Crypto Morning Brief: CoinGecko Considers Sale at Approximately $500 Million Valuation, Privacy Protocol Zama Launches Token Sale

marsbitPubblicato 2026-01-14Pubblicato ultima volta 2026-01-14

Introduzione

CoinGecko is reportedly considering a sale at a valuation of around $500 million, with investment bank Moelis handling the process. In other major news, privacy protocol Zama launched a token sale with a floor valuation of $55 million, distributing 12% of its total 1.1 billion ZAMA tokens through a sealed-bid Dutch auction. Key market developments include the U.S. December CPI meeting expectations at 2.7% year-over-year, with analysts suggesting it won’t immediately alter the Federal Reserve’s current wait-and-see stance on rate cuts. U.S. Senate committees have rescheduled hearings on crypto market structure bills to late January. Other notable updates: PancakeSwap proposed reducing the max supply of CAKE from 450 million to 400 million tokens; ETHGas revealed its tokenomics with a 10 billion GWEI supply; Grayscale added several new assets to its consideration list; and YZi Labs made a multi-million dollar investment in Genius Trading, with Binance's Changpeng Zhao joining as an advisor. Additionally, Polygon Labs acquired companies Coinme and Sequence for over $250 million to advance its stablecoin strategy, and European crypto platform Bitpanda is planning a Frankfurt IPO in early 2026 targeting a €4-5 billion valuation.

Author: Deep Tide TechFlow

Yesterday's Market Dynamics

US December Unadjusted CPI Year-over-Year 2.7%, Expected 2.70%, Previous 2.70%

According to Jinshi data, the US December unadjusted Consumer Price Index (CPI) year-over-year was 2.7%, matching the expected 2.70% and the previous value of 2.70%.

The US December seasonally adjusted CPI month-over-month was 0.3%, meeting the expectation of 0.30%.

Fed Mouthpiece: December CPI Unlikely to Change Fed's Current Wait-and-See Stance

According to Jinshi data, "Fed Mouthpiece" Nick Timiraos stated that the December Consumer Price Index (CPI) is unlikely to change the Federal Reserve's current wait-and-see attitude, as officials likely want to see more evidence that inflation is stabilizing and gradually declining before cutting rates. The Fed has paused its benchmark rate cuts in the last three meetings, most recently in December, even though inflation had stopped falling last year. Officials paused the cuts due to concerns about the risk of a larger-than-expected slowdown in the labor market. To resume rate cuts, Fed officials may need to see new evidence that labor market conditions are deteriorating or that price pressures are easing. The latter might require at least a few more months of inflation data to become apparent.

US Senate Agriculture Committee Reschedules Crypto Bill Hearing to January 27th

According to CoinDesk, the US Senate Agriculture Committee announced it will release its crypto market structure bill on January 21, 2026, followed by a key hearing on January 27th at 3 PM. This hearing was originally scheduled for January 15th but was postponed. Committee Chairman John Boozman stated that the revised schedule ensures transparency and allows for a comprehensive review of the bill.

Meanwhile, the Senate Banking Committee will hold a review of its version of the bill this Thursday. Differences remain between the two committee versions on issues such as ethics provisions and bipartisan representation of regulators, which could affect the final prospects for bipartisan support.

Privacy Protocol Zama Launches Token Sale with a Floor Valuation of $55 Million

According to The Block, the encryption privacy protocol Zama will launch a fully on-chain token sale through CoinList and its own auction application, using a sealed-bid Dutch auction structure with a floor valuation of $55 million. This sale will allocate 12% of the total supply of 11 billion ZAMA tokens.

The sale is divided into three parts: a 2% community sale for NFT holders this week, an 8% main auction via CoinList from January 21st to 24th, and a 2% follow-on sale at the auction settlement price from January 27th to February 2nd.

New PancakeSwap Proposal Aims to Reduce CAKE Maximum Supply from 450 Million to 400 Million Tokens

According to the PancakeSwap governance forum, the PancakeSwap team has proposed a plan to reduce the maximum supply of CAKE tokens from 450 million to 400 million.

