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

1. Observations on the Decentralized Finance Industry

1. The new US president supports cryptocurrency policies

The newly elected President of the United States clearly expressed support for cryptocurrency during the campaign and allowed donations using Bitcoin and other coins. He plans to strengthen support for Bitcoin and the crypto industry after taking office, ensuring that the United States becomes a leading nation in crypto and Bitcoin, and announced that the U.S. will retain all national-level Bitcoin reserves. This position contrasts sharply with the previous administration, bringing positive signals to the crypto industry.

2. Bitcoin broke through $90,000 this week

This week, Bitcoin performed strongly, briefly breaking through $90,000, setting a new historical high, and once again refreshing its market capitalization ranking. Bitcoin's market cap has surpassed Meta, firmly establishing it as the ninth largest asset globally. Analysts believe that the recent strong rebound of Bitcoin reflects the rising demand for crypto assets in the market, while the U.S. policy is becoming more favorable toward cryptocurrencies, adding momentum to subsequent trends.

3. SynFutures launches Perp Launchpad to create a new model for perpetual contracts

With the expansion of the Base ecosystem, SynFutures has launched a brand new perpetual contract platform, Perp Launchpad, designed to lower the market entry barrier for perpetual contracts with a "one-stop launcher" model. The platform attracts a large number of on-chain users, especially participants from the Restaking and Meme coin sectors, by providing a low Gas environment, deep incentives, and efficient liquidity management, offering a convenient trading pair release channel for new tokens.

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

Recently, a pension fund in the UK made its first direct investment in Bitcoin, becoming the first of its kind in the country, with the private keys managed by five independent institutions. The fund allocated 3% of its assets to Bitcoin and plans to launch a Bitcoin employee benefits program. This marks a further expansion of pension fund investments in crypto assets, moving beyond indirect methods such as ETFs.

5. Changes in EigenLayer advisors trigger discussions on Ethereum neutrality

Ethereum Foundation members Dankrad Feist and Justin Drake announced their resignation from their roles as advisors to EigenLayer, raising community concerns about whether they are profiting from this move. This action has also sparked discussions about Ethereum's neutrality, as balancing interests in a rapidly evolving ecosystem remains a significant challenge.

6. TON hamster game users plummet, tokens crash 76%

The once-popular Telegram game "Hamster Battle" saw its monthly active users plummet from 300 million to 41 million, a decrease of 86%. The game's token $HMSTR also crashed 76% in a short period. Reasons include the sluggish crypto market, unfulfilled promises, and delayed airdrops, leading to a loss of user confidence. The development team plans to integrate NFTs in the second quarter to enhance engagement.

7. Ethereum launches the Mekong testnet in preparation for the Pectra upgrade

The Ethereum development team has launched the Mekong testnet for the upcoming Pectra upgrade. This testnet includes about 8 Ethereum Improvement Proposals (EIP), focusing on enhancing user experience and network efficiency. Key changes include improving wallet experience, increasing validator staking limits, and more. These features will gradually enter the public testnet and eventually be deployed to the mainnet.

8. Solv Protocol promotes Bitcoin staking standardization

With the increasing demand for Bitcoin staking, Solv Protocol has launched the Staking Abstraction Layer ( SAL) to lead market standardization. SAL provides a unified technical framework for staking, addressing the challenges of decentralization and liquidity management in Bitcoin staking, allowing users to easily participate in cross-chain staking and earn returns, and aiding the Bitcoin staking market in its maturation and diversification.

9. Puffer Finance launches innovative UniFi Layer2 solution

The UniFi Layer2 solution launched by Puffer Finance is centered around Based Rollup + native AVS verification system, creating a new generation Layer2 architecture. This Rollup As A Service model based on Ethereum mainnet functionality enhances the security and decentralization of Layer2, while also expanding the market for Based Rollup and AVS services.

10. Aerodrome becomes the main liquidity engine on the Base chain.

Aerodrome combines various DEX models to become the main liquidity platform on Base. Its veAERO mechanism allows holders to vote on liquidity pool fees and emissions, and utilizes automated market makers to enhance capital efficiency. With the deepening collaboration between Base and Coinbase, Aerodrome is expected to continue benefiting from the booming DeFi market.

2. Decentralized Finance Data Dashboard

1. TVL data

This week's TVL has not changed much compared to last week, remaining stable.

2. Stablecoin Issuance Volume

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

3. DEX Data

Uniswap still maintains its leading position in the DEX market. 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(APT) will unlock approximately 11.31 million tokens on November 11, accounting for 2.18% of the current circulating supply, valued at about $128 million.

3. Analysis of DeFi Market Trends

As Bitcoin reaches new highs, the market anticipates that the overflow of funds will drive other sectors. Currently, in the DeFi ecosystem, the Restaking narrative is cooling down, and the market is shifting towards the issuance of Meme assets led by pumpfun. The Meme frenzy on Solana has become the market focus, and other chains may follow suit.

The Base chain is backed by Coinbase, and the net inflow of ecosystem funds has surged, even surpassing Solana in the past month, which is worth paying attention to. The largest contract DEX on Base, SynFutures, has launched the Perp Launchpad, providing a contract market for low market cap Meme projects, which could become a new variant track.

Investors can pay attention to the native coins on the SynFutures Perp Launchpad. If they seriously operate the Meme contract market, it is inevitable to pump a leading native Meme. However, the high volatility of Memes combined with contract leverage significantly increases risks, making it crucial to perform hedging and risk management.