Today's Headline Highlights:
Robinhood's Web3 Wallet Now Supports Bitcoin and Dogecoin Networks
Uniswap Class Action Lawsuit Judge Rules "Ethereum is a Commodity, Not a Security"
Binance Reminds Users to Convert BUSD to Other Stablecoins by February 2024
Regulatory News
SEC Chairman Gary Gensler Will Testify Before Congress Twice in September
According to CryptoSlate, Fox Business News reporter Eleanor Terrett stated on social media that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler is preparing to testify before Congress twice in September, first on September 12th before the U.S. Senate Banking Committee, followed by September 27th before the U.S. House Financial Services Committee.
Ahead of these scheduled hearings, U.S. lawmakers (especially Republicans) have leveled a series of criticisms and accusations against Gensler. Senior member of the House Financial Services Committee Patrick McHenry criticized Gensler's approach to regulating digital assets as too aggressive, particularly considering the lack of clear cryptocurrency guidance, indicating which digital assets fall under the SEC's jurisdiction. McHenry and others expressed concerns about the nature of the SEC's regulatory approach, believing that the SEC's regulatory approach prioritizes enforcement rather than clear guidance.
Hong Kong Legislative Council Member (Technology and Innovation Sector) Charles Mok submitted a proposal for the "Three Arrows and Three Circles" economic and technological development policy in the "2023 Policy Address." The "Three Arrows" include establishing a mother fund to activate private investment in the technology and innovation industry, investing in promising growth-stage technology companies, and improving the refinancing capabilities of small and medium-sized listed companies, establishing a secondary market matching fund, and reducing stamp duty; the "Three Circles" include issuing tokens to support the development of the New Territories Technology City, expediting the introduction of digital Hong Kong dollars with government funding as an application pilot, and issuing Hong Kong dollar stablecoins to promote the development of Hong Kong's virtual asset industry.
The proposal suggests expediting the introduction of retail digital Hong Kong dollars, launching a "Hong Kong Dollar Stablecoin" sandbox, and providing policy incentives to encourage private institutions to issue compliant Hong Kong dollar stablecoins. It aims to drive Hong Kong's economy to recover quickly through market forces and comprehensively promote the development of the digital economy and Web3, creating new momentum for Hong Kong.
Mok also suggested formulating a comprehensive digital infrastructure development plan, establishing a sound Web3 regulatory system, and formulating a data industry development strategy and plan. In addressing the shortage of tech talent, he proposed that the government introduce a "Digital Work Visa" (DigiPass) specifically for tech companies, allowing tech professionals in the Greater Bay Area holding such visas to freely travel between Hong Kong and mainland cities in the Greater Bay Area.
In addition, regarding the proposal to support the development of the New Territories Technology City through token issuance, Mok explained that approximately 23% of the total land area in the first phase of the New Territories Technology City is "ancestral land," and the ownership of these lands is held by the entire clan. Under the mechanism of asset-backed tokens (ABT), the land can be divided into token form, which will help solve the difficulty of reclaiming "ancestral land"; ABT also gives token holders the voting rights related to the land and allows token holders to retain rights similar to those enjoyed by past "ancestral" members.
NFT
ParaSpace and Parallel Finance to Merge into Web3 Super App ParaX
NFT lending protocol ParaSpace announced on the X platform that ParaSpace and lending protocol Parallel Finance will merge and rebrand to create the broader all-chain platform ParaX, which will be a Web3 super app supported by account abstraction and zkVM. The ParaX ecosystem is built on existing ParaSpace and Parallel products, covering account abstraction, meta user interface, zkVM, and more. The two teams are currently exploring three new ideas for building mini-applications in the ParaX ecosystem: all-chain yield optimizer, all-chain lending, and various underwriting mode loans, and are building a zkVM infrastructure called "ParaVM" for this purpose.
ParaSpace stated that all functions on the Ethereum mainnet will be gradually phased out by September 30, 2023, before being deployed on Polygon, zkSync, Arbitrum, and Moonbeam networks over the next 1-2 months. Migration will require transactions and gas, and based on calculations, the estimated migration cost for regular users is about $50-200 when gas is below 20 Gwei. ParaX will also launch "ParaX Medal" NFTs, limited to the first 2000 users who migrate to ParaX, with more details to be announced soon, and eligible users will receive the NFTs directly airdropped to their ParaX accounts.
