Crypto Morning Brief: Pennsylvania becomes pivotal on U.S. election decision day, VanEck announces launch of PYTH ETN
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Crypto Morning Brief: Pennsylvania becomes pivotal on U.S. election decision day, VanEck announces launch of PYTH ETN
Polls show Trump leading Harris in most swing states.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
U.S. presidential election officially begins; candidate securing over 270 electoral votes will enter the White House
Just after midnight Eastern Time on November 5, voters in Dixville Notch, New Hampshire cast their ballots first, marking the official start of voting for the 60th U.S. presidential election.
Out of a total of 538 electoral votes, any candidate who secures more than half—270 votes—will win the presidency. According to The New York Times, Trump’s “best path to victory” involves winning Pennsylvania, Georgia, and North Carolina. Harris’ optimal route would require victories in Pennsylvania, Michigan, and Wisconsin.
Polls show Trump leading Harris in most swing states
According to data from polling aggregation website RealClearPolitics, as of November 5 local time, Trump leads Harris by 2.8 percentage points in Arizona, 1.3 points in Georgia, 1.2 points in North Carolina, 0.6 points in Nevada, and 0.4 points in Pennsylvania.
Harris holds advantages only in two states—leading by 0.5 points in Michigan and 0.4 points in Wisconsin.
Asset manager VanEck announces launch of PYTH ETN
VanEck has officially announced the launch of its new PYTH ETN product, allowing investors to gain exposure to the asset through direct trading via VanEck.
The product will be listed on Euronext Amsterdam and Euronext Paris, enabling investors to participate in the performance of Pyth Network’s token PYTH without directly purchasing or storing cryptocurrency.
The PYTH ETN will be available for trading across 15 European countries, including Austria, Switzerland, Germany, Denmark, Spain, Finland, France, Italy, Liechtenstein, Luxembourg, the Netherlands, Norway, Poland, Portugal, and Sweden.
Privacy infrastructure Nym Technologies launches $1 million NYM token buyback
Nym Technologies, a Swiss privacy startup backed by a16z, announced it will repurchase $1 million worth of NYM tokens. The company plans to launch its decentralized VPN service, NymVPN, by mid-December 2024.
Data shows that approximately 803 million NYM tokens are currently in circulation (out of a total supply of 1 billion), with a current trading price of around $0.06. Over the past 24 hours, the NYM token has risen more than 7%. NYM is primarily used to incentivize node operators, staking, governance, and participation in the network’s mixnet consensus mechanism.
Harry Halpin, CEO of Nym Technologies, stated that this buyback will serve as a pilot for a "perpetual buyback" program. As NymVPN grows, the scale of buybacks will expand further. Payments made by users for NymVPN services will be converted into NYM tokens, decoupling payment from usage to enhance user privacy. Buyback funds will also support marketing efforts and technology stack expansion.
Hamster Kombat loses 260 million players within 3 months, user count drops 86%
Hamster Kombat, a Telegram-based "tap-to-earn" game that claimed 300 million users in August, now has only about 41 million monthly active users—a loss of over 260 million players. The game’s HMSTR token has plummeted 76% from its September 26 peak of $0.009993, currently trading at just $0.002392.
Earlier this year, Telegram’s CEO called it the “fastest-growing digital service globally,” but poor AI-generated graphics and monotonous gameplay failed to retain users. Repeated delays in token airdrops and a strict anti-cheat system led to 2.3 million accounts being banned and 6.8 billion HMSTR tokens confiscated. Additionally, Hamster Kombat has faced criticism from Iranian and Russian authorities, who believe it negatively impacts society.
ZKsync’s first governance proposal enters voting phase, plans to distribute 325 million ZK tokens over 9 months
ZK Nation announced that ZKsync’s first governance proposal, TPP-001 (ZKsync Ignite Program), has entered the voting stage, with a standard voting period of 7 days. Data indicates overwhelming support at 98.9%, with Tevaera contributing 24% of the affirmative votes.
Under the proposal, a total of 325 million ZK tokens will be distributed over nine months, with 300 million allocated to users, aiming to establish a DeFi liquidity hub for ZKsync’s elastic chain.
GnosisDAO: Facing major decision—maintain L1 independence or transition to Ethereum L2
GnosisDAO, the decentralized autonomous organization behind Gnosis Chain, released a significant statement indicating that Gnosis Chain faces a critical choice: remain an independent Layer 1 blockchain or transform into a Layer 2 solution on Ethereum. This decision balances sovereignty against ecosystem integration and carries major implications for its network of over 300,000 validators.
