Organizing: Biscuit, ChainCatcher
"What important events happened this week (8.7-8.13)"
1. PayPal launches USD stablecoin PYUSD
On August 7th, PayPal Holdings Inc. announced the launch of the USD stablecoin PayPal USD (PYUSD) for transfers and payments. The stablecoin is issued by Paxos Trust Co., fully backed by USD deposits, short-term government securities, and similar cash equivalents, and will gradually be available to PayPal's U.S. customers.
The PYUSD token contract address is 0x6c3e…A0e8 (Ethereum mainnet), with two functions: Freeze and wipeFrozenAddress. PayPal can freeze or unfreeze wallet addresses it deems malicious through centralized operations, and can also wipe all assets from these addresses.
As of August 13th, 26,905,005.66 PYUSD tokens have been issued, held by 17 addresses. (Source link)
2. DAI deposit rate increased to 8%, lending pool TVL exceeds $1.2 billion
According to the Spark Protocol page of MakerDAO's lending protocol, the DAI Savings Rate (DSR) has been increased to 8%. As of the time of writing, the current DAI pool TVL has exceeded $1.2 billion.
Rune Christensen, the founder of MakerDAO, suggested taking immediate action to optimize EDSR (Enhanced DSR) to ensure that the initiative primarily benefits ordinary DAI holders rather than allowing ETH whales to benefit on a large scale. He proposed changing the maximum value of EDSR from 8% to 5%, increasing the borrowing rate to match EDSR to end arbitrage opportunities, and establishing a retroactive airdrop for Spark Protocol borrowers.
On-chain data shows that Justin Sun has collateralized 231,116 stETH tokens ($428 million) to mint 175.8 million DAI and deposit it into DSR, accounting for approximately 15%. (Source link)
3. Curve: 70% of funds affected by the hack have been recovered, calculating affected users' respective shares
According to PeckShieldAlert monitoring, approximately $73.5 million worth of cryptocurrencies on Ethereum were stolen in the Curve Reentrancy vulnerability. As of now, approximately 73% (about $52.3 million) has been returned. The remaining approximately $19.7 million worth of cryptocurrencies on Ethereum has not been returned by the initial Curve CRV-ETH vulnerability exploiter (0xb752…b324).
Details of the returned funds are as follows: AlchemixFi fully returned: $22 million (including 7,258 ETH + 4,821 alETH) Jpegd Frontrunner returned 90%: $11.5 million (equivalent to 5,495.4 WETH) Metronome ($1.6 million) + CRV pool ($5.3 million) returned by c0ffeebabe.eth: $7 million Alchemix (white hat action): $13 million.
Curve is actively investigating the remaining funds and calculating the respective shares of affected users to ensure proper fund allocation. Curve has also initiated a new generation of the Stableswap Pool proposal, with the fees for this Stableswap Pool being reduced by 4 basis points. The proposal opened for community voting on August 8th and will end on August 15th, with the current approval rate at 100%.
In addition, Binance Labs has committed to investing $5 million in Curve DAO token (CRV) as part of the partnership, and Curve plans to deploy to the BNB Chain. (Source link)
4. Fantom considering integrating Optimistic rollups to connect to Ethereum
Fantom Foundation co-founder and architect Andre Cronje stated that Fantom is considering integrating Optimistic Rollup to connect Fantom to Ethereum.
Andre Cronje mentioned that if Fantom adopts Optimistic Rollup and provides a complete transaction history on Ethereum, Fantom would need to pay transaction fees to write these snapshots to Ethereum. Fantom Foundation CEO Michael Kong added that implementing Layer 2 technology in this way would allow the Fantom network to gain more liquidity from the Ethereum ecosystem. (Source link)
5. Base mainnet officially open to the public, TVL surpasses $1 billion
Coinbase Layer2 network Base mainnet has officially opened to the public, with the Base ecosystem currently having over 100 dapps and service providers. Prior to this release, developers and users had already transferred assets worth over $1 billion to the network. Jesse Pollak, the protocol lead at Coinbase, stated that users can expect lower transaction fees and faster transaction speeds compared to Ethereum when using these dapps.
Dune Analytics data shows that on August 10th, the Base mainnet had over 100,000 daily active users for the first time. According to L2BEAT data, the total locked value on the Coinbase L2 network Base mainnet has surpassed $1 billion, reaching $1.11 billion, with a 7-day increase of 473.39%. (Source link)
6. Temasek, Sequoia Capital, SoftBank, and 18 other FTX investment institutions named as defendants in collective lawsuit
Temasek, Sequoia Capital, SoftBank, and 18 other FTX investment institutions have been named as defendants in a collective lawsuit filed in Miami due to their association with the now-bankrupt cryptocurrency exchange FTX. The plaintiffs allege that these investment firms are responsible for "aiding and abetting" FTX fraud. The plaintiffs claim that the FTX cryptocurrency exchange violated multiple securities laws and embezzled customer funds, while the defendants claim they had conducted due diligence. (Source link)
7. Saddle Finance to cease operations and liquidate funds; Hundred Finance to cease operations and distribute treasury assets
The Ethereum-based stablecoin trading platform Saddle Finance is ceasing operations and will distribute funds to investors. Saddle's founder, Sunil Srivatsa, proposed to liquidate its treasury of ARB tokens and airdrop the proceeds to holders of Saddle's SDL and veSDL tokens. It is currently unclear how much funding Saddle has in its treasury. Sunil Srivatsa stated that the recent Curve hack event reminded the Saddle team of the ever-present threat of exploitable vulnerabilities, and the protocol's developers need to exit the project by September 30, 2023.
