| Management fees will be reduced after GBTC is converted to ETF; Binance will stop supporting BUSD in 2024 (August 31)
headlines
Grayscale CEO: Management fees reduced when GBTC converts to spot Bitcoin ETF
Odaily News Grayscale CEO Michael Sonnenshein said in an interview with CNBCs Squawk Box program that when the Grayscale Bitcoin Trust (GBTC) is converted to a spot Bitcoin ETF, it will definitely reduce management fees. It is reported that the current GBTC annual fee is 2%.
Odaily News According to the official app notification, Binance will stop supporting BUSD in 2024, and Paxos will end BUSD redemption before February 2024, at which time Binance will gradually stop supporting BUSD.
Odaily News Court documents show that a judge in the U.S. Southern District Court of New York dismissed a class action lawsuit against Uniswap and Paradigm, and the plaintiffs tried to hold these companies responsible for fraudulent tokens sold on Uniswap AMM.
Community members commented that the judge’s dismissal of the class action largely means that protocol developers should not be held liable for the misconduct of third parties.
Industry news
Binance Japan plans to expand the number of listed tokens to approximately 100
Odaily News According to Bloomberg, Binance Japan plans to expand the number of listed tokens to about 100, which is nearly three times the number of tokens it currently lists. Binance Japan representatives said in the briefing that they plan to cooperate with other local cryptocurrency exchanges in the country to ensure better liquidity in the market.
Last year, Binance acquired the cryptocurrency exchange Sakura Exchange Bitcoin and opened a new trading platform for Japanese domestic residents. From the 1st of this month, Binance Japan began to handle 34 encrypted assets, which is the largest number in Japan. Binance Japan representatives also stated that they also plan to complete the necessary registration to facilitate trading of “stablecoins” backed by fiat currencies.
OKX released the 10th reserve certificate: the reserve rates of 22 public currencies exceeded 100%
Odaily News Ouyi OKX officially released the 10th phase of Proof of Reserves (PoR), the reserve ratios of 22 publicized currencies all exceeded 100%, among which the reserve ratios of BTC, ETH, and USDT were 102%, 102% and 103% respectively. % , with a combined value of $10.4 billion.
It is reported that Ouyi OKX is committed to improving the transparency of POR to the traditional financial audit standard, so as to continue to lead the industry in security and transparency. It is one of the few mainstream encryption exchanges in the industry that releases reserve certificates on a monthly basis. The POR system has been upgraded through innovative technologies such as zk-STARK, and users can independently verify the solvency of OKX at any time.
Odaily News HashKey Exchange, a licensed virtual asset exchange in Hong Kong, posted on the X platform (formerly Twitter) that a large number of users visited the official website to register and submit KYC verification on the first day of the platform’s release, resulting in congestion in the KYC review. The team is currently mobilizing more resources to prioritize the KYC process.
Odaily News Swiss crypto bank SEBA Bank has received in-principle approval from the Hong Kong Securities and Futures Commission to continue expanding its operations in Asia.
According to SEBA officials, the Securities Regulatory Commission has issued a Letter of Approval in Principle (AIP) to it, which will allow the agency to engage in securities trading business, including cryptocurrency-related products such as OTC derivatives and structured products. SEBA will also be able to provide advice on securities and virtual assets and provide asset management services for discretionary accounts in traditional securities and virtual assets.
We dont see any problem getting (formal approval) before the end of this year, SEBA Asia Pacific CEO Amy Yu said.
Yu added that the Hong Kong and Singapore markets are SEBAs top targets in Asia: After Hong Kong, we will continue to explore licensing procedures in other jurisdictions such as Singapore. (The Block)
Odaily News The bankrupt encrypted lending platform BlockFi submitted an application to the court on August 29, requiring the conversion of trade-only assets in user accounts into stable coins so that users can withdraw these assets.
BlockFi is proposing to exchange Algorand (ALGO), Bitcoin Cash (BCH), Dogecoin (DOGE) for GUSD or other stablecoins, and these transaction-only assets will not exceed 0.5% of all US wallet assets of BlockFi users. (Cointelegraph)
Odaily News South Korean crypto financial company Delio disclosed the platform’s deposit size and loss estimates for the first time after suspending withdrawals for more than 2 months. Delio platform deposits are approximately 90 billion won (approximately $67.95 million), and the current situation is estimated to have a loss rate of 30-50%.
Delio said that the final loss rate needs to be confirmed after the completion of measures such as operational asset recovery and liquidation, so it is only an estimate at present; this figure is not final and may change according to the situation; if the final loss scale is determined in the future, it will be Prepare additional compensation on this basis. (ETtoday)
Victory Securities may open retail virtual asset trading in the fourth quarter
Odaily News Chen Peiquan, executive director of Victory Securities, said that it is expected that the Hong Kong Securities Regulatory Commission will soon announce guidelines on securities companies opening up retail investors to buy and sell virtual assets. According to the expected progress, Victory Securities may open retail virtual asset transactions in the fourth quarter of 2023.
