Headlines
Binance will list Ordinals (ORDI) and add seed tags to it
According to the official announcement, Binance will launch Ordinals (ORDI) at 18:00 (ET) on November 7, and open spot trading pairs ORDI/BTC, ORDI/USDT, and ORDI/TRY. The seed tag will be applicable to ORDI.
Supreme Court to hear Coinbase's Dogecoin sweepstakes case
The U.S. Supreme Court has agreed to hear a case involving Coinbase’s million-dollar Dogecoin sweepstakes, which took place during Elon Musk’s re-promotion of the memecoin. Coinbase claimed that, as stated in its user agreement, user disputes over the Dogecoin sweepstakes must be submitted to arbitration. A federal appeals court ruled the opposite, saying the sweepstakes rules clearly gave California courts jurisdiction over the dispute.
A SCOTUS judge will decide whether a Coinbase user's case against the exchange continues in arbitration or escalates to court.
FTX related events
FTX and Alameda transferred 7 assets worth $38.5 million to the exchanges about 6 hours ago
Spot On Chain monitoring shows that FTX and Alameda transferred 7 assets worth US$38.5 million to the exchange again about 6 hours ago, namely 750,000 SOL (about US$31.2 million), 325,501 ENS (about US$2.76 million), 10.1 million GMT (about US$2.22 million), 642,702 LDO (about US$1.26 million), 288,211 APE (about US$410,000), 127,407 BADGER (about US$365,000), and 555,342 BNT (about US$323,000).
Overall, as of November 8, FTX and Alameda have moved 36 assets worth $350 million to the exchanges.
Project News
Optimism will activate Canyon network upgrade on testnet on November 15
Optimism announced that its first network upgrade after Bedrock, Canyon, will be activated on testnets (OP Goerli, OP Sepolia, Base Goerli, Base Sepolia, PGN Sepolia, Zora Sepolia) at 1:00 am Beijing time on November 15. This network upgrade was built and implemented in collaboration with Base. In order to be activated on the OP mainnet, Base and other mainnets of Superchain, the Canyon hard fork still needs to go through the Optimism governance process.
The Canyon upgrade includes support for the Shanghai and Capella hard forks and some minor bug fixes. In addition to access to the latest Ethereum mainnet features on all OP testnets, users should not be affected by this testnet upgrade. Node operators need to upgrade their nodes after the Canyon upgrade.
Avail announces “Node Clash” incentive program
Polygon’s modular blockchain project Avail announced the launch of a new gamified incentive program called “Node Clash”, where participants can earn rewards by completing tasks. Avail said that these tasks include consistently and correctly verifying the blockchain, helping to simulate “disaster scenarios”, writing as many blocks as possible and staking, etc. Its goal is to encourage users and developers to “test all angles” and try to “destroy the network” by sending large amounts of data.
Pendle: The ARB reward activity for using Pendle will start on November 9th
Pendle officially announced on the X platform that starting from November 9, users only need to use Pendle to get extra ARB rewards and rebates. The specific contents include: only Arbitrum mining pools are eligible for ARB rewards, and by becoming or staying in any Arbitrum liquidity pool, you can get extra ARB rewards; similar to PENDLE incentives, ARB pool allocation will be decided by vePENDLE voting every week, and it will be carried out at 0:00 UTC time every Thursday; vePENDLE operations will increase ARB rewards.
Chainlink is now available on Scroll
Scroll tweeted that Chainlink is now live on Scroll, and Scroll developers can now access the high-quality data needed to build secure, scalable, and advanced applications.
Mitsubishi UFJ Trust and six other companies plan to cooperate in issuing yen and dollar stablecoins
Mitsubishi UFJ Trust Bank has partnered with Web3 company Ginco to build an international payment system for crypto asset (virtual currency) companies that use stablecoins, using the Progmat platform for issuance. A formal press release was recently released, with the name of the yen-denominated stablecoin being "XJPY" and the name of the dollar-denominated stablecoin being "XUSD". Mitsubishi said that in the future, the two sides will cooperate in the study of issuing "cross-industry stablecoins" to improve the efficiency of fund settlement between virtual currency trading providers.
