Daily Report ｜HashKey Exchange officially launches an app for retail investors; Pyth Network will airdrop 600 million tokens to over 75,000 wallets

Organizer: Nianqing, ChainCatcher

"What Important Events Happened in the Last 24 Hours"

1. HashKey Exchange has launched an app for retail investors
HashKey Exchange has released a mobile app aimed at retail investors. HashKey's Chief Operating Officer Livio Weng stated in an interview that HashKey has received approval from the Securities and Futures Commission to launch the application, serving both professional investors and retail users. Since HashKey Exchange began serving retail investors, the trading volume on October 30 alone exceeded $100 million. According to HashKey's research, about 85% of users prefer to trade via the app. (Source link)

2. The modular blockchain network Celestia's mainnet testnet has been successfully deployed
The mainnet testnet of Celestia has been successfully deployed. The testnet, codenamed Lemon Mint, introduces Data Availability Sampling (DAS). This technology aims to provide a new scaling method that allows blockchain nodes to confirm data availability without downloading the entire dataset of a given block. After the mainnet launch, Celestia's native token TIA will be listed on exchanges such as Binance and Bybit. Additionally, the decentralized exchange Osmosis has announced plans to list the token on its platform. (Source link)

3. Foreign media: Jane Street, Virtu Financial, Jump, etc. have negotiated with BlackRock to "provide market making for Bitcoin spot ETF"
According to Coindesk, citing informed sources, if regulators approve the product, some of the world's largest market-making firms may participate in providing liquidity for BlackRock's highly anticipated Bitcoin ETF.

Additionally, slides reviewed by informed sources show that trading giants Jane Street, Virtu Financial, Jump Trading, and Hudson River Trading have negotiated with BlackRock regarding market-making roles. (Source link)

4. U.S. Government Accountability Office: SEC's crypto accounting announcement did not follow procedures and needs Congressional review
According to CoinDesk, the U.S. Government Accountability Office (GAO) released a report today stating that the SEC did not send its Staff Accounting Bulletin (SAB 121) to Congress, violating the Congressional Review Act. U.S. House Financial Services Committee Chairman Patrick McHenry and U.S. Senator Cynthia Lummis jointly stated that SAB 121 significantly harms consumer interests and clearly exceeds the SEC's authority, requiring Congressional review. The SEC later stated in a statement that the GAO's opinion does not affect the status of SAB 121.

It is reported that SAB 121 requires financial institutions holding customer crypto assets to include these assets on their balance sheets. The crypto industry and U.S. Republican lawmakers believe this undermines regulated banks' willingness to act as cryptocurrency custodians, and that the announcement treats crypto assets inconsistently with other assets. (Source link)

5. Frax Finance's front-end website domain was suspected to be hacked earlier, and the domains frax.finance and frax.com have now returned to normal
Frax Finance officially announced on social media: "We have contacted Name.com and confirmed that the domains frax.finance and frax.com have now been routed back to their correct name servers and configurations. We have been informed that they will provide a full investigation tomorrow to explain the cause of the incident."

ChainCatcher previously reported that Frax Finance stated on the X platform to refrain from using the domains frax.finance and frax.com until further notice. Meanwhile, its founder Sam Kazemian tweeted that the frax.finance domain should not be used until it is reclaimed. (Source link)

6. The multi-signature wallet Linen Wallet will close and cease operations on November 30, with remaining funds returned to investors
The multi-signature wallet Linen Wallet, built on Safe, announced on the X platform that it will close the Linen Wallet application on November 30, ending company operations and returning remaining funds to investors. Assets in Linen Wallet are secure, as Linen only serves as the interface for users to manage Safe multi-ID wallets, and users can still manage their assets using other interfaces. The Linen infrastructure will be completely shut down after November 30, and thereafter the application, email, and Intercom chat support channels will be disabled.

Linen Wallet stated that the closure is due to reduced demand from retail investors for advanced self-custody solutions and regulatory uncertainties. (Source link)

7. Musk: NFTs are not even on the blockchain; they are just a URL pointing to a JPEG
Musk stated in the latest episode of the podcast hosted by Joe Rogan, "NFTs are not even on the blockchain; they are just a URL pointing to a JPEG." (Source link)

8. The Bitcoin spot ETF code jointly launched by Invesco and Galaxy has also been added to the DTCC website
The stock code BTCO for the spot Bitcoin (BTC) exchange-traded fund (ETF) jointly launched by Invesco and Galaxy has appeared on the website of the Depository Trust & Clearing Corporation (DTCC). Notably, adding the code to the "ETF Products" list on the DTCC website does not guarantee that a specific product will be approved in the future.

