PA Daily | USDC Treasury minted 400 million USDC this morning; Binance Labs invested in THENA
Reprinted from panewslab
12/31/2024·4MToday’s news tips:
USDC Treasury minted 400 million USDC this morning
Data: Bitcoin spot ETF had a net outflow of US$426 million yesterday
Binance Labs announces investment in THENA
Regulation/Macro
Fed's Daley: Cryptocurrencies are complex and not yet qualified as "money"
San Francisco Fed President Mary Daly said that cryptocurrencies should be considered an independent asset class and not lumped together with gold, Golden Ten reported. She believes that cryptocurrencies are complex and do not yet qualify as “money.” Daly noted that cryptoassets need to define their purpose, whether as a medium of exchange, a speculative asset, or a store of value, but their volatility and demand-driven value characteristics are significantly different from the stability of traditional currencies. Daly’s views differ from those of Federal Reserve Chairman Jerome Powell. Powell has previously compared Bitcoin to virtual gold rather than a competitor to the U.S. dollar, but both men believe the cryptocurrency does not currently qualify as a currency.
Binance will perform wallet maintenance on the Ethereum network (ETH) at 14:00 on January 2, 2025 (Eastern District Time). In order to support this maintenance, Binance will suspend deposits and withdrawals on the Ethereum network (ETH) at 13:55 on January 2, 2025 (Eastern District Time). The maintenance is expected to take 1 hour. After the maintenance is completed, the recharge and withdrawal services will be automatically resumed.
According to the announcement of the Supreme People's Court, the results of the 2024 major judicial research projects have been announced, and the seventh topic is "Research on the Disposal of Virtual Currency Involved in Cases." This key funding project is divided into three research groups: • Research Group 1: Lin Wei from Southwest University of Political Science and Law, Wang Zhongwei from Chongqing Higher People’s Court, and Yuan Shengqiang from Chongqing Fifth Intermediate People’s Court • Research Group 2: Xue from Beijing Third Intermediate People’s Court Chun Jiang, Yang Dong of Renmin University of China • Research Group 3: Zhan Xuwei of Shenzhen Intermediate People’s Court of Guangdong Province, Wu Xuebin of Shenzhen University
Judge delays CFTC vs. Gemini trial to January 21
According to Cointelegraph, the U.S. court postponed the CFTC vs. Gemini case to January 21, 2025. New York District Judge Alvin Hellerstein announced that the trial date of the civil case between the U.S. Commodity Futures Trading Commission (CFTC) and Gemini Trust Company has been postponed from January 13, 2025 to January 21, 2025, and made it clear that there will be no further delay. . The CFTC filed a lawsuit against Gemini in June 2022, accusing it of providing false or misleading information when submitting a Bitcoin futures contract application in 2017, and seeking the return of illegal gains, civil penalties, and an injunction. Delays in hearing cases may be affected by the policies of the incoming administration and the new Congress.
American Blockchain Association sues IRS over new digital asset reporting rules
According to Cointelegraph, the U.S. Internal Revenue Service (IRS) has issued new regulations requiring digital asset platforms, including decentralized exchanges (DEX), to disclose user transaction information and crypto asset sales revenue starting in 2027. The Blockchain Association and the Texas Blockchain Commission filed a lawsuit, claiming that the rule is unconstitutional, violates the Administrative Procedure Act, and may have a serious impact on the U.S. digital asset field.
Financing
Binance Labs announces investment in THENA
Binance Labs announced its investment in THENA, a decentralized exchange (DEX) and liquidity protocol based on BNB Chain. This financing will be used to accelerate the development and expansion of THENA platform, enhance security measures, expand user growth, strengthen partnerships within the BNB Chain ecosystem, and promote DeFi innovation. Founded in January 2023, THENA adopts the innovative ve(3,3) token economic model and is committed to building a comprehensive liquidity layer that integrates the best features of leading DeFi protocols into one platform to enhance security, Scalability and user experience promote the popularity of decentralized finance (DeFi).
