Morning News | Ethereum completes Fusaka upgrade; Digital Asset secures $50 million funding; CZ's latest interview in Dubai
Overview of Important Market Events on December 4th整理：ChainCatcher
Important News:
- Zhao Changpeng: The debate with Peter Schiff on Bitcoin and tokenized gold is about to begin
- He Yi: Customer service Xiao He thanks everyone for their support, still the Chief Customer Service Officer of Binance
- Yi Lihua: ETH is still far undervalued, trend investors should remain firm
- Ethereum completes the Fusaka upgrade, officially entering a rhythm of two hard forks a year
- Putin's economic advisor calls for the inclusion of cryptocurrencies in Russia's national trade ledger
- Digital Asset completes a new round of $50 million financing, with participation from BNY Mellon, iCapital, Nasdaq, and S&P Global
- CFTC: Spot cryptocurrencies can now be traded on CFTC-registered exchanges
What important events have occurred in the past 24 hours?
CZ: The founder of the prediction market predict.fun, incubated by YZi Labs, previously worked at Binance
According to ChainCatcher, Binance founder CZ posted on social media, "Welcome to the new prediction market predict.fun built on BNB Chain. When users make predictions, the funds are not idle but generate returns. The founder of predict.fun previously worked at Binance (years ago). This project is incubated/invested by YZi Labs."
Tom Lee: Bitcoin may rise to $250,000 in a few months, Ethereum is expected to rise to $12,000
According to ChainCatcher, Tom Lee, chairman of the Ethereum treasury company BitMine, stated at the Binance Blockchain Week event that he expects Bitcoin to rise to $250,000 in a few months, and if the price ratio of Ethereum to Bitcoin returns to the average level of the past eight years, the price of Ethereum may rise to about $12,000. He pointed out that Ethereum has begun to break out of its trading range over the past five years, and the trend of asset tokenization in 2025 will enhance the utility of Ethereum.
CFTC: Spot cryptocurrencies can now be traded on CFTC-registered exchanges
According to ChainCatcher, Caroline D. Pham, acting chair of the U.S. Commodity Futures Trading Commission (CFTC), announced today that spot cryptocurrency products will be traded for the first time on the federally regulated market of CFTC-registered futures exchanges. Today's announcement follows recommendations from the President's Digital Asset Market Working Group and incorporates insights from stakeholders in the CFTC's "Crypto Sprint" initiative, as well as collaborative results with the U.S. Securities and Exchange Commission.
The "Crypto Sprint" initiative also launched public consultations on all other recommendations related to the CFTC in the President's Digital Asset Market Working Group report. Other aspects of the initiative include enabling tokenized collateral (including stablecoins) in the derivatives market and technical rulemaking to amend CFTC regulations on collateral, margin, clearing, settlement, reporting, and record-keeping to apply blockchain technology and market infrastructure, including tokenization technology, in our markets.
CZ comments on He Yi's new title as co-CEO and reveals future work focus
According to ChainCatcher, at Binance Blockchain Week, CZ responded during the "KOL and media interaction" session to the question of "how to view He Yi's title adjustment and changes in future work focus," stating: "From my perspective, it is very normal for He Yi to become co-CEO. He Yi has always worked hard to maintain the community and serve users; she is the most diligent person I have ever seen. She has long been a pillar of the company.
This title change is more of a formal business card for external purposes, making her more familiar to the Western community.
He Yi and Richard have very different and complementary skill sets. He Yi is nine years younger than me and has a strong learning ability, quickly making up for her shortcomings, such as her English not being as good as Richard's, but she is still improving, although you can still hear quite a few grammatical errors.
Recently, I had little to do in the U.S. and played some sports; upon returning, I found the company running well and the team very strong, which is a good thing.
Life does not flow backward. I enjoy my current life, no longer having to keep a constant eye on binance.com, but rather giving others space to grow.
My current focus is on BNB Chain ecosystem projects and serving as a crypto advisor to multiple governments."
According to ChainCatcher, Bloomberg reports that blockchain technology company Digital Asset has announced a strategic investment of $50 million from BNY Mellon, iCapital, Nasdaq, and S&P Global. These investments reflect the accelerating trend of integration between traditional finance (TradFi) and decentralized finance (DeFi).
Digital Asset is the creator of the Canton Network, which currently supports over $60 trillion in on-chain assets, covering various asset classes including bonds, stocks, money market funds, alternative investment funds, and commodities, with over 600 institutions participating in its ecosystem. CEO Yuval Rooz stated that the participation of these institutions reinforces the necessity of building blockchain infrastructure for regulated markets. Each investor has expressed their intention to deepen cooperation with Digital Asset to advance the construction of next-generation financial market infrastructure.
Zhao Changpeng: The debate with Peter Schiff on Bitcoin and tokenized gold is about to begin
According to ChainCatcher, Zhao Changpeng CZ posted, "The debate with Peter Schiff is about to begin, and preparations are underway in the background."
