headlines

Do Kwon proposes "Reconstruction Terra Ecological Plan 2", proposing to fork the Terra chain into a new chain of Terra Classic and non-algorithmic stablecoins

Terra founder Do Kwon proposed "Terra Ecological Reconstruction Plan 2", which includes:
1. Fork the Terra chain into a new chain without an algorithmic stable currency. The old chain is called Terra Classic (Token is Luna Classic, or LUNC), and the new chain is called Terra (Token Luna, or LUNA);
2. Luna will be airdropped among Luna Classic stakers, Luna Classic holders, remaining UST holders, and Terra Classic’s basic application developers;
3. TFL’s wallet address will be removed from the airdrop whitelist, making Terra a fully community-owned chain;
4. Incentivize network security through Token inflation, and the target pledge rate of return is 7% per year.
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headlines

Do Kwon proposes "Reconstruction Terra Ecological Plan 2", proposing to fork the Terra chain into a new chain of Terra Classic and non-algorithmic stablecoins

Terra founder Do Kwon proposed "Terra Ecological Reconstruction Plan 2", which includes:

1. Fork the Terra chain into a new chain without an algorithmic stable currency. The old chain is called Terra Classic (Token is Luna Classic, or LUNC), and the new chain is called Terra (Token Luna, or LUNA);

2. Luna will be airdropped among Luna Classic stakers, Luna Classic holders, remaining UST holders, and Terra Classic’s basic application developers;

3. TFL’s wallet address will be removed from the airdrop whitelist, making Terra a fully community-owned chain;
4. Incentivize network security through Token inflation, and the target pledge rate of return is 7% per year.
The plan is still in consultation with the community, and the specific details may change. The proposal will take effect after the Token holders vote for it. Voting will begin on May 18.

The South Korean National Assembly pushes for a hearing on the Luna incident, considering the presence of crypto exchange executives and Do Kwon

The Korean Financial Commission and the Financial Supervisory Service recently asked domestic cryptocurrency exchanges to understand the current situation of Luna-related trading volume and closing price, the number of investors holding Luna and Terra, the number of people by amount, and the number of investors with more than 1 million won . In addition, data on domestic cryptocurrency exchanges' countermeasures and measures against the Luna incident, as well as the reason for the decline judged by the exchange, were also requested. (Yonhap News Agency)

cryptocurrency

Terraform Labs has paid 100 billion won in taxes to the South Korean tax office at the end of last year

According to sources, at the end of last year, Terraform Labs had paid 100 billion won (about 78.68 million U.S. dollars) in taxes to the South Korean tax agency. It is unclear whether Do Kwon needs to pay taxes. Although the country's tax authority imposes taxes on Terraform Labs, the tax office stated that it could not intervene in the Terra case due to the absence of relevant regulations. The government has been criticized for ignoring investor protection and fostering virtual industries while collecting taxes.

"According to the relevant laws, we cannot provide tax information for specific businesses," said a relevant person in charge of the country's tax bureau. According to the country's Supreme Court Registry, Terraform Labs Korea decided to dissolve its Busan headquarters at the shareholder meeting on April 30 this year. and Seoul Branch.

Terraform Labs Korea headquarters was closed on May 4th, and the Seoul branch was closed on May 6th. It is unclear whether the liquidation of domestic companies is related to the tax. Meanwhile, the number of South Korean investors affected by the Terra incident is close to 300,000, but the country's financial sector cannot directly intervene in the incident. (Block Media)
Twitter: Promise to complete the deal with Musk at an agreed price

Twitter stated that it promised to complete the transaction with Musk at an agreed price. Twitter ( TWTR.N ) rallied before the market and now narrowed its losses to about 2%. (Golden Ten)

S&P Global ratings division has created a DeFi strategy group to build out the company's decentralized marketplace framework. It is reported that Chuck Mounts will lead the group as the chief DeFi officer and will work with the newly appointed head of DeFi transformation Charles Jansen. The team seeks to build out S&P's analytics and risk assessment capabilities for traditional finance and DeFi clients. (CoinDesk)

Cosmos Ecological Algorithm Stablecoin Composite (CMST) Announced Launch

According to official news, the Cosmos ecological algorithm stable currency Composite (CMST) announced the launch, anchoring at $1. The governance token of the protocol is HARBOR, which supports CMST anchoring through a mechanism based on minting/destroying.
It is reported that Composite (CMST) is generated by over-collateralization (minimum 150%) of Cosmos ecological assets and supports IBC. If CMST > $1, the user locks the collateral to mint CMST for $1, and sells CMST for more than $1. If CMSTThe proposal to deploy Uniswap v3 on the Gnosis and Moonbeam chains has been voted on

