Crypto Morning Brief: Inflation Data Positive, Uniswap Proposes Burning 100 Million UNI Tokens and Enabling Fee Switch

深潮Pubblicato 2025-12-19Pubblicato ultima volta 2025-12-19

Introduzione

Crypto Market Update: U.S. inflation data came in better than expected, with the November CPI at 2.7% year-on-year, fueling expectations for potential Fed rate cuts. The SEC issued new guidance on crypto assets and DLT, clarifying rules for broker-dealers, asset protection, and trading systems. In major industry moves, Uniswap's governance proposal to burn 100 million UNI tokens and activate a fee switch has entered final voting. Bitwise filed for a spot Sui ETF, Tether hinted at developing a new OS, and Standard Chartered Hong Kong launched tokenized deposit services. Other developments include a tokenized public stock on Solana, ICE's potential investment in MoonPay, and a $70M raise for Solana DePIN project Fuse Energy.

Author: Deep Tide TechFlow

Yesterday's Market Dynamics

US Releases Important Economic Data

According to Jinshi Data, US initial jobless claims for the week ending December 13 were 224,000, compared to an expectation of 225,000.

According to Jinshi Data, the US November unadjusted CPI year-on-year was 2.7%, compared to an expectation of 3.1%.

Hassett: Latest CPI Report Surprisingly Good, Fed Has Significant Room for Rate Cuts

According to Jinshi Data, on Thursday, White House National Economic Council Director Hassett welcomed the November CPI report, stating that the US economy is exhibiting high growth and falling inflation. He said: "I'm not saying we're declaring victory on prices, but this is a surprisingly good CPI report." Hassett stated that wage growth is outpacing price growth, US taxpayers will see large refunds next year, and the government will help lower mortgage rates. He said: "The Fed has significant room for rate cuts." Hassett is a leading candidate to replace Powell as the next Fed Chair. He also suggested that the Fed should be more transparent in the future. "I think the Fed has to double down on transparency. Whoever leads the Fed should lay all the cards on the table so we can figure out what's really happening at that institution."

US SEC Releases Regulatory FAQ Related to Crypto Assets and Distributed Ledger Technology

According to an official announcement, the US SEC's Division of Trading and Markets released Frequently Asked Questions (FAQs) on activities related to crypto assets and Distributed Ledger Technology (DLT), aiming to provide compliance guidance for market participants. The content covers the following core areas:

Broker-Dealer Responsibilities: Non-security crypto assets are not subject to Securities Exchange Act Rule 15c3-3. However, if they are "crypto asset securities," brokers can establish "control" under this rule to meet compliance requirements. The SEC has no objection to assets in non-paper form.
Customer Asset Protection: If a crypto asset is not a product registered under the Securities Act, SIPC (Securities Investor Protection Corporation) will not provide protection. The SEC suggests treating non-security crypto assets as "financial assets" and placing them in a "securities account" under UCC Article 8 to strengthen the independence of customer assets during clearing and bankruptcy.
Dual Asset Trading Pairs: National Securities Exchanges (NSE) and Alternative Trading Systems (ATS) can offer paired trading of "crypto securities/non-security assets," provided they meet regulatory requirements and disclose relevant information in detail on Form ATS or ATS-N.
Transfer Agents and DLT: If a transfer agent provides security transfer services for a crypto asset issuer, and the asset is a registered security under Section 12, it must register with the SEC. The SEC does not object to using blockchain as the primary ledger, provided it meets federal regulations for record-keeping and supervision.
Clearing, Settlement, and ETPs: When a registered broker operates an ATS, it can clear customer trades within its own account ledger; the SEC does not mandate registration as a clearing agency. For ETPs referencing crypto assets, the SEC does not object to their operation referencing the 2006 no-action letter for commodity ETPs.

