Compiled by: Mars Finance
Mars Finance Crypto Daily April 12, 2024
1. Today’s News
Omni Network Announces Genesis Airdrop Details: Pudgy Penguin NFT Holders Allocate 5.7% of Airdrop Tokens
Ethereum interoperability protocol Omni Network announces Genesis Airdrop details:
1. The Omni community allocates 1.5 million OMNI, accounting for 50%;
2. EigenLayer re-staking users are allocated 400,000 OMNI, accounting for 13.3%;
3. Beacon chain Solo stakers are allocated 300,000 OMNI, accounting for 10%;
4. Milady Maker and Redacted Remilio Babies NFT holders are allocated 380,000 OMNI, accounting for 12.7%;
5. Pudgy Penguin NFT holders are allocated 170,000 OMNI, accounting for 5.7%;
6. Ninjas NFT holders are allocated 75,000 OMNI, accounting for 2.5%;
7. The strategic cooperation agreement allocates 175,000 OMNI, accounting for 5.8%.
Analysis: BCH sends halving warning signal to BTC traders
BCH sends warning signals to Bitcoin traders about halving, and BCH is seen as a leading indicator of the Bitcoin blockchain's reward halving. After BCH completed its halving on April 4, its price has fallen 15% from its high to $604. At the same time, the notional holdings of BCH perpetual contracts plummeted 70% in 7 days, and long bets are being unwound. Analysts believe that BCH's trend indicates that Bitcoin may face selling pressure after the halving on April 20. JPMorgan expects that once the halving hype subsides, the BTC price may fall back to $42,000.
10x Research: Miners may sell $5 billion of BTC after Bitcoin halving, which will affect market dynamics in the next 4-6 months
10x Research published an analysis article stating that miners may sell $5 billion worth of BTC after the upcoming Bitcoin halving (expected to occur on April 20). Over the past few months, miners have continued to accumulate BTC inventory, resulting in an imbalance between supply and demand and driving up the price of Bitcoin. Research has found that Bitcoin's increase before each halving averaged 32%. Altcoins, in particular, may be the first to be affected by this situation. But after the halving, miners' move to sell $5 billion in BTC may disrupt market dynamics for the next 4-6 months. Just as the price of Bitcoin has tended to go sideways after several previous halvings, this selling pressure may also lead to a similar market reaction.
Hong Kong Bitcoin spot ETF will be traded as early as the end of April, and Ethereum spot ETF will be traded as early as May
According to people familiar with the matter, the Hong Kong Bitcoin spot ETF will be available for trading as early as the end of April, and the Ethereum spot ETF will be available for trading as early as May. There will be three to four institutions in the first batch of Bitcoin spot ETFs approved in Hong Kong, and HashKey Exchange and OSL will serve as custodians respectively.
Earlier today, news came out that people familiar with the matter revealed that Hong Kong will approve Bitcoin and Ethereum spot ETFs as early as next Monday.
Uniswap Labs and Across propose cross-chain intent standards
Uniswap Labs and Across jointly proposed a cross-chain intent standard, which provides a unified specification of cross-chain intent for cross-chain systems. This means that any DApp that promotes intent can route the operations requested by its users to a shared network, thereby improving the efficiency of the entire ecosystem.
Ordinals Developer: Dog will be airdropped to Runestone holders without team allocation or pre-sale
Ordinals developer Leonidas posted on X platform that Dog will be airdropped to Runestone holders, with no team allocation or pre-sale. 100% of the supply will belong to Runestone holders.
Earlier news, Leonidas posted on the X platform that Runestone is expected to airdrop three Runes Meme coins to its holders, one of which will be airdropped later this month, and another is expected to be airdropped this year. One of them will be a dog-themed Meme coin.
HashKey has completed the development of infrastructure services related to the Hong Kong Spot Bitcoin ETF
Hong Kong-licensed cryptocurrency exchange HashKey has completed product functionality and related infrastructure services for a potential spot Bitcoin ETF in Hong Kong. Hong Kong could reportedly approve such an ETF as early as next week. HashKey Exchange CEO Livio Weng said that fund issuers working with HashKey have completed the development of their spot Bitcoin ETFs. HashKey will provide infrastructure support for the ETF and has entered the "integration and functional testing" stage. "As a fund provider applying for ETFs in Hong Kong, HashKey provides underlying infrastructure support, covering trading, custody and SSA aspects," Weng said, adding that HashKey's custody business has been operating stably for more than a year, with more than HK$2.2 billion (US$280.7 million) in custody assets. HashKey did not disclose the asset management companies it is working with.
Ordinals founder: Dogecoin team is still trying to carry out the CSV upgrade activated by Bitcoin in 2016
Casey, founder of Bitcoin NFT protocol Ordinals, posted on the X platform: "Sometimes I check the GitHub repo of Dogecoin. This time I noticed that they are still trying to activate CSV. Think about the fact that cryptocurrencies such as Avalanche, Cardano and Tron have a market value less than Dogecoin, but the latter is still working hard to upgrade Bitcoin, which was activated in 2016. Sometimes cryptocurrencies do make me laugh."
