Compiled by: Luan Peng, ChainCatcher
Important Information:
Web3 gaming platform Moku completes $5.35 million in financing, led by Sky Mavis and others
10x Research: Cryptocurrency market volatility intensifies in the short term; Trump’s re-election and FTX compensation may boost year-end price increases
Binance adjusts leverage and margin tiers for FET/USDT, RDNT/USDT and other U-margin perpetual contracts
OKX will delist FRONT/USDT and FRONT/USDC spot trading pairs
Texas judge dismisses class action lawsuit against DeFi project Bancor, ruling it is not subject to U.S. jurisdiction
SEC Chief Accountant: SEC's position on rules restricting banks from providing crypto custody services remains unchanged
Half of the fees generated by friend.tech since its launch have gone to the project's development team
Singapore police investigate Worldcoin account transactions, arrest five people
“What important events have occurred in the past 24 hours?”
Web3 gaming platform Moku completes $5.35 million in financing, led by Sky Mavis and others
Web3 gaming platform Moku announced on X platform that it has completed a $5.35 million financing round, led by Sky Mavis, A16Z GAMES and A16Z GAMES SPEEDRUN, with participation from Arca, Framework Ventures, 32-Bit Ventures and others. The team is committed to putting the power of publishing in the hands of gamers and creators.
According to the Web3 asset data platform RootData, Moku is a Web3 gaming platform that helps players connect to gaming guilds, NFT casting pages, game strategy communities, etc.
10x Research: Cryptocurrency market volatility intensifies in the short term; Trump’s re-election and FTX compensation may boost year-end price increases
Markus Thielen, founder of 10x Research, told CNBC that more short-term volatility is expected in the cryptocurrency market, but Trump's possible re-election as president and the upcoming FTX creditor payout will support prices by the end of the year.
Binance adjusts leverage and margin tiers for FET/USDT, RDNT/USDT and other U-margin perpetual contracts
Binance Futures updated the leverage and margin tiers for multiple USDⓈ-M perpetual contracts at 15:30 (UTC) on September 10, 2024.
The adjustment involves contracts such as FETUSDT, RDNTUSDT, 1000FLOKIUSDT, AAVEUSDT, ZROUSDT, SUNUSDT, TAOUSDT and VIDTUSDT.
OKX will delist FRONT/USDT and FRONT/USDC spot trading pairs
OKX announced that it will delist the FRONT/USDT and FRONT/USDC spot trading pairs, and will officially delist the above trading pairs from 4:00 to 4:30 pm on September 13, 2024 (UTC+8).
Texas judge dismisses class action lawsuit against DeFi project Bancor, ruling it is not subject to U.S. jurisdiction
A federal judge in Texas dismissed a securities class action lawsuit against the operator of the DeFi project Bancor Protocol. Judge Robert Pittman agreed with the judge, ruling that the plaintiffs failed to prove that the U.S. court had jurisdiction over the foreign defendants.
The ruling states that Bancor’s foreign operations are not subject to U.S. securities laws and that plaintiffs cannot sue Bancor in the U.S. over its suspended investment protection features. The judge also noted that Bancor and its founders do not have sufficient ties to the U.S., suggesting that plaintiffs could bring the case in Israeli courts.
SEC Chief Accountant: SEC's position on rules restricting banks from providing crypto custody services remains unchanged
Paul Munter, chief accountant of the U.S. Securities and Exchange Commission (SEC), said the SEC’s position on rules restricting banks from providing crypto custody services has not changed.
On September 9, Munter reiterated the views of SEC Staff Accounting Bulletin No. 121 (SAB 121) at the Banking Conference, emphasizing that financial institutions need to record liabilities for custody of crypto assets on their balance sheets. Munter pointed out that although some arrangements do not meet the guidelines, the SEC still believes that regulated financial institutions should not provide crypto custody services.
“The SEC appears to have hardened its stance on SAB 121,” Nate Geraci, president of ETF Store, said on Platform X. “They are clearly not willing to allow regulated financial institutions the ability to custody cryptocurrencies.”
Half of the fees generated by friend.tech since its launch have gone to the project's development team
According to data compiled by 21.co, friend.tech has generated $81.2 million in fees since its launch a year ago. Half of those fees went to the project’s development team.
Earlier news came that the Friend.Tech team gave up control of the smart contract after growth stagnated.