The PancakeSwap team stated that CAKE has been deflationary since September 2023, and this trend is expected to continue. The team has accumulated approximately 3.5 million CAKE as an ecosystem growth fund, which will be prioritized for protocol development needs, making it unlikely for the protocol to return to an inflationary state.

The proposal will enter the voting stage after community discussion. If passed, it will reduce the maximum supply cap by 50 million CAKE.

ETHGas Unveils Token Economic Model: Total Supply 10 Billion Tokens, 10% Allocated to Community

According to an official announcement, the Ethereum block space futures market ETHGas unveiled its token economic model. Its token GWEI has a total supply of 10 billion tokens, allocated as follows: Ecosystem 31%, Investors 27%, Team 22%, Community 10%, Foundation 8%, Advisors 2%. Additionally, the eligibility snapshot for the token airdrop will be taken on January 19th at 00:00 UTC.

Previous news reported that ETHGas announced the completion of a $12 million funding round led by Polychain Capital late last year.

Grayscale Adds MegaETH, Horizen, and Other Tokens to Asset Consideration List

According to The Block, Grayscale has updated its Asset Consideration List, expanding it to 27 tokens covering categories such as Artificial Intelligence, Decentralized Finance, Consumer, and Infrastructure.

This update, published on January 12th, adds assets including MegaETH, Horizen, ARIA Protocol, Playtron, Nous Research, Poseidon, and Geodnet.

Grayscale clarified that inclusion on the consideration list does not guarantee the launch of a corresponding investment product, as product creation involves internal review, custody arrangements, and regulatory considerations. The next routine update is expected around April 15th, 2026.

YZi Labs Makes "Multi-Million Dollar" Investment in Genius Trading, Changpeng Zhao to Serve as Advisor

According to The Block, YZi Labs has made a "multi-8-figure" (tens of millions of dollars) investment in Genius Trading, and Binance founder Changpeng Zhao will join the startup as an advisor.

Genius Trading is building a privacy-first on-chain trading platform offering spot, perpetual contracts, and copy trading, aiming to become a decentralized version of "Binance".

Polygon Labs Acquires Crypto Startups Coinme and Sequence for Over $250 Million

According to Fortune, Polygon Labs has completed the acquisition of crypto startups Coinme and Sequence for a total of over $250 million.

Polygon Labs CEO Marc Boiron and Polygon Foundation founder Sandeep Nailwal stated that these acquisitions aim to advance their stablecoin strategy. Seattle-based Coinme focuses on cash-to-crypto conversion services and holds several US money transmitter licenses; New York-based Sequence focuses on building blockchain infrastructure, including crypto wallets. Nailwal described this as a move for Polygon to compete with fintech giant Stripe.

Sources: CoinGecko Considers Sale at Approximately $500 Million Valuation

According to CoinDesk, sources, CoinGecko is considering a sale at a valuation of approximately $500 million. Informed sources revealed that the company has hired investment bank Moelis to manage the sale process, but some reports indicate the valuation is not yet final as the process only began late last year.

Notably, CoinGecko's competitor CoinMarketCap was acquired by Binance for approximately $400 million in April 2020. CoinGecko was founded by TM Lee and Bobby Ong in 2014.

Crypto Trading Platform Bitpanda Plans Frankfurt IPO in H1 2026, Valuation Could Reach €5 Billion

According to Bloomberg, cryptocurrency trading platform Bitpanda GmbH, backed by billionaire Peter Thiel, plans to conduct an initial public offering (IPO) on the Frankfurt Stock Exchange as early as the first half of 2026. Informed sources revealed that the Vienna-based company's valuation for this IPO could be between €4 billion (approximately $4.7 billion) and €5 billion.

Bitpanda has hired Goldman Sachs Group, Citigroup, and Deutsche Bank to arrange the offering. Some sources indicated the company could go public as early as the first quarter.

