早报 | 以太坊主网完成Fusaka升级，币安联合创始人何一被任命为联席CEO

Spot gold prices broke through $4230 per ounce, representing a rise of 0.6% within the day.

Market trends

Market developments yesterday

● He Yi, co-founder of Binance, has been appointed to the position of co-CEO.

According to official announcements, He Yi, co-founder of Binance, has been appointed as co-CEO, working alongside current CEO Richard Teng.

● BlackRock deposited 44,140 ETH with Coinbase, worth $135.36 million.

According to monitoring by Lookonchian, BlackRock deposited 44,140 ETH with Coinbase Prime, amounting to $135.36 million.

● Wall Street attempts to prevent Trump from appointing Haspel as Federal Reserve chairman.

On December 4th, Fox Business journalist Charles Gasparino revealed that Wall Street and American business leaders are trying to discourage Trump from appointing Kevin Haspel as Federal Reserve chairman. Reasons for opposition include Haspel’s political background (as the director of the National Economic Council) and lack of credibility. Such an appointment could weaken the independence of the Federal Reserve, leading to higher long-term interest rates and internal chaos. If Haspel manages to lower short-term interest rates to address inflation through a split vote, it could be seen as political interference, causing inflation and raising mortgage and consumer rates, thereby affecting economic performance. Other potential candidates include Kevin Wash and Federal Reserve Board member Christopher Worefsky.

● BlackRock CEO admitted to making mistakes in his views on Bitcoin and cryptocurrencies.

The CEO of BlackRock, who manages assets worth $10 trillion, stated that his views on Bitcoin and cryptocurrencies have undergone a significant shift. He admitted that his previous opposition was incorrect.

● The U.S. SEC has suspended the approval of high-leverage ETFs, concerned that the risks involved may exceed acceptable limits.

The U.S. Securities and Exchange Commission has sent a series of warning letters to several of the country’s most productive high-leverage exchange-traded fund providers. This has effectively prevented the launch of products that offer returns twice or three times that of traditional stocks and commodities. In nine almost identical letters released on Tuesday, the SEC informed companies such as Direxion, ProShares, and Tidal that it would not continue reviewing the proposed products until key issues were resolved. The main concern of regulators is that the risk exposure of these funds may exceed the limits set by the SEC regarding the risk that funds can take relative to their assets. These letters instruct fund managers to either modify their investment strategies or withdraw their applications.

● The Chairman of the U.S. SEC says that progress in the development of tokens is necessary.

Paul Atkins, chairman of the U.S. Securities and Exchange Commission, stated that the SEC needs to continue promoting the development of tokens.

● Market expectations suggest that the Federal Reserve is likely to cut interest rates in December.

According to IFR reports, market data indicates that the possibility of the Federal Reserve cutting interest rates in December is nearly certain. It is expected that the number of people employed through the ADP survey will increase by 10,000 in November, significantly lower than the 42,000 recorded in October. Additionally, the ADP weekly employment report has shown negative figures for three consecutive weeks. Given that key labor market data were delayed due to the government shutdown, these ADP reports are particularly important this month. However, it remains unclear how accurate the weekly data is compared to the actual monthly data.

● Decentralized exchange Ostium has completed a $20 million Series A financing round, with Jump Trading leading the investment

According to Fortune magazine, Ostium, a decentralized exchange founded by two Harvard graduates, has secured $20 million in funding. The round was led by venture capital firm General Catalyst and the crypto department of quantitative trading company Jump Trading. Other participants in this round include Coinbase Ventures, market maker Wintermute, and GSR. Sources familiar with the matter revealed that Ostium’s valuation from this financing is approximately $250 million. The company had already raised around $8 million previously.

Ostium was founded in 2022 by co-founder and CEO Kaledora Kiernan-Linn and Marco Antonio Ribeiro. Unlike platforms like Hyperliquid, which focus on perpetual contracts related to cryptocurrencies, Ostium focuses on trading tangible assets such as metals and energy. The company plans to use the new funds to expand its customer base beyond the cryptocurrency sector. Ostium is a platform dedicated to perpetual contract trading, allowing users to trade real-world assets such as stocks, metals, oil, and some cryptocurrencies.

● Ethereum Mainnet has completed the Fusaka upgrade, enhancing scalability and security

The Ethereum main network has completed the Fusaka upgrade. This upgrade introduced several improvements aimed at enhancing scalability, efficiency, and security.

