PA Daily | Analog mainnet online; Binance will support the upgrade of Fantom (FTM) to Sonic (S)
Reprinted from panewslab
12/24/2024·4MToday’s news tips:
Robinhood CEO: Company currently has no plans to hold Bitcoin for investment purposes
aiPool founder Skely's account has been frozen
MicroStrategy stock price has fallen 38.81% from its high on November 21
Binance supports Fantom’s name change to Sonic and token swap
Phala Network (PHA) briefly broke through $0.2 and then fell back, rising 54.4% in 24 hours
regulatory news
South Korean regulator denies reports it will soon allow businesses to buy cryptocurrencies
According to Cryptonews, South Korea’s Financial Services Commission (FSC) has denied reports that it will soon allow companies to use their balance sheets to purchase cryptocurrencies. Reports emerged earlier this month that the Financial Services Commission was preparing to allow universities and schools to convert crypto donations into fiat currency. According to reports, this represents the first step in the roadmap. They added that the same roadmap would eventually allow South Korean companies to purchase currencies such as Bitcoin and Ethereum. Reports also claim that the Financial Supervisory Authority will allow “ordinary” companies to purchase cryptocurrencies ahead of the banking industry. South Korean law does not explicitly prohibit companies from holding cryptocurrencies. However, to trade BTC, ETH, and altcoins, individuals need to open an account with a cryptocurrency exchange. Regulatory guidelines require financial institutions to reject all such applications from corporate clients.
Philippines launches comprehensive rules for crypto asset regulation
According to Crowdfund Insider, the Philippine Securities and Exchange Commission (SEC) has introduced extensive crypto asset management rules covering disclosure, public offerings, trading and marketing activities. These regulations are intended to enhance investor protection and promote transparency in the booming digital asset market. Under the new guidelines, crypto asset offerings must submit disclosure documents to the SEC at least 30 days before any marketing activity or public sale. The document must detail the cryptoasset’s provider, issuer, key features, risks and underlying technology, as well as a clear statement of potential risks, including loss of value and limited transferability. Cryptoassets classified as securities require an SEC-approved registration statement before they can be offered publicly. Entities that issue or trade cryptoassets must comply with anti-money laundering (AML) laws and SEC reporting requirements. It stressed that failure to comply could result in fines, suspension or revocation of the license.
According to Bitcoin News, MicroStrategy announced that it will hold a special shareholder meeting to vote on key proposals aimed at accelerating its 21/21 plan, streamlining the financing process, and aligning director compensation with the company’s Bitcoin-centric strategy. Key proposals include: increasing authorized Class A shares from 330 million shares to 10.33 billion shares to support future financing; increasing authorized preferred shares from 5 million shares to 1.005 billion shares to expand financing options; revising the 2023 Equity Incentive Plan , which provides automatic equity awards to new directors joining the board. According to previous news, MicroStrategy proposed the "21/21 Plan", which plans to conduct US$21 billion in equity financing and US$21 billion in bond issuance in the next three years, using additional capital to purchase more BTC as financial reserve assets in order to achieve higher BTC income.
According to Yonhap News Agency Infomax, South Korea’s Acting President Han Duck-soo plans to promulgate a tax amendment at the State Council meeting on December 24, which will include delaying the taxation of virtual assets for two years.
According to CoinDesk Japan, in response to the theft of 4,502.9 BTC from the crypto exchange DMM Bitcoin in May, the Japanese Police Agency reported on December 24 that the incident was carried out by Trader Traitor, a subsidiary of the North Korea-based hacker organization Lazarus Group. for. The Japanese National Police Agency stated that it will continue to cooperate with the FBI, other U.S. government agencies, and international partners to investigate the illegal activities of North Korean hackers, including cybercrime and crypto asset theft. At the same time, the Japanese Police Agency, Cabinet Cyber Security Center, and Financial Services Agency released documents on the means and countermeasures of attack groups, calling on crypto-asset-related companies to be cautious. In response to the attack, DMM Bitcoin decided to shut down its exchange. Assets and client accounts will be transferred to SBIVC Trade, with the transition expected to be completed by March 2025.