Parallel Finance stated that the parallel in ParaX will be simplified; users do not need to migrate any assets on Polkadot temporarily. The Parallel wallet and extension will be renamed as the ParaX wallet. Upon the transition of Parallel Finance to the new ParaX platform, there will be future airdrops for PARA and HKO holders, the quantity of which will be determined based on the amount of PARA and HKO tokens held and future on-chain activities, with more details to be released later.
Artificial Intelligence
According to Caixin, it has been learned from multiple independent sources that 11 large models in China will successively file for the "Interim Measures for the Management of Generative Artificial Intelligence Services" and will be open to the public starting from August 31st. Five will be launched in Beijing, three in Shanghai, two in Guangdong Province, and one in other provinces and cities.
It is reported that the approved companies in Guangdong are Huawei, Tencent, and iFlytek, while the products approved in other regions are from Baidu, Douyin, Baichuan Intelligence, Tsinghua-affiliated AI company Zhipu Huazhang, and the Chinese Academy of Sciences' Zidong Taichu. The three large model products in Shanghai are SenseChat from SenseTime, ABAB large model from MiniMax, and the General Model from the Shanghai Artificial Intelligence Laboratory.
Project Updates
Robinhood's Web3 Wallet Now Supports Bitcoin and Dogecoin Networks
According to Blockworks, users of Robinhood's self-custody Web3 wallet can now host, send, and receive cryptocurrencies on the Bitcoin and Dogecoin networks. Prior to adding support for Bitcoin and Dogecoin networks on Wednesday, it also added support for Arbitrum and Optimism.
Additionally, Robinhood has enabled in-app transactions on the Ethereum network. Starting from Wednesday, selected users can use over 200 tokens. The platform stated that these services will be made available to everyone in the coming weeks. Previously, users of the Robinhood wallet could only trade cryptocurrencies on the Polygon network through the decentralized exchange aggregator 0x API. The company stated that Robinhood wallet users can exchange without holding Ether (ETH) as network fees will be automatically deducted from the tokens they already hold.
Coinbase to Add Support for PYUSD
Coinbase announced that it will add support for PayPal USD (PYUSD) on the Ethereum network (ERC-20 tokens). If liquidity conditions are met, trading will begin at 12:00 AM Beijing time on September 1, 2023, or later.
Native USDC to Land on Optimism Mainnet
According to official sources, native USDC is set to land on the Optimism mainnet. To distinguish it from native USDC, the Ethereum bridged USDC will be renamed to USDC.e. The OP mainnet cross-chain bridge will not undergo immediate changes and will continue to operate normally. According to previous reports, Circle is set to launch native USDC on the Base mainnet next week.
Gemini Opposes Genesis' Proposed Bankruptcy Plan, Calling it "Lacking in Details"
According to CoinDesk, Gemini, along with two other creditor groups, has opposed the bankruptcy settlement agreement proposed by Genesis. Gemini's lawyers stated in a new filing submitted on Wednesday that Genesis' proposed bankruptcy settlement lacks sufficient details and does not provide any assurances for some of the largest debtors. Two other special creditor groups also opposed the plan for similar reasons. Gemini stated in the filing: "On August 29, 2023, the Debtors disclosed a 'term sheet' between the Debtors, the Committee, and DCG, but the details of this term sheet are scant. The Debtors have repeatedly promised to imminently formulate a plan to resolve DCG's claims and have repeatedly sought extensions of the mediation period, hearing dates, and bid deadlines. DCG has not paid any of the approximately $630 million due in May 2023, exacerbating the harm to Gemini." According to previous reports, DCG has reached a preliminary agreement with Genesis creditors, with unsecured creditors expected to recover 70%-90% of the equivalent value in USD assets.
Curve Finance Integrates with Base, Currently Offering 3 Liquidity Pools
According to official sources, Curve Finance has announced its integration with Base, currently offering a total of 3 liquidity pools: 3c: USDbC / axlUSDC / crvUSD, cbeth: ETH / cbETH, and tricrypto: crvUSD / tBTC / ETH. The router (trading interface) is set to be launched soon, but users can also trade within the pools. Additionally, Base is adding support for bridging CRV and crvUSD.
Uniswap Class Action Lawsuit Judge Rules "Ethereum is a Commodity, Not a Security"
ConsenSys lawyer Bill Hughes tweeted that a judge in the Southern District of New York ruled on August 29th in the class action lawsuit against Uniswap, explicitly determining that Ethereum is a commodity, not a security. Additionally, the judge implied that Wrapped BTC is a commodity, but did not explicitly state this. According to previous reports, the judge dismissed a class action lawsuit against Uniswap, Paradigm, and others, where the plaintiffs had attempted to hold the defendants responsible for selling "fraudulent tokens" on the Uniswap AMM.
