The Block
Quick Take Polygon community members rejected a preliminary proposal to deploy over $1 billion in stablecoin from the PoS Chain bridge for yield generation. Following community feedback, Polygon acknowledged these concerns and decided not to advance the proposal but remained open to exploring innovative ideas in the future.
HashKey Group has launched its Ethereum Layer 2 HashKey Chain on mainnet.HashKey joins other crypto firms like Coinbase and Kraken in building their own Layer 2 networks using the OP Stack.
With Donald Trump securing victory in the U.S. presidential election and the prospect of a Republican-controlled House and Senate, speculation has begun on what’s next for the crypto industry ahead of his Jan. 20 inauguration.The crypto community wants to see Trump’s campaign promises — including appointing a crypto-friendly SEC Chair, commuting the sentence of Ross Ulbricht, and creating a national strategic bitcoin reserve — fulfilled.
Quick Take The U.S. Treasury Department issued sanctions against individuals that laundered cryptocurrencies to fund the North Korean regime. North Korea’s state-backed hackers are accused to be behind some of the largest hacks in crypto.
Quick Take Ohio State Representative Derek Merrin introduced a bill to create a bitcoin reserve within the state treasury. Several other state representatives have pushed for state bitcoin reserves, as U.S. president-elect Donald Trump looks to build a national strategic reserve of bitcoin.
Quick Take Ethereum Name Service will use Linea’s technology to develop its own Layer 2 network called Namechain.
Former BitMEX CEO Arthur Hayes expects crypto markets to experience a “harrowing dump” around Trump’s inauguration day.Hayes said crypto investors’ expectations for the upcoming policy changes under the Trump administration are far from reality.
Quick Take BlackRock’s spot bitcoin ETF recorded its largest daily trading volume of $4.1 billion on U.S. presidential election day. The 12 spot bitcoin ETFs traded over $6 billion yesterday, marking their highest daily total since March.
Quick Take Wintermute’s proposal requested that a portion of Ethena protocol’s revenue be allocated to programs related to staked ENA. The proposal also asked for clarity on the past and future revenue allocation of the Ethena protocol.
Quick Take Donald Trump’s victory is expected to benefit both gold and bitcoin, JPMorgan analysts said. Bitcoin is predicted to get a further boost thanks to MicroStrategy’s $42 billion bitcoin acquisition plan, the analysts added.