Overview

This roundup report focuses on blockchain industry developments from December 9 to December 13, 2024. Liquid staking protocols reached a TVL of $70.9 billion, with Lido maintaining the lead and attracting significant capital. Circle has announced plans to launch CCTP V2 in 2025, aiming to streamline cross-chain stablecoin transactions.Magic Eden initiated its $ME token airdrop, receiving enthusiastic market response with volatile token prices. Riot Platforms secured $525 million in funding, increasing Bitcoin holdings and expanding into AI and high-performance computing. Grayscale launched Lido and Optimism trust funds, attracting investor attention to the Ethereum ecosystem.

Projects

Liquid Staking Protocols Reaches $70.9 Billion in TVL, with Lido Leading the Market

The total value locked (TVL) in liquid staking protocols has reached approximately $70.905 billion. Despite periodic fluctuations, the liquid staking market has shown a significant upward trend overall in 2024. Among specific protocols, Lido holds a commanding lead with a TVL of $39.12 billion, accounting for about 55% of the total. Over the past 24 hours, Lido generated $3.47 million in fees, with revenue of approximately $346,000. [1] As Ethereum and other PoS networks continue to expand, liquid staking, as a critical component of the DeFi ecosystem, is expected to attract more capital and user participation.

Circle Plans to Upgrade CCTP to Optimize Cross-Chain Stablecoin Transactions

On December 9, stablecoin issuer Circle announced on social media that it will launch CCTP V2, a major upgrade to its Cross-Chain Transfer Protocol (CCTP), in early 2025. The new version will initially deploy on Ethereum Mainnet, Base, and Avalanche, with plans to expand to additional blockchains. Key improvements in CCTP V2 include faster transfer speeds and significantly reduced settlement latency, enabling transfer confirmations within seconds, compared to the several minutes typically required for traditional cross-chain transactions. Additionally, all cross-chain transactions through Circle will be immediately added to a waitlist upon completion.

Circle provides a smoother solution for achieving finality in cross-chain operations involving its USDC stablecoin, an innovation crucial for scenarios demanding high-frequency trading. Notably, this upgrade extends to multiple major blockchains, offering enhanced convenience for users and institutions transferring assets across chains, while further energizing the decentralized finance ecosystem. However, the complexity and interoperability challenges inherent in multi-chain operations remain a critical bottleneck in technical development. Whether this initiative can deliver a replicable success model for the broader industry warrants ongoing attention. [2]

Magic Eden Launches $ME Airdrop with Enthusiastic Market Reaction

Magic Eden officially launched its $ME token airdrop on December 10, distributing 12.5% of its total supply—approximately 125 million tokens—to eligible users via its mobile app. Users have until February 1, 2025, to link additional wallets and claim tokens, after which any unclaimed $ME will go to stakers. The token’s pre-market price surpassed $7 and initially spiked to $13 at market opening before rapidly retreating to approximately $4. When the token listed on a Korean exchange at 1:30 (UTC+0), renewed trading enthusiasm drove the price to $10, eventually settling near $6. This intense market activity demonstrates strong interest in the token, though the price swings reflect significant speculative trading. Users should monitor project developments carefully to optimize their strategies and protect their assets.

As of December 11, approximately 108,000 airdrop transactions had been completed, with a total of 85.67 million $ME tokens claimed, representing 68.53% of the airdrop supply. Among these, over 900 addresses received more than 10,000 tokens each, while the majority of users received between 100 and 500 tokens, accounting for about 35.11%. This distribution suggests a relatively decentralized allocation structure. The airdrop has not only spurred market enthusiasm but also underscored Magic Eden’s influence. However, the challenge remains in leveraging the $ME token to enhance ecosystem engagement and stabilize the market in the future. [3]

Riot Platforms Raises $525 Million to Expand Bitcoin Holdings

As a key player in the Bitcoin mining industry, Riot Platforms recently completed a significant financing initiative, successfully issuing $525 million in senior notes. These notes carry an annual interest rate of 0.75%, will mature in 2030, and can be converted into common stock starting in 2029. Additionally, the company recently acquired 705 Bitcoin, bringing their total holdings to 12,000 BTC, valued at approximately $1.2 billion, making them the second-largest publicly traded mining company Bitcoin holder after Marathon Digital. Despite reporting a net loss of $154.4 million in Q3 2024, their revenue showed year-over-year growth, demonstrating business resilience.

Notably, Riot is actively expanding its business scope, particularly in artificial intelligence and high-performance computing, leveraging its robust energy infrastructure to develop new revenue streams. According to CEO Jason Les, their energy infrastructure advantages have attracted numerous collaboration opportunities, involving hundreds of megawatts of energy demand. This diversification strategy demonstrates Riot’s adaptability in navigating the volatility of the cryptocurrency industry, laying a solid foundation for future development and potentially driving long-term growth. [4]

Grayscale Launches Optimism and Lido Trust Funds

Grayscale Investments has introduced two new trust products: the Grayscale® Lido DAO Trust and the Grayscale® Optimism Trust, focusing on the governance tokens of Lido DAO (LDO) and the Optimism protocol (OP), respectively. These products aim to provide investors with exposure to key Ethereum ecosystem protocols. Lido DAO enhances Ethereum network security through liquid staking, while Optimism reduces network congestion and transaction fees via Layer 2 scaling technology.

This product launch underscores the crypto market’s interest in Ethereum scalability and the potential of decentralized finance (DeFi). Grayscale’s offerings provide new investment tools, further increasing the appeal of the Ethereum ecosystem. However, given the volatility of the crypto market, investors are advised to approach these high-risk products with caution. [5]

Notice
Users should exercise caution when participating, be mindful of risks, and conduct thorough research before involvement. Gate.io does not guarantee the future development of projects.


References:

1. DeFiLlama, https://defillama.com/protocols/Liquid%20Staking
2. X, https://x.com/circle/status/1866121331239969152
3. Dune, https://dune.com/jdhyper/magic-eden-token-launch
4. Riot Platform, https://www.riotplatforms.com/
5. X, https://x.com/Grayscale/status/1867214822066332108

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Disclaimer
Investing in the cryptocurrency market involves high risk, and it is recommended that users conduct independent research and fully understand the nature of the assets and products they are purchasing before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.