Arrangement: Fairy, ChainCatcher
Important Information:
DL News: RootData launches Crypto project popularity list, helping investors make more scientific decisions based on more than 4.3 million user behaviors
Changpeng Zhao said he will continue to invest in blockchain/decentralized technology, artificial intelligence and biotechnology
FTX expects to distribute $16 billion to creditors in Q4, and a hearing on October 7 may determine whether the plan can be implemented as scheduled
Fully homomorphic encryption network Mind Network completes $10 million Pre-A round of financing, with Animoca Brands and others participating
China's former vice finance minister: US encryption policy has undergone significant changes this year, and we must pay attention to the development of cryptocurrency
Remixpoint, a listed company, recently purchased crypto assets worth approximately $5.27 million
“What important events have occurred in the past 24 hours?”
DL News: RootData launches Crypto project popularity list, helping investors make more scientific decisions based on more than 4.3 million user behaviors
According to DL News, the crypto asset data platform RootData announced the official launch of version V3, revealing real attention trends through multi-dimensional data on the behavior of 4.3 million users.
The core function of V3 is the top 100 ranking of popular crypto projects. This popular index is based on the weighted calculation of RootData users' search, click and vote behavior data and the multi-dimensional data of the X platform, aiming to restore the true popularity of crypto projects and help users improve the accuracy of investment decisions.
Since its launch, RootData has accumulated more than 2 million unique users. Its data has been widely cited by mainstream media such as The Wall Street Journal, CoinDesk, Cointelegraph and well-known cryptocurrency influencers.
In addition, RootData received a seed round of financing of US$1.25 million led by NLVC in April. Listed company Boyaa Interactive (00434.hk), Bonfire Union Ventures (Mask Network's fund), Skyland Ventures, Orbiter Finance founder Gavin and 0xScope co-founder Jackson also participated in the investment.
CCData: It is expected that the Fed’s interest rate cut this year will result in a total reduction of $1.5625 billion in stablecoin interest income
According to Cryptonews, the Federal Reserve’s recent decision to cut interest rates for the first time since March 2020 is expected to affect the revenue streams of the five major centralized stablecoins. According to a report released by CCData on September 27, these stablecoins hold a total of nearly $125 billion in U.S. Treasuries, and for every 50 basis points (bps) in interest rate cuts, they could lose about $625 million in interest income. The report shows that U.S. Treasuries account for 80.2% of the reserves held by major stablecoins.
Data from the CME FedWatch tool shows that the market is pricing in a total of 75 basis points in rate cuts by the end of 2024, including a 50 basis point cut in November and another 25 basis point cut in December. If these forecasts come true, stablecoins could face an additional $937.5 million in lost revenue, bringing the total potential losses from the Fed’s easing policy to $1.5625 billion.
Among the affected stablecoins, Tether's USDT holds the largest share of U.S. Treasury-backed reserves, totaling $93.2 billion, including U.S. Treasuries and repurchase agreements. It is followed by Circle's USD Coin (USDC), which holds $28.7 billion in U.S. Treasuries through the Circle Reserve Fund. Other stablecoins, such as First Digital USD (FDUSD), PayPal USD (PYUSD), and TrueUSD (TUSD) hold smaller Treasury positions, at $1.83 billion, $634 million, and $502 million, respectively.
Despite these potential financial setbacks, the stablecoin market has shown resilience. According to CCData, the total market value of stablecoins increased by 1.50% in September to $172 billion, marking 12 consecutive months of growth.
Changpeng Zhao: Will continue to invest in blockchain/decentralized technology, artificial intelligence and biotechnology
Zhao Changpeng posted on the X platform that the food tastes great and it is a luxury to be able to eat more than one piece of fruit every day. I want to thank everyone for their support. It means a lot to me and keeps me strong in the darkest moments.
Some quick updates/thoughts: Giggle Academy is going great and will be a big part of my life for the next few years. Will continue to invest in blockchain/decentralized tech, AI, and biotech. I'm a long-term investor and care about impact, not returns. I'll also be investing more time and money into philanthropy (and education). I have some rough ideas. Still working on my book. I think I'm about 2/3 done. Writing a book is a lot more laborious than I expected, but I'll keep at it.
FTX expects to distribute $16 billion to creditors in Q4, and a hearing on October 7 may determine whether the plan can be implemented as scheduled
According to Forbes, FTX will return $11-16 billion to creditors in the fourth quarter of 2024, which could provide a significant boost to the cryptocurrency market, especially Bitcoin, SOL, and Solana network cryptocurrencies. While the exact date is unclear, FTX has proposed that the distribution will take place within 60 days of the restructuring plan taking effect.