On-chain credit analysis company Accountable completes US$2.3 million in seed round financing
Accountable, an on-chain credit analysis startup powered by ZK technology, completed a $2.3 million seed round of financing, led by MitonC and Zee Prime Capital, with participation from angel investors such as Maven 11’s Darius Rugys and Worldcoin Foundation’s DCBuilder. This round of financing will be used to pay employee salaries, and a new round of financing is planned for the second quarter of 2025. Accountable is committed to building a privacy-protecting data platform that provides borrowers with real-time verification of assets, liabilities, and transaction exposures through technologies such as zero-knowledge proof and homomorphic encryption. Users can connect custody accounts, exchanges, etc. to generate credit risk reports and decide the sharing scope independently. The company aims to rebuild the uncollateralized lending ecosystem affected by the crypto credit market collapse of 2022, while ensuring privacy and data security. Accountable's technology can also be applied to scenarios such as certificates of assets and liabilities, providing institutions and users with real-time and confidential financial information verification.
Project news
Musk reposted "Elon Musk is now Kekius Maximus"
Musk retweeted "Elon Musk is now Kekius Maximus".
Bitget has completed the merger and token swap of BWB and BGB
According to Bitget’s announcement, Bitget has completed the merger and token replacement of Bitget Wallet Token (BWB) and Bitget Token (BGB). The specific instructions are as follows: 1. Replacement ratio: 1 BWB = 0.08563 BGB. 2. Transaction changes: The BWB/USDT trading pair has been removed from the shelves. 3. Deposit and withdrawal: Bitget no longer supports the deposit and withdrawal services of BWB tokens.
According to @0xjunkdogg, he said there is no need to worry about whether ai16z is suspected of infringing the a16z trademark and gave the following explanation: 1. He has communicated with a16z through email; 2. The CTO of a16z is currently on ai16z’s Discord, but has not yet spoken publicly; 3. Marc Andreessen, co-founder of a16z, once forwarded relevant content; 4. ai16z and a16z are jointly promoting the DUNA project, which is to promote the legalization of DAO in the United States. Previously, a16z has implemented the DAO legal framework in some states, and the two parties are currently working hard to expand its legal coverage.
The Wormhole Foundation tweeted this morning that today's FEG token issue has nothing to do with Wormhole, and all Wormhole contracts are completely unaffected. Analysis by blockchain security agency CertiK shows that the FEG Bridge was attacked on December 29, 2024. The problem originated from a cross-chain message processing logic error in the relay contract. The contract is deployed by an address funded by the FEG team and has no connection with the Wormhole team.
GitHub Trending data shows that Eliza, the autonomous agent framework developed by the ai16z team, ranked first in the trend list in December, with 4,531 new stars this month and a total of 7,028 stars.
point of view
Binance founder CZ forwarded Errands Gotham’s opinion, saying that Q1 of 2025 will be the most promising period for altcoins in the past 36 months, and its pattern is similar to 2021 and 2017. Errands Gotham predicts that the BNB chain will perform like Ethereum in 2021 in Q1 of 2025, with a minimum target price of $1,314 and a best target price of $1,986. This view shows that CZ has stated that supporting small and medium-sized market capitalization projects is an important strategy for Binance Labs to reduce market risks. And Binance Labs has emphasized that projects with practical application scenarios, strong teams, clear roadmaps and sustainable business models are more likely to survive and develop in the market cycle.