A DTCC spokesperson stated that adding securities to the NSCC securities eligibility file is a standard practice "to prepare for the launch of new ETFs in the market." Being on the list does not indicate the outcome of any pending regulatory or other approval processes. (Source link)

9. RootData: October's crypto market financing amount was $426 million, continuing to hit recent lows
According to crypto data platform RootData, in October 2023, there were a total of 75 financing rounds, accumulating approximately $426 million, marking the lowest financing amount in nearly four years. In October last year, the crypto sector raised $1.157 billion in 135 financing rounds, a year-on-year decrease of 63%.

In terms of categories, DeFi leads, followed by gaming and CeFi, while infrastructure financing has dropped to fourth place for the first time. The project with the highest financing amount in October was Web3 gaming developer Animoca Brands, with a planned investment of $50 million from the Saudi Crown Prince-led investment fund NEOM.

The second and third projects with the highest financing amounts are Web3 loyalty and payment company Blackbird and Web3 security tool Blockaid, both of which have participation from a16z. The most active institutions were Big Brain Holdings and Waterdrip Capital, each participating in four projects. (Source link)

10. HashKey plans to issue 1 billion platform tokens HSK, expected to launch on the exchange by mid-next year
HashKey's official website shows that its platform token HSK is expected to be used as a tool to incentivize contributors in the HashKey ecosystem to "drive the growth of the entire ecosystem." According to the white paper, HashKey plans to issue a total of 1 billion HSK, with 65% allocated for ecosystem growth, 30% for employee incentives, and 5% for the company treasury.

HashKey's Chief Operating Officer Livio Weng added that the exchange also plans to launch HSK, but this may not happen until mid-next year. Weng explained that HashKey has obtained permission to issue and trade security tokens in Hong Kong and is "exploring two important RWA use cases that could have a significant impact on the market." "We are currently negotiating with the Hong Kong Securities and Futures Commission regarding RWA use cases," Weng stated, adding that negotiations with the commission have entered the "latter stage." (Source link)

11. DWF Labs may launch an OTC trading platform DWF Liquid Markets
DWF Labs co-founder Andrei Grachev posted a screenshot about "DWF Liquid Markets" on the X platform, stating: "An institutional-grade OTC/RFQ (over-the-counter/request for quote) platform is coming soon, offering the best prices, no counterparty/platform risk, and supporting instant settlement." (Source link)

12. The oracle project Pyth Network will airdrop 600 million PYTH tokens to over 75,000 wallets
The oracle project Pyth Network announced that it will airdrop PYTH tokens to over 75,000 wallets. Pyth community members who contribute to the Pyth network, applications on 27 blockchains using Pyth data, and individual users of these applications will be eligible for this airdrop, with the date for claiming the airdrop allocation yet to be announced.

Users can check their eligibility and the number of allocated PYTH tokens by using this airdrop check webpage and connecting their wallets. The allocated PYTH tokens for this airdrop account for 6% of the total supply (600 million PYTH tokens). A global snapshot has been completed. (Source link)

"What Exciting Articles Are Worth Reading in the Last 24 Hours"

1. "Stelo Labs: Three Reasons for Our Failure That May Provide Some Reference for Other Startups"

Web3 security company Stelo, which was previously led by a16z, suspended all products on October 31, reflecting on three assumptions made during its startup phase that did not hold true. This may provide some insights and lessons for other startups.

2. "Telegram VS X: Who Will Dominate the Super App Race in the Web3 Era?"

X and Telegram are globally recognized social media platforms exploring the super app race in the Web3 era. The reshaping of user experience, new standards for privacy and security, and technological innovation and ecosystem integration will be the three key factors for victory. X and Telegram each have different advantages, with X focusing on public topic discussions and information dissemination, while Telegram emphasizes privacy protection and security. This competition will drive the development of the Web3 world, leading us into a more open, decentralized, secure, and user-friendly digital age.

3. "Arthur Hayes Blog: Funds Will Flood into AI, Favoring Decentralized Storage"

In this article, I will explore a very specific happiness: when this dull cryptocurrency bear market ends and we enter an exciting, unprecedented bull market, I hope we all can experience pure bliss. That is, a bull market driven by the surge of fiat liquidity to levels unprecedented in human history, along with the excitement brought by the commercialization of artificial intelligence (AI). So far, we have experienced cryptocurrency bull markets driven either by increases in fiat liquidity or by appreciation in certain aspects of blockchain technology, but not both. A bull market of fiat liquidity and technology will bring double joy to the portfolios of loyal investors.