assets. This approach will promote financial freedom and a more decentralized cryptocurrency ecosystem.”

CME surpasses Binance to become the exchange with the largest open positions for Bitcoin futures

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LianGuai reports that Coinglass data shows that the open positions for Bitcoin futures on the Chicago Mercantile Exchange (CME) have increased to 111,080 BTC (worth $4.05 billion), surpassing Binance’s 107,290 BTC (worth $3.93 billion), making it the exchange with the largest open positions for Bitcoin futures. Gabor Gurbacs, the Strategy Advisor at VanEck, commented, “Institutions are already here, and this is just the beginning.”

LianGuaintera Capital founder: Bitcoin will outperform stocks, real estate, and bonds

LianGuai reports that Dan Morehead, the founder of LianGuaintera Capital, stated that Bitcoin will outperform stocks, real estate, and bonds.

Former Cantor executive launches crypto lending platform to serve spot Bitcoin ETFs

LianGuai reports that Digital Prime Technologies, founded by a former Cantor Fitzgerald executive, has launched an institutional digital asset lending platform called Tokenet, which will serve potential operators of spot Bitcoin ETFs. The company stated that its Tokenet has allowed clients, including Xapo Bank, to lend digital assets to other institutions, such as EDX Clearing and the global institutional credit network Hidden Road LianGuairtners. The setup provides risk management tools and chat features for users to manage loans. Digital Prime expects that if spot Bitcoin ETFs are approved in the future, the demand for borrowing Bitcoin by ETF issuers will increase, and professional traders known as authorized participants can work with issuers to create shares when demand increases. When buyers’ interest cools off, participants redeem these shares from the fund sponsor to reduce supply and maintain the ETF’s price in line with its net asset value.

Insider: BlackRock confident SEC will approve its spot Bitcoin ETF in January

LianGuai News: Insiders told Fox Business that BlackRock is confident that the SEC will approve its Bitcoin ETF in January.

Kevin Kelly: Bitcoin and Blockchain Technology Haven’t Made Substantial Progress

In an interview with Economic Observer, Kevin Kelly, the founder of Wired magazine, stated that it takes time to determine whether new technologies bring about revolutionary changes or are just part of a hype cycle. For example, Bitcoin and blockchain technology have been developing for quite some time, with some technologies dating back to the 1980s. However, there hasn’t been substantial progress in these technologies. From a technical standpoint, they are mostly stagnant. Predicting the true impact of generative AI will take at least another 10 years. The real beginning of a technological revolution is when there are commercial returns from the technology.

Ethereum

Tether Issues 1 Billion USDT on the Ethereum Network (Authorized but not yet distributed)

According to Whale Alert, Tether, the stablecoin issuer, issued 1 billion USDT on the Ethereum network 5 hours ago. Tether CTO LianGuaiolo Ardoino clarified that this was an authorized but not yet distributed transaction, indicating that this issuance will be used for the next issuance request and inventory for chain exchanges.

Ethereum NFT Trading Volume Reaches Nearly 12,000 ETH, Hits New High Since July

LianGuai News: Data released by PROOF Research Director NFTstats.eth shows that Ethereum NFT trading volume has reached a recent high of nearly 12,000 ETH. The last time this number was reached was in early July. Independent buyers have also increased to a recent high, nearing 10,000 people.

VanEck Ethereum Strategy ETF Listed on Chicago Options Exchange

LianGuai News: According to official sources, the VanEck Ethereum Strategy ETF is now listed on the Chicago Options Exchange with the trading code EFUT and a total expense ratio of 0.66%. The VanEck Ethereum Strategy ETF (EFUT) seeks capital appreciation by investing in Ethereum futures contracts. The fund adopts an active management approach and offers Ethereum-related investments through easy-to-use exchange-traded instruments, without direct investment in Ethereum or other digital assets.

BlackRock iShares Ethereum Trust Registered in Delaware

LianGuai News: According to relevant data, BlackRock’s iShares Ethereum Trust has successfully registered in Delaware. BlackRock’s iShares Bitcoin Trust followed a similar registration process 7 days before submitting its ETF application to the SEC. Bloomberg analyst Eric Balchunas stated that BlackRock has taken the first step towards applying for an Ethereum spot ETF.

Other Projects

Global Shipping Network Collaborates with AntChain’s Web3 Brand ZAN to Tokenize Bill of Lading

The Global Shipping Business Network (GSBN) and AntChain’s Web3 brand ZAN are collaborating on tokenizing the basic document of trade financing, the bill of lading. Using blockchain to tokenize this document can provide the market with more opportunities for alternative sources of financing. According to ICC data, global trade financing reached 23.8 trillion dollars last year. GSBN and ZAN plan to conduct a proof of concept before the end of the year. One of ZAN’s roles in this collaboration is to acquire electronic bills of lading issued on the GSBN network and tokenize them on multiple other blockchain networks. Previously reported by LianGuai, ZAN, the Web3 brand of AntChain, was officially launched at the Bund Summit on September 8, providing Web3-based technological solutions to the Hong Kong and overseas markets, with a focus on security compliance technologies.

