ChainCatcher Selected

The report believes that the progress in quantum computing is real but only incremental, and there are currently no quantum computers related to cryptography. The exposure of Bitcoin is limited to ECDSA: address reuse and static attacks on P2PK, as well as in-transit attacks with a window of about 10 minutes in the memory pool. Approximately 7.1 million BTC public keys have been exposed, of which about three-quarters are on reused addresses, which can reduce risk through migration; about 1.8 million are considered lost. Current work includes stopping address reuse, advancing SHRINCS post-quantum signatures, and reaching a consensus on the disposal of P2PK coins.

November 11 Market Important Events Overview

Bitcoin has fallen below the short-term holder cost basis of $75.6K and is lagging behind the U.S. stock market, which has recovered the election day closing price. The supply of stablecoins has decreased by $14.2 billion over the past 30 days, marking the fastest contraction since June 2022, with net outflows from spot ETFs and a deeper discount on Coinbase. The near-price long leverage has basically been cleared, and wallets holding 100 to 10K BTC have started to buy. As long as the June low of $58.5K is maintained, the trend reversal since August remains valid.

Nikos believes that payment companies can borrow $30 million USDC from Aave or Morpho in one go today, but cannot obtain a commitment for a continuously available credit line at known prices for the next year. He proposed a four-tier credit framework: committed credit line, priority loss layer, borrowing interest rate cap, and accounts receivable recovery and data triggers, and pointed out that the competitive advantage lies in underwriting data, bilateral capital, API integration, and legal packaging, rather than the contracts themselves.

Spencer Applebaum believes that AI is significantly reducing the cost of building DeFi software, but customer relationships, capital, and proprietary data are still difficult to replicate. Projects with distribution, balance sheet, or underwriting capabilities will hold pricing power, while pure software protocols will be commoditized. Startups can first enter markets that giants are unwilling to touch, and then solidify their risk appetite into a long-term moat.

Guy Wuollet believes that Agent can extend the Uber-style bilateral network to more complex goods and services. Users express intentions and acceptable conditions, while suppliers bid for fulfillment, similar to UniswapX. Dining together is just an example; network effects, authorization verification, and fulfillment records constitute long-term advantages. Markets such as travel, procurement, computing power, and arbitration are also worth starting from specific scenarios.

The issues of debt and political division in the United States still exist, and the struggle between the two parties may intensify, bringing more uncertainty to the U.S. bond market.

November 10 Market Important Events Overview

November 9 Market Important Events Overview

As the political landscape in Washington changes, whether the cryptocurrency industry can gain bipartisan support has become key to determining its future.