Earlier reports indicated that economist and cryptocurrency critic Peter Schiff challenged CZ to a debate on the merits of "Bitcoin versus tokenized gold." CZ responded, "Although you oppose Bitcoin, you have always behaved professionally and without personal bias. I appreciate that. We can debate this."
According to ChainCatcher, the U.S. Securities and Exchange Commission (SEC) has postponed the deadline for the highly anticipated short-selling and related securities lending information disclosure rules for the second time. According to the SEC's announcement, the final deadline for large investment management firms (including hedge funds) to comply with short-selling reporting requirements has been extended to January 2, 2028, while the disclosure obligations for securities lending transactions have been postponed to September 28, 2028.
The SEC stated, "The Commission believes that these temporary exemptions are in the public interest and consistent with investor protection goals." In October 2023, the SEC introduced new rules requiring eligible asset management firms to report short positions data monthly, while pension funds, banks, and institutional investors must submit reports the day after lending their held stocks.
In August, the Fifth Circuit Court of Appeals ruled that the SEC failed to adequately assess the economic impact when formulating the rules and ordered the agency to reconsider. The only Democratic commissioner of the SEC, Caroline Crenshaw, stated that we are using compliance date extensions as a pretext to cover a new tendency: continuously distorting rules until they become ineffective, which is eroding the foundation of the rule of law. (Jin Shi)
According to ChainCatcher, CoinDesk reports that the U.S. Senate is advancing confirmation votes for two key financial regulatory officials nominated by President Trump, with Mike Selig set to become CFTC chair and Travis Hill to formally serve as FDIC chair.
Both are seen as crypto-friendly and will play important roles in the regulation of the U.S. crypto market. Once Selig takes office, he will become the sole commissioner of the CFTC and lead the implementation of crypto regulatory legislation; Hill emphasizes the need to remove previous government restrictions on banks engaging in crypto business and address the issue of "de-banking."
According to ChainCatcher, reports from Vedomosti and RBC indicate that Russian presidential economic advisor Maxim Oreshkin stated that cryptocurrencies should be included in the national balance sheet and described Bitcoin mining as "an undervalued export project."
He pointed out that Russian companies have invested over $1.3 billion in mining infrastructure and are using cryptocurrencies for import and export settlements, having a real impact on the foreign exchange market. The Russian government is gradually promoting the inclusion of crypto trade into the regulatory framework to meet foreign trade demands in the context of sanctions.
Uniswap founder opposes regulating DeFi developers as centralized entities
According to ChainCatcher, Uniswap founder Hayden Adams stated that some traditional financial institutions are pushing the U.S. SEC to regulate decentralized protocol software developers as centralized intermediaries. He mentioned that relevant institutions had previously generated controversy during the Constitution DAO auction incident and are now claiming that DeFi protocols fail to meet "fair access" standards.
Adams stated that the so-called "fair access" is being used as a reason to strengthen regulation, while open-source, peer-to-peer technology itself can lower the barriers to liquidity creation, fundamentally differing from traditional market-making models.
According to ChainCatcher, Ethereum co-founder Vitalik Buterin stated on the X platform that in recent years, Ethereum has effectively improved protocol security and long-term adaptability by continuously introducing multiple "hard fixed rules." He recalled: In 2021: EIP-2929 and EIP-3529 raised storage read costs and reduced Gas refunds; in 2024: with the upcoming upgrade, contract destruction instructions will be weakened; in 2025: a Gas limit of 16,777,216 will be set for single transactions.
Vitalik pointed out that these changes set clear limits on the maximum processing capacity for single blocks and single transactions, helping to avoid various denial-of-service attacks, simplifying client implementation, and providing more space for improving system efficiency. He also indicated that more hard limits are expected to be introduced, including: limiting the total byte size of accessible code (short-term increasing the cost of calling large contracts, mid-term adopting a binary tree structure and charging by data block); setting a maximum computation cycle for zero-knowledge EVM validators and synchronously adjusting costs; adjusting memory charging methods to set clearer limits on maximum memory consumption for EVM.
According to ChainCatcher, He Yi, co-founder and co-CEO of Binance, posted on social media, "I am still the Chief Customer Service Officer of Binance, ready to serve users at any time. Customer service Xiao He thanks everyone for their support and will continue to work hard."
According to GMGN market data, possibly influenced by the above news, the market value of the meme coin Xiao He on BNB Chain briefly surpassed $9 million, currently reported at $8.47 million, with a 24-hour increase of 128%.
Yi Lihua: ETH is still far undervalued, trend investors should remain firm
According to ChainCatcher, Yi Lihua, founder of Liquid Capital (formerly LD Capital), posted on social media, "ETH has broken through $3,200, and I have been firmly bottom-fishing all the way, confidently optimistic about the subsequent market. It seems that Liquid Capital is the only multi-strategy fund in the entire network, returning to the previous round of bottom-fishing ridicule.
However, as an investor, one must firmly adhere to their logic without blind confidence, being greedy when others are fearful. With ETH upgrades and the continuous development of on-chain finance, it is still far undervalued. The core of trend investing is to believe in the trend and buy on dips."
