Headline
▌Wormhole Labs Launches “Sunrise” Gateway, Bringing Assets Like MON to Solana
Wormhole Labs, the developer behind the cross-chain protocol Wormhole, announced the official launch of “Sunrise,” a new liquidity gateway specifically designed for the Solana ecosystem. According to information provided to The Block, the product is positioned as a “standard channel” for external assets to enter Solana, providing liquidity support from its first day of launch—users can transfer tokens from their native blockchain to Solana through a single interface and immediately access the network's decentralized finance (DeFi) platforms. The announcement states that Sunrise aims to solve the common “liquidity fragmentation” problem when new tokens cross-chain, ensuring that newly added assets can be traded on mainstream platforms within the Solana ecosystem (including the decentralized exchange Jupiter and the block explorer Orb incubated by Helius) from the first day of launch.
As the first core test case, Sunrise will support the highly anticipated Monad network's native token MON on its first day of launch. Coinbase announced on its X platform that its first token sale project, MON, has been completed. 858,000 participants from over 70 countries joined the sale, resulting in an oversubscription of 1.43 times. The allocation plan will be announced soon, with an expected average allocation of $2,188, a median of $261, and a maximum of $57,157. As of press time, according to CoinGecko data: BTC price is $86,782.84, a 24-hour change of +2.2%; ETH price is $2,796.94, a 24-hour change of +1.1%; BNB price is $844.84, a 24-hour change of +1.0%. SOL price is $130.75, up 24 hours (+2.3%); DOGE price is $0.1453, up 3.2% in the last 24 hours; XRP price is $2.05, up 4.9% in the last 24 hours; TRX price is $0.2749, up 0.2% in the last 24 hours. The price of WLFI is $0.1512, a 24-hour change of -2.0%; the price of HYPE is $31.65, a 24-hour change of +5.9%. **Policy** **Crypto Lawyer Khurram Dara: New York State BitLicense is Illegal** According to crypto journalist Eleanor Terrett, in his first interview after announcing his candidacy for New York State Attorney General, cryptocurrency lawyer Khurram Dara stated that New York State's BitLicense is illegal and infringes on the economic rights of cryptocurrency companies intending to operate in the state. **Coinbase Policy Head: Full Reserve Backing Makes Stablecoins Safer Than the Banking System** Central banks around the world have warned that tariff-induced market volatility could lead to runs on stablecoins, triggering a concentrated sell-off of US Treasury bonds. The rapid expansion of stablecoins has posed a systemic risk, and large-scale redemptions could affect global financial stability. Coinbase's Head of Policy, Faryar Shirzad, stated that "full-reserve collateral makes stablecoins safer than banks," and that "their wider adoption will actually enhance stability." He further explained, "Banks extend long-term, often high-risk loans to individuals and businesses, exposing them to both credit and liquidity risks. In contrast, stablecoin issuers typically hold short-term government bonds, which are virtually risk-free and highly liquid." The Trinidad and Tobago Parliament passed the Virtual Assets and Virtual Asset Service Providers Act by a vote of 25 to 11, establishing a regulatory framework for cryptocurrency activities in the Caribbean nation. The act aims to meet the anti-money laundering and counter-terrorism financing standards of the Caribbean Financial Action Task Force (FATF) in preparation for the planned FATF on-site assessment in March 2026. Chaos ensued before the bill's passage, with the opposition accusing the government of violating parliamentary procedure by submitting a 48-page document containing over 200 amendments just minutes before the debate began. Critics worried the bill was too stringent and could stifle innovation, but the government insisted the amendments were based on extensive consultation with the central bank, securities regulators, and industry participants. According to the official page, the Uniswap community passed the "Uniswap Fee Switch Temperature Check" proposal with 100% support. Following this vote, a full on-chain vote will be held.
