Weekly Report | MicroStrategy once again purchased approximately 14,620 bitcoins for $615.7 million; 2023 Web3 industry dead project list
MicroStrategy once again purchased approximately 14620 bitcoins for $615.7 million, at an average price of $42,110; 2023 list of dead projects in the Web3 industry; the past, present, and future of the Bitcoin ecosystem.Organizer: Elvin, ChainCatcher
"What Important Events Happened This Week (12.25-12.31)"
1. MicroStrategy purchased approximately 14,620 bitcoins for $615.7 million at an average price of $42,110
According to ChainCatcher, MicroStrategy and its subsidiaries purchased approximately 14,620 bitcoins for about $615.7 million in cash between November 30 and December 26, with an average purchase price of $42,110.
As of December 26, 2023, MicroStrategy holds 189,150 BTC, with an average purchase cost of $31,168.
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2. Reuters: If the U.S. SEC approves a spot Bitcoin ETF, it may notify related issuers as early as next week
According to ChainCatcher, Reuters reported that if the U.S. Securities and Exchange Commission chooses to approve a spot Bitcoin ETF, they may notify the issuers as early as Tuesday or Wednesday.
As of Friday, BlackRock, VanEck, Valkyrie Investments, Bitwise Investment Advisers, Invesco Ltd. (IVZ.N), Wells Fargo Asset Management, Fidelity, WisdomTree Investments (WT.N), as well as Ark Investments and 21Shares' joint venture have submitted new documents to regulators detailing their arrangements with market makers to ensure trading liquidity and efficiency.
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3. FTX proposed to compensate customers at $16,871 per BTC and $1,258 per ETH
According to ChainCatcher, recent court documents show that FTX is seeking court approval to propose compensating customers at an estimated value of $16,871 per BTC, $1,258 per ETH, and $16 per SOL. Additionally, FTX estimates the compensation price for AVAX to be $14.19 per coin, while stablecoins USDT, TUSD, and BUSD are priced a few cents below their $1 peg.
FTX creditors have strongly criticized this proposal and suggested that customers wishing to oppose the motion write to the judge overseeing the bankruptcy case. It is reported that customers with opposing views can submit their objections by January 11, 2024.
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4. Web3 asset data platform RootData has launched its market data page
According to ChainCatcher, the Web3 asset data platform RootData has launched its market data page, which aggregates over 2,000 project tokens already listed on the platform, providing real-time prices, price changes, FDV, ecosystems, and listed exchanges, helping users conveniently filter target tokens.
The page also displays a heatmap of trending tokens and the hottest tags with the highest price increases, reflecting the latest trends in the market. Users can also view newly issued tokens and popular Ordinals tokens separately.
Additionally, on the pages of investment institutions like Binance Labs and a16z, users can view all their portfolio projects and funding rounds while choosing to see a list of issued token projects, gaining insights into more investment opportunities based on price, circulating market cap, FDV, and listed exchanges.
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5. Vitalik: Glad to see Arbitrum achieve Rollup Phase One, hope to see more projects next year
According to ChainCatcher, Ethereum co-founder Vitalik posted on Warpcast: "I am glad to see that a Rollup has entered Phase One this year (and several other projects are very close to Phase One). This is a real step forward in decentralization, and I hope to see ten Rollups enter Phase One next year and achieve a certain degree of sequencer decentralization."
From the screenshot posted by Vitalik, the Rollup he refers to entering Phase One is Arbitrum. According to Vitalik's preliminary proposal at the Ethereum Magicians forum, which was later summarized by L2beat, the Rollup in Phase One must meet five conditions compared to Phase Zero:
- A complete and functional proof system has been deployed;
- At least five external participants can submit fraud proofs;
- Users can exit without the help of authorized operators;
- If participants more centralized than the Security Council implement unnecessary upgrades, users have at least seven days to exit;
- The Security Council is properly established.
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6. South Korean lawmakers purchased nearly $50 million in cryptocurrencies over three years, about 6% of lawmakers have held cryptocurrencies
According to ChainCatcher, a survey conducted by the South Korean Anti-Corruption and Civil Rights Commission shows that from May 30, 2020, to May 30, 2023, a total of 18 lawmakers held cryptocurrencies, accounting for about 6% of the total number of lawmakers. The number of lawmakers holding cryptocurrencies increased from 8 in 2020 (involving 24 assets) to 17 in 2023 (involving 107 assets).
