Gemini (GEMINI) news

Jambo (J): Transforming Africa’s Digital Economy Through Web3 and Decentralized Finance

What is Jambo (J)? Jambo (J) is an on-chain mobile network project designed to revolutionize decentralized finance and introduce millions of Africans to Web3 technology. It prioritizes scalability, security, and user accessibility. It simplifies how people access digital financial tools while fostering creativity and community. Who Created Jambo (J)? Jambo was founded in 2021 by siblings James Zhang and Alice Zhang. Born and raised in the Democratic Republic of Congo, the pair grew up with a firsthand understanding of Africa’s untapped potential and its challenges. Their family has invested in Africa’s economic growth for generations, which inspired their mission to create something impactful for the continent. James Zhang, a graduate of New York University with a degree in computer science, has a strong background in technology and blockchain. Alongside his sister Alice, he envisioned Jambo as a way to onboard the next million—or potentially billion—Africans to Web3. The Zhang siblings are blockchain enthusiasts who believe in the transformative power of decentralized technologies to create financial prosperity and equality. What VCs Back Jambo (J)? Jambo’s ambitious vision has attracted significant support from some of the world’s most prominent venture capitalists. Major investors in Jambo include Paradigm, ParaFi Capital, Pantera Capital, Delphi Ventures, Kingsway Capital, Gemini Frontier Fund, BH Digital, Graticule Asset Management Asia, Shima Capital, Morningstar Ventures, Coinbase Ventures, Tiger Global, and more. How Jambo (J) Works Jambo is a comprehensive ecosystem designed to empower individuals through technology, education, and financial tools. Here’s how it operates: 1. The Jambo SuperApp At the heart of Jambo’s ecosystem is the Jambo SuperApp, a multi-functional digital platform that brings earning opportunities, education, and financial services together. The app is tailored to meet the needs of Africa’s diverse population, offering features such as: ● Play-to-Earn Games: Users can participate in fun games and get incentives. ● NFT Marketplace: The app allows users to buy, sell, and trade non-fungible tokens (NFTs), opening new opportunities for artists and creators. ● Crypto Trading: Jambo simplifies cryptocurrency trading, making it accessible to newcomers and experienced users alike. ● Education: The platform provides Web3 and blockchain education to help users understand and leverage decentralized technologies. Through personalized recommendations, the SuperApp ensures that users engage with content and opportunities that match their interests and goals. This creates a unique and rewarding experience for everyone. 2. Jambo Phone In addition to the SuperApp, Jambo is making strides in hardware innovation. The company launched the Jambo phone, an affordable device tailored for Africa’s mobile-first population. This product bridges the technology gap by giving people access to blockchain-based tools and DeFi applications in a user-friendly way. 3. On-the-Ground Education and Community Building Jambo’s success is built on its grassroots approach to education and community engagement. The company has established local offices across Africa and partnered with thousands of internet cafes and college booths to provide access to high-speed internet and educational programs. These initiatives empower users to learn about Web3 technology in a way that is tailored to their local communities. Jambo has also built a network of ambassadors who help spread the word and educate others about blockchain technology. By the end of 2022, Jambo aimed to expand into more than 15 cities and reach over 200,000 active community members, students, and ambassadors. This approach ensures that the adoption of Web3 is organic and culturally relevant. 4. Simplified Economy and Earning Opportunities One of Jambo’s standout features is its simplified economy, which consolidates all earning opportunities within the SuperApp. Users can manage their earnings, track their progress, and withdraw funds seamlessly. Whether they’re earning through play-to-earn games, trading crypto, or selling NFTs, the app ensures that every activity is straightforward and user-friendly. 5. Security and Privacy Jambo prioritizes user security and privacy. The platform incorporates state-of-the-art security measures to protect user data and earnings. This commitment to safety ensures that users can explore and thrive in the Web3 ecosystem without concerns about their information or assets being compromised. 6. The Jambo Token (J) Launching in January 2025, the Jambo token (J) will serve as the backbone of the Jambo ecosystem. It will enable users to participate in decentralized finance activities, access exclusive benefits, and receive incentives for their engagement on the platform. The introduction of the J token marks a significant step forward in creating a fully integrated and self-sustaining digital economy for Africa. J Goes Live on Bitget Jambo’s mission goes beyond technology; it’s about empowering individuals and transforming lives. With visionary founders, strong investor support, and a user-first approach, Jambo is set to redefine what’s possible in the world of Web3 and decentralized finance. By simplifying access to blockchain technology and fostering economic inclusion, Jambo is unlocking the potential of a continent and empowering its people to thrive in the digital age. Trade J on Bitget now! J on Bitget Pre-Market J is a part of Bitget Pre-Market, a platform where users can trade tokens over-the-counter before the token is listed for spot trading. Start time: 15 January, 2025 Bitget Pre-Market offers flexibility in trading activities with two settlement options: ● Coin settlement, which uses a 'cash on delivery' method where a security deposit is forfeited if the seller fails to deliver. ● USDT settlement, a new option where trades are settled in USDT at the average index price at the last minute. To use Bitget Pre-Market, follow these simple steps: ● Step 1: Go to the Bitget Pre-Market page. ● Step 2: ○ For Makers: ■ Choose the desired token and click on ‘Post Order’. ■ Specify Buy or Sell, enter price and quantity, review details, then confirm. ○ For Takers: ■ Choose the desired token, pick ‘Sell’ or ‘Buy’, select the pending order, enter quantity, and confirm. Get J on Bitget Pre-Market now! Jambo (J) on Bitget LaunchX Bitget is pleased to announce the listing of Jambo (J) on LaunchX. Jambo (J)’s LaunchX details: • Total supply: 1,000,000,000 J • LaunchX volume: 10,000,000 J (1% of total supply) • Fundraising target: $5,000,000 • Subscription price: 1 J = $0.5 • Committed coin: BGB • Exchange rate of BGB to J: to be announced. Timelines: • Subscription phase: January 20, 10:00 AM – January 22, 10:00 AM (UTC+8) • Allocation phase: January 22, 10:00 AM – January 22, 6:00 PM (UTC+8) Join LaunchX now! Exclusive for CandyBomb new users – Deposit or trade to grab a share of 600,000 J Promotion period: January 22, 2025, 6:00 PM – January 29, 2025, 6:00 PM (UTC+8) CandyBomb PoolX — Lock up J to get J airdrops Lock-up period: January 22, 2025, 6:00 PM – January 29, 2025, 6:00 PM (UTC+8) Lock now How to Trade J on Bitget Spot Listing time: January 22, 2025 Step 1: Go to JUSDT spot trading page Step 2: Enter the amount and the type of order, then click Buy/Sell Trade J on Bitget now! Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.

Bitget Hot Takes (July 10 - July 16)

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts. The latest Bitget Hot Takes can be found here. Central Themes • Judge rules: XRP is not a security; U.S.-based exchanges are re-listing XRP. • U.S. inflation data in June is lower than expected. • Spot Bitcoin ETFs’ status differs across regions. BGB Slightly Went Up It was a green week for most cryptocurrencies, although XRP’s price soar is the main talk of the town. BGB reached as high as US$0.484746, with the weekly spread reduced by 27.5%. That, combined with an 18.8% decrease in volume, could be pointing to a new breakout soon. Indicators from the previous weeks also suggested the same. BGB's volatility remained lower than that of Bitcoin. The other three saw a bigger increase on Friday, hence the jump in their 7D rolling volatility towards the end of the week. Overall, BGB’s low level of volatility is still considered an assurance for the token’s value, thus making it one brilliant long-term investment. The above-mentioned volume decline of BGB is well reflected in the volume-to-market cap ratio below. However, BGB’s liquidity stayed well above the standard 0.001 of first-tier tokens, meaning healthy markets for BGB are perfectly preserved. Here's a recap of BGB activities from July 10 to July 14, 2023: Check out our BGB Sail Series to see how impressive BGB monthly performance is: BGB Sail: May Edition BGB Sail: April Edition BGB Sail: March Edition BGB Sail: February Edition BGB Sail: December Edition BGB Sail: November Edition BGB Sail: October Edition BGB Sail: September Edition BGB Sail: August Edition BGB Sail: July Edition BGB Sail: June Edition BGB Sail: May Edition XRP Ruling As The Spark Of Hope For Cryptocurrencies The biggest news of the week must be the ruling of the SEC’s case against Ripple. On July 13, the U.S. District Court of the Southern District of New York ruled that ‘Ripple’s programmatic sales of XRP did not constitute the offer and sale of investment contracts’. The term ‘programmatic sales’ means the sales of XRP on digital asset exchanges a.k.a. retail transactions, and under the Securities Act of 1933 and the Securities Exchange Act of 1934, an investment contract is a category of securities. Simply speaking, the Court’s decision says that XRP is not a security in public/retail transactions, which fueled the upward movement of not only XRP but others deemed securities by the SEC as well, including SOL, MATIC and ADA. As of July 17, 2023, XRP has flipped BNB to become the 4th largest cryptocurrency by market cap. It’s important to note that this is only a partial win for Ripple. The second ruling says that ‘Ripple’s institutional sales of XRP constituted the unregistered offer and sale of investment contracts in violation of Section 5 of the Securities Act’. The reason for this decision lies in the fact that retail buyers are unaware of the promoting, marketing and operational schemes that could influence the token’s price, whereas it is most likely that institutional players had access to such materials. Despite the partial win for the SEC, U.S. exchanges have rejoiced over ‘no security in public sales’ part, with XRP being relisted on Coinbase, Kraken, Bitstamp and Gemini. Markets have been experiencing a rally and not just because of the Ripple win. Data released by the U.S. Bureau of Labor Statistics shows that the inflation has cooled down to 3% YoY and the core CPI to 4.8% YoY, both lower than economists’ forecast. It’s also the 12th consecutive month of declining CPI and the lowest in 2 years. Of course we should be happy about the 3% CPI, but 4.8% remains above the magical 2% expected by the FED and so markets have already priced in another rate hike for the next FOMC meeting on July 25 - 26. The U.S. market has been yearning for a spot Bitcoin ETF. Three weeks after BlackRock filed for its spot Bitcoin ETF, the SEC finally accepted applications by BlackRock, Fidelity, VanEck, WisdomTree and Invesco for review, which demonstrates the commencement of its official review process. For the SEC, it is the first time that they take spot Bitcoin ETF applications seriously, but for the Australian Securities Exchange, July 14 marked the day when they received first spot Bitcoin ETF application by Monochrome under the new regulatory framework. Meanwhile, the first spot Bitcoin ETF will be listed on Euronext Amsterdam this month after a 12-month delay. Subscribe to our daily market updates to track Bitcoin ETFs: Bitget Bites (July 17, 2023) The Latest Bitget News What’s new on Bitget? Of course the mighty Bitget Crypto Loan - through which any user can get instant access to more funds! Bitget Crypto Loan currently accepts BTC, ETH and USDT as collateral as well as in the form of applied funds. For a detailed guide on how to start borrowing right away, check out our Introduction to Bitget Crypto Loan! Most notable daily gainers of the week include: GQ/USDT (+269.4%), PAYU/USDT (+201.1%), 0X0/USDT (+191.1%), PLANET/USDT (+119.9%), FAVR/USDT (+115.7%) and CAL/USDT (+102.8%). Bitget Futures Markets saw a rise of 3.6% for the average crypto OI and 1.3% for the average Bitcoin OI in the last 7 days, meaning Bitcoin dominance on the futures market has fallen by 2.4% on average, totally in line with the drop in Bitcoin dominance on the global market. The latest recap of Bitget Reserves shows a total reserve ratio of 223%, with our platform’s holdings recorded at 10,500 BTC (+0.95%), 19,192 ETH (+19.46%), 468,368,419 USDT (+2.08%) and 166,752,923 USDC (2.68%). Users’ funds also increased by at least 4%. Bitget Rewards Center has been upgraded! New users can now get up to 5,027 USDT for free and earn an additional bonus when you log in to your account daily. Sign up immediately to get the most out of our promotion campaign! New Events July margin bonus week! Exclusive airdrops for new margin traders and a 50,000 USDT prize for all! Copy trades of new pairs, unlock $21,000 in USDT! MDTUSDT is available on One-Click Copy Trade Bot trading rewards — 20,000 USDT and an iPhone 14 Mid-Year Jamboree: Get 20 USDT More! 80,000 BGB Giveaway! Deposit EUR or GBP Now! 80,000 BGB Giveaway! Deposit BRL Now! Bitget Builders Million Fans Program：Share the $5,000 Welcome Bonus Win the MacBook Air Invite friends to Earn and get a 20% rebate! L (L) listed on Bitget. Come and grab a share of 1,562,500,000 L! Planet (PLANET) will be listed on Bitget. Come and grab a share of 57,970,000 PLANET！ Outer Ring MMO (GQ) listed on Bitget. Come and grab a share of 2,325,000 GQ Platform of meme coins (PAYU) Savings is Live! Subscribe Earn up to 100% APR ! Good Reads Central Bank Digital Currency (CBDC): a Threat for Crypto? Why are BlackRock and Fidelity’s Bitcoin ETFs Significant to the Crypto Market? AI x Crypto: A World-Changing Partnership Simply create an account, and start exploring the incredible Bitget-Verse today!