Aurora Announces Aurora+ Platform

Aurora, the NEAR ecological EVM chain, announced the launch of the Aurora+ platform. The platform will provide users with services such as free transactions, token staking, and airdrops.
According to previous reports, Aurora launched a $90 million developer fund to promote the development of the NEAR ecosystem DeFi. (AMBCrypto)

Uniswap founder Haydenz Adams said that the proposal to deploy Uniswap v3 on the Gnosis and Moonbeam chains is now open for voting. If the proposal to deploy Uniswap v3 on both the Gnosis and Moonbeam chains is approved, then Uniswap v3 will be deployed on seven chains.

The VeChain (VeChain) Foundation stated on Twitter that it will provide $30,000 in grants to Terra developers who intend to migrate to VeChain.

The FEG project was attacked again, and the attack lost about $1.9 million

According to Twitter user Spreek’s tweet, the FEG project has been attacked again, and the new attacker has made a profit of about $1.9 million (about $600,000 on the Ethereum chain and about $1.3 million on the BSC chain).
Pie Dun responded to the tweet: "We are actively working with FEG to suspend and save funds."
The FEG project official stated that FEgrox is developing a new Swap Contract with Paidun and other development team members. The Swap-to-Swap (S2S) function has been removed, which is the only factor for the contract to be exploited.

GameFi and NFTs

Yuga Labs considers migrating ApeCoin to other L1s, Avalanche and Flow both offer solutions

Yuga Labs is considering migrating ApeCoin to other L1s. According to people familiar with the matter, both Avalanche and Flow hope to be the solution for ApeCoin's migration plan, believing that they are more suitable for hosting such a large NFT ecosystem like Yuga Labs is building.
According to previous reports, on May 1, Yuga Labs stated that its metaverse project Otherside casting activity caused short-term congestion on the Ethereum network and even crashed the Ethereum browser Etherscan. So it is clear that ApeCoin needs to be migrated to its own chain in order to scale properly, and I hope to encourage DAOs to start thinking in this direction. (CoinDesk)

The FEG project was attacked again, and the attack lost about $1.9 million

According to Twitter user Spreek’s tweet, the FEG project has been attacked again, and the new attacker has made a profit of about $1.9 million (about $600,000 on the Ethereum chain and about $1.3 million on the BSC chain).
Pie Dun responded to the tweet: "We are actively working with FEG to suspend and save funds."

The FEG project official stated that FEgrox is developing a new Swap Contract with Paidun and other development team members. The Swap-to-Swap (S2S) function has been removed, which is the only factor for the contract to be exploited.

GameFi and NFTs
Yuga Labs considers migrating ApeCoin to other L1s, Avalanche and Flow both offer solutions
Yuga Labs is considering migrating ApeCoin to other L1s. According to people familiar with the matter, both Avalanche and Flow hope to be the solution for ApeCoin's migration plan, believing that they are more suitable for hosting such a large NFT ecosystem like Yuga Labs is building.

According to previous reports, on May 1, Yuga Labs stated that its metaverse project Otherside casting activity caused short-term congestion on the Ethereum network and even crashed the Ethereum browser Etherscan. So it is clear that ApeCoin needs to be migrated to its own chain in order to scale properly, and I hope to encourage DAOs to start thinking in this direction. (CoinDesk)

TT Shuzang: The platform will be terminated due to the 1 million start-up funds being embezzled by the company boss and the investment has shrunk sharply

Investment and Financing

Privacy Computing Network Oasis Receives Additional $35M Funding, Bringing Total Ecosystem Development Funding to $235M

According to official news, the private computing network Oasis announced that it has received additional investment of US$35 million from investment institutions such as Newman Capital and Seven X Ventures, bringing the total amount of ecosystem development funds to US$235 million.
Previously, with the support of AME Cloud Ventures, FBG, Pantera Capital, Dragonfly Capital, Binance Labs and other ecological partners, Oasis established an ecosystem development fund of US$200 million, aiming to support the Oasis ecological DeFi, data DAO, NFT, metaverse Project development in other fields to promote Oasis ecological prosperity. After receiving an additional investment of US$35 million, the Oasis Ecosystem Development Fund has become one of the largest and most powerful ecological funds in the industry.

