🔮 Tickling $100K, AI Agents, MJL Capital is a "Group of Chill Guys", ETF Options, Gone Gary

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Virtuals: The AI Agent Powerhouse

Virtuals has emerged as the dominant AI agent marketplace on Base chain, with its success validated by breakout agents like AIXBT, which reached a $125M market cap purely through organic growth without exchange listings. The protocol functions as a hub for AI agents, similar to how pump.fun works for meme tokens.

The ecosystem hosts various successful agents including Vader AI, which focuses on market analysis by integrating on-chain data and market news APIs. With AIXBT's success as a financial advisor agent pushing past $120M, we're seeing smaller agents in the 5-10M range repricing toward 20-30M valuations - similar to the flywheel effect other successful underlying protocols have created with their ecosystem assets.

The platform's agents serve diverse purposes - from market analysis to financial advising - and the system implements deflationary mechanics for both $VIRTUAL tokens and the agents themselves. Having expanded to $900M fully diluted value, Virtuals has proven itself the go-to platform for launching and trading AI agents on Base, with consistent growth in liquidity and trading volume.

Just A Chill Guy Who Likes Memes

Pump.fun achieved a new daily revenue record of $5.3 million on November 24, 2024, continuing its meteoric rise this month, with over $80.6 million generated so far. Daily revenue has grown nearly 10% each day in November, driven by its ease of token creation, which has turned the platform into a hub for culturally inspired tokens like CHILLGUY, reaching a $500 million market cap at its peak. As crypto markets rally and investor appetite for risk-on assets grows, pump.fun is solidifying its status as the premier platform for token launches, with revenues poised to climb further in the coming weeks. See similar: Chill Guy artist threatens legal action against for-profit activities using their art, community responds.

Soure: The Block

BlackRock Bitcoin ETF's Record-Breaking Options Trading Volume Sets Industry Benchmark

BlackRock's iShares Bitcoin Trust (IBIT) achieved a groundbreaking milestone on Tuesday as the first spot Bitcoin ETF to offer options trading, amassing an unprecedented $1.9 billion in notional exposure within its first day. This trading volume, driven by 354,000 contracts with a call-to-put ratio of 4.4:1, far surpassed initial volumes of comparable ETFs like BITO. The IBIT options debut reflects immense institutional interest, establishing a new standard for Bitcoin-related financial products. Analysts highlight this launch as a transformative moment, creating liquidity and broadening access to regulated Bitcoin investment vehicles.

Source: Bloomberg

Apple Warns of Security Vulnerability Affecting Crypto Users

Apple recently disclosed a critical security flaw that could allow hackers to execute malicious code on iPhones, iPads, and Intel-based Mac systems via harmful web content, exposing users to potential crypto theft. The vulnerability involves JavaScriptCore and WebKit, permitting "cross-site scripting attacks" and access to sensitive data such as crypto wallet keys and passwords. Apple urges users to update their devices immediately to patch the issue. Cybersecurity experts warn that unpatched devices remain vulnerable, particularly for crypto users, emphasizing the urgency of this update. This follows earlier concerns about vulnerabilities in Apple's M-series chips, which are immune to software fixes, underscoring ongoing security challenges for the tech giant.

Ethena's USDe Stablecoin Sees 60% Market Cap Growth Amid Surging Yields

Ethena’s yield-bearing stablecoin, USDe, has seen its market cap skyrocket by 60% in just six weeks, reaching an all-time high of $3.87 billion as of November 25, 2024. This growth solidifies USDe as the , trailing Sky's DAI and its newer USDS addition. The surge aligns with USDe offering attractive yields—currently at 25% APY—thanks to a combination of Ether staking rewards and high short funding rates exceeding 38%. Recent integrations with centralized exchanges like Deribit, Gate, and Bitget have broadened USDe’s reach, making it accessible to less DeFi-savvy users. This trend reflects increasing competition among stablecoin issuers to attract users with yield-focused products, exemplified by Curve’s new scrvUSD offering a 16.4% return and Binance teasing a stablecoin promising 19.5% APY. Yield-bearing stablecoins are becoming a cornerstone of the evolving crypto ecosystem, drawing in both institutional and retail interest.

Michael Saylor to Pitch Bitcoin to Microsoft's Board Amid Shareholder Push

Michael Saylor, co-founder and executive chairman of MicroStrategy, is set to present a Bitcoin investment strategy to Microsoft's board of directors, advocating for its adoption as a treasury asset. Saylor’s presentation stems from a shareholder proposal urging Microsoft to assess Bitcoin’s potential impact on its balance sheet. The proposal highlights MicroStrategy’s success with Bitcoin, citing its stock’s 313% outperformance of Microsoft’s this year, despite operating on a smaller scale. Saylor, whose company is the largest corporate Bitcoin holder with 252,220 BTC, argues that Bitcoin provides stability and long-term value for companies with significant cash reserves. While the proposal has gained attention, Microsoft’s board has recommended voting against it, emphasizing that the company already considers diverse investment options. Shareholders are scheduled to vote on the proposal on December 10.