Ethereum completes the Fusaka upgrade, officially entering a rhythm of two hard forks a year
According to ChainCatcher, Ethereum's 17th major upgrade "Fusaka" has officially activated on the mainnet epoch 411392, just about 7 months after the Pectra upgrade in May. This upgrade not only brings multiple UX and scalability improvements but also marks Ethereum's official entry into an accelerated development rhythm of "two hard forks a year." Consensys stated that Ethereum researchers will aim for two upgrades per year in the future.
Since the Merge in 2022, Ethereum has typically only undergone one major update per year, namely Shapella (2023), Dencun (2024), and Pectra (2025). Fusaka introduces multiple key technical changes, including a new sampling technique "PeerDAS" that affects data availability and pricing. This upgrade includes a total of 9 core EIPs and 4 supporting EIPs, making it one of the largest upgrades in Ethereum's history by some statistical standards.
Bloomberg: Polymarket is recruiting new employees to form an internal market-making team
According to ChainCatcher, Bloomberg reports that Polymarket is recruiting new team members to form an internal market-making team, which may trade with clients on the company's trading platform. This functionality has previously drawn criticism from its main competitors.
Sources revealed that the company has recently been in talks with several traders, including sports betting traders, to invite them to join this new department. Polymarket declined to comment on this.
Meme Popularity Rankings
According to the meme token tracking and analysis platform GMGN, as of December 5, 09:00,
The top five popular tokens in ETH over the past 24 hours are: SHIB, LINK, PEPE, UNI, ONDO
The top five popular tokens in Solana over the past 24 hours are: TRUMP, PENGU, Fartcoin, FO, ME
The top five popular tokens in Base over the past 24 hours are: PEPE, BASED, NATO, B3, SLAP
What are some interesting articles worth reading in the past 24 hours?
In the previous article "Ethereum Interop Roadmap," we mentioned that the Ethereum Foundation (EF) has developed a three-step interoperability strategy to improve user experience (Improve UX): Initialization, Acceleration, and Finalization (see extended reading "Ethereum Interop Roadmap: How to Unlock the 'Last Mile' of Mass Adoption").
If the future Ethereum is a vast highway network, then "Acceleration" and "Finalization" address the issues of road smoothness and speed limits. However, before that, we face a more fundamental pain point: different vehicles (DApps/wallets) and different toll booths (L2/cross-chain bridges) speak entirely different languages.
ETF listings surge, yet coin prices are falling; can ETF approvals still be considered a good thing?
In the past month, a series of emerging crypto projects such as DOGE, XRP, Solana (SOL), Litecoin (LTC), Hedera (HBAR), and Chainlink (LINK) have had their spot ETFs approved for listing. Contrary to market expectations, the prices of these assets did not skyrocket due to the ETF listings, and the phenomenon of continuous capital inflow but significant price corrections raises questions: Can ETF approvals still provide long-term effective support for coin prices?
Greenfield Outlook on Crypto 2026: Ten Key Questions and Opportunities
The digital asset ecosystem is evolving in unexpected ways: new fundamental elements, new behavioral patterns, and new coordination tools are emerging. What was once considered experimental a year ago may now have become foundational elements.
Last year, we shared predictions for development trends over the next year. This year, we will take a different approach. We no longer claim to foresee the future but hope to share our vision: a wishlist of ten ideas, questions, and products that we hope founders will tackle by 2026.
Through these reflections, we can gain deeper insights into where the next batch of significant opportunities may emerge in infrastructure, decentralized finance (DeFi), and consumer sectors, as well as how the changing regulatory environment will shape the foundations of these opportunities.
Ethereum completes the Fusaka upgrade, team claims it can unlock up to 8 times the data throughput
Ethereum officially completed the major upgrade named "Fusaka" this morning. This is the second hard fork following the Pectra upgrade in May this year, symbolizing the Ethereum development team's determination to accelerate iteration and officially enter a rhythm of two upgrades per year. Meanwhile, the ETH price has been climbing to a peak of $3,240 in recent days, rising about 20% from recent lows, reflecting positive market sentiment.
The Fusaka upgrade (named from a combination of Fulu and Osaka) not only encompasses comprehensive optimizations of the consensus and execution layers but also introduces up to 12 Ethereum Improvement Proposals (EIPs), focusing on enhancing network throughput, optimizing transaction speed, and correcting the economic model to strengthen ETH's deflationary mechanism.
CZ's latest interview in Dubai: What is he focusing on after leaving Binance's daily operations?
After experiencing legal troubles and personal identity changes, Binance founder Zhao Changpeng (CZ) is standing at a new starting point. Although he has handed over the company's daily operations to co-CEOs He Yi and Richard Teng and other new-generation leaders, he has not distanced himself from the center of the industry.
During Binance Blockchain Week held in Dubai, CZ engaged in a dialogue with the media and community. From personal role transitions to future industry outlooks, he clearly outlined the action roadmap for the "post-CEO era."
Risk warning
Risk warning
