1. NOTE once experienced a sharp decoupling to below $0.6 today, and has now recovered to about $0.96, but still faces liquidation risks
NOTE once experienced a sharp decoupling to below $0.6 today. It has now recovered to about $0.96, but is still facing liquidation risks. NOTE is overcollateralized by USDT, USDC, and RWA assets (Hashnote USYC); Canto experienced a long downtime a few weeks ago, and a large amount of TVL was lost after the chain was restarted; the USYC currently circulating on Canto is worth about $3.6 million. Someone deposited about $3.6 million of USYC into Canto and borrowed an equivalent amount of NOTE. Under normal circumstances, there is no problem with this operation, but the loss of stablecoin assets on the cross-chain bridge ultimately led to this decoupling. If the Hashnote or Canto team fails to obtain special permissions, it may lead to the collapse of the Canto Lending market and leave $3.5 million in unsecured debt.
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2. Ethereum L2 project Scroll released a video hinting at upcoming token issuance and airdrops
Scroll is an Ethereum layer 2 network that uses zk-rollups technology. It raised $50 million in the last round of financing, with a valuation of $1.8 billion. However, the market and exchanges are currently relatively cold to the high FDV projects that VCs are enthusiastic about.
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3. Helius CEO: No one cares that Solana ABI is out of control
Mert Mumtaz, CEO of Solana ecosystem development platform Helius, tweeted that Solana ABI (Application Binary Interface) has gotten out of control, resulting in a series of problems such as block browsers being difficult to read, inconsistent statistics, and continued failures in ecosystem integrations such as wallet history and contract calls. He questioned why no one seemed to care about these issues. In response, Kyle Samani, partner at Multicoin Capital, responded succinctly in the comment section: "There is no profit drive."
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4. Greeks live: Greenleaf lending rates and long positions show that whales are deploying long orders
Greeks Live stated that starting from 19:00 on September 2, Beijing time, the Greenleaf lending market has continued to see borrowing opportunities with annualized interest rates exceeding 20% in the past 10 hours. Meanwhile, there has been a net increase of 3,000 BTC margined long positions since August 28. Luye's lending rates and long positions have always been leading indicators of the bull market. Significant increases in interest rates and long positions were also seen before the first two major surges. At the same time, the options market also began to see a large number of large call option transactions, accounting for 30% of the total transactions on the day. The giant whale is fully deploying multiple orders.
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5. People’s Court Daily published a document entitled “Judicial Disposal of Virtual Currency Must Be Standardized”
The article points out that in 2023, 428 cases of virtual currency-related crimes were cracked down in China, and the amount involved reached 430.719 billion yuan, more than 12 times that of 2022. The judicial disposal of virtual currencies involved is currently a very difficult and practical problem for judicial organs. Shandong Province and Fujian Province have proposed different disposal methods, including negotiation with the issuer for recovery, auction priority, and entrusting third-party institutions to dispose of them. The following legal issues are usually faced in the judicial disposal of virtual currencies: the problem of ownership identification, the problem of virtual currency value assessment, and the problem of legal realization of virtual currencies. The article suggests that judicial practice must issue a comprehensive set of guidelines for the judicial disposal of virtual currencies as soon as possible to provide a clear legal basis and operational norms for this emerging field.
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