According to Odaily, Alliance DAO co-founder QW expressed on social media that he is beyond the age of wanting to win debates. However, he is willing to wager on the belief that a weighted index of selected public chains (L1) will outperform his listed '8–10 perfect projects' over the next decade. QW has previously shared his '10/10 project list,' emphasizing that high-quality projects have a significantly better long-term fundamental outlook compared to broad-based combinations centered around public chains. In related news, a Dragonfly partner recently stated that Ethereum has a strong moat, dismissing the notion that 'blockchains have no moat' as overly absurd.

According to Odaily, Alliance DAO co-founder qw recently shared his personal ranking of 'business moat levels across various industries,' noting that blockchain itself has a very limited moat, rated at only 3 out of 10. Qw's moat rating system is as follows: 10/10 Level (Strongest Moat) - Microsoft (Key SaaS) - Apple (Brand + Development Ecosystem) - Visa/Mastercard (Payment Network Effect) - TSMC (IP + Physical Infrastructure) 9/10 Level - Google (Search and AI IP) - Amazon (E-commerce Network Effect + Logistics Infrastructure) - Moody's, S&P, FICO (Regulation Driven + Brand + Rating Network Effect) - Major Cloud Computing (AWS/Azure/GCP, etc.) 8/10 Level - Meta (Social Network Effect) - NVIDIA (IP + CUDA Network Effect) 7/10 Level - Tesla (Strong Automation Technology, but Cars Still Commoditized) 5/10 Level - Best Crypto Businesses in the Industry 3/10 Level (Narrow Moat) - Public Blockchains Qw further stated that a weak moat is not necessarily a bad thing, but it means that teams must continuously innovate to stay ahead, or they will be quickly replaced. He also mentioned that Bitcoin could be rated at 9/10, while ASML belongs to the 10/10 level.

Alliance DAO 联合创始人 qw 今日分享其对“不同行业商业护城河等级”的个人排名，并指出区块链本身的护城河非常有限，仅约 3/10。qw 的护城河评分体系如下：10/10 级（最强护城河）微软（关键 SaaS）苹果（品牌 + 开发生态）Visa/Mastercard（支付网络效应）台积电（IP + 物理基础设施）9/10 级谷歌（搜索与 AI IP）亚马逊（电商网络效应 + 物流基础设施）穆迪、标普、FICO（监管驱动 + 品牌 + 评级网络效应）大型云计算（AWS/Azure/GCP 等）8/10 级Meta（社交网络效应）英伟达（IP + CUDA 网络效应）7/10 级特斯拉（强自动化技术，但汽车仍偏商品化）5/10 级行业中最优秀的加密业务3/10 级（护城河狭窄）公链（blockchains）qw 进一步表示，护城河弱并非坏事，但意味着团队必须能够持续领先创新，否则将被迅速替代。他还称比特币可评为 9/10， ASML 属于 10/10 级别。

根据 msx.com 数据，美股收盘，道指上涨 1.05%，标普 500 指数上涨 0.67%，纳指上涨 0.0.33%。加密概念股普跌，ETHZ 跌超 8.1%，HODL 跌超 6.39%，ABTC 跌超 5.37%。据悉，msx.com 是一个去中心化 RWA 交易平台，累计已上线数百种 RWA 代币，涵盖 AAPL、AMZN、GOOGL、META、MSFT、NFLX、NVDA 等美股及 ETF 代币标的。

Dragonfly 管理合伙人 Haseeb 发文回应称，将“区块链护城河评为 3/10”实在过于荒谬，连 Santi 也从未认为区块链“没有护城河”。Haseeb 指出，以太坊已连续 10 年保持主导地位，其间数百个竞争者累计融资超 100 亿美元试图抢占市场。然而经历整个十年周期所有挑战者的冲击后，以太坊依然稳居行业顶部，这本身即说明其存在强大的护城河。Haseeb 表示，如果这样的成绩还不能称之为护城河，那么护城河概念恐怕也无从谈起。此前消息：Alliance DAO 联创：BTC 若难快速应对安全与量子风险，L1 才具备对冲价值

GameStop（GME）披露其比特币持仓在截至 11 月 1 日的三季度账面亏损约 940 万美元。按季度末价格计算，该公司持有的 4710 枚 BTC 总价值约 5.19 亿美元，本季度未新增或出售任何比特币。报道指出，GameStop 在 5 月至 6 月间利用一笔 13 亿美元债券融资购入 4710 枚 BTC，此后选择长期持有。三季度期间，比特币价格从约 11.5 万美元回落至约 11 万美元。受销售数据不及预期影响，GameStop 股价周三下跌 5.8%。自宣布将比特币纳入财库战略以来，公司股价累计下跌逾 22%。（coindesk）

According to ChainCatcher, senators are working to address critical differences in cryptocurrency regulation legislation in the final weeks of the year. The goal is to advance the bill out of committee after months of negotiations. Despite Democratic colleagues seeking amendments to the draft text and only a few days remaining before lawmakers leave for vacation, Republicans are pushing for a review and revision of the cryptocurrency market structure legislation next week. An industry insider familiar with the legislative process stated, "Time is of the essence. Realistically, there are about 48 hours to determine if the bill can move forward next week." Senator Cynthia Lummis, a key proponent of cryptocurrency legislation and a Republican from Wyoming, expressed her aim to release an updated draft by the end of the week, which she considers "our best outcome so far," and to have the bill reviewed and revised next week. Speaking at the Blockchain Association Policy Summit, she remarked, "I believe we have reached a point where it is best to present a proposal for review and revision next week, allowing everyone to take a breather during the Christmas holiday."

CFTC 代理主席 Caroline Pham 宣布首批 CEO Innovation Council 成员名单，均来自交易所领域，将就衍生品市场结构与监管创新展开讨论。参与者包括：Polymarket CEO Shayne Coplan、Cboe Global Markets CEO Craig Donohue、CME Group CEO Terry Duffy、Bullish CEO Tom Farley、Nasdaq CEO Adena Friedman、Bitnomial CEO Luke Hoersten、Kalshi CEO Tarek Mansour、Crypto.com CEO Kris Marszalek、LSEG CEO David Schwimmer、Kraken 联合 CEO Arjun Sethi、ICE CEO Jeff Sprecher 以及 Gemini CEO Tyler Winklevoss。CFTC 表示将在代币化、加密资产、24/7 交易、永续合约、预测市场及区块链基础设施等领域推动市场结构创新，并持续审查更多委员会申请。（Cointelegraph）

null source: https://x.com/BTC_Archive/status/1998915018843168844

The CFTC has approved Gemini Titan to launch a prediction market. source: https://www.cryptopolitan.com/gemini-cleared-to-launch-prediction-platform/

Binance Labs has invested in Solayer, a restaking network on Solana, to boost its ecosystem. Solayer's innovative approach to staking and security has rapidly increased its Total Value Locked (TVL) and attracted significant attention in the crypto space.