Crypto Guides, Knowledge & Insights

BTC Staking Track: Liquidity Released from BTC

BTC has long been positioned as digital gold, recognized for its rarity, while ETH is widely used for its functionality and utility. Bitcoins development has always been limited by on-chain performance and functionality support. Since its issuance, ETH has steadily increased its market value by relying on ecosystem development.　　The earliest Bitcoin scaling solutions mainly focused on increasing block size and introducing off-chain scaling technologies like the Lightning Network. Each solution had its pros and cons, sparking extensive discussions and controversies within the Bitcoin community. Eventually, Segregated Witness and the Lightning Network became the primary scaling directions for Bitcoin, while the block size increase solution resulted in alternative coins like Bitcoin Cash through hard forks.　　After the emergence of Ordinals and Rune, the powerful wealth effect attracted a large number of active on-chain users, bringing the topic of BTC scaling back into the spotlight. Despite addressing the need for asset issuance, BTC, using a non-Turing complete language, still cannot meet more extensive computational needs. After Ethereums DeFi Summer, the community began to look forward to the possibilities of innovating by unlocking Bitcoins liquidity.　　Under these two factors, many BTC-based protocols have emerged, aiming to bring value to other ecosystems with BTC and provide

2024-07-26Deep Dive

Unlock High Returns with Minimal Investment: Your Guide to Airdrops!

The Impossible Triangle of Airdrops　　The “Impossible Triangle” has always been present in the blockchain industry. In the scalability race, there is the impossible triangle of decentralization, security, and scalability. From a financial perspective, the value of cryptocurrencies being relatively stable, widely circulated, and decentralized is an impossible triangle. The rapid growth of crypto projects, decentralization, long-term value, and fast growth form another impossible triangle.　　In the crypto industry, airdrops are seen as an attractive investment method. Participants can gain high returns with minimal costs. However, airdrops also have an impossible triangle: high returns, low cost, and certainty.High Returns: The core attraction of airdrops lies in their potential high returns. Participants have the chance to receive tokens from emerging projects that may significantly appreciate in value after listing. Especially when market sentiment is high, airdropped tokens can quickly double or more in value.Low Cost: Compared to other investment methods, early airdrops require little to no financial investment or low wear and tear on funds. Participants only need to meet certain conditions, such as holding a specified number of tokens, following social media accounts, or completing simple tasks. However, since the “point system” became popular, user costs have gradually increased.Certainty: While high returns

2024-07-24Deep Dive

This Week's Notworthy Events (July 22, 2024—July 28, 2024)

Binance to Delist BOND, DOCK, MDX, and POLS Tokens on July 22　　Binance announced that it will stop trading and delist all spot trading pairs for BarnBridge (BOND), Dock (DOCK), Mdex (MDX), and Polkastarter (POLS) at 11:00 AM (UTC+8) on July 22, 2024. Deposits for these tokens will no longer be credited to accounts after 11:00 AM (UTC+8) on July 23, and withdrawal support will end at 11:00 AM (UTC+8) on October 22. The specific trading pairs to be removed include BOND/BTC, BOND/USDT, DOCK/BTC, DOCK/USDT, MDX/USDT, POLS/USDT. USDⓈ-M BONDUSDT perpetual contracts will not be affected, and users can continue trading.Russian Duma Committee Expected to Hold First Reading on Crypto Mining Regulation Bill on July 23　　The Russian State Duma Financial Markets Committee has recommended that the lower house pass a bill regulating mining activities at its first reading. The bill, introduced by a group of representatives from various factions led by Anatoly Aksakov, Chairman of the State Duma Financial Markets Committee, is expected to be reviewed in the session on July 23. The bill, which was reintroduced to the Duma in April 2024, is a revised version of the one first proposed in November 2022. It stipulates requirements for individuals and legal

