Crypto Guides, Knowledge & Insights

TokenInsight Exchange Annual Report: Binance Leads in Multiple Metrics

On January 17th, Tokeninsight released its “2023 Annual Report on Crypto Exchanges,” revealing that Binance leads in market share, spot trading, and derivatives trading. By the end of the year, Binance held a market share of 48.7%, and its share in spot and derivatives trading was 53.7%, making it the leading global cryptocurrency exchange. Despite significant regulatory events, Binances performance exceeded market expectations.　　The trends indicate that even after resolving issues with several U.S. regulatory agencies, Binance continues to maintain its leading position in the industry, with a market share ahead of the second-place exchange at 32.6%. These events did not have a massive impact on the market landscape, and traders still prefer to choose more secure centralized exchanges, as seen in the report.　　

2024-01-17Deep Dive

Bitcoin Spot ETF Records Nearly $10 Billion in Total Trading Volume in Three Days

Bloomberg analyst James Seyffarts data reveals that the total trading volume for the U.S. spot Bitcoin ETF in three days is approaching $10 billion.　　James Seyffart commented, “By most standards, these are very successful launches, with the only caveat being that Wisdomtrees assets are only $32.5 million, but its only the third day, and this is a long game.”　　BitMEX Researchs statistical data shows that on the third day of trading for Grayscales GBTC as a Bitcoin spot ETF, there was a fund outflow of $590 million. The total outflow in the initial three days reached $1.169 billion.　　

2024-01-17Deep Dive

Socket Reports Attack on Bungee Protocol, Resulting in $3.3 Million Funds Stolen

Interoperability protocol Socket announced on Tuesday that it has temporarily halted the affected contracts after receiving reports of a vulnerability attack on its developed Bungee bridge aggregator, resulting in a theft of $3.3 million.　　The project team stated at 15:15 Eastern Time on Tuesday, “Socket has experienced a security incident affecting wallets with unlimited authorization for Socket contracts. We have identified the issue and suspended the affected contracts.”　　An anonymous researcher, Spreek, posted on the X platform at 14:19 Eastern Time, stating that Socket had “millions stolen” and pointing to the attackers address, advising users to immediately revoke authorization for Socket. The attack seems to have ceased around 14:47 Eastern Time.　　

2024-01-17Deep Dive

Hector Network Liquidation Redemption Contract Suspected to Be Attacked

User @0xBoboShanti claims that the redemption contract of Hector Network, a project in the Fantom ecosystem, appears to have been attacked, resulting in a loss of approximately $2.7 million. On January 15, Hector Network deployed a new contract to facilitate liquidation and transferred $11 million in assets from a multisignature address to the HectorRedemptionTreasury contract.　　According to @0xBoboShanti, “To receive funds from HectorRedemptionTreasury, users need to call mintWithdraw(...) on the TokenVault contract. This will require: retrieving the users redeemAmount from the recipientTokens mapping; calling the internal mintwithdraw(); minting an NFT in _mintWithdraw(); transferring the funds from HectorRedemptionTreasury to the user, and then destroying the NFT. There is a conditional check in _mintwithdraw(). Most notably, it requires the recipient to be present in the eligibleWallets mapping. So, how did users not in eligible wallets exchange $2.7 million？ Why is their redeemAmount (obtained from the recipientTokens mapping) $2.7 million？ This is because the deployer explicitly added this wallet to the mapping... Upon receiving USDC, this wallet rapidly exchanged 2.7 million USDC for 1100 ETH via UniswapX. 440 ETH was sent to a new wallet, and then 358 ETH was sent to 4 other new wallets. Shortly after, the Hector Network multisignature address called

2024-01-16Deep Dive

Record-Breaking ETH Unstaking on Ethereum Following the Shanghai Upgrade

Data from the 21.co blockchain and research analyst Tom Wan indicates that the second week of January has set a record for the largest scale of ETH unstaking since the Ethereum Shanghai upgrade. Approximately 656,200 ETH (valued at $1.6 billion) were fully unstaked, with Figment and Celsius leading 85% of the unstaking.　　