Uniswap Founder Welcomes Ruling on Class Action Lawsuit Regarding "Fraudulent Tokens" on Uniswap
According to Blockworks, the Pheu Thai Party in Thailand plans to use "utility tokens" in its upcoming digital wallet program to stimulate the national economy. The program, which was promised by the party during the election, will provide 10,000 Thai baht (approximately $290 USD) in digital assets to all Thai citizens aged 16 and above. These tokens must be used within six months at local businesses within a 4-kilometer radius of the registered address and cannot be converted to cash or used to pay off debts. While based on blockchain technology, it is not yet clear whether it will operate in a permissioned or permissionless ecosystem. The government is expected to issue these tokens specifically for consumer transactions, and the tokens will not be eligible for trading on digital asset exchanges.
Taxpayers are estimated to spend approximately 560 billion Thai baht ($15.4 billion USD). The funds are expected to come from tax revenues in the 2024 fiscal year, as well as increased tax revenues from economic expansion and borrowing. The Thai plan is expected to launch before the Songkran festival in April 2024, but the specific timing is still uncertain due to the complexity of the program.
Cosmos Community Voting on "v12 Upgrade" Proposal, Intending to Enable Liquidity Staking Module
The official governance page shows that the Cosmos community is currently voting on the "v12 software upgrade" proposal. The Gaia v12 upgrade is a major release that includes a liquidity staking module (LSM) and other core dependency updates. The voting for this proposal will end on September 8th.
Previously, Cosmos Hub stated that enabling the liquidity staking module will provide instant liquidity staking without the need to wait for an unbonding period. Users will be able to directly stake their already staked ATOM. To mitigate the risk of liquidity staking, LSM introduces governance control parameters. The total amount of ATOM available for liquidity staking will have an initial cap. The cap will be set at 25% of all staked ATOM and can be changed through governance. As an additional security feature, validators seeking delegations from liquidity stakers will need to self-bond a certain amount of ATOM.
DeFi liquidity protocol Balancer released an update on the X platform regarding the vulnerability risk, stating that mitigation procedures have been developed to reduce the risk, but affected liquidity pools cannot be paused. Users are urged to immediately withdraw from affected LPs using the user interface (UI). Due to the vigilance and swift action of Balancer LPs, the majority of initially perceived vulnerable liquidity was withdrawn. However, on August 27th, 5 days after the vulnerability disclosure, malicious actors managed to exploit the pool vulnerability in Balancer and Beethoven X protocols. The Balancer and Beethoven X communities are actively investigating the situation and are working with relevant partners, legal teams, and security experts to address the issue. User security remains the highest priority, and pools that do not prompt for LP withdrawal or allow users to enter are considered safe and free from risk.
Balancer stated: "We are still gathering information about the recent vulnerabilities, so we are unable to disclose exact figures related to the losses at this time. During this period, we will remain vigilant and communicate the latest developments to the community as the situation progresses. We are still gathering information about the recent vulnerabilities, so it is currently not possible to disclose exact figures related to the losses. Due to the ongoing investigation into the vulnerabilities and their participants, communication with the community will remain limited until a comprehensive investigation is completed and post-incident analysis is released."
Earlier on August 28th, Paradigm stated that Balancer losses exceeded $2.1 million, affecting multiple on-chain liquidity pools.
StarkWare Restores Access Permissions for Users Who Have Not Updated to Starknet 0.12.1
StarkWare, the parent company of Starknet, announced on the X platform that there was a significant version update on Starknet last week, namely 0.12.1. Several months ago, in preparation for this update, Starknet users were required to upgrade their accounts. When 0.12.1 went live, accounts that were not upgraded temporarily lost access, and access permissions for all these accounts (totaling $550,000) have now been restored. Upgrades have been re-enabled from today, allowing users to immediately regain access to their accounts. Due to technical reasons, users of Argent and Braavos may need to wait until tomorrow to regain access.
Additionally, according to CoinDesk, prior to StarkWare's release of this new measure, users on the X platform complained that their account balances were wiped due to their wallets being incompatible with Starknet's new 0.12.1 upgrade. StarkNet had previously warned users that an upgrade was needed to ensure funds were available. StarkWare appears to have changed its policy under pressure from user complaints.
Bloomberg ETF analyst James Seyffart tweeted: "We expect a large number of applications for delayed orders this week. We believe the likelihood of approval for a Bitcoin spot ETF shortly after the court ruling is very slim." He also believes that a Bitcoin spot ETF will be launched by the end of 2024, which is almost a certainty.