Cross-chain lending protocol Hundred Finance announced that, based on the results of a community vote on the "April attack handling plan," the protocol will cease operations. Other aspects of the proposal include distributing treasury assets to victims and publicly auctioning and distributing funds from held NFTs. Earlier, Hundred Finance was attacked on Optimism, with estimated losses of approximately $7 million.
8. Data
- ETH staking amount exceeds 27.12 million tokens, reaching a record high
- Huobi platform had a net outflow of $140 million in the past week
- Solana phone Saga's official price dropped from $1,000 to $599
- Web3 game financing in July surged to $297 million, with 63% used for infrastructure construction
- Ethereum Layer 2 total locked value is $10.52 billion, with a 7-day decrease of 0.66%
- Aave's native stablecoin GHO issuance exceeded 18 million tokens, with a 74% increase in the past week
- CRV inflation rate will decrease by 15.9% today, with a daily release of approximately 44,800 tokens
- FTX associated address deposited 1,580 WBTC into Bitfine, approximately $46.5 million
"What are some great articles to read this week (8.7-8.13)"
For venture capital institutions, the number of investments is an important measure of their activity, and leading investments are a core element in assessing their financial strength and conviction, crucial for driving the progress of projects. In this article, RootData will use its database to statistically analyze the number of investments and leading investments made by venture capital institutions this year, to help readers better understand the current status of crypto venture capital institutions.
2. "Stablecoin resurgence: Unveiling the new member PYUSD from payment giant Paypal"
As the first compliant stablecoin issued by a "non-crypto" company, the emergence of PYUSD carries important symbolic significance. It represents further exploration of cryptocurrencies by the traditional financial industry, and also signifies a significant shift in corporate attitudes towards stablecoins, indicating an increasing acceptance of regulatory policies.
3. "US Treasury Bonds Driving the RWA Track: How are players with different genes innovating?"
Bringing US Treasury bonds onto the chain is not an easy task. Perhaps we can start by understanding the process of implementing RWAs and the real-world obstacles in introducing the most representative and relatively standardized US Treasury bonds onto the chain, as well as examining how players in this track are innovating to reduce user barriers and increase liquidity.
4. "Bankless Co-founder: Crypto entering the last cycle before maturity"
If you observe carefully, you will notice signs indicating that cryptocurrencies are entering the final market cycle, after which they will enter a long-term era of maturity, stability, and growth.
A certain view in the crypto space believes that "the next cycle will be the last cycle." As mentioned before, I do not intend to make a definitive prediction about this. I am simply connecting some points in the crypto space that point to a new phase for the crypto market after the end of the bear market. Now, let's delve into it.
5. "Conversation with Paradigm Research Director: How will DeFi 2.0 change everything?"
Dan emphasized the importance of decentralized exchange research, especially in reducing the leakage of value from the system. He mentioned three main types of MEV: EIP-559 burning, hedging and rebalancing losses, and price changes before and after transactions.
Achieving simplicity, seamlessness, and complete abstraction still has a long way to go for the Lightning Network. There are still many edge cases, and non-custodial users have not yet enjoyed the ultimate user experience. However, many issues have already been resolved, and more will be resolved in the coming years. Now that the lightning has arrived, will the thunder be far behind?
The 6th Korea Blockchain Week (KBW) will be held in early September in Seoul, South Korea. As one of the most influential blockchain events in Asia, in addition to the three main events, Web3 projects, investment institutions, and media have organized dozens of peripheral events in Seoul, including hackathons, lightning talks, panel discussions, and more. ChainCatcher has compiled all the officially disclosed events for you.
The original source is from Crypto Leaks, an investigative company that exposed scandals in the crypto industry. The first two cases they exposed were about ICP being manipulated in price by capital and malicious shorting. This article is about the fallen "white knight" SBF. Crypto Leaks, through investigating the market's doubts and conditions at the time, believes that the ICP token was clearly manipulated before and after its listing. As the "spokesperson" for the explosively popular Solana in 2021, SBF had the motive and the ability to destroy its biggest competitor, IC Network (however, there is no substantial evidence, and there won't be in the future). The publication date is June 9, 2022, and FTX's collapse was in November 2022. Some modifications have been made by the translator.
9."CEO of 'Chubby Penguin' pens a lengthy article: Six key points for the development of NFTs"
On August 5th, Twitter KOL Gary posted that investors should realize that the commercial expansion of PFPs-type NFTs will only help project creators generate revenue, but will not bring any benefits to holders, so PFPs should not be seen as stocks.
In response, Luca Netz, CEO of the NFT project "Chubby Penguin" (Pudgy Penguins), published a lengthy article refuting this. In the article, Luca Netz systematically explains the importance of brand commercialization for the development of NFT projects from six perspectives, including explaining how earnings will ultimately flow to NFT holders through a "funnel" model, and combining supply and demand to explain why some blue-chip NFT projects will gradually return to zero.
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