2024-07-22Deep Dive

WarizX Hacked for $235 Million, Be Aware: Tokens Are Being Sold Off

On July 18, according to Lookonchain monitoring, the wallet address 0x04b21735E93Fa3f8df70e2Da89e6922616891a88 of the Indian cryptocurrency exchange WazirX transferred assets worth over $235 million abnormally. The stolen assets are as follows:　　Subsequently, WazirX posted a statement indicating that a security vulnerability had occurred in one of their multi-signature wallets. The team is actively investigating the issue and has temporarily suspended INR and cryptocurrency withdrawals.　　Beosin Alert stated that the attacker obtained the signature data of the exchanges multi-sign wallet administrators and modified the wallets logic contract to execute erroneous logic, thereby stealing assets.　　Attacker address: 0x6eedf92fb92dd68a270c3205e96dccc527728066　　Victim address: 0x27fd43babfbe83a81d14665b1a6fb8030a60c9b4　　Based on the attackers behavior, it is speculated that the reason is the leakage of the administrators private key for the multi-signature wallet. Beosin provides a brief analysis of the attack reason as follows:The attacker deployed an attack contract: 0x27fd43babfbe83a81d14665b1a6fb8030a60c9b4. The function of this contract is to extract the token assets specified by the contract.The attacker obtained the signature data of the WazirX multi-sign wallet administrators and modified the wallets logic contract to the pre-deployed attack contract. The corresponding transaction is: https://etherscan.io/tx/0x48164d3adbab78c2cb9876f6e17f88e321097fcd14cadd57556866e4ef3e185dThe attacker submitted a token extraction transaction to the WazirX multi-sign wallet. Due to the proxy mechanism, the wallet contract used delegatecall to call the relevant

2024-07-19Deep Dive

Industry Research: Review and Outlook of Market Development in 2024

Market Overview in the First Half of 2024　　In the first half of 2024, the cryptocurrency market saw a significant increase in market capitalization. In the first quarter, the total market capitalization rose from approximately $1.5 trillion at the beginning of the year to $2.9 trillion by March. However, the market experienced some volatility in the second quarter, ultimately settling at $2.43 trillion. Bitcoins market share reached 53.83% by the end of the second quarter, while Ethereums market share also increased to 18%.　　The Bitcoin halving and the approval of Bitcoin spot ETFs by the U.S. Securities and Exchange Commission (SEC) had a positive impact on the market. The approval of Bitcoin ETFs and the halving led BTC prices to hit an all-time high of $73,098. However, due to market volatility and macroeconomic factors, the price saw a decline in the second quarter.　　In terms of macroeconomic factors, interest rate changes had a significant impact on the market. For example, the average interest rate in the first quarter of 2024 was 5.1%, while in the second quarter, the average interest rate rose to 5.5%, contributing to market fluctuations.　　According to a report by CoinGecko, meme coins, real-world assets (RWA), and artificial intelligence (AI) were

2024-07-17Deep Dive

Market Status: Post-German BTC Sale, Potential Pressure from 3 Entities

After nearly a month, the German government finally sold off its BTC holdings, causing BTC to drop to a low of $54,000 before rebounding.　　The BTC held by the German government came from the shutdown of the pirated movie site Movie2k.to. After the site was closed, German authorities, with assistance from the FBI, identified the operators behind the site as a Polish man and a German man. Details of the subsequent investigation are scarce, but reports suggest one of the suspects voluntarily handed over the BTC to German authorities. Public information shows that before the sale, the German government held at least 50,000 BTC.　　With the anticipation of interest rate cuts and the German governments complete sale of its BTC holdings, BTC began to rebound. However, BTC may still face potential selling pressure from three major entities.Mt.GOX Compensation　　As of July 16, approximately 139,000 BTC remain in Mt.Goxs addresses, indicating that the Mt.Gox sell-off has not yet impacted the market.　　Founded in July 2010, Mt.Gox was once the largest cryptocurrency exchange, handling over 80% of all Bitcoin transactions at its peak. In 2013, the exchange was hacked, losing 850,000 BTC, leading to its bankruptcy. Around 200,000 BTC were later recovered. Since 2014, a prolonged

2024-07-16Deep Dive

The Blinks Concept Emerges: Will SEND Be a Mess After the FOMO?