Bitwise Files S-1 with US SEC, Proposes Spot Sui ETF

According to an official filing, Bitwise has filed a Form S-1 with the US SEC, proposing a spot Bitwise Sui ETF aimed at tracking the value of Sui held by the Trust (net of fees). The Trust's Sui will be custodied by Coinbase Custody, with plans to stake a portion of the assets.

Tether CEO: Will Eventually Launch a Pear Operating System

Stablecoin company Tether yesterday announced the launch of PearPass, a peer-to-peer (P2P) password manager designed to eliminate the risk of users' encrypted information being leaked to the cloud. The company's CEO, Paolo Ardoino, shared a community analysis article on platform X and stated: "Will eventually launch a Pear Operating System (Pear OS)".

Uniswap Founder: Final Governance Vote Submitted for Unification Proposal, Proposes Burning 100 Million UNI Tokens and Enabling Fee Switch

According to Uniswap founder Hayden Adams, the Unification proposal has been submitted for a final governance vote. Voting will begin on December 19 at 10:30 PM ET and end on December 25.

If the proposal passes, after a 2-day timelock, the following measures will be executed: Burn 100 million UNI tokens; Activate the fee switch for versions v2 and v3 on the mainnet, beginning the burning of UNI tokens, including Unichain fees; Uniswap Labs will align with Uniswap governance through a contractual agreement, which is legally binding under Wyoming DUNA law.

Hong Kong Economic Times: Standard Chartered Hong Kong Launches Tokenized Deposit Service

According to the Hong Kong Economic Times, Standard Chartered Bank (Hong Kong) and Ant International, under the framework of the Hong Kong Monetary Authority's DLT regulatory sandbox and Ensemble project, have tokenized Ant International's HKD, RMB, and USD accounts through Ant International's blockchain treasury management platform "Whale Platform".

The report stated that this tokenized solution was co-developed, allowing Ant International business entities to adopt a new treasury management model, accelerating the shift to this new model and enabling 24/7 real-time transfers of HKD, RMB, and USD funds.

Mahesh Kini, Global Head of Cash Management Business at Standard Chartered, said that as companies' reliance on instant liquidity increases, the market demand for real-time and 24/7 treasury management is growing rapidly.

Forward Industries Announces Its Tokenized Stock is Live on Solana Blockchain

According to Businesswire, Nasdaq-listed Solana treasury company Forward Industries announced that its SEC-registered stock is now live on the Solana blockchain via the Superstate platform. It is reported that eligible investors can also use the company's tokenized stock as collateral to borrow stablecoins, thereby gaining on-chain liquidity while maintaining investment exposure to the underlying equity.

NYSE Parent Intercontinental Exchange in Talks to Invest in Crypto Payments Company MoonPay

According to Bloomberg, Intercontinental Exchange Inc., the parent company of the New York Stock Exchange, is in talks to invest in crypto payments company MoonPay Inc. Sources revealed that MoonPay is close to completing a new funding round targeting a valuation of approximately $5 billion. This investment would be part of that funding round.

Listed Company VivoPower Partners with Korea's Lean Ventures to Acquire Ripple Equity

According to CoinDesk, Nasdaq-listed company VivoPower (VVPR), through its digital assets division Vivo Federation, has partnered with Korean asset management company Lean Ventures to plan raising $300 million to acquire equity in Ripple Labs, serving Korean institutional and qualified retail investors.

At the current XRP price, this investment would indirectly provide exposure to approximately 450 million XRP tokens, worth about $900 million. VivoPower has received approval from Ripple to purchase the first tranche of preferred shares and is negotiating additional acquisitions with existing institutional holders.

Solana-based DePIN Project Fuse Energy Completes $70 Million Series B Funding Round Led by Lowercarbon and Balderton

According to SolanaFloor, the Solana-based DePIN project Fuse Energy announced the completion of a $70 million Series B funding round. This round was led by Lowercarbon Capital and Balderton Capital, valuing the company at $5 billion.

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Domande pertinenti

QWhat was the US unadjusted CPI annual rate for November and how did it compare to expectations?

AThe US unadjusted CPI annual rate for November was 2.7%, which was lower than the expected 3.1%.

