This Week on web3 5min recap

Market information, major news, and fundraising status for 11/9~15.

Good morning.
Mitsui from web3 researcher.

Every Monday is a summary article about the web3 market for the past week.We pick up news from over 20 national and international media outlets and newsletters.Please use it to catch up on information and trends!

💥News Pickup
📊Market &News (L1, L2, DeFi, NFT, GameFi, Other)

💥News Pickup

1,Binance Labs Makes First foray into DeSci Field with Investment in BIO Protocol

• Binance Labs has made an undisclosed investment in the decentralized science project BIO Protocol

• BIO can be thought of as the Y combinator of on-chain science," Binance Labs explained in a statement shared to The Block

• BIO was founded by key members of VitaDAO, a decentralized, autonomous organization dedicated to funding and promoting early-stage longevity research, backed by the venture arm of global pharmaceutical company Pfizer

2,ENS Developing ZK Layer 2

• ENS Labs announced on November 11 that it is developing Namechain, an Ethereum L2 designed to extend blockchain-based identity solutions

• He explained that the network will provide the technical basis for a "complete rethinking" of the behavior of the ENS protocol, and that the development of Namechain will be the cornerstone of an ENSv2 overhaul of the protocol.

• He added that the network will reduce fees associated with the use of the ENS protocol by up to 99%.

3,Polymarket trading volume plunges 84% after US presidential election.

• Polymarket Presidential Market Finally Closes, Trading Volume and Users Pull Out En Masse

• Polymarket trading volume plummeted 84% overnight, with a 53% drop in daily active users to just over 24,000

• Excluding unresolved political markets, four of the top five non-political markets in total trading volume were sports markets

• More than $700 million was wagered on who will win next year's Super Bowl, and $359 million was wagered on who will win the Champions League

4,Doodles NFT surges with McDonald's

• Doodles announced a collaboration with McDonald's that has doubled to a minimum price of 2.6 ETH in the past 24 hours, bringing the daily transaction volume to 740 ETH, nearly the same amount as Pudgy Penguins and Bored Ape Yacht Club combined

• Purchasing McCafé hot drinks on the McDonald's app unlocks rewards from Doodles, including Doodles' "Dullsville and the Doodleverse" streaming tickets and exclusive McDonald's digital for Doodles avatarsapparel available.

5,Moonshot Meme Coin App Achieves Record Daily Revenue

• Meme Coin Trading App Moonshot Continues to Penetrate the Cryptocurrency Retail Market, Reaching Record Fees and Revenue Yesterday

• According to DeFiLlama, the app generated $130,000 in revenue in just one day, tripling its previous daily high of $40,000

6,Solana and Base Remain Most Popular Blockchain Ecosystems in 2024: CoinGecko

• Solana leads the blockchain ecosystem with 38.79% of global traffic in 2024, followed by Base, bringing their combined share to 56

• Meme coins are driving Solana's growth, with over 3.26 million SOL tokens issued this year, and platforms like Pump.fun driving traffic

• Ethereum ranks #3 in popularity and may see a slight decline in traffic in 2024 as investor attention shifts to Layer 2

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📊Market & News

⛓️L1 Blockchain

Token prices are up across the board this week.

• Bitcoin (BTC) hits $80,000 for the first time, expect Trump

• Justin Drake proposes "beam chain" redesign of Ethereum consensus layer

• TAC Raises $6.5 Million to Give TON and Telegram Users In-App Access to EVM Applications

• Peaq Starts Trading on 12 Cryptocurrency Exchanges, Surges, Fuels Global DePIN Growth

⛓️L2 Blockchain

Overall, TVL has risen.

• Polygon "AggLayer" Introduces AUSD, a US Dollar Stable Coin

• Polygon Labs Launches Newton, a Cross Chain Network with Magic Labs

• Ethernet Layer 2 Lisk launches mainnet, announces airdrop plans

• ENS Developing ZK Layer 2

• Layer 2 Linea, fostered by Consensys, plans Q1 2025 token launch.

• ZKsync token assembly passes 325 million ZK liquidity program

💰DeFi

TVL continues to rise.

• Puffer Finance Launches "UniFi" Test Net

• Pendle Launches Leveraged Yield Tokenization Platform

• Loan protocol Delta Prime suffers second unauthorized access in two months, losses exceed $10 million.