Regulation

Gone Gary

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler will step down on January 20, 2025, coinciding with the start of President-elect Donald Trump’s term. Gensler expressed his gratitude for the opportunity, calling his tenure an "honor of a lifetime," and thanked President Biden, Congress, and international regulators for their support. Appointed in April 2021, Gensler’s leadership was marked by increased regulatory oversight, especially in the crypto industry, where he pushed for central clearing in Treasury markets and reform of executive pay disclosures. His aggressive stance toward crypto firms like Coinbase, Binance, and Kraken has made him a controversial figure in the space, with many arguing that his focus on cryptocurrencies as securities created unworkable registration processes. Gensler's departure aligns with Trump's pro-crypto campaign promise to replace him, hinting at a potential shift toward a more crypto-friendly regulatory approach under the new administration.

FBI Raids Polymarket CEO’s Home Amid U.S. User Ban Investigation Highlighting VPN Use in Crypto

The FBI recently raided the home of Polymarket CEO Shayne Coplan, sparking speculation that the Department of Justice is probing potential violations of Polymarket’s 2022 settlement with the CTFC, which banned U.S. users from accessing the platform. While Polymarket prohibits U.S. bettors from using VPNs to bypass restrictions, guides explaining how to evade these measures remain accessible, and reports suggest some U.S. users have exploited these loopholes. The raid underscores broader challenges in regulating global platforms, where VPN use and limited KYC practices complicate compliance efforts. If regulators succeed in tightening enforcement, platforms like Polymarket may face stricter geolocation measures similar to those implemented by DraftKings.

SEC Engages on Solana ETF Applications, Boosting 2025 Approval Hopes

The SEC is actively engaging with issuers of spot Solana ETF applications, raising optimism for potential approval in 2025 amid a shift toward a pro-crypto White House. Major players like VanEck, 21Shares, Bitwise, and Canary Capital have advanced filings through Cboe BZX, reflecting growing interest in Solana’s strong DeFi ecosystem, characterized by high activity and low transaction fees. Challenges remain, including unresolved lawsuits labeling Solana a security and uncertainty over the SEC’s willingness to proceed under current leadership.

Trump Nominates Bitcoin Advocate Howard Lutnick as Commerce Secretary

President-elect Donald Trump has nominated Howard Lutnick, the crypto-friendly CEO of Cantor Fitzgerald, as the next U.S. Commerce Secretary, according to a statement on Truth Social. Lutnick, a staunch Bitcoin advocate with "hundreds of millions of dollars of exposure to Bitcoin," has championed global accessibility to Bitcoin, likening it to gold during his remarks at the Bitcoin 2024 conference. Under Lutnick's leadership, Cantor Fitzgerald has served as a custodian for Tether since 2021, with Lutnick defending the stablecoin’s reserves, reportedly backed by U.S. Treasuries, Bitcoin, and gold. While Lutnick’s nomination may disappoint those hoping he would be Trump’s Treasury Secretary pick, as Commerce Secretary, his focus will shift to fostering job creation, economic growth, and innovation. The appointment, which requires Senate confirmation, signals the administration’s pro-crypto agenda. See more: Trump Nominates Pro-Crypto Hedge Fund Manager Scott Bessent as Treasury Secretary

Other Domestic Regulation Updates

• Bernstein names Robinhood as top 'crypto deregulation trade,' raises price target to $51
• SEC now 'engaging' on US spot Solana ETFs
• Ethereum futures open interest rises to record $20 billion
• US spot Bitcoin ETFs surpass $100 billion in assets amid BTC's record rally
• California Rules Governance Participants Are Liable For Lido DAO's Actions
• Franklin Templeton Launches Tokenized Money Fund on Ethereum
• Charles Schwab seeks direct crypto investment offerings upon regulatory changes and incoming CEO feels silly for not buying crypto
  

Other International Regulation Updates

• FTX co-founder Gary Wang receives no prison time following fallout of crypto exchange: reports
• BlackRock's BUIDL token first to go live on Securitize's new platform for minting 'synthetic dollars' while still earning RWA yield
• Tether Invests in Dutch Firm to Launch MiCA Compliant Stablecoins
• Polish Presidential Candidate Promises to Create Bitcoin Reserve if Elected
• Bhutan Govt. Reaches $1B in Bitcoin Reserve
  

Pain & Gain

Pain

• Axie Infinity game developer Sky Mavis lays off 21% of workforce
• This Child Made $30K Rugging a Solana Meme Coin—Then Crypto Degens Got Revenge
• Coinbase to Delist Wrapped Bitcoin In December
• AI Crypto Startup O.XYZ Faces Allegations of Misrepresentation and Internal Turmoil: Sources
• Tornado Cash Developer Alexey Pertsev’s Detention Prolonged
• Animal Cruelty, Self-Harm Livestream Allegations: The Dark Side of Pump.fun

Gain

• MicroStrategy acquires another 55,500 bitcoin for $5.4 billion, taking holdings to 386,700 BTC
• Goldman to Spin Out Digital Assets Platform to New Blockchain Company
• Laptop Used to Trace Bitcoin Stolen From Bitfinex Headed to Smithsonian