Crypto Morning Brief: $GOAT V-shaped rebound after FUD, Scroll's first airdrop to allocate 7% of total token supply

2024.10.22

Crypto Morning Brief: $GOAT V-shaped rebound after FUD, Scroll's first airdrop to allocate 7% of total token supply

Although Binance remains the leader in the global CEX market, its market share has decreased from 51.2% last year to 41.68%.

2024.10.22 - 01:43:18

Scroll

Navigating Web3 tides with focused insights

Although Binance remains the leader in the global CEX market, its market share has decreased from 51.2% last year to 41.68%.

Author: TechFlow

Yesterday's Market Dynamics

Bitcoin Layer2 Solution B² Network Completes New Funding Round Led by Animoca Brands

According to official announcements, Bitcoin Layer2 solution B² Network has completed a new funding round. The round was co-led by Spartan Group, Animoca Brands, Alliance, and Polygon Ventures, with participation from Cypher Capital, Candaq Ventures, Future Money Group, Skyland Ventures, TPC Ventures, and Maxx Capital.

B² Network stated that the funds will be used to enhance network performance, enrich its ecosystem, support its ecosystem fund Squared Ventures, and explore further BTCFi opportunities. Previous seed investors include prominent firms such as HashKey Capital, OKX Ventures, IDG Capital, and KuCoin Ventures.

2024 CEX Market Report: Binance Loses Share but Remains Top, Bybit Jumps to Second in Spot Trading

Blockchain analytics platform 0xScope released its 2024 Centralized Exchange (CEX) Market Report. The report shows that although Binance remains the global leader in the CEX market, its market share dropped from 51.2% last year to 41.68%.

In spot trading, Binance’s market share declined by 13% year-on-year but still maintains the top position. Bybit showed strong performance, rising from seventh to second place. In derivatives trading, Binance’s market share decreased by 8.4%, while OKX, Bybit, and Bitget achieved significant growth.

Regarding exchange tokens, BNB continues to dominate the market; MNT surpassed other tokens due to its Layer-2 platform advantage. Additionally, DEX trading volume now reaches 15% of CEX volume.

truth_terminal Founder Addresses “Not AI” Allegations and Discloses GOAT Position

On October 21, Truth Terminal founder Andy Adyrey posted on social media stating: “1. I hold 1.25 million GOAT, which were gifted to me; I airdropped part of them to friends and AI researchers. Since it started going crazy and attracting hype (both good and bad), I haven’t conducted any transactions with my GOAT holdings—I know too much about its internal workings for it to be fair;

The truth_terminal wallet is under my custody and will be transferred to a legal entity (trust or similar) designed to meet its needs. No adjustments to its token holdings will be made until transparent governance processes are established;
truth_terminal writes all tweets independently. I do not inject information into its prompts;
There are many nuanced aspects regarding how language models work, the evolution and steering capability of AI personas ('thinking outside the box'), and how audience capture affects agent behavior—these are difficult to communicate clearly. Misunderstandings could cause sharp price swings. I will not adjust or liquidate any of my $goat positions until I publish:

a) Roadmap for ToT (entity) and related projects

b) A research paper deeply exploring this process

c) An artist statement on the broader project and narrative

This token emerged as a community meme around my work. While I certainly hope to benefit from it, using my insider knowledge of how the token operates to trade for personal gain would violate my integrity and broader mission. I’m making this disclosure to protect those who might follow the hype without fully understanding the complex system dynamics at play.”

Prior news indicated that spelling errors in posts from the official Truth Terminal X account raised suspicions that it was not truly AI-driven but instead controlled by humans. This FUD caused the associated GOAT token to drop sharply.

Scroll: First Airdrop to Distribute 7% of SCR Supply, Claims Begin October 22

According to an official announcement, Ethereum scaling solution Scroll unveiled its first token airdrop plan, allocating 7% of the total SCR supply to ecosystem contributors. This airdrop aims to reward participants who have contributed to the development of the Scroll protocol, ecosystem, and community.

The airdrop is divided into four main categories: community airdrop, ecosystem projects, industry contributors, and global community. The community airdrop includes 55 million SCR (5.5% of total supply), rewarding users who actively participated in the Scroll ecosystem via on-chain activities.

Detailed distribution plan:

40 million SCR (4%) distributed proportionally to on-chain participants who accumulated over 200 Marks by October 19, 2024.
10 million SCR (1%) allocated as an "equality bonus," evenly distributed among all eligible on-chain participants.
5 million SCR (0.5%) designated as "on-chain rewards" for participants meeting specific criteria, such as holding premium ENS domains, donating to Gitcoin or Juicebox, or using smart contract wallets on Scroll.

