Today, this image has gone viral on social media, primarily because of the significant surges in ADA, HBAR, XRP, and ALGO included in the image, and the momentum shows no signs of slowing down. So, what is this mysterious DeRec Alliance?
The DeRec Alliance is a decentralized alliance aimed at promoting the recovery of digital assets and enhancing the security of the Web3 ecosystem. The alliance was jointly launched in January 2024 by leaders from multiple blockchain projects, including Hedera, Algorand, and Ripple, with the goal of developing an open-source protocol to simplify and protect the recovery process of digital assets.

What is BFUSD?

(1) BFUSD is an internal asset launched by Binance that comes with its own yield capability.

1* BFUSD can be used as margin for contract transactions in multi-asset mode

2* BFUSD can be exchanged or redeemed for stablecoins such as USDT

3* BFUSD can receive daily rewards in USDT according to the applicable reward rate of its eligible balance

(II) BFUSD has two sources of rewards:

1. Funding income: Binance will adopt a delta-neutral strategy to hedge futures positions with spot positions to collect funding fees;

2. Staking rewards: Binance stakes crypto assets to generate staking rewards. For example, you can stake ETH through Binance Wealth Management to get WBETH staking rewards.

Curator of this issue: Kylo (Tw: @kylohanks_eth)

Host of this issue: Jenny Huang (@Jennyhuang727)

Guest in this issue: Frank Lou | Founder of UniPass

“The original intention of UniPass is to make a low-threshold, user-friendly Web3 account. When you use it to manage assets, it belongs to the wallet track. When you use it for authorization and authentication, it belongs to the DID track. , in my opinion, it’s all the same thing.”

----Frank

Jenny: Smart contract wallets have become a hot topic in the market recently. What is the narrative of this round of hot topics? Please explain to us the development history of wallets, wallet track categories, current issues in the wallet track, or what you think is the logic.

The current pledge rate of the ETH beacon chain is 13.28%, and the average pledge rate of other PoS chains in the top five by pledge market value is 60%-70%. Assuming that the pledge rate of ETH can reach the pledge rate of other PoS chains, it is still nearly 5 times. room for growth. The current pledged assets of the ETH beacon chain are approximately 22 billion U.S. dollars. Without considering the price of ETH, LSD will grow into a track with a business volume of 100 billion.

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In March 2015, during a vigorous bear market, Bitcoin fell from a high of $1,100 for a year and gradually bottomed out in the $200 range. At that time, the northern hemisphere was still experiencing a cold spring, and the Ethereum mainnet had not yet been launched. After nearly a year of discussion and development, the early Ethereum team divided the development of Ethereum into four major stages, codenamed Frontier, Homestead, Metropolis and Serenity.

On the first working day of 2023, I am very happy to share with you some of our internal views on the crypto market in 2023 and beyond.

# 1 Macro Capital Market

After the epidemic is relieved in China, China and its related economies will usher in recovery. The comprehensive recovery of industry, commerce, services, finance and tourism will inject strong impetus into the development of East Asia's economy. Obviously, on one side is the recovery expectation of the Chinese economy, and on the other side is the recession expectation of the European and American economies. I believe that the Federal Reserve will not sit on the sidelines, so the road to recession in the U.S. economy will not be smooth sailing. However, the bear market inertia driven by market sentiment will still pose risks in 2023. The capital market follows us everywhere.

In 2021, Tiger Global invested US$38 million in FTX with the help of Bain's due diligence; Temasek invested US$275 million in FTX after eight months of due diligence. After FTX goes bankrupt on November 11, 2022, they will all The investment was written down to zero, and Temasek conducted an internal review of its due diligence work. Under the iron law of "returns are proportional to risks," traditional VCs such as Sequoia, Temasek, and Tiger obviously chose risks when investing in FTX, but they were not ready to return to zero. From the perspective of initiative, these VCs basically focused on due diligence when reviewing and summarizing. For VCs, it seems that it is the only link that can be controlled, so we brought everyone together to discuss this topic. .

1. Liqwid Labs, a company developing Liqwid Finance, a lending protocol on Cardano, completed a US$2.7 million seed round of financing, led by cFund, with participating investors including Shima Capital, Animoca Brands, Altonomy, Genblock Capital, Optim Finance, Double Peak Group and Bitrue.

2. Finery Markets, a provider of multi-dealer electronic marketplaces and crypto market trading solutions for institutional participants, today announced it has raised $5.5 million in seed funding. This funding round is the first time the company has received external funding. This round of financing was jointly led by G1 Ventures, gumi Cryptos and Shima Capital, with participation from Communitas Capital, DV Chain, GravityX, Unlimint, Daedalus Angels, oneAlpha, Floating Point Group, etc.​

WETH is not generated by staking BTC like WBTC. It is a contract that encapsulates ETH into WETH, making it almost impossible for problems to occur.

This contract holds billions of dollars of ETH, and users can exchange ETH for WETH or WETH for ETH at any time at a ratio of 1:1.

Why do you need WETH?

ETH can be used as fuel on Ethereum, but it was born earlier than the ERC-20 format and is not an ERC-20 standard token.

In Ethereum's on-chain operations, when using ERC-20 tokens to interact with new contracts, authorization operations are required first, but this is not required when using ETH because the two follow different standards.

1) Account model: In most Ethereum ERC-20 contracts, the balance of each address is stored in a type of state variable, while the global storage of Move is indexed by the address;

2) Code storage: In the EVM-based chain, all smart contracts have a "contract owned address", while in the MoveVM-based chain, the code is stored in the code module of the Account resource;

3) Security isolation: Move uses MoveVM to make the blockchain using the Move language deterministic, and puts the contract calls in the same virtual machine sandbox, and isolates them through the internal security of the programming language instead of relying on the virtual machine;

Michael Saylor and Microstrategy are one of the few “bear heroes” that haven’t been killed yet. Microstrategy is known for its large Bitcoin bets made with not just cash on its balance sheet, but also debt.

Microstrategy currently holds 130k BTC, purchased for approximately $3.98 billion and now worth approximately $2.08 billion. As of September 30, 2022, MicroStrategy held $2.37 billion in total long-term debt. Speculation is growing around Microstrategy's debt structure and whether their software business is profitable enough to repay the debt.