Decentralized Finance Industry Biweekly Report: Bitcoin Breaks $90,000 to Set a New High

1. Observations on the Decentralized Finance Industry

1. The new U.S. president expresses support for cryptocurrency

The newly elected President of the United States clearly supported cryptocurrency policies during the campaign, allowing donations in Bitcoin and other coins, and publicly opposed the previous government's anti-crypto policies. He plans to strengthen support for Bitcoin and the crypto industry after taking office to ensure that the United States becomes a leading country in crypto and Bitcoin, and announced that he will retain a national Bitcoin reserve. The new president himself also holds $6.25 million worth of crypto assets, showing a commitment to the crypto market.

2. Bitcoin breaks $90,000 to set a new all-time high

This week, Bitcoin performed strongly, briefly surpassing $90,000, reaching a new historical high, and its market value exceeded Meta, making it the ninth largest asset in the world. Analysts believe that the recent strong rebound of Bitcoin reflects an increase in market demand, and is also due to the increasingly friendly attitude of U.S. policies towards cryptocurrencies, adding momentum for future trends.

3. SynFutures launches a new perpetual contract platform

SynFutures has launched a perpetual contract platform called Perp Launchpad in the Base ecosystem, which lowers market entry barriers with a "one-stop launcher" model. The platform attracts users with low Gas fees, deep incentives, and efficient liquidity management, especially participants in the Restaking and Meme coin sectors. Within two months of its launch, a certain trading pair has achieved a trading volume of $260 million, demonstrating rapid growth potential.

4. The first pension fund in the UK to invest directly in Bitcoin

A pension fund in the UK has made its first direct investment in Bitcoin, allocating 3% of its assets to Bitcoin, with private keys managed by five independent institutions. The fund also plans to launch a Bitcoin employee benefits program. This marks a further expansion of pension funds' investments in crypto assets, no longer limited to indirect methods such as ETFs. Globally, retirement systems in multiple states are also beginning to consider investing in crypto products like Bitcoin ETFs.

5. The change of Ethereum technical advisors has sparked discussions on neutrality.

Two Ethereum Foundation member advisors from a certain Layer 2 project announced their resignation, raising community concerns about whether they are profiting from this move. Relevant individuals stated that this action aims to avoid conflicts of interest. This change has sparked discussions about Ethereum's neutrality, and balancing the interests of all parties in a rapidly evolving ecosystem remains a significant challenge.

6. Telegram game users plummet, triggering a token crash.

The once-popular Telegram game "Hamster Fight" is facing severe challenges, with monthly active users plummeting from 300 million to 41 million, and the game token also experiencing a 76% drop in a short period. Reasons include a sluggish crypto market, unfulfilled promises, and delayed rewards, leading to a loss of confidence among users. The development team plans to integrate NFTs in the new season to enhance participation, but whether this can reverse the decline remains to be seen.

7. Ethereum launches the Mekong testnet in preparation for upgrades.

The Ethereum development team has launched the Mekong testnet for the upcoming Pectra upgrade, testing specific code changes and evaluating their impact. The upgrade focuses on improving user experience, enhancing network efficiency, and more. Key changes include increasing the validator staking limits, updating deposit and exit mechanisms, among others. These features will gradually enter the public testnet and eventually be deployed to the mainnet.

8. Bitcoin Staking Standardization Plan Launched

Solv Protocol has launched the staking abstraction layer (SAL), providing a unified technical framework for Bitcoin staking, addressing the challenges of decentralization and liquidity management. This solution allows users to easily participate in cross-chain staking and earn returns, enhancing asset liquidity and offering more flexible yield strategies for DeFi users. This contributes to the maturation and diversification of the Bitcoin staking market.

9. New Layer2 Solution UniFi Exploring Innovation

The UniFi Layer2 solution launched by Puffer Finance, centered around Based Rollup and the native AVS verification system, creates a new generation Layer2 architecture. This solution enhances security and decentralization while expanding the market for Based Rollup and AVS services. UniFi adopts a dual-layer verification architecture to achieve millisecond-level consensus, building a decentralized interoperability platform that provides standardized cross-chain services for Layer2 applications.

10. The Aerodrome liquidity engine rises on the Base chain.

Aerodrome combines various DEX models to become the main liquidity platform on Base. Its veAERO mechanism allows holders to decide on pool fees and emission amounts, using automated market makers to enhance efficiency. Aerodrome addresses several shortcomings of traditional DEXs, capturing 63% of the market share on Base. As the collaboration between Base and Coinbase deepens, Aerodrome is expected to continue benefiting from the growth of the DeFi market.

2. DeFi Data Dashboard

1. TVL data

This week's TVL has not changed much compared to last week and remains stable.

2. Stablecoin Issuance Volume

The total market value of stablecoins is currently reported at $178.22 billion, with a 7-day increase of 3.04%. USDT accounts for 69.22%, slightly down.

3. DEX data

Uniswap remains in the lead. The DEX on the Solana chain performed impressively, with a trading volume of $14.634 billion in the past 7 days, ranking first across all chains.

4. Token Unlocking Data

Aptos will unlock approximately 11.31 million tokens on November 11, accounting for 2.18% of the current circulation, worth about 128 million USD.

3. Market Trend Analysis

As Bitcoin reaches new highs, the market anticipates that the overflow of funds will drive other sectors. The narrative of Restaking is waning, and the issuance of Meme assets has become the new focus. The Meme craze on Solana has become a consensus, and the Base chain is also showing potential, with net fund inflows rising.

The largest contract DEX on Base, SynFutures, has launched the Perp Launchpad, providing a contract market for low market cap projects, which can be seen as a new variant track. Pay attention to the performance of its native coin, such as boosting leading Memes or becoming a necessary marketing measure. However, leveraging Meme increases risks exponentially, and investment should be approached with caution.

Overall, the market focus has shifted from Restaking to Memes, with the Base chain showing significant potential. New contract platforms present opportunities for low market cap projects, but they also come with high risks. Investors should closely monitor emerging sectors while managing risks effectively.