Overview

This weekly report highlights key developments in the blockchain industry from November 25 to November 29, covering sectors such as options, public blockchains, and meme platforms. CBOE is set to launch the first spot Bitcoin ETF index options on December 2. Avalanche launched the Avalanche9000 testnet and established a $40 million incentive fund. The integrated public blockchain Supra announced the launch of its mainnet and TGE on November 27. Within the Solana ecosystem, Pump.fun accounted for over 62% of trading volume. TON introduced TON Teleport BTC, enabling seamless connectivity between Bitcoin and the TON ecosystem. These advancements demonstrate the continuous innovation in blockchain technology across various sectors, offering users more application scenarios and growth opportunities.

Projects

CBOE to Launch the First Spot Bitcoin ETF Index Options on December 2

The Chicago Board Options Exchange (CBOE) has announced the launch of its first cash-settled index options product tied to the price of spot Bitcoin on December 2, 2024. These options will be based on the newly introduced Cboe Bitcoin US ETF Index (CBTX), designed to reflect the performance of spot Bitcoin ETFs listed on US exchanges. These options provide investors with a new way to capture Bitcoin price movements through options trading without directly holding Bitcoin or its ETFs, and without the concerns of physical settlement. The offerings will include standard and mini options, as well as FLEX options which allow for customizable contract terms.

The launch of this product could mark a new stage for the Bitcoin derivatives market. On one hand, it is expected to attract more institutional capital, enhance market liquidity, and accelerate the compliance process for Bitcoin financial instruments. On the other hand, its design tied to spot ETFs may pave the way for the approval of more spot ETFs in the future. However, the volatility of Bitcoin prices and the uncertainty of regulatory policies remain key risks. Investors should carefully evaluate potential returns and risks to develop more robust investment strategies. [1]

Avalanche9000 Testnet Launches with $40 Million Incentive for Developers

According to an announcement on November 25, Avalanche9000 has been launched on the Fuji testnet and is expected to go live on the mainnet in the coming months. This upgrade reduces deployment costs by 99.9%, enables inter-chain communication, and unlocks over $40 million in retrospective rewards for developers. The upgrade is based on the technical improvements of the Etna upgrade and community proposals ACP-77 and ACP-125. One key change is the renaming of Avalanche subnets, which are now referred to as Layer 1 (L1).

According to Avalanche, this revamp does not change how its subnets operate; they still allow for horizontal scaling without creating compounded dependencies on custom blockchains. Avalanche’s L1 network will function as either a permissioned or permissionless network, with each offering different levels of validator participation and reward control. Additionally, subnet validators are no longer required to stake 2,000 AVAX tokens and synchronize with the Avalanche mainnet. Instead, they will now pay ongoing fees based on the number of validators. According to the network, fixed fees per second will result in significant cost savings for validators.[2]

Integrated Public Blockchain Supra Announces Mainnet Launch and TGE on November 27

The Supra mainnet officially launched on November 27, marking a new phase for its Web3 ecosystem. As the first vertically integrated Layer 1 public blockchain, Supra offers several innovative features, including MultiVM and native oracle functionality. The project has secured $38 million in funding. Since the launch of its testnet in August, Supra has processed over 9 million transactions and attracted 510,000 users. The $SUPRA token was listed on Gate.io on November 27. The launch of Supra provides developers with an efficient and flexible development environment, accelerating the deployment of Web3 applications. In the future, Supra aims to attract top developers from around the world to build a thriving Web3 ecosystem together. [3]

Pump.fun Captures Over 62% of DEX Trading Volume in Solana Ecosystem

According to data from Dune, as of November, token trades created on the Pump.fun platform accounted for 62.3% of all decentralized exchange (DEX) transactions on Solana. However, in terms of transaction volume (turnover), the proportion was slightly lower at 42.3%. These figures support the view that Pump.fun has become a cornerstone of the Solana ecosystem. Launched in January this year, Pump.fun allows anyone to easily issue tokens. Initially, token issuance required a few dollars, but the team later made it free. As a result, Pump.fun has emerged as one of the most culturally influential crypto projects, giving rise to some of this year’s hottest meme coins, such as PNUT, GOAT, and CHILLGUY.[4]

TON Launches TON Teleport BTC, Seamlessly Integrating Bitcoin with the TON Ecosystem

On November 28, the TON Foundation announced the launch of TON Teleport BTC, to integrate Bitcoin with the TON blockchain. Through tgBTC (tokenized Bitcoin), users can easily send and receive Bitcoin within Telegram and TON’s Web3 applications. This initiative not only enables Bitcoin to play a role in the decentralized finance (DeFi) ecosystem but also provides trust assurances without relying on traditional exchanges or third-party custodians. The introduction of tgBTC transforms Bitcoin from a mere store of value into an asset usable for staking, lending, and yield farming, thereby driving its adoption within the TON ecosystem.

Additionally, TON Teleport BTC leverages innovative cryptographic technology and blockchain consensus mechanisms to ensure transaction transparency and security. By utilizing Bitcoin’s Taproot upgrade, TON has successfully minimized transaction costs while enhancing decentralization. With low costs and efficient transaction processing, TON Teleport BTC lays a solid foundation for Bitcoin’s entry into the DeFi space, marking a new chapter for Bitcoin in decentralized finance. By unlocking Bitcoin’s liquidity, TON Teleport BTC improves cross-chain interoperability and establishes a foundation for future financial innovations, propelling Bitcoin toward broader adoption and utility.[5]

Notice
Users should exercise caution when participating, be mindful of risks, and conduct thorough research before involvement. Gate.io does not guarantee the future development of projects.

References:

1. CBOE, https://www.cboe.com/
2. Avalabs, https://www.avalabs.org/
3. X, https://x.com/SUPRA_Labs/status/1861278927873880412
4. Dune, https://dune.com/queries/3919233/6588935
5. X, https://x.com/ton_blockchain/status/1862157939865227645

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Disclaimer
Investing in the cryptocurrency market involves high risk, and it is recommended that users conduct independent research and fully understand the nature of the assets and products they are purchasing before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.