Arrangement: Fairy, ChainCatcher
Important Information:
Compound CEO, CTO and three other executives resigned and founded a 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 List Tokens is heating up, and it is expected that more than 30 large projects will conduct TGE in Q3
Morgan Creek Digital plans to raise $500 million for new VC fund to focus on AI, blockchain and more
DOGS launches the function of purchasing Stars with fiat currency, which arouses doubts from the community
Sources: US SEC allows some companies to circumvent controversial cryptocurrency accounting announcement
Source: Biden's campaign is already facing a drop in donations, and the situation is extremely dangerous
What important events have occurred in the past 24 hours?
Compound CEO, CTO and three other executives resigned and founded a new DeFi protocol Legend
Compound CEO, CTO and three other senior executives resigned to establish a new DeFi protocol Legend, which aims to bring the next 100 million users on-chain by building the world's best DeFi interface.
According to reports, its founder Jayson Hobby was once the CEO of Compound; Geoffery Hayes was once the founder and CTO of Compound; and Mykel Pereira was once the vice president of products of Compound.
According to Web3 asset data platform RootData, Legend is a mobile-first decentralized financial protocol that allows users to trade, earn, and borrow digital assets instantly and seamlessly without the need for a centralized party.
Blockchain payment and settlement technology company Partior completes $60 million financing, led by Peak XV Partners (formerly Sequoia India)
According to Bloomberg, Singapore's cross-border payment and settlement company Partior has completed a US$60 million Series B financing round led by Peak XV Partners (formerly Sequoia India). Other investors include Jump Trading, Valor Capital and its existing shareholders Temasek Holdings Pte Ltd, JPMorgan Chase & Co. and Standard Chartered Bank.
RootData: Competition for Binance List Tokens is heating up, and it is expected that more than 30 large projects will conduct TGE in Q3
Web3 asset data platform RootData released the "2024 Q2 Web3 Industry Investment Research Report", in which the Q3 TGE project list includes 30 star projects with large financing and high FDV, which are likely to be listed on Binance.
According to statistics on the investment portfolios of 288 investors, it was found that on average, the number of Binance Launchpool projects accounted for no more than 2% of their investment portfolios. Among the nearly 30 Binance Launchpool projects, 21 were invested by Binance Labs, accounting for more than 11% of its investment portfolio.
Due to Binance's trading depth and slippage advantages, as well as the competitiveness of its contract rates, Binance's highly competitive coin listing environment has a profound impact on the market. Project parties who choose to conduct TGE on Binance can effectively utilize its market advantages and platform resources, laying a good market foundation for the long-term development of the project.
RootData: Animoca Brands invested 36 times and became the most active investment institution in Q2. The top ten institutions' investment in GameFi track increased by 71% month-on-month.
Web3 asset data platform RootData released the "2024 Q2 Web3 Industry Investment Research Report". The report shows that the top ten investment institutions with the most investments in Q2 2024 participated in a total of 202 investments, an increase of about 2% month-on-month; among them, Animoca Brands made 36 investments and became the most active investment institution in Q2; OKX Ventures ranked first in Q1 with 30 investments, and although it dropped to 25 times in Q2, it continued to be active.
At the same time, infrastructure remains the most popular track, with the top ten institutions investing 81 times in this track, accounting for about 40% of their total investments in Q2. In addition, the top ten investment institutions invested 53 times in the GameFi track in Q2, an increase of 71% compared to Q1.
Morgan Creek Digital plans to raise $500 million for new VC fund to focus on AI, blockchain and more
Morgan Creek Digital plans to raise up to $500 million for a new fund, focusing on early-stage opportunities in artificial intelligence (AI), blockchain technology, chips and data, Coindesk reported.
Morgan Creek Digital said it is in discussions with sovereign and institutional investors, corporate executives and industry subject matter experts in Europe, the Middle East and Africa (EMEA) and Asia Pacific (APC) to expand its regional presence. It is also in discussions with U.S. investors and partners.
Justin Sun: Not long BTC at $69,000
Justin Sun posted on social media, "I am very optimistic about the development of Bitcoin and have full confidence in its future. However, I want to clarify that I am not long Bitcoin at the price level of $69,000."
DOGS launches the function of purchasing Stars with fiat currency, which arouses doubts from the community
Telegram's native Meme project DOGS has a built-in Telegram Stars purchase function that can be purchased directly with fiat currency. This move has caused widespread discussion in the crypto community, saying that this may be an official sale of coins, and the total amount of tokens can be issued indefinitely, which has aroused community doubts.
