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Data: Ethereum ICO participant addresses transferred over 400 ETH to OKX, worth $1.16 million
Upbit will launch UXLINK spot trading pairs
pump.fun generated $100 million in revenue in just 217 days, making it the “fastest growing Dapp”
SEC Commissioner Calls for Dedicated S-1 Registry for Digital Asset Securities
The People's Court Daily published an article suggesting that comprehensive guidance on the judicial disposal of virtual currencies be issued as soon as possible
South Korea's Financial Supervisory Service will inspect six virtual asset service providers including Upbit
“What important events have occurred in the past 24 hours?”
Upbit will launch UXLINK spot trading pairs
According to the official announcement, Upbit will launch UXLINK spot trading pairs, supporting the Korean won, Bitcoin, and USDT markets, and trading will start at 22:00 (local time) on September 3.
SEC Commissioner Calls for Dedicated S-1 Registry for Digital Asset Securities
According to The Block, U.S. SEC Commissioner Mark T Uyeda said at the Korea Blockchain Week 2024 event that the SEC needs to create a dedicated S-1 registry for digital asset securities.
Uyeda noted that the SEC has the flexibility to tailor registration requirements for specific financial products, and this practice should be extended to the field of cryptocurrencies and digital asset securities. He stressed that the SEC should not create a "dilemma" that requires issuers of digital asset securities to provide irrelevant or unavailable disclosure information. Uyeda also said that the SEC should clarify which digital assets fall into the category of securities and consider the practices of other jurisdictions around the world in future rulemaking. Despite this, SEC Chairman Gary Gensler's regulatory agenda does not currently include digital assets.
The People's Court Daily published an article suggesting that comprehensive guidance on the judicial disposal of virtual currencies be issued as soon as possible
The People's Court Daily published an article entitled "The Judicial Disposal of Virtual Currency Must Be Standardized", which pointed out that the standardization of the judicial disposal of virtual currency is crucial to maintaining financial stability and promoting the healthy development of the market. According to statistics from the SAFEIS Security Research Institute, the total number of virtual currency crime cases in China in 2023 was 428, a decrease of 88.9% from 2022, but the amount involved increased sharply to 430.719 billion yuan, about 12.36 times that of 2022.
The article emphasizes that the current disposal of virtual currencies faces multiple challenges such as ownership identification, value assessment and legal realization. To address these issues, it is recommended to issue comprehensive guidance on the judicial disposal of virtual currencies as soon as possible to clarify its legal status, compliance requirements, asset disposal procedures and legal responsibilities.
At the same time, the article calls for strengthening international cooperation to jointly respond to the global challenges brought by virtual currencies and lay a legal foundation for the development of the digital economy and digital finance.
South Korea's Financial Supervisory Service will inspect six virtual asset service providers including Upbit
South Korea's Financial Supervisory Service (FSS) announced that it will conduct its first inspection of virtual asset service providers, the first action since the implementation of the Virtual Asset User Protection Act in July. The FSS plans to inspect six institutions, including two won market exchanges, three token market exchanges, and one wallet/custodian service provider. It is worth noting that two of the major won market exchanges, including Upbit, Bithumb, Coinone, Gopax, and Korbit, will be selected for inspection.
The inspection focuses on compliance with regulations, user protection systems, internal control mechanisms, and unfair trading supervision. FSS will review aspects such as user asset management, cold wallet use, insurance and reserve status, transaction record maintenance, and abnormal transaction monitoring systems. For illegal acts, FSS said it will impose strict sanctions to maintain market order, while supporting operators to strengthen self-regulation.
pump.fun generated $100 million in revenue in just 217 days, making it the “fastest growing Dapp”
Ryan Watkins, co-founder of Syncracy Capital, posted on X Platform that pump.fun has become the fastest-growing application in the history of the crypto economy, achieving $100 million in revenue in just 217 days. Data shows that ENA, which ranks second, took 251 days to reach this milestone, while traditional DeFi projects such as Curve (CRV) and Sushi took 350 days and 546 days, respectively. Watkins pointed out that whether people like it or not, pump.fun has sent a strong signal to developers to build on Solana, and has also become a "Trojan Horse" to promote consumer adoption of blockchain. It is worth noting that pump.fun is also the fastest application to reach $50 million in revenue
Van Loon plaintiffs sue US Treasury over Tornado Cash sanctions
As reported, Van Loon plaintiffs appealed to the Fifth Circuit Court on September 2, challenging the U.S. Treasury Department’s decision to include Tornado Cash on the Specially Designated Nationals (SDN) list. The plaintiffs believe that the Treasury Department’s sanctions on this open source project without clear guidelines could threaten programmers’ First Amendment rights. Van Loon and his team sued the Treasury Department in September 2023, accusing it of exceeding its authority.
