29 December 2023
Macro/TradFi
Japan is slated to approve a revision to its tax regime that would exclude companies from paying tax on unrealized crypto gains. The proposed revision, if approved, is estimated to take effect for the 2024 fiscal year.
According to Reuters, the SEC has set a deadline of December 29 for final updates to Bitcoin spot ETF filings. Issuers failing to meet the deadline may miss the opportunity to be included in the initial batch of potential spot bitcoin ETF approvals slated for early January.
Crypto
L1/L2:
Data from The Block shows that the number of monthly new and active addresses on Solana has recorded a new high this year at 7.67M and 17.26M respectively in December.
A bug triggered zkSync Era’s automated safety protocols which resulted in a temporary suspension of block production on the network. The issue has since been resolved.
DeFi:
Liquid staking protocol Swell witnessed a doubling of its TVL this month, from US$112M to US$268M at the time of writing. It is now the fourth largest liquid staking protocol, behind Lido, Rocket Pool, and Frax.
Decentralized exchange PancakeSwap has passed a proposal to reduce the supply of its CAKE token by 300 million.
Thunder Terminal, an on-chain trading platform, experienced an exploit which resulted in the loss of around 86.6ETH and 439.1SOL. The project team has stated that lost funds will be refunded in full.
Stablecoin:
TrueUSD (“TUSD”) has announced its engagement with Moore Hong Kong to provide daily attestation services starting in late January 2024.
Gaming:
Nakamoto Games, a play-to-earn gaming ecosystem, has launched on TON App, providing Telegram users access to the ecosystem via the TON blockchain.
Other:
MicroStrategy has spent US$615.7M to buy an additional 14,620 Bitcoin over the last month. The company now owns 189,150 Bitcoin, at an average cost price of US$31,168.
Mt. Gox appears to have started repaying creditors of the defunct Bitcoin exchange through PayPal, as mentioned by some users in a Reddit thread.
According to The Block, VC funding declined by 68% in 2023 to US$10.7B, compared to the US$33.3B in the prior year. Nonetheless, VC funding in 2023 is still higher than in the prior bear markets in 2019 and 2020.
🔎 Latest Binance Research Publications
Check out our latest publications:
Explore our Binance Research website for more project and macro research reports and the Binance Legal website for latest updates and consultation responses.
For more frequent market updates and insights, follow us on Twitter @BinanceResearch.
Have a minute? Please share with us any feedback you may have via this form.
That’s a wrap!
Binance Research
About Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes.
General Disclosure: This material is prepared by Binance Research and is not intended to be relied upon as a forecast or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities, cryptocurrencies or to adopt any investment strategy. The use of terminology and the views expressed are intended to promote understanding and the responsible development of the sector and should not be interpreted as definitive legal views or those of Binance. The opinions expressed are as of the date shown above and are the opinions of the writer, they may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by Binance Research to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Binance. This material may contain ’forward looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. This material is intended for information purposes only and does not constitute investment advice or an offer or solicitation to purchase or sell in any securities, cryptocurrencies or any investment strategy nor shall any securities or cryptocurrency be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction. Investment involves risks.
