Today's Headlines:
- Foreign media: Zhao Changpeng has left prison but remains in detention
- Suspected major economic criminal Zhang Yu extradited back to China
- Russia plans to establish two cryptocurrency exchanges to support foreign trade
- X ordered to disclose shareholder list, with participation from Binance, a16z, and other cryptocurrency and AI-related companies
- Sony announces launch of Ethereum-based Layer-2 network "Soneium"
- Coinbase International to launch perpetual futures contracts for Render, Saga, and Threshold
- Tron DAO removes support for approximately $750 million worth of Bitcoin, Sun Yuchen claims no issues with USDD stablecoin
- OmegaPro co-founder arrested in Turkey for suspected $4 billion cryptocurrency Ponzi scheme
Regulatory News:
- US SEC rejects Hex founder Richard Heart's motion to dismiss lawsuit
- Colombian regulatory agency accuses Worldcoin of violating personal data protection regulations
According to the Russian newspaper "Businessman", Russia plans to establish two new cryptocurrency exchanges in Moscow and St. Petersburg to support foreign economic activities (FEA). According to sources, these exchanges may operate under an experimental legal framework, with the St. Petersburg exchange possibly based on the existing St. Petersburg Currency Exchange (СПВБ). The preliminary plans include creating stablecoins pegged to the Chinese yuan and the currency basket of BRICS countries. However, due to sanction risks, experts believe that the functions of these exchanges may be limited and initially targeted towards large blue-chip companies.
Philippine police arrest 99 people in raid on cryptocurrency scam center
The Philippine police arrested 99 people in a raid in Parañaque City, where they dismantled a scam center involved in cryptocurrency and romance scams. Those arrested included the company's managers, bosses, and supervisors. Police investigations revealed that the company used employees to impersonate wealthy models to lure victims into investing in a fake cryptocurrency platform. The company in question was not registered with the Philippine Securities and Exchange Commission, and employees claimed they were forced to participate in the scam. Currently, those involved will face charges under the "2012 Cybercrime Prevention Act" and Philippine securities regulations.
Project Updates
According to Decrypt, X company (formerly known as Twitter) has publicly disclosed a list of shareholders, revealing that multiple companies related to cryptocurrency and artificial intelligence participated in the investment when Elon Musk acquired the platform for $44 billion in 2022. These shareholders include Binance Capital Management, Andreessen Horowitz (a16z) which has investments in Coinbase and Anchorage Digital, as well as ARK Invest holding shares in Robinhood and AI developer Anthropic, among others. Additionally, the list includes close to 30 entities related to Fidelity. The disclosure of this list was in response to a court order, as most of the shareholder identities had not been previously disclosed.
Conduit launches all-in-one Rollup platform Conduit Marketplace
According to the official Conduit blog, Conduit has launched the new Conduit Marketplace, aiming to provide an all-in-one integration solution for Rollup teams. The platform brings together tools from 48 partners, allowing Rollup developers to easily find, purchase, and integrate various on-chain application needs on the platform. Through the "one-click integration" feature, developers can quickly add selected tools to their Rollup without leaving the Conduit platform.
Coinbase International Exchange to launch Render, Saga, and Threshold perpetual futures contracts
According to the official announcement, Coinbase International Exchange and Coinbase Advanced will add support for Render, Saga, and Threshold perpetual futures contracts. The RENDER-PERP, SAGA-PERP, and T-PERP markets will open on or after 5:30 PM Beijing time on August 29, 2024.
Babylon launches Bitcoin staking mainnet, and Bitcoin staking mainnet reaches staking limit
The Bitcoin staking protocol Babylon announced on the X platform that Babylon has launched the Bitcoin staking mainnet, allowing users to participate in the first phase of the Babylon Bitcoin staking mainnet. The launch of the Babylon Bitcoin staking mainnet brings a third local use case for Bitcoin assets, in addition to value storage and simple payments: staking to secure PoS networks and earn rewards.
Later in the evening, the Bitcoin staking protocol Babylon announced on the X platform that the first phase of the Bitcoin staking mainnet has reached the staking limit. According to previous information, the initial total staking limit for the first phase was 1,000 BTC. In addition, mempool.space data shows that Bitcoin network transaction fees have now fallen to 4 satoshis/byte.
Magic Eden expands beyond NFTs, now allows token swap trading through its mobile app
According to Bloomberg, the NFT marketplace Magic Eden launched its first mobile wallet application, allowing trading of NFTs and swapping of cryptocurrencies such as Bitcoin, Ethereum, and Solana. The platform will also start using tokens issued by the foundation supporting the ME ecosystem. The new Magic Eden app will support the exchange of digital assets across five blockchains: Bitcoin, Ethereum, Solana, Polygon, and Base. Magic Eden is also considering expanding into token staking and other categories, providing a service for holders to earn rewards.
