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⛏️Bitcoin Rallies Despite Large Miner Challenging Censorship Resistance

The Defiant

DeFi Daily

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On-chain researchers have flagged multiple blocks mined by the China-based F2Pool excluding transactions from wallets sanctioned by the U.S. Treasury Department since September. However, BTC continues to rally on renewed ETF hype despite the challenge to its censorship resistance.

In DeFi news PancakeSwap will adopt "VE" tokenomics, allowing stakers to vote on where new token emissions are allocated. Also, activity on Avalanche surged 2,000% following the launch of Ordinals-inspired ASC-20 tokens.

Plus, we explore whether Binance has the assets required to pay its $4.3B settlement with the U.S. Department of Justice, explore how trading bots are changing the web3 UX, and take a deep dive into the emerging world of modular blockchains.

✍️ In today’s newsletter:

  • F2Pool spotted censoring sanctioned Bitcoin addresses
  • BTC retests 2023 highs on ETF hype
  • PancakeSwap to embrace VE tokenomics
  • ARC-20 tokens spikes Avalanche activity by 20x
  • Can Binance cough up $3.4B?
  • Trading bots redefine web3's UX
  • Everything you need to know about modular blockchains

🙏Sponsored

📈 Markets in last 24 hrs:

TickerValue24h
BTC$37,465 4.17%
ETH$2,066 6.47%
S&P 500$4,557 0.41%
GOLD$1,991 -0.4%
Arch WEB31.12pts +0.13%
FINANCE1.09pts 0.48%
INFRA1.25pts 0.14%
CONSUMER1.15pts -0.45%
Arch WEB3

Learn more about Arch Indices here.

🎬 WATCH

Check out our interview with Ethereum's chief scientist, Vitalik Buterin, to learn about the future of the Ethereum ecosystem. And watch our podcast with David Gogel of the dYdX Foundation to find out why his team migrated from an Ethereum Layer 2 to a Cosmos appchain.


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Markets

Non-US Bitcoin Miner Gets Caught Censoring Transactions

TLDR Blockchain sleuths identified six transactions from wallets sanctioned by the U.S. Treasury Department that were sanctioned by the Chinese-based F2Pool mining pool since the start of September.

SO WHAT The incident comprised the first instance in which a non-U.S. entity complied with U.S. sanctions targeting cryptocurrency addresses, calling into question Bitcoin's censorship resistance. Chun Wung, an F2Pool co-founder, said the miner is waiting for community consensus before deciding whether to censor sanctioned transactions.

READ MORE: Non-US Bitcoin Miner Gets Caught Censoring Transactions


Markets

BTC Tests Year-To-Date Highs Amid Spot Bitcoin ETF Progress

TLDR A new round of spot Bitcoin ETF hype drove gains for digital assets, with Bitcoin posting new year-to-date highs. The bullish momentum followed separate meetings between the SEC with BlackRock and Grayscale regarding their pending ETF applications.

SO WHAT Traders inferred the meetings as a sign the SEC is preparing to approve the spot Bitcoin ETFs, igniting a flurry of bullish buying. Grayscale followed up on its meeting with an update registration filing on Nov. 22.

Read More: BTC Tests Year-To-Date Highs Amid Spot Bitcoin ETF Progress


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Read more: What is Vertex Protocol?

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Governance

PancakeSwap Adopts Vote Escrow Tokenomics

TLDR Governance for PancakeSwap, the top decentralized exchange on BNB Chain, passed a proposal to adopt Vote Escrow (VE) tokenomics. The mechanism allows stakers to vote on how the protocol allocates rewards.

SO WHAT The new tokenomic design will allow staker to vote on how which pairings offer the greatest rewards to PancakeSwap liquidity providers. The proposal contributed to bullish momentum for PancakeSwap's CAKE token, which doubled in price over the past 30 days.

Read More: PancakeSwap Adopts Vote Escrow Tokenomics


DeFi

Avalanche Transactions Skyrocket 2,000% On ASC-20 Hype

TLDR Avalanche's on-chain activity spiked 2,000% following the launch of ASC-20, a new token standard inspired by Bitcoin Ordinals. The network processed nearly 6.4M transactions on Nov. 21.

SO WHAT The deployment of ASC-20 comes as Ordinals-inspired tokens are proliferating on new networks. Polygon also enjoyed a surge in activity following the launch of PRC-20 tokens last week, processing more than 16M transactions in a single day.

Read More: Avalanche Transactions Skyrocket 2,000% On ASC-20 Hype


SPONSORED SHOUTOUT

dYdX doubles down on decentralization with the mainnet launch of the dYdX Chain!

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Check out the new dYdX Chain platform at https://dydx.trade/ and don’t forget to read our short-forum how-to-bridge and how-to-stake guides
https://thedefiant.io/dydx-doubles-down-on-decentralization

Shoutout to the dYdX Ecosystem for empowering the community and helping to lead the future of decentralized finance


Business

Binance Slapped With Hefty $4.3B Fine – Can It Actually Pay It?

TLDR We examined Binance's balance sheet to assess whether the world's leading exchange can cough up the cash to pay down its $4.3B settlement with the U.S. Department of Justice. Binance's on-chain reserves indicate a surplus cash reserve of $6.35B, with analysts emphasizing the exchange likely holds additional funds off-chain.

SO WHAT The data suggests that Binance can comfortably pay off the $4.3B in fines and disgorgement. With roughly half of Binance's balance surplus comprising stablecoins, it is unlikely Binance will need to offload an enormous amount of volatile assets to honor the settlement, coming as a relief to crypto investors.

Read More: Binance Slapped With Hefty $4.3B Fine – Can It Actually Pay It?


DeFi

Bots, Terminals, and LLMs — Crypto UX is Getting a Makeover

TLDR Trading bots have surged to contention in the past week, driving more than $4B worth of trades in the past 18 months and emerging as top gas-guzzling protocols.

SO WHAT Bots are changing the web3 landscape, with developers building products specializing in sniper trading, MEV extraction, and trading terminals. However, ordinary DEX users who do not embrace these bots may now be operating at a competitive disadvantage.

Read More: Bots, Terminals, and LLMs — Crypto UX is Getting a Makeover


Technology

What Are Modular Blockchains?

TLDR Modular blockchains are emerging as a bustling sector in crypto, comprising specialized blockchains serving different functions within the web3 stack.

SO WHAT Unlike their monolithic counterparts, modular chains seek to overcome the notorious blockchain trilemma by allowing developers to leverage multiple specialized networks to guarantee scalability, decentralization, and security.

Read More: What Are Modular Blockchains?


🔎 OUR REPORTERS ARE WATCHING


🌍 ELSEWHERE

  • US CFTC Warns Crypto Exchanges, Says Binance Is Just the Beginning4 ( CoinGape)
  • Terra Co-Founder Do Kwon's Extradition Approved by Montenegro Court ( Decrypt)
  • UK investment funds get green light for tokenization ( The Block)