This week in review | Binance lists Memecoin (MEME); TokenFi, a tokenization platform for Floki assets, issues TOKEN tokens.

BlockBeats will compile industry news highlights for the week of 10.23-10.29 in this article, and recommend in-depth articles to help readers better understand the market and industry trends.

Weekly News Recap

BlackRock Bitcoin Spot ETF Goes Live with US Depository Trust and Clearing Corporation

The BlackRock Bitcoin Spot ETF has gone live with the Depository Trust and Clearing Corporation (DTCC) in the United States, with the stock code IBTC. This is a step in the ETF listing process and the first Bitcoin spot ETF to go live with DTCC. However, the ETF appeared on the DTCC website eight months ago and was recently rediscovered by users due to the hype surrounding the ETF. Interestingly, DTCC temporarily delisted IBTC and changed the "Y" in the Create/Redeem section to "N" before relisting it.

People's Court newspaper article "Criminal Determination of Virtual Currency Settlement Payment Assistance"

The People's Court newspaper article "Criminal Determination of Virtual Currency Settlement Payment Assistance" points out that virtual currency settlement payment assistance is the act of using virtual currency to provide financial transfer assistance to others for committing telecommunications fraud. In the criminal determination of virtual currency settlement payment behavior, the characteristics of criminal proceeds should be grasped, the boundary nodes between upstream telecommunications fraud and subsequent concealment and concealment of criminal proceeds and profit behavior should be distinguished, and the impact of the time and content of the subjective knowledge and "collusion" of the helper on the determination of the crime should be distinguished, so as to distinguish between easily confused charges. For more information, please see "People's Court newspaper article "Criminal Determination of Virtual Currency Settlement Payment Assistance"".

SBF appeared in court and denied embezzling client funds

On October 28th, SBF made the following statement while testifying in court this Friday:

1. No fraud or misappropriation of client funds has occurred.

2. SBF once asked Caroline Ellison, the former CEO of Alameda, to hedge Alameda's position, but she never followed his advice. SBF also stated that he was unable to give her the time and attention she needed in their romantic relationship. (This statement contradicts Caroline's previous testimony.)

3. DCG and Celsius sought emergency funding from SBF last year, but were rejected.

4. Can't remember discussing a $13 billion fund loophole with FTX executives.

5. When FTX was first established, the plan was to sell it to Binance during its early stages. SBF believed that FTX could be developed into a platform specifically designed for margin traders, a problem that had not been addressed in the trading platform industry at the time. In 2019, FTX's annual revenue was $20 million, and by 2021, FTX's daily revenue had reached $3 million. However, at the time, Binance chose to develop a similar platform on their own and did not bring up the acquisition. Related reading: "SBF Courtroom Scene: Absent Jury and the "Amnesiac" Protagonist".

Binance Launches New Project Memecoin (MEME) on Launchpool

Binance has launched its 39th new coin mining project, Memecoin (MEME), on Launchpool. Memecoin (MEME) will be listed on Binance on November 3, 2023 at 16:00 (GMT+8), and trading markets for MEME/BTC, MEME/USDT, and MEME/BNB will be opened, subject to seed tag trading rules. For more information, please read "Detailed Explanation of Binance's Latest Launchpool Project Memecoin: The Great Migration of 200 Million Meme Empire". Prior to this, Memeland launched the MEME token sale, and on-chain data shows that the MEME token community raised a total of 8,737 ETH (worth approximately $15.67 million) in pre-sales.

Bybit Launchpool to launch Celestia (TIA); BitMEX to launch Celestia futures contract

On October 26th, according to official sources, Bybit Launchpool will launch modular blockchain network Celestia (TIA) on October 31st. On the same day, BitMEX announced the launch of the first USDT margin Celestia futures contract: TIAUSDTZ23, which is expected to start trading at 12:00 on October 27th Beijing time. Prior to this, according to github information, Celestia updated its pre-genesis.json file, and the genesis time (mainnet launch time) is set to October 31, 2023.

