Headline
▌Ethereum's Pectra upgrade will begin testing in February, and the upgrade is expected to land on the Ethereum mainnet in April
Ethereum's "Pectra" upgrade will land on the Holesky and Sepolia testnets in February and March. Pectra will include a series of improvements, with a particular focus on wallets and validators. If these tests are successful, developers will reconvene on March 6 to determine when to officially launch the upgrade.
Some developers now say it may land on the mainnet in early April. Pectra is a hybrid word that represents two separate upgrades, Prague and Electra, and contains eight major improvements to the second-largest blockchain. The most anticipated of these is EIP-7702, which aims to improve the user experience of crypto wallets. Another major feature of Pectra, EIP-7251, will allow validators to increase their staked amount - from 32 ETH to 2,048 ETH.
▌Solayer announces LAYER token economics: maximum supply of 1 billion, 51.23% allocated to community and ecosystem
Solana re-staking platform Solayer announces the token economics of its governance token LAYER, with a maximum supply of 1 billion LAYER tokens and an initial circulation of 220 million. The allocation ratio is as follows: ①51.23% allocated to the community and ecosystem: 34.23% of which is used for continued research and development, developer programs, ecosystem development and other user activities; 14% for community activities/incentives (12% reserved for Genesis Drop, which includes rewards for early adopters and other initial claiming activities); 3% is allocated through Emerald Card community sales. ②17.11% is allocated to core contributors. ③16.66% has been sold to investors. ④15% is allocated to the Solayer Foundation to support product expansion and network development.
Regarding the LAYER Genesis Airdrop, the second LAYER distribution is for existing community members who have supported Solayer since its launch in 2024. Solayer reserves 12% of the total supply for Solayer community members, integration partners and liquidity providers, as well as users who meet the following qualifications: Solayer sSOL and sUSD holders, users who delegate sSOL to AVS partners, users who deposit sSOL or sUSD in partnered DeFi protocols, users who deposit whitelisted LST (liquidity staking tokens) on Solayer, users who deposit Solayer through partner and wallet activities, LRT protocol, other claiming programs.
Market
As of press time, according to Coingecko data:
BTC's latest transaction price is $96,741.41, with a daily increase or decrease of -0.0%;
ETH's latest transaction price is $2,702.12, with a daily increase or decrease of -3.3%;
BNB's latest transaction price is $573.35, with a daily increase or decrease of +0.2%；
SOL's latest transaction price is 190.90 US dollars, with a daily increase or decrease of -3.4%；
DOGE's latest transaction price is 0.2499 US dollars, with a daily increase or decrease of -3.0%；
XPR's latest transaction price is 2.33 US dollars, with a daily increase or decrease of -2.9%。
Policy
▌U.S. SEC Promotes XRP, Litecoin, Solana ETF Applications
The U.S. Securities and Exchange Commission (SEC) updated the applications for multiple cryptocurrency exchange-traded funds (ETFs) on February 6, indicating that the regulator is gradually advancing the approval process of cryptocurrency ETFs.
Key developments include: Grayscale's Solana and Litecoin ETF applications have received formal acknowledgment from the SEC. BlackRock submitted a proposal for the iShares Bitcoin ETF to allow physical creation and redemption. Cboe submitted multiple 19b-4 documents to apply for listing and trading of XRP ETFs issued by Bitwise, 21Shares, Canary Capital and WisdomTree.
This move is seen as an important signal that the SEC is gradually accepting cryptocurrencies as mainstream financial assets under the new administration's more friendly policy towards cryptocurrencies. Analysts believe that the progress of ETF applications for Litecoin, Solana, and XRP could pave the way for the approval of more cryptocurrency ETFs.
▌Cboe BZX Submits 19b-4 Application Form for Spot XRP ETF for Bitwise and Other Issuers
Cboe BZX Exchange submitted 19b-4 documents on behalf of Bitwise, 21Shares, WisdomTree, and Canary Capital to list and trade spot exchange-traded products that track XRP, the fourth largest cryptocurrency by market capitalization.
The 19b-4 application is the second part of the two-step process of submitting a cryptocurrency ETF application to the U.S. Securities and Exchange Commission. Once approved by the U.S. Securities and Exchange Commission, the application will be published in the Federal Register, thereby initiating the agency's approval process.
Bitwise first filed for registration of the spot XRP ETF in October, while 21Shares filed an S-1 registration statement for the XRP ETF with the SEC in November.
▌U.S. federal judge harshly criticized the FDIC's actions in the Coinbase lawsuit, calling its practices "ridiculous"
According to the latest published hearing records, U.S. federal judge Ana C. Reyes harshly criticized the FDIC's actions in the case in which Coinbase sued the Federal Deposit Insurance Corporation (FDIC). Judge Reyes pointed out that the FDIC failed to provide a large number of documents related to the Freedom of Information Act (FOIA) request previously submitted by Coinbase, and may have destroyed some case information.
At the hearing, Judge Reyes questioned FDIC attorney Andrew Dober why he took an "extremely narrow and illogical" interpretation of the FOIA request, calling his approach "almost ridiculous." Attorney Dober attempted to ask the court to suspend the case for three weeks on the grounds of leadership changes, but was rejected by the judge and asked to answer questions immediately. The lawsuit stems from Coinbase's attempt to obtain documents in which the FDIC sent a "suspension letter" to banks to restrict cryptocurrency-related activities. This action was called "Operation Choke Point 2.0" by industry participants.