2024-01-16Deep Dive

The U.S. SEC Agrees to Postpone Do Kwon's Trial Date

In documents submitted to the United States Southern District Court on January 15th, the U.S. SEC agreed to the request from Do Kwons legal team to postpone the trial start date to no earlier than March 18th. The filing stated, “The SEC agrees to the reasonable request by Do Kwon for a modest continuance to allow him to engage in the trial. If the trial date is delayed, the SEC respectfully proposes that the trial commence on April 15, 2024.”　　While the SEC agreed to the request to potentially postpone the trial date, it opposed separating Kwons case from the Terraform case. The SEC stated, “Conducting two trials would unnecessarily require witnesses, including SEC whistleblowers and financially limited retail investors, to testify twice on the same facts in separate trials.”　　In earlier news, Do Kwon appealed the decision of the Montenegro Higher Court to uphold the extradition requests from the United States and South Korea. His lawyers stated that the local court faced pressure, and the reason for filing a new appeal was that the decision of the Montenegro Higher Court “seriously violated legal provisions, the European Extradition Convention, and the extradition bilateral treaties signed with the United States.”　　

2024-01-16Deep Dive

L2 Network ZKFair Initiates Gas Fee Dividends, Surpasses 2.5 Billion ZKF Total Staked

Community-driven ZK L2 network ZKFair has announced that it has started distributing Gas fee profits on the ZKFair chain. All ZKF stakers can view their individual benefits in real-time through the ZKFair official website. As the first L2 network in the industry to distribute Gas fee profits, ZKFair officially launched the ZKF staking function on January 10. As of now, a total of 2.5 billion ZKF tokens have been staked, accounting for 25% of the total token supply. There are 34,871 independent staking addresses, and these users will share 75% of the total profits according to the corresponding rules, with the remaining 25% allocated to DApp developers.　　In terms of specific distribution, ZKFair will settle the total Gas fee revenue weekly. After deducting operational costs, the protocol will automatically distribute the profits to the DApp developers address and the staked ZKF reward contract in proportion. The distribution is averaged over seven days.　　ZKFair adopts a 100% fair launch token model and is supported by the ZK-RaaS platform Lumoz for technology and computational power. ZKFair uses USDC as the Gas token. Its mainnet was launched in December of the previous year, and the current on-chain TVL is $323 million, ranking 8th on the

2024-01-15Deep Dive

CoinShares: Anticipates Average Production Cost of $37,856 per Bitcoin After Halving

CoinShares has released its 2023 mining report, revealing a 104% increase in Bitcoin mining hash rate. This has raised questions about the sustainability and profitability of Bitcoin mining, especially concerning the networks efficiency and energy costs. The report estimates the average production cost per Bitcoin after the halving to be $37,856. Most miners will face challenges with the costs of sales and administrative expenses and will need to reduce costs to maintain profitability. Only Bitfarms, Iris, CleanSpark, TeraWulf, and Cormint are expected to continue being profitable unless the Bitcoin price remains above $40,000.　　

2024-01-15Deep Dive

Franklin Templeton: Commits to Continued Investment and Participation in Blockchain and Web3 Project

Asset management company Franklin Templeton publicly stated on the X platform that the companys current assets under management amount to $16 trillion, and it possesses a digital assets team that has been focused on building and investing in blockchain and Web3 projects.　　The companys team includes multiple blockchain developers, and they have been running validating nodes on various blockchains for up to 5 years. The company has also established an investment strategy team deeply involved in early-stage Web3 venture investments and managing liquidity token portfolios. Franklin Templeton has made proactive decisions to invest in companies with Web3 strategies as a business model and will continue to make significant investments in this field.　　They stated, “Blockchain is the future, and we seek to develop, support, and invest in this field in a meaningful way.”　　

2024-01-15Deep Dive

Base Unveils 2024 Roadmap

Layer2 network Base has unveiled its roadmap for 2024. Base aims to establish a global on-chain economy platform that fosters innovation, creativity, and freedom. The mission for 2024 is to build a global on-chain economic body comprised of three parts: the developer platform (Base as infrastructure), the application ecosystem (all applications built on Base), and the capital market (user and liquidity flows through applications, such as ETH and USDC).　　The strategic focus for Base in 2024 revolves around four core pillars: achieving decentralization and scalability to onboard everyone to the chain, constructing a robust developer platform for anyone to build on-chain products, nurturing a vibrant application ecosystem to provide incentives for consumers, creators, and businesses to join the chain, and driving a deeper capital market to power the interconnected on-chain economy.　　Base highlights that key development priorities for 2024 include accelerating decentralization while enhancing network availability, significantly reducing network fees, making smart wallets the default setting, simplifying deposits and withdrawals, and bringing existing and new users, assets, and products from Coinbase onto the chain.　　

2024-01-10Deep Dive

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