Singapore police investigate Worldcoin account transactions, arrest five people
Singapore’s Deputy Prime Minister Gan Boon Khim announced that the Singapore Police Force has launched an investigation into seven individuals suspected of providing Worldcoin accounts and token buying and selling services. The investigation involves possible violations of the Payment Services Act 2019.
In response to questions from MPs Rachel Ong and Derrick Goh, Deputy Prime Minister Gan Boon Khim made it clear that based on data provided by the Monetary Authority of Singapore, Worldcoin does not meet the definition of payment services under the PS Act, and activities involving Worldcoin accounts and token sales may involve payment services.
Last month, police arrested five people for allegedly offering to buy or sell Worldcoin accounts and tokens. Three men were suspected of recruiting people on behalf of multiple entities to create Worldcoin accounts and then taking control of those accounts and tokens in exchange for cash. The assets were then transferred to a fourth man and a woman, who are believed to be involved in purchasing and managing the transfer of these assets. During the operation, police seized more than 200 mobile phones as evidence.
The Worldcoin project aims to create a global digital identity, but its collection of biometric data has raised privacy concerns around the world, with regulators investigating it in France, the UK, Hong Kong, Colombia and Argentina.
Compass Mining starts using 3,000 Bitcoin mining machines in Iowa, plans to add 1,000 more in September
Compass Mining has activated 3,000 bitcoin mining machines at its new Iowa hosting facility, and the company plans to install another 1,000 machines in September. The expansion will increase the facility’s capacity by 12.5 megawatts (MW).
According to Compass Mining, the move is part of its strategy to expand operations. By the end of 2024, the company plans to manage approximately 30 megawatts of power across multiple U.S. locations, including Indiana, Ohio, Nebraska and Texas.
Musk may face summons from UK parliament
Musk could face a subpoena from the UK Parliament over his role on Platform X, the Financial Times reported.
The social media giant is in the spotlight of MPs who are pushing for the role of chair of a key Commons committee.
a16z Crypto announces 21 selected companies for the Fall Crypto Startup Accelerator (CSX), including PIN AI, Dot, etc.
a16z Crypto announced the 21 selected companies for the Fall 2024 Crypto Startup Accelerator (CSX) program. Covering all levels of the crypto technology stack, including AI, DeFi, infrastructure, and consumer applications such as photo sharing and maps. The 21 selected companies include:
Anera Labs: Building infrastructure to unify all on-chain liquidity;
Banyan: Using AI to bridge the communication gap at work and bring clarity to the enterprise;
Blocksense: supports the creation of oracles that can utilize Internet data and CPU/GPU computing;
Cork Protocol: Risk pricing protocol to accelerate on-chain credit;
Dot: Converts user-created pixel art into game elements for on-chain games;
Fermah: Building a universal zero-knowledge proof generation layer.
Future Primitive: Creating a new home for Internet photo enthusiasts;
Kuzco: LLM Reasoning Market;
MeshMap: Build a 3D map of the world and a network of AR content;
Opacity Labs: Privately verifying web2 data with zkTLS;
OpenGradient: Building a blockchain that brings the world’s computation on-chain;
PIN AI is building an open personal AI platform (data + agent);
Pod: A new L1 primitive with no blocks or leaders, which relaxes the concept of total transaction order.
Sekai: Easily create, share, and monetize interactive narratives;
Skyfire: An open payment protocol that enables AI agents to pay for anything.
Suave: Enables DApps to accept any token from any wallet on any blockchain;
t1: Real-time proof generation, unifying Ethereum;
TACEO: MPC encryption computing for Web3;
Term Labs: A DeFi lending platform that matches borrowers and lenders at fixed interest rates.
vlayer labs: Trusted and verifiable data infrastructure driven by zero-knowledge proofs;
zkSpin: Building a highly parallel blockchain to run demanding DApps on-chain;
a16z CSX will invest at least $500,000 in each selected company. The program will be an 8-week training in New York City, where selected companies will gain first-hand experience with top crypto founders, receive guidance and support from the a16z crypto investment and operating team, and build connections with other companies and the broader a16z network.
"What are the interesting articles worth reading in the past 24 hours?"
Bitcoin spot ETF ends 8 consecutive days of net outflow, will the market go bullish from now on?
