Overview

This report focuses on the major developments in the blockchain industry from November 4th to November 8th. Recently, several projects have made significant progress. Among them, Solana has performed particularly well in the public chain ecosystem, PAXOS has advanced the stablecoin ecosystem, Avalon Labs has continued to raise TVL, and the Meme zone launch platform has continued to prosper, demonstrating the overall market's enthusiasm. In addition, the rise in BTC mining difficulty has prompted Mining Farms to prefer holding coins rather than selling at a loss, thereby increasing the BTC market price. These developments and competitions indicate that blockchain technology has broad development prospects in areas such as Meme, stablecoins, and public chains, providing users with more innovative applications.

Project

Over 6 billion US dollars of Tokens flowed into Solana, with Ethereum contributing over 90%

According to Artemis data, more than $600 million Tokens were bridged from other chains to Solana in October, with over 90% from Ethereum, followed by 3.52% from SUI and 1.787% from Arbitrum. The following figure shows the top ten total inflows to Solana of all time: [1]

BTCMining Difficulty Breaks 100T for the First Time, Small Mining Farms Face Greater Survival Challenges

According to Glassnode data, the BTC mining difficulty has surpassed 100T for the first time, reaching a historical high of 101.65T. The 7-day moving average of the hashrate has also reached a record peak of 755 EH/s. The gradually rising competitive pressure during the mining process has a more significant impact on small mining farms, as they are more restricted in terms of funding compared to listed mining companies, and therefore face greater financial pressure. [2]

This increase in difficulty may lead to some small Mining Farms exiting the market due to the rising operating costs they cannot afford, or being forced to sell the mined BTC to meet the operational funding needs, thereby creating short-term selling pressure in the market. Currently, the overall operation of the Miner community remains relatively stable, and some Miners may further actively respond to Difficulty Retargeting and optimize Mining costs. In the long run, this trend may prompt small Mining Farms to seek merged Mining or innovative operational strategies, while large Mining Farms will have a stronger market dominance advantage, and the market ecosystem may face further centralization.

Gate.io Ranked on the 'Asia's Financial Technology Innovators' Blockchain and Cryptocurrency List

gate and many other exchanges have been listed in the "Asia's Financial Technology Innovators". This list is compiled by the editorial team of "Fortune", showcasing the leading companies that are shaping the future development of financial technology in Asia, covering five categories - blockchain and cryptocurrency, payment, Digital Bank, insurtech, and wealthtech. In the selection process, "Fortune" editors considered various factors such as company's innovation and application of advanced technology, financial performance, market influence, scalability, compliance, security measures, and unique features that improve consumer's lives.

This honor not only highlights gate's leading position in the Asian financial technology field, but also reflects the market's recognition of gate's innovation and security. In the future, gate will continue to advance Compliance and Risk Management, further enhance the transparency and security of financial technology innovation, and lay the foundation for the industry's long-term healthy development. [3]

Paxos and Robinhood launch a global USD network to promote the use of stablecoins

Paxos and Robinhood announced the launch of the Global Dollar Network, a new fintech platform that has garnered widespread following in the stablecoin field. The team, composed of companies such as Anchorage Digital, Bullish, Galaxy Digital, Kraken, and Nuvei, is dedicated to promoting the global adoption of stablecoins. The network will be centered around the issuance of the USDG stablecoin in Singapore, facilitating the adoption of stablecoins and increasing their real-world applications, particularly in the context of the upcoming stablecoin regulatory framework in Singapore, providing a safer trading environment for enterprises.

This announcement heralds potential changes in the Stable Coin market. Stable Coins supported by Fiat Currency typically generate income through the purchase of national debt, USDG is different from USDC and USDT, with the latter's reserve income usually monopolized by the issuer, while USDG distributes these earnings to network participants, allowing more users to share in the returns from the reserve. This innovative design may attract more enterprises and users to participate, thereby accelerating the practical application of Stable Coins. In addition, obtaining approval from the Monetary Authority of Singapore also provides USDG with regulatory assurance, further enhancing its competitiveness in the market. With the development of the Stable Coin market, other Stable Coin issuers and Financial Institutions may need to adjust their strategies to cope with the new competitive landscape.

Avalon Labs total lockup amount exceeds 1 billion US dollars, continuing to lead the BTCFi market

According to DefiLlama data, Avalon Labs' total locked amount has reached 1 billion US dollars, consolidating its position as a leader in the BTCFi ecosystem. Avalon Labs injects new vitality into the BTCFi ecosystem through innovative financial tools and enhanced Liquidity support, promoting the upgrade of global BTC financial infrastructure.

Pump.fun's October revenue exceeded $30.5 million, reaching a record high, with a rise of 111% compared to the previous month

Thanks to the AI and Meme coin craze, Pump.fun's October revenue soared 111% compared to last month, reaching a historic high of $30.5 million, successfully reversing the previous two-month downward trend. As a highly anticipated Token issuance platform on Solana, Pump.fun provides users with convenient Token creation and trading services. With the continuous development of AI technology and the rise of Meme culture, AI Meme Tokens on the Pump.fun platform have been highly sought after, driving rapid revenue growth. 【6】

SushiSwap launches linear release Meme Token issuance platform Vesting Launch

SushiSwap has launched a linear release Meme Tokenissuance platform Vesting Launch. On this platform, tokens will not be issued to buyers immediately, but will be linearly released within 24 hours of purchase. This mechanism ensures that all buyers, regardless of when they buy, enjoy the same linear release treatment, which can prevent early sniping and malicious manipulation. In addition, the platform also provides a real-time dashboard, where users can check the amount of tokens released and unreleased at any time, increasing the transparency of the transactions. [7]

The Vesting Launch platform launched by SushiSwap undoubtedly contributes positively to the development of the Meme coin market in a fairer and healthier direction. By introducing a linear release mechanism, it effectively curbs early sniping and malicious manipulation, providing investors with a fairer opportunity to participate. This not only helps protect the interests of investors but also creates a healthier development environment for high-quality Meme coin projects.

Note Users should participate with caution, be aware of the risks, and conduct thorough research before participating. http://Gate.io does not guarantee the subsequent development of the project.

Reference:

1. Artemis, https://app.artemis.xyz/flows?tab=ecosystemFlows&sourceChains
2. glassnode, https://studio.glassnode.com/workbench/btc-difficulty-adjustment-pct-change
3. Fortune, https://fortune.com/asia/ranking/fintech-innovators-asia/
4. Paxos, https://paxos.com/blog/introducing-global-dollar-network-an-open-network-to-accelerate-and-reward-global-stablecoin-adoption-driven-by-anchorage-digital-bullish-galaxy-digital-kraken-nuvei-paxos-and-robinhood/
5. Defillama, https://defillama.com/protocol/avalon-labs#information
6. The Block, https://www.theblock.co/data/decentralized-finance/protocol-revenue
7. X, https://x.com/SushiSwap/status/1854207336833053029

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