| China formally applied to join DEPA; Stablecoins may usher in an era of strong regulation (November 2)

守夜人

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2021-11-02 07:56 (UTC+8)

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The number of people who own cryptocurrencies is expected to reach 1 billion within four years.

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The number of people who own cryptocurrencies is expected to reach 1 billion within four years.

headlines

China formally applies to join the Digital Economy Partnership Agreement

On November 1, Chinese Minister of Commerce Wang Wentao sent a letter to New Zealand's Minister of Trade and Export Growth O'Connor, representing China to formally apply to New Zealand, the custodian of the Digital Economy Partnership Agreement (DEPA), to join DEPA. Applying to join DEPA is in line with China's direction of further deepening domestic reforms and expanding high-level opening up to the outside world, and will help China strengthen cooperation with other members in the field of digital economy and promote innovation and sustainable development under the new development pattern. In the next step, China will carry out follow-up work with all members in accordance with the relevant procedures of DEPA. (Ministry of Commerce)

Supreme People's Court: Actively promote the in-depth application of blockchain and other modern technologies in the judicial field
The "Opinions" pointed out that the construction of smart courts should be strengthened to improve the informatization level of intellectual property trials. Solidly promote the integration and promotion of information technology and the construction of the rule of law, actively promote the in-depth application of modern technologies such as the Internet, artificial intelligence, big data, cloud computing, blockchain, and 5G in the judicial field, and comprehensively strengthen smart trials, smart enforcement, smart services, and smart Management, to realize the in-depth integration of informatization construction and intellectual property adjudication. To adapt to the development of the information age, explore more mature and finalized new models of online litigation and online mediation rules, actively promote the construction of cross-regional intellectual property remote litigation platforms, and strengthen the full collection, intelligent analysis, and effective use of judicial big data.

digital currency

Bitcoin Miners Earn 2nd Highest Month on Record in October

Bitcoin miners earned $1.72 billion in October, the second-highest on record, behind the $1.75 billion all-time high reported in May of this year. In October, the vast majority of miners' income came from block subsidies, reaching 6.26 BTC per transaction block. Transaction fee income was $27.47 million, accounting for only 1.62% of total monthly income. (The Block)

The developer of the squid game is suspected of dumping 70 million Tokens and then ran away, making a profit of 11.9 million US dollars

The Token developer of Squid Game is suspected of dumping 70 million Tokens and then ran away, making a profit of 11.9 million US dollars. It is reported that the price of Squid Game Token dropped from $2,856 to $0.00079 in seconds as the developer behind the project dumped its 70 million tokens in the market for 22,328 BNB ($11.9 million). (The Block)

Bitcoin difficulty raised to 21.66T, eight consecutive increases

According to the data from the masters on the Okey Cloud chain, Bitcoin ushered in a difficulty adjustment at block height 707616 at 4:00 a.m. today, and the difficulty of the entire network was raised by 7.85% to 21.66T. Since July 31, the difficulty of the entire network has been raised eight times in a row.

Binance: Cryptographic withdrawal function is closed again, relevant updates will be released later

According to Binance’s official Twitter post, Binance has once again closed the encryption withdrawal function, and relevant updates will be released later.

Musk's eponymous cryptocurrency ELON has risen by more than 4,000% in a single month

The cryptocurrency "Dogelon Mars" (code ELON) named after Tesla CEO Musk reached a record high of $0.00000259 on Saturday. The price in early October was $0.00000005, a monthly increase of more than 4,000 %, and its market capitalization also increased from $26 million to $1.4 billion, making it one of the top 100 cryptocurrencies in the world. The digital currency is an ERC20 cryptocurrency based on the Ethereum blockchain, and its name contains three elements related to Musk: Dogecoin, Elon, and Mars. (investing)

NFT Data Daily: Parallel Alpha’s 24-hour trading volume increased by 1,379.03%
According to the latest data from CryptoSlam, the top ten NFT projects in the past 24 hours by trading volume and their trading volume rise and fall are as follows: Axie Infinity (+11.82%), Parallel Alpha (+1379.03%), CryptoPunks (+29.77%), Desperate ApeWives (+111.25%), Bored Ape Yacht Club (+14.45%), Farmers World (-19.48%), The Sandbox (+7.04%), Mutant Ape Yacht Club (+20.32%), The Shiboshis (+65.64%) , Frontier Game (+510.72%).

Among them, the 24-hour trading volume of Parallel Alpha led the rise (+1379.03%), reaching US$1,102,600; the 24-hour trading volume of Farmers World led the decline (-19.48%), reaching US$1,821,900.

dYdX’s total locked-up volume exceeds $1 billion

According to L2BEAT data, the total locked volume of Ethereum Layer 2 has reached 4.68 billion US dollars, of which the total locked volume of dYdX has exceeded 1 billion US dollars, accounting for 21.66% of the total locked volume of Ethereum Layer 2.

According to the data on the Tokenview chain, in the past 24 hours, Ethereum produced 14,391.54 ETHs and destroyed 13,076.07 ETHs, averaging 9.08 ETHs per minute, with a 24-hour destruction rate of 90.86%.

Blockchain industry

Xi'an recently issued the "14th Five-Year" Business Environment Development Plan, which mentioned that it will expand the scope of use of cross-border RMB settlement in the Pilot Free Trade Zone and steadily promote the digital RMB pilot. (Xi'an Municipal People's Government)

Investment and Financing

Sfermion, an investment company focused on the NFT ecosystem, announced today that its $100 million venture capital fund Fund II has completed financing. Investors include Alan Howard, Chris Dixon, Marc Andreessen, Cameron, Tyler Winklevoss, Matthew Roszak, DCG, CMT Digital and Animoca Brands et al. The fund primarily focuses on direct NFT investments. Founded in 2019, Sfermion is an investment company focused on the NFT ecosystem. To date, Sfermion and its managing partners have invested in more than 40 NFT-related companies, including OpenSea, SuperRare, Artblocks, Yield Guild Games, Nifty Island, DeHorizon, Mojito, and Alethea AI, among others. (businesswire)

Grayscale parent company Digital Currency Group completes $700 million financing led by SoftBank

DeFi platform Beta Finance has completed $5.75 million in private and public financing rounds, led by Sequoia Capital India, with participation from ParaFi Capital, DeFiance Capital, Spartan Group, GSR, Delphi Digital, and Multicoin Capital. Beta Finance provides users with lending and shorting cryptocurrency solutions, and is committed to providing users with an easier way to hedge risks. (Techcrunch)

DeFi platform Beta Finance completes $5.75 million in financing led by Sequoia Capital India

global policy

U.S. President's Financial Markets Task Force: Stablecoins are a Convincing Payment Option, but Regulation Needs to be Introduced ASAP
The U.S. Treasury Department has released a report on the risks of stablecoins that Treasury Secretary Janet Yellen began calling for this summer. The U.S. President’s Financial Markets Working Group (PWG), which includes several of U.S. President Joe Biden’s top economic advisers, said in a report that when regulated, stablecoins could “support faster, more efficient and more inclusive payment options.” . However, stablecoins and stablecoin arrangements raise significant concerns from an investor protection and market integrity perspective. "
The report explicitly emphasizes that the SEC and CFTC should be involved in regulating at least some of the stablecoin markets. The guidance also suggests that the Financial Stability Oversight Board should also be involved. Overall, top U.S. regulators believe stablecoins offer a compelling digital payment option, but Congress needs to create a set of rules before their adoption gets out of control and poses systemic risk, senior administration officials said. Despite calls for legislative action, administration officials noted that discussions with Capitol Hill were still in their early stages. (CNBC)