Chen Peiquan said that at present, Victory Securities has connected to the licensed exchange OSL, and the currencies that customers can buy and sell through Victory Securities will depend on the currencies listed on the exchange. About 5% of its professional investor clients currently invest in virtual assets, including Hong Kong-listed companies. (Economic Journal)
EOS will start trading on Japanese exchange BitTrade in September
Odaily News The EOS Network Foundation announced that the EOS token has received whitelist approval from the Japan Virtual Asset Exchange Association (JVCEA). BitTrade exchange will launch EOS trading in September.
According to Yves La Rose, CEO of the EOS Network Foundation, Japan is a growing market with a well-established regulatory framework and a supportive government. La Rose sees this as a great opportunity for countries like Japan to absorb market share because of the transparency and oversight it offers. La Rose also noted that many game IPs in Japan are “ripe for tokenization.” (Cointelegraph)
Project News
The Ethereum Foundation officially launches the Ethereum execution layer specification
Odaily News According to official news, the Ethereum Foundation announced that after more than a year of development, it officially launched the Ethereum Execution Layer Specification (EELS). EELS is a Python reference implementation of the core components of the Ethereum execution client, focusing on readability and clarity, making it more programmer-friendly and in sync with post-merge forks.
EELS provides a full snapshot of the protocol on every fork (including upcoming forks), making it easier to follow than EIPs (which only propose changes) and production clients (often mixing multiple forks in the same code path) .
The Ethereum Foundation wants EELS to be the default way of specifying core EIPs, the first choice for EIP authors to prototype their proposals, and the best reference for how Ethereum works.
Starknet suspends 24-hour limited-time NFT minting event, may resume issuance within days
Odaily News Starknet issued an article on the X platform stating that due to network load problems, the 24-hour time-limited Starknet Quantum Leap NFT casting activity launched this afternoon will be suspended. Starknet said distribution could resume within days.
Avalanche launches new cross-chain communication protocol Teleporter, now open for testing
According to official news, Avalanche announced the launch of a new cross-chain communication protocol, Teleporter, which is now open for testing.
Teleporter is built on Avalanches native communication protocol Avalanche Warp Messaging (AWM), and is committed to providing smart contract developers with a simple and native way to call other contracts based on the EVM chain in Avalanche.
Developers have set up 3 EVM subnets (Amplify, Bulletin, Conduit) on the Fuji testnet, each with Teleporter and AWM Relayer, these subnets are intended to be places to deploy contracts that interact with Teleporter and test integrations . Teleporter and Warp precompilation are currently in experimental/beta phase, and in the coming months the team plans to roll it out to other subnets and C chains.
Circle Announces Native USDC on Base
According to official news from Odaily, Circle announced that it will launch native USDC on Base. Over time, Circle expects native USDC liquidity to grow and potentially replace the currently circulating bridged USDbC liquidity from Ethereum.
In terms of liquidity migration, Base will work with ecosystem applications to provide a smooth transition of liquidity from USDbC to USDC. The Base Bridge will not change immediately and will continue to function normally.
Stargate DAO has voted to transfer ownership of Aptos Bridge to Stargate DAO proposal
Odaily’s Snapshot voting page shows that Stargate DAO has voted to pass the proposal of “transferring the ownership of Aptos Bridge to Stargate DAO”, with a support rate of 93.15%.
After the proposal is passed, LayerZero will transfer all websites, smart contracts and materials related to Aptos Bridge to Stargate, and any future decisions about the status of Aptos Bridge will be made by Stargate DAO.
The Aave community will start voting on the ARFC proposal to increase the GHO lending rate tomorrow
Odaily’s Snapshot page shows that the Aave community will start voting on the ARFC proposal of “increasing the GHO lending rate” at 2:43 am tomorrow, and the voting will end on September 3. The proposal proposes to increase the annual loan interest rate of the algorithmic stablecoin GHO from the current 1.5% to 2.5%, aiming to solve the problem of GHO decoupling from the US dollar stablecoin and ensure its growth and credibility in the market.
The Odaily News Snapshot page shows that the dYdX community is voting on the proposal of V4 adoption and migration of DYDX to the dYdX chain, which will end at 7:49 on September 2, and the current support rate is 100%.
The proposal, initiated by crypto market maker Wintermute to the dYdX community, includes:
1. Use dYdX v4 open source software as the next version of the dYdX protocol;
2. Adopt DYDX as the L1 token of the dYdX chain;
3. Using the smart contract commissioned by the dYdX Foundation to establish DYDX’s permissionless autonomous one-way cross-chain bridge between Ethereum and the dYdX chain;
4. It is recommended that dYdX chain verification nodes refer to the above smart contract when distributing DYDX on the dYdX chain;
5. On dYdX v3, wethDYDX will have the same governance and application functions as Ethereum-based DYDX.
Odaily News According to the platform data disclosed by friend.tech, about 20,000 Key holders check the room to read news every day, the retention rate of the next day exceeds 75%, and the retention rate of the week exceeds 50%.