Bloomberg analyst Eric Balchunas also tweeted earlier today: "Analyst James Seyffart and I have raised the probability of a Bitcoin spot ETF launch this year to 75% (increased to 95% by the end of 2024)."
Coinbase CEO Brian Armstrong shared his current top 10 ideas in the crypto industry on the X platform, including: 1. Flatcoin (aimed at combating inflation, stablecoin pegged to the cost of living); 2. On-chain reputation (proposing to track real-world reputation on the blockchain to combat fraud); 3. On-chain advertising (enabling charging advertisers only when specific actions are completed); 4. On-chain capital deployment (tracking the net accumulation of capital goods such as equipment, tools, transportation assets, and energy, to increase fundraising opportunities); 5. Decentralized labor markets (using cryptocurrency for cross-border wage payments); 6. Layer 2 privacy (introducing privacy to L2 transactions on projects like Arbitrum, Optimism, and Polygon); 7. Fully on-chain P2P exchange (built on auditable smart contracts and serving as an anti-censorship solution); 8. Web3 gaming economy (allowing users to truly own in-game NFT assets); 9. Tokenization of real-world assets (improving market liquidity through standardized metadata encoding); 10. Network state tools (network states that can operate like DAOs).
Binance has announced important updates regarding BETH and WBETH. BETH will continue to be used for ETH staking rewards, while WBETH can be used for trading, as collateral for Binance Earn, and to participate in DeFi projects outside of Binance. Binance will continue to support BETH, and users can still deposit BETH into Binance. Users holding BETH in their spot wallets will continue to receive ETH staking rewards daily. Users can redeem BETH for ETH at any time, wrap BETH into WBETH, or unwrap WBETH into BETH tokens. WBETH holders will receive the same ETH staking rewards as BETH holders.
For spot trading, Binance will delist and cease trading for the following BETH trading pairs on October 11th at 16:00: BETH/ETH, BETH/USDT, and BETH/BUSD.
For Binance Earn: Binance Earn's flexible savings product will no longer support BETH subscriptions starting from October 10th at 16:00, and existing subscribed assets will be automatically redeemed to users' spot wallets, allowing users to choose to redeem these assets early.
For the Dollar-Cost Averaging (DCA) Plan: Binance DCA plans will no longer support single and portfolio subscriptions for BETH starting from September 8th at 10:00, and Binance reminds users to adjust their plans to convert from BETH to WBETH.
For Binance Loans: New Binance Loans or VIP Loans applications will no longer support BETH as collateral assets starting from September 7th at 16:00. BETH can still be used as collateral for existing loan orders.
For Liquidity Mining: Starting from September 8th at 16:00, the annual interest rate for the WBETH liquidity pool will gradually increase, while the annual interest rate for the BETH liquidity pool will decrease. From October 2nd at 12:00, users will no longer be able to add liquidity to the ETH/BETH or BETH/USDT liquidity pools. The ETH/BETH and BETH/USDT liquidity pools will be removed after October 6th at 12:00. Users holding positions in these liquidity pools will automatically receive their deposited assets in their spot wallets after October 6th at 12:00.
Additionally, starting from August 31st at 17:00, BETH tokens with addresses starting with 0xF977 and 0xF68a will be gradually burned. Users holding BETH or ETH staking positions on the Binance platform, as well as those holding BETH tokens in self-custody wallets, will not be affected.
According to official sources, ZA Bank in Hong Kong has announced that it has become the first settlement bank for HashKey Exchange, a licensed virtual asset retail trading platform in Hong Kong. ZA Bank will now provide fiat deposit and withdrawal services for investors holding ZA Bank accounts. Starting today, ZA Bank users can transfer Hong Kong dollars and US dollars to HashKey Exchange via the ZA Bank App for trading, and can also withdraw Hong Kong dollars and US dollars from HashKey Exchange to their personal bank accounts at ZA Bank.
Currently, ZA Bank does not provide retail trading services for virtual assets. The bank holds a Type 1 regulated activity (securities trading) license issued by the Securities and Futures Commission to provide fund investment services to users.
Earlier today, HashKey released an explanation regarding support for Hong Kong dollars: Hong Kong dollar trading pairs will be launched in the coming weeks.
Musk: X to Introduce Video and Audio Calling Features
Musk posted: "Video and audio calling are coming to X. The feature will be available on iOS, Android, Mac, and PC; no phone number required; X is an effective global address book."
