Compilation: Fairy, ChainCatcher
Important Information:
- Compound CEO, CTO, and Three Other Executives Resign, Establish New DeFi Protocol Legend
- Blockchain Payment and Settlement Technology Company Partior Completes $60 Million Financing, Led by Peak XV Partners (formerly Sequoia India)
- RootData: Competition for Binance Listing Tokens Intensifies, Over 30 Major Projects Expected to Conduct TGE in Q3
- Morgan Creek Digital Plans to Raise $500 Million for New Venture Fund, Focusing on AI, Blockchain, and Other Fields
- DOGS Launches Fiat Purchase of Stars Feature, Sparking Community Doubts
- Sources: SEC Allows Certain Companies to Bypass Controversial Cryptocurrency Accounting Disclosures
- Sources: Biden's Campaign Faces Dangerous Situation with Decreasing Donations
What Important Events Have Occurred in the Past 24 Hours?
Compound CEO, CTO, and Three Other Executives Resign, Establish New DeFi Protocol Legend
Compound CEO, CTO, and three other executives have resigned and established a new DeFi protocol called Legend. The protocol aims to bring the next 100 million users onto the chain by building the best DeFi interface in the world.
According to reports, its founder Jayson Hobby previously served as Compound CEO; Geoffery Hayes previously served as Compound co-founder and CTO; Mykel Pereira previously served as Compound Vice President of Product.
Additionally, Web3 asset data platform RootData shows that Legend is a mobile-first decentralized financial protocol. Users can instantly and seamlessly trade, earn, and borrow digital assets without the need for centralization.
Blockchain Payment and Settlement Technology Company Partior Completes $60 Million Financing, Led by Peak XV Partners (formerly Sequoia India)
According to Bloomberg, Singapore-based cross-border payment and settlement company Partior has completed a $60 million Series B financing, led by Peak XV Partners (formerly Sequoia India), with other investors including Jump Trading, Valor Capital, and existing shareholders Temasek Holdings Private Limited, JPMorgan Chase, and Standard Chartered Bank.
RootData: Competition for Binance Listing Tokens Intensifies, Over 30 Major Projects Expected to Conduct TGE in Q3
Web3 asset data platform RootData has released the “2024 Q2 Web3 Industry Investment Research Report”, which includes a list of 30 high FDV star projects expected to conduct large-scale financing in Q3 and have a high probability of being listed on Binance.
After analyzing the portfolios of 288 investors, it was found that the average number of Binance Launchpool projects in their portfolios does not exceed 2%, and out of nearly 30 Binance Launchpool projects, 21 have received investment from Binance Labs, accounting for over 11% of their portfolios.
Due to Binance's competitive trading depth and slippage advantages, as well as competitive contract rates, the fiercely competitive listing environment on Binance has a profound impact on the market. Projects choosing to conduct TGE on Binance can effectively leverage its market advantages and platform resources to establish a solid market foundation for the long-term development of the project.
RootData: Animoca Brands Makes 36 Moves to Become the Most Active Investment Institution in Q2, Top Ten Institutions Increase Investment in GameFi Track by 71%
Web3 asset data platform RootData has released the “2024 Q2 Web3 Industry Investment Research Report”, which shows that the top ten investment institutions with the most investment activities in Q2 2024 participated in a total of 202 investments, representing a 2% increase compared to the previous period. Animoca Brands made 36 moves to become the most active investment institution in Q2; OKX Ventures, which made 30 moves in Q1, ranked first, and although it decreased to 25 moves in Q2, it remained active.
Meanwhile, infrastructure remains the most popular track, with the top ten institutions making 81 moves in this track, accounting for approximately 40% of their Q2 total investments. In addition, the top ten investment institutions made a total of 53 moves in the GameFi track in Q2, representing a 71% increase compared to Q1.
Morgan Creek Digital Plans to Raise $500 Million for New Venture Fund, Focusing on AI, Blockchain, and Other Fields
According to Coindesk, Morgan Creek Digital plans to raise up to $500 million for a new fund, focusing on early opportunities in artificial intelligence (AI), blockchain technology, chips, and data fields.