Ava Labs founder confirms 12% layoffs to reallocate resources to drive company and Avalanche ecosystem development
Ava Labs founder and CEO Emin Gün Sirer posted on the X platform that the layoffs affected 12% of Ava Labs' staff, and the layoffs enabled the company to reallocate resources to redouble the development of the company and the Avalanche ecosystem.
Earlier news, Ava Labs laid off a large number of employees on Monday, and several affected employees confirmed the news. The layoffs have affected the company's communications and marketing teams. Garrison Yang, vice president of growth and strategy at Ava Labs, posted on the X platform on Monday afternoon that the layoffs affected many people in the company's marketing department. Another laid-off employee wrote that the layoffs also affected "many other people."
DWF Labs Co-creation: 174 projects disclosed in a study only account for 40% of the investment portfolio
Coin 98 Analytics published its findings on the DWF Labs portfolio on the X platform, totaling 174 projects, of which 39 projects are listed on Binance, 129 projects are not listed on Binance, and 6 projects have not yet issued a token.
DWF Labs co-founder Andrei Grachev responded: "This only accounts for 40% of our portfolio."
BitMEX co-founder Samuel Reed admits to violating bank secrecy laws and agrees to pay $10 million fine
BitMEX co-founder Samuel Reed pleaded guilty today to violating the Bank Secrecy Act (BSA) for failing to establish, implement, and maintain an anti-money laundering (AML) program at BitMEX. He agreed to pay a separate criminal fine of $10 million, representing the financial gain from his crimes, pursuant to his plea agreement.
BitMEX's other two founders, Arthur Hayes and Benjamin Delo, pleaded guilty to the same charges in February 2022.
Character*Voice
U.S. Deputy Treasury Secretary: Biden administration hopes Congress will grant more power to combat illegal cryptocurrency activities
Wally Adeyemo, deputy secretary of the U.S. Treasury, said at the Securities Industry and Financial Markets Association's annual meeting in Washington on Tuesday that the Biden administration wants Congress to grant new powers to help combat illegal activities involving cryptocurrencies. Adeyemo mentioned that Hamas has openly sought to raise funds through cryptocurrencies, which has brought "greater attention to the illicit financial uses of digital assets."
Adeyemo said that the Treasury Department has been communicating with Democrats and Republicans about the actions they might take. The Treasury Department will continue to take action and will work with Congress to urge the cryptocurrency industry to innovate responsibly. In addition, Adeyemo called on the crypto industry to self-regulate.
Fed Vice Chairman: Central banks need stablecoin powers
Michael Barr, the Federal Reserve’s vice chairman for supervision, said the Fed needs to regulate and enforce the law against stablecoin issuers, and the debate over federal oversight has been a major sticking point in the House debate on legislation.
“We need a strong federal framework,” he said at the D.C. Fintech Week event in Washington. “They are creating a form of private money, and private money needs to be well regulated.” Lawmakers have advanced a stablecoin bill through the House Financial Services Committee, winning partial support from the panel’s minority Democrats. The regulatory effort still needs a vote by the full House, though it could be attached to another must-pass spending bill.
Fed's Barr: Fed has "strong interest" in regulating stablecoin issuers
Fed Chairman Barr said the Fed is still weighing the prospect of launching a digital dollar. Private sector stablecoins can become private currencies, and the Fed has a "strong interest" in regulating stablecoin issuers.
Fed's Kashkari: I don't think the rate hike cycle is over, I tend to tighten monetary policy
Kashkari, chairman of the Federal Reserve, does not think the rate hike cycle is over. In an interview, Kashkari said that in order to reduce inflation to the Fed’s 2% target level, he would rather tighten monetary policy too much than do too little.
"Insufficient tightening will not get us back to 2% inflation in a reasonable time," he said, adding that more information is needed to make a firm decision on future interest rate moves. "I can't say we are in a good position yet."