IRS again insists cryptocurrency staking is taxable in lawsuit
The U.S. Internal Revenue Service (IRS) once again insisted that cryptocurrency staking is taxable, saying that staking rewards will create tax liabilities once received, Bloomberg reported. The news comes amid legal battles between Tennessee couple Joshua and Jessica Jarrett and the Internal Revenue Service over mortgage tax issues. The couple, who are staking on the Tezos network, argued that staking rewards should not be taxed until sold. In a Dec. 20 court filing, the IRS rejected the Jarretts’ claim that the pledge created “new property” that would only be taxable upon sale. The government said, “Once the pledge of cryptocurrency is completed, there shall be immediate tax liability”. The case is currently being closely watched by the cryptocurrency industry and could have significant implications for how staking rewards are taxed on all proof-of-stake blockchains in the United States. According to guidance issued by the IRS in 2023, block rewards obtained from staking or mining are considered taxable income when generated, and tax liability is based on its market value at the time of generation.
Robinhood CEO: Company currently has no plans to hold Bitcoin for investment purposes
According to The Block, in an interview published on Monday, Vladimir Tenev, CEO of stock and cryptocurrency trading platform Robinhood, said that despite the growing importance of cryptocurrencies to the company, Robinhood currently has no plans to hold Bitcoin for investment purposes. . Tenev noted that the idea of holding Bitcoin "has been mentioned from time to time" due to Robinhood's growing interest in cryptocurrencies. But he added that Robinhood has no plans to hold Bitcoin as an investment, other than holding some cryptocurrencies for customer trading needs. He said: "We are not ruling out the possibility, but we are not doing so yet. After all, we are not in the business of investment management." Tenev went on to say that although Robinhood does not have Bitcoin on its balance sheet like companies like MicroStrategy and Tesla, its stock price "is already highly correlated to Bitcoin, and we don't even own it financially yet"; if Robinhood Holding Bitcoin for investment purposes may "complicate" investors' view of the company, making them potentially view it as a "bitcoin holder-like company."
Financing
MoonPay is in talks to acquire crypto payment platform Helio for $150 million
According to Fox Business News reporter Eleanor Terrett, crypto payment service provider MoonPay is negotiating to acquire Helio for approximately $150 million, which would be MoonPay’s largest acquisition to date. It is reported that Helio is an alternative to Coinbase Commerce, providing a self-service crypto payment platform that enables content creators and e-commerce merchants to get paid in the form of cryptocurrency. It currently offers “white label solutions” that include trading infrastructure for Solana Pay and DEX Screener.
Project news
Sahara AI releases 2024-2025 roadmap: Sahara Chain mainnet will be launched in Q3 2025
AI infrastructure Sahara AI announced its 2024-2025 roadmap, which includes multiple key nodes: Q4 2024: A data service platform and test network have been launched, and users can receive rewards through data collection and annotation. The first batch of users have begun to participate, and it is expected to start the second phase in Q1 of 2025 and expand the scope of participation. Q1, 2025: AI Marketplace will be launched, providing development tools and data service expansion functions, supporting model development, training and deployment, and introducing an early access plan. Q2 2025: Launch of Sahara Studio tool suite, covering model training, deployment and workflow management, to further optimize developer experience. Q3, 2025: The Sahara Chain mainnet is released, providing a secure and transparent on-chain infrastructure for large-scale decentralized AI, while supporting the assetization and trading of data and models. Sahara AI stated that applications are currently open for early access programs for users and developers at all stages. Earlier news, SaharaAI announced that the first phase of the data platform Beta version test network was officially launched, with more than 780,000 users signing up.
KiloEx promises that TGE will be completed by June 30, 2025, and will soon release a 2025 roadmap
The perpetual contract DEX KiloEx team issued a Discord announcement in response to community concerns about the Token Generation Event (TGE). KiloEx plans to release a 2025 roadmap soon, promising to complete TGE no later than June 30, 2025. If the preparations are completed in advance, the team will accelerate the process. KiloEx stated that due to the signing of a non-disclosure agreement (NDA), it is currently unable to disclose more details, but emphasized that TGE is a key milestone in the development of the community and trading ecology and has become the team's top priority. Recent developments include deployment on the Base chain, the launch of Telegram Minibot, and the launch of the innovative Hybrid Vault. According to previous news, Binance Labs announced its investment in the four best-performing MVB projects in BNB Chain’s 6th quarter, including AltLayer, KiloEx, Kinza and Sleepless AI.
aiPool founder Skely's account has been frozen
According to the X platform page, the account of aiPool founder Skely (@123skely) has been frozen. The specific reason has not yet been disclosed.
