Velvet Liquidity Mining Program, Ark Dumps Coinbase Shares, & Vitalik Gets Philosophical

Earn 2x Airdrop Rewards on the first $5m in Velvet TVL

We're thrilled to announce the launch of the Velvet Liquidity Mining Program! Our next-gen DeFi operating system just went live! We’ve hit the ground running with some of the top growth numbers in the entire BSC ecosystem - with plans to deploy Arbitrum, Optimism, & Ethereum Mainnet in the coming months. If you are passionate about DeFi the time is now to join the Velvet Community!  

Velvet is making waves all across the DeFi landscape. Velvet secured the #2 spot in weekly TVL Growth on DeFiLlama and top 10 for TVL growth for the month of November! This is just the beginning. Follow us on Twitter and join us on Discord & Telegram to stay up to date with the latest Velvet news!

Quick Hitting Alpha

·       Jito, Solana's second-largest protocol, will distribute its governance token to past users, based on a Nov. 25 snapshot. Jito has seen a 635% rise in TVL since October, boosting Solana's bullish trend with SOL up 150% in six weeks.

·       Magic Eden, a Solana-based NFT marketplace, has launched a beta version of a multi-chain wallet. It allows token swaps across several networks including Solana, Ethereum, Bitcoin, and Polygon. Despite its origins on Solana, Bitcoin Ordinals now make up the majority of Magic Eden's trading volume.

·       A Bored Ape Yacht Club (BAYC) member narrowly escaped a scam orchestrated by fraudsters posing as Forbes journalists. The scammers, who have been targeting BAYC holders, set up faux interviews and used these distractions as opportunities to attempt theft of the members' valuable digital apes.

·       The dYdX exchange plans to release about $500 million in tokens, accounting for 30% of the total supply, on December 1. This comes as the platform attempts to recover from a $9 million loss to its insurance fund.

·       The NFT collection, Cool Cats, was featured as a balloon in Macy’s Thanksgiving Day Parade, coinciding with the release of their new YouTube Shorts series, "The Milk Chug". A special Cool Cats hoodie linked to a digital token was also launched at Herald Square Macy's.

·       A recent ruling by U.S. Judge Richard Jones mandates former Binance CEO, Changpeng Zhao (CZ), to remain in the U.S. This overrules a prior decision permitting him to return to his UAE home while awaiting a sentencing scheduled for February 23, 2024.

·       Binance, aiming to comply with regulatory standards, has announced its decision to remove Tornado Cash's native token from its platform, resulting in a significant drop in the token's value.

·       During a student town hall in Germany, European Central Bank President Christine Lagarde revealed that her son ignored her stern warnings and invested in crypto, ultimately losing most of his investment.

·       Tether willingly froze approximately $225 million in USDT associated with a human trafficking ring following an investigation by the U.S. Department of Justice, which also involved OKX.

·       Circle is set to deploy a USDC token contract with native issuance options. As of November 2023, USDC circulates natively on 15 blockchains, anticipating more future networks could benefit from it.

In the News

Vitalik Buterin Proposes 'd/acc' Philosophy in Techno-Optimism Post

Ethereum's Vitalik Buterin proposed 'd/acc', a philosophy promoting balanced, intentional technological development. It emphasizes defense, decentralization, and human well-being, advocating for careful direction of technology's future. The idea encourages a cautious approach to AI development and sees blockchain as a key tool for creating a defense-centric world. Buterin calls for collaboration in shaping technology's future, enhancing benefits while reducing risks through planned design and decentralization.

Cathie Wood's Ark Invest sells $5.3 million Coinbase shares, buys $1.2 million Robinhood

Cathie Wood's Ark Invest sold $5.3 million worth of Coinbase shares and purchased 143,063 Robinhood shares worth around $1.2 million for its Fintech Innovation ETF. Despite Coinbase's stock hitting an 18-month high, it is still down 65% from its peak in 2021. Meanwhile, Robinhood's stock has slightly increased over the year. Ark's moves follow Robinhood's plans to expand into the EU and UK and a continued narrowing of the discount to net asset value for Grayscale Bitcoin Trust shares.

Why 2024 Could Turn Out To be a Pivotal (Bullish) Year for Crypto

The crypto market cap is currently $1.4 trillion, down from its all-time high of $2.9 trillion in 2021. Despite a bear market and layoffs in the industry, factors such as potential approval of Bitcoin and Ethereum ETFs in the U.S., upcoming MiCA legislation in the EU, and the Bitcoin halving event in 2024 suggest a positive future for crypto. Large asset managers' involvement indicates growing acceptance and potential for mainstream adoption.

1 Way to Revive Dead NFT Wallets

Losing a seed phrase for a wallet containing non-fungible tokens (NFTs) can render the NFTs worthless, as they become inaccessible and cannot be sold. This situation, known as a "dead wallet", can also cause issues for the owner's heirs, who may be taxed on the value of the unsellable NFTs. The issue is pertinent to property law, as it raises questions about the nature of ownership. Usually, ownership is seen as a "bundle of sticks", or a collection of rights, but with NFTs, the only right typically granted is the right to transfer ownership. According to property law, ownership can still be transferred by expressing the intention to do so, regardless of access to the blockchain wallet. However, the NFT market doesn't value such transfers, making the inaccessible NFTs effectively worthless.

Level Up Your Crypto Journey with OpenAI

OpenAI's ChatGPT has introduced several new features, enhancing its capabilities as an AI chatbot service. Subscribers can now customize instructions to tailor the AI's response to their needs. For instance, developers can instruct it to provide code without explanations, while content creators can request it to avoid flowery language. The AI also has an added ability to analyze images, which can be used to extract data from infographics or similar resources. Another feature is the Advanced Data Analysis tool, previously known as the 'Code Interpreter', which can analyze data, interpret code, and solve math problems using Python. Lastly, DALL·E 3, a new text-to-image AI model, enables users to create high-quality graphics based on text prompts.

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