Additionally, 11 lawmakers purchased a cumulative amount of 62.5 billion Korean won (approximately $48 million) in cryptocurrencies during the survey period, with total sales amounting to 63.1 billion Korean won (approximately $48.6 million). The survey involved 36 South Korean virtual asset service providers. During the survey period, the most traded cryptocurrency among lawmakers was Bitcoin.
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7. U.S. judge again denies Changpeng Zhao's travel request
According to ChainCatcher, The Block reported that as the sentencing date for criminal charges approaches at the end of February, former Binance CEO Changpeng Zhao has been prohibited from traveling again.
On Friday, a sealed order from the U.S. District Court for the Western District of Washington denied Zhao's "travel request." This is the second time the court has restricted Zhao's actions. Judge Richard Jones ordered last month that the condition allowing Zhao to return to his home in the United Arab Emirates before sentencing be "suspended until this court resolves the government's review motion."
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8. Binance's new coin mining launches the 42nd project, mining Sleepless AI (AI) using BNB, FDUSD, TUSD
According to ChainCatcher, Binance's new coin mining has launched the 42nd project - Sleepless AI (AI), a Web3+AI gaming platform. Users can deposit BNB, FDUSD, and TUSD into the AI mining pool on the Launchpad website after 08:00 (UTC+8) on December 28, 2023, to earn AI rewards, with AI mining lasting for a total of 7 days.
9. OKX CEO Xu Mingxing responds to BRC-20 token listing requests, adhering to five major listing principles
According to ChainCatcher, OKX CEO Xu Mingxing stated on his personal social platform: "As a trading platform, if we adopt the simplest strategy of listing all tokens, it may help the trading platform earn more quick money, but it will disrupt the market. OKX's long-term philosophy includes building infrastructure, not doing evil, being as transparent as possible, and always being technology-driven. The five major listing principles include: whether the token is driven by blockchain technology and products; the popularity of the token in the community; whether the project founders and investment team are long-term builders; legal and compliance review; not accepting pitches, but selecting projects from the market based on our research."
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10. Data
- StakeStone TVL surpasses $330 million
- PayPal's USD stablecoin PYUSD total issuance exceeds 250 million
- Bitcoin's year-to-date increase exceeds 155%, Ethereum's year-to-date increase exceeds 92%
- Metis TVL surpasses Base, becoming the third-largest Ethereum L2
- Since mid-October, Bitcoin miners have reduced their holdings by 12,700 BTC
- zkSync monthly transaction volume surpasses Ethereum mainnet
"What Great Articles Are Worth Reading This Week (12.25-12.31)"
1. "2023 Web3 Industry Death Project List: Nearly $1 Billion in Total Financing, DeFi is the Hardest Hit"
As we approach the end of 2023, the long-awaited bull market has injected some excitement into the industry, bringing hope to projects facing funding difficulties. However, on the eve of the bull market, a large number of projects announced their demise due to issues related to funding and strategy, including Prime Trust, Gomu, GRO Protocol, Stelo, Yield Protocol, Multichain, Clockwork, Wyre, and other projects supported by top venture capital firms.
2. "ABCDE: The Past, Present, and Future of the Bitcoin Ecosystem"
On March 8, 2023, Domodata proposed the BRC20 experiment and deployed $ORDI, akin to opening Pandora's box, leading to a surge of inscription assets on Bitcoin overnight, reminiscent of the 2017 Ethereum ICO wave, with assets like $ORDI and $SATS skyrocketing thousands of times, surpassing a market cap of $1 billion.
If Bitcoin is digital gold, then inscriptions are the gold jewelry meticulously crafted from digital gold, and the explosion of inscription assets has officially established the foundation for the Bitcoin ecosystem. What will the future of the Bitcoin ecosystem look like? How did Bitcoin evolve from a peer-to-peer cash payment system to a digital gold ecosystem?
This report attempts to review Bitcoin's past, assess its present, and envision its future. Dedicated to all contributors to the Bitcoin ecosystem.
3. "OKX Unified Account: The Third-Generation Trading System Leading by Three Years"
On December 23, 2020, OKX announced the launch of the Unified Account system and began global public testing, which has unknowingly changed user habits. Three years later, the Unified Account pioneered by the established crypto exchange OKX remains industry-leading. The main reasons behind this are three core principles: simplifying product operation experience, focusing on user needs in product functionality, and most importantly, maintaining continuous innovation in product iteration.
To further enhance user trading experience, OKX, leveraging its deep technological accumulation, is promoting the arrival of the third-generation crypto exchange account, which holds significant importance for the industry.