The full-chain interoperability protocol Analog announced that its mainnet is online. The mainnet initially adopts the PoA (Proof of Authority) consensus mechanism. Subsequent runtime upgrades will introduce core functions such as NPoS (Nominated Proof of Stake) consensus, cross-chain messaging, and data query. , expected to be completed before the Token Generation Event (TGE). After the launch of the mainnet, developers can build powerful multi-chain applications based on Analog to achieve decentralized and interoperable solutions. Analog's technology stack supports cross-chain smart contract execution, allowing developers to create complex applications that can respond to multi-chain ecological events. Currently, more than 50 projects have been developed in the Analog ecosystem, including StationX, Parami Protocol, Frax Finance, XYO and Vemo Network, etc., covering a variety of industry scenarios. Previously, it was reported that Analog, a full-chain interoperability protocol, completed US$16 million in financing, led by Tribe Capital.
Binance supports Fantom’s name change to Sonic and token swap
Binance will support Fantom (FTM) token swap and rename to Sonic (S). At 11:00 on January 13, 2025, Beijing time, Binance will delist all existing FTM spot trading pairs and cancel all outstanding FTM spot trading orders. At 16:00 on January 16, 2025, Beijing time, Binance will open trading on S/BTC, S/BNB, S/ETH, S/EUR, S/FDUSD, S/TRY, S/USDC and S/USDT trading pairs .
Bithumb will list PENGU on the Korean won market
According to an official announcement, South Korean crypto exchange Bithumb will list PENGU on the Korean won market, and trading is expected to start at 17:00 local time today.
IOTA will introduce a sustainable token economic model with an annual inflation rate of 6%
IOTA announced on the IOTAs) and the deflationary pressure caused by the destruction of handling fees; ② Sponsored transactions increase user flexibility.
Sonic Labs plans to upgrade S token economics and has released 4 related governance proposals
Sonic Labs posted on X that it is improving Sonic through upgraded token economics, which is determined by 4 governance proposals on Fantom, including approximately 200 million S airdrops. At launch, the circulating supply of S is approximately 2.88 billion, with an initial total supply of 3.175 billion, allowing migration at a 1:1 ratio; six months after launch, the network will utilize a unique 9-month linear burn mechanism, Mint 6% of the total initial supply to extend the airdrop campaign for prizes to incentivize users/developers; Additionally, six months after launch, the network will begin minting 1.5% of the initial total supply annually for 6 years to fund growth, with unused S destroyed annually to ensure efficient use; starting four years after launch , the network will mint 1.75% annually to reward validators in perpetuity. All unused ecological growth tokens will be accounted for and destroyed annually. S's maximum expansion is capped at 15% by 2031 (excluding block rate rewards), and multiple burning mechanisms are expected to significantly reduce expansion during this period.
According to official news, Grayscale announced that it will open private placement subscriptions for 22 cryptocurrency trust products to qualified investors, including mainstream tokens such as AAVE, AVAX, LINK, SOL, and XRP, as well as those in subdivisions such as DeFi and AI. fund products. Investors can subscribe based on net asset value (NAV). The products opened this time include theme funds such as Grayscale Decentralized AI Fund (decentralized AI fund) and Grayscale Decentralized Finance Fund (DeFi fund), as well as single asset trusts of emerging protocols such as Bittensor, Lido DAO, and Optimism.
Hyperliquid: No attacks by North Korean hackers, user funds are properly handled
According to Bloomberg, crypto derivatives trading platform Hyperliquid suffered its largest single-day outflow in history as traders rushed to withdraw cash, fearing North Korean hackers were trading on the exchange. Taylor Monahan, a security expert at digital wallet provider MetaMask, said digital wallets linked to the hacks began trading on Hyperliquid as early as October. On Monday, she shared the addresses of the suspicious wallets and their activity on social media platform X. Monahan pointed out that transactions are often a way for North Korean hackers to test potential security vulnerabilities in platforms such as Hyperliquid. Hyperliquid’s core development team said in a statement: “Hyperliquid Labs is aware of reports of alleged North Korean address activity and Hyperliquid has not been exploited by North Korea or any other party. All user funds are properly handled. Monahan's post sparked widespread discussion on social media, with some Hyperliquid supporters criticizing her for creating unnecessary panic. More than 112 million USDC were withdrawn from the exchange on Monday, according to data compiled by venture capital fund Hashed on Dune Analytics. outflow. According to data from tracking platform CoinGecko, the price of the exchange’s token HYPE fell by 20%.
point of view
Justin Sun used social media to clarify the rumors about liquidating ETH, saying that these rumors are not true. He explained that this was just an ETH transfer operation between different wallets by the team, and reiterated his long-term optimistic attitude towards the Ethereum ecosystem.
