Crypto Morning News: Ethereum researcher proposes "Beam Chain"; Coinbase app ranks No. 2 on US iOS finance free download chart
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Crypto Morning News: Ethereum researcher proposes "Beam Chain"; Coinbase app ranks No. 2 on US iOS finance free download chart
The U.S. may adopt "capitalism with Chinese characteristics," and Bitcoin is poised to surpass $1 million.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Boya Interactive: Holds 2,641 BTC and 15,445 ETH
Boya Interactive (00434.HK) released an announcement stating that due to recent activity in the cryptocurrency market, investors and shareholders have made inquiries regarding the company's crypto holdings. The board of directors hereby informs shareholders and potential investors that, as of the date of this announcement, the group holds 2,641 bitcoins (BTC) at a total cost of approximately USD 142,722,654, with an average cost of about USD 54,027 per BTC; and 15,445 ether (ETH) at a total cost of approximately USD 42,578,110, with an average cost of about USD 2,756 per ETH.
Ethereum Foundation Sells Another 100 $ETH Yesterday; Has Sold 4,266 $ETH in 2024
According to Spot On Chain, the Ethereum Foundation yesterday sold another 100 $ETH for 334,315.7 $DAI. This marks the first $ETH sale since the foundation released its 2024 report on November 8. The report shows that as of October 31, the foundation’s reserve assets totaled $970.2 million, of which $788.7 million were cryptocurrencies (99.45% being $ETH). The Ethereum Foundation plans to regularly sell $ETH to fund critical public goods projects and maintain reserves. As of 2024, it has sold 4,266 $ETH at an average price of $2,773, totaling $11.83 million.
German Government Missed Out on $1.7 Billion in Potential Gains After Selling 50,000 Bitcoin at Average Price of $54,000
Watcher.Guru reported that the German government previously sold 50,000 BTC at an average price of $54,000, causing it to miss out on approximately $1.7 billion in unrealized gains.
BitMEX Founder: U.S. May Adopt "Capitalism with Chinese Characteristics," Bitcoin Could Surpass $1 Million
Former BitMEX CEO Arthur Hayes, in his latest article titled *Black or White?*, suggested that the incoming Trump administration might adopt a development model similar to China’s, which he refers to as “American capitalism with Chinese characteristics.”
Hayes expects the new government to drive manufacturing reshoring through massive fiscal stimulus and industrial policy, including tax incentives and subsidies for key industries, along with cheap financing via the banking system. He anticipates rapid credit expansion, potentially exceeding the $4 trillion pandemic-era stimulus. Under this scenario, Hayes believes Bitcoin will become the best hedge against fiat devaluation and could reach $1 million.
XION Opens Airdrop Claim Portal
Layer 1 project XION announced the opening of its token airdrop claim portal. Users who actively participated in the XION testnet Dapps, received special recognition from the XION community, or were active across various ecosystem partner communities can now check their XION token airdrop amounts.
Ethereum Researcher Proposes Consensus Layer Upgrade "Beam Chain," Dubbed "Ethereum 3.0" by Community
Justin Drake, a researcher at the Ethereum Foundation, introduced a new consensus layer upgrade proposal called "Beam Chain" at Devcon, which the community has dubbed "Ethereum 3.0." The proposal aims to achieve faster block times, lower validator staking requirements, "on-chain SNARKification," and quantum resistance improvements. Beam Chain centers around introducing zkVM and related technologies to significantly enhance Ethereum’s scalability—potentially eliminating the need for Layer 2 solutions altogether.
Doug Colkitt, founder of Ambient Finance, noted that native zkEVM implementation could effectively eliminate gas limits, requiring nodes only to verify SNARKs, theoretically enabling infinite L1 scalability. However, the proposal may also lead to further centralization of block building.
Drake emphasized that final implementation of Beam Chain requires broad community consensus and described it as his “most ambitious proposal to date.” He had previously stepped down as an advisor due to potential conflicts of interest with EigenLayer.
Ethereum L2 Network Lisk Launches Mainnet and Announces Airdrop Plan
Ethereum Layer 2 network Lisk has launched its mainnet and announced an airdrop plan. Originally launching its testnet in February, Lisk transitioned from a Layer 1 to a Layer 2 blockchain. With the mainnet launch, Lisk plans to distribute 15 million LSK tokens via airdrop, starting on November 21, with the first season lasting four months.
Users can earn points by completing tasks on the Lisk platform, with total points determining their LSK allocation. The airdrop is designed to offer a seamless, engaging, and educational experience. Originally launched as a Layer 1 blockchain in 2016, Lisk rebranded in December 2023 as a Layer 2 built on Optimism to support real-world assets and decentralized infrastructure networks.
Turbos.Fun Now Supports SuiNS Domains; Second Phase of Meme Project Fair Launch Incentive Program Launched
Turbos.Fun, the fair launch platform for meme tokens developed by Turbos Finance—the leading decentralized exchange in the Sui ecosystem—has partnered with Sui Name Service (SuiNS), allowing users and builders to seamlessly connect using .sui domains. This integration enhances platform accessibility.
Meanwhile, Turbos.Fun has successfully concluded its first phase of the Meme project incentive program, helping nearly 2,000 projects fairly launch. Rewards for the first 100 pioneer projects (excluding NSFW content) have already been distributed.
The second-phase incentive program will end on November 19. The top three outstanding projects achieving the highest cumulative trading volume via Turbos.Fun’s bonding curves will receive premium visibility on Turbos, listing on its token pool, and $3,000 growth vouchers from Nextmate.AI for AI-powered on-chain activities.
Coinbase App Rises to #2 on U.S. iOS Finance Free Download Chart
According to App Store data, the Coinbase app has climbed to number two on the U.S. iOS finance category free download chart. Additionally, Google Trends data shows growing search interest in Bitcoin, peaking at 100 and currently sitting at 59.
Starknet: STRK Staking to Launch on Mainnet November 26
Ethereum Layer 2 network Starknet announced on X that STRK staking will go live on mainnet on November 26. After extensive testing on Sepolia, Starknet is ready to roll out the first phase of STRK staking on the mainnet. Participation options include: becoming a validator by staking at least 20,000 STRK and running a full node, or becoming a delegator by selecting a validator from the available list and holding STRK tokens. Note that both validators and delegators will face a 21-day unstaking period.
Bloomberg Analyst: U.S. Spot Bitcoin ETF Assets Now Reach Two-Thirds of Gold ETF Size
Eric Balchunas, senior ETF analyst at Bloomberg, posted on X: “U.S. spot Bitcoin ETFs now hold $84 billion in assets, equivalent to two-thirds of gold ETF assets. Suddenly, they’re on track to surpass gold ETFs before their one-year anniversary—a milestone we previously expected would take 3–4 years.”
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