Headlines
▌Pudgy Penguins NFT trading volume increased by 530%
The Pudgy Penguins NFT series has seen a massive spike in trading volume, with a 530% increase in trading volume as of October 8, 2023. The series is an Ethereum-based series consisting of 8,888 NFTs, each with different characteristics.
Earlier this week, the Lil Pudgy Penguins NFT series, an extension of the Pudgy Penguins NFT series, saw a significant increase in its base price and reached a new high of $788 (0.48 ETH). Lil Pudgy Penguins is a collection of 22,222 NFTs. To date, the total number of Pudgy Penguins NFTs minted has reached 21,252, held by 7,673 different owners.
Quotes
As of press time, according to coinmarketcap data:
The latest transaction price of BTC is USD 27,953.4, with a daily change of +0.05%;
ETH's latest transaction price is $1,634.01, with a daily change of -0.29%;
BNB's latest transaction price is $212.17, with a daily change of -0.20%;
XRP's latest transaction price is $0.5212, with a daily change of -0.24%;
DOGE’s latest transaction price is $0.0614, with a daily change of +0.15%;
ADA’s latest transaction price is $0.2585, with a daily change of -0.06%;
SOL's latest transaction price is $23.257, with a daily change of -0.35%.
policy
▌Hong Kong Treasury Secretary: If NFT has the nature of "collective investment" or "securities", it must be approved by the Securities and Futures Commission before it can be sold publicly
In an interview, Xu Zhengyu, director of the Hong Kong Treasury Bureau, said that if NFT has the nature of "collective investment" or "securities", it must be approved by the Securities and Futures Commission before it can be sold publicly. If it is a collectible that only exists in digital form, it is not regulated by the Securities and Futures Commission. In addition, Xu Zhengyu said that the Hong Kong Monetary Authority is preparing for public consultation on the regulation of stablecoins.
Blockchain Applications
▌Ethereum core developer: Lido’s staking ratio reaching 33% does not mean Ethereum is in trouble
Ethereum core developer eric.eth posted on X platform (original Twitter) that just because Lido’s staked Ethereum accounted for 33% does not mean that Ethereum is in trouble. Although this is not good, people must understand that the premise of the bad result is that Lido’s more than 30 node operators collude with each other and ruin their own business. Even so, the social layer can intervene and fork out malicious Lido node operators and move to a new chain.
HYVE is deploying Avalanche as its fifth supported blockchain
HYVE, the digital products and jobs marketplace, has announced that it is deploying Avalanche as its fifth supported blockchain. The development team is working on deploying the HYVE V2.5 platform on the Avalanche blockchain. Once HYVE is deployed and joins the AVAX ecosystem, this will open up the possibility of collaborating with diverse and promising projects.
▌Web3 researcher suggests introducing ERC-5169 proposal into Ethereum contracts
Web3 researcher and educator Stacy Muur shared the concept of introducing ERC-5169 to Ethereum contracts on the X platform. The ERC-5169 proposal will introduce a new function called scriptURI() to help locate executable scripts linked to tokens. Therefore, with the help of third-party scripts of the issuer, cryptocurrency tokens will be able to have advanced functions.
The new proposal is based on uniform resource identifiers, or URIs. When creating cryptocurrency tokens, their issuers will be able to link specific code logic to them. Once a token is created and pegged to a script, token holders will be able to access and use the linked script by calling the scriptURI function. In the process, the script can be located in a variety of storages, whether centralized or decentralized, to ensure maximum flexibility and composability of DeFi.
▌Banana Gun’s total transaction volume reached $300 million
Telegram Bot project Banana Gun announced on social media that its total transaction volume reached US$300 million.
The team said: Since the beginning of June, we have grown from a small bot to a force to be reckoned with. The average daily trading volume after opening to the public is about $250,000, and the highest day was August 29, with a record high of nearly $7.5 million in trading volume. A few minutes ago, our total trading volume through the bot reached $300 million. We are not done growing yet, and expect to make some announcements in the next few days.
▌Nansen CEO: 6 major narratives including RWA and Web3 games will play a role in the next crypto cycle
Alex Svanevik, CEO of blockchain analytics firm Nansen and cryptocurrency veteran, shares 6 narratives that will play out in the next crypto cycle.
1. Fintech front-end + crypto back-end. PayPal already has stablecoins, Revolut allows staking of ETH, and crypto startups such as BasedApp already look like fintech products. In the long run, cryptocurrency will replace the back-end of fintech.
2. Online betting, it makes more sense to have a DeFi backend, it can survive on capital yield instead of suffering from interest rate differentials, L2 and account abstraction make it easier for ordinary people to use the application.
3. RWA, especially Treasury bonds, is a continuation of stablecoins. Tokenized Treasury bonds may actually consume a large amount of stablecoin supply. I would be surprised if Circle and Tether do not participate.
4. Web3 games. In the next 6 months we will see games released after 2+ years of development. Most will fail, a few may be huge successes.
5. Social networks. L2 and account abstraction again make these applications more accessible. This will take a few iterations (and forks), but I think this is here to stay.
6. Physical NFTs. For example, Walmart and Pudgy Penguins recently launched a physical version of NFT.
Cryptocurrency
▌Castle Island Ventures Partner: Stablecoin is the killer application of cryptocurrency
Nic Carter, partner at Castle Island Ventures, said in an interview with Decrypt that the hostility of U.S. regulators and their “desire to suppress the stablecoin market” has driven a sharp decline in the market share of U.S.-based stablecoins (such as USDC), and stablecoins outside the U.S. market are dominated by USDT.