Curve Founder proposes deploying Venus Protocol on Ethereum Mainnet

On November 6th, Curve Founder Michael Egorov initiated a proposal in the Venus Protocol community on the BSC ecosystem, suggesting the deployment of Venus Protocol on the Ethereum Mainnet and using Curve’s crvUSD and CRV tokens as collateral and borrowable assets. Additionally, Curve will establish VAI/crvUSD, XVS/crvUSD, and XVS/VAI liquidity pools on Ethereum Mainnet. Curve will provide incentives using 500,000 CRV and require Venus to match this mining incentive with XVS, achieving an incentive interest rate of 10%.

Scroll’s locked value exceeds $30 million, reaching a new record high, with over 33% growth in the past 7 days

As reported by LianGuai, according to l2beat data, the total locked value of the Scroll Ethereum Layer 2 scaling solution has exceeded $30 million, reaching $31.97 million at the time of writing, setting a new record high with approximately 33.34% growth in the past 7 days. Additionally, the current TPS of the Scroll network has reached 3.13, with a 42.39% growth in the past 7 days.

Circle Co-Founder: Euro stablecoin EURC and CCTP will soon support Solana

According to reports by LianGuai, Jeremy Allarie, the Co-Founder and CEO of Circle, the stablecoin issuer, announced on social media that Circle’s new products will soon be launched on the Solana blockchain, including the Euro stablecoin EURC and the cross-chain transfer protocol CCTP. Once CCTP supports Solana, users will be able to send and receive USD stablecoin USDC through Ethereum, Cosmos, AVAX, and other EVM-compatible Layer 2 networks.

Telegram Wallet COO: Wallet expected to launch fully in November

As reported by LianGuai, in July of this year, Telegram Messenger officially announced the integration of the hosted encrypted wallet, Telegram Wallet, allowing users to access the wallet directly from the messenger’s settings. Although Telegram has made it possible for existing wallet users to see the wallet bot directly in the messenger, those who have never used the bot still cannot see the encrypted wallet in the settings section of the messenger. Halil Mirakhmed, the COO of the hosted wallet bot, Telegram Wallet, stated that the full launch of the wallet is expected to begin in November 2023, starting with “several countries in Africa and Latin America”. As the launch progresses, Telegram users in specific countries/regions will be able to access the wallet and start buying, selling, and trading cryptocurrencies such as Bitcoin.

ShuttleFlow, the cross-chain protocol operated and maintained by the Conflux Foundation, will shut down its services

On November 6th, Conflux announced that ShuttleFlow, the cross-chain protocol operated and maintained by the Conflux Foundation, will cease its services on November 8th, 2023. The asset cross-chain services will be migrated to Zero Gravity. Users do not need to take any additional action, as all assets will remain secure.

Polkadot: Cardano to develop “Partner Chains” project using Polkadot SDK infrastructure Substrate

In a report by LianGuai, Polkadot announced that Cardano will use the Polkadot SDK infrastructure Substrate to build a “Partner Chain” project. IOG, the development organization behind Cardano, stated that Substrate is a verified open-source modular framework that can be used to build sovereign blockchains that operate independently from Polkadot.

Atem Network reveals token economics: ATEM total supply is 200 million tokens, with 38% distributed to the community

On November 7th, Atem Network, a Web3 social protocol, released its latest whitepaper. According to the whitepaper, the main functions of the Atem protocol include decentralized storage and content ownership (based on SBT credentials, NFT content, and NFT creators). According to the disclosed token economics in the whitepaper, the native token ATEM serves various purposes, including participation in ATEM DAO voting and governance, utility token within the Atem ecosystem, and burning token within the social incentive system. ATEM has a total supply of 200 million tokens, which will be distributed over six years. Among the distribution, 38% is allocated to the community, including 36% for social incentives and 2% for early adopter rewards; 28.33% for ecosystem development, with 10.5% for marketing and 17.83% as foundation funds; 23% for the team and partners; 8.5% for private investors, including seed rounds and private sales; and 2.17% for public sales. It is worth noting that Atem Network has previously received an Aptos Wave4 Foundation Grant and has been deployed on Mantle and Scroll.

Raft Stablecoin Protocol discovers potential security vulnerability, suspends new R token minting

In a report by LianGuai, the collateral-based stablecoin protocol Raft stated on X platform that the team has become aware of a potential security vulnerability and is currently investigating. As a result, further minting of the R token has been suspended. Existing users will still be able to redeem their positions and receive collateral. Cyvers Alerts previously issued a warning stating that malicious contract interactions were detected in Raft, resulting in the theft of approximately $15,800 in funds.

Avalanche launches Web3 project accelerator Codebase with a $400,000 investment pool

In a report by LianGuai, Avalanche announced the launch of Codebase, an accelerator that supports early-stage web3 projects. The program, which spans over 12 weeks, is designed specifically for early founders. It will focus on product development, engineering, listing, operations, organizational development, and fundraising. The first batch of the accelerator program will select 15 startups, with each company receiving a $50,000 reward to focus on building during the program. Participants will also have the opportunity to compete for a $400,000 investment pool on Demo Day.

Disclaimer: LianGuai, as a blockchain information platform, publishes article content for informational purposes only and does not constitute actual investment advice. Please establish a correct investment concept and be sure to enhance risk awareness.

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