Certora Completes $36M Series B Funding Led by Jump Crypto

Certora, an Israeli company that provides security analysis tools for blockchain smart contracts, completed a $36 million Series B round of financing led by Jump Crypto, Tiger Global, Galaxy Digital, Electric Capital, ACapital, Framework Ventures, Coinfund, Lemniscap, Coinbase, VMware, etc. Participate in voting. (The Block)

Web3 interactive media company Metatheory completes $24 million in financing, led by a16z and participated by FTX Ventures

Previously, with the support of AME Cloud Ventures, FBG, Pantera Capital, Dragonfly Capital, Binance Labs and other ecological partners, Oasis established an ecosystem development fund of US$200 million, aiming to support the Oasis ecological DeFi, data DAO, NFT, metaverse Project development in other fields to promote Oasis ecological prosperity. After receiving an additional investment of US$35 million, the Oasis Ecosystem Development Fund has become one of the largest and most powerful ecological funds in the industry.
According to reports, Metatheory was founded by Twitch co-founder Kevin Lin to build Web3 games and virtual worlds, focusing on building franchises with strong IP beyond the game itself. (Business Wire)

Fanhouse, a monetization platform for fans, completes USD 20 million in Series A financing, led by a16z

Fanhouse, a fan monetization platform, recently announced that it has completed a US$20 million Series A round of financing, led by a16z.
Rosie Nguyen, co-founder of Fanhouse, said that the total income of creators on the Fanhouse platform is close to 10 million US dollars. Top creators on the platform include the band group The Chainsmokers (also the platform’s Pre-seed investor), chess KOL Andrea Botez, and actor Yoshi Sudarso, among others.
Metatheory, a Web3 interactive media company, completed a $24 million Series A round of financing led by a16z, with Pantera Capital, FTX Ventures, Breyer Capital, Merit Circle, Recharge Theme Ventures, Dragonfly Capital Partners, Daedalus, Sfermion, and Global Coin Research participating.

Animoca Brands’ blockchain game Phantom Galaxies raises $19.3 million

Animoca Brands and its subsidiary Blowfish Studios announced that its AAA-level mech fighting chain game Phantom Galaxies completed a $19.3 million planet NFT private placement financing, and sold a total of 7,734 planet (Planet) and asteroid (Asteroid) NFT.
Strategic backers include Sequoia China, Liberty City Ventures, GameFi Ventures, Everest Ventures Group, Terrace Tower Group, MDDN.co, C Ventures, SMO Capital, Polygon Ventures, Dapper Labs, NFT Live + Cagyjan, Kingsway, 3Commas Capital, Double Peak, Mind Fund, Defi Cap, Avocado DAO, YGG and YGG SEA, etc.

According to reports, Metatheory was founded by Twitch co-founder Kevin Lin to build Web3 games and virtual worlds, focusing on building franchises with strong IP beyond the game itself. (Business Wire)

Fanhouse, a monetization platform for fans, completes USD 20 million in Series A financing, led by a16z
Rosie Nguyen, co-founder of Fanhouse, said that the total income of creators on the Fanhouse platform is close to 10 million US dollars. Top creators on the platform include the band group The Chainsmokers (also the platform’s Pre-seed investor), chess KOL Andrea Botez, and actor Yoshi Sudarso, among others.

Web3 Infrastructure Startup Coinshift Completes $15M Funding Led by Tiger Global

In response to Apple and Google’s platform commissions, Fanhouse launched the in-app currency “coins”, which requires users to reward creators in the app after purchasing tokens on the web page. Nguyen said that although such an in-app purchase method is inconvenient for users, for creators, this strategy can avoid platform commissions and maximize the creator’s income as much as possible. (Techcrunch)
Animoca Brands and its subsidiary Blowfish Studios announced that its AAA-level mech fighting chain game Phantom Galaxies completed a $19.3 million planet NFT private placement financing, and sold a total of 7,734 planet (Planet) and asteroid (Asteroid) NFT.