Blockchain Applications
▌CryptoQuant CEO: PoliFi may become a killer application in the crypto industry
CryptoQuant CEO Ki Young Ju posted on X platform, "PoliFi may become a killer application in the crypto industry. A strong crypto asset can attract capital and talent through an engaging narrative to form a self-constructed Internet organization. The influence of a narrative depends on the following three points: it resonates with most people; it has extreme and provocative themes; it can arouse heated debate. Politics meets these three criteria. It is widely relevant, highly controversial, and inherently polarizing. Political parties should issue their own tokens. Members can invest in these tokens to enhance their sense of belonging, and the free market will quantify public sentiment. With their natural narrative advantages, these communities will be self-sustaining and highly active. Imagine that the Republican and Democratic parties in the United States launch official PoliFi tokens, and ETFs track tokens supported by politicians. Trump Coin may be just the beginning.”
Cryptocurrency
▌Copper to Provide Crypto Custody Services for Fineqia’s Crypto ETN
Digital asset business Fineqia AG has partnered with cryptocurrency custodian Copper to provide a custody solution for its exchange-traded notes (ETN) business, a move the company says will increase the reliability and transparency of its products. Under the new agreement, Copper will safeguard the underlying assets held by Fineqia’s ETNs, including the Fineqia FTSE Cardano Enhanced Yield ETN, which provides direct exposure to Cardano.
As of January 29, the product had over $45 million in assets under management. The Cardano ETN began trading on the Vienna Stock Exchange about 10 months after Fineqia AG initially received approval.
▌Michigan's $20 billion state pension fund disclosed holdings of $9 million in Bitcoin ETFs
According to Cointelegraph, Michigan's $20 billion state pension fund disclosed holdings of $9 million in Bitcoin ETFs.
▌Trump family encryption project WLFI plans to create a "strategic reserve" with purchased tokens
Chase Herro, co-founder of World Liberty Financial (WLFI), the DeFi project of US President Trump, said that the platform plans to create a "strategic reserve" with purchased tokens. Herro did not specify what the goal of World Liberty's token reserve is. The topic has been in the spotlight since Trump promised to set up a token reserve during his campaign last year. Last month, he signed an executive order to assess the feasibility of creating a digital asset reserve. Donald Trump Jr. appeared at the Ondo Summit held at the Jazz Hall of Lincoln Center on Thursday, the latest move by the president to show support for the digital asset industry.
Although World Liberty is promoted as a DeFi lending platform, it has not yet started operations. So far, the project is known for purchasing niche tokens.
▌Bloomberg analyst: Still convinced that Litecoin will be the next spot ETF product approved by the SEC
Bloomberg analyst James Seyffart wrote on the X platform that he still sticks to his previous view that Litecoin will be the next spot ETF product approved by the SEC. Earlier in the day, the SEC began accepting Grayscale Litecoin Trust's 19b-4 application form.
▌Crypto company Gemini is considering an IPO this year
Gemini, a cryptocurrency company backed by the billionaire Winklevoss brothers, is considering an IPO this year, according to people familiar with the matter. Sources said that since the information has not yet been made public, the company and the custodian are currently discussing the possibility of listing with potential advisers and have not made a final decision.
Gemini currently has more than 500 employees in New York, Seattle, Singapore, London, Dublin and Gurgaon, India, according to the company's website.
Important Economic Dynamics
▌U.S. bond market reacts coldly to U.S. Treasury Secretary's 10-year yield pledge
U.S. Treasury Secretary Benson's pledge to control 10-year Treasury yields on Thursday was met with some skepticism in the bond market as inflationary pressures and expectations of a widening federal deficit could overshadow efforts to curb borrowing costs. "While Trump wants lower interest rates, he won't ask the Fed to cut rates," Benson said in an interview yesterday. "President Trump and I are both focused on the 10-year Treasury yield." But bond investors and analysts are still not convinced by Benson's remarks, as Trump's trade and fiscal policies are expected to push long-term Treasury yields higher despite falling energy prices and government spending cuts. "The bigger issue in composite inflation is services inflation and the stickiness of inflation that has prevailed over the past few months," said Padhraic Garvey, head of research for the Americas at ING. "The tariff agenda will only put upward pressure on prices and, in fact, may be more influential than the energy price control program," he added.
▌Fed Logan: 2% inflation is not necessary for FOMC to cut rates
Fed Logan said the choice in 2025 comes down to resuming rate cuts "as soon as possible" or keeping rates unchanged for "quite a while." The Fed could cut rates if the U.S. job market deteriorates. A strong labor market could mean the policy rate is close to neutral. 2% inflation is not necessary for the FOMC to cut rates. Central banks must anchor inflation expectations. Changes in trade policy could have lasting effects on the economy.
Golden Encyclopedia
▌What is chain abstraction?
Chain abstraction in blockchain works by providing a single interface that enables users and developers to interact with multiple blockchains without having to manage the complexity of each individual chain. Chain abstraction solutions are still under development, and many companies are working on solving the problem. At present, how this all works is not an exact science, but multi-chain solutions may allow users to seamlessly use Web3 from a single account.
Disclaimer: As a blockchain information platform, the content of the articles published by Jinse Finance is for information reference only and is not intended as actual investment advice. Please establish the correct investment concept and be sure to enhance risk awareness.
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