4. "The Explosive Inscription Track: The Catalyst for the Bitcoin Ecosystem's Return to Glory"
In January 2023, after the launch of the Bitcoin Ordinals protocol, a wave of inscription assets, including BRC20 and Ordinals ARC20, surged on chains like Bitcoin. Especially after leading inscription assets like ORDI and Sats were listed on Binance, achieving over ten thousand times in price increase, the FOMO sentiment in the inscription market reached new heights, ushering in a new era of "chaos" in the inscription market, with many users eagerly participating and enjoying the wealth generated by the new round of on-chain dividends. Similarly, the crypto market, after a long period of silence and a depressed bear market, has also welcomed a new round of emotional release.
The boom in the inscription market is driving a new upgrade in Bitcoin ecosystem technology, laying the foundation for the rise of Bitcoin DeFi. Coral Finance's early layout in this direction will allow it to occupy a favorable position.
5. "What Progress and Ecological Projects are Worth Noting for Metis, the Third Largest Layer2?"
On the eve of the Cancun upgrade, Ethereum's Layer2 finally has a chance to shine. Following Optimism's lead, the relatively lower market cap Metis continues to impress, with its token price rising over $92, and a weekly increase of 230%, making it the Layer2 with the highest growth. Core products like decentralized sequencers may usher in a new spring for Metis.
According to information from Metis' official website, there are over 80 projects in the Metis ecosystem. Most are multi-chain projects like AAVE, Chainlink, and LayerZero, with about ten single-chain projects like NetSwap, Maia DAO, and Hummus. From data on defillama, most of its ecological projects are low market cap projects, and there has been a noticeable upward trend in the past month. With the incentive of 460 METIS ecological development fund tokens, whether its ecosystem will prosper is also one of the focal points of crypto users recently. This article reviews the projects worth noting in the Metis network.
6. "Review and Outlook of the Crypto Industry: Which Tracks are Worth Watching in 2024?"
2023 has been a year of recovery, with the secondary market continuously climbing, but the primary market remains quiet, giving the impression that it may be even colder than in 2022. This may stem from:
- The primary market lags behind the secondary market by about six months, with new entrepreneurs yet to enter;
- Old entrepreneurs are continuously fading away (some have moved to AI);
- There is a severe lack of new stories, with most stories in the market being old narratives being recycled.
This article is divided into three parts, mainly discussing what was expected this year that was proven wrong, what is expected for next year, and what needs to be observed next year.
7. "Top 10 Crypto Trends and Representative Projects to Watch in 2024"
The trumpet of the bull market has sounded, and as we approach 2024, which tracks and projects should we pay attention to? This article lists ten trends and representative projects worth watching next year.
8. "From Silly Dragon to Minu: A Look at Representative Meme Projects on Various Public Chains"
In this year's cryptocurrency market, a unique craze is rising. In this process, the attitude against traditional venture capital (VC), the creation of new assets, and the shaping of consensus have jointly contributed to an irresistible FOMO phenomenon. Beyond the shadow of inscriptions, another force is spreading: Meme coins. These coins typically feature animal shapes, such as chickens, dogs, monkeys, frogs, etc., continuously emerging and achieving astonishing price increases in the recent bull market. The popularity of the Meme sector has risen accordingly. Surprisingly, some Meme coins have seen their prices rise over 100 times within just a week.
This phenomenon reflects the high popularity of the Meme sector while also hinting at the deeper driving forces behind this market trend. This article will detail various Meme coins on different chains and explore their characteristics and market performance.
9. "The Five Major Themes Defining Web3 Games in 2024"
Yield Guild Games (YGG) concluded the YGG Web3 Game Summit (W3GS) - an exciting week filled with game demonstrations, epic announcements, high-stakes tournaments, innovative Game Jams, and countless memorable moments on stage. W3GS was vibrant, with community members eagerly gathering again in the Philippines, the center of Web3 game adoption, to hear industry leaders share why they believe the future of gaming has already begun.
For years, YGG has been at the forefront of the web3 gaming space, with new trends and narratives continuously emerging. On the first day of the two-day W3GS conference, YGG co-founder Gabby Dizon shared his views on five major themes he believes will have a significant impact on web3 gaming in 2024 and beyond.
As we look back at 2023, it is clear that NFTs have just emerged from a difficult bear market. However, exploring through hardship has always been synonymous with Web3, and due to new technologies and new driving forces, many NFT projects not only survived but thrived. This article takes a look back at the NFT market in 2023.