Immersive experience provider Gusto Collective raises $10 million, led by Animoca Brands and Gaw Capital

Strategic backers include Sequoia China, Liberty City Ventures, GameFi Ventures, Everest Ventures Group, Terrace Tower Group, MDDN.co, C Ventures, SMO Capital, Polygon Ventures, Dapper Labs, NFT Live + Cagyjan, Kingsway, 3Commas Capital, Double Peak, Mind Fund, Defi Cap, Avocado DAO, YGG and YGG SEA, etc.
CyberConnect received US$15 million in Series A financing, co-led by Animoca Brands and Sky9 Capital, and participated by IOSG Ventures and others
Layer 2 cross-chain protocol Zecrey receives $6 million strategic investment from Binance Labs

Layer 2 cross-chain protocol Zecrey receives $6 million strategic investment from Binance Labs

According to an official announcement, Binance Labs announced a $6 million strategic investment in Zecrey, a Layer 2 cross-chain protocol. The funds will be used for Zecrey’s development team expansion, marketing and branding, and blockchain collaborations.
Zecrey is a Layer 2 privacy cross-chain protocol based on ZK Rollup, which can realize cross-chain aggregation and management of digital assets in different public chains (Ethereum, NEAR, Solana, BNB Chain, etc.).

Encode Club, a Web3 education community, completes $5 million in financing led by Galaxy Digital and Lemniscap

News Web3 education community Encode Club completes $5 million in financing, led by Galaxy Digital and Lemniscap, Dragonfly Ventures, Folius Ventures, not3lau Capita, Ascensive Assets, Stefan George (co-founder of Gnosis), Anton Bukov (co-founder of 1inch), SolBigBrain Wait to vote.
Funds from this round of financing will be used to further develop Encode’s Web3 training camps, hackathons and accelerator programs. (Decrypt)

Pnkfrg, a studio that develops games based on the Bitcoin Lightning Network, completes $3 million in financing, led by LVP and Initial Capital

Pnkfrg, a studio that develops games based on the Bitcoin Lightning Network, has completed $3 million in financing, led by London Venture Partners (LVP) and Initial Capital, with participation from Stillmark, Velo Partners, and Fulgur Ventures. The financing will be used to develop casual games based on the Lightning Network. (Bitcoin Magazine)

global policy

According to an official announcement, Binance Labs announced a $6 million strategic investment in Zecrey, a Layer 2 cross-chain protocol. The funds will be used for Zecrey’s development team expansion, marketing and branding, and blockchain collaborations.

Zecrey is a Layer 2 privacy cross-chain protocol based on ZK Rollup, which can realize cross-chain aggregation and management of digital assets in different public chains (Ethereum, NEAR, Solana, BNB Chain, etc.).

Encode Club, a Web3 education community, completes $5 million in financing led by Galaxy Digital and Lemniscap

News Web3 education community Encode Club completes $5 million in financing, led by Galaxy Digital and Lemniscap, Dragonfly Ventures, Folius Ventures, not3lau Capita, Ascensive Assets, Stefan George (co-founder of Gnosis), Anton Bukov (co-founder of 1inch), SolBigBrain Wait to vote.
Funds from this round of financing will be used to further develop Encode’s Web3 training camps, hackathons and accelerator programs. (Decrypt)
Pnkfrg, a studio that develops games based on the Bitcoin Lightning Network, completes $3 million in financing, led by LVP and Initial Capital

Pnkfrg, a studio that develops games based on the Bitcoin Lightning Network, has completed $3 million in financing, led by London Venture Partners (LVP) and Initial Capital, with participation from Stillmark, Velo Partners, and Fulgur Ventures. The financing will be used to develop casual games based on the Lightning Network. (Bitcoin Magazine)

global policy

European Central Bank Governing Council: G7 Finance Ministers Meeting Will Discuss Regulatory Issues of Cryptocurrencies

European Central Bank Governing Council Villeroy: The G7 finance ministers meeting in Germany will discuss the regulation of cryptocurrencies. (Golden Ten)

Chairman of the US SEC: Cryptocurrency investors need more protection and need to improve encryption industry rules and information disclosure

Cryptocurrency assets are highly speculative and their investors need more protection, or they risk losing trust in the market, said U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler.
While the crypto market is considered decentralized, the reality is that most activity takes place on a handful of trading platforms, which, along with token issuers, need to work with the SEC to improve industry rules and regulations, Gensler said. information disclosure. He pointed to fundamental market principles such as “anti-fraud, anti-manipulation, making sure there is no front-running, making sure orders are real and not fictional.”
German Regulator Calls for New DeFi Regulations

Character · Voice

Germany’s financial watchdog says DeFi needs to comply with new regulations, citing the risk of hacking and fraud. Birgit Rodolphe, an anti-money laundering officer at the German financial regulator BaFin, said