Floki launches asset tokenization platform TokenFi, with 56% of tokens allocated to Floki stakers

On October 26th, Meme project Floki announced the launch of its cryptocurrency and asset tokenization platform TokenFi (token: TOKEN). The official website of TokenFi will be released on October 27th, and multiple products are expected to be launched in the fourth quarter of 2024. The total supply of TOKEN tokens is 10 billion, with 5 billion issued on the BNB Chain and 5 billion on the Ethereum network. 10% of the tokens will be used to provide liquidity on Uniswap and PancakeSwap. Floki stakers will receive 56% of the supply as a reward over four years. DWF Labs is the main institutional partner and market maker for TokenFi.

The court has made a final ruling on the Grayscale vs. SEC case, returning the approval authority of Bitcoin ETF to the SEC

On October 24th, FOX Business reporter Eleanor Terrett posted on social media that the District of Columbia Appeals Court has officially made a final ruling on the Grayscale vs. SEC case. There is no new content, only an official authorization statement. Grayscale and the SEC's Bitcoin ETF issue received a court order, and the court ruled to return the approval authority of the Bitcoin ETF to the SEC, and the SEC was instructed to take the next step in handling the Grayscale Bitcoin ETF plan.

Worldcoin will change to reward operators with WLD and extend loan agreements with 5 market makers until December 15, 2023

On October 23, Worldcoin announced that during the transition period after the launch of Worldcoin, Orb operator rewards were paid in USDC. This transition period is now coming to an end, and operators will receive rewards in the form of WLD. When WLD is officially launched, World Assets Ltd. (a subsidiary of the Worldcoin Foundation) signed loan agreements with five market makers operating outside the United States. These five entities received a total of 100 million WLD in loans, which were originally due to expire on October 24, 2023. However, World Assets Ltd. decided to extend the initial loan agreement to December 15, 2023, while keeping all other terms of the agreement unchanged. Therefore, on October 24, 2023, the market makers will return 25 million WLD of the current outstanding loans, and the remaining 75 million WLD will be repaid on December 15, 2023. Currently, the 5 WLD market makers have returned 25 million WLD, and the remaining 75 million WLD is planned to be returned on December 15.

Ethereum developers confirm Dencun upgrade will not happen before the end of this year

On October 27th, Ethereum client developers confirmed that the expected Dencun upgrade will not be implemented in a network hard fork before the end of 2023. Anonymous Prysm developer Potuz confirmed during today's core developer conference call that it is not possible to fork the mainnet in 2023. He pointed out that in the past few months, consensus issues have been occurring in the 10 developer networks that have launched testing upgrades, and "none of them have progressed smoothly." Last month, with the launch of the Ethereum Holesky testnet later than planned, it was widely believed that it was unlikely to complete the Dencun upgrade before December.

Paradigm co-founder Fred Ehrsam resigns and stays with the company as a general partner

On October 25th, Paradigm co-founder Fred Ehrsam announced his resignation and will stay with the company as a general partner, but will reduce his involvement in daily operations. Before founding this venture capital firm, Ehrsam was a co-founder of Coinbase. He told employees that he plans to spend more time researching and investing in future health technologies, citing other cryptocurrency leaders' interest in anti-aging treatments and cryogenic technology.

This Week's Popular Articles

BRC20 Upgrade BRC100, $ordi Governance Empowerment, What Happened to Bitcoin's Ecology After Returning to $30,000?

Since the beginning of this year, the ecology and narrative of Bitcoin have become lively as BTC's price gradually rises. In the past two weeks, the price of Bitcoin has reached a new high in 18 months, breaking through the $35,000 mark yesterday. The water spilled from Bitcoin's rise has spread to BRC20 and Ordinals. Taking the most representative ORDI as an example, its highest increase in October reached 30%.

During the days of Bitcoin's skyrocketing, what coins did the whales buy on the chain?

On October 24th, news of progress in the approval process of the BlackRock Bitcoin spot ETF sent Bitcoin soaring to $35,000. In less than half a month since the low point on October 11th, Bitcoin has already surged by over 30%, reigniting hopes of a "bull return" among long-suppressed investors. So besides Bitcoin, what other operations did the whales have on altcoins?