Matrixport data shows that after Bitcoin surges by more than 40% in 30 days, it usually enters a consolidation period, and the current price is down about 5% from a month ago. Historical data shows that Bitcoin often undergoes corrections after completing similar gains, which is consistent with previous cycles. In a bull market, a 10% to 20% price pullback from recent highs often creates an ideal re-entry range. For example, if Bitcoin pulls back from its high of $108,000 to the range of $90,000 to $95,000, this may become an excellent correction area. As long as the price remains within the -20% correction range and continues the current cycle trend, it is expected to lay the foundation for a new round of gains in 2025.
Singaporean crypto investment institution QCP Capital issued a statement today stating that after experiencing a washout last week, spot prices continue to fluctuate sideways as the holiday approaches. While markets appear calm on the surface this week, all eyes are on Friday’s massive options expiry, which will see nearly $20 billion in notional Bitcoin and Ethereum options maturity. This number accounts for nearly half of Deribit’s total options holdings. As options expire, it's very possible to see a reappearance of the typical end-of-quarter volatility sell-off, especially if spot prices continue to trade within this range and option sellers continue to roll their short positions. Unlike option sellers who must wait to release their collateral after the option expires, call option buyers may have already rolled a large portion of their position early. However, if BTC can successfully break through the $100,000 mark, volatility may remain stable. Meanwhile, as BTC continues to hover below $100,000, we may also see altcoins start to catch up again. A similar trend was observed a month ago when ETH/BTC bounced off support at 0.032 when BTC was trading at these levels. Currently, BTC’s market share remains at 58%, and we are watching closely to see if this ratio drops significantly to confirm whether funds are flowing from BTC to altcoins.
Forbes published an article predicting seven major trends in the encryption industry in 2025: 1. G7 or BRICS countries will establish strategic Bitcoin reserves; 2. The market value of stablecoins will double to US$400 billion; 3. The Bitcoin DeFi ecosystem will rely on L2 networks (such as Stacks, BOB, Babylon) have achieved rapid growth, and the amount of locked positions is expected to exceed the current $24 billion of cross-chain wrapped Bitcoin; 4. Crypto ETF products will be expanded to Ethereum pledge and Solana and other tracks; 5. Technology giants such as Apple and Microsoft may follow Tesla’s lead in increasing their holdings of Bitcoin; 6. The total market value of the crypto market will exceed US$8 trillion; 7. The improvement of the U.S. regulatory environment will lead to a renaissance of crypto entrepreneurship.
important data
Phala Network (PHA) briefly broke through $0.2 and then fell back, rising 54.4% in 24 hours
According to OKX market data, Phala Network (PHA) broke through $0.2 for a short time and then fell back. It rose 54.4% in 24 hours and is now quoted at $0.1839.
Mt.Gox has transferred over 3,631 BTC to B2C2 Group since December 5
According to Lookonchain monitoring, since Bitcoin first exceeded $100,000 on December 5, Mt. Gox has transferred 200 to 300 BTC to B2C2 Group every working day. So far, Mt.Gox has transferred a total of 3631.87 BTC to B2C2 Group, with a total value of approximately US$364 million.
GMGN market data shows that Virtual Protocol ecological tokens generally rose today, among which: VIRTUAL's market value is now US$3.16 billion, a 24-hour increase of 30.2%; GAME by Virtuals (GAME)'s market value is now US$400 million, a 24-hour increase of 31.8%; The market value of Luna by Virtuals (LUNA) is currently at US$138 million, with a 24-hour increase of 53.6%; VaderAI by Virtuals (VADER) has a market value of US$68.92 million, a 24-hour increase of 43.9%; sekoia by Virtuals (SEKOIA) has a market value of US$35.56 million, a 24-hour increase of 20.7%.
According to SoSoValue data, the total net outflow of Bitcoin spot ETFs yesterday (December 23, Eastern Time) was US$227 million. Yesterday, the Grayscale ETF GBTC had a single-day net outflow of US$38.3853 million. The current historical net outflow of GBTC is US$21.332 billion. Grayscale Bitcoin Mini Trust ETF BTC had a single-day net outflow of US$6.185 million. The current total historical net inflow of Grayscale Bitcoin Mini Trust BTC is US$854 million. The Bitcoin spot ETF with the largest single-day net inflow yesterday was BlackRock ETF IBIT, with a single-day net inflow of US$31.6575 million. The current total historical net inflow of IBIT has reached US$37.361 billion. As of press time, the total net asset value of Bitcoin spot ETFs is US$105.084 billion, the ETF net asset ratio (market value as a proportion of the total market value of Bitcoin) reaches 5.7%, and the historical cumulative net inflow has reached US$35.825 billion.