It is reported that Telegram Stars are virtual items that allow users to purchase digital goods and services from robots and mini-programs within the Telegram ecosystem, give gifts to content creators on the Telegram platform, etc.
The 137th Ethereum ACDC meeting: Pectra Devnet 1 will release a new version of the testnet next week
According to Christine Kim’s summary of the 137th Ethereum Consensus Core Developers Meeting (ACDC), this ACDC discussed the progress of Pectra Devnet 1 and PeerDAS Devnet 1, as well as the fork choice test generation research led by Consensys research team TxRx.
On the Pectra Devnet 1 side, the CL and EL clients are ready, and the testnet is expected to be launched next week. The EF development and operation team is testing multiple client combinations, and the EthereumJS client is ready for testing.
On PeerDAS Devnet 1, EF DevOps engineer Barnabas Busa said the CL client team is fixing the bug and plans to restart this weekend. Stokes updated the pull request for modifying 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 implemented an initial version of the fork choice test generator, aimed at identifying client software bugs that could cause a chain split, and requested feedback to refine the test suite.
Full-chain AI aggregator Aidatify completes $8.3 million first round of financing with a valuation of $150 million, with STIX and others participating
According to official news, the full-chain AI aggregator Aidatify completed its first round of financing with a total of US$8.3 million at a valuation of US$150 million. STIX, oilinvest, Alter Global, Spencer and others participated in the investment.
It is reported that Aidatif was built by the full-chain and DeFi infrastructure VGESS team, and the funds raised will be used to expand investment in the Aidatify ecosystem and products.
Data: The market value of the seven largest U.S. technology companies evaporated by nearly $600 billion overnight, about 4.35 trillion yuan
According to Jinshi, after the good news of the US CPI data, traders chose to withdraw from the recent strong performance of technology giants. The heavyweight stock Nvidia closed down 5.57%, Tesla fell 8.44%, Meta fell more than 4%, Apple, Microsoft, Google and Amazon fell more than 2% respectively. In contrast, the Russell 2000 index, which is dominated by small-cap stocks, closed up more than 3.5%. The market value of the "seven giants" of US technology stocks evaporated by nearly US$600 billion (about RMB 4.35 trillion) in a single day, which is equivalent to losing a JPMorgan Chase (market value of US$595.46 billion).
Artificial intelligence startup Fireworks AI completes $52 million in financing, led by Sequoia Capital
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. and MongoDB Inc. The company's total financing has reached $77 million, with a valuation of $552 million.
Fireworks plans to use the new funding to expand its team and plans to expand its partnerships with artificial intelligence companies. Fireworks aims to help companies adopt generative artificial intelligence by allowing them to access more than 100 models through its platform.
Data: German government addresses sold $376 million worth of BTC in the past 16 hours
According to Spot On Chain, in the past 16 hours, the German government address has sold another $376 million worth of Bitcoin, including:
10,627 Bitcoins sold at an average price of $57,976 ($616 million);
Recovered 4,169 Bitcoins ($240 million) at an average price of $57,469.
Currently, the German government has only 9,094 BTC ($520 million) left, about 18% of the initial amount. At this rate, it may sell all of its Bitcoin in the next 1-2 days.
Sources: US SEC allows some companies to circumvent controversial cryptocurrency accounting announcement
According to The Block, some companies and financial institutions have made some business requests, and the U.S. SEC staff agreed that these requirements would allow them to be exempt from the controversial cryptocurrency accounting guidance, according to sources.
Since the release of SAB 121 in March 2022, following a spate of cryptocurrency industry bankruptcies, companies have been seeking advice from the SEC on developing new policies and procedures related to cryptocurrencies. SAB 121 itself has not changed, the source added.
“There are a lot of unanswered questions about how the law will play out in April 2022 on these things, and we’ve seen a lot of crypto industry players being careless in providing these services, to the detriment of a lot of customers,” the SEC source said.
The source added that the company has now demonstrated that certain procedures and technology they have in place allow customers to retrieve their cryptocurrencies in bankruptcy like any other asset, such as U.S. dollars, and therefore does not incur obligations under SAB 121.