QWhat specific actions does the Uniswap Unification proposal include if it passes?

AIf the Uniswap Unification proposal passes, it will execute the following measures: burn 100 million UNI tokens, activate the fee switch for v2 and v3 on the mainnet to begin burning UNI (including Unichain fees), and Uniswap Labs will align with Uniswap governance through a legally binding contract agreement under Wyoming DUNA law.

QWhich two firms co-led the $70 million Series B funding round for the Solana-based DePIN project Fuse Energy?

AThe $70 million Series B funding round for Fuse Energy was co-led by Lowercarbon Capital and Balderton Capital.

QWhat new type of ETF did Bitwise file an S-1 form with the US SEC to launch?

ABitwise filed an S-1 form with the US SEC to launch a spot-type Bitwise Sui ETF.

QAccording to the SEC's guidance, under what condition would SIPC protection NOT be provided for a customer's crypto assets?

ASIPC protection will not be provided if the crypto asset is not a product registered under the Securities Act.

Letture associate

Upbit Rebalances 864B SHIB In Internal Wallet Move

South Korean cryptocurrency exchange Upbit moved a total of 864 billion SHIB (worth approximately $4 million) between its internal wallet addresses. The activity, involving transfers of 384 billion SHIB outbound and 480 billion SHIB inbound, occurred following a 36% SHIB price rally. On-chain data indicates this was a routine internal wallet rebalancing operation by the exchange, not a sell-off or liquidation event. The article cautions that while large on-chain transfers are highly visible, they require proper context and wallet labeling to interpret correctly. In this case, the movement between known Upbit addresses does not inherently signal a change in market supply or selling pressure for SHIB.

bitcoinist49 min fa

Upbit Rebalances 864B SHIB In Internal Wallet Move

bitcoinist49 min fa

Can Generative Models Finally Be Trained End-to-End? The Core Is a For Loop

This article introduces a novel training paradigm for generative models called Explorative Modeling (XM), which enables true end-to-end training. Traditionally, powerful generative models like autoregressive and diffusion models are not trained end-to-end. They are trained to predict a single small step but require iterative multi-step sampling for inference. This "exposure bias" leads to error accumulation and limits performance. The core challenge XM addresses is "mode blurring." In generative tasks, a single input (e.g., "generate a dog") corresponds to many valid outputs (multiple modes). Standard training objectives like reconstruction loss force the model to average these modes, producing unrealistic, blurry outputs. To avoid this, existing models break generation into many small, almost deterministic steps, sacrificing end-to-end training. XM tackles this by restructuring the training loop itself. Its key insight is to amplify "generative expressivity." For each training input, instead of generating one sample, the model generates K candidate outputs. Only the candidate closest to the real data is used for computing the loss and updating the model via backpropagation. This simple "best-of-K" mechanism is implemented as a short for-loop. By exploring multiple possibilities, the model learns to distribute its guesses across different modes rather than collapsing to their uninformative average. The paper demonstrates that "exploration" acts as a new, powerful scaling axis. Gains from XM increase with model size, data scale, and compute. Experiments show improvements in FID scores for image generation and significant efficiency gains, sometimes outperforming larger models without exploration. When pushed to the limit, XM enables fully single-step, end-to-end generative models. In robotics tasks, an "Explorative Policy" matched the performance of a 100-step Diffusion Policy with a single forward pass, drastically improving inference speed. While the best-of-K concept is not entirely new, the authors' contribution lies in formally understanding it as a direct method to boost generative expressivity without fragmenting the generation process. This work suggests that as models scale, enhancing exploration during training may become crucial for overcoming fundamental performance bottlenecks.

marsbit49 min fa

Can Generative Models Finally Be Trained End-to-End? The Core Is a For Loop

marsbit49 min fa

A Maximum of 20 Submissions Per Person? DeepMind Researcher Satirically 'Petitions' Against ICLR's New Rule