Analysis: EIP-3074 will introduce new features such as asset recovery for Ethereum wallets
Ethereum users may no longer have to worry about losing their seed phrases again after the Pectra hard fork, thanks to a new “social recovery” feature in the EIP-3074 upgrade plan. Ethereum Improvement Proposal EIP-3074 was confirmed by Ethereum core developer Tim Beiko for inclusion in the Pectra hard fork upgrade in an April 11 post. Ethereum Foundation researcher “Domothy” explained in a March 25 blog post that the upgrade will enable regular Ethereum wallets (externally owned accounts) to get “supercharging” with several new smart contract features, including the ability to recover assets. However, to take advantage of this social recovery tool, users must first transfer ownership of their assets to an invoker contract, which will execute future transactions and function calls on the user’s behalf, via a digital signature. When ownership is delegated, if a user loses or forgets their seed phrase, the message in the digital signature will enable them to retrieve the assets.
Cryptocurrency commentator cygaar explained in an article on April 11 that this feature will be achieved by implementing the "AUTH" and "AUTHCALL" opcodes. AUTH will obtain the user's signature and intended operation and verify that its signature is correct; AUTHCALL will then call the target contract to execute the transaction, but will assign the user as the caller instead of the caller contract. (Cointelegraph)
Earlier today, it was reported that on April 12, the 185th meeting of the Ethereum Core Developer Executive Conference (ACDE) was held. Developer timbeiko.eth compiled the meeting minutes, which specifically included: EIP 2935 and 3074 have been confirmed to be included in the Pectra upgrade (Prague upgrade); EOF and EIP 7623 have entered the category of consideration for inclusion (CFI), and a final decision is expected to be made soon; EIP-7667 and Verkle migration have entered the category of consideration for the Osaka upgrade.
Pac Finance responds to liquidation incident: Affected users are being contacted, and governance contracts or time locks will be set up in the future
Regarding the issue of “US$24 million liquidated due to modification of the protocol LTV parameters”, Pac Finance responded to X: “We have noticed this issue and are in contact with affected users to actively work with them to develop a plan to resolve the issue. As we work to adjust the loan-to-value ratio (LTV), we have assigned a smart contract engineer to make the necessary changes. However, we found that the liquidation threshold was accidentally changed without prior notice to our team, leading to the current problem. In the future, we will set up a governance contract or time lock to ensure that all future upgrades can be discussed in advance.”
Earlier news, EigenLabs developer kydo.eth Yu X said that the Blast ecological lending project Pac Finance suddenly modified the LTV (loan-to-value ratio) parameters of the ezETH pool, resulting in a liquidation of US$24 million.
Bloomberg: Hong Kong is ready to approve Bitcoin and Ethereum spot ETFs as early as Monday
Hong Kong is preparing to approve Bitcoin and Ethereum spot ETFs as early as Monday, Bloomberg reported, citing people familiar with the matter. The international subsidiary of Chinese asset management company Harvest Fund Management Co., Ltd. and a partnership between Bosera Asset Management (International) Co., Ltd. and HashKey Capital are expected to obtain approval for the two crypto spot ETFs. People familiar with the matter said the regulator could approve it as early as next Monday, but the timeline is not fixed and may still change at the last minute.
Pac Finance suddenly changed parameters and caused $24 million to be liquidated
According to Cointelegraph, users of Blast Network cryptocurrency lending app Pac Finance allegedly suffered $24 million in liquidations on April 11 due to a sudden parameter change in the developer wallet. The official Discord administrator claimed that they had notified the team of the issue. No official announcement has been made on the matter.
Pac Finance allows cryptocurrency holders to deposit funds and earn interest by lending capital. To ensure repayment, the app only allows borrowers to borrow a certain percentage of the value of the collateral. This percentage is called the "loan-to-value ratio" (LTV). The LTV can be changed by the development team, but it is usually only enforced after an announcement.
According to blockchain data from the Blast network, the Pac Finance developer wallet called a function on its PoolConfigurator-Proxy contract at 1:06 a.m. UTC on April 11, setting the LTV of ezETH to 60%.
TON Foundation: 300,000 TONs have been airdropped to active Meme coin trading users within the ecosystem, worth approximately $2.19 million
The TON Foundation announced that it has airdropped 300,000 TON (about $2.19 million) to the most active Meme coin traders on Dedust and/or Ston.fi.
The airdrop snapshot dates are from March 4 to April 10, Sybil wallet addresses are disqualified, and whitelisted tokens include: FISH, ANON, REDO, MRDN, TONY, ARBUZ, durev, TPET, BTC25, WIF, COFE, CATS, and BOLT.
2. Selected articles
EIP-3074 is confirmed to be included in the Prague upgrade, what is the next step for Ethereum?