According to PANew news on December 31, Binance Labs announced that it will invest in a total of 46 projects in 2024, of which 14 will come from the BNB chain MVB plan or Labs incubation plan, and 32 will be direct investments. Infrastructure and application projects each account for 50%. Investment projects cover 10 DeFi, 7 AI, 7 BTC ecology, 4 Restaking, 3 Gaming, 2 ZK, 2 RWA and 2 consumer applications, as well as investments in multiple infrastructure and emerging fields, including Move Ecology and DeSci. The investment portfolio covers Telegram, Solana, Ethereum and the main Ethereum L2, and is distributed in emerging ecosystems such as Berachain, Monad, Initia, and mature ecosystems such as Stacks, Celestia, and Bittensor. About 20% of the investment comes from the BNB ecological project (MVB plan). Binance Labs stated that it will focus on blockchain, AI and biotechnology in 2025, and looks forward to the innovation brought about by the intersection of these three fields. With the new U.S. administration taking a positive stance on the crypto industry, the regulatory environment may improve, driving institutional participation and promoting industry development. Binance founder CZ has returned to the investment field and will spend more time communicating directly with founders. Binance Labs plans to expand its investment scope to cover various transaction types such as primary and secondary markets, and continue to look for projects with practical application scenarios, strong teams, and sustainable business models.
According to Matrixport analysis, Ethereum Gas fees have continued to decline since the upgrade in March 2024, ecosystem activity remains sluggish, and transaction volume is weak. ETH prices may face greater resistance to achieve a substantial rise in 2025. In 2024, Ethereum encountered strong competition from alternative protocols such as Solana and Sui. These platforms attracted more users and their tokens performed better than Ethereum throughout the year. The analysis points out that without significant positive news stimulus, Ethereum may continue to be at a disadvantage in 2025, while competing projects are expected to further expand their advantages.
Franklin Templeton Digital Assets said that the cryptocurrency field will usher in key developments in 2025 due to regulatory clarity, institutional adoption and technological advancement. The specific aspects are as follows:
- Regulation and institutional adoption: Clear policies from regulatory agencies such as the U.S. Securities and Exchange Commission (SEC) are expected to promote the development of crypto-related financial products (such as ETFs and tokenized securities products) and help the United States re-establish global crypto Innovation center status. 2. Integration of traditional finance and cryptographic infrastructure: The establishment of a regulatory framework for stablecoins will pave the way for major financial institutions to issue stablecoins and promote the further expansion of the DeFi ecosystem. 3. Consolidation of Bitcoin’s status: Bitcoin will accelerate to become a global financial asset and digital value storage medium, and many countries may include it as a strategic reserve asset. 4. Growth in demand for decentralized IoT networks (DePIN): In practical application fields such as logistics and IoT, decentralized solutions will receive more attention. 5. Integration of AI and encryption: The importance of blockchain technology in the fields of transparency and verification will increase, accelerating the expansion of the AI-driven economy. AI agents will enable on-chain transaction automation, portfolio management, and integration of digital content with on-chain activities through blockchain. 6. Practicality first: 2025 will mark the transition of crypto technology from speculation to practicality, becoming a key component of global financial and operational systems.
Pantera: Optimistic about encrypted AI, DePIN and new Layer 1 blockchain in 2025
Lauren Stephanian, a partner at Pantera Capital, said that with the promotion of pro-encryption policies in the United States, encryption venture capital is expected to increase in 2025, and investors will have a more positive attitude towards capital deployment. Stephanian pointed out that the bull market will not last long, and it remains to be seen when it will start to slow down in 2025. Pantera will continue to invest broadly in the crypto and blockchain space, with a focus on crypto AI, decentralized physical infrastructure networks (DePIN), and new Layer 1 blockchains with stronger application layer capabilities.
Rob Hadick, a partner at Dragonfly, said that crypto venture capital will grow significantly in 2025, driven by the loosening of the U.S. regulatory environment, continued rise in token prices, and institutional capital inflows. However, he believes that financing levels will be difficult to return to the peak of 2021-2022 in the short term, reflecting VC's cautious attitude to avoid repeating the same mistakes. Dragonfly will continue to support areas with proven market demand such as DeFi, CeFi, stablecoins/payments, while focusing on expansion platforms. Hadick said that although emerging areas such as encrypted AI and decentralized physical infrastructure networks (DePIN) have received attention, they are still in an "experimental stage." He predicts that investment in areas such as security, tokenization and interoperability may decrease, and market attention will shift to emerging tracks. Additionally, decentralized social media may face development challenges due to a lack of scalability and market fit.