Binance Reminds Users to Convert BUSD to Other Stablecoins by February 2024
Binance has announced that due to Paxos ceasing the issuance of new BUSD tokens, Binance will gradually stop supporting BUSD. The Binance platform will continue to support multiple stablecoins and other digital assets. The platform reminds users that they can convert their holdings of BUSD assets to other assets supported by the Binance platform by February 2024.
Binance emphasizes that user assets are secure, and BUSD will remain pegged to the US dollar at a 1:1 ratio.
Unibot Launches Stablecoin Swaps Feature
Unibot has announced the launch of the stablecoin swaps feature. Users can simply use the standard buy and sell options in the main menu. They can enter the appropriate USDC or USDT contract address as needed.
Offchain Labs Introduces Arbitrum Stylus to Support Smart Contract Development in Multiple Languages
The Arbitrum development team at Offchain Labs has announced the launch of a new technical implementation called Arbitrum Stylus to support smart contract development in multiple programming languages on Arbitrum, including Rust, C and C++, in addition to the already adopted Solidity. The EVM and WASM virtual machines are fully interoperable. Stylus and Solidity contracts are composable. The code and testnet for Arbitrum Stylus are now publicly available, and Offchain Labs has submitted it to the Arbitrum community for voting, with the aim of expanding the scope of Ethereum-compatible smart contract development.
PancakeSwap Expands to Base Network
According to The Block, the decentralized exchange platform PancakeSwap has expanded to the Base network. PancakeSwap was initially built on the BNB Chain and now supports Ethereum, Aptos, Polygon zkEVM, zkSync Era, Arbitrum One, and Linea supported by Consensys.
According to Reuters, HashKey Capital has announced the launch of the first secondary market fund, which will invest the majority of its assets in secondary cryptocurrencies, aiming to outperform Bitcoin. Less than 50% of the investment will be allocated to Bitcoin and Ethereum, the two largest cryptocurrencies, with diversified allocations to some "altcoins." Part of the fund's holdings will also be in cash. The fund has already attracted potential clients, mainly high-net-worth individuals and investment firms serving affluent Asian families, and Hashkey Capital is also developing distribution channels with some offshore Chinese financial institutions.
Hashkey Capital manages over $1 billion in assets and previously stated its goal of raising $100 million for the fund within 12 months.
Important Data
According to on-chain analyst Yu Jin's monitoring, a whale dormant for 2 years transferred 12,087 ETH (approximately $20.61 million) in two transactions to Binance 11 hours ago.
The address previously withdrew 52,000 ETH from Kraken at an average price of $110 from December 2018 to January 2019 (approximately $5.73 million at the time); through this transfer, the address has completely transferred the 52,000 ETH to CEX.
According to Lookonchain monitoring, Taiwanese singer Huang Li-Cheng's address (Machi Big Brother) spent 423 ETH to purchase 487,519 APE in the past 3 days, and accumulated 3.53 million APE (approximately $5.2 million) in August.
In addition, another whale withdrew 650,000 APE tokens from Binance 1 hour ago, approximately equivalent to $956,000.
Scopescan stated on the X platform that Korean investors have driven the recent price increase of CYBER. Since the Korean cryptocurrency exchange Upbit listed CYBER on August 22, Upbit's wallet addresses have held approximately 3.6 million CYBER tokens, worth around $32.43 million. Upbit has now surpassed Binance to become the largest holder of CYBER, accounting for 33% of the token's circulating supply.
Santiment: Nearly 30,000 BTC Transferred to CEX Ahead of Grayscale's Legal Victory
According to CoinDesk citing Santiment's data, nearly 30,000 BTC (worth approximately $8.22 billion) were transferred to addresses related to centralized exchange platforms before Grayscale's crucial legal victory against the SEC. The ruling led to a 6% surge in the price of Bitcoin, pushing BTC to $28,000.
Santiment stated: "The supply of Bitcoin on trading platforms increased significantly before Grayscale's legal victory. It is clear that relevant parties knew that this outcome would inevitably boost the market value of the crypto market."
Earlier news, Wallets Holding 10,000 to 1 Million BTC Accumulated Approximately $388 Million in BTC the Day Before Grayscale's Legal Victory
PANews APP Points Mall Officially Launched
Free exchange for hardcore prizes: imKeyPro hardware wallet, First Class Cabin Research Report Monthly Card, Ballet REAL series wallet, AICoin membership, various peripherals, and hundreds of selected research report collections, first come, first served, experience now!
PANews Launches Global LEAP Tour!
South Korea, Singapore, Shanghai, Taipei, multiple locations gather from September to December to witness a new chapter in globalization!
?Events in multiple locations are being jointly organized, welcome to communicate!
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