The eligibility snapshot for the first airdrop was finalized on October 19, 2024, at 08:00 (UTC+8). Eligible recipients can begin claiming from October 22, 2024, at 15:00 (UTC+8). The first airdrop window will remain open for 90 days, and the claim portal is now live.

Sky Founder Proposes Reinstating Maker Brand with Comprehensive Rebranding

Rune Christensen, founder of Sky (formerly MakerDAO), posted on X indicating that two weeks after the launch of USDS, its total supply exceeded $1 billion. Most demand for USDS comes from new users, while Dai’s supply remains stable at $4.7 billion. Since the release of USDS, the combined inflows into the USDS and Dai systems have increased by approximately $700 million. Christensen added that beyond renaming 1 MKR to 24,000 SKY, many people are confused about the purpose of the Sky token and have questioned the introduction of the token issuance. Furthermore, naming the protocol, token, and frontend all as Sky has undoubtedly created confusion. It is now clearer than ever that the DeFi community holds deep affection and trust for the Maker brand. Many strongly identify with what the brand represents—stability, security, and scale in DeFi—and have expressed willingness to continue holding MKR rather than upgrading to Sky.

Upbit Listed MEW/KRW Trading Pair Yesterday

According to an Upbit announcement, the digital asset “Cat in a Dogs World (MEW)” officially launched on the Korean won market at 16:00 KST yesterday.

Cat in a Dogs World (MEW) is a meme coin launched on the Solana network in March 2024. Its narrative centers around a cat named MEW aiming to save everyone in a world dominated by dogs. While MEW currently lacks functional utility as a meme coin, its growing community ecosystem may enable expanded use cases in the future.

Insider: Harris Team Considering Two Candidates to Succeed SEC Chair Gary Gensler

According to Unchained, two insiders involved in the review process revealed that U.S. Vice President Kamala Harris’s transition team is evaluating candidates to succeed Gary Gensler as Chair of the Securities and Exchange Commission (SEC). Two potential successors are Professor Chris Brummer from Georgetown University Law Center and Public Company Accounting Oversight Board (PCAOB) Chair Erica Williams, both reportedly more optimistic toward cryptocurrencies like Bitcoin than Gensler.

Harris has made no public or private commitment to replace Gensler, and the extent of her consideration of Brummer, Williams, or other potential candidates remains unclear. Currently, due to Harris’s short time as a candidate and other unresolved policy issues, her team is primarily focused on voting matters. One insider noted: “It’s unclear who the frontrunner is. The Harris campaign worries that showing too positive a stance on crypto before the election could alienate progressive voters who see crypto as a 'scam,' without actually gaining new supporters.”

Fox Journalist: Litecoin Creator Expresses Optimism Over LTC ETF Application, Cites Strong Institutional Demand

According to Fox Business journalist Eleanor Terrett, Litecoin (LTC) creator Charlie Lee said in an interview with Fox Business Channel: “I’m excited to see Canary Capital file a Litecoin ETF application. We’re definitely seeing strong institutional demand for Litecoin. The Grayscale Litecoin Trust’s daily growth clearly reflects institutional interest, with its price currently more than double its net asset value. Given that Litecoin is a commodity very similar to Bitcoin, I hope to see a Litecoin ETF approved soon.”

Payment Firm Stripe Acquires Stablecoin Platform Bridge for $1.1 Billion, Largest Deal in Crypto History

Michael Arrington, founder of TechCrunch, announced that payment company Stripe has acquired stablecoin platform Bridge for $1.1 billion. This marks Stripe’s largest acquisition to date and the biggest deal in cryptocurrency industry history. Bridge, founded by entrepreneurs Sean Yu and Zach Abrams, provides software tools enabling companies to accept stablecoin payments. Previously, they sold Evenly—a Venmo competitor—to Block in 2013; Abrams is also a former senior employee at Coinbase. Earlier reports from BlockBeats noted that Bridge had raised $58 million from investors including Sequoia, Ribbit Capital, Index, and Haun Ventures. Sequoia led Bridge’s recent $40 million Series A round.

Crypto Morning Brief: $GOAT V-shaped rebound after FUD, Scroll's first airdrop to allocate 7% of total token supply

TechFlow Selected TechFlow Selected