In the past year, Solana ecosystem projects have provided participants with numerous early opportunities, such as multiple token airdrops for users, the explosion of the DePIN sector, the rise of the AI sector, and the popularity of MEME tokens. Recently, news has emerged about several prominent institutions applying for a Solana ETF. In addition to its own development, the Solana ecosystem continues to innovate.　　If we were to discuss what concept on Solana is currently worth the most attention, Blinks is definitely one that cannot be ignored. We mentioned the introduction and future prospects of Blinks in a previous article:　　https://www.wikibit.com/en/202406282084107288.html　　In short, Blinks is not an application but a tool that allows developers to simplify transaction operations and embed them into Web2 social media. It is not a use case itself. Blinks leaves the question of “what exactly it will be used for” to the community and developers to explore.　　Blinks appeared three weeks ago without any phenomenal applications building upon it, and it fell into silence. That was until Solana founder Toly retweeted and pinned a project called SEND.SENDs Timeline of Explosion　　SENDs explosion in popularity was not just due to Solanas founder retweeting and pinning its tweet. Reviewing the content posted by

2024-07-15Deep Dive

This Week's Noteworthy Events(July 15, 2024-July 21, 2024)

Ethereum Spot ETF May Launch This Week　　Several prominent individuals believe that the Ethereum spot ETF could launch this week.　　Bloomberg ETF analyst Eric Balchunas predicts that the U.S. SEC may approve the spot Ethereum ETF on July 18.　　Nate Geraci, president of The ETF Store, posted on X: “I would be shocked if a spot Ethereum ETF does not begin trading within the next two weeks. It could launch as early as late next week, but more likely the week of July 15.”　　Singapore crypto investment firm QCP Capital expects the Ethereum spot ETF to start trading around July 15.DOGS Announces Donation of Raised Telegram Stars to Charity, Event Ends on July 15　　The TON ecosystem meme project DOGS announced on its official channel that the event for purchasing DOGS points using Telegram Stars will end on July 15, and all proceeds from the Telegram Stars will be donated to charity. The specific charity will be chosen through community voting.　　Previously, it was reported that the DOGS mini-program launched a new feature allowing users to purchase DOGS points with Telegram Stars, with 1 Telegram Star buying 1 DOGS point.South Korean Crypto Exchange GDAC to Terminate Services on July 16　　South Korean crypto exchange GDAC announced that

2024-07-15Deep Dive

Why Did the MEME Project DOGS from TON Explode in Popularity Overnight?

Overnight, a project called DOGS exploded in popularity due to its airdrop to Telegram users.　　According to the information, the DOGS Community was created on July 4th and released its first message on July 9th. In just two days, it surpassed one million users.　　The DOGS Telegram channel provides a detailed introduction: This dog, named Spotty, is the project‘s mascot. The team stated at the end of the message: “Why choose DOGS？ This is not just another meme coin. It is the meme coin best suited for Telegram, embodying the spirit and culture of a vibrant community. Bringing Spotty’s legacy into the cryptocurrency world, we aim to create something fun, community-driven, and unique.”　　The character Spotty was inspired by the mascot created by TONs founder, Pavel Durov. Some media claim that DOGS was launched by the creator Blum with the support of Notcoin. Currently, points can be earned, which should be convertible to tokens later.　　Users only need to open the DOGS Mini APP, and the bot will automatically analyze their Telegram account. The older and more active the account, the more points it earns. Telegram Premium accounts can also earn extra points. Additionally, inviting friends to join will grant extra points.　　The specific factors

2024-07-11Deep Dive

Is Altcoin Season Coming? Key Sectors to Watch

The first half of 2024 ended with corrections and consolidation in the crypto market. BTCs market share fluctuated between 50% and 54%, while altcoins underperformed. Altcoins invested in by VCs and facing significant unlocks were particularly resisted by the market.　　As the market continued to correct and consolidate, many altcoins lost almost all their gains from the past six months. Historically, during bull markets, altcoins surged after BTCs rise and consolidation. The lack of an altcoin surge this time suggests that the bull market may not have truly begun.　　Despite the markets consolidation due to Mt.Gox repayments and selling pressure from the German government, the potential approval of an ETH ETF and a Federal Reserve rate cut remain promising. These factors are seen as significant drivers for market movement.　　If an altcoin season emerges, which sectors should be watched？ Here are some insights based on market trends and future prospects, representing the views of WikiBit analysts without investment advice.Ethereum Sector　　The most noteworthy aspect of Ethereum this year isnt its technical development but the potential approval of a spot ETF. Approval of a spot ETF would mean more traditional funds could legally and compliantly purchase ETH, driving its price up.　　To understand the outlook for

2024-07-09Deep Dive

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