Morgan Creek Digital stated that the company is in discussions with sovereign and institutional investors, corporate executives, and industry thematic experts in Europe, the Middle East, and Africa (EMEA) as well as the Asia-Pacific region (APC) to expand its regional influence. In addition, the company is also in discussions with U.S. investors and partners.
Justin Sun: Did Not Go Long on BTC at $69,000 Price Level
Justin Sun posted on social media, stating, "I am very optimistic about the development of Bitcoin and have full confidence in the future of Bitcoin. However, I want to clarify that I did not go long on Bitcoin at the $69,000 price level."
DOGS Launches Fiat Purchase of Stars Feature, Sparking Community Doubts
Telegram's native Meme project DOGS has integrated the Telegram Stars purchasing feature, allowing direct fiat purchases. This move has sparked widespread discussion in the crypto community, with some suggesting it may be an official token sale behavior, and the token supply may be infinitely increased, leading to community doubts.
According to Christine Kim's summary of the 137th Ethereum Consensus Layer Core Developers Meeting (ACDC), the meeting discussed the progress of Pectra Devnet 1 and PeerDAS Devnet 1, as well as the fork selection test generation led by the Consensys research team TxRx.
Regarding Pectra Devnet 1, the CL and EL clients are ready, and the testnet is expected to be launched next week. The EF development operations team is testing multiple client combinations, and the EthereumJS client is ready for testing.
As for PeerDAS Devnet 1, EF DevOps engineer Barnabas Busa stated that the CL client team is fixing errors and plans to restart this weekend. Stokes updated a pull request regarding the modification of the hard-coded blob gas limit on EL and CL and plans to formalize it as an Ethereum Improvement Proposal (EIP).
The TxRx research team has implemented an initial fork selection test generator aimed at identifying client software errors that could lead to chain splits and has requested feedback to improve the test suite.
According to official sources, the full-chain AI aggregator Aidatify has completed a total of $8.3 million in Series A financing at a valuation of $150 million, with participation from STIX, oilinvest, Alter Global, Spencer, and others.
According to reports from Jinshi, after the favorable US CPI data, traders chose to withdraw from the recently strong-performing tech giants. Weighted stocks such as Nvidia fell by 5.57%, Tesla by 8.44%, Meta by over 4%, and Apple, Microsoft, Google, and Amazon each fell by over 2%. In contrast, the Russell 2000 Index, which is mainly composed of small-cap stocks, rose by over 3.5%. The combined market value of the seven tech giants in the US stock market evaporated nearly $600 billion (approximately 4.35 trillion RMB) in a single day, equivalent to the market value of a company like JPMorgan Chase ($595.46 billion).
According to Bloomberg, artificial intelligence startup Fireworks AI has completed a $52 million financing round, led by Sequoia Capital, with participation from Nvidia, Advanced Micro Devices Inc., MongoDB Inc., and others. The company's total financing amount has reached $77 million, with a valuation of $552 million.
According to Spot On Chain monitoring, in the past 16 hours, the German government address has once again sold Bitcoin worth $376 million, including selling 10,627 BTC at an average price of $57,976 (worth $616 million) and repurchasing 4,169 BTC at an average price of $57,469 (worth $240 million). Currently, the German government address only holds 9,094 BTC (worth $520 million), approximately 18% of the initial quantity. At this rate, it may sell all the Bitcoin in the next 1-2 days.
According to The Block, sources revealed that some companies and financial institutions have made certain business requests, and SEC staff have agreed to these requests, allowing them to be exempt from controversial cryptocurrency accounting guidance. Since the release of SAB 121 in March 2022, after a large number of cryptocurrency industry bankruptcies, companies have been seeking advice from the SEC to develop new policies and procedures related to cryptocurrencies. The sources added that SAB 121 itself has not changed. An SEC source stated, "There are many unresolved issues about how the laws on these matters will be enacted in April 2022. We have seen many participants in the crypto industry providing these services without caution, harming many clients." The sources added that companies have now demonstrated that certain procedures and technologies they have set up allow clients to retrieve their cryptocurrencies in bankruptcy like any other asset (e.g., USD), thus exempting them from the obligations stipulated by SAB 121.
