Mars Finance Crypto Daily December 18, 2023
1. Today’s News
Arweave founder: Irys plans to fork Arweave and reset token supply, which is short-sighted and greedy
Sam Williams, founder of Arweave, posted on the X platform that according to reliable sources, Irys (formerly Bundlr Network), the Web3 storage solution of the Arweave ecosystem, is considering forking Arweave in an unsafe and anti-social form. Although there is a framework for the development of Arweave, Irys plans not to maintain the data set and restart the supply of tokens. When asked why, Irys personnel said they did not want to support existing data and provide tokens to Arweave.
Williams believes that Irys's move is short-sighted and too greedy, which may harm its own development. He hopes that Irys can build the fork in the right way, and Arweave is always willing to communicate and provide support if it helps the ecosystem. He also said that if Irys users need help with migration, another Arweave ecological storage project ar.io can provide immediate support.
Earlier in October, Arweave ecosystem Web3 storage solution Bundlr Network announced its name change to Irys. The announcement stated that Bundlr Network has completed more than 1 billion transactions, fully demonstrating the value of scalable and permanent on-chain data solutions.
Ordinals’ cumulative fee income exceeds 4,100 BTC, worth over $170 million
Dune data shows that the cumulative fee income of the Bitcoin NFT protocol Ordinals inscription casting has reached 4,170.8417 BTC, equivalent to approximately $172,683,611. The current total number of inscriptions cast has reached 48,934,744.
CoinShares report: Last week, digital asset investment products experienced $16 million in outflows, ending 11 consecutive weeks of net inflows
According to CoinShares' latest "Digital Asset Fund Flow Weekly Report", digital asset investment products have recently experienced a small outflow of funds totaling $16 million, ending an 11-week trend of inflows. However, trading activity is still well above the average level this year, with total trading volume reaching $3.6 billion last week. This slight outflow of funds was mainly concentrated in the United States, with an outflow of about $18 million, while Germany also saw a small outflow of $10 million.
Meanwhile, Canada and Switzerland continued to see inflows, with $6.9 million and $9.1 million, respectively. This mixed regional flow trend suggests that this is more due to profit-taking than a shift in sentiment towards the asset class. Among specific digital asset classes, Bitcoin experienced the largest outflows, reaching $33 million last week, while products that short Bitcoin also saw smaller outflows of $300,000. Conversely, other cryptocurrencies represented by Solana, Cardano, XRP, and Chainlink saw inflows of $21 million. Ethereum and Avalanche were slightly affected, seeing outflows of $4.4 million and $1 million, respectively. Meanwhile, blockchain stocks continued to gain support from positive sentiment, attracting a large inflow of $122 million last week, bringing the cumulative inflows over the past 9 weeks to $294 million, a record high.
Irys responds to Arweave founder: Irys has never and will never deprive users of the right to choose where to store data
In response to the previous statement by the founder of Arweave that "Irys is considering forking Arweave in an unsafe way", Irys officially responded on the X platform, saying that the behavior of Sam Williams, the founder of Arweave, is tragically ironic. Arweave aims to be open source and permissionless software, and Sam is trying to separate Irys from Arweave. Irys has never and will never deprive users of the right to choose where to store their data. Creating unrestricted access to permanent data for users is at the core of Irys' work. Irys remains committed to censorship-resistant, open source, and permissionless technology.
In addition, Irys said it is developing new provenance technologies.
FTX submits plan to end bankruptcy and pay billions of dollars to creditors, but does not clarify whether FTX will restart
FTX Trading Ltd. unveiled its latest proposal to return billions of dollars to customers and creditors. The restructuring plan leaves some of the most important questions unanswered, including whether FTX will restart the crypto exchange, how the company will estimate the value of some digital tokens and how much creditors can expect to recover.
The plan will be submitted to creditors for a vote next year, with some key details likely to be added, before going to U.S. Bankruptcy Judge John Dorsey for final approval. Major creditor and customer groups involved in the Chapter 11 bankruptcy have agreed to the broad outlines of the plan.
The payout plan calls for distributing billions of dollars in cash after much of the company’s cryptocurrency holdings are liquidated.
Earlier news, FTX debtors submitted a revised reorganization plan. According to the plan documents, the debt value will be determined based on the token value on November 11, 22, by converting the value of crypto assets into cash at a specified conversion rate.
Bitget responded: The platform operation is normal and we regret the malicious smearing by our competitors.
Bitget officially issued a statement regarding recent market rumors. The announcement stated: "Since its establishment in 2018, Bitget has always adhered to compliant operations. To this end, we continue to strengthen the construction of the compliance team and strengthen the platform's KYC and anti-money laundering (AML) measures. Bitget's operations and services are all normal, the deposit and withdrawal channels are smooth, and all employees are on duty. Please do not believe in rumors and do not be fooled. At the same time, we encourage healthy competition in the industry, but we regret the malicious smearing behavior of some friendly companies by "buying black articles"; we will reserve the right to pursue legal responsibility for accounts that maliciously spread false information."
Avalanche network Meme coin COQ has increased by 45.1% in the past 24 hours
According to CoinGecko data, the Avalanche network Meme coin COQ has expanded its gains to 45.1% in the past 24 hours and is currently priced at $0.00000196.