Additionally, active Key holders use friend.tech for an average of over 30 minutes per day.
OpenSea Publishes Redeemable NFT Standard, Will Roll Out On-Chain Redeemable Support to Creators
According to official news from Odaily, OpenSea recently stated that it will release two Ethereum comment requests (ERC-7496 and ERC-7498) and two Seaport improvement proposals (SIP-14 and SIP-15) to promote the redemption of the ecosystem. develop. Over the coming weeks, OpenSea will work with developers and creators and solicit feedback to ensure that the above standards meet the needs of the ecosystem.
Its team will launch more product plans based on this standard to support various redeemable NFT use cases.
OpenSea has released public proof-of-concepts to demonstrate this experience, such as Burnie the Flame: allowing you to mint a Baby Burn egg on the OpenSea Drop page, then go to the redemption page to destroy the egg and exchange the egg for Burnie; it will then be rolled out directly to all creators on OpenSea On-chain redeemability support will also expand on-chain redemption standards, making it easier for creators to link items in their collections with off-chain redemption experiences outside of OpenSea, while still tracking the chain through features or destruction. Redemption status on.
Additionally, the team is exploring partnerships to enable no-code solutions that make it easier for creators to redeem off-chain in common verticals.
Odaily News The decentralized grant management platform Questbook launched a new proposal AIP-252 in the ApeCoin community, proposing that the ApeCoin DAO provide funds for teams that comply with the ApeCoin roadmap, and through the community-operated grants program Delegated Domain Capital Allocation Model Model, DDA) allocates a budget of $1 million over two quarters.
The budget is managed by 4 Domain Allocators selected from the community. According to reports, Domain Allocator is responsible for managing grants for domains, which are strategic focus areas where ApeCoin DAO intends to provide grants.
Investment and Financing
Odaily News Web3 marketing company DeForm completed a $4.6 million seed round of financing, led by Kindred Ventures, with participation from Elad Gil, Scalar Capital and others.
DeForm is built on the layer 1 network Alchemy, providing marketers with blockchain-based tools to help expand the digital marketing landscape. Marketers can use the DeForm platform to understand users based on their wallet transaction history and token ownership to provide tailored marketing plans. (The Block)
Odaily News Web3 infrastructure startup IronMill announced the completion of a $2.6 million Pre-Seed round of financing, led by gumi Cryptos Capital, with participation from Blockchain Builders Fund, Superscrypt, LongHash, Kestrel 0x 1 and SevenX.
It is reported that IronMill focuses on providing tailor-made integration solutions for software developers, allowing them to seamlessly integrate zero-knowledge (ZK) technology into new applications. IronMills flagship project Oxide is a user-friendly zero-knowledge circuit package manager. (AlexaBlockchain)
DeFi derivatives trading platform Coral Finance receives $500,000 investment from Momentum Capital
Odaily News Coral Finance, a DeFi derivatives trading platform invested by Zebec Labs, announced that it has received a US$500,000 investment from Momentum Capital.
global policy
Odaily News The Japan Financial Services Agency announced the financial policy guidelines for the 2023 administrative year (July 2023 to June 2024), summarizing key measures for the coming year.
In the second policy Building a financial system that takes into account both solving social problems and economic growth, the Japan Financial Services Agency proposed the goal of realizing a digital society, which mentioned the policies related to digital currency and crypto assets that will be implemented to promote Web3 , including promoting the establishment of a registration review system that supports the smooth issuance and circulation of stablecoins, and encouraging the establishment of self-regulatory organizations. (CoinPost)
character * voice
Opinion: DOJ in Tornado Cash case says problem lies with user interface, not smart contract itself
Odaily News Craig Timm, senior director of anti-money laundering at the American Association of Certified Anti-Money Laundering Specialists (ACAMS), said that the Department of Justice seemed to specifically point out in the Tornado Cash case that the problem was its user interface, not the smart contract itself. He added that without the user interface, it seemed unlikely that the (Justice Department) would bring charges.
Former financial crimes prosecutor Anand Sithian said Tornado Cash’s native token, TORN, is another complicating factor. According to the indictment, the defendants used the token to profit from services provided by Tornado Cash.
Specifically, the lawsuit documents show that its team members communicated and discussed raising the price of TORN and selling their TORN holdings to obtain stablecoins. Additionally, Tornado Cash co-founder Roman Storm also advised team members Roman Semenov and Alexey Pertsev to create new wallets and further transfer funds. (CoinDesk)