● In November, the ADP employment figure in the United States was -32,000 people, compared to a forecast of 10,000 people, with previous data showing 42,000 people.

According to Golden October data, the ADP employment figure in the United States in November was -32,000 people, compared to a forecast of 10,000 people, with previous data showing 42,000 people.

● GAM plans to offer BTC and ETH trading services by early 2026

GAM, which manages assets worth $12 trillion, has announced that it will launch BTC and ETH trading services in early 2026.

● Reuters: WLFI announces that it will launch RWA products in January next year

According to Reuters, Zach Witkoff, co-founder of World Liberty Financial, a cryptocurrency project supported by President Trump’s family, announced during an event in Dubai that the company will launch its real-world asset products in January next year, initially focusing on sports-related assets, with future expansion to include all market segments.

● Polymarket launches its US version of the app

Polymarket announced on the X platform that it has launched its US version of the app. Now, residents of the United States can trade on Polymarket for the first time. It is reported that Polymarket will start with the sports sector, and later introduce market forecasting features covering all sectors.

● Last week, there was an inflow of $1.1 billion in funds into cryptocurrency ETFs, the highest level since seven weeks ago

KobeissiLetter released a market analysis stating that cryptocurrency ETFs are making a comeback. Last week, cryptocurrency funds received $1.1 billion in inflows, marking a new high after four consecutive weeks of net withdrawals totaling $4.7 billion. American cryptocurrency ETFs led the pack, with $994 million in inflows. Canada followed with $98 million, and Switzerland with $24 million. In Germany, there was a $57 million outflow. Bitcoin continued to attract inflows, with a net inflow of $461 million. Ethereum also saw a net inflow of $308 million. Meanwhile, investors withdrew $1.9 billion from short positions in ETPs related to Bitcoin. The upward trend of cryptocurrencies is continuing.

● Solana Mobile announced that its native token, SKR, will be launched in January 2026

Solana Mobile officially announced on December 3 that its native token, SKR, will be available in January 2026. The total supply of this token is 10 billion units. The distribution plan is as follows: 30% will be used for burn, 25% for growth and cooperation purposes, 10% for liquidity, 10% for community funding, 15% for Solana Mobile, and 10% for Solana Labs. The inflation mechanism uses a linear model, starting at 10% in the first year, decreasing by 25% each year, until it stabilizes at 2%. This initiative is targeted at users of Seeker devices and active dApps.

● YZi Labs has sent a formal notice to 10X Capital and reminded shareholders of CEA Industries about their disruptive actions

YZi Labs officially announced that they have sent a formal notice to 10X Capital. The notice also reminds the shareholders of CEA Industries, Inc. of the disruptive actions taken by 10X Capital, the asset manager behind 10X Capital. It is reported that the notice outlines the significant or potential breaches of contract by 10X Capital and its leaders, including BNC CEO David Namdar and Hans Thomas, who is also a member of BNC’s board of directors. Yzi Labs requires 10X Capital to provide written confirmation by December 5, 2025, demonstrating that they will adhere to the BNB asset management strategy agreed with PIPE investors, and that BNB assets will not be disposed of inappropriately.

● Stable has unveiled its token economics model: The total supply is fixed at 100 billion tokens, with 40% allocated to the ecosystem and community development.

Stable has officially announced its token economics model. As a governance token, the total supply of STABLE is fixed at 100 billion tokens. The token distribution is as follows: 40% goes to ecosystem and community development, 25% to team members, 25% to investors and advisors, and 10% is used for initial distribution.

The token unlocking mechanism shows long-term commitments: Team members and investors will have a 4-year linear unlocking period, with a 1-year lock-up period. A portion of the tokens will be unlocked initially, with 8% being released, and the remaining 32% unlocked over 3 years. The initial distribution will be fully unlocked when the main network launches.

The STABLE token will support network governance functions, including the election of validators, upgrading voting protocols, and processing governance proposals. It’s worth noting that the Stable network uses USDT0 as its native gas fee token. These fees are collected into a treasury managed by smart contracts. Validators can choose to distribute the gas fees proportionally among users who have staked STABLE tokens.

Additionally, the main network will be launched officially at 21:00 on December 8th, Beijing time.