Market Trends

Recommended Reading

a16z Raised $15 Billion, Says It Will Make America Win

This article discusses a16z's completion of a $15 billion fundraising, making it a leader in the US venture capital industry. This capital will primarily invest in long-term companies, application layers, underlying technology, biomedicine, and the "American Vitality" theme, with a particular focus on the military manufacturing industry. Through its powerful resource integration capabilities and policy influence, a16z not only bets on technology cycle but also seeks opportunities in the political cycle. Despite the risks, its unique strategy and resource accumulation have earned the trust of its LPs.

Monero's Hidden Selling Pressure is Disappearing

This article provides an in-depth analysis of Monero (XMR)'s market dynamics after being delisted from major exchanges. It reveals the impact of the instant exchange industry on Monero's price and how the new platform Wagyu is breaking this negative cycle by offering fairer trading conditions, helping Monero achieve more authentic price discovery.

Frequent Pokémon Card Heists: Is On-Chaining Physical Collectibles a Risky Solution?

This article discusses the security issues, including robberies and scams, surrounding Pokémon card collectible transactions in recent years. It analyzes the limitations of traditional trading models and proposes using blockchain technology to put collectibles on-chain as a solution to enhance transaction transparency, security, and liquidity.

2026: The 'Solar Term' in the AI Circle Has Changed, How Should Entrepreneurs Fine-Tune Their 'Algorithm'?

This article explores AI entrepreneurship trends in 2026, changes in the capital environment, and how entrepreneurs should respond. Through metaphors and case studies, the article emphasizes the importance of focusing on specific scenarios, building deep supply chains, and adopting a gradual advancement strategy for entrepreneurship.

Monero, Zcash, and Canton Network: Who is the True King of Privacy?

This article discusses how privacy has become a key technological feature for connecting with real-world business as institutional players gain prominence in the blockchain space. It covers the importance of blockchain privacy and its forms, including full anonymity privacy and selective privacy, and analyzes why financial institutions prefer selective privacy. Canton Network is considered a representative privacy blockchain meeting institutional needs, while projects like Monero and Zcash have certain limitations in terms of full anonymity privacy and selective privacy.

Domande pertinenti

QWhat is the reported valuation at which CoinGecko is considering a sale?

ACoinGecko is considering a sale at a valuation of approximately $500 million.

QWhat is the total supply of ZAMA tokens and what percentage is being allocated for its token sale?

AThe total supply of ZAMA tokens is 11 billion, and 12% of the total supply is being allocated for its token sale.

QWhat is the new proposed maximum supply for CAKE tokens according to the PancakeSwap proposal?

AThe new proposed maximum supply for CAKE tokens is 400 million, a reduction from the previous 450 million.

QWhich two companies did Polygon Labs acquire for a combined total of over $250 million?

APolygon Labs acquired the crypto startups Coinme and Sequence for a combined total of over $250 million.

QWhat was the reported annual CPI rate for the U.S. in December, and did it meet expectations?

AThe U.S. annual CPI rate for December was 2.7%, which met the expectation of 2.70%.

Letture associate

The Value Distribution of Stablecoins

**Summary: The Value Distribution of Stablecoins** The article argues that stablecoins are evolving from mere trading tools into broader channels for dollar access. It divides the stablecoin ecosystem into four layers to analyze how value is distributed: 1. **Issuance Layer:** Mints stablecoins, holds reserve assets, and captures the spread between reserve yield and user costs (e.g., Tether, Circle). This layer currently earns the largest profit margin. 2. **Infrastructure Layer:** Connects stablecoins to the traditional financial system, handling fiat on/off-ramps, banking integration, compliance (KYC/AML), and asset management (e.g., Bridge, BVNK). This is the "unglamorous" but critical work, building the essential bridges between crypto and real-world finance. 3. **Acquiring/Distribution Layer:** Integrates stablecoins into merchant systems, manages payment flows, and provides enterprise financial software (e.g., Stripe, Coinbase). They act as the access point for businesses. 4. **Application Layer:** The end-users and businesses that ultimately use stablecoins for payments, settlements, or as a store of value. They benefit from convenience but have little pricing power. The core thesis is that while the issuance layer currently dominates profits, the often-overlooked **infrastructure layer holds significant long-term potential**. The real challenge and barrier to mass adoption is not the on-chain transfer of stablecoins (which is simple), but the complex "last mile" integration into existing business workflows, banking systems, and regulatory frameworks across different countries. Companies in this layer are currently in a "land grab" phase, investing heavily to build networks, secure bank partnerships, and establish compliance pathways. While their position is currently pressured by the profitable issuers above and distribution platforms below, the article suggests that if stablecoins become a default financial rail for businesses, the infrastructure providers who have done the hard work of integration will ultimately gain strong pricing power and become entrenched, essential players.