BGB Sail: May Edition

Our BGB Sail Series provides an in-depth analysis of BGB performance, together with a recap of the 6c5a04f7-dfe1-4e05-b030-f061d590df34 situation at the end of each month. BGB Sail: April Edition can be found here. Market Summary May appears to be the extension of April's cooling-off period as the global market cap contracted by 2.6%, landing at US$1,179,097,406,821 on May 31, 2023 (0:00 AM UTC). The only three tokens with growing market cap are USDT (stablecoin), XRP (L1 token/altcoin) and STETH (liquid staking derivatives). This is also the first time that STETH is among the Top 10 biggest cryptocurrencies by market cap. The Month-over-Month change in ETH’s market cap is negative but almost negligible, whereas DOGE lost more than one-third of its value over the course of 30 days and as a result fell by two places in the ranking. Meanwhile, the difference between Top 4’s market cap and the rest is so large that it's most likely that Top 4 will continue to stay put for a long time. Let's take a look at the performance of the Top 10 in May. Please note that stablecoins (Tether and USD Coin) and LSD (liquid staking derivatives - STETH) are excluded because their value is supposed to remain ‘stable'. Except for XRP with an impressive 9.3% increase, all tokens in the Top 10 - BTC, ETH, BNB, XRP, ADA, DOGE and SOL - suffered from some small to heavy losses in May. Some possible explanations for the downward momentum include the regulatory uncertainties surrounding native U.S. crypto firms and crypto firms with an U.S. arm and the spreading panic over the U.S. debt limit. Read more about the debt ceiling deal and its implications on markets here: Debt Ceiling Is Lifted. Now What? Basically, we are seeing more securities regulators targeting crypto exchanges, indicating these areas' view of crypto as securities. Here is a summary of May's key headlines:• Bittrex U.S. filed for Chapter 11 bankruptcy; • Top market makers Jane Street and Jump Crypto decided to withdraw from the U.S. crypto exchange market; • Hotbit announced its shutdown; • The Securities Commission Malaysia ordered Huobi Global to stop its operations in the country for ‘illegally operating a digital asset exchange’ here; • The Philippines’ Securities and Exchange Commission charges Gemini for ‘offering and promoting unregistered securities products’; • Hong Kong's Securities and Futures Commission has published the finalised requirements for crypto trading platforms to provide retail crypto trading from June 01, 2023 and opened the registration for crypto exchange licensing; • Beijing released the Web3 Innovation and Development White Paper and committed to spending 100 million yuan each year until 2025 to turn Beijing into the global innovation hub for the digital economy; • Zhengzhou establishes a US$8.5 billion Metaverse fund; • The most recent PayPal report with the U.S. SEC shows that the payment giant's crypto holdings as of March 31, 2023 stand at US$943 million in Bitcoin, Ethereum, Bitcoin Cash and Litecoin, up by 56% from Q4 2022’s US$604 million. They also offer crypto transfers to 60 million users of Venmo. Data from The Block shows that there was a decline in the monthly volume of both spot and futures markets. While spot volume has fallen to the lowest level since November 2020, the volume of BTC futures on derivatives exchanges is still a tad higher than January's figure. Source: lars0x Source: lars0x BGB Performance in May In contrast to the majority of the market, BGB has had a great month. It outperformed all Top 10 tokens and belonged to the group of two only exchange tokens ending the month with a profit. BGB locked in a 14% rise MoM with its monthly high having increased by 6.7% to US$0.506853. According to CoinGecko, this surge in value of the token was accompanied by a 51.2% increase in 30D volume to US$482,744,291. When it comes to liquidity, BGB is undeniably the best exchange token. The volume-to-mcap ratio measures how easy it is for a token to change hands and thus can be used as a basic indicator of liquidity. Blockchain data platform Coinranking.com considers a token with a volume-to-mcap ratio of 0.001 or higher as ‘first tier’ tokens. Out of the eight exchange tokens, GT has the lowest average volume-to-mcap ratio for May at 0.001, barely made it to the first tier list; HT has the highest and BGB has the second-highest figure of 0.027 and 0.024, respectively. However, it doesn't necessarily mean that HT is a better investment than BGB. Going back to the MoM performance chart, the top gainer of the month is MX (+27.5%) and BGB (+14%). HT lost nearly 10% of its value in just 31 days. An analysis based on both values - price performance and liquidity - would suggest that BGB is the best option due to its steady price increment (high liquidity means prices are more stable). It's obvious, then, to see BGB moves up in the exchange token ranking, leaving HT and MX way behind. New to BGB and Bitget? Check this out: Bitget Token (BGB) Introduction. What are the reasons behind this success, you might wanna ask? First of all, owning BGB means you will benefit from the expansion of the ever-growing Bitget ecosystem. Bitget is the first exchange to launch a crypto copy trading product in 2020 - the first of many innovative rollouts throughout the past three years; the better we become, the more profitable it is to invest in BGB. Besides, BGB is the ticket to multiple activities on Bitget, including Bitget Launchpad (hold BGB to get exclusive access to highly anticipated IEOs), Bitget Launchpool (stake BGB to earn new, promising project tokens for free), Bitget Lottery (hold BGB to win prizes in BGB every day), BGB Earn (generate more BGB from your current holdings and/or secure the opportunity to buy BGB at discounted prices), Bitget VIP Program, GroupCoin (hold BGB to get the chance to purchase staple cryptocurrencies at special prices), Vote-To-List (hold BGB to decide whether the project will be listed on the exchange and get rewards for your participation). The IEO on Bitget Launchpad in May attracted 19,263 participants who altogether locked 123,037,455 BGB to get the opportunity to purchase Bitcoin Improvement Proposals 1 (BIP1) and gain the first-mover advantage/take up arbitrage opportunities since Bitget was the first exchange to open BIP1 trading. At its all-time high, BIP1 value is more than four times the IEO price, which translates to a ROI of over 300%. The most popular farming pool on Bitget Launchpool has 30,485,728 BGB (ca. US$12 million) staked. With all pools having an APY of 69% or higher, demand for BGB for sure has skyrocketed - no one wants to miss out on these opportunities! Since the beginning of June, we have completed three rounds of Bitget Launchpool, each having two pools (normal staking and refer-and-earn), and are currently holding two new rounds for 3TH and BHAT. The carefully selected reward tokens make farming more lucrative, thereby driving the demand for BGB further up. To sum things up, BGB has never failed to impress. See yourself how: BGB Sail: April 23 Edition BGB Sail: March 23 Edition BGB Sail: February 23 Edition BGB Sail: December 22 Edition BGB Sail: November 22 Edition BGB Sail: October 22 Edition Bitget-Verse The flourishing of Bitget is undeniably integral to BGB's victory. Public recognition and customer satisfaction motivate us to relentlessly work on product improvements and developments to bring about the best crypto experience to users worldwide. Spot Futures Activities Albeit the broader CEX sector struggled with declining volume in May, Bitget users have been showing uninterrupted resilience. The average daily number of outstanding contracts increased by 3.8%, with the daily average Bitcoin OI rising by 5.2%. Some notable changes to Bitget Futures in the single month of May include the leverage adjustment for XRPUSDT contracts (to 125X) and the addition of 21 new pairs: • BSVUSDT • KEYUSDT • IDEXUSDT • ORDIUSDT • PHBUSDT • TONUSDT • GTCUSDT • DENTUSDT • ZENUSDT • 10000LADYSUSDT • STMXUSDT • CTKUSDT • IOTXUSDT • UMAUSDT • AIDOGEUSDT • PEPEUSDT • SPELLUSDT • CELRUSDT • FLOKIUSDT • EDUUSDT • SUIUSDT The total volume of Bitget Spot Trading in May went up by 22.9% to US$5,370,388,809, mainly thanks to the initial listing of the most sought-after tokens: • DEG/USDT • SUI/USDT (5X) • OGGY/USDT • WSB/USDT • CLIPS/USDT • RIBBIT/USDT • BIP1/USDT • PROPC/USDT Earning With Bitget We have been continuously expanding the variety of investment products on Bitget, with Bitget Range Sniper being the latest introduction. The lowest APR on Bitget Range Sniper up until now is guaranteed at 20% despite your speculation of market sentiment, the highest is up to 500%, and that's why Bitget Range Sniper has become the new obsession of many investors. Bitget Range Sniper differentiates itself from other earning schemes on Bitget in that the asset to be paid out is flexible. In case the market moves in the opposite direction to your prediction, you'll get the payout in Bitcoin or Ethereum, which is perfect because you can hold them and lock in the profit once prices go up. If prices progress in line with your expectation, your profits will be realised immediately by the payout in USDT. You win, either way. Also allowing investors and technical analysts to ride with the waves is Bitget Smart Trend. Bitget Smart Trend is principal-protected, which means investors have the opportunity to place a bet on BTC/ETH prices of the next seven days without worrying about losses at settlement. You can subscribe to Bitget Smart Trend with Bitcoin or Ethereum or USDT, but the gains are distributed in the form of the asset you use to subscribe. High APR is also to be seen with Bitget Smart Trend; the most recent Bearish ETH investments offer up to 70% and 90% APR. Source: Bitget Smart Trend Bitget Dual Investment takes full advantage of the ‘buy low, sell high' strategy. It's designed to provide long-term investors with a 2-in-1 plan; that is, subscribers can buy a cryptocurrency (with stablecoin) and earn interest in that cryptocurrency if its price at the end of the subscription period is equal to lower than their expectations. If the price of that cryptocurrency is eventually higher than the expected price, purchase is not enabled and interests are calculated in stablecoins. That's the Buy Low scenario. On the other hand, Sell High subscribers will sell their crypto holdings at a favourable price in the future and earn interests in stablecoins. Should markets move against them at the end of the subscription period, no selling is allowed and interests are calculated in the cryptocurrency to be subscribed. In short, users will receive their original holdings plus interests even in disadvantageous conditions. Imagine planning your long-term crypto investments. You can either let your stables sit there until your limit order is filled or jump to Bitget Dual Investment to make some extra money on the idle funds. Now back to Bitget SharkFin, the original capital-guaranteed structured investment product. There are twelve rounds of SharkFin in May, each with full options of earning BTC from BTC deposit, earning BTC from USDT deposit, earning ETH from ETH deposit and earning ETH from USDT deposit. 100% of the cases ended up in the Shark Scenario, which is the scenario with much higher APR, hence subscribers turned out to be winners all the time. Source: Bitget SharkFin The charm of Bitget Earn is irresistible. In May only, the total fund subscribed to these four products amounted to US$10.5 million. Bitget SharkFin is the most popular one not only in terms of the total amount subscribed but also pertaining to the number of subscribers. The second best option for long-term investors is Bitget Dual Investment, whilst it's Bitget Smart Trend for farmers. Full guide to these products can be found here: Bitget Range Sniper | Bitget Shark Fin | Bitget Dual Investment | Bitget Smart Trend Learn Earn With Bitget Academy We believe in the power of crypto education. In 2023, so far we have released over 400 educational articles in 20 different languages on Bitget Academy, covering everything from in-depth guides and practical tips to market updates. To help users better gain a deeper understanding of the concepts, we regularly hold Learn Earn events on our social media channels. This is where you can test your knowledge and win amazing rewards! The ongoing rounds of Learn Earn can be found here: Bitget Academy Official Twitter | Bitget Academy Official Instagram Show us how much you have learned about crypto! Join us now on these bountiful events: Futures competition: win a Rolex and grab a share of 100,000 USDT! Early bird rewards and new user rewards are up for grabs! Lucky Wheels, Sunny Deals: Spin for a $10,000 Summer Island Trip Fund Split up to 30,000 USDT! 55 USDT trading bonus for new traders! Good things come in twos! Share 100,000 USDT! Deposit or buy crypto in the mid-year jamboree! Enjoy perks in copy trading trial week! New users only — enjoy loss protection from a 30,000 USDT safety pool for bot trading! Become a Bitget strategist to share 20,000 USDT Unlock VIP Privileges, Limited Edition Merchandise, and up to 15% Cashback on Deposits! Assist2Earn is on! Invite friends to Earn and get a 20% rebate! Bitget Will List BHNetwork (BHAT) in the Innovation Zone Bitget Will List Scallop (SCLP) in the Innovation Zone Ethos (3TH) Savings is UP, Subscribe Earn up to 100% APR! Sphere (SXS) to be listed on Bitget — grab a share of 800,000 SXS GPT Guru (GPTG) to be listed on Bitget — grab a share of 2,000,000 GPTG TENET (TENET) to be listed on Bitget — grab a share of 145,000 TENET Abyss World (AWT) Savings is UP, Subscribe Earn up to 200% APR! Simply create an account, and start exploring the incredible Bitget-Verse today!

Bitget Research: Market Sentiment Recovers, with Strong Performance in the Overall Market

