1. Popular currencies on CEX
CEX top 10 trading volume and 24-hour rise and fall:
ETH: +1.08%
BTC: -0.32%
SOL: -3.56%
OM: -3.16%
IP: -12.03%
DOGE: -1.54%
Trump: -3.08%
KAITO: -0.51%
XRP: +0.41%
SUI: -1.72%
24H increase list (data source: OKX):
NC: +23.36%
GLM: +18.73%
BZZ: +12.57%
SWFTC: +9.87%
PRQ: +8.36%
S: +8.04%
AYCTION: +7.81%
NMR: +7.30%
CVC: +6.64%
ARKM: +5.28%
2. 24H hot search currencies
BAN, the art meme coin, skyrocketed last weekend;
PI, a long-established “community coin”, has been launched on exchanges such as OKX;
KAITO, airdropped, has been listed on Binance and other exchanges.
Headlines
Bybit: Deposits and withdrawals have fully returned to normal levels
Bybit released an update on the X platform stating that deposits and withdrawals on Bybit have fully returned to normal levels, and on-chain data has confirmed this.
NEXUS Testnet II has been closed, and the developer network system will be launched soon
According to official news, NEXUS Testnet II was shut down at 4:00 am today, and plans are underway to launch a developer network operating system, including Devnet OS, Devnet chain and Devnet explorer.
Andre Cronje posted on the X platform that Sonic’s vision for this year is quite simple: fee monetization (90% of the fees will go to applications, not validators and MEV), fee subsidies (eliminating the fee barrier for users to enter the market), dynamic fees (applications can set fees for users), native economy and account abstraction (no wallet or fees required).
Argentinas Senate asks government to submit report on LIBRA scandal
The Argentine Senate passed a motion with 46 votes in favor and 15 against, requiring the government to provide a report on the LIBRA scandal. At the same time, the Senate rejected the proposal to set up an investigative committee. Although 47 senators supported it, it did not reach the 48 vote threshold to initiate the motion and ultimately failed to pass.
Meanwhile, a proposal to set up a parliamentary committee to investigate the scandal was defeated. The proposal was supported by 47 senators, but 48 votes are needed to initiate the process.
Industry News
Wall Street Journal: CertiK confirms Bybit incident as the largest theft in crypto history
The Wall Street Journal quoted Web3.0 security agency CertiK as saying that the Bybit theft was the largest single theft in the history of cryptocurrencies, with the stolen assets valued at more than $1.4 billion. After the incident, Bybit announced that it had reported the case to the relevant authorities, and its CEO Ben Zhou said that all Bybit functions and products were still operating normally, the exchange was solvent, and would fully bear customer losses. So far, all Bybit withdrawal requests have been processed, and the withdrawal system has returned to normal speed.
Franklin Templeton has submitted the Solana spot ETF S-1 filing to the US SEC
According to the official website of the U.S. SEC, Franklin Templeton has officially submitted the S-1 filing for the spot Solana ETF to the U.S. Securities and Exchange Commission (SEC).
Sunil, a representative of FTX creditors, posted on the X platform that a large number of bankruptcy complaints came from jurisdictions that were not eligible for FTX distribution, including Russia, China, Egypt, Nigeria, and Ukraine. Among them, the number of Chinese users was the largest, accounting for 8% of the total number of FTX users. FTX is reviewing relevant solutions.
Canary Litecoin Spot ETF has been listed on the DTCC official website with the code LTCC
According to the DTCC official website, the Canary Litecoin spot ETF has been listed on the DTCC official website with the code LTCC and the creation/redemption column showing D. Although this does not mean that the ETF has obtained any regulatory approval or any clear approval process results, listing on the DTCC website is the standard process for launching a new ETF.
Recently, Grayscales XRP ETF application was entered into the U.S. Securities and Exchange Commission (SEC) federal register along with four other Solana ETF applications last week. The Solana ETF applications from VanEck, 21 Shares, Bitwise, and Canary Capital were submitted on February 18. The application will trigger a 21-day public comment period after it is entered, and regulators are expected to decide on approval, rejection, or further review by October 18. If approved, the XRP ETF will provide users with a regulated XRP investment exposure tool. XRP has risen more than 381% in the past 12 months and is currently attracting attention due to legal and regulatory improvements. The drivers of its recent recovery include rumors that U.S. banks may use it for internal transactions and speculation about the SECs long-term litigation position on Ripple. The SEC sued Ripple in December 2020, accusing it of raising $1.3 billion through unregistered XRP sales and classifying it as a security based on the Howey test. Arthur Azizov, CEO of crypto payment solution B2B INPAY, said: The XRP ETF is likely to be launched this year, and the specific time depends on how quickly the legal dispute with the SEC is resolved.
Utah Bitcoin Reserve Bill Enters Second Senate Reading
Legislation allowing Bitcoin investment in Utah has been approved by a state Senate subcommittee. HB 230, the Blockchain and Digital Innovation Amendment bill, passed the Utah Revenue and Taxation Subcommittee on February 20 with a 4-2-1 vote and is currently undergoing second and third readings before a final Senate vote. The Bitcoin Reserve Act has already passed the House, so if it is approved in the Senate, Utah Republican Governor Spencer Cox only needs to sign the bill for Bitcoin to become a state reserve asset. (Cointelegraph)
Project News
Chainflip, a cross-chain bridge, responded to the request of Bybit CEO, saying: We have tried our best to deal with the current situation, but as a decentralized protocol, we cannot completely block, freeze or redirect any funds. However, we have currently shut down some front-end services to prevent the flow of funds. Earlier, Bybit CEO Ben Zhou posted on the X platform that hackers were trying to transfer BTC through Chainflip. He hoped that Chainflip would help Bybit block and prevent further transfers of assets to other chains.
