You can also read this news on BH NEWS: ZetaChain Moves Toward Major Token Burn; Ethereum ETFs Record $53 Million Inflows In the bustling altcoin market, the spotlight is on ZetaChain’s poten
You can also read this news on BH NEWS: ZetaChain Moves Toward Major Token Burn; Ethereum ETFs Record $53 Million Inflows
In the bustling altcoin market, the spotlight is on ZetaChain’s potential 55 million ZETA token burn and transition to the Solana network, alongside significant institutional fund movements. Ethereum ETFs witnessed net inflows of $53.04 million, while the TRUMP token hit record lows post-election. Meanwhile, Ondo Finance’s South Korean venture, the dissolution of the T3 crime-fighting alliance, and ARC token sales boosting Circle’s revenues also featured prominently.
ZetaChain has opened a governance proposal for a drastic move: the burning of approximately 55 million ZETA tokens and migrating the token to the Solana network. Should this proposal pass by the voting deadline on November 7, undistributed tokens reserved for validator rewards will be burned systematically each month until 2027. The foundation will refrain from selling newly unlocked tokens during this timeframe, maintaining the current unlocking schedule.
If approved, the current mainnet will cease operations around December 9, with ZETA to be converted into Solana-based tokens on a 1:1 basis. New token minting rights will be permanently abolished once the new tokens are generated to match existing balances. Distribution will commence through the ZetaHub transition portal, contingent on the completion and publishing of Hacken’s security audit.
Concurrent with this, the financial market analysis service ZetaLabs is set to launch, utilizing ZETA for service fees and the voting on market supports and AI models. By early 2027, users can stake ZETA for access to premium services.
U.S. spot Ethereum ETFs reported a substantial net inflow of $53.04 million yesterday. According to a November 4th update by Trader T, BlackRock’s ETHA fund secured $32.8 million, while Fidelity’s FETH fund attracted $19.24 million. Grayscale’s Mini ETH and ETHE products amassed $13.6 million and $9.68 million, respectively.
Conversely, BlackRock’s staking product ETHB experienced a formidable net outflow of $22.4 million, marking its largest exit since June 29.
Ondo Finance aims to tokenize South Korean stocks, in collaboration with Kakao Pay Securities, to attract foreign investors. Ondo executive Kunal Patel emphasized that around-the-clock trading could attract new capital to the country by mitigating time zone discrepancies and account-opening barriers.
Patel identified the primary challenge not as token issuance but as merging different networks and platforms with robust liquidity and regulatory compliance infrastructures. The firm currently manages assets exceeding $4 billion on-chain.
Following Democratic gains in both chambers of the U.S. Congress, Trump-linked assets saw a decline. On November 5, the TRUMP token traded at about $1.27, hitting a record low of $1.22 according to CoinGecko data. Trump Media shares also ended November 4 with a substantial drop of 24.5%, closing at $4.49.
Bloomberg attributed the sell-off to potential congressional investigations into Trump family businesses, previously warned by Democrats should they secure majority control. The White House maintains there is no conflict of interest with the President’s business activities.
The collaboration between Tron, Tether, and TRM Labs in the T3 Financial Crime Unit has concluded as of the end of August. Bloomberg reports cite slow intervention and lack of coordination as hindrances. Tron is crafting a separate intervention model, while Tether and TRM Labs continue their partnership through the Beacon Network, which offers real-time information exchanges.
The disbandment news coincides with revelations of a $6.3 billion crypto heist from Binance, with the FBI linking the intruders to North Korea. Tether has since frozen approximately $1.5 billion USDT. Sector-wide, frozen assets have reached approximately half of the stolen total, with Elliptic reporting that most associated money laundering appears to be conducted via Tron.
Circle’s third-quarter results spotlight $182 million in ARC token sales. Total revenue increased by 16.9% year-on-year, reaching $865 million, while revenue excluding ARC saw an 8% decline to $683 million. Additionally, reserve income fell by 8% to $658 million.
Despite USDC’s on-chain transaction volume rising by 49% to $13.9 trillion, this activity does not equate to direct profits for Circle, whose core earnings are derived from USDC reserve interest. The company is expanding its revenue streams by developing the CPN payment network and acquiring Tazapay for $400 million in shares, though substantial contributions to revenue from CPN are not anticipated before 2027.
Data shows a decoupling between transaction volume and financial return: as USDC usage increased, Circle’s core revenue decreased; while Ethereum ETFs collectively attracted funds, ETHB suffered outflows. ZETA’s proposed supply reduction remains undecided, pending the outcome of the vote on token burn and Solana transition.
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