the past 24 hours, there have been many new popular tokens and topics emerging in the market, and perhaps they could be the next market spotlight. In Summary: 1. Popular Tokens: GEN (token) — Generational Wealth, a memecoin representing the Chad elites. LP tokens have been destroyed, and the recent community popularity is high. It has risen dozens of folds since its launch, with a current market value of US$18 million and a 24-hour trading volume of US$14.83 million. CLUB (token) — Crypto Penguin’s memecoin, a nostalgic penguin meme. It will launch a mini-game soon. Its current market value stands at US$1.18 million with a 24-hour trading volume of US$3.67 million, which means a high turnover rate. WAGMI (token) — A trending memecoin recently, a phrase commonly seen on the internet “we are gonna make it”. Vitalik Buterin wore a T-shirt with these words at the Montenegro Conference not long ago. The token has a high popularity in the community, with a current market value of US$7.65 million, and a 24-hour trading volume of US$10.77 million, clearly in a rising trend. Gala (Token) — On May 16, the Gala v2 snapshot ended, and all native GALA tokens will be exchangeable for GALA (v2). The team will also destroy 500 million GALA tokens each quarter in 2023. In addition, the team disclosed in a Medium post on May 16 that they are currently in the process of destroying an additional 3.96 billion GALA tokens, which represents the total income the team has received from GALA. The currency price of GALA has risen by 15% since the news came out, and it is currently consolidating at a high level, with a 24-hour trading volume of US$240 million. TURBO (Token) — A memecoin with a contract written by AI, TURBO was created by digital artist Rhett Mankind. Beeple tweeted an image with the mention of “$TURBO,” and Elon Musk replied with a crying laughing emoji, sparking discussions. As the meme market witnessed a gradual decline in investor interest, NFT whale Pranksy liquidated their entire holding of TURBO. Yesterday, OKX conducted a vote for listing, including TURBO, which fueled speculation around the project. Currently, it has a market capitalization of $48 million and a 24-hour on-chain trading volume of $6.5 million. $MONG (Token) — A memecoin that originated from a U.S. Congressman’s incoherent ramblings, in which he mentioned MONG COIN several times. It represents a degenerate meme culture and a positive community atmosphere. Affected by OKX’s Vote to List promotion, there has been hype again. The current market value of the token is US$100 million, and the 24-hour trading volume is US$15 million. AiONE (Token) — This is an AI concept token, positioned as an AIaaS platform. Benefiting from the recent hype of AI, the liquidity on-chain is US$230,000, and its market value stands at US$49.64 million. The trading volume in the past 24 hours is only US$950,000 though. CAPO (Token) — A memecoin themed around the Godfather movie, CAPO had its TGE last week. The current market value is US$16.5 million, and the 24-hour trading volume is US$5.52 million. It’s popular in the community and is listed on Bitget. agEUR (token) — A Euro-pegged decentralized stablecoin supported by Aagel Protocol. The project has been deployed on multiple networks, and the cross-chain demand is strong. The current market value is US$18.9 million, and the 24-hour trading volume is US$1.67 million. Its share in the centralized stablecoin segment is still limited but it has the potential to grow. ARB (token) — Arbitrum will kick off Delegation Week on May 22. Token holders and delegates will participate in the event to strengthen the democratization and fairness of the DAO. At present, Arbitrum is still the Layer 2 network with the largest TVL, and its trading volume is the 3rd largest on public networks. Projects within the ecosystem have rebounded with the market recently. GMX (token) — The decentralized derivatives protocol GMX announced today that its V2 testnet is open to the public, and users can test it on the Avalanche Fuji testnet. The new features of the V2 testnet include market orders, limit orders, stop-profit and stop-loss orders, etc. In addition, V2 will implement a funding fee to balance the long-short ratio. The token price rebounded slightly, with a 24-hour trading volume of US$19.6 million. RDNT (token): The multi-chain lending protocol Radiant Capital has passed the proposal of “RFP-18: Strategic Application of $ARB Allocation from Radiant DAO Treasury” with an approval rate of 89%. According to the proposal, 40% of the 3.348 million ARB tokens that the Arbitrum Foundation granted to the Radiant Treasury will be airdropped to the eligible dLP lockers, 30% will be distributed to the dLP lockers on Arbitrum, and the remaining 30% will be used as a strategic reserve for future DAO use. Kappe (token) — A project that was open to claim and established a trading pool on PancakeSwap yesterday, it experienced a short-term pullback and then fell significantly. It is currently in the second wave of rising trends, but the strength is weak. The total size of the liquidity pool is US$36,000 with a 24-hour trading volume of US$110,000. A total of 1,223 transactions occurred, and 451 individuals participated. The popularity of the project is average. It’s recommended to stay updated. 2. Popular NFTs: HV-MTL (NFT) — The Bored Ape Yacht Club has introduced a derivative NFT collection called HV-MTL (Heavy Metal), consisting of 30,000 mechs from eight different power sources. Starting from March 15, 2023, owners can burn eligible Sewer Passes to summon an energy source, which will display an Evo 1 mech. Evo 1 holders can participate in future mini-game sets using their Evo 1 to unlock additional evolution stages for HV-MTL. Currently, the total NFT trading volume is 27,699E, with a floor price of 1.05E. There are 10,100 holding addresses. It’s worth keeping an eye on this project. Loyalty Program (NFT) — The NFTs minted on zkBridge Mainnet Alpha are part of the activity conducted by Polyhedra x Galxe. Users mint the NFT to earn points in anticipation of an airdrop, with over 70,000 people participating in the activity on Galxe. 3. Popular DApps: Uniswap (DApp): The overall on-chain transaction volume has decreased compared to before, resulting in a decline in Ethereum gas fees. Recently, it was announced that a decentralized exchange will be developed on the Polkadot parachain Moonbeam. The proposal has been completed and approved through voting. TinyTap (DApp) — A decentralized education platform supported by Animoca Brands. Established in 2012, TinyTap is a tech startup based in Tel Aviv, Israel that focuses on user-generated content (UGC). It is among the top 10 highest-grossing children’s mobile apps on the App Store and Google Play. Its community includes over 9.5 million families and 250,000 educators, offering 250,000 interactive lessons from around the world. Its token, EDU, was previously launched on Binance Launchpad. Driven by its token, the platform is top-ranked on the BSC chain in terms of activity. Hooked Protocol (DApp) — A former Binance Launchpad project and a Web3 education concept, the project has released a test version of a kind of AI product called “Hooked Academy Sensei”. They have tweeted that they are working with OpenCampus to create a future learning experience. At present, its popularity is moderate, with a 24-hour trading volume of US$10 million, mainly used by users of its app. LayerZero (DApp) — A cross-chain protocol that allows DApps deployed on different chains to communicate with each other without the need for any intermediate chain or consensus mechanism. The project announced a partnership with Immunefi to launch a US$15 M bug bounty program. With high on-chain interactions, LayerZero records 275,000 transfers in the last 24 hours, close to its historical record of 284,000. Quadrant Protocol (DApp) — A blockchain-based protocol that allows access, creation, and distribution of data products and services that are centered on authenticity and provenance. Its token is eQUAD, which had its ICO in 2018. The current market cap is US$7.25 million, with only US$5,200 in trading volume. Socket (DApp) — A multi-chain application. Its main product is the Bungee cross-chain aggregator, which has been activated in May to test the network. The project has been very well received by the market. Its user-friendly gas rebate has garnered positive feedback in the community. Woo (DApp) — A DeFi product with built-in features of Woofi Swap and Woofi Earn. Through a multi-chain deployment with Stargate, the platform has a 24-hour trading volume of US$15.18 million. Currently, only a few coin pairs are supported, most of which are mainstream coins. GameTradeMarket (DApp) — GameTradeMarket is a platform on the Solana chain dedicated to discovering and trading NFTs within games, with a focus on in-game asset trading. It provides game classification and asset trading functions for all categories of games. The platform currently has numerous ecosystem game collaborations and recently announced partnerships with twakegame, RadicalChess, PolkaFantasy, and other projects. Chronos (DApp) — A ve (3,3) model DEX on the Arbitrum chain, with a rapidly increasing TVL since launch, currently at US$170 million as the heat has decreased. The main focus is on earning profits through mining. The platform’s token has a 24-hour trading volume of US$485,000. Rocket Pool (DApp) — The LSD sector project has seen continuous growth in Total Value Locked (TVL) since the Shanghai upgrade. There is high enthusiasm among users for participating in staking, leading to a new TVL record. By staking ETH on the platform, users can earn 5% or 8% node rewards. You can participate in or stay updated on this opportunity. The token has been listed on Bitget. Holograph (DApp) — The project team behind it was engaged in multi-chain native asset generation, cross-chain transfer, and other services. The quality of the project is good. A total of 300,000 people participated in its free mint promotion. The project boasts great UI/UX design. The built-in SDK, API, and other functions are friendly to developers. It’s advised to keep an eye on the project. 4. Twitter Hot Topics: RNDR (Token) — The AI token in the market has experienced several days of continuous volatility, indicating a need for speculative catalysts to attract funds. RNDR, in recent times, has heavily promoted its AI rendering capabilities for images and animations on social media, indicating strong fundamentals. Today, RNDR has surged by 18%, with trading volume more than doubling compared to normal days, fueled by heightened speculation within the community. 5. Regional Trending Searches: GALA (Token) — The Gala v2 snapshot has concluded, allowing all native GALA tokens to be exchanged for GALA (v2) in the future. The project commits to quarterly token burns of 500 million GALA, as stated in the 2023 Gems Vision Plan. Furthermore, the team revealed on May 16th via Medium that an additional burn of 3.96 billion GALA is currently underway, providing significant support to the token. AXS (Token) — Apple has approved the listing of the Axie Infinity game on the App Store, which indicates a significant increase in traffic for Axie Infinity once it is available on the Apple Store. This development provides strong fundamental support to the project. Yesterday, the AXS token experienced a sudden surge of over 20%, making it worth continued attention. Main Body Written by: Bitget Research Data collection time: May 18, 10:30 AM Data sources: Dune, DApps, Twitter, Google Note: 1) New active users: Refers to wallet addresses that were newly created on the chain in the past 24 hours and had interactions on the chain. 2) Existing active users: Refers to wallet addresses that were created on the chain 24 hours ago and had interactions on the chain in the past 24 hours. 3) DApp daily activity (UAW: unique active wallets) 4) TGE (Token Generation Event) 1. Blockchain Profile — ETH Chain 1.1 User Profile 1.1.1 Core Data Total active users of ETH: 391,262 New active users of ETH: 72,435, with a daily decrease of 2.50% Existing active users of ETH: 318,827, with a daily decrease of 0.48% 1.1.2 New User Profile Core data: There were a total of 72,435 new active users on ETH yesterday, with a daily decrease of 2.50% Popular Sectors Popular Projects Key Projects: Uniswap (DApp): The overall on-chain transaction volume has decreased compared to before, resulting in a decline in Ethereum gas fees. Recently, it was announced that a decentralized exchange will be developed on the Polkadot parachain Moonbeam. The proposal has been completed and approved through voting. 1.1.3 Existing User Profile Core data: The number of ETH active existing users is 318,827, with a daily decrease of 0.48% Popular Sectors Popular Projects Key Projects: Gala (Token) — On May 16, the Gala v2 snapshot ended, and all native GALA tokens will be exchangeable for GALA (v2). The team will also destroy 500 million GALA tokens each quarter in 2023. In addition, the team disclosed in a Medium post on May 16 that they are currently in the process of destroying an additional 3.96 billion GALA tokens, which represents the total income the team has received from GALA. The currency price of GALA has risen by 15% since the news came out, and it is currently consolidating at a high level, with a 24-hour trading volume of US$240 million. 1.2 Popular Trading Pairs 1.2.1 Uniswap V2 GEN (token) — Generational Wealth, a memecoin representing the Chad elites. LP tokens have been destroyed, and the recent community popularity is high. It has risen dozens of folds since its launch, with a current market value of US$18 million and a 24-hour trading volume of US$14.83 million. https://www.dextools.io/app/en/ether/pair-explorer/0x1ca4713fc4a95f76fcb498b2a5fe8759c53df1a1 CLUB (token) — Crypto Penguin’s memecoin, a nostalgic penguin meme. It will launch a mini-game soon. Its current market value stands at US$1.18 million with a 24-hour trading volume of US$3.67 million, which means a high turnover rate. https://www.dextools.io/app/en/ether/pair-explorer/0xdf865a573173fbe05293460d8ea6c55dd71f779b WAGMI (token) — A trending memecoin recently, a phrase commonly seen on the internet “we are gonna make it”. Vitalik Buterin wore a T-shirt with these words at the Montenegro Conference not long ago. The token has a high popularity in the community, with a current market value of US$7.65 million, and a 24-hour trading volume of US$10.77 million, clearly in a rising trend. https://www.dextools.io/app/en/ether/pair-explorer/0xd6c2af244dd56db3c9d276808eda8b5fb040007b 1.2.2 Uniswap V3 TURBO (Token) — A memecoin with a contract written by AI, TURBO was created by digital artist Rhett Mankind. Beeple tweeted an image with the mention of “$TURBO,” and Elon Musk replied with a crying laughing emoji, sparking discussions. As the meme market witnessed a gradual decline in investor interest, NFT whale Pranksy liquidated their entire holding of TURBO. Yesterday, OKX conducted a vote for listing, including TURBO, which fueled speculation around the project. Currently, it has a market capitalization of $48 million and a 24-hour on-chain trading volume of $6.5 million. $MONG (Token) — A memecoin that originated from a U.S. Congressman’s incoherent ramblings, in which he mentioned MONG COIN several times. It represents a degenerate meme culture and a positive community atmosphere. Affected by OKX’s Vote to List promotion, there has been hype again. The current market value of the token is US$100 million, and the 24-hour trading volume is US$15 million. 