MakerDAO: DAI and MKR will remain available, upgrade to NewStable and NewGovToken is optional
MakerDAO on the X platform stated that Endgame introduces upgraded versions of DAI and MKR called NewStable and NewGovToken. However, DAI and MKR will remain available. Unless the governance decides otherwise, these two tokens are expected to remain unchanged in the foreseeable future. Users can continue to hold and use these two tokens as before.
DAI will remain available indefinitely. Users can upgrade to NewStable and can choose to revert to DAI at any time. 1 DAI = 1 NewStable (NST). The ecosystem will eventually explore ways to differentiate DAI and NewStable, with DAI focusing on crypto-native use cases, while NewStable targets mass adoption. MKR will still be available for voting on governance proposals. Eventually, NewGovToken (NGT) will be used for voting, seamlessly converting back to MKR to ensure flexibility. During the upgrade, 1 MKR = 24,000 NewGovToken (NGT). The renaming of NewGovToken aims to promote broader governance participation. It allows more users to hold a large amount of NewGovToken and actively influence the future of the ecosystem. Upgrading to NewStable and NewGovToken is optional.
Binance Futures to launch perpetual contracts for POPCAT and SUN 1-75x USDT
Puffer Finance updates roadmap: TGE planned for early Q4
The Ethereum liquidity re-staking protocol Puffer Finance has updated its roadmap, planning to launch the Puffer UniFi testnet and validator reward mechanism in September. Early in the fourth quarter, Puffer V2 and TGE will be introduced. Later in the same quarter, AVS and UniFi mainnets will also be launched.
Fraklin Templeton expands its blockchain fund to Avalanche
Grayscale launches investment trust for Avalanche's AVAX token
According to the official blog, after a rigorous evaluation process, Binance Labs announced investments in four projects that performed exceptionally well in the 7th season of the MVB accelerator program for BNB Chain. These projects include Aggregata, a decentralized project for expanding AI data; Opinion Labs, a platform for dynamic public opinion and continuous prediction markets; SideKick, a gaming and social platform; and Vooi, a cross-chain perp DEX aggregator supporting EVM and non-EVM chains.
Binance to suspend TON deposits and withdrawals for wallet maintenance on August 26 at 9:55 AM
Binance will conduct wallet maintenance for the Telegram Open Network (TON) on August 26, 2024, at 10:00 AM (GMT+8). To support this maintenance, Binance will temporarily suspend TON deposits and withdrawals starting at 9:55 AM (GMT+8) on August 26, 2024. The maintenance is expected to take 2 hours, and deposit and withdrawal services will automatically resume after the maintenance is completed.
Sony announces the launch of "Soneium," a Layer-2 network based on Ethereum
According to CoinDesk, Japanese electronics giant Sony has announced the launch of its blockchain project "Soneium," which is a Layer-2 network based on Ethereum using Optimism's OP Stack technology. Soneium is a joint project by the Sony Group and Startale Labs in Singapore, and it is planned to launch the testnet in the coming days. Startale Labs CEO Sohta Watanabe stated that Soneium will initially target the Web3 community and gradually integrate Sony's products such as banks, music, and film within two years, expanding to a wider range of enterprises and decentralized applications (dApps) within three years.
The 140th Ethereum ACDC meeting: The next Ethereum consensus layer upgrade named "Fulu"
According to Christine Kim, Vice President of Research at Galaxy, Ethereum developers held the 140th All Core Developers' Call (ACDC) meeting. The meeting, chaired by Ethereum Foundation researcher Alex Stokes, discussed the development progress of the Pectra upgrade, PeerDAS, and the naming of the next Ethereum consensus layer upgrade. Developers decided to name the upgrade "Fulu" and plan to use "Fusaka" to refer to the "Fulu-Osaka" upgrade in the future. Additionally, the meeting addressed technical issues in the Pectra development network and the progress of proposals such as EIP 7742.
Binance to launch VIDTUSDT perpetual contract at 17:30
Binance Futures announced the launch of the VIDTUSDT perpetual contract with leverage of up to 75x on August 23, 2024, at 17:30 (Beijing time).
Orderly Network updates TGE timeline: Airdrop claims and staking to start at 16:00 on August 26
Web3 liquidity provider Orderly Network has updated the TGE timeline, with airdrop claims and staking officially starting at 16:00 on August 26 (Beijing time). Airdrop claims will be conducted on the Ethereum mainnet (ERC20) at the address: 0xABD4C63d2616A5201454168269031355f4764337. Starting from 18:00 on August 26 (Beijing time), various centralized exchanges (CEX) will list the product. On August 28 at 8:00 (Beijing time), VALOR rewards release, trading, and liquidity rewards will begin. VALOR measures users' ORDER staking based on the amount and duration, giving users the right to receive corresponding shares of the protocol treasury. Previously, Orderly Network announced the issuance of the ORDER token on August 26 and has disclosed the complete token economics.