• Unichain shut down after initial developer access compromised

🖼️NFT

The volume of transactions has increased significantly.This is approximately double the volume from last week.

• Buller Proposal Adds Transaction Fees and Eliminates Creator Fee Guarantee

• Magic Eden now supports the SEI Network.

• Open Sea, v2 new features leaked anonymously

• Doodles NFT surges with McDonald's collaboration

🎮GameFi

Many of the top titles have a declining UAW.

• Xsolla prepares its own ZK chain to interconnect and enhance Web3 games 

• Telegram game tokens for "X Empire" and "Rocky Rabbit" soar to all-time highs

Meme

That's quite a stretch.

• Degenchain's Market Capitalization Rises 51% to Over $63 Billion

• Degenchain criticizes Conduit over migration issues

• Binance lists first Sui-based meme coin HIPPO, price 90%.

• Coinbase lists PEPE and WIF, meme coins soar.

• Moonshot Meme Coin App Achieves Record Daily Revenue

Dapps related

• Polymarket bitcoin probability of hitting $100,000 by year-end jumps to 57% following record high.

• Polymarket trading volume plunges 84% after US presidential election

• Coinbase Introduces Wrapped Bitcoin "cbBTC" to Solana

• Tether Funds Middle East Oil Transactions with USDT Stable Coin

• Avara Releases Unmanaged Ethereum Wallet

• Lens Launches V3 Testnet for Developers

• PayPal USD integrates LayerZero for cross-chain transfers

State, Legal & Regulatory Affairs

• Alameda Research Sues Waves Founder to Recover $90 Million

• a16z crypto says tokens likely to be "legitimate and legal" under new regulations

• Bank of Korea signs MoU with regulators to pilot tokenized deposits with CBDC

• FTX Files $1.7 Billion Lawsuit Against Binance and Founder Champong Jiao

• President Trump considers pro-virtual currency official to head SEC

• U.S. Bitcoin Reserve Asset Bill Could Be Passed Within 100 Days of Donald Trump's Inauguration - Senator Cynthia Ramis

• Bhutan's Bitcoin Holdings Reach $1 Billion, Increasing Speculation Over State Establishment

• 18 US States Sue Gary Gensler's SEC Over Virtual Currency Policing

• Italy Considering Easing Cryptocurrency Tax Increase from 42% to 28%

Other

• Dune Acquires a16z-Backed smlXL, Expands Real-Time Blockchain Data Offerings

• Binance Labs Makes First foray into DeSci Field with Investment in BIO Protocol

• BlackRock's tokenization fund BUIDL expands to Aptos, Arbitrum, Avalanche, Optimism and Polygon

• Coinbase Launches COIN50 Index to Compete with S&P 500 in Cryptocurrency Market

• Vitalik Buterin Explores Concept of "Information Finance" in Ethereum-Based Forecasting Market

• CEX data for October: spot trading volume up 17%, derivatives volume up 25%, website traffic up 2%

• According to Signum survey, institutional investors are investing heavily in cryptocurrencies, with 57% planning to increase allocations.

• Solana and Base will remain the most popular blockchain ecosystems in 2024: CoinGecko

• Robinhood Lists Solana, XRP, Cardano, Pepe - One of Them Reaching All-Time Highs

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Disclaimer：I carefully examine and write the information that I research, but since it is personally operated and there are many parts with English sources, there may be some paraphrasing or incorrect information. Please understand. Also, there may be introductions of Dapps, NFTs, and tokens in the articles, but there is absolutely no solicitation purpose. Please purchase and use them at your own risk.

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About us
🇯🇵🇺🇸🇰🇷🇨🇳🇪🇸 The English version of the web3 newsletter, which is available in 5 languages. Based on the concept of ``Learn more about web3 in 5 minutes a day,'' we deliver research articles five times a week, including explanations of popular web3 trends, project explanations, and introductions to the latest news.

Author
mitsui
A web3 researcher. Operating the newsletter "web3 Research" delivered in five languages around the world.

Contact
The author is a web3 researcher based in Japan. If you have a project that is interested in expanding to Japan, please contact the following:

• X：@web3researchgl

• Telegram：@mitsui0x

*Please note that this newsletter translates articles that are originally in Japanese. There may be translation mistakes such as mistranslations or paraphrasing, so please understand in advance.