2. Blockchain Profile — BSC Chain 2.1 User Profile 2.1.1 Core Data Total active users on BSC: 2,031,265 New active users on BSC: 213,766, with a daily decrease of 6.11% Existing active users on BSC: 1,817,499, with a daily increase of 1,817,499 2.1.2 New User Profile Core data: There were a total of 213,766 new active users on BSC yesterday, with a daily decrease of 6.11% Popular Sectors Popular Projects Key Projects: TinyTap (DApp) — A decentralized education platform supported by Animoca Brands. Established in 2012, TinyTap is a tech startup based in Tel Aviv, Israel that focuses on user-generated content (UGC). It is among the top 10 highest-grossing children’s mobile apps on the App Store and Google Play. Its community includes over 9.5 million families and 250,000 educators, offering 250,000 interactive lessons from around the world. Its token, EDU, was previously launched on Binance Launchpad. Driven by its token, the platform is top-ranked on the BSC chain in terms of activity. HOOK (DApp) — A former Binance Launchpad project and a Web3 education concept, the project has released a test version of a kind of AI product called “Hooked Academy Sensei”. They have tweeted that they are working with OpenCampus to create a future learning experience. At present, its popularity is moderate, with a 24-hour trading volume of US$10 million, mainly used by users of its app. 2.1.3 Existing User Profile Core data: The number of BSC active existing users is 1,817,499, with a daily decrease of 42.56% Popular Sectors Popular Projects Key Projects: LayerZero (DApp) — A cross-chain protocol that allows DApps deployed on different chains to communicate with each other without the need for any intermediate chain or consensus mechanism. The project announced a partnership with Immunefi to launch a US$15 M bug bounty program. With high on-chain interactions, LayerZero records 275,000 transfers in the last 24 hours, close to its historical record of 284,000. Loyalty Program (NFT) — The NFTs minted on zkBridge Mainnet Alpha are part of the activity conducted by Polyhedra x Galxe. Users mint the NFT to earn points in anticipation of an airdrop, with over 70,000 people participating in the activity on Galxe. 2.2 Popular Trading Pairs 2.2.1 PancakeSwap V2 AiONE (Token) — This is an AI concept token, positioned as an AIaaS platform. Benefiting from the recent hype of AI, the liquidity on-chain is US$230,000, and its market value stands at US$49.64 million. The trading volume in the past 24 hours is only US$950,000 though. CAPO (Token) — A memecoin themed around the Godfather movie, CAPO had its TGE last week. The current market value is US$16.5 million, and the 24-hour trading volume is US$5.52 million. It’s popular in the community and is listed on Bitget. 3. Blockchain Profile — Polygon Chain 3.1 User Profile 3.1.1 Core Data Total active users on Polygon: 451,726 New active users on Polygon: 94,973, with a daily decrease of 21.59% Existing active users on Polygon: 356,753, with a daily increase of 5.16% 3.1.2 New User Profile Core data: There were a total of 94,973 new active users on Polygon yesterday, with a daily decrease of 21.59% Popular Sectors Popular Projects Key Projects: agEUR (token) — A Euro-pegged decentralized stablecoin supported by Aagel Protocol. The project has been deployed on multiple networks, and the cross-chain demand is strong. The current market value is US$18.9 million, and the 24-hour trading volume is US$1.67 million. Its share in the centralized stablecoin segment is still limited but it has the potential to grow. 3.1.3 Existing User Profile Core Data: The number of Polygon active existing users is 356,753, with a daily increase of 5.16% Popular Sectors Popular Projects Key Projects: Quadrant Protocol (DApp) — A blockchain-based protocol that allows access, creation, and distribution of data products and services that are centered on authenticity and provenance. Its token is eQUAD, which had its ICO in 2018. The current market cap is US$7.25 million, with only US$5,200 in trading volume. 3.2 Popular Trading Pairs 3.2.1 Uniswap V3 On Polygon, the top ten traded pairs on Uniswap among active users consist of mainstream coins such as ETH, BTC, and stablecoins. 4. Blockchain Profile — Arbitrum Chain 4.1 User Profile 4.1.1 Core Data Arbitrum Active Users: 213,507 Arbitrum New Active Users: 44,121, with a daily decrease of 23.55% Arbitrum Existing Active Users: 169,386, with a daily decrease of 11.47% 4.1.2 New User Profile Core data: There were a total of 44,121 new active users on Arbitrum yesterday, with a daily decrease of 23.55% Popular Sectors Popular Projects Key Projects: Socket (DApp) — A multi-chain application. Its main product is the Bungee cross-chain aggregator, which has been activated in May to test the network. The project has been very well received by the market. Its user-friendly gas rebate has garnered positive feedback in the community. Woo (DApp) — A DeFi product with built-in features of Woofi Swap and Woofi Earn. Through a multi-chain deployment with Stargate, the platform has a 24-hour trading volume of US$15.18 million. Currently, only a few coin pairs are supported, most of which are mainstream coins. 4.1.3 Existing User Profile Core data: The number of Arbitrum active existing users is 169,386, with a daily decrease of 11.47% Popular Sectors Popular Projects Key Projects: Orbiter (DApp) — A cross-chain bridge that currently supports cross-chain transactions between 11 chains. When users interact with networks such as zkSync Era/Lite, the gas cost of using the official cross-chain bridge to cross-chain from the ETH mainnet to zkSync is relatively high. Many users choose to use Orbiter to cross-chain from the Arbitrum chain to the zkSync network. 4.2 Popular Trading Pairs 4.2.1 Uniswap V3 ARB (token) — Arbitrum will kick off Delegation Week on May 22. Token holders and delegates will participate in the event to strengthen the democratization and fairness of the DAO. At present, Arbitrum is still the Layer 2 network with the largest TVL, and its trading volume is the 3rd largest on public networks. Projects within the ecosystem have rebounded with the market recently. GMX (token) — The decentralized derivatives protocol GMX announced today that its V2 testnet is open to the public, and users can test it on the Avalanche Fuji testnet. The new features of the V2 testnet include market orders, limit orders, stop-profit and stop-loss orders, etc. In addition, V2 will implement a funding fee to balance the long-short ratio. The token price rebounded slightly, with a 24-hour trading volume of US$19.6 million. RDNT (token): The multi-chain lending protocol Radiant Capital has passed the proposal of “RFP-18: Strategic Application of $ARB Allocation from Radiant DAO Treasury” with an approval rate of 89%. According to the proposal, 40% of the 3.348 million ARB tokens that the Arbitrum Foundation granted to the Radiant Treasury will be airdropped to the eligible dLP lockers, 30% will be distributed to the dLP lockers on Arbitrum, and the remaining 30% will be used as a strategic reserve for future DAO use. 5. DApp Ecosystem — All Chains GameTradeMarket (DApp) — GameTradeMarket is a platform on the Solana chain dedicated to discovering and trading NFTs within games, with a focus on in-game asset trading. It provides game classification and asset trading functions for all categories of games. The platform currently has numerous ecosystem game collaborations and recently announced partnerships with twakegame, RadicalChess, PolkaFantasy, and other projects. Woofi (DApp) — A DeFi product on the ARB chain that includes Woofi Swap and Woofi Earn. It offers single-asset staking for $ARB. Its TVL has been steadily increasing over the past month, indicating a promising development trend. It is essential to stay updated on this project. 6. DApp Ecosystem — ETH Chain Manifold (DApp) — This is a creator platform that allows artists to create NFTs using componentized product releases for smart contracts. It is also a platform for users to mint NFTs. The project has a strong partnership with the Foundation NFT platform. Manifold maintains high daily activity due to its NFT minting feature. HV-MTL (NFT) — The Bored Ape Yacht Club has introduced a derivative NFT collection called HV-MTL (Heavy Metal), consisting of 30,000 mechs from eight different power sources. Starting from March 15, 2023, owners can burn eligible Sewer Passes to summon an energy source, which will display an Evo 1 mech. Evo 1 holders can participate in future mini-game sets using their Evo 1 to unlock additional evolution stages for HV-MTL. Currently, the total NFT trading volume is 27,699E, with a floor price of 1.05E. There are 10,100 holding addresses. It’s worth keeping an eye on this project. https://opensea.io/collection/hv-mtl 7. DApp Ecosystem — BSC Chain Galxe (DApp) — The on-chain task platform, a top-tier application of the DID, has recently launched a new identity verification method that allows users to log in with their Ethereum address with just one click. Its recent Linea Voyage promotions have attracted wide attention. Yuliverse (DApp) is a parallel reality game metaverse inspired by Pokemon Go and Tinder. Combining the concepts of Move2Earn, GameFi, and Social, users can earn rewards and meet new friends in Yuliverse simply by walking around in the community. It has over 100,000 followers on Twitter, indicating good engagement on social media. 8. DApp Ecosystem — Polygon Chain 0x Protocol (DApp) — An infrastructure protocol that enables cross-chain transactions for ERC-20 tokens. The project has already launched its token, with a total market cap of US$250 million. Many DEXs use their services, and it is one of LayerZero’s competitors. With the upcoming launch of LayerZero, there may be more trading opportunities. The ZRX token is available for trading on Bitget. 9. DApp Ecosystem — WAX Chain Mining Network (DApp) — This is an NFT mining game on the WAX blockchain. Shortly after its launch, Mining Network ranked in the top three on the DappRadar leaderboard and was once a popular top-tier project. However, it has now stagnated and suffered from severe user loss. Taco (DApp) — Taco is a metaverse platform built on WAX, featuring modules such as a gaming platform, DEX, Dapp, NFT marketplace, and NFTs. It has shown steady activity on the WAX blockchain recently, making it worth continued attention in the future. 10. DApp Ecosystem — Solana Chain MeanFi (DApp) — A permissionless, self-custodial bank on Solana, with main modules including a payment stream system, an aggregated DEX, etc. The project has been a top DeFi application on Solana for a long time, with many ecosystem collaborations. However, there is no recent significant update about the project. 11. DApp Ecosystem — Arbitrum Chain Chronos (DApp) — A ve (3,3) model DEX on the Arbitrum chain, with a rapidly increasing TVL since launch, currently at US$170 million as the heat has decreased. The main focus is on earning profits through mining. The platform’s token has a 24-hour trading volume of US$485,000. 12. DApp Ecosystem — GameFi Sector Across All Chains ISKRA (DApp) — Iskra is a blockchain gaming platform built on Klaytn, bringing together gamers and game studios. Its DAU is continuously increasing. The platform allows gamers to explore and enjoy high-quality blockchain games and create their own communities. Users can access new gaming projects via its Launchpad. It planned to hold an exclusive AMA on May 18 featuring Global Business Director Ben, a chance for users to get the latest updates on Iskra. 13. Gas Fee Consumption — ETH Chain GALA (Token) — As promised in the 2023 Gems Vision Plan document, the team will destroy 500 million GALA tokens each quarter in 2023. In addition, the team disclosed in a Medium post on May 16 that they are currently in the process of destroying an additional 3.96 billion GALA tokens, which has effectively supported the token price. Rocket Pool (DApp) — The LSD sector project has seen continuous growth in Total Value Locked (TVL) since the Shanghai upgrade. There is high enthusiasm among users for participating in staking, leading to a new TVL record. By staking ETH on the platform, users can earn 5% or 8% node rewards. You can participate in or stay updated on this opportunity. The token has been listed on Bitget. https://www.bitget.com/en/spot/RPLUSDT_SPBL?type=spot 14. Gas Fee Consumption — BSC Chain Kappe (token) — A project that was open to claim and established a trading pool on PancakeSwap yesterday, it experienced a short-term pullback and then fell significantly. It is currently in the second wave of rising trends, but the strength is weak. The total size of the liquidity pool is US$36,000 with a 24-hour trading volume of US$110,000. A total of 1,223 transactions occurred, and 451 individuals participated. The popularity of the project is average. It’s recommended to stay updated. https://dexscreener.com/bsc/0x9c26a20fd515c67e5024f7a795f9f385fbc1dc6a 15. Gas Fee Consumption — Polygon Chain LayerZero (DApp) — A cross-chain protocol that allows DApps deployed on different chains to communicate with each other without the need for any intermediate chain or consensus mechanism. Recently, LayerZero completed a US$120 million Series B funding round at a valuation of US$3 billion, with participation from a16z and Sequoia Capital, among others. LayerZero recently released its product development progress for April, which has garnered high community attention. Holograph (DApp) — The project team behind it was engaged in multi-chain native asset generation, cross-chain transfer, and other services. The quality of the project is good. A total of 300,000 people participated in its free mint promotion. The project boasts great UI/UX design. The built-in SDK, API, and other functions are friendly to developers. It’s advised to keep an eye on the project. https://www.holograph.xyz/holograph-app 16. Gas Fee Consumption — Arbitrum Chain Radiant (DApp) — It has adopted an ARB allocation proposal that will allocate approximately 2.33 million ARBs to new dLP locked-up users. The first snapshot was completed on May 18 at 2:00 AM. The second snapshot will be announced in the next 30–60 days and eligible dLPs must be locked on Arbitrum and BNB Chain for 6–12 months after the first snapshot and before the second snapshot. 17. Twitter Trends Token Top 20 RNDR (Token) — The AI token in the market has experienced several days of continuous volatility, indicating a need for speculative catalysts to attract funds. RNDR, in recent times, has heavily promoted its AI rendering capabilities for images and animations on social media, indicating strong fundamentals. Today, RNDR has surged by 18%, with trading volume more than doubling compared to normal days, fueled by heightened speculation within the community. https://www.bitget.com/en/spot/RNDRUSDT_SPBL?type=spot 18.Google Trends — Global GALA (Token) — The Gala v2 snapshot has concluded, allowing all native GALA tokens to be exchanged for GALA (v2) in the future. The project commits to quarterly token burns of 500 million GALA, as stated in the 2023 Gems Vision Plan. Furthermore, the team revealed on May 16th via Medium that an additional burn of 3.96 billion GALA is currently underway, providing significant support to the token. The token is available at: https://www.bitget.com/en/spot/GALAUSDT_SPBL?type=spot AXS (Token) — Apple has approved the listing of the Axie Infinity game on the App Store, which indicates a significant increase in traffic for Axie Infinity once it is available on the Apple Store. This development provides strong fundamental support to the project. Yesterday, the AXS token experienced a sudden surge of over 20%, making it worth continued attention. https://www.bitget.com/en/spot/AXSUSDT_SPBL?type=spot 19. Google Trends Surge — East Asia, South Asia, Southeast Asia, Hong Kong, Macau, and Taiwan a) South Asia Region India Trending Tokens: None Trending Keywords: Funding Rate, Opensea Pakistan Trending Keywords: CMC, Binance, Crypto Ban b) Southeast Asia Region Indonesia Trending Keywords: Mining, AA Miner, Pass Crypto Malaysia Trending Keywords: Crypto Mining, Avax, CGC, CMC Thailand Trending Keywords: Crypto Mining, Cloud Mining Philippines Trending Tokens: Gala, Bat, Pity, SLP c) East Asia and Hong Kong, Macau, and Taiwan Taiwan Trending Keywords: crypto news Trending Tokens: QNT, PLI, WTK 20. Google Trends Surge — English-speaking Countries, Europe, CIS Region a) CIS Region Trending Keywords: Crypto Bubbles, Pepe, Gemini, Airdrop Crypto. b) English-speaking Countries Canada Trending Tokens: Kava, Xyo, Doge UK Trending Tokens: CTSI, Cake, KAS, AI Coins USA Trending Tokens: BEN, ETH, CTSI, ETH, AIDOGE, APT, AXS, JUNO Australia Trending Tokens: XRP, Aidoge, RNDR, NGS, GPT c) Europe Poland Trending Tokens: Chia, BTC, Ape, Safe Germany Trending Tokens: Gala, Taxes, CMC, Paypal, Bitbox France Trending Tokens: GMT, Poocoin, Pi, CSPR, BETH, RXD, CAKE Italy Trending Tokens: TRX, Turbo, Mana, BNB Turkey Trending Tokens and keywords: Faucet, GPT, BTC Spanish Trending Tokens: AAVE, AXS, ROSE, POOCOIN, Floki, ADA 21. Google Trends Surge — Middle East, Latin America, Africa a) Africa Trending Keywords: Etoro, Juno, Valr, Uniswap, XRP b) Middle East Trending Keywords: Uniswap, Rain, CMC, Crypto News； c) Latin America Brazil Trending Tokens: His, Worldcoin, Vector Argentina Trending keywords: Luna, PVU Mexico Trending keywords: Bitcoin, Pepe, Solana