According to Jinshi, US President Biden stated at a press conference, "I made a stupid mistake in the (debate with Trump), my schedule has been very tight. I have said that it would be better if I could control my pace more wisely. There is no sign at the moment that I cannot complete the (campaign) task. Biden also praised Harris as qualified to be president, and if she were not qualified, he would not have chosen her as vice president. It is worth noting that at the NATO summit press conference, US President Biden made a second slip of the tongue, mistakenly referring to US Vice President Harris as Trump.
DefiLlama has updated the list of domains facing attack risks due to Square Space, including Litecoin, Aptos Labs official website, and others.
The founder of DefiLlama has updated the list of projects facing attack risks due to domain registrar Square Space. In addition to the previously listed 103 domain names, the newly listed domain names include syncbond.com, gyro.money, rvrs.app, tempus.finance, rare.fyi, ferrum.network, looksrare.org, ratio.finance, opulous.org, nftearth.exchange, pxswap.xyz, aptoslabs.com, unifiprotocol.com, foundation.app, florence.finance, near.org, safe.global, mantadao.app, meowl.xyz, aftermath.finance, litecoin.org, flare.network, and tna-btc.com.
Previous News: The founder of DefiLlama disclosed a list of projects facing attack risks due to their association with domain registrar Square Space.
"What are the exciting articles worth reading in the past 24 hours?"
Retail Investors vs. VCs, Will DeFi Be the Savior?
Retail investors are awakening to the "anti-VC, embrace Meme" trend.
The narrative of this bull market is mainly macro-oriented, with no significant innovations or breakthroughs. Although the price of Bitcoin has surged from $20,000 to $70,000 (currently fluctuating between $50,000 and $60,000), the altcoin season has not arrived, leaving the entire market in a state of distress.
Retail investors have sparked an "anti-VC" trend, believing that VCs and projects collude to inflate project valuations to astronomical levels, followed by a "peak at token issuance" and subsequent waterfall-like decline, with retail investors left to pick up the pieces.
To resist "VC coins," many Key Opinion Leaders (KOLs) have begun to vocally reject VC investments and embrace more equitable Meme coins (the actual adjustment of positions remains to be seen).
Meme coin issuance platforms like Pump.fun have already generated over $57 million in revenue, surpassing the market cap of stablecoin $Pepe in the top 30, and other non-meme coins like $pizza and $Wif have also experienced significant fluctuations.
Pimai: 10 Key Understandings You Must Know in the Coin Circle
- MEV is the foundation of long-term value: In the long run, MEV (Maximum Extractable Value) is a key indicator of a chain's development prospects. It reflects the scalability, security, and attractiveness to developers and users of a blockchain.
- TVL is a misleading metric: Total Value Locked (TVL) is often an exaggerated metric because it can be easily manipulated. By boosting the prices of L1 tokens, TVL data can be artificially inflated.
- FDV is of significant importance: Fully Diluted Valuation (FDV) is an important metric as it reflects the potential market value of blockchain projects. Although not perfect, it can provide a rough estimate of the project's scale.
- Economic security is not reliable: Relying solely on economic security to ensure the stability of a blockchain is insufficient, as demonstrated by the cases of LUNA and ATOM. Other security mechanisms, such as consensus mechanisms and governance models, are also needed.
US SEC Finally Lets Paxos Go, Is BUSD a Sacrifice in Policy Struggles?
On July 11, local time in the United States, after a year-long investigation, the U.S. Securities and Exchange Commission (SEC) decided to end its investigation into Paxos Trust Company and the Binance USD (BUSD) stablecoin. Paxos received formal notice from the SEC stating that it would not recommend enforcement action against the company. This news marks a significant victory for Paxos in the legal dispute related to the Binance USD (BUSD) stablecoin.
Background: SEC's Wells Notice Causes the Gradual Retreat of the $20 Billion Market Cap BUSD
What is Paxos?
Paxos is a blockchain infrastructure and tokenization platform that collaborates with major global enterprises for asset tokenization, custody, and trading. Partners include PayPal, Interactive Brokers, Mastercard, Liberty Markets, and Nubank, among others. It has issued numerous regulated digital assets, including PayPal USD (PYUSD), Pax Dollar (USDP), and Pax Gold (PAXG). Its affiliate, Paxos International, issues the regulated income-bearing stablecoin Lift Dollar (USDL).
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