Biden admits mistakes in debate with Trump, stresses he won't withdraw from race
According to Jinshi, US President Biden said at a press conference, "I made a stupid mistake in the debate (with Trump), and my schedule has been very tight. I said it would be better if I could control my rhythm more wisely. I will not go to a place 15 time zones away before the next debate." Biden also emphasized that he is the best candidate to defeat Trump, and there is no sign that he cannot complete the (campaign) mission. Biden also praised Harris for being qualified to be president. If she was not qualified, he would not choose her as vice president.
It is worth noting that at the NATO summit press conference, US President Biden made a slip of the tongue for the second time in the day, mistakenly referring to US Vice President Harris as Trump.
DefiLlama updates the list of domains at risk of attack due to Square Space, including Litecoin, Aptos Labs official website, etc.
The founder of DefiLlama updated its list of projects at risk of attack related to the domain name registrar Square Space. In addition to the 103 domain names listed previously, 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.
Earlier news, the founder of DefiLlama announced a list of projects that are at risk of attack due to their connection with the domain name registrar Square Space.
Source: Biden's campaign is already facing a drop in donations, and the situation is extremely dangerous
According to a report by the Global Times citing the website of the National Broadcasting Corporation of the United States, sources said that US President Biden's campaign has faced the problem of reduced donations and the situation is extremely dangerous.
Several sources said: "The situation is catastrophic. The funding source has been cut off. Biden's campaign fundraising from big donors may be reduced by half or more this month."
Another source said: "Donors were negative. They had a call with the president. It seemed very unnatural to people and I don't think they believed him."
There are reports that Biden could be nominated as early as July 21, rather than waiting until the Democratic convention in August, ending the debate over whether he should run. The second debate between Biden and Trump is scheduled for September 10. The US presidential election will be held on November 5.
"What are the interesting articles worth reading in the past 24 hours?"
Retail investors and VCs confront each other, will DeFi be the savior?
Retail investors are awakening, "anti-VC, embracing Meme"
The narrative of this bull market is mainly macro-oriented, with no innovation or breakthrough. Although the price of Bitcoin has risen from 20,000 to 70,000 (now fluctuating between 50,000 and 60,000 USD), the altcoin season has not arrived for a long time, leaving the entire market in a state of constant suffering.
Retail investors have launched an "anti-VC" movement, believing that VCs and projects are in collusion, pushing the project's FDV to sky-high prices, and then "issuing coins is the peak", followed by a waterfall-like decline, which is then taken over by retail investors.
In order to resist "VC coins", many KOLs have begun to speak out in large numbers and refuse to take over for VCs, and embrace the fairer Meme coins (how they actually adjust their positions remains to be seen).
Meme coin issuance platforms such as Pump.fun have revenues exceeding 57M, stablecoins such as $Pepe, which is in the top 30 in market capitalization, and countless memes such as $pizza and $Wif have also experienced large fluctuations.
Pima: 10 key things you must know in the cryptocurrency world
MEV is the foundation of long-term value: In the long run, MEV (maximum extractable value) is a key indicator to measure the development prospects of a chain. It reflects the scalability, security, and attractiveness of the blockchain to developers and users.
TVL is a misleading metric: Total value locked (TVL) is a metric that is often exaggerated because it can be easily manipulated. By increasing the price of L1 tokens, the TVL data can be inflated.
FDV is significant: Fully diluted valuation (FDV) is an important metric because it reflects the potential market value of a blockchain project. While it is not perfect, it can provide a rough estimate of the size of a project.
Economic security is not reliable: It is not enough to rely on economic security alone to guarantee the stability of the blockchain, as the cases of LUNA and ATOM show. Other security mechanisms are also needed, such as consensus mechanisms and governance models.
The U.S. SEC finally let Paxos go. Has BUSD become a victim of the policy struggle?
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 a formal termination notice from the SEC stating that it would not recommend enforcement action against the company. This news marks a major victory for Paxos in the legal dispute related to the Binance USD (BUSD) stablecoin.
Background: SEC’s Wells Notice caused BUSD, with a market value of $20 billion, to gradually fade away
What is Paxos?
Paxos is a blockchain infrastructure and tokenization platform that works with major global companies to tokenize, custody and trade assets. Partners include PayPal, Interactive Brokers, Mastercard, Free Market and Nubank, and it has issued a number of regulated digital assets including PayPal USD (PYUSD), Pax Dollar (USDP) and Pax Gold (PAXG). Its affiliate Paxos International issues the yield-based regulated stablecoin Lift Dollar (USDL).