Cosmos developers transferred 295.3 BTC, approximately US$27.7 million, after nearly 2 years
According to on-chain analyst Ember Monitoring, nearly 2 years later, Cosmos Network developers have transferred 295.3 BTC (approximately $27.7 million) that they raised through ICO in 2017. They transferred/sold a total of 21,600 ETH and 295.3 BTC this year, worth $78.67 million. The BTC and ETH they raised through ICO in 2017 are now: 96.4 BTC and 17,188 ETH, worth $67 million.
A new address accumulated 520 million PENGU six hours ago, worth US$14.87 million.
According to monitoring by on-chain analyst @ai_9684xtpa, the new address CqwjT...EiCj8 accumulated 520 million PENGU six hours ago, worth US$14.87 million. The average price of PENGU withdrawn from Binance by this address is US$0.2996, and it has currently lost US$710,000.
According to monitoring by on-chain analyst @i_9684xtpa, an All in DeSci whale OG was found. mol.eth has currently applied for 26.38 million BIO airdrops, accounting for 2.03% of the total initial circulation, which is equivalent to a quarter of the Binance Launchpool airdrop. In addition, this address participated in VITA three years ago, and subsequently participated in GROW/ATH/PSY/HAIR, etc., which are all popular projects on the DeSci track and belong to the BIO ecosystem. Most of the funds in this address are currently transferred to the multi-signature address 0x270f...21A45, with total assets of $1,819, including $2.53 million in GROW, $2.14 million in VITA and other DeSci tokens.
A giant whale deposited 18.3 million USDC into Hyperliquid in the past 24 hours to purchase HYPE
According to Lookonchain monitoring, in the past 24 hours, a giant whale deposited 18.3 million USDC into Hyperliquid for the purchase of HYPE. So far, the whale has spent 5.81 million USDC to purchase 210,420 HYPE at a unit price of US$27.6.
According to on-chain analyst Ember Monitoring, ETH/BTC exchange rate bull James Fickel continued to reduce his ETH/BTC exchange rate long position 2 hours ago: selling 6,500 ETH (approximately $22.24 million) and exchanging it for 235.6 WBTC. Money to reduce positions. The peak of James Fickel's ETH/BTC exchange rate long position was at the end of May. At that time, he lent out 2,987 WBTC ($204.7 million) on Aave, and the WBTC he lent was bought into ETH at an average exchange rate of 0.054. Later, as the ETH/BTC exchange rate continued to fall, James Fickel began to reduce his position in August: he redeemed ETH in batches and sold them to WBTC for repayment. In the past four and a half months, he has sold 59,500 ETH for 2,398.2 WBTC to repay and reduce his position. The average exchange rate for selling is 0.04. His long position on the ETH/BTC exchange rate currently has a loan of 575.3 WBTC.
According to Cryptoslate, according to a report released by CoinGecko, Meme coins have become an important narrative in the cryptocurrency field in 2024, accounting for 31% of the share, an increase of nearly 4 times compared to last year. Last year, Meme coins accounted for only 8.32% of investor attention among 25 narrative themes. The rise of meme coins was initially driven by dog-themed cryptocurrencies, but has now expanded into areas such as animal and personality-themed tokens. This reflects a strong appetite for speculative opportunities among investors who value cultural virality over traditional fundamentals. Pump.fun, as the Meme coin Launchpool platform, has deployed nearly 5 million new coins on the Solana blockchain this year, with platform revenue exceeding US$335 million. Among cryptocurrency narratives, Meme coin narrative takes the lead, attracting 14.36% of investors’ attention. In addition, Solana Meme coins (accounting for 7.65%), Base Meme coins (accounting for 2.13%), AI Meme coins (accounting for 1.49%) and cat-themed Meme coins (accounting for 1.19%) are also among the top 20 narratives. In addition, according to Artemis data, Meme coin will be the third largest profit narrative in 2024, with an average annual return of 201%, far exceeding the market’s average return of 128%.
MicroStrategy stock price has fallen 38.81% from its high on November 21
Quotations show that MicroStrategy (stock code: MSTR) closed at $332.23 on December 23, down 38.81% from the high of $543 on November 21.
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