GnosisDAO noted that maintaining the Layer 1 path ensures full autonomy in governance and protocol development, preserving Gnosis’ role as a trust-minimized, neutral blockchain space, and enabling independent evolution without reliance on Ethereum’s roadmap. Transitioning to a Layer 2 could pioneer a truly decentralized L2 solution, addressing the centralization of sequencers—a key weakness in current L2s—while leveraging Ethereum’s security.
NVIDIA surpasses Apple to become world’s most valuable company with market cap exceeding $3.43 trillion
NVIDIA shares rose 2.84%, pushing its market capitalization to $3.43 trillion, surpassing Apple’s $3.38 trillion and Microsoft’s $3.06 trillion, reclaiming its position as the world’s most valuable publicly traded company.
Data shows NVIDIA’s stock has gained 9.5% over the past month and nearly 190% year-to-date, currently trading at $139.91. Apple and Microsoft have yet to recover from late October declines, largely due to disappointing earnings reports and guidance.
"Dingyifeng" accused of fundraising fraud via "DDO Digital Option"; key suspects detained
On the evening of November 5, the Futian Branch of Shenzhen Public Security Bureau issued a notice stating that "Dingyifeng" and its affiliated companies are suspected of issuing fake financial products and a so-called "DDO Digital Option"—deemed a "shitcoin"—for illegal fundraising activities.
Law enforcement has taken criminal compulsory measures against key individuals involved, including actual controllers Sui Mouyi and Ma Mouqiu, on suspicion of illegal fundraising fraud. The case is currently under further investigation.
The notice urges investors to actively cooperate with evidence collection, truthfully report relevant information, and reminds them to express demands legally and rationally, avoid believing or spreading rumors, and protect their legitimate rights and interests.
GSR analyst: Election unlikely to significantly impact Bitcoin; many pre-launch projects await outcome
Toe Bautista, research analyst at GSR, said the entire cryptocurrency market remains in a wait-and-see mode. However, he believes the good news is that regardless of the winner, Bitcoin remains “unbreakable.”
Bautista pointed out that from an altcoin perspective, many crypto companies are waiting to see how other token launches unfold and what the election results will bring. He stated: “When project teams don’t know whether the tokens they plan to deploy might face SEC lawsuits within two months, few are willing to launch now. If Trump wins and fulfills his promise to remove SEC Chair Gary Gensler, regulatory risks could decrease, increasing expected value for crypto projects.”
Regarding Bitcoin prices, Bautista believes the likelihood of reaching a new all-time high in Q4 is low, though breaking $80,000 cannot be ruled out. He expects further upside potential in the first and second quarters of 2025 if macro conditions remain favorable.
Market Data
Suggested Reading
Meme Mania: VC’s New Battleground—Opportunity or Trap?
AI Summary: This article explores the origin, evolution, and position of meme coins in the crypto market, analyzing their market behavior, characteristics, and future trends. It highlights that meme coin markets are highly liquid and speculative—offering massive potential returns despite significant risks.
Last Push: Analyzing How the U.S. Election Could Shape Crypto Market Trends
AI Summary: This analysis suggests that regardless of whether Trump or Harris wins, the U.S. election will deeply impact the crypto market. Trump’s policies favor tax cuts and deregulation, potentially benefiting the crypto sector. In contrast, Harris’ platform emphasizes tighter regulation and higher taxes, which may create short-term pressure but could contribute to long-term market stability.
Decoding Binance’s Meme Coin Report: Understanding the Global Landscape and Rise of Memes
AI Summary: This article analyzes the rise of meme coins and their influence on the cryptocurrency market. Drawing from Binance Research, it examines the macroeconomic context, value proposition, and behavioral impact of meme coins on investors. It notes that meme coins are popular among younger investors, reflecting dissatisfaction with traditional finance. Despite inherent risks, their unique narratives and fair launches attract large numbers of retail investors.
Crypto Marketing Needs Better Storytelling
AI Summary: This article discusses the importance of marketing strategies in the crypto industry, emphasizing how storytelling shapes brand identity. It shares Eclipse’s experience in boosting brand visibility by creating a mascot named “turbo.”
The Invisible Web of AI Agents: When the Internet Is No Longer Designed for Humans
AI Summary: This piece examines the shift of the internet from human-centered design to one dominated by autonomous intelligent agents. The author argues that the traditional integration of form, function, and content is breaking down, and the web is increasingly optimized for bots and AI agents—potentially relegating human users to secondary status.
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