Bitget Annual Briefing 2022-23: The Rational Path Ahead (Part 2)

A guide on how to embrace the year of 2023 Fiat-Backed Stables Are Still Tremendously Ahead With USDT and USDC having secured their places in the Top 10 cryptocurrencies by market capitalisation since 2021 (see Bitget Annual Briefing 2022-23: The Rational Path Ahead (Part 1)), USD-pegged stablecoins are for sure dominating the stablecoin market. The aggregated market capitalisation of 10 biggest stablecoins - Tether (USDT), USD Coin (USDC), Binance USD (BUSD), Dai (DAI), Frax (FRAX), TrueUSD (TUSD), Pax Dollar (USDP), TerraUST (USTC), Decentralised USD (USDD) and Gemini Dollar (GUSD) - reached its two-year high at US$182,528,500,000 in May 2022, briefly before the collapse of Terra (now TerraClassic). The event also caugh t USDT off guard as it had to face massive pressure from withdrawals (approximately US$7.6 billion from May 07 to May 16, 2022). There were times when USDT dropped below US$0.95 and required two months to regain its peg. A similar situation happened when FTX got blown up; USDT fell to US$0.981525 on November 10, 2022. The depegging of Tether was most likely proportional to its adoption level. From 2021 to February 2023, the average ratio between Tether and USD Coin is 2.19. Loosely translated, the demand for Tether was twice as much as the demand for USD Coin, therefore at times of black swan events triggering investors to exit the market, the impact on Tether would be more severe. If we are to remove these outliers, Tether appears to be actually stable compared to other fiat-backed stables. The realised annualised daily volatility of Tether, which tries to predict its futures volatility using high, low, open and close prices of the day before, is the lowest out of the 10. The aforementioned Tether depegging periods may also be influenced by the FUD (fear, uncertainty, and doubt) around Tether reserve. The story started in October 2021 when Tether had to pay a US$41 million fine to the U.S. Commodity Futures Trading Commission (CFTC) because USDT was not fully backed by the US-Dollar as it claims. The Q1 2022 audit report of USDT shows 24.4% of Tether reserve was made up of commercial papers, i.e. unsecured promissory note by companies, of grade A3 to A1+ on Standard Poor's credit rating scale, which was considered high risk for a stable. Tether’s depegging after the crash of TerraUSD Classic (back then referred to as TerraUSD or UST) acted as the final straw. Tether had to offload their commercial paper holdings as well as increasing their rating score. As of Q2 2022, only 12.7% of Tether total reserve were held in commercial papers, and their scores ranged from A1+ to A2. By the end of Q3 2022, the stablecoin issuer completely eliminated commercial papers from its reserve, according to an official announcement here. Fiat-backed stablecoins in general are less volatile than crypto - backed and algorithmic stablecoins, except for the case of Gemini Dollar: there are several periods when GUSD volatility is on par or even higher than Frax, a half - (crypto) collateralised, half-algorithmic stablecoin. As the most - trusted representative of crypto - backed stables, Dai exhibits a low volatility of 0.05% on average, with the only irregularity observed in 2021 when it shortly hit US$3.668398. Dai currently accepts a basket consisting of seven cryptocurrencies and three fiat-backed stablecoins as collaterals and keeps a collateralisation ratio of above 150%, thereby achieving a solid peg to the US-Dollar. In terms of velocity, Dai ranks first out of the top 3 stablecoins (Tether, USD Coin, and Dai). Velocity can be simply understood as the speed at which any cryptocurrency moves in the network. Dai usage in decentralised finance (DeFi) is versatile, thus the highest velocity. USD Coin velocity is higher than that of Tether in 2022, although it shows a significantly lower level from 2021. The reason for Binance USD not being mentioned lies in the fact that it is ‘dying' after Paxos announced the termination of BUSD minting by order of the New York Department of Financial Services (NYDFS). Paxos has stopped minting new BUSD since February 21 and simultaneously burned a total of 5,643,228,886.24 from their Treasury from February 14 to March 01, 2023, equivalent to 35% of the circulating supply captured on February 14 by CoinGecko. Euro And Gold - Backed Stablecoins Have Been Well-Received One new Euro-backed stablecoin was introduced in July 2022. However, the demand for stables pegged to Euro and gold was higher in the first few months (January to April). Paxos Gold (PAXG) definitely took the lead, showing the highest volume in comparison to Tether Gold (XAUT) and Tether Euro (EURT). A more regular pattern is also spotted for Paxos Gold volume to market cap ratio. Similar to velocity, the volume to market cap ratio represents how quickly a cryptocurrency changes hands. thus can be considered a useful metric to measure its popularity. It spiked around the time of Terra (LUNA) and FTX. This could be an early sign of digital gold mass adoption - people tend to find a safe haven in turbulent times, and crypto market is no exception. Fiat-backed stablecoins are obviously attractive when the market is doomed by fear, but throwing in inflation and recent economic events, and digital gold becomes a good choice. The new Euro Coin saw volume peak in November 2022 and the volume to market cap ratio in January 2023. Nevertheless, the market cap of top 10 stablecoins (excluding USTC), which are all USD-pegged stablecoins, was 530 times higher than the combined market cap of the Euro Coin and Tether Euro (the number was calculated on February 10, 2023). It is still a long way to go. Simply create an account, and start exploring the incredible Bitget-Verse today! Disclaimer While we do our utmost best to make sure that the information contained herein is acquired from reliable sources, we provide information on an "as-is" basis with no representations as to the validity, accuracy, usefulness, timeliness, or completeness of any information. We are not responsible for any errors or omissions, losses, and/or damages arising from its display or use. The information, views, and opinions expressed herein are those of Bitget at the time of publication and are subject to change anytime due to economic or financial circumstances and may not necessarily be updated or revised to reflect those changes that arise after the date of publication. The views, information, or opinions expressed in the report are intended for informational and educational purposes only. It is not intended or offered to be used as legal, tax, investment, financial, or other advice. Under no circumstances are Bitget, our employees, agents, partners, and/or co-operations responsible for any decision made, action taken, or result obtained from or in reliance on the use of the information herein. Any investment or trading ideas, strategies, or actions should never be taken without first taking into consideration each individual's personal and financial situation, and/or without consulting financial professionals.

Bitget Hot Takes (January 23 - January 29)

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts. Bitget Hot Takes the week before can be found here. Central Themes • ETH sliding, BTC hovering above US$23,000 with hashrate hitting new all-time high levels. • DeFi blue chips are actively building and expanding to different chains. • New insights from Genesis’ bankruptcy filing; SBF attempted to influence witnesses. • Moody’s is in the early stage of developing a stablecoin scoring system. BGB Hit A New High For 2023 While Bitcoin managed to hold the US$23,000 mark throughout the weekend, BGB saw a small contraction of 0.07% in returns and Ethereum 3.25%. That could be a lil’ bit concerning for BGB diamond hands, but check out the chart below: Source: TradingView BGB reached 2023’s new high this week, following the bullish sentiment of general markets. The U.S. 2022 GDP numbers published by the Bureau of Economic Analysis seemed to have given BGB the momentum it needed to cross US$0.21 Check the analyses of BGB price trend in 2022 here: BGB Sail: December Edition BGB Sail: November Edition BGB Sail: October Edition BGB Sail: September Edition BGB Sail: August Edition BGB Sail: July Edition BGB Sail: June Edition BGB Sail: May Edition If you are completely new to the token, we are delighted to give you the full guide to BGB - the golden ticket to the Bitget Ecosystem here: Why BGB Is Your Bluechip Exchange Token. Markets Got Busy Again Ethereum prices saw quite a shrinking over the last seven days compared to Bitcoin and other altcoins. That could be a result of the unclear definition of the PoS Ethereum, which is discussed in the first volume of The Crypto Burrito. Of course ETH holders are looking for a reason to expect price soaring, and they have it: The Shanghai upgrade is set to take place in March. Developers have been working on it; a fork devoted to the purpose of upgrade rehearsal, called ‘shadow fork’, was finalised on January 23. As we are already in the last few days of January, there are less than 60 days until the Shanghai upgrade as well as the enabling of withdrawals on the Ethereum network. Under direct influence of this event are LSD protocols (again, check out The Crypto Burrito (Volume I): Ethereum Merge to learn more about liquid staking derivatives or LSDs). The biggest validator on the Beacon Chain (also the most popular LSD protocol per se), Lido, has published their design proposal for the ETH unstaking on the community forum and asked for feedback. The proposal needs to undergo a voting process by Lido DAO before any changes are implemented on the protocol. On a side note, we are seeing more L1s embracing LSD, with Marinade Finance introducing a reward programme worth around US$10 million for liquid staking on Solana. Last year, the U.S. announced the blacklisting of crypto-mixing service Tornado Cash, saying ‘Tornado Cash has repeatedly failed to impose effective controls designed to stop it from laundering funds for malicious cyber actors on a regular basis and without basic measures to address its risks’. That severely impacted the decentralised state of crypto, as Tornado Cash allows for easy, non-custodial, anonymous on-chain transactions. Now there’s a way out for Tornado Cash users: Web3 builder venture Chainway recently launched a Proof-Of-Innocence protocol, through which Tornado Cash users can prove that their funds do not come from hacker addresses while preserving their privacy. DeFi and NFT blue chips are building non-stop We can agree that many crypto blue chips are Ethereum-native protocols. But Ethereum’ congestion and high gas fees remain a firm entry barrier for new users, which understandably explains the rise of BNB Chain and most recently Polygon in terms of daily active users. Therefore, the biggest names are looking to expand their services to other chains: • Uniswap to deploy on BNB Chain: Proposal by 0xPlasmaLabs, preliminary polls see 80% saying yes; • Sushiswap to launch a perpetual DEX on Sei Network (per Sushiswap Head Chef), after the Head Chef proposed a change to the SUSHI tokenomics, following a temporary change to replenish the Treasury. Still putting the focus on Ethereum are MakerDAO, whose community is backing a proposal to yield interests for their Treasury from an earning vault by Yearn Finance, and Aave, which will soon launch a ‘fresh’ Aave v3 with the initial listings consisting of WBTC, WETH, wstETH, USDC, DAI, LINK, and AAVE. Three major news regarding the NFT/Metaverse space last week include: • Decentraland partners with Pedigree to bring canine adoption to the metaverse; • Bored Ape NFT game Dookey Dash registered over US$40 million (27,090 ETH) in 10-day trading as players are excited about the mystery rewards • The German carmaker Porsche releases the official Terms and Conditions (TC) for their Porsche NFT collection, which gives buyers the opportunity to withdraw from the purchase within 14 days. In the Wild West of NFT, Porsche is one of the first to honour consumer rights with this TC and may have set the example for future NFT projects so as to prevent rug pulls and scams. Trouble, trouble, trouble Crypto saw a new week of layoffs, half from the troubled actors: Gemini (10% of staff), DCG’s Luno (35%), CoinTracker (20%) and Moralis (numbers undisclosed). New from the court proceedings: Genesis’ creditor list shows not only crypto/financial firms (Gemini, Cumberland, Mirana, MoonAlpha Finance and VanEck, among others), but also government agencies - the Internal Revenue Service (IRS) and the Securities and Exchange Commission (SEC) of the U.S. as well. The creditor list of FTX appears to be even longer, with star athletes, crypto firms, tech giants, media outlets, the PM of Bahamas and public servants of both the Bahamas and the U.S. More information on the Chapter 11 Bankruptcy can be found here: The Crypto Burrito (Volume IV): Understanding 2022’s Crypto Bankruptcy Filings Still in the process are BlockFi and FTX. The former was granted permission to issue US$10 million in bonuses for their critical employees to keep them from fleeing to Google, Block Inc. and Walmart. Meanwhile, prosecutors are asking the judge to impose new bail conditions and FTX is seeking permission to subpoena SBF after the former FTX CEO used Signal to contact a potential witness in his criminal case. Celsius Earn users already received the ultimatum from the bankruptcy court, but they can still expect to get some of their assets back. A representative of the bankrupt crypto lender told the court that they are ‘in the later stages’ of developing a plan to return assets to Earn customers. Eligible Celsius accounts should also receive the Flare token airdrop after Celsius won court approval for the one-time distribution of FLR to users who had XRP locked on the platform as of December 2020. The Twitter accounts of Robinhood and Azuki were hacked last week. Hackers saw the opportunity to take advantage of their followers, thus promoting the scam token of RBH on BNB Chain and fake virtual land claims in Azuki's newly launched virtual world Hilumia. In-between these hacks was a phishing attack that resulted in the loss of US$1 million value NFTs owned by Moonbirds creator Kevin Rose. The Latest Bitget News Happy new year and Happy Lunar new year to our users with the upgraded 5,005 USDT Welcome Package for newbies! Register here and complete all tasks in Bitget Rewards Center to receive the gifts! Have you tried Bitget Spot Copy Trade on your Android devices? Realising how much our users love Bitget One-Click Copy Trade, we have worked diligently to release Bitget Spot Copy Trade - the sibling of Bitget One-Click Copy Trade that targets Bitget spot markets and our plentiful offering of crypto pairs. Learn how to dive in right now with our guide here. Another key component of Bitget Social Trading is Bitget Insights, which is now available on web here: Bitget Insights Web. Sign in right now and share your experience and opinions on markets to share US$4,000 in rewards. You can choose to contribute to the Bitget community either by creating valuable content or helping us recruit high-quality content creators - it’s completely up to you! Talk about Bitget Social Trading, new listings here for you: • New One-Click Copy Trade pairs: OPUSDT and PEOPLEUSDT • New Spot Grid and DCA Strategy Trading pairs: USDCUSDT, BUSDUSDT, GALAUSDT, ZILUSDT, APEUSDT, OPUSDT, GMTUSDT, NEARUSDT, FTMUSDT, OCEANUSDT, HOOKUSDT, ANKRUSDT, FETUSDT, WOOUSDT, PEOPLEUSDT, DYDXUSDT • New Futures Grid and DCA Strategy Trading pairs: ZILUSDT, OPUSDT, WOOUSDT, PEOPLEUSDT, DYDXUSDT • New Spot Margin pairs: APEUSDT and TRXUSDT Even before the FTX demise, Bitget has already been committed to bring transparency, safety and trust to the digital space. The latest snapshot of our Proof-Of-Reserves for December 2022 was released in early January with a Total Reserve Ratio of 223% and our Bitget Protection Fund maintained at 6,500 BTC and 200,000,000 USDT. However, we are determined to forge ahead by giving users with decent holdings the opportunity to apply for the brand new Bitget Fund Custody Service, through which their assets will be better protected in a separate address. New Events Make a Deposit, Share $10,000 Futures Trading Bonus Bitget Insights Web Launch: Share Insights, Earn Rewards up to $4000 Share 6000 USDT Get to Know 13 Community Reputation Roles' NFT VIP Earn Rewards for New Year: 3x APR, Free VIP Privileges! Anybody can be a Merchant on Bitget P2P and Earn 125$ in Weekly rewards! Bitget Elite Recruitment! Invest Like the Top Investors on Bitget Buy Crypto with 0% Fees Through Banxa Earn $10 Bonus! Broker’s Special - 100% Rebate for Limited Time Only! Get 3$ Free on your first P2P trade on Bitget P2P! [Bitget VIP] Free To Claim Your New Year Gifts Join Bitget Discord and Participate in the New Weekly Registration Contest, Win BGB Bitget Partners with TealStreet; Plus, Register, trade for up to $8000 bonus！ Good Reads What is Stagflation and How Does It Affect the Crypto Market? The Crypto Burrito Volume III: The Never-Ending Saga Of FTX The Crypto Burrito Volume IV: Understanding 2022’s Crypto Bankruptcy Filings How Bitget Became A Dark Horse And Earns Market Share And Trust From Millions In Crypto Winter What Is DogeCoin (DOGE)? Follow us for the latest updates: Twitter | Telegram | LinkedIn | Facebook | Instagram