BinaryX officially changes its name to Four, BNX tokens will be exchanged for FOUR at a 1:1 ratio
According to official news, BinaryX has officially changed its name to Four: all BNX token holders can exchange their BNX tokens for new Four tokens at a ratio of 1: 1. It is reported that the name change was unanimously supported by BNX holders after a community vote held from September 21 to 23, 2024.
Yu Hu, founder of Kaito, posted on the X platform: Staking rewards are now live, with about 10% of tokens currently staked, and an annualized yield of about 70%. It is expected to return to normal in the next few days. Any locked tokens (including investors/foundations/teams) cannot participate in staking. Rewards currently come from liquidity incentives, but starting next week, this will become a net outflow due to network fees. More information about the staking function will be released. Some users have noticed a HODL score that will increase voting rights in Kaito Connect-this is just one aspect. Genesis NFT holders and KAITO token stakers will always have priority access to everything we do at Kaito.
Bithumb: Will suspend service for about 6 hours on February 24 to upgrade internal systems
According to the official announcement, Bithumb announced that it will carry out internal system upgrades from 1:00 to 7:00 on Monday, February 24, 2025 (a total of 6 hours). At that time, all platform-related services (Bithumb APP/mobile website/PC/API) will be suspended, and the service maintenance time may end early or be delayed. This operation is carried out in accordance with Article 17, Item 1, Paragraph 1 of the Enforcement Order of the Korean Virtual Asset User Protection Act.
CoinList to launch Obol token sale, offering 30% discount over latest VC round
CoinList will start the Obol token sale at 1:00 am Beijing time on February 25th, and it will be 30% cheaper than the most recent VC round of investment. For general users: FDV is $125 million, token price is $0.25, 33% unlocked 6 months after TGE, and then linearly unlocked for 12 months. For wstETH or weETH holders: FDV is $115 million, token price is $0.23, 33% unlocked 6 months after TGE, and then linearly unlocked for 12 months. At the same time, users need to hold at least $20 worth of wstETH or weETH on CoinList between 1:00 am on March 4, 2025 and 1:00 am on March 11, 2025 to enjoy lower prices and FDV. The purchase limit for both options is a minimum of $100 and a maximum of $250,000. Users who are not selected to receive an allocation will receive the funds in their CoinList wallet by 1:00 AM on March 13, 2025.
Investment and Financing
Tokenized social network ResearchHub completes $2 million financing, BoostVC participates
Tokenized social network ResearchHub announced the completion of a new round of financing of US$2 million, with BoostVC participating. The new funds will further use its ResearchCoin (RSC) token to incentivize scientists to publicly share academic content and build decentralized scientific collaboration and publishing tools to promote research collaboration, feedback and knowledge sharing among researchers.
The encrypted privacy data layer Primus officially announced on the X platform that it has completed a total of US$6.5 million in Pre-Seed and Seed rounds of financing. This round of financing was led by Dispersion Capital, Symbolic Capital, and VanEck, and participated by Samsung Next, Alchemy, Maelstrom, etc.
Infinity Ground Completes $2 Million Seed Round, Animoca Brands and Others Participate
Infinity Ground announced the completion of a $2 million seed round of financing, with investors including Animoca Brands, MARBLEX, MH Ventures, Frachtis Ventures, KuCoin Ventures, KnightFury, Presto Labs and Pakafund. It is reported that Infinity Ground is an MVB accelerator project jointly organized by YZi Labs, BNB Chain and CoinMarketCap. Through its Agentic IDE (intelligent development environment) and IDK (intelligent development toolkit), the project provides Web3 creators with the ability to build, deploy and monetize AI applications without code, and is committed to making Text to App a reality. The platform supports multi-chain interoperability, including mainstream blockchains such as Base, BNB Chain and Kaia, and relies on Infinity Grounds own ING Network and Initias Interwoven Stack technology to provide strong infrastructure support.
Characters Voices
Coinbase co-founder Brian Armstrong posted on X platform that Coinbase has reached a settlement with the SEC and expects the lawsuit to be completely withdrawn without paying any fines or making any changes to its business. This result proves that Coinbases decision to fight the SEC in court was correct, despite initial doubts. Highlights include: The SEC exceeded its statutory authority and required the delisting of non-securities assets; if compromised, it could harm the US crypto industry and force it to move overseas; this fight is critical to protecting the rights of customers and the industry, and is also a fight against government abuse of power. Armstrong said that he was proud to challenge the SECs decision, and they also plan to continue working with the SEC and advocate for clearer crypto regulations.
In response to the communitys concern about Binance employees are not allowed to speculate in cryptocurrencies, Binance founder CZ responded on the X platform that Binance (CEX) has always restricted employees from speculating in cryptocurrencies. This is of course to protect users. But the side effect is that product managers dont really understand user needs. CZ said: I cant control this anymore, let their management decide. On the (BNB) Chain, you should really experience the product. Lets go and try a few local dogs later.
Following the release of the new industry roadmap, it was revealed that Hong Kong regulators may launch staking services for crypto exchange-traded funds and other advanced products such as derivatives trading. Haiyang Ru, chief risk officer of HashKey Group, said, We are actively discussing with the Hong Kong Securities and Futures Commission the introduction of ETF staking and tokenized money market funds, as well as the launch of an earn function in parallel with spot trading. Previously, the Hong Kong Securities and Futures Commission announced 12 new measures on Wednesday, including exploring the possibility of listing new tokens, margin trading, derivatives, staking, borrowing and lending in the cryptocurrency industry. (TheBlock)
