Headlines
EigenLayer announced the launch of the "AVS Rewards" feature, which will allow AVS to provide rewards to stakeholders and node operators. EigenDA will be the first to activate this feature, becoming the first AVS on EigenLayer to distribute rewards to stakeholders and node operators.
Justin Sun stated on social media that his personal participation in WBTC is entirely strategic, with the goal of promoting projects dedicated to decentralization, secure protocols, and security. He also pointed out that he does not control the private keys of the WBTC reserves and cannot move any BTC reserves. Regarding the importance of WBTC, Justin Sun believes that it is an important part of the DeFi ecosystem and will ensure its continued importance. There have been no changes to WBTC compared to before. Audits are conducted in real time, and the minting process is fully managed by custodians Bitglobal and BitGo according to the same procedures as before.
Earlier, BitGo tweeted that through a unique partnership and joint venture with BiT Global, its WBTC business will shift to the world's first cross-jurisdictional and cross-institutional custody. This upgrade will take place within 60 days without interruption of services. Subsequently, the relevant partners were disclosed on their official website, with Justin Sun mentioned as a personal collaborator, sparking heated discussions in the crypto community.
WBTC (Wrapped BTC), also known as Wrapped Bitcoin, is an ERC-20 token issued by BitGo on the Ethereum blockchain, backed 1:1 by Bitcoin. Since its launch in January 2019, WBTC has become one of the Bitcoin DeFi applications. Currently, WBTC has 74 partners and supports Ethereum, TRON, Base, Kava, Osmosis.
deBridge announces the establishment of a foundation and opens the first season's DBR airdrop query
According to official sources, deBridge announced the formal establishment of its foundation. The deBridge Foundation will be responsible for seeking benefits for the entire DAO and its key participants, including core contributors, strategic partners, and the community. Governance will empower DBR holders to shape the future of the protocol.
At the same time, the foundation has launched the DBR checker, through which community members can preview the DBR tokens generated by the first season's deBridge Points airdrop.
According to previously released official information, the total supply of DBR is 10 billion tokens, with an initial circulating supply of 1.8 billion tokens (18%), and the tokens will be issued in the form of SPL tokens on Solana.
Among them, the community and the initial launch portion account for the largest share in all initial TGE unlocks, at 10% of the total supply. Within this 10%, 2% is allocated to LFGVault, 1% as Jupiter DAO LFG rewards, 1% for the Meteora dynamic pool, and 6% will belong to the first season's deBridge Points holders.
Morgan Stanley remains firm in its expectation of a 25 basis point rate cut by the Fed in September
Morgan Stanley reiterated its expectation of a 25 basis point rate cut by the Fed in September, despite recent significant declines in global markets. The bank's economists pointed out that while the markets reacted strongly to the latest interest rate decision by the Bank of Japan and weaker non-farm data in the United States, they do not represent a fundamental change in economic conditions. Therefore, they are sticking to their long-standing expectation that the Fed will cut rates by 25 basis points in September.
Looking ahead, Morgan Stanley emphasized that the potential interaction between the Fed's rate cut and the Bank of Japan's rate hike may support the yen, and the initial view remains unchanged, expecting the Bank of Japan to raise rates in January next year. (Jinshi)
Industry News
Binance will delist certain tokens for withdrawals and convert them to USDC
According to official information, Binance will convert the balances of the following tokens in users' Binance wallets to an equivalent amount of USDC by 07:59 on March 2, 2025 (UTC+8) based on the holdings of users in the Binance wallet. After 07:59 on September 2, 2024 (UTC+8), Binance will no longer support the withdrawal of the following airdropped tokens/delisted tokens. Users can withdraw before this time.
Affected tokens: Bitcoin Gold (BTG), Bitcoin Standard Hashrate Token (BTCST), Bitshares (BTS), District0x (DNT), Groestlcoin (GRS), Hegic (HEGIC), MobileCoin (MOB), Monero (XMR), Monetha (MTH), Multichain (MULTI), Navcoin (NAV), Sologenic (SOLO), Spartan Protocol (SPARTA), Symbol (XYM), Tribe (TRIBE).
Farside Investors data: No fund inflow/outflow for FBTC yesterday, net inflow of $4 million for FETH
According to Farside Investors data, there was no fund inflow/outflow for FBTC yesterday, and there was a net inflow of $4 million for FETH.
3AC liquidator seeks at least $1.3 billion in compensation from Terraform Labs
The liquidator of the bankrupt cryptocurrency hedge fund 3AC is seeking at least $1.3 billion in compensation from Terraform Labs to compensate for the losses suffered by the fund after the collapse of TerraUSD and Luna tokens in 2022.