The Crypto Burrito (Volume III): The Never-Ending Saga of FTX

“Truth is stranger than fiction, but it is because Fiction is obliged to stick to possibilities; Truth isn't.” Mark Twain FTX was one of the biggest crypto exchanges with a peak evaluation of $32 billion and was promoted by A-list celebrities such as Tom Brady, Gisele Bündchen, and Stephen Curry. Founded in 2019 by supposedly wonder boy Sam Bankman-Fried (SBF), the exchange quickly rose to prominence, raising billions of USD from the likes of Softbank and BlackRock, acquiring multiple crypto firms, while having stadiums named after it. Then in 2022, in a matter of days, the exchange fell apart with lightning speed. Incidents after incidents kept pouring in like endless waves of a tsunami, and before anyone knew it, $8 billion vanished into thin air like a swift David Copperfield act. What happened? Why did it happen? And what are the aftermaths? The Crypto Burrito (Volume I): Ethereum Merge The Crypto Burrito (Volume II): Terra’s Fall From Grace The Crypto Burrito (Volume III): The Never-Ending Saga of FTX The Crypto Burrito (Volume IV): Understanding 2022’s Crypto Bankruptcy Filings Timeline of FTX Collapse This fallout of FTX is hella complicated with many people and events involved, so we will try to provide you with a summary timeline of how the extraordinary series of events unraveled. Note: The timeline provided herein is in GMT+8. Signs of a Looming Problem ● September 14, 2022: Bloomberg published an article raising concerns about the dubiously tight ties between Alameda Research (co-founded by SBF and CEO-ed by SBF’s girlfriend, Caroline Ellison) and FTX. Alameda was the largest trader and liquidity provider on FTX, and enjoyed unfair advantages when trading on the “sister” exchange. ● September 27, 2022: President of FTX.US, Brett Harrison, resigned for no obvious reason. The previous month, the co-CEO of Alameda, Sam Trabucco, also quit with no clear explanation. ● October, 2022: It was reported that SBF was desperately seeking capital and there were issues with payroll and bonuses in FTX since the beginning of 2022. The Beginning of the End ● November 2, 2022: CoinDesk reviewed Alameda’s balance sheet and announced that most of Alameda’s $14.6-billion asset is made up of FTT, the token printed out of thin air by FTX, and that the trading firm had $8 billion liabilities. At that time, the circulating market cap of FTT was $5.1 billion as per FTX itself, but the total amount of FTT that was in Alameda’s balance sheet was worth approximately $6 billion (?!). ● November 6, 2022: CZ of Binance announced on Twitter that Binance would sell all the FTT they had “due to recent revelations that have come to light”, and the stack was valued at more than half a billion USD then. ● November 8, 2022: $6 billion was reported to have been withdrawn from FTX in the span of 72 hours since CZ’s tweet, causing FTX to suspend withdrawals. On his personal Twitter account, SBF put the blame on Binance and assured the users by saying that “FTX has enough to cover all client holdings” and “FTX is fine. Assets are fine.” These tweets are now deleted. Later that day, SBF made an abrupt U-turn, admitting to liquidity crisis on FTX and asking for Binance’s help. Binance entered a non-binding agreement to acquire FTX, excluding FTX.US, with the intention to provide liquidity for FTX’s users. 80% of FTT’s value was wiped out at the end of the day. ● November 9, 2022: FTX was revealed to be under investigation in the US by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for mishandling of customer funds and for the unusually close relationships with FTX.US and Alameda Research. SBF called investors and said that FTX needed $8 billion to cover the fund deficit caused by sudden mass withdrawals and at least $4 billion to avoid bankruptcy. Turned out the tweets SBF made the day before was all hoax. Alameda took down its website. ● November 10, 2022: Binance decided to step away from the deal to acquire FTX, citing reasons being mishandled customer funds and alleged investigations in the US. Binance also said that the situation at FTX is “beyond [their] control or ability to help”. These remarks from Binance implied that the problem with FTX was potentially fraud, not a mere liquidity crunch as initially asserted by SBF. ● November 11, 2022: FTX, FTX.US, and Alameda Research filed for bankruptcy. SBF resigned and John Jay Ray III, a corporate restructuring expert who oversaw the case of Enron, assumed control as CEO of FTX. There Is No Worst, Only Worse ● November 11, 2022: Both Reuters and the Wall Street Journal found out that the amount FTX lent Alameda might amount to $10 billion, all of which was supposedly taken from customer deposits on FTX. It was worth noting that the total value of customer assets on FTX at the time was $16 billion. Among the $10 billion moved to Alameda, between $1 billion and $2 billion disappeared without a trace and nobody knew where it went. ● November 12, 2022: FTX was drained of half a billion USD. It was said that the exchange had been hacked, FTX apps had become malware, and accessing FTX websites would infect your devices with Trojans. ● November 13, 2022: The Royal Bahamas Police investigated FTX for potential criminal misconduct. Kraken announced that they could identify the ones that hacked FTX of half a billion USD through connected verified Kraken accounts and decided to freeze all accounts related to FTX and Alameda. The Financial Times got a hold of FTX’s balance sheet dated to November 10, on which data demonstrated that FTX had $900 million in liquid assets against $9-billion liabilities. ● November 15, 2022: US’s Federal Prosecutors started investigation on FTX. ● November 16, 2022: SBF and celebrity endorsers of FTX were sued. ● November 17, 2022: In the sworn declaration submitted to US bankruptcy court, John Jay Ray III confirmed there was indeed a secret backdoor software to loot customer funds from FTX to Alameda and Alameda had special exemption from FTX’s auto-liquidation mechanism. He also commented: “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here. From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.” Spoken by a man who did the notorious Enron case and had more than 40 years of experience, these words consolidated how much of a disaster FTX was. Orange Jumpsuits Awaiting the Dashing Ex-Executives ● December 12, 2022: SBF was arrested by Bahamian authority, thereby missing the US congressional hearing scheduled the next day. ● December 13, 2022: SBF was charged with eight counts of fraud among other criminal offenses in the by the U.S. Attorney’s Office. He was also charged with frauds and material misinterpretations by SEC and CFTC. ● December 21, 2022: Caroline Ellison and Gary Wang (co-founder and ex-CTO of FTX) were charged with fraud by SEC. They both pleaded guilty and could potentially spend the rest of their lives in prison. SBF was extradited to the US. ● December 22, 2022: SBF was released on a $250-million bail and was allowed to stay at his parents’ house while waiting for trial. This is, till date, the biggest federal white-collar pre-trial bail ever in history. ● January 3, 2023: SBF pleaded not guilty to all charges. His next trial would happen in October, 2023. The Oscar-Worthy Acting of SBF Since he arrived at the crypto scene, SBF had sustained a somewhat convincing public façade of a tech genius – entrepreneur that lived humbly, donated millions to charities, appeared next to world leaders, and attended top-profile events such as the World Economic Forum 2022. His performance was so impressive that he was hailed by Fortune as the next Warren Buffet at the age of 30. The man often appeared before the public eyes in t-shirt or hoodies and shorts with the notorious bird nest-lookalike bedhead. There was even a TikTok of him dancing and saying that all his clothes could fit in a backpack. As his crypto empire built upon lies fell apart and the truth started coming out, SBF went on a “press tour” in a dire attempt to save his face (probably his ass too). Incredibly, despite all the questions and pressure put on him, the man almost never lost his cool. But this time, he abandoned the appearance of a genius poster boy who could lift the world with his pinky, and donned the guise of a heedless innocent boy whose motto was “I don’t know what happened”. Indeed, for the innumerable interviews, the ex-CEO made himself look like he did not know how his companies functioned at all, being unaware of the balance sheets, where the money was, who could access which data, and “misreading” $10 billion. During a two-hour long interview with Good-Morning America against his lawyer’s advice, the fraudster insisted on blaming FTX’s collapse on negligence not defrauding, blaming himself for not spending “any time or effort” on risk management. However, under enough pressure, any mask cracks. With enough prying, the truth unveils. Behind the scenes of the frugal former-multibillionaire, the man secretly owns multimillion-dollar real estates hidden in the Bahamas. Behind the scenes of an outspoken advocate for regulations on crypto, the truth was: “[eff] regulators”, as he said during a Vox interview after the bankruptcy. No matter how open and honest SBF was, it was only a façade. Thus, when the real questions were asked, he suddenly had a meeting to attend, went dumb with endless “um-ah”, or beat around his multibillion bushes even when it was a simple yes or no question. A YouTuber called Coffeezilla was determined with drawing the truth from the mouth of the ex-CEO of FTX, sneaking in several Twitter spaces where SBF attended to grill the man about FTX. His hard work paid off more handsomely than any other professional reporters as he made Sam admit to frauds and expose his true colors. Despite all this, SBF, now known as Scam Bankrupt-Fraud, denied committing frauds during his first trial in 2023. Perhaps he was loyally fulfilling his own prophecy, “I think it’s important for people to think I look crazy,” We will have to wait until October 2023 to see what mask he puts on next. One thing for sure is no matter what guise he chooses, the developer of his most beloved video game, League of Legends, and the leaders of the social movement that he strongly supports, effective altruism, already want nothing to do with him. Collateral Damage on the Crypto Market Needless to say, numerous companies and countless people are affected by the crash of the used-to-be-$32-billion FTX. Apparently the hardest-hit are the ones closely related to FTX and Alameda. FTX “rescued” three crypto firms from bankruptcy but the buyout turned out to be more of a poison than a lifeline following this incident: BlockFi went bankrupt in November 28, 2022; Blockfolio had all of its website and social media channels closed without notice; while Voyager Digital also went bankrupt and had its assets bid on by Binance. Solana, the blockchain that SBF invested in, ended 2022 with a massive $50-billion loss. The investors of FTX, including Sequoia, Temasek, SoftBank and BlackRock, who poured millions and billions into FTX saw their money go with the wind, too. Tragically, the Ontario Teachers’ Pension Plan invested $95 million into this dead exchange, so that means a lot of innocent people who are not involved in crypto are bound to lose money in their retirement plan. As the result of the bankruptcy, most prominent cryptocurrencies dropped sharply in price. Let’s not forget the thousands of employees of FTX and Alameda got to know the swift bankruptcy through social media and lost their jobs subsequently, as well as the 5 million users who have no idea where their money is now. The question whether users can recover a part or 100% of their funds deposited on FTX is still very much debated, judging from the fact that the exchange was conveniently hacked the day after bankruptcy filing. Further monetary impact on the crypto market itself has yet to fully manifest, but a confidence crisis is definitely present. As a result of this collapse, legislators from different countries are forced to take action. EU lawmakers already made the most comprehensive set of rules for crypto called Markets in Crypto Assets regulation that will take effect in 2024, but after the FTX case broke out, they seriously doubt the rules have the ability to prevent the same thing from happening again. Likewise, US legislators demand stricter crypto regulation. SEC was quick on their feet and immediately came for Gemini and Genesis. Singapore, home to the state-owned investment company Temasek, considers the investment loss in FTX disappointing and damaging for the country. Consequently, the Monetary Authority of Singapore will propose and introduce new regulations for the crypto market. The collapse of FTX happened at a breakneck speed, but the repercussion, perhaps, is long-lasting to the blockchain and crypto world. Whatever results the trial in October may have, the current crypto scenes and regulations will never be the same after. Simply create an account, and start exploring the incredible Bitget-Verse today! Disclaimer While we do our utmost best to make sure that the information contained herein is acquired from reliable sources, we provide information on an "as-is" basis with no representations as to the validity, accuracy, usefulness, timeliness, or completeness of any information. We are not responsible for any errors or omissions, losses, and/or damages arising from its display or use. The information, views, and opinions expressed herein are those of Bitget at the time of publication and are subject to change anytime due to economic or financial circumstances and may not necessarily be updated or revised to reflect those changes that arise after the date of publication. The views, information, or opinions expressed in the report are intended for informational and educational purposes only. It is not intended or offered to be used as legal, tax, investment, financial, or other advice. Under no circumstances are Bitget, our employees, agents, partners, and/or co-operations responsible for any decision made, action taken, or result obtained from or in reliance on the use of the information herein. Any investment or trading ideas, strategies, or actions should never be taken without first taking into consideration each individual's personal and financial situation, and/or without consulting financial professionals.

