Today's news tips:
1. The IRS released a draft of the new crypto tax form 1099-DA, which will "bring more convenience and clarity"
2. Ripple USD (RLUSD) is now in private beta on XRP Ledger and Ethereum mainnet
3. ZachXBT: Suspected insiders made $3.8 million in profits on RTR through four wallets
4. Voting for FTX customer compensation plan ends at 4:00 a.m. on August 17
5. USDT and USDC supply increased by nearly $3 billion in one week
6. The Maker community proposed to change multiple vault type parameters, and the DSR is planned to be reduced to 6%
7. Bitcoin spot ETF had a total net outflow of $89.7312 million yesterday, and the ETF net asset ratio reached 4.6%
Regulatory News
IRS releases draft of new crypto tax form 1099-DA to bring âmore convenience and clarityâ
The U.S. Internal Revenue Service (IRS) has released a draft of a new crypto tax form, 1099-DA, which will be used by crypto investors to report certain trading gains and will take effect in 2026. The new form is simpler than the previous version, removing the need to fill in the wallet address and transaction ID, which have raised privacy concerns. In addition, the form no longer requires the transaction time to be filled in, only the transaction date. The IRS said that this adjustment will make crypto tax reporting simpler and clearer, and the public has 30 days to comment on the draft.
Earlier in June, a16z crypto submitted feedback on the IRS draft 1099-DA form.
US SEC extends approval time for Hashdex Nasdaq Crypto Index US ETF to September 30
The U.S. Securities and Exchange Commission (SEC) issued a notice to extend the review time for the proposal submitted by Nasdaq to list and trade the Hashdex Nasdaq Crypto Index US ETF. The ETF is planned to be traded on the Nasdaq exchange under Rule 5711(d), which involves commodity-based trust shares. The SEC decided to extend the decision date originally scheduled for August 16, 2024 to September 30, 2024 to allow more time to review the proposal and related issues.
Project News
Ripple USD (RLUSD) is now in private beta on XRP Ledger and Ethereum mainnet
According to Ripple's official tweet, Ripple announced that its Ripple USD (RLUSD) has now entered the private testing phase (Beta testing) on ââthe XRP Ledger and Ethereum mainnet. RLUSD has not yet received regulatory approval and cannot be purchased or traded. Ripple reminds users to beware of any scams claiming to distribute RLUSD. RLUSD will be pegged to the U.S. dollar (USD) at a ratio of 1:1 and will be 100% backed by U.S. dollar deposits, short-term U.S. Treasury bonds, and other cash equivalents. These reserve assets will be audited by a third-party accounting firm, and Ripple will publish audit reports every month.
XRPâs 1% market depth on U.S. exchanges reaches $1.12 million, 30% higher than the liquidity of offshore platforms
XRP's U.S. exchange order book liquidity is 30% higher than offshore platforms, making it easier for whale investors to maintain stable prices when making large trades in the U.S. market. Data shows that as of Thursday, the 1% market depth of U.S. exchanges including Coinbase and Kraken reached $1.12 million, 30% higher than the liquidity of offshore platforms such as Binance and OKX. Since July last year, the 1% market depth of U.S. exchanges has increased by 53%, while offshore platforms have only increased by 43.2%. This trend shows that demand for XRP in the U.S. market is steadily increasing due to reduced regulatory uncertainty, especially after Ripple won a partial victory in its lawsuit against the SEC last year.
ZachXBT: Suspected insiders profited $3.8 million on RTR via four wallets
On-chain detective ZachXBT said on the X platform that suspected insiders made a profit of $3.8 million through four wallets trading Restore The Republic (RTR). The addresses starting with 9G1ELG and GHoW2 are obviously the same person, because these two addresses received 500 SOL new funds within a few minutes after TGE and swept away the SOL profits at the same time.
Earlier news, the floor price of the NFT series Kanpai Pandas fell sharply after the team was suspected of being involved in promoting a Trump-themed token called "Restore the Republic (RTR)". The drop in the floor price of the series was widely blamed on its founder "Ice Bagz" and his team members for promoting the RTR token, which is said to be Trump's "official" token. However, Donald Trump's son Eric Trump strongly denied that the token had any connection with the Trump family. After the Trump family denied any connection with the RTR token, the price of the token plummeted by 95%. Because of this, the community began to track down members of the Kanpai Pandas team because they were found to promote the token on X before Trump made any official statements. An X user named "Legacy Ape" shared a screenshot of a member of the Kanpai Pandas team promoting the token on X. On the other hand, another community member shared a screenshot claiming that Kanpai Labs was behind the Google ads for the token.
FTX customer compensation plan voting ends at 4 am on August 17
According to the Kroll voting interface, voting on the FTX customer claims plan will end at 4:00 on August 17 (UTC+8).