Tornado Cash was sanctioned for alleged money laundering, with the government claiming that the platform has been involved in more than $7 billion in illegal funds since 2019. The Electronic Frontier Foundation (EFF) supported the lawsuit, fearing that government sanctions would have a chilling effect on open source software development. The local court had previously dismissed the lawsuit, arguing that the sanctions were limited to transactions involving Tornado Cash smart contracts and would not affect the development and discussion of open source code. However, the EFF and other digital rights advocates remain concerned about the broad impact of the case, emphasizing the importance of protecting programmers' rights.
Data: Ethereum ICO participant addresses transferred over 400 ETH to OKX, worth $1.16 million
According to on-chain analyst @ai_9684xtpa, the address that participated in the Ethereum ICO in 2015 transferred 462 ETH worth $1.16 million to OKX 8 hours ago.
Since July 8, the whale has sold a total of 48,963 ETH with a total value of US$155 million and an average selling price of US$3,169. He currently still holds 697,000 ETH, equivalent to more than US$1.7 billion.
Data: DWF Labs received 10 million FETs from Fetch.ai Foundation 1 hour ago
According to Lookonchain monitoring, DWF Labs received 10 million FETs from the Fetch.ai Foundation 1 hour ago, worth approximately US$11.8 million.
"What are the interesting articles worth reading in the past 24 hours?"
Counting Sony's 8-year Web3 layout, why we should not overestimate Layer2 "Soneium"?
Recently, Sony Group announced that it will launch Layer2 "Soneium" on Ethereum, trying to promote the large-scale adoption of Web3, which brings a lot of imagination space for Web3.
This Japanese giant, with a market value of over US$100 billion and a history of nearly 80 years, has businesses covering multiple fields including consumer electronics, games, film and television, music, finance, etc., and has established branches or factories in more than 140 countries and regions around the world.
According to Sony's 2023 financial report, its net profit for the whole year of 2023 was 970.6 billion yen (approximately US$6.619 billion).
Whether it is bringing a large number of Web2 users to Web3 or the potential capital investment, it seems to be a positive signal for Web3.
In fact, this is not the first time Sony has laid out Web3. Since announcing its investment in blockchain research and development in 2016, Sony has been involved in Web3 sub-sectors such as hardware wallets, metaverse/blockchain games, NFTs, stablecoins, and crypto exchanges.
However, facing the long innovation cycle of Web3, Sony may also find it difficult to get rid of the shackles of "big company disease". On the one hand, although its tentacles are wide, it is too eager for success and is prone to give up halfway; on the other hand, it often selectively applies technologies such as blockchain, and the marketing gimmick may be greater than the actual implementation.
For the Web3 industry, in this innovation-driven wave, perhaps we should not have too high expectations for the participation of traditional giants.
The Dilemma and Solution of Web3 Games
With the phenomenal popularity of "Black Myth: Wukong", there has been a wave of voices in the circle that are pessimistic about Web3 games, adding another layer of debuff to the market environment that has been very depressed and self-doubting recently.
Do Web3 people not love games? It is true that in the early bubble stage of the market, a strong speculative atmosphere is inevitable, but many builders still rush into this industry with the intention of making a good game, a game that truly belongs to players. If Web3 wants to achieve true mass adoption, games are an inevitable path that can penetrate the lower-tier markets.
But the reality is harsh. When people want to count the first-line games in Web3, they find that there are very few high-quality games. Most of the games are mediocre, neither providing players with a good user experience nor meeting the expectations of mass adoption. A large number of game teams with successful practical experience in Web2 have failed in Web3. I currently understand that there are two main reasons:
1. Compared with traditional games, it is difficult for Web3 games to provide continuous game content updates
2. Due to different audiences, Web3 games need to consider more game economics issues beyond gameplay than traditional games
Ethereum expansion economics: Is it worth giving the bulk of sorting revenue to L2?
This is a good analysis of Data Availability (DA), and the most reasonable bullish speculation for DA. However, I don’t think DA can get close to 50% of L2 fees. Because from an economic structure point of view, the value accumulation of sorting always far exceeds DA.
The core business of blockchain is selling block space. Since block space is difficult to exchange between different chains, they almost form a monopoly.
However, not all monopolies can obtain excess profits. The key lies in whether prices can be differentiated for consumers.
Without price differentiation, monopoly profits are little different from commodity goods. Think of how airlines differentiate between price-conscious business travelers and budget-conscious consumers, or how the same SUV is sold at very different prices under the Volkswagen, Audi, and Lamborghini brands.
Priority fees are an extremely effective price differentiation mechanism in blockchains. The highest priority transactions pay fees far exceeding the median.