marsbit1 h fa

The Value Distribution of Stablecoins

marsbit1 h fa

The Value Distribution of Stablecoins

The Value Distribution of Stablecoins The article argues that stablecoins are evolving from a mere trading tool into a broad "dollar channel." It analyzes the industry's value chain through four layers: 1. **Issuance Layer (e.g., Tether, Circle):** The top layer that mints stablecoins, holds reserve assets, and captures the thickest interest rate spread. 2. **Infrastructure Layer (e.g., Bridge, BVNK):** Connects stablecoins to the traditional financial system, handling critical but complex "dirty work" like fiat on/off-ramps, banking integration, compliance (KYC/AML), and cross-border settlement. 3. **Acquiring/Distribution Layer (e.g., Stripe, Coinbase):** Embeds stablecoins into merchant systems, manages payment flows, and integrates with enterprise software. 4. **Application Layer:** End-users and businesses that ultimately use stablecoins for payments, settlement, or storing value. The author posits that while the issuance layer currently captures the most profit, the most overlooked and potentially critical layer is infrastructure. The core challenge for stablecoin adoption isn't the on-chain transfer (which is simple), but bridging the gap between blockchain and the real-world financial system. This involves solving practical problems for businesses: fiat conversion, reconciliation, tax handling, and user onboarding. Infrastructure companies are currently in a difficult "land-grab" phase—building networks, securing banking relationships, and achieving compliance country-by-country. They face pressure from both the profitable issuance layer above and distribution platforms below. However, the author suggests this layer is building a crucial moat. Once stablecoins become a default business rail, the infrastructure players who have done the hard work of integration may gain significant, durable value and pricing power.

链捕手1 h fa

The Value Distribution of Stablecoins

链捕手1 h fa

How to Do Research Well: Deliberately Practice the Real Skills That Matter

No one truly teaches you how to do research. You're often given a desk, a pre-selected problem, and vague instructions to "create something new." Consequently, many people reverse-engineer the job based on visible outputs—papers, posts, announcements—learning only how to *appear* like a researcher rather than how to *become* one. True research capability is built from stacking small, trainable skills, nearly all of which can be developed through deliberate practice. **Pick Your Own Problem:** Most researchers absorb problems from advisors or trends, lacking the underlying reasoning. Choosing a problem you genuinely care about, as John Schulman advises, leads to original work. Develop "taste" like a muscle: predict experiment outcomes, guess paper results from methods, and track which findings remain important over time. **Upgrade Your Inputs:** Relying on shared reading lists (arXiv hot lists, filtered group chats) leads to unoriginal conclusions. Undervalued old literature often holds crucial insights (e.g., MoE, LSTM, backpropagation). Richard Sutton's "The Bitter Lesson" or Claude Shannon's 1952 talk on creative thinking are more predictive than lengthy modern surveys. Breadth matters as much as depth: draw from neuroscience, mechanism design, hardware knowledge, and honest statistics. Read papers directly, especially appendices and limitations sections. **Write Everything Down:** As Paul Graham noted, writing exposes flaws in seemingly mature ideas. Writing is the cheapest defense against self-deception. Following Feynman's principle, Darwin programmatically wrote down facts contradicting his theory to combat memory bias. Maintain a detailed log of hypotheses, setups, predictions, results, and updated understandings. Reviewing past logs fosters essential humility.

marsbit3 h fa

How to Do Research Well: Deliberately Practice the Real Skills That Matter

marsbit3 h fa

Trading

Spot
Futures
活动图片