Bitget Hot Takes (January 09 - January 15)

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts. Bitget Hot Takes last week can be found here. Central Themes • BGB recorded gains of 7%. • The U.S. CPI lowered in December 2022; Bitcoin back to US$20,000. • Société Générale secured a loan from MakerDAO. • Cosmos-based Euro-pegged stablecoin discontinued. • SEC charges Gemini and Genesis with unregistered securities offering BGB Recorded 7% Gains A green week for all. BGB value increased by 7% at the end of Sunday, Bitcoin by 24% and Ethereum by 22%. The take-off followed delighted cb2528cb-16c1-4d6d-930d-225e54f241f9 sentiment, but BGB does not only perform well in favoured conditions, it’s also been a good keep during volatile and gloomy times. Check the previous months’ analysis of BGB price trend here: BGB Sail: December Edition BGB Sail: November Edition BGB Sail: October Edition BGB Sail: September Edition BGB Sail: August Edition BGB Sail: July Edition BGB Sail: June Edition BGB Sail: May Edition If you are completely new to the token, we are delighted to give you the full guide to BGB - the golden ticket to the Bitget Ecosystem here: Why BGB Is Your Bluechip Exchange Token. Back To US$20,000 The U.S. CPI for December 2022 came in at 6.5% compared to November’s 7.1%. That is the first decline of the last 12-18 months, hence stock and crypto markets have been enjoying the green heartily. For the first time since the FTX blow-up, Bitcoin prices crossed the US$19,000 mark and continued to breach US$20,000 then US$21,000 on Saturday and Sunday, respectively. Source: TradingView It’s nice to see crypto-linked funds doing well, we mean extremely well, in the first days of the year. Maybe this is not a rocky start, after all. Bitcoin is currently at US$21,100, Ethereum near US$1,600 and the Top 14 equity ETFs year-to-date are all digital asset-focused. Source: Bloomberg Still the most dedicated Bitcoin advocate, El Salvador has been working on Bitcoin-backed bonds since 2022 and has passed a digital securities bill that allows the realisation of the ‘Volcano Bond’. Meanwhile, the Ethereum ecosystem also saw positive growth with Société Générale, the French-based investment firm with a history of over 150 years, minting US$7 million in DAI using a housing loan as collateral and MetaMask releasing the beta version for Lido and Rocket Pool staking. Last week ain’t all rainbows and unicorns, though. Crypto lender Nexo is being investigated by Bulgarian prosecutors for ‘illegal criminal activities’ since January 15 (Thursday), and as a result saw withdrawals totalling to 8,324 Bitcoin in the next 24 hours. In 2022, Nexo made offers to acquire the assets of two rivals, Celsius and Vauld, with the latter doubting Nexo’s solvency status. The Bank of International Settlements (BIS), the global of central bankers, published the BIS Bulletin No. 66, suggesting the three lines of actions authorities around the world can take towards the crypto industry: ‘ban’, ‘contain’ (limit the flows between TradFi and crypto) and ‘regulate’, together with their advantages and drawbacks. In the U.S., the Securities and Exchange Commission (SEC) has turned their attention to the feud between Gemini Exchange and Genesis/DCG: On January 12, the SEC announced charges against Gemini and Genesis for ‘unregistered securities offering’. Zipmex Thailand is also being investigated by the local SEC for offering their earn program without approval, and their CEX peers, Coinbase and Crypto.com, both continued to reduce the workforce by 20%. The Latest Bitget News Happy new year to our users with the upgraded 5,005 USDT Welcome Package for newbies! Register here and complete all tasks in Bitget Rewards Center to receive the gifts! Turn on your notifications for the week: Bitget Dual Investment, which offers a smart investing scheme that sticks tightly to the ‘Buy Low, Sell High’ principle, is launching soon. Once subscribed to the program, you have the opportunity to buy/sell an asset at an attractive price and earn the interest at the same time! Wanna explore how it works? Here’s our guide to Bitget Dual Investment And the biggest news to celebrate this week is the launch of Bitget Spot Copy Trade on Android devices! Try it to share 10,000 USDT in Spot Copy Trader benefits! Bitget One-Click Copy Trade has been well-received by the crypto community as it opens a new door for simple trading of all levels. Bitget Spot Copy Trade is the sibling of Bitget One-Click Copy Trade that targets Bitget spot markets and our plentiful offering of crypto pairs. Learn how to dive in right now with our guide here. New Events [Big Bomb!] Bitget Spot Copy Trading Feature is now Live: Come to Grab a Share of 10,000 USDT Publish Your Strats - Share Up to 12k USDT in Bonuses! Bitget x Jesse Promotion: Share $30,000 in Trading Bonuses! 1,000,000 BGB Benefits! Refer Friends to Win your share! Join Bitget Global Telegram Group (New), Win 5500 USDT Rewards Galore! Trading Bonuses 90,000 BGB! Bitget Will List Chrono.tech (TIME) in the Innovation Zone - Share $10,000 Worth of Rewards! Bitget Launchpool is LIVE: $50,000 in TIME Prize to Win Starred with Chrono.tech (TIME)! Bitget Will List Gains Network (GNS) in the Innovation Zone - Share $10,000 Worth of Rewards! VIP Earn Rewards for New Year: 3x APR, Free VIP Privileges! Anybody can be a Merchant on Bitget P2P and Earn 125$ in Weekly rewards! Bitget Elite Recruitment! Try out Spot Margin Trading and Get an Airdrop Broker’s Special - 100% Rebate for Limited Time Only! Join Bitget Discord and Participate in the New Weekly Genghis Reward, Win BGB Get 3$ Free on your first P2P trade on Bitget P2P! [Bitget VIP] Free To Claim Your New Year Gifts Hero Trader Awards 2022 is Live! Vote to Win Limited Edition NFTs! Bitget Partners with TealStreet; Plus, Register, trade for up to $8000 bonus！ Good Reads Coupons and Task Cards: Supercharge Your Trading Experience at Bitget BGB Sail: December Edition The Crypto Burrito Volume I: Ethereum Merge The Crypto Burrito Volume II: Terra’s Fall From Grace Trading Strategy: Dead Cat Bounce Follow us for the latest updates: Twitter | Telegram | LinkedIn | Facebook | Instagram

The Crypto Burrito (Volume II): Terra’s Fall From Grace

We talked about Ethereum Merge, the one good bit of news in 2022, in The Crypto Burrito’s first volume. Nonetheless, 2022 proved itself to be a year to forget, with giants’ season ending almost literally in the blink of an eye. The first event to turn the crypto market upside down is the Terra (LUNA) crash. The Crypto Burrito (Volume I): Ethereum Merge The Crypto Burrito (Volume II): Terra’s Fall From Grace The Crypto Burrito (Volume III): The Never-Ending Saga of FTX The Crypto Burrito (Volume IV): Understanding 2022’s Crypto Bankruptcy Filings How Terra (LUNA) worked Terra (LUNA) emerged in 2018 - 2019 as a Korean-based payment app. Created with a focus on decentralized stablecoins, Terra’s KRW-pegged stable was once accepted in CU (one of the biggest convenience store chains in South Korea) and CJ O Shopping (the so-called founder of the Korean home shopping industry). To issue physically backed stablecoins, the issuer is required to maintain the corresponding holding of cash and cash equivalents in the currency it’s pegged to, for example the US-Dollar (USDT and USDC). Algorithmic stablecoins (also referred to as algo stablecoins, algo stables or algos for short) are crypto-native assets whose value is maintained by an automated set of rules (algorithm). Usually, an algo stablecoin is linked to another crypto asset, in the case of Terra (LUNA), the smart contracts of Terra’s stable currencies constantly adjusted their supply to keep the price stable. The Faulty Design Terra (LUNA) adopts the Seigniorage mechanism, meaning that the burning (supply decrease) and minting (supply increase) of multicoins (in our case LUNA and another Terra stablecoin) are controlled by the algorithm. Simply put, if, for example, UST (now USTC) price is higher than US$1, more UST would be created by burning LUNA (now LUNC). Demand for UST would then be fulfilled, causing its price to return to the 1:1 peg. This is the ‘easy’ scenario because the UST surplus is allocated to the community treasury as rewards and the supply of the reference token (a.k.a. LUNA) is reduced, which would most likely affect its price in a positive way. A win-win situation for stakeholders in the ecosystems. The opposite would be tricky. If the stable price falls below the peg, a part of its supply will be burned to meet demand. More reference tokens will be minted through the process, and here’s the problem: In doubt of a losing peg, investors’ tendency is to swap the stablecoin into a safer asset, could be BTC or physically-backed stablecoins, leading to a bank run on the seigniorage algorithmic stablecoin. Selling pressure further lowers this stablecoin price, thus creating even more reference tokens, which at the same time is under scrutiny by the market. In the worst-case scenario, not only is the Seigniorage mechanism unable to save the stablecoin’s peg, but it also destroys the reference token. That is exactly what happened with LUNA and UST. UST raised to the Top 5 biggest stablecoins in 2021 by market capitalization as the Terra ecosystem flourished. Even at its prime, UST’s deviation from peg was still way higher than the physically backed stablecoins (USDT, USDC, BUSD) and the asset backed stablecoin (DAI), and note that DAI is only soft-pegged to the US-Dollar. There had been several warnings prior to the ultimate endgame in May 2022, such as the bets against LUNA by AlgodTrading and GiganticRebirth. They did predict that LUNA price would fall, albeit most couldn’t visualize how vicious the truth would be. Look at the chart below, which shows the percentage change of LUNA price and UST price versus the percentage change of LUNA supply: Historically speaking, any minimal decrease or increase in UST price results in quite a change in LUNA price. During the course of May, LUNA was destined to hit rock bottom. One week (May 07 to May 14) and UST lost 87.56% of its peg, LUNA lost 99.99% of its value and LUNA supply skyrocketed by 19,087 times. Yes you are reading it correctly. It took LUNA less than six months into the year 2022 to become a memecoin, and of course, talk about UST, it’s safe to say that many teams had to reassess the plan to rely on the Seigniorage economic model after seeing how things went wrong (at warp speed if we must say) for their predecessor. Conspiracy Theory versus What We Know Around the time LUNA/UST crashed, many on social media pointed fingers to some U.S. financial giants, in particular BlackRock and Citadel Securities, since the death spiral of Terra involved multiple transactions of great value. The question is, what is the reason for this move, assuming that it could be true? LUNA advocates and many who believed in the conspiracy theory provided four possible explanations. First of all, UST popularity increased way too fast, eating away the market share of physically backed stablecoins, one of which (USDC) backed by BlackRock and Fidelity. On April 18, 2022, UST became the third largest stablecoin by market cap at US$17 billion, behind USDT (US$82 billion) and USDC (US$49 billion) only. Another motive could be to acquire the Bitcoin reserves of LUNA Foundation Guard (LFG), a non-profit organization established in January 2022 solely to defend UST peg and support the Terra ecosystem. In February 2022, LFG raised US$1 billion through the LUNA sale, with Jump Crypto and Three Arrows Capital being the lead investors. Familiar names, right? You will see these names later. LFG continuously accumulated Bitcoin; as of May 07, 2022, LFG was in the Top 10 Bitcoin holders in the world. This is a breakdown of LFG reserves before everything happened: Social media users argued that LFG made itself the perfect target because (i) Jump Trading (the parent company of Jump Crypto) happened to suggest LFG to create a UST price floor with the help of their Bitcoin reserve, i.e. a ‘backstop short-term UST redemption’ (per Terra founder Do Kwon), (ii) LFG Bitcoin reserves had a lot BTC and (iii) Do Kwon was arrogant enough to imply his project is invincible and brag about LFG. An UST depeg would force LFG to sell Bitcoin at a discounted price to retail investors. Source: CoinDesk LFG indeed had to put their BTC reserve for sale at a much lower price compared to the average purchase price, and that was it. And of course, as the founder of Terra, Do Kwon had the access to manipulate LUNA price at his will, building a house of cards with the trumpery LUNA and the 19.5%-stable-yield decentralized bank Anchor ponzi. But this isn’t just a conspiracy theory; South Korean prosecutors have, in fact, accused Kwon of price manipulation after they obtained concrete evidence about the act. Previously, the Interpol issued a red notice for him at the request of Korean law enforcement authorities. Last but not least, well, some might say UST would sooner or later fall prey to authorities’ investigations, because it was decentralized. What we do know is that this was a complicated plot: Check out Chainalysis’ report here. The complex nature of the action and the transaction sizes are what buoyed up the conspiracy theory started on 4chan, which was then shared to the Twitter community by Cardano founder Charles Hoskinson. The tweet was later deleted. Source: Screenshot from Twitter BlackRock and Citadel Securities quickly put out an official statement denying their involvement in the notorious event. Gemini, which appeared in the story as the intermediary who gave two giants the loans to prompt the move, also denied the legitimacy of this theory. Community Attempt Before the chaos kicked in, Terra was a thriving ecosystem with more than US$21 billion in TVL as of May 2022 (about 10% of DeFi TVL and 90% of Cosmos TVL at that time), its own decentralized stablecoin (an impartial, low-volatility, crypto-native asset as the ecosystem’s central medium of exchange), Mirror - an exchange that allowed for synthetic asset trading (assets that tracked real-world assets such as securities) and home to nearly 100 dedicated projects. The storm swept away US$40 billion from the crypto market and triggered a chain of unfortunate events that sent the market into a grim winter, but that didn’t stop Terra community to continue to root for the chain. Do Kwon and Terraform Labs (TFL) already moved on with Terra (LUNA) 2.0, hence the dismissal of the original project. Disapproved of Kwon and TFL’s opinion, a team of LUNA (now becomes LUNC) diehard supporters created their own community called Terra Rebels, with core developers Edward Kim and Tobias Andersen, and published a roadmap for the revival of the once mighty Terra 1.0 on their official website. One of the key achievements was the implementation of the 1.2% tax burn for on-chain transactions of LUNC and USTC in September 2022, leading to a 250% jump in LUNC overnight. The idea was to encourage as much burn as possible so that LUNC price can recover in the shortest possible time, but apparently, it came with two downsides: • Even with the 1.2% tax burn, it still takes an extremely long time to bring LUNC supply to the amount before May 14; and • A high tax fee may very well dissuade people from trading LUNC and UST, leading to a reduction in daily volume. A new proposal that planned to lower the tax burn to 0.2% and devote 10% of tax revenue for builders passed the vote in October, hence the jump in LUNC volume as well as LUNC burn amount in November. Despite the efforts, LUNC return didn’t seem to improve. With Edward Kim and Tobias Andersen leaving Terra Rebels at the end of December 2022, chances that LUNC could recover become thinner than ever. The Next Dominoes To Fall Terra (LUNA) collapsed, triggering liquidations of both retail and institutional investors. Because of Terra, 2022 has become the year of bankruptcy - FTX victims are not included. At least three moguls - Three Arrows Capital (3AC), Voyager and Celsius - have gone, most likely forever, each dragging several key market participants down with them. Three Arrows Capital The first piece of the puzzle is 3AC. According to the Financial Times (FT), the Singapore-based hedge fund managed a total of over US$18 billion at its peak. However, the Monetary Authority of Singapore (MAS) reported on June 30, 2022 that 3AC provided false information regarding their asset under management (AUM), which was capped at US$179 million in 2020 and 2021, and their relocation to the British Virgin Islands (BVI) in 2021. During the time when LUNA and UST prices were depreciating, 3AC already received questions about their LUNA exposure, but the co-founder and CEO Su Zhu convinced stakeholders that everything is fine, only to tweet about being ‘in the process of communicating with relevant parties’ on June 15, 2022. Clearly, the soundness of their portfolio was no longer guaranteed, and within the span of a few days, counterparties began to liquidate 3AC’s assets and liquidations:• June 15, 2022: BlockFi liquidated 3AC loans • June 17, 2022: Genesis Trading, FTX, Deribit and BitMEX liquidated 3AC positions • June 29, 2022: BVI court ordered the liquidation of 3AC • July 01, 2022: Deribit, among other parties, initiated 3AC’s liquidation application in BVI court. Now, 3AC is a story about risky leveraging practices and poor communication with counterparties. Note that it could’ve been more fathomable (though still not justified) if 3AC had been a venture capital firm, yet it was a hedge fund. It was discovered that 3AC had long positions of approximately US$560 million in LUNA and UST at their peaks, which shrunk to only $600 in May. Their positions were highly leveraged using counterparty funds stored on Anchor Protocol. The last straw was the depeg of stETH on June 14, which forced 3AC into selling 60,000 stETH and sparked questions about the fund’s solvency. What made the situation worse was a lack of communication between 3AC execs (Su Zhu and Kyle Davies) and counterparties, who lended US$3.5 billion to the fund. Before the tweet on June 15, 3AC went radio silent on Twitter, Zhu even deleted his Instagram. Thereby the remaining 3AC assets in the U.S. were frozen by a district court on July 12, 2022. Communications were already limited during the ‘summertime sadness’, and became much harder after the founders’ flee, although they tweeted a lot and seemed to plot a comeback when FTX crumbled. Hardly has anyone reported about seeing Zhu and Davies ever since, though there are speculations that Zhu is currently in Dubai and Davies in Bali. That doesn’t stop liquidators from pursuing them. For the first time ever, a subpoena was served on Twitter - the addressee being Kyle Livingston Davies. Let us quote nic_carter: ‘Shouldn’t have tweeted so much eh Kyle?’ We’ll discuss the bankruptcy filings of 3AC, together with ‘prominent’ bankruptcy filings of 2022 in a later volume of The Crypto Burrito. Voyager, Celsius, And Others One’s down. Onto the next one: Crypto broker Voyager Digital Ltd., who used to be listed on the Toronto Stock Exchange (TSX). On June 22, 2022, Voyager announced their exposure to 3AC totalling US$662 million, for which they may issue a notice of default. And because of the liquidity needs arising from Terra’s crash and 3AC loans, Voyager borrowed US$200 million in cash, USDC revolver and a 15,000 BTC revolver from Alameda Ventures 15 days before they filed for Chapter 11 Bankruptcy. One of the most complex and expensive bankruptcy proceedings, Chapter 11 allows a company to restructure its debts and obligations while remaining in operation. While Voyager handled things in quite a swift, decisive manner, Celsius execs waited for over a month after pausing customer withdrawals and transfers to declare Chapter 11 Bankruptcy, and that was after they had paid back loans of US$900 million from MakerDAO, Aave and Compound Finance. Babel Finance, Vauld, BlockFi, Genesis were among the big players hit the hardest during this difficult period. Yet we want to highlight the trouble a major secondary victim of Terra (LUNA) had to go through, that is, Tether - issuer of USDT. There had been US$7.6 billion in USDT redeemed for fiat from May 07 to May 16, 2022, placing enormous pressure on the stablecoin’s peg. On May 12, USDT price fell to as low as US$0.95 on a few exchanges. Source: Cryptowatch Tether had to distance itself from 3AC, citing rumours about their lending exposure to 3AC ‘are categorically false’. With regards to Celsius’ loans, the announcement confirmed that ‘Celsius position has been liquidated with no losses to Tether’. With Tether being the backbone of crypto markets (40-50% dominance), speculation about Tether’s solvency did shake the whole industry to the core, especially when they hardly provided any official audits back then and kept a suspiciously large portion of their holdings in (Chinese) commercial papers, which appeared to be far riskier than the expected risk profile of a stablecoin issuer. Tether accelerated the reduction of commercial papers and declared ‘zero’ commercial paper reserves in October, 2022. Closing Thoughts Crypto investors entered the year 2022 with a rocky start - Bitcoin tumbling to US$40,000, Ether to US$3,200, the Federal Reserve (FED) expecting to turn hawkish to combat inflation and the tension in Ukraine escalating. Fear and uncertainty around the Terra contagion made BTC breach US$25,000, single-handedly defining a new crypto winter. More importantly, the UST failure raises doubts about the feasibility of a true decentralized stablecoin. We need to keep in mind that algo stablecoins have been in a constant state of evolution, and the faults in UST design can serve as valuable input for the development of future algorithmic stablecoins, in particular those with the Seigniorage model. A purging is needed to strengthen the whole industry, which, by the way, needs to move completely on-chain for better transparency. Meanwhile, in the case of Celsius, it should be emphasized that the first creditors to receive full loan repayments were DeFi lenders, allegedly telling us that DeFi is the only way forward. Register your Bitget account to enjoy new user rewards Disclaimer While we do our utmost best to make sure that the information contained herein is acquired from reliable sources, we provide information on an "as-is" basis with no representations as to the validity, accuracy, usefulness, timeliness, or completeness of any information. We are not responsible for any errors or omissions, losses, and/or damages arising from its display or use. The information, views, and opinions expressed herein are those of Bitget at the time of publication and are subject to change anytime due to economic or financial circumstances and may not necessarily be updated or revised to reflect those changes that arise after the date of publication. The views, information, or opinions expressed in the report are intended for informational and educational purposes only. It is not intended or offered to be used as legal, tax, investment, financial, or other advice. Under no circumstances are Bitget, our employees, agents, partners, and/or co-operations responsible for any decision made, action taken, or result obtained from or in reliance on the use of the information herein. Any investment or trading ideas, strategies, or actions should never be taken without first taking into consideration each individual's personal and financial situation, and/or without consulting financial professionals.

