Decentralized Finance Industry Biweekly Report: Bitcoin Hits New High of $90,000

1. Observations on the Decentralized Finance Industry

1. The new president of the United States supports cryptocurrency policies.

On November 6, 2024, the newly elected President of the United States expressed support for cryptocurrency policies, allowing donations in cryptocurrencies like Bitcoin, and publicly opposed the previous administration's anti-crypto policies. The new president plans to strengthen support for Bitcoin and the crypto industry after taking office, ensuring that the United States becomes a leading nation in crypto and Bitcoin, and announced that the U.S. would retain all national-level Bitcoin reserves.

2. Bitcoin broke through $90,000 this week.

This week, Bitcoin performed strongly, briefly breaking through $90,000 and setting a new historical high, once again refreshing its market capitalization ranking. Bitcoin's market cap has surpassed Meta, firmly ranking as the ninth largest asset globally. Analysts believe that the recent strong rebound of Bitcoin reflects an increasing demand for crypto assets in the market, and the friendlier stance of U.S. policies towards cryptocurrencies also adds momentum to future trends.

3. SynFutures launches a new model for perpetual contracts.

With the expansion of the Base ecosystem, SynFutures launched a new perpetual contract platform, Perp Launchpad, to lower the market entry barrier for perpetual contracts with a "one-stop launcher" model. The platform attracts a large number of on-chain users with a low Gas environment, deep incentives, and efficient liquidity management. Perp Launchpad simplifies the perpetual contract publishing process, allowing any token to create trading pairs on the platform without permission.

4. UK's first case: Pension funds invest in Bitcoin

Recently, a UK pension fund made its first direct investment in Bitcoin, becoming the first of its kind in the country, with the private keys managed by five independent institutions. The fund has allocated 3% of its assets to Bitcoin and plans to launch a Bitcoin employee benefits program. Globally, pension funds are gradually entering the crypto space. This trend reflects that as Bitcoin's status solidifies, more pension funds may consider incorporating crypto assets into their investment portfolios in the future.

5. The neutrality of Ethereum is under challenge.

Members of the Ethereum Foundation resign from their advisory roles at EigenLayer, sparking community discussion. The Ethereum Foundation emphasizes non-profit and neutrality, but its members often engage in advisory roles for various projects, raising questions about Ethereum's neutrality. Balancing interests in a rapidly evolving ecosystem remains a significant challenge.

6. The number of users in the TON Hamster Game has plummeted.

The once-popular Telegram game "Hamster Battle" is facing challenges. The game’s monthly active users have dropped from 300 million in August to 41 million, a decrease of 86%. The game token $HMSTR has also plummeted by 76% in a short period. The decline is attributed to multiple factors, including a sluggish crypto market, unfulfilled promises, and delays in airdrop rewards. The development team plans to introduce NFTs in the second quarter, hoping to boost user engagement.

7. Ethereum launches Mekong testnet

Ethereum has launched the Mekong testnet for the upcoming Pectra upgrade. This testnet includes all proposed Ethereum Improvement Proposals (EIP), focusing on enhancing user experience and network efficiency. Key changes include improving wallet user experience, increasing validator staking limits, and updating deposit and exit mechanisms. These changes will be tested on the Mekong testnet before being deployed to the public testnet and mainnet.

8. Solv Protocol promotes Bitcoin staking standardization

Solv Protocol leads market standardization by launching the staking abstraction layer (SAL). SAL provides a unified technical framework for staking, addressing the decentralization of Bitcoin staking and liquidity management challenges, allowing users to easily participate in cross-chain staking and earn returns. This helps the Bitcoin staking market develop towards maturity and diversification.

9. UniFi Layer2 Solution Innovation

Puffer Finance's UniFi Layer2 solution, centered around Based Rollup + native AVS verification system, creates a new generation Layer2 architecture. This Rollup As A Service model, based on the Ethereum mainnet functionalities, enhances Layer2 security and decentralization. UniFi employs a dual-layer verification architecture to improve overall verification efficiency and reliability.

10. Aerodrome: Base liquidity engine on-chain

Aerodrome is the main DEX on Base, combining various DEX models. It enhances capital efficiency through the "veAERO" incentive mechanism and automated market makers. Aerodrome addresses the shortcomings of traditional DEXs, capturing 63% of the market share on Base. With the close cooperation between Base and Coinbase, Aerodrome is expected to continue benefiting from the development of the DeFi and blockchain markets.

2. Decentralized Finance Data Panel

1. TVL Data

This week's TVL has not changed much compared to last week, remaining stable.

2. Stablecoin issuance volume

The total market value of stablecoins is currently reported at $178.22 billion, with a 7-day increase of 3.04%. USDT accounts for 69.22%, showing a slight decline.

3. DEX Data

Uniswap maintains its leading position. The DEX on the Solana chain has performed impressively, with a trading volume of $14.634 billion in the past 7 days, ranking first across all chains.

4. Token Unlock Data

Aptos unlocked approximately 11.31 million tokens on November 11, accounting for 2.18% of the current circulating supply, valued at about 128 million USD.