| The total transaction volume of friend.tech exceeded 30,000 ETH; the total market value of stablecoins hit the lowest level since September 2021 (August 22)
headlines
According to DefiLlama data, the current total market value of stablecoins is about 123.3 billion US dollars, the lowest level since September 7, 2021, with a drop of 0.94% on the 7th, and USDT market value accounted for 67.15%.
cryptocurrency
HashKey announced that it will release a trading platform for retail investors on the 28th (next Monday). Livio Weng, chief operating officer of HashKey Group, said in an exclusive interview that initially retail investors can purchase BTC and ETH, and investment in virtual assets will be limited to no more than 30% of total assets. Weng Xiaoqi said that a grading system will be established for retail investors. The KYC procedure will be used to assess investors’ investment experience and risk-taking capabilities, and a questionnaire will be set up to determine whether they have a correct understanding of virtual assets. The investments that novices can participate in are relatively limited, and the first batch of retail investors will only Available for purchase in BTC and ETH. At present, the China Securities Regulatory Commission has not approved the provision of margins and derivatives. When regulatory approval is given in the future, related products will be classified and various products will be launched to different types of users. HashKey will cooperate with a number of commercial banks to provide users with legal currency deposit and withdrawal services. It will first support US dollar transactions and will not support Hong Kong dollars for the time being. Currently, only bank cards are accepted for transactions, and credit cards are not supported. If retail investors invest more than 30% of total assets in virtual assets on the platform, a risk warning will appear and investment will be restricted. However, the platform cannot truly verify the users total assets and can only rely on the users own provision. Weng Xiaoqi said that he will actively communicate with regulators to promote the supervision of stablecoins, and explore whether a certain degree of contract transactions and pledge products can be approved. It is expected that the launch of derivatives will be more tortuous. (Economic Journal)
According to Spot On Chain monitoring, BALD deployers cross-chained 1,500 ETH from Base to Ethereum, leaving 677 ETH in Base. According to previous reports from Odaily, on August 14th, the BALD deployer transferred 7,548 ETH across the chain to Ethereum, deposited 2,100 ETH into Kraken, and 16 hours ago, the BALD deployer transferred 5,448 ETH to Binance.
According to on-chain analyst Ember Monitoring, after the proposal to lower Maker’s DSR from 8% to 5% took effect, some giant whales withdrew from the DSR pool, including Justin Sun. Half an hour ago, Justin Sun redeemed 206 million DAI from the DSR pool, and then redeemed the 235,556 wstETH pledged by DAI. The profit from these DAI deposits for 9 days was 257,000 DAI, which was exchanged for 154 Ethereum. According to previous news on August 18, MakerDAO passed a proposal to adjust the EDSR and stability fee, and the DSR will be reduced from 8% to 5%.
Project News
Multi-chain unified transaction infrastructure zkLink launches new loyalty points system
Multi-chain unified transaction infrastructure zkLink announced the launch of a new loyalty points system. Loyalty points serve as proof of participation in the ecosystem and can be used to obtain future rewards and exclusive benefits; users can earn loyalty points when interacting with zkLink ecosystem DApps, performing on-chain tasks, interacting on social media, and actively participating in community activities . zkLink emphasized that it is collecting data from past activities, including old loyalty points (Loyalty Points), Loyalty NFTs, Zealy Points, Weekly quizes OATs, Sograph OAT, Dunkirk OAT on Galxe, Dunkirk OAT on Aki Network, Community Calls and Points for AMA OATs and other smaller events. zkLink will collect, upload, and airdrop points to these users on Galxe in Q4 2023. zkLink reminds that in order to ensure fairness, strict anti-cheating measures will be implemented, and first-time offenders will be deducted points and given warnings; users who continue to cheat after receiving warnings will be blacklisted and disqualified. In May this year, zkLink announced the completion of US$10 million in financing, with participation from Coinbase Ventures, Ascensive Assets, SIG DTI, BigBrain Holdings, Efficient Frontier, etc.