Bitget Hot Takes (January 02 - January 08)

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts. Central Themes • BGB saw minor gains, volume jumped by 7.5%. • Celsius ruling: Celsius’ terms of use turns Earn account holders into unsecured investors, meaning they will be the last in line to receive repayments. • Mt. Gox repayments timeline pushed back by two months to March 10, 2023. • Indonesia and Israel propose to treat cryptocurrencies as securities. BGB Saw Minor Gains BGB saw minor gains last week of 2.49%, almost the same as Bitcoin’s 2.48%, but falling behind Ethereum’s significant 5.70%. In terms of seven-day volume, BGB also recorded a 7.45% increase to USS$24.6 million. The 0.18-something level is supposed to be a good accumulation zone for BGB hunters, with the current 4H RSI and Accumulation/Distribution lines showing support for this suggestion. Check the previous months’ analysis of BGB price trend here: BGB Sail: November Edition BGB Sail: October Edition BGB Sail: September Edition BGB Sail: August Edition BGB Sail: July Edition BGB Sail: June Edition BGB Sail: May Edition If you are completely new to the token, we are delighted to give you the full guide to BGB - the golden ticket to the Bitget Ecosystem here: Why BGB Is Your Bluechip Exchange Token. Not So Much Of A Good Start We began the week with news of an exploit to a Bitcoin developer, and ended the bumpy ride with Solana’s going offline. On late night January 1, 2023, Bitcoin core developer Luke Dashjr tweeted that his Pretty Good Privacy (PGP) key was compromised, resulting in a loss of ‘all’ assets stored. PGP is a long-used method for encrypting sensitive files and is actually unhackable, but the encrypted information, stored on a server, is vulnerable to exploitation if the server is attacked. Earlier in November 2022, Dashjr informed his followers of PGP download after his server was compromised. Then, less than two months after Sam Bankman-Fried ‘I’m sorry’, the community once again heard the word loud and clearly from DNP3, founder of The Goobers NFT, Gridcraft Network, CluCoin, among others. The guy publicly admitted that he has a gambling addiction and is now ‘completely broke’. Source: DNP3 via TwitLonger Phishing isn’t new, but even the expert fell for it. Nikhil Gopaani, COO of Nike-owned RTFKT, told the news to the Community X community. His wallet balance currently shows ca. US$0.12, which means at least US$175,000 NFT pieces (at floor price) of CloneX, RTFKT, Loot Pods and Crypto Kicks were stolen. Another victim of a phishing attack is a DeFi user who owned US$3.4 million of GMX. the native token of the decentralised perpetual exchange GMX. The GMX team is working with the anonymous victim to solve the problem. Wondering about rugpull(s)? Mutant Ape Planet and CryptoZoo NFT game are in the spotlight. Creator of the Mutant Ape Planet NFT collection is facing charges by the U.S. Department of Justice for ‘defrauding purchasers of more than US$2.9 million in cryptocurrency’. And Logan Paul has been denying claims that his GameFi project CryptoZoo is a scam, even though no updates on the development are available after May 2022. Some users of Solana-native NFT Marketplace Magin Eden accidentally bought fake y00ts and ABC NFTs due to a flaw in the project’s newly upgraded verification system. The bug has been fixed right away, and Magic Eden is offering refunds for affected users. Meanwhile, Solana RPC endpoints went offline again less than 24 hours ago, disconnecting various DApps and wallets from the network. The spreading contagion is causing more crypto firms to cut down their workforce, with the latest names calling for Silvergate (numbers undisclosed), Genesis (another 30%), Huobi (20%) and SuperRare (30%). The aftermath of FTX’s dismay didn’t stop there; it may very well have pushed authorities to adopt the predatory approach. The crypto regulatory in Indonesia and Israel will soon recognise crypto as a security rather than a commodity. The House of Representatives in Indonesia approved The Financial Sector Development and Reinforcement bill (P2SK) in December 2022, which leads to the establishment of a national crypto exchange and a shift in oversight from the commodities-focused Bappebti to the securities-focused Financial Services Agency (FSA), whereas Israel has published the ‘Proposal to amend the applicability of securities laws regarding digital assets’, which are open to receive public comments until February 12. In addition: • U.S. regulators are warning banks of ‘significant volatility and the exposure of vulnerabilities in the crypto-asset sector’; • Francois Villeroy de Galhau, governor of France’s central bank, is urging regulators to introduce an ‘obligatory licensing’ for digital assets service providers (DASPs); and • a job filing of the UK's National Crime Agency shows the agency is set to ‘proactively investigate UK Cyber incidents’ Of course the active regulatory presence regarding crypto-related topics can greatly benefit users in the space also. The community is delighted to see Mashinsky of Celsius sued by the New York State for ‘defrauding investor’ and the unapologetic Mango Market exploiter Avraham Eisenberg facing trial for ‘market manipulation and fraud’ and even ordered into detention pending trial because ‘no condition or combination of conditions of release will reasonably assure the defendant’s appearance as required’. Never before have we seen subpoenas served on Twitter - Three Arrows Capital founders are the first. Kyle Davies and Zhu Su are reported to not cooperate with liquidators, hence the unusual subpoena tweet. Talk about litigation, Gemini Earn investors filed a class action request against Genesis and DCG with the American Arbitration Association in hope to receive the out-of-court return of their digital assets. Roughly around the same time, DCG’s Silbert and Gemini’s Winklevoss took part in a Twitter beef concerning Gemini Earn repayments. Cameron Winklevoss accused Barry Silbert of ‘bad faith stall tactics’, and Silbert shot back that ‘DCG has never missed an interest payment to Genesis’. Both firms have been experiencing an endless chain of dire events since the collapse of FTX, for this week: • Grayscale Ethereum Trust saw -60% discounts; • DCG closed wealth management unit; • Gemini U.K. arm is 3 months late in filing its 2021 accounts with Companies House, the British agency responsible for the registration of all companies in the U.K. Also engaged in a back-and-forth were Vauld and Nexo. The latter sent the ultimate acquisition proposal to the former on December 26, 2022, only to be rejected by Vauld and its committee of creditors because of ‘uncertainty’ around Nexo’s solvency status. All that bad news can’t stop builders of the space doing their jobs. Security firm Debaub finds critical vulnerability in Uniswap smart contract, which was addressed and treated immediately by the Uniswap team. Its peer, Immunefi, on the other hand helped discover a vulnerability on the Polkadot ecosystem, thus preventing a potential hack of US$200 million on Moonbeam, Asta Network and Acala. The new DEX aggregator by on-chain data intelligence provider DefiLlama turns out to be a beast, beating Coinbase and MetaMask in terms of volume on its first day and has since secured its place in the Top 5 most used DEX aggregators by volume. Projects are focusing more on cross-chain communications, with Evmos adding auto-conversion for swaps between Ethereum and Cosmos tokens, OpenSea now supporting Arbitrum Nova and Trade Joe’s expanding its services to BNB Chain. After the New Year and the upcoming Lunar New Year, a major upgrade for Ethereum (Shanghai Upgrade) will most likely take place in March 2023, enabling withdrawals for staking validators. What’s next? EIP-4844 somewhere in Q3 2023. The Latest Bitget News Happy new year to our users with the upgraded 5,005 USDT Welcome Package for newbies! Register here and complete all tasks in Bitget Rewards Center to receive the gifts! The latest Proof-Of-Reserve snapshot has also been updated! Bitget commits to maximum transparency to bring back trust to the crypto industry. View the Dec 2022 Bitget Proof-Of-Reserve right now! Bitget Settled Futures, also known as delivery contracts, have launched on Bitget! Different from the never-expire perps, our currently available delivery contracts have a 3-month expiration and will be settled on December 30, 2022 and later on March 31, 2023. New contracts for June 30, 2023 are available for trading, allowing our users for a continuous observation of market activities. The comprehensive intro for delivery contracts and Bitget Settled Futures is available here. New Listings Spot Trading BONKUSDT GEARUSDT OASUSDTKAVAUSDT Futures Trading BTCUSD0331 BTCUSD0630 ETHUSD0331 ETHUSD0630 BATUSDT New Events Bitget Strategy Profit Competition, Earn BGB for Profit! Join Bitget Global Telegram Group (New), Win 5500 USDT VIP Earn Rewards for New Year: 3x APR, Free VIP Privileges! Anybody can be a Merchant on Bitget P2P and Earn 125$ in Weekly rewards! Get 3$ Free on your first P2P trade on Bitget P2P! [Bitget VIP] Free To Claim Your New Year Gifts Learn to Earn: Learn Copy Trading Take the Quiz to Get 20 BGB Hero Trader Awards 2022 is Live! Vote to Win Limited Edition NFTs! Bitget Partners with TealStreet; Plus, Register, trade for up to $8000 bonus！ Good Reads The Crypto Burrito Volume I: Ethereum Merge QA On Take Profits And Stop Loss What Is Payment Settlement? Smart Trader Tool: Bitget Futures Grid Trading Introduction To Bitget Spot Grid Trading Follow us for the latest updates: Twitter | Telegram | LinkedIn | Facebook | Instagram