"Demon coin manufacturer", Upbit is seizing pricing power in the cryptocurrency market

On October 24th, with the price of Bitcoin skyrocketing by 15% overnight, many cryptocurrencies saw impressive gains driven by positive news. Among them, MINA was the most eye-catching. The price of MINA tokens broke through $0.47 on Binance, and on the same day, the Korean cryptocurrency exchange Upbit announced the listing of MINA, causing its price to surge to $0.9648 in a short period of time, forming a price difference of up to twice as much as other mainstream exchanges such as Binance. Behind this phenomenon is a set of simple but effective tactics designed by Upbit to capture the cryptocurrency market. Upbit is carefully planning its holding and market-making strategies, and seizing the opportunity of liquidity contraction on major trading platforms to compete for the pricing power of tokens in the entire cryptocurrency market.

Bitcoin Soaring: Prosperity or Trap?

On October 24th, the encryption market was full of good news, and Bitcoin surged accordingly. However, upon reviewing the market, there was a hint of strangeness in the natural flow, as the market's initial reaction to the good news was not as intense as expected. From 1:00 am to 3:00 am, there was a continuous stream of good news from BlackRock, but Bitcoin's true surge came from a big bullish candlestick at 6:30 am this morning. What happened during this process? Cryptocurrency KOL 2898 (@punk2898) reviewed the trend from last night on their social media platform and gave their own opinions on the market.

A paradigm shift in the Bitcoin RWA market, far exceeding a scale of 9 billion USD, is underway

As the fourth Bitcoin halving approaches and RWA narrative becomes mainstream, the Bitcoin and its underlying computing power market are sparking imaginations far beyond investors' expectations. "Bitcoin finance" may usher in greater opportunities and revival.

Multiple additions and deletions of BlackRock Bitcoin spot ETF, is DTCC manipulating the market?

Bloomberg ETF analyst Eric Balchunas found that iShares, a subsidiary of asset management giant BlackRock, has listed its Bitcoin Trust on DTCC (Depository Trust & Clearing Corporation), the central depository and settlement hub for US stocks, bonds, and asset securities. The stock code will be "IBTC". DTCC is responsible for settlement and delivery services for eight major exchanges, including the New York Stock Exchange, Nasdaq, American Stock Exchange, and Chicago Stock Exchange. Its integrated settlement and delivery with centralized custody operations have become the mainstream trend in the development of international securities market settlement and custody systems.

If you mention TRX to most people in the cryptocurrency industry, they may think you're joking and laughingly refute with "What, Justin Sun's chain?" or some similarly meaningless and ignorant comment. Meanwhile, Tron has slowly become the most frequently used blockchain in stablecoin activity, and TRX has been quietly performing well.

How do market makers drive BTC up?

Galaxy Digital, a cryptocurrency financial services company, Research Director Alex Thorn wrote on X platform: "As the BTC spot price rises, more and more option market makers are shorting Gamma. When you short Gamma and the spot price rises, you need to buy back the spot to maintain Delta neutrality. This should amplify any short-term upward momentum." This article will reveal what shorting Gamma is and why it will help drive BTC up.

Uniswap founder destroyed his own meme coin, but "HayCoin Carnival" continues

On October 21st, Uniswap founder Hayden Adams announced on social media that he had destroyed approximately 99.99% of the supply of HayCoin. In his tweet, Hayden wrote, "I felt uncomfortable holding almost the entire supply (about 99.99%) of the token, especially when people were treating it as a joke and a speculative object."

Arthur Hayes: Turmoil from the Edge Will Become the New Driving Force for Bitcoin Prices

This week, BitMEX co-founder Arthur Hayes wrote a lengthy article analyzing the impact of global economic conditions (especially in the United States) and turbulent wars on the price of Bitcoin.

Welcome to join the official community of BlockBeats by LUDONG

Telegram subscription group: https://t.me/theblockbeats

Telegram communication group: https://t.me/theblockbeatsApp

Twitter official account: https://twitter.com/BlockBeatsAsia

欢迎加入律动 BlockBeats 官方社群：

Telegram 订阅群：https://t.me/theblockbeats

Telegram 交流群：https://t.me/BlockBeats_App

Twitter 官方账号：https://twitter.com/BlockBeatsAsia