2. Selected articles
Summary of Bitcoin’s Current Status and Future Outlook in 2023
In 2024, Bitcoin may leap to the legal status of a global asset, become a cornerstone of innovation, continue to evolve, and lead changes in the financial and technological fields.
Many public chains have been directly "collapsed", how long can the inscription carnival last?
This week, the inscription project CIAS on Celestia was launched, but there may be plagiarism, which has aroused heated discussions in the community. TON, Conflux, Avalanche and other public chains have also experienced stress tests brought by inscription activities, and the sequencer of Arbitrum L2 has stopped working. Binance Web3 wallet does not support inscriptions for the time being, but is working overtime on related work. The inscription track has become one of the areas with the strongest wealth effect, but the future is still unknown.
Web3 Research Report: A Panoramic Review of 2023 and Outlook for 2024
When you wake up from your spring sleep, you wait for the wind, rain, and flowers to bloom. From the macro market to the micro track, the most comprehensive review of the year.
The battle between inscriptions and memory pools: blocking inscriptions could trigger a Bitcoin "civil war"
Bitcoin enthusiasts try to stop inscriptions, but this could bring more serious damage, such as losing the memory pool, not being able to do trustless fee estimation, and excluding privacy technologies such as Coinjoin. But eventually, the supporters of shitcoins will fool everyone once, and things will return to normal.
From the Arbitrum outage, we can see the different paths of Bitcoin L2 and Ethereum L2
The sequencer of Layer2 is completely controlled by the project officials, and users cannot share the dividends of network growth. The combination of Mast contract + Schnorr signature brought by Taproot upgrade can also realize completely trustless cross-chain and completely decentralized BTC Layer2. BEVM gave its own answer, and the volume of Bitcoin Layer2 will surpass that of Ethereum Layer2, which is an inevitable trend.
3. Project Interpretation
Solana's dog season continues to be hot, have you made some quick money?
Solana ecosystem continues to embrace the Dog Season, a series of Meme-based Dog Coins take off, Sols' floor price breaks through 100SOL, BONK tokens rise by more than 19,103%, and one investor earns a huge profit of $1.47 million. The BONK team launches the first Meme coin on Solana, and the Saga phone comes with 30 million BONK tokens. The recent market performance of BONK is remarkable, and investors need to participate with caution.
ORDI, a game of attention
ORDI is a BRC-20 token that can enter information on the Bitcoin blockchain, create Bitcoin inscriptions, increase transaction fees obtained by miners, and bring positive effects to the security of the Bitcoin network. Meme tokens meet the needs of users in the cryptocurrency market. ORDI and SATS are the first BRC-20 tokens with a market value of more than $1 billion. Real-use projects need to be continuously built, and memes need holders and communities to continue to speak out and create attention.
Arweave is caught in a fork storm, and the founder blasted the storage solution Irys
Irys plans to fork Arweave, reset the token supply, and the ar.io network will remove Irys from the trusted program set. Users can install their own bundles or use the free Arweave bundle service. Irys's data cache will be disabled, resulting in delays in previously uploaded content.
Arweave community is in internal strife and wants to fork, founder publicly accuses ecological projects of greed and short-sightedness
There was a fork dispute between Arweave and Irys, Arweave proposed a new bundler to protect user rights, but Irys expressed disappointment. Arweave plans to remove the Irys bundler from the main gateway, but this will cause delays in the network.
Bitcoin Layer 2: Top DeFi Projects on Stacks
Stacks is a second-layer blockchain network for Bitcoin that aims to make Bitcoin more than just an asset to buy and store, providing applications such as DeFi and NFT. Projects such as Alex, StackingDAO, Arkadiko, Velar Protocol, Zest Protocol, and Uwu Protocol provide more opportunities for Bitcoin holders, while Hermetica and Bitflow Finance provide more opportunities for income.
IV. Investment and Financing
Bitcoin miner Unblock Global completes $15 million in funding
Unblock Global, an Argentina-based bitcoin miner, has announced that it has secured $15 million in financing to mine bitcoin using natural gas from Vaca Muerta, the world’s second-largest shale gas reserve. Major energy companies involved in the project include Crusoe Energy, Pampa Energia and Petrocuyo. These companies contributed to the financing managed by Unblock Computos, a subsidiary of Unblock Global.
DID Market Aggregator GoDID Completes New Round of Financing with a Valuation of US$30 Million, Led by NGC
DID market aggregator GoDID has completed a new round of financing with a valuation of US$30 million, led by NGC, with an undisclosed amount. GoDID's functions include bulk search, registration, trading and management of various DIDs.
Hong Kong digital asset insurance company OneDegree receives strategic investment from Dubai Insurance
Hong Kong-based digital asset insurance company OneDegree has received strategic investment from Dubai Insurance. The investment amount was not disclosed. OneDegree said it will provide digital asset insurance services in the UAE and will work with Dubai Insurance to seek regulatory approval for related insurance products such as custodial wallet insurance in the UAE market.
Integrated BRC Ecosystem Technology Stack Biis Receives Strategic Investment from CGV
Integrated BRC ecological technology stack Biis received strategic investment from Japanese cryptocurrency investment institution CGV. Biis provides a set of tools that can be used for integration, including asset issuance, cross-chain, batch distribution, etc.