Currently, the next hearing on the reorganization plan is scheduled for October 7. If approved, FTX will have 60 days to distribute assets to creditors, which means the returned cash will reach previous cryptocurrency buyers sometime before December 7. A large portion of this cash will likely remain in the cryptocurrency ecosystem, with creditors reinvesting the funds in their favorite tokens or ETFs.
Nevertheless, there are still some risks that could undermine this positive event. First, the court's delays could further extend the fund return date. And some FTX creditors are currently dissatisfied with the settlement plan (which only returns cash).
China's former vice finance minister: US encryption policy has undergone significant changes this year, and we must pay attention to the development of cryptocurrency
The 2024 Tsinghua PBC Chief Economist Forum was held in Beijing on September 28. Zhu Guangyao, former vice minister of the Ministry of Finance, attended and delivered a speech. Zhu Guangyao called for attention to the study of the development of cryptocurrency, "It does have a negative impact, and we must fully recognize its risks and harm to the capital market, but we must study the latest changes and policy adjustments internationally, because it is a crucial aspect for the development of the digital economy."
Zhu Guangyao reviewed the development of cryptocurrency. Over the past decade, the United States has always believed that cryptocurrency has a huge destructive power on international anti-money laundering and international anti-terrorist financing. In addition, the sharp fluctuations in the value of cryptocurrency have a huge impact on the international financial market. However, this year, the US policy has undergone major changes.
Zhu Guangyao said that Trump's campaign platform explicitly included cryptocurrencies, and he also publicly stated, "We must embrace cryptocurrencies, otherwise China will replace us." The US Securities and Exchange Commission has also approved the listing of 11 Bitcoin ETFs in the stock market and futures market. Among emerging market countries and BRICS countries, Russia, South Africa, Brazil, and India have also taken action.
Fully homomorphic encryption network Mind Network completes $10 million Pre-A round of financing, with Animoca Brands and others participating
The fully homomorphic encryption network Mind Network announced the completion of a $10 million Pre-A round of financing. Major investors include Animoca Brands, Arkstream Capital, Cogitent Ventures, G Ventures, MH Ventures, Master Ventures, Moonhill Capital, SwissBorg Ventures, IBC Group, etc. This round of financing also attracted well-known angel investors, including Ether.fi CEO Mike Silagadze, and well-known figures in the encryption field Mario Nawfal, Mr Block and Kyle Chassé. After this financing, Mind Network plans to expand its business by integrating more staking protocols and continue to release supporting infrastructure. Users holding staked assets from partner protocols can redeem vFHE on Mind Network and participate in FHE voting.
According to reports, Mind Network is a fully homomorphic encryption (FHE) layer for AI and POS networks. This layer accepts re-staking tokens from ETH, BTC, and AI Blue Chip tokens, and operates as an FHE verification network, providing consensus, data, and crypto-economic security for POS networks such as decentralized AI, DePIN, EigenLayer, Symbiotic, and Babylon AVS. Mind Network has previously been supported by Binance Labs, Hashkey, Big Brain, Chainlink, and has received funding from the Ethereum Foundation for its FHE research on Ethereum.
Vitalik publishes new article: "Making Ethereum's Alignment Visible"
Ethereum co-founder Vitalik published an article titled "Making Ethereum's Alignment Visible", in which he proposed the concept of "Ethereum alignment" to solve the problem of how to balance the Ethereum client team, researchers, Layer 2 teams, application developers, and local community groups to ensure that all these projects collectively build a unified Ethereum ecosystem.
This can include values alignment (e.g., open source, minimal centralization, support for public goods), technical alignment (e.g., adopting ecosystem-wide standards), economic alignment (e.g., using ETH as a token whenever possible). Vitalik analyzes from the perspectives of open source, open standards, decentralization and security, and positive sum, and his ideal goal is to see more entities like L2beat emerge to track how well projects meet the above criteria and other criteria proposed by the community. Instead of competing for connections, projects should compete on alignment based on easy-to-understand criteria.
“Dashboard organizations” like L2beat, block explorers, and other ecosystem monitoring tools are an excellent example of this principle working successfully in the Ethereum ecosystem. If the different aspects of alignment can be made clearer, while not being centralized in a single “overseer,” this concept can be made more effective and do a better job of fairness and inclusion in the Ethereum ecosystem.
Remixpoint, a listed company, recently purchased crypto assets worth approximately $5.27 million
Remixpoint, a Japanese listed company, officially disclosed the details of its latest round of crypto asset investment on September 27, spending a total of 750 million yen (about 5.27 million US dollars), purchasing 64.4 BTC (600 million yen), 130.1 ETH (50 million yen): 2,260.5 SOL (50 million yen), and 12,269.9 AVAX (50 million yen).