But Carter believes that these stablecoins are the “killer app for crypto,” explaining that they only account for 10% of the total market share of the cryptocurrency industry but account for 70-80% of all settlement activity on public blockchains.
▌Galaxy Research: More than 2/3 of USDC transactions on Solana are transfers of less than $100
Research data released by Galaxy Research shows that more than two-thirds of USDC transactions on Solana are transfers of less than $100, and more than one-third of USDC transactions are transfers between $1 and $10. The team said that the high frequency of small dollar-denominated transactions on Solana highlights the network's potential to support payment activities.
Coinbase Vice President: We are taking a "world-first" mentality
Tom Duff Gordon, vice president of international policy at United States cryptocurrency exchange Coinbase, recently noted in an interview on Zebu Live that international expansion is becoming “increasingly important” for exchanges.
“We want to work with everybody because we think the U.S. is a very important market,” he said. “We need regulatory clarity. It may not come tomorrow, but I think we’re on a good path to get there, but the U.S. is only 300-plus million people, and Brian Armstrong’s big vision… is to get a billion people into crypto. It’s about economic freedom. We can’t just do this in the U.S. anyway, so we’re taking this ‘world first’ mentality right now.”
▌Data: TVL of the entire Ethereum ecosystem has dropped by 30% since the beginning of the year
Data from Defi Llama shows that the total locked value (TVL) of the entire Ethereum ecosystem has dropped 30% from 18.41 million ETH to 12.79 million ETH since the beginning of 2023. The decline in TVL was accompanied by a drop in the Ethereum network's gas fees, which reached a year-low on October 5.
▌Podcast host Joe Rogan: Bitcoin has the opportunity to become a "universal viable currency"
Bitcoin has the opportunity to become a "general viable currency," Joe Rogan, a well-known North American podcast host, said in his latest episode of the Joe Rogan Experience. Rogan discussed the topic in depth with Sam Altman, the founder behind OpenAI, who positioned Bitcoin as perhaps the most attractive cryptocurrency and emphasized its potential for universal adoption.
Rogan highlighted the scarcity of BTC, the limited amount that could ever exist, and the ongoing mining process. In his view, this combination underpins its unparalleled appeal. Moreover, while critics debate the practicality of using this digital currency to pay for daily expenses, Rogan pointed out that technologists have fully embraced the Bitcoin lifestyle, specifically mentioning Greek tech entrepreneur Andreas Antonopoulos, who has seamlessly integrated Bitcoin into every aspect of his life, from paying monthly rent to daily expenses.
▌ Investment bank Jefferies: Bitcoin is a key hedge against inflation, on the same level as gold
Jefferies, a renowned global investment bank, is the latest entity to endorse Bitcoin as a “critical hedging tool.” In a recent report to investors, the company emphasized that Bitcoin’s unique qualities put it on the same level as gold as a reliable means of protecting against inflation.
Christopher Wood, head of global equity strategy at Jefferies, warned that major G7 central banks, led by the Federal Reserve, may have difficulty exiting unconventional monetary policies smoothly. Wood stressed that failure to exit these monetary policies could lead to a depreciation of the U.S. dollar, which would benefit Bitcoin holders. "This failure to exit unorthodox monetary policies in a benign manner could ultimately lead to the collapse of the U.S. dollar paper standard, which would benefit both gold bar owners and Bitcoin owners," the analyst said.
▌In the first week of October, more than $50 million was transferred from a Bitcoin wallet that had been dormant for nearly a decade
Data from btcparser.com shows that in the first week of October, several dormant wallets from 2014 became active, transferring 860 BTC (worth more than $24 million) in 86 separate transactions on October 4, 2023. In addition, dormant wallets from 2013 also began to "wake up", transferring 504.99 BTC in a transaction on the same day, and on October 6, 2023, 426 BTC belonging to a wallet from 2012 were transferred.
▌Three Bitcoin miners’ profits hit record highs in September
Three Bitcoin miners saw record profits in September. CleanSpark mined 643 BTC in September, bringing its total holdings to 2,240. The company’s CEO said the figures not only make the past few months the most profitable quarter on record, but also make CleanSpark’s 2023 fiscal year its best year yet.
Riot Blockchain mined 362 BTC in September, and the company’s agreement with Texas power grid ERCOT resulted in the total electricity and demand response credits it received being equivalent to approximately 511 BTC.
Marathon Digital Holdings produced 1,242 bitcoins in September, bringing its year-to-date total to 8,610.
Important economic developments
▌Fed Governor Bowman: Inflation progress may be slow, which means further policy tightening is needed
Fed Governor Bowman said it would be appropriate to raise interest rates further and keep them at restrictive levels for some time. The most recent U.S. employment report showed solid job growth in the labor market. The frequency and range of recent data revisions have increased the complexity of economic forecasts. Inflation progress may be slow, which means further policy tightening is needed.
Golden Encyclopedia
Status
The state in Ethereum refers to a comprehensive ledger that includes all externally owned accounts (EOAs), their balances, smart contract deployments, and associated storage. This state is not static; it continues to expand as new users are added and new smart contracts are deployed.
Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.