▌Musk: AI5 chip nearing tape-out, AI6 chip development underway
Musk: The AI5 chip is nearing tape-out, and AI6 chip development has begun. Our goal is to put a new AI chip design into mass production every 12 months. We expect the final number of chips produced to exceed the total number of all other AI chips combined.
Cryptocurrency
▌Bitcoin market capitalization rebounds, surpassing $1.7 trillion
Bitcoin's market capitalization has rebounded, surpassing $1.7 trillion, currently at $1.72 trillion. It has surpassed the Vanguard Total Stock Market ETF ($1.703 trillion), rising to 8th place in global asset market capitalization rankings.
▌BlackRock Bitcoin ETF's Single-Day Trading Volume Surpasses $8 Billion
US spot Bitcoin ETFs experienced unprecedented trading activity on November 21st, with BlackRock's iShares Bitcoin Trust (IBIT) reaching a single-day trading volume of $8 billion, setting a new record since its inception. This brought the total trading volume of all Bitcoin ETFs in the market that day to a record high of $11.5 billion. Amidst the sharp fluctuations, institutional investors actively adjusted their portfolios, and Bitcoin stabilized around $84,000 after falling more than 30% from its peak, which also fueled the surge in trading volume. Despite the active trading, IBIT recorded a net outflow of approximately $122 million that day. ETF analyst Eric Balchunas stated that this reflects a "large-scale rotation of liquidity" rather than a sustained withdrawal of funds.
▌Jack Yi: Fully invested in ETH around $2700
Jack Yi (易理华), founder of Liquid Capital (formerly LD Capital), posted on social media: "ETH was traded around $2700, and this time I'm completely fully invested. My overall portfolio has always followed the logic of three major sectors: ETH as the main public chain, while also allocating to BTC/BCH. The trading platforms are BNB/Aster. My heavy holding in stablecoins is WLFI, which is equivalent to USD1 in BNB, and USD1 is the only stablecoin with the potential for a leapfrog development. We can't focus on too many projects; we're concentrating on the leading companies in the three major sectors of the crypto market, and leaving the rest to time."
▌USDe supply surpasses 7.4 billion, setting a new all-time high
▌NYDIG: ETF outflows, declining stablecoin supply, and DAT indicator reversal indicate cryptocurrency capital flight
NYDIG's Greg Cipolaro stated that the decline in Bitcoin prices is driven by market structure mechanisms, not sentiment, and key demand sources are reversing. The continued outflow of funds from spot Bitcoin ETFs (US$3.55 billion outflow in November), coupled with a decline in stablecoin supply, indicates that capital is leaving the market. Cipolaro warned that the market may experience higher volatility in the short term, but he maintains a long-term bullish view and advises investors to prepare for volatility.
▌Strategy and Bitcoin Supporters Call for "Boycott" of JPMorgan Chase's Exclusion of DAT from MSCI Index
Opposition from the Bitcoin community and supporters of Bitcoin treasury company Strategy to financial services giant JPMorgan Chase continued to rise on Sunday, with calls for a "boycott" of JPMorgan Chase growing stronger. This discontent within the Bitcoin community stems from news that index compiler MSCI (formerly Morgan Stanley Capital International) plans to exclude cryptocurrency treasury companies from its index components in January 2026. JPMorgan Chase disclosed this MSCI-related news in a research report.