The opBNB testnet PreContract hard fork will be carried out on August 22
According to BNB Chain official news, the opBNB test network PreContract hard fork will be carried out on August 22. This upgrade includes setting the name of the pre-deployment contract WBNB to Wrapped BNB, setting the symbol to WBNB, deleting the GovernanceToken pre-deployment contract, etc.
The total transaction volume of friend.tech exceeds 30,000 ETH
Dune data shows that friend.tech’s transaction volume exceeded 30,000 ETH, an increase of nearly 50% in 15 hours, and the protocol revenue reached 1,383 ETH, an increase of 42% in 15 hours.
Investment and Financing
Prins AI, an AI-driven digital human service provider, announced the completion of a US$22 million A+ round of financing. The new funds will be used to advance deep learning technology, expand the team, strengthen product development capabilities, and optimize marketing and sales efforts. According to reports, the platform uses blockchain technology and smart contracts to record the training and application records of AI digital humans, and uses a cryptocurrency reward mechanism to enable users to participate in AI digital human training programs. This technology has been used in many scenarios such as radio and television media, brand marketing, e-commerce live broadcast/short video, education and entertainment, AR/VR/AI, NFT/Metaverse, etc. It is said that the company has previously completed $10 million in Series A financing, with investors including Base 10 and Kleiner Perkins. (FINSMES)
global policy
Russian Digital Ruble Launches Consumer Tests
Russia has begun consumer testing of a digital ruble, becoming the 21st country in the world to test a digital currency. The Bank of Russia said the test will be carried out at 30 sales points in 11 cities, with 13 banks and 600 members of the public participating. The central bank plans to officially launch the digital ruble around 2025 to 2027, but has pledged not to force people to use it. (Economic Journal)
Gyeonggi Province in South Korea announced today that it has completed the revision of the Gyeonggi Province Code of Conduct for Public Officials, requiring public officials above Level 4 in Gyeonggi Province to report their holdings of virtual assets such as Bitcoin before September 1, and verify and verify with them if necessary. The relevance of the job, and take preventive measures based on the information available to prevent them from seeking personal gain in the course of their job. It is reported that the Public Officials Ethics Act, which compels senior public officials to declare virtual assets, will be implemented on December 14. (News 1)
character * voice
Dogecoin (DOGE) contributor and lead developer Mishaboar hinted in a reply to netizens on Twitter that if Dogecoin tries to transition to the PoS consensus, he may quit the development of the project. He believes that the PoS mechanism has inherent flaws and may conflict with the core principles of Dogecoin. Mishaboar noted that many PoS chains have not lived up to expectations, shown trends toward centralization, suffered catastrophic failures, or become difficult to use. Additionally, Mishaboar highlighted potential difficulties with PoS mechanisms, as most of the token supply is held by cryptocurrency exchanges, and possible regulatory challenges. He also said that the things PoS is known for, such as energy efficiency and faster transactions, may not be important to Dogecoin’s specific use cases. Other solutions, such as payment channels and integrations with payment providers, can achieve similar results without moving to PoS.
Fok Siu-leung, co-founder and operating director of Hong Kong Virtual Asset Exchange (HKVAX), said that it will take at least half a year to obtain the first and seventh type licenses from the Hong Kong Securities and Futures Commission. It plans to launch platforms, OTC over-the-counter trading and other services by then, but whether it will be launched STO (security token) is subject to the regulations of the Hong Kong Securities and Futures Commission. At the same time, HKVAX CEO Ng Wai-leung said that Hong Kong supports the development of a global virtual asset center and is continuing to help the industry solve problems. Companies that have moved to Singapore and Dubai have returned to Hong Kong.
Lui Zhihong, managing partner of Deloitte China Digital Assets Hong Kong, said that currently there are only two licensed virtual asset trading platforms in Hong Kong, OSL and HashKey, which are allowed to open investment to retail investors. If Hong Kong wants to become an international virtual asset center, only two licensed platforms are not enough to attract overseas platforms. Development in Hong Kong can bring together more international Web3 talents and ecosystem-related businesses. It is expected that the Hong Kong Securities Regulatory Commission will gradually approve more licenses. Previously, HKVAX also received a notice of in-principle approval for a virtual property platform license from the Securities Regulatory Commission.