The International Conference on Learning Representations (ICLR) 2027 has introduced a new submission rule limiting authors to a maximum of 20 papers per conference. This policy, announced due to a 68% surge in submissions for ICLR 2026 that strained the review system, aims to ensure fair and informative peer review. Google DeepMind researcher Dan Roy responded with a sarcastic petition on X, calling the 20-paper cap "absurd" and claiming it would slow AI progress. His post mockingly argued that AI agents can now produce incremental research and that large language models (LLMs) already handle all reviewing, so output should be maximized. This satire critiques the broader trend of AI's role in academia, referencing a 2025 study that found about 21% of ICLR 2026 reviews were likely fully AI-generated. Roy's underlying point questions whether simply capping submissions addresses the systemic issue of AI potentially flooding conferences with agent-written papers and AI-assisted reviews. The debate highlights tensions between managing submission volume and maintaining research quality as AI tools become pervasive.

marsbit54 min fa

A Maximum of 20 Submissions Per Person? DeepMind Researcher Satirically 'Petitions' Against ICLR's New Rule

marsbit54 min fa

Coldcard Vulnerability Leads to $89 Million Theft, Sparking Largest On-Chain Migration Since FTX Collapse

A security vulnerability in Coldcard hardware wallets led to the theft of 1,367.05 BTC (approx. $89 million) from 4,585 addresses, according to Galaxy Research. The flaw, caused by insufficient randomness in seed phrase generation for specific firmware versions, triggered a massive migration of funds as users moved assets to new, secure wallets. This event caused the largest on-chain movement of small Bitcoin transactions since the FTX collapse, distorting key market indicators like active addresses and exchange deposits, and significantly dampening market sentiment. The incident also highlighted challenges in cybersecurity investigations, as researchers reported that safety guardrails on mainstream U.S. AI models hindered the analysis of attack patterns, forcing them to use an open-source Chinese AI model for forensic work. This underscores a dilemma in balancing AI security restrictions with the need for rapid response in tracing stolen crypto assets.

marsbit1 h fa

Coldcard Vulnerability Leads to $89 Million Theft, Sparking Largest On-Chain Migration Since FTX Collapse

marsbit1 h fa

Annual Salary of Millions Competing for Electricians, Meta Rushes to Open Its Own Technical School

The AI boom is facing an unexpected bottleneck: a severe shortage of skilled construction workers and electricians. As tech giants like Meta, OpenAI, and Alphabet race to build massive data centers—such as OpenAI's $16 billion "Stargate" project—they are hitting a critical labor wall. The U.S. needs an estimated 130,000 more electricians, 240,000 construction workers, and 150,000 supervisors by 2030 for AI infrastructure alone, but tens of thousands of electrician jobs go unfilled each year. While AI companies offer high premiums, with electricians earning up to $280,000 annually, worker scarcity still causes massive losses—delays on a single project can cost $14.2 million per month. The complexity of building AI data centers, which require immense power (equivalent to powering hundreds of thousands of homes), sophisticated electrical systems, and advanced liquid cooling solutions, demands highly skilled technicians who are in short supply. To combat this, companies are investing heavily in training. Meta has committed $115 million to a free training school offering tuition, housing, and stipends, targeting 5,000 new workers. OpenAI is partnering with unions to secure skilled labor. These efforts are paying off, with a significant rise in Gen Z interest in trade schools over college. However, the power demands are staggering. AI data centers are driving a rapid surge in electricity consumption, projected to account for up to 12% of U.S. power use by 2028 and raising costs for consumers. Furthermore, the construction boom is project-based, leading to a potential future glut of trained workers once building peaks, which could depress wages industry-wide. The race for AI supremacy now depends as much on skilled hands as on advanced chips.

marsbit2 h fa

Annual Salary of Millions Competing for Electricians, Meta Rushes to Open Its Own Technical School

marsbit2 h fa

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534 Totale visualizzazioniPubblicato il 2024.12.12Aggiornato il 2026.06.02

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