Real estate investor and Bitcoin supporter Grant Cardone, responding to calls to boycott the financial giant, stated, "I just transferred $20 million out of JPMorgan Chase and filed a lawsuit against them for credit card misconduct." As the online boycott intensifies, Bitcoin supporter Max Keiser called for, "Beat JPMorgan Chase, buy Strategy-related assets and Bitcoin." Binance Alpha will list Irys (IRYS) on November 25th. Eligible users can claim an airdrop using Binance Alpha Points on the Alpha event page after trading opens. Further details will be announced later. **Important Economic Developments** U.S. Treasury Secretary Scott Bessant stated on Sunday that the 43-day government shutdown caused $11 billion in permanent damage to the U.S. economy, but he remains optimistic about next year's economic growth prospects given the decline in interest rates and the impetus from tax cuts. Bessant noted on a program that interest rate-sensitive sectors of the U.S. economy have entered a recession, but he believes there is no immediate risk of the overall economy falling into negative growth. Bessant attributed inflation to the service sector, rather than President Donald Trump's widespread tariff policies—a view consistent with the Trump administration's long-standing stance. He added that he expects falling energy prices to pull down overall prices more broadly. The Department of Government Efficiency (DOGE), established by US President Trump in January to scale back government spending, has been dissolved despite having eight months remaining in its term. When asked about the current state of DOGE, the head of the US Office of Personnel Management, Cooper, said, "It simply doesn't exist." Cooper added that DOGE was no longer a "centralized agency." This is the first time the Trump administration has confirmed the dissolution of DOGE. This agency, led by Musk, implemented sweeping reforms in Washington after its establishment in January, rapidly reducing the size of federal agencies, cutting their budgets, or shifting their focus to Trump's priorities. According to an executive order signed by Trump after taking office, DOGE was supposed to operate until July 2026. White House economic advisor Hassett: New Fed leadership may cut interest rates. Trump may interview Fed candidates in the coming months, and we may finalize the Fed chair around the New Year. According to CME's FedWatch Tool, the probability of a 25 basis point rate cut by the Fed in December is 69.4%, while the probability of keeping rates unchanged is 30.6%. The probability of a cumulative 25 basis point rate cut by the Fed by January is 56.9%, the probability of keeping rates unchanged is 20.8%, and the probability of a cumulative 50 basis point rate cut is 22.3%.
Golden Encyclopedia
▌Can Artificial General Intelligence Really Think Like Humans?
When the line between humans and machines becomes blurred, we see Artificial General Intelligence (AGI). Unlike Artificial Intelligence in the Narrow Sense (ANI) (which uses AI to solve individual problems), AGI refers to AI that can understand, learn, and apply knowledge in a way that is difficult to distinguish from human cognition. AGI is still in the theoretical stage, but the prospect of AI completely replacing human input and judgment has naturally attracted widespread attention, and researchers, technology experts, and academics are working hard to turn the concept of AGI into reality. Although AGI is still in the theoretical stage, its enormous potential makes it a science fiction version of artificial intelligence. While existing models (such as ChatGPT) are constantly being developed and improved, the journey to make AGI a reality still requires overcoming significant technical challenges.
The question of whether artificial general intelligence (AGI) can think like a human delves into the core of human cognition. Human thought is characterized by consciousness, emotional depth, creativity, and subjectivity. While AGI can simulate certain aspects of human thought, replicating the full range of human cognition is a formidable challenge. The litmus test for AGI lies in its ability to fully replicate human experience. Once achieved, its potential benefits will be immense, impacting all sectors and every aspect of daily life. Despite its limitations, AGI is increasingly seen as a positive force across various industries. AGI could create computers as intelligent as humans, revolutionizing fields like cryptocurrency trading and market analysis. However, AGI requires trust and fairness to benefit everyone. Blockchain, the technology behind Bitcoin and Ethereum, offers a secure and transparent way to achieve this. However, ongoing challenges such as the slow speed of blockchain, crypto transaction latency, and limited storage capacity may hinder AGI from processing data quickly or handling large datasets. To prepare blockchain for Artificial General Intelligence (AGI), researchers are exploring off-chain storage, sharding and danksharding, and data pruning. AGI represents the pinnacle of AI development, promising capabilities comparable to human intelligence. While AGI can simulate certain aspects of human thought, achieving truly human-like cognition remains a distant goal. Consciousness, emotional depth, and creativity are inherent properties of human experience, posing significant challenges to AGI. Nevertheless, the pursuit of AGI continues to drive innovation and reshape our understanding of intelligence.
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