The Ethereum developer meeting discussed the plans for two major version upgrades and decided to include EIP-3074 in the Prague upgrade. This proposal can enable ordinary addresses to have smart contract functions, change the way users interact on the EVM chain, and improve user experience. However, it requires a hard fork upgrade, which brings new risks. This proposal can realize authorization, transactions, and asset recovery, bringing new possibilities for developers.
What changes will a16z Crypto’s latest zkVM solution Jolt bring?
Jolt is a new zkVM solution that is 2-5 times faster than existing solutions. It uses the algebraic properties of polynomials to achieve more efficient polynomial commitments, significantly shortening the development cycle. It can effectively prove the correctness of calculations while protecting privacy, and use a variety of optimization methods to tap into hardware computing power. With the continuous optimization of Jolt technology, the performance of zkVM will be further improved, paving the way for the realization of large-scale blockchain applications.
Pac Finance users mistakenly liquidated, Blast's "factory project" problems frequently cause concern
Pac Finance is a lending app that was liquidated for $24 million after the developer privately changed the loan-to-value ratio. The app allows cryptocurrency holders to deposit funds and earn interest, but the unannounced changes caused users to suffer losses. Previously, other projects within the Blast ecosystem have also had security issues, such as Orbit Lending and Munchables. In the crypto world, ensuring the safety of user funds is a necessary condition for a good project.
Can the ZK real-time proof mentioned by Vitalik be achieved with ZK hardware acceleration?
Vitalik Buterin discussed how to improve the efficiency of zk-snark at the 2024 Hong Kong Web3 Carnival to make up for the shortcomings of sacrificing privacy and scalability in the current development of blockchain. He proposed three directions to achieve "real-time proof", including parallelization and aggregation, hardware design improvements, and algorithm improvements. Among them, SNARK ASIC is a customized hardware that can accelerate the SNARK calculation process. There are many well-known projects on the market, such as Cysic, Ingopedia, Supranational, Ulvantanna, and Auradine.
3. Project Interpretation
Ethereum interoperability infrastructure Omni Network: connecting Rollup and creating liquidity
Omni Network is an ETH-based re-staking architecture designed to achieve fast settlement and full EVM compatibility through a layered structure. Its programmable interoperability layer will create a seamless experience for developers to access users and liquidity. Omni Network has raised $18 million and plans to launch a testnet in 2023 and launch the mainnet in collaboration with major Rollup partners. In the future, Omni Network will realize application scenarios such as cross-Rollup margin accounts, NFT mints, lending and liquidity mining, reconnect the Ethereum ecosystem, and bring more users and liquidity to the project.
What potential Alpha projects are there in the quietly warming DeSci track?
The crypto community is looking for the next hot project, among which ResearchCoin (RSC) has attracted much attention. RSC belongs to the DeSci track, which aims to achieve fair and equitable scientific funding, creation, review, storage and dissemination by establishing a public infrastructure. In the DeSci ecosystem, DAO is the most prosperous form, and Molecule is a biotechnology research fundraising platform favored by investors. HairDAO is committed to treating hair loss, and users can earn rewards through open source investment and operation models. In addition, ResearchCoin, another project in the DeSci field, aims to change the traditional scientific research journal publishing model, and its popularity needs to be improved.
In the quietly warming up DeSci track, what potential Alpha projects are there?
The crypto community is looking for the next hot project, among which ResearchCoin (RSC) has attracted much attention. RSC belongs to the DeSci track, which aims to achieve fair and equitable scientific funding, creation, review, storage and dissemination by establishing a public infrastructure. In the DeSci ecosystem, DAO is the most prosperous form, and Molecule is a biotechnology research fundraising platform favored by investors. HairDAO is committed to treating hair loss, and users can earn rewards through open source investment and operation models. In addition, ResearchCoin, another project in the DeSci field, aims to change the traditional scientific research journal publishing model, and its popularity needs to be improved.
IV. Investment and Financing
DePIN company Uplink completes $10 million financing, led by Framework Ventures
DePIN company Uplink announced the completion of a $10 million financing led by Framework Ventures. It is reported that Uplink aims to reduce dependence on traditional centralized telecommunications providers and incentivize users and businesses to participate in and use the network by rewarding tokens.
Framework Ventures said: "Uplink will prioritize partnerships with large enterprises for initial distribution. At this early stage of DePIN, we believe the best initial adoption may come from enterprise groups that can actively help drive fleet deployment."
Cross-chain protocol Mayan completes $3 million seed round of financing, led by Borderless Capital and 6th Man Ventures
The cross-chain protocol Mayan announced the completion of a $3 million seed round of financing, led by Borderless Capital and 6th Man Ventures, with participation from Solana Ventures, Hash3, Big Brain Holdings, and Arrington Capital.
Blockchain prediction layer Azuro completes $3.5 million financing, SevenX Ventures and others participate
Blockchain prediction layer Azuro announced the completion of $3.5 million in financing, with SevenX Ventures, Fenbushi Capital, Arrington Capital, Polymorphic Capital, Red Beard Ventures, Dewhales and G1 Ventures participating. Azuro supports most sports markets and other games, providing a decentralized platform to support the creation of diverse applications, integrations and products.