This investment is the first batch of the company's "1.5 billion yen (about 10.55 million US dollars) virtual currency purchase plan" announced on September 26, aiming to reduce the risk of yen depreciation through diversified investment and optimize cash management strategies.
Data: FTX creditors may only be able to recover 10-25% of their cryptocurrencies
According to the latest amended bankruptcy documents shared by FTX creditor Sunil Kavuri, FTX creditors may only be able to recover 10-25% of their cryptocurrencies.
Kavuri explained that creditors will be compensated based on the price of cryptocurrency on the date of the application, which was much lower than it is today. For example, at the time the legal application was filed, the price of Bitcoin was around $16,000. Kavuri said that many FTX customers have suffered mental distress, panic attacks, divorce, and even suicidal thoughts because their life savings were stolen. Other creditors have expressed similar anger. Kavuri also pointed out that Sam Bankman-Fried violated FTX's terms of service and the broader definition of property rights by using customer funds to repay outstanding debts.
It is reported that the FTX bankruptcy management team previously reached an agreement with Emergent Technologies founded by Bankman-Fried to obtain $600 million in Robinhood shares to repay creditors.
U.S. Bitcoin Spot ETF Total Net Asset Value Reaches Two-Month High
According to The Block, the U.S. Bitcoin spot ETF has seen inflows for seven consecutive trading days, with Friday's inflows being the largest single-day inflow since early June, reaching a nearly four-month high.
The funds’ combined net asset value is $61.21 billion, the highest since July 29, when the total was $61.73 billion, according to SoSoValue.
"What are the interesting articles worth reading in the past 24 hours?"
Vitalik's new article: It's time to "align" the entire Ethereum ecosystem
In the Ethereum ecosystem, the most important governance challenge is balance — or more precisely, integrating decentralization and cooperation. The strength of this ecosystem is that there are a wide range of individuals and organizations — client teams, researchers, second-layer network teams, application developers, local community groups — all working towards their own visions of what Ethereum could become. The main challenge is to ensure that all projects work together to build one Ethereum ecosystem, rather than 138 incompatible fiefdoms.
To address this challenge, many in the Ethereum ecosystem have proposed the concept of "Ethereum consistency". This may include value alignment (e.g., open source, minimal centralization, supporting public goods), technical alignment (e.g., working with ecosystem-wide standards), and economic alignment (e.g., using ETH as a token when possible). However, this concept has historically been poorly defined, which creates the risk of social control: if consistency means having the right friends, then "consistency" as a concept fails.
To address this, I think we should make the concept of consistency clearer by breaking it down into specific properties that can be represented by specific metrics. Everyone's list will be different, and metrics will inevitably change over time. However, I think we have some solid starting points.
RootData launches the first Web3 project popularity list to help investors capture the most consensus projects at the moment
Most investments in the Web3 space are essentially attention investments.
Crypto KOL @redphonecrypto once said that a coin’s ability to attract attention is more important than other indicators. This round of bull market meme once again illustrates this truth by completely defeating “value coins”.
However, in the current situation where attention is scattered and filled with noise, it is not easy to judge the true direction of attention. Users are often misled by marketing information on social media such as platform X or false data such as TVL from project owners.
The Web3 market also lacks a more authoritative data analysis platform to guide users in investing their attention.
To solve the above pain points, Web3 asset data platform RootData launched the first "Web3 Popular Project Ranking". This popularity ranking helps users capture the real attention pulse and improve the accuracy of user investment decisions through 4.3 million real user behavior data.
Today’s Meme Angle Awards: Magical Dog + Cute Kitten, a thousand-fold increase in half a day?
Today is September 29, 2024, an ordinary day of rest (make-up) and the on-chain market is also not resting. From night to morning, the diligent on-chain players have made new gains, and several new angles of Meme Golden Dogs have appeared: the new kitten caramelo of Shibetoshi Nakamoto, the magic dog Point of dog....
What are these new concepts like, and which golden dogs with the same name have emerged? Without further ado, let’s take stock!
Founder’s note: What’s next after Maker becomes Sky?
Sky was officially released 8 days ago and it feels like we’ve entered a new era.
On September 18, Sky launched USDS, SKY tokens, and activated features such as “USDS Savings Rate” and “USDS Token Rewards”, giving people their first taste of the Sky ecosystem. Many different front-end operators offer related services, including sky.money, summer.fi, and defisaver.com.
In this 8-day period, the new coin has seen significant adoption. The supply of USDS has exceeded 570 million, with net inflows reaching $200 million.