The liquidator stated in court documents that before the collapse of these tokens, Terraform manipulated the market for these tokens, "artificially inflating asset prices," inducing 3AC to purchase Luna and TerraUSD. They claimed that the collapse not only wiped out 3AC's investments in these tokens but also caused significant losses in other assets. (Bloomberg)
Market News: Bitcoin mining company MARA plans to raise $250 million to buy more Bitcoin
According to Bitcoin Magazine, the Bitcoin mining company MARA (Marathon Digital) plans to, under market conditions and other factors permitting, issue a total of $250 million in convertible preferred notes to individuals reasonably believed to be qualified institutional buyers through private placement. The notes will mature in 2031, and the $250 million raised will be used to buy more Bitcoin.
Project News
Analysis: Huang Licheng continues to buy FRIEND, with a current unrealized loss of $15 million
According to Lookonchain monitoring, Huang Licheng continues to buy FRIEND, with the current value of his holdings at approximately $1.5 million, total acquisition cost of $16.5 million, and an unrealized loss of $15 million.
Coinbase plans to launch Gravity (G) trading on August 13th, Eastern Time
Coinbase announced the addition of support for Gravity (G) on the Ethereum network. Coinbase reminds users not to send this asset through other networks, as funds may be lost. If liquidity conditions are met, trading will begin around 12:00 PM Eastern Time on August 13, 2024.
The open AI platform Sentient announced in a post that during the recent Open AGI Symposium, it unveiled the first version of the Sentient protocol.
Sentient is an open-source AI monetization protocol that supports community-built AGI. Its key innovations include model loyalty and a new format called OML (Open, Monetizable, Loyal) for representing models, allowing them to be open (downloaded and used locally), monetizable (remotely tracked and monetized for their use), and loyal (locked to usage that aligns with the model owner's supported security, ethical, and values).
The protocol aims to address the alignment problem of community-built open AGI, including incentive contracts (ownership, usage, rewards), and nodes, to achieve decentralized control over access and alignment. Incentives and necessary cryptographic security are enforced through AVS from the EigenLayer ecosystem and a trustless blockchain connected to Polygon AggLayer.
The Sentient protocol is modular and can be combined with other deployments of OML in distributed layers or different decentralized storage or computing networks (e.g., using trusted hardware).
The official statement mentioned that the complete whitepaper for the protocol will be released soon.
In previous news in July, Sentient announced the completion of an $85 million seed round of financing, with leading investments from Peter Thiel's Founders Fund, Pantera Capital, and Framework Ventures.
Investment and Financing
Ion Protocol, a liquidity protocol for staking and restaking assets, has completed a $4.8 million financing round, with participation from Gumi Capital Cryptos, Robot Ventures, BanklessVC, NGC Ventures, Finality Capital, and SevenX Ventures. The total amount raised so far has reached $7 million, and the new funds will be used to support and develop its native yield platform called Nucleus. (TheBlock)
Voices of Figures
Arthur Hayes, co-founder of BitMEX, mentioned in a new article that in this cycle, BTC and ETH have structural support due to the listing of ETFs. Since April, they have had structural support due to net inflows of exchange-traded funds (ETFs) listed in the United States.
Although BTC and ETH have experienced some pullback since April, there has not been a "massacre" situation like that of shitcoins. The altcoin market will only return when BTC and ETH break $70,000 and $4,000, respectively.
SOL will also rise to over $250 at that time, but due to market share differences, SOL's rally will not have as strong an impact on the overall market as BTC and ETH. By the end of the year, with increased USD liquidity, the prices of BTC and ETH may further rise, laying a solid foundation for the return of the altcoin market.
Synthetix founder Kain Warwick challenges Su Zhu, who rejects the invitation
Kain Warwick, founder of Synthetix, posted that he had invited Su Zhu to a fight on the combat live streaming platform Karate Combat in Singapore and requested a response within 24 hours, without pretending not to have seen it.
In response, Su Zhu stated, "Kain, I sincerely apologized to you months ago via private message. You have been ignoring it for months. I have met several members of the infinex team (a new protocol under Synthetix) in Brussels and also met you. Then you leaked private messages without any reason. I don't know what you're thinking, but I respectfully decline the invitation and wish you all the best."
Kain replied again, "I didn't respond to your apology because you would use it to maintain your image, such as conveying to the public 'Kain and I have reconciled, we are good.' and similar statements."
Odaily Note: The conflict between Kain and Su Zhu has a long history. As early as 2021, when Su Zhu announced his abandonment of Ethereum, the two had a quarrel on X.
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