QCP Capital said that due to low liquidity, BTC spot market volatility has increased, and recent gains have been subject to continued selling pressure. Since December 19, spot ETFs have experienced net outflows of US$1.8 billion, and MicroStrategy’s purchase of BTC has slowed significantly, causing BTC to lose momentum at the end of the year. The weakness in the crypto market was in line with global market sentiment, with the S&P 500 and Nasdaq falling more than 1% for the third time in eight trading days, reflecting the market's pricing in global trade uncertainty into 2025. Despite a lackluster year-end performance, BTC gained 120% for the year, outperforming global stocks and gold. QCP Capital believes that the key catalyst for BTC in 2025 may appear in January. Institutional readjustment of asset allocation may increase the proportion of BTC allocation, consolidate Bitcoin's dominance, and bring volatility closer to the stock market. The market is expected to increase demand for downside protection and more hedging by selling call options.
important data
The top three mid-year return declines for the top 500 crypto tokens are: STRAX, KUJI, and SATS
According to Sosovalue data, the top 10 tokens with the largest annual return decline among the top 500 cryptocurrencies year-to-date are as follows: STRAX (Stratis) has an annual return of -92.57%, currently quoted at $0.07416; KUJI (Kujira) has an annual return of -85.33% , currently quoted at $0.6239; SATS (SATS) Annual return rate -78.42%, now quoted at US$0.0001762; AZERO (Aleph Zero) annual return rate -77.86%, now quoted at US$0.3527; DAO (DAO Maker) annual return -72.31%, now quoted at US$0.3229; OSMO (Osmosis) Annual return -72.22%, currently quoted at $0.4349; BIGTIME (Big Time) The annual return rate is -71.59%, now quoted at US$0.13601; NTRN (Neutron) annual return rate -71.08%, now quoted at US$0.347; CSPR (Casper Network) annual return -71.01%, now quoted at US$0.01489; NFP (NFPrompt) annual return The return rate is -70.44%, and the current price is $0.2675.
Data: Bitcoin spot ETF had a net outflow of US$426 million yesterday
According to SoSoValue data, the Bitcoin spot ETF had a net outflow of US$426 million yesterday (December 30, EST), with net outflows occurring for two consecutive days. Among them, Grayscale ETF GBTC had a single-day net outflow of US$135 million, and its historical cumulative net outflow reached US$21.487 billion; Grayscale Bitcoin Mini Trust ETF BTC had a single-day net outflow of US$31.73 million, but its historical cumulative net inflow was still $829 million. As of press time, the total net asset value of Bitcoin spot ETFs is US$106.239 billion, accounting for 5.69% of the total market value of Bitcoin, and the cumulative historical net inflow has reached US$35.238 billion.
CryptoRank data shows that among the top 15 blockchains by decentralized exchange (DEX) trading volume in 2024, Ethereum ($674 billion, a year-on-year increase of 46.3%) and Solana ($626 billion, a year-on-year increase of 1049%) rank Ranking the top two, followed by BNB Chain ($352 billion, up 178% year-on-year), Arbitrum ($252 billion, up 101% year-on-year), and Base ($222 billion, up 5.8% year-on-year). Blast ranked sixth with $133 billion, followed by Polygon ($49.8 billion, down 3.9% year-on-year) and Avalanche ($46.8 billion, up 105% year-on-year). Sui ($41.2 billion, up 1859% year-on-year) and Optimism ($33.8 billion, up 69.6% year-on-year) also performed strongly. In addition, TRON ($20.2 billion, up 401% year-on-year), Mantle ($13.4 billion, up 918% year-on-year), Aptos ($11 billion, up 2867% year-on-year), Osmosis ($11 billion, up 164% year-on-year) and TON (US$9.4 billion, a year-on-year increase of 4372%).
USDC Treasury minted 400 million USDC this morning
According to on-chain data monitored by Whale Alert, at 2:17, 2:42, 2:57 and 5:12 am Beijing time today, USDC Treasury minted 100 million USDC on the Ethereum and Algorand chains respectively. A total of 400 million USDC will be minted.
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