Earlier news, the FTX Unsecured Creditors Official Committee stated on the X platform that FTX debtors are sending comments to customers and creditors through Kroll and seeking voting. It is understood that if a user files a claim for holding only FTT, it will be deemed to reject the plan and will not have the right to vote, but can choose to participate in the release of the plan.
The Maker community proposed to change multiple vault type parameters, and the DSR is planned to be reduced to 6%
Maker Platform X said that the Block Analitica team proposed changes to the parameters of various vault types, which will be considered in the next executive vote. Here is a detailed breakdown of the proposed changes:
Stability Fee (SF) changes:
ETH-A: SF reduced to 6.25%
ETH-B: SF reduced to 6.75%
ETH-C: Reduce SF to 6%
WSTETH-A: SF reduced to 7.25%
WSTETH-B: Reduce SF to 7%
WBTC-A: SF reduced to 7.75%
WBTC-B: SF reduced to 8.25%
WBTC-C: SF reduced to 7.5%
Effective DAI borrowing APY change:
DAI effective annualized borrowing rate: reduced to 7%
Dai Savings Rate:
DSR: Reduce DSR to 6%
Eigen Foundation: Less than 30 days to claim the first season airdrop
The Eigen Foundation said on the X platform that there are less than 30 days left to claim the first season of EIGEN airdrops, and users need to claim them before 11:59 pm PST on September 7. More details about Season 2 will be announced later this month.
Base transfers 42 million OPs from the Optimism superchain grant to a new smart escrow contract
Base said on the X platform that about 42 million OP tokens were transferred on-chain yesterday in a trustless and transparent manner. One year after its launch, Base transferred the first part of the Optimism Superchain grant to a brand new SmartEscrow contract and automatically vested the remaining tokens according to the agreement between the two parties. This solidifies Base's long-term commitment to Superchain - after the first vesting event later this month, the Base core team will be able to participate in Optimism governance.
Important data
USDT and USDC supply grows by nearly $3 billion in a week
As the crypto market rebounded, the supply of two major stablecoins, Tether (USDT) and Circle (USDC), increased by nearly $3 billion in a week, showing that investors rushed to buy cryptocurrencies at low prices after the market crash on Monday. On-chain analysis shows that Tether has transferred $1.3 billion of USDT to exchanges and market makers since Monday, pushing its market value to over $115 billion, a record high. At the same time, the market value of USDC also increased by about $1.6 billion this week to $34.5 billion, the highest level since March 2023. Data shows that funds have flowed into exchanges, especially Binance, with deposits of USDT and USDC reaching $1.5 billion and $820 million respectively in four days.
An address containing 190 BTC was reactivated after being dormant for 11 years and 4 months
OKLink data shows that at 3:23 am Beijing time, a long-term idle address holding about 190 BTC (currently worth about $11.49 million) was activated after being dormant for 11 years and 4 months. The BTC in this address was worth about $12,000 in March 2013.
Ethereum L2's transaction rate reaches 318 TPS, which is 24 times that of the main chain
According to L2Beat data, the activity of Ethereum's second-layer solutions has reached an all-time high. Although some people criticize Ethereum's average fee of $3.85 per transaction as limiting its adoption, this view ignores the important impact of second-layer expansion solutions. These solutions include Base, Arbitrum, Blast, Optimism, and Mantle, with a total locked value (TVL) of $11.7 billion, and $36.7 billion if bridge deposits are included.
Data shows that as of August 7, the average daily transaction volume of Ethereum L2 is close to the historical high, reaching 318 transactions per second, mainly due to the growth of networks such as Xai, Base and Proof of Play. Currently, the transaction processing volume of Ethereum's second-layer solution is 24 times that of the main chain, highlighting the success of the recent upgrade in reducing the cost of rollup operations.
Bitcoin spot ETF had a total net outflow of $89.7312 million yesterday, and the ETF net asset ratio reached 4.6%
According to SoSoValue data, yesterday (August 9, Eastern Time), the total net outflow of Bitcoin spot ETFs was $89.7312 million. Yesterday, Grayscale ETF GBTC had a single-day net outflow of $76.9962 million, and the current historical net outflow of GBTC is $19.451 billion. Grayscale Bitcoin Mini Trust ETF BTC had a single-day net inflow of $15.6101 million, and the current historical total net inflow of Grayscale Bitcoin Mini Trust BTC is $266 million. The second is BlackRock ETF IBIT, with a single-day net inflow of $9.6454 million, and the current historical total net inflow of IBIT is $20.317 billion.
As of press time, the total net asset value of the Bitcoin spot ETF was US$55.114 billion, the ETF net asset ratio (market value as a percentage of the total market value of Bitcoin) reached 4.6%, and the historical cumulative net inflow has reached US$17.338 billion.
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