From August 27 to September 7, Bitcoin continued to fall, falling below $60,000, triggering panic in the market. According to Coingecko data, Bitcoin fell from about $64,265 per coin on August 26 to $53,923 per coin on September 7. During this period, the US spot Bitcoin ETF showed net outflows for 8 consecutive trading days, with a cumulative net outflow of about $1.2 billion. The total net assets of the ETF shrank by about $8.8 billion, which is a rare situation since the launch of the US spot Bitcoin ETF.
On the evening of September 9, Bitcoin stopped falling and rebounded. At the same time, Sosovalue data showed that the daily net inflow of US spot Bitcoin ETF turned positive, indicating that market sentiment has improved. However, Trading View technical analysis shows that the market sell signal is still strong.
10x Research, a digital asset research platform, released a research report today predicting that the price of Bitcoin will fall to $45,000. NYDIG, a Bitcoin financial services platform, said Bitcoin investors should prepare for a "seasonal downturn" in September, "because historically, September has the worst average return."
Grayscale Research's report pointed out that the selling pressure from large market institutions has basically passed, Bitcoin's fundamentals are improving, and subsequent price performance needs to focus on the Federal Reserve's interest rate cuts and political changes in the United States surrounding the cryptocurrency industry.
What is PIN AI, which has received tens of millions of dollars in financing and was selected for both a16z and Stanford Crypto Accelerators?
AI infrastructure company PIN AI announced today that it has completed a $10 million pre-seed round of financing. A number of well-known VC and angel investors, including a16z CSX, Hack VC, and Blockchain Builders Fund (Stanford Blockchain Accelerator), participated in this investment. PIN AI is developing the world's first open source Personal Intelligence Network (PIN), enabling AI developers to provide very daily and practical AI services such as shopping, organizing travel, and planning finances.
This article is a systematic introduction to the project recently co-written by the three co-founders of PIN AI. ChainCatcher compiled the full text.
How much does it cost to run an L2?
Galaxy Research recently published an article stating that "Since the Cancun upgrade, Ethereum mainnet protocol revenue from Layer 2 is almost zero." Ethereum is going further and further on the road of expansion, but how much does it actually cost to run an L2? Through the introduction of this article, we can understand the real cost of the "one-click chain launch" L2 project.
The number of new Layer 2 (L2) solutions has increased significantly over the past year, driven by technological advances, focus on specific use cases, and strong community engagement. While this development is encouraging, the main challenge remains how to scale these blockchains in a more cost-effective manner. Running application chains has become a key means of solving this problem, as application chains can control the operating costs of blockchains through various initiatives in a modular infrastructure stack.
While L1, Ethereum’s specific initiative, significantly reduces transaction costs on the blockchain, major rollups and infrastructure service providers are also pushing hard to further improve scalability and unlock use cases that are currently too costly to execute on-chain. .
We can categorize and analyze these developments by three categories: a) L1 approaches, b) L2 approaches, and c) modular infrastructure approaches, all of which make meaningful contributions in reducing the barriers to entry for on-chain transactions.
9 institutions that transferred large amounts of ETH to CEX: nearly $8.6 billion transferred in the past two months
In the past two months, nine institutions that deposited large amounts of ETH into CEX transferred a total of more than $8.58 billion. Among them, Grayscale, Wintermute and Arbitrum Foundation were the main transfer agents, accounting for more than 80% of the total ETH outflow; while the average deposit price of Grayscale, Cumberland DRW and Jump Trading was relatively higher, and the Ethereum Foundation was closer to the stage high.
In the past two months, nine institutions that deposited large amounts of ETH into CEX transferred a total of more than $8.58 billion. Among them, Grayscale, Wintermute and Arbitrum Foundation were the main transfer agents, accounting for more than 80% of the total ETH outflow; while the average deposit price of Grayscale, Cumberland DRW and Jump Trading was relatively higher, and the Ethereum Foundation was closer to the stage high.
Crypto dreams shattered? Why are more and more people quietly leaving the market?
After a pretty bad summer for crypto, I’m publishing part three in a series that follows previous posts: “There’s no excuse that this stuff works or will ever work” and “Financial Nihilism: The Zeitgeist of Young America.” It’s about a 10-minute read, titled “The Universal Quiet Exit.”
I have been focusing on the cryptocurrency space for seven years and running Ikigai for over six. I have a fairly extensive network in the US cryptocurrency community and regularly interact with dozens of industry insiders.
There is an attitude or stance that I have observed or heard about so often lately that it has become a trend. Cryptocurrencies are experiencing a widespread “quiet exit” phenomenon.
