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

1. Decentralized Finance Industry Observation

1. The new U.S. president supports cryptocurrency policies

On November 6, the newly elected U.S. president clearly supports cryptocurrency policies, allowing donations in cryptocurrencies such as Bitcoin, and publicly opposes the previous administration's anti-crypto policies. The new president himself owns crypto assets worth $6.25 million, including a substantial amount of ETH and TRUMP tokens. He plans to strengthen support for Bitcoin and the crypto industry after taking office to ensure that the U.S. becomes a "superpower" in crypto and Bitcoin.

2. Bitcoin突破9万美元创历史新高

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

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

SynFutures has launched a new perpetual contract platform, Perp Launchpad, in the Base ecosystem, aiming to lower the entry barriers to the perpetual contract market 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, with a low Gas environment, deep incentives, and efficient liquidity management. Within two months of its launch, the platform achieved a trading volume of $260 million, demonstrating rapid growth potential.

4. The UK pension fund makes its first direct investment in Bitcoin

Recently, a pension fund in the UK has allocated 3% of its assets directly to Bitcoin, becoming the first of its kind in the country. The fund plans to launch a Bitcoin employee benefits program, with several companies expressing interest. This marks a further expansion of pension funds' investment in crypto assets, not limited to indirect methods like ETFs. Globally, several state pension funds have planned to invest in Bitcoin ETFs or purchase crypto assets.

5. The changes in EigenLayer advisors spark discussions on Ethereum neutrality.

Two members of the Ethereum Foundation have resigned from their advisory roles at EigenLayer, raising community concerns about whether they are seeking personal profit from this move. The two stated that this action is intended to avoid any conflicts of interest and that they have not received any tokens. Members of the Ethereum Foundation often participate in advisory roles for different projects, sparking discussions about Ethereum's neutrality. Balancing interests in a rapidly evolving ecosystem remains a significant challenge.

6. TON hamster game users sharply decreased, token plummeted by 76%

The once popular Telegram game "Hamster Rush" saw its monthly active users plummet from 300 million to 41 million, a decrease of 86%. The game's token HMSTR also fell by 76% in just over a month. This decline is attributed to the sluggish crypto market, failure to deliver on promises, and delays in airdrops, leading to a loss of user confidence. The development team plans to integrate NFTs in the second quarter, but whether this can reverse the downturn remains to be seen.

7. Ethereum launches Mekong testnet in preparation for Pectra upgrade

Ethereum is launching the Mekong temporary testnet for the upcoming Pectra upgrade to test specific code changes and evaluate their impact. The Pectra upgrade focuses on enhancing user experience and network efficiency, with major changes including: improving wallet user experience, increasing validator staking limits, and updating deposit and exit mechanisms, etc. These changes will be gradually deployed to the public testnet after testing on Mekong, with the final implementation on the Ethereum mainnet.

8. Solv Protocol Leads Bitcoin Staking Standardization

Solv Protocol has launched the staking abstraction layer (SAL), providing a unified technical framework for Bitcoin staking, addressing the challenges of decentralization and liquidity management. SAL allows users to easily participate in cross-chain staking and earn returns, enhancing asset liquidity and offering more flexible yield strategies for DeFi users. This supports the Bitcoin staking market in developing towards maturation and diversification.

9. Puffer Finance explores UniFi Layer2 innovative solutions

Puffer Finance's UniFi Layer2 solution, centered around Based Rollup + native AVS verification system, creates a new generation Layer2 architecture. This solution enhances the security and decentralization of Layer2, employing a dual-layer verification architecture to achieve millisecond-level consensus. UniFi not only addresses the centralization issues of Layer2 but also builds a decentralized interoperability platform, which will provide standardized cross-chain services for more Layer2 applications in the future.

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

Aerodrome, as the main DEX on Base, innovates its liquidity engine by combining various DEX models. It enhances capital efficiency through the veAERO mechanism and automated market makers, addressing the challenges traditional DEX face in liquidity provision, fee distribution, and other aspects. With the collaboration between Base and Coinbase, Aerodrome's usage has rapidly increased, and it is expected that the TVL will reach $4 billion and the monthly trading volume will hit $50 billion in the coming year.

2. DeFi Data Dashboard

1. TVL data remains stable, with little change compared to last week.

2. The total market capitalization of stablecoins reached $178.22 billion, with a 7-day increase of 3.04%. USDT accounts for 69.22%, slightly down.

3. Uniswap remains a leader in the DEX market. The DEX on the Solana chain has performed impressively, with a 7-day trading volume of $14.634 billion ranking first.

4. Aptos(APT) will unlock approximately 11.31 million tokens on November 11, accounting for 2.18% of the circulating supply, valued at approximately 128 million USD.

3. Outlook for the Decentralized Finance Market

With Bitcoin reaching new highs, the market expects capital overflow to drive other sectors. The narrative of Meme asset issuance has become a new hotspot, and the Base chain has huge potential. The Perp Launchpad launched by SynFutures provides a contract market for low market cap Meme, which can be seen as a new variant track. Investors should pay attention to the development of the Base ecosystem, but also be aware of the high risks brought by the combination of Meme and contracts, and manage risks effectively.