Tether CEO: No intention to launch its own blockchain, blockchain is just a transport layer
According to Bloomberg, Tether Holdings, the issuer of the USDT stablecoin, had considered launching its own distributed ledger but later abandoned the plan. The CEO of the company stated that the economic logic behind this decision is actually very simple: supply and demand. Tether CEO Paolo Ardoino stated in an interview, "We are very good at technology, but I think blockchain will almost become a commodity in the future, and it may not be wise for us to launch our own blockchain. There are many good blockchains now." Ardoino said, "As long as USDT has the highest level of security and sustainability in trading, he is open to developing the stablecoin on any blockchain. For us, the blockchain is just a transport layer."
According to Cointelegraph, Parity Technologies, the parent company of Polkadot, is launching "Proof-of-Ink," a Web3 personalized solution that will allow users to use unique tattoos as digital proof of citizenship, protecting their digital identity in a privacy-preserving manner. According to Gavin Wood, co-founder of Ethereum, Polkadot, and Kusama, Proof-of-Ink is expected to launch in the fourth quarter of 2024.
Wood announced at the Web3 conference in Berlin, "We will be able to deploy the baseline palette and launch the application at some point this year, hopefully in the last quarter… We plan to launch two other mechanisms next year." While Wood hinted at another two digital identity solutions in further development, he did not disclose any details about their mechanisms.
Wood explained that Proof-of-Ink will require these algorithmically generated tattoos to appear in specific locations on the body to increase the privacy elements of the solution. For each new user's tattoo, the blockchain will generate a random number, creating a uniquely algorithmically generated design for all users. Before the application is released this year, users will need to spend a small amount of DOT tokens or potential vouchers shared within the Web3 community. Wood explained that this will serve as a means to prevent spam requests. Finally, Proof-of-Ink users will upload the final three minutes of the tattooing process, which will ultimately serve as evidence of their Web3 identity.
Funding News
Bitcoin re-staking platform SatLayer completes $8 million Pre-Seed funding, led by Hack VC
According to The Block, SatLayer, a Bitcoin re-staking platform based on the Babylon staking protocol, raised $8 million in Pre-Seed funding. The round was led by Hack VC and Castle Island Ventures, with participation from Franklin Templeton, OKX Ventures, Mirana Ventures, Amber Group, Big Brain Holdings, CMS Holdings, and undisclosed angel investors from companies such as aPriori, Custodia Bank, LayerZero, Manta Network, Magic Eden, Sui, and Pendle. The Pre-Seed funding structure was a Simple Agreement for Future Equity (SAFE) with token warrants.
SatLayer is a Bitcoin re-staking platform based on the Babylon protocol, which aims to connect Bitcoin to Proof-of-Stake networks that generate yield. With SatLayer, users can re-stake Bitcoin and Bitcoin liquidity staking tokens minted on Solv Protocol, Lombard, Bedrock, pStake, and PumpBTC, and utilize secure Bitcoin validation services.
Key Data
CryptoQuant: Cryptocurrency OTC trading desks currently hold over $22 billion worth of Bitcoin
According to CoinDesk, data tracking company CryptoQuant's data shows that cryptocurrency over-the-counter (OTC) trading desks, which act as intermediaries between two parties and do not disclose trading information to the public, currently hold 368,000 BTC, worth over $22 billion. This figure has increased by 153,000 BTC in the past three months, reaching the highest level since June 2022.
Institutions and large traders tend to trade through OTC trading desks or exchange order books to avoid impacting the prevailing market rates of assets. Therefore, OTC trading desk activity is said to reflect the behavior of experienced market participants, including crypto miners. CryptoQuant stated in a blog post, "Miners often sell Bitcoin through OTC trades, seeking better execution without affecting market prices as they would on exchanges. The significant increase in OTC trading desk balances indicates active selling by miners." CryptoQuant added, "Historically, the increase in Bitcoin OTC trading desk balances is associated with a decline in Bitcoin prices."
According to The Block, after the Tron DAO reserve fund removed approximately $750 million worth of Bitcoin support, Tron founder Justin Sun assured users that there are no issues with the USDD stablecoin. USDD, originally a Bitcoin-backed algorithmic stablecoin, is now primarily backed by Tron's native token TRX. This move has raised concerns about the decentralization of USDD and Sun's influence. Despite USDD's over 230% collateralization ratio, an independent report shows that its actual collateralization ratio is only 53%, and most of the reserve assets are held in multi-signature addresses, posing transfer risks.
Cumberland and Ceffu withdrew 300 BTC and 246.33 BTC respectively from Binance a few hours ago
According to The Data Nerd monitoring, institutions continue to withdraw BTC from exchanges. A few hours ago, Cumberland withdrew 300 BTC (approximately $18.36 million) from Binance, while Ceffu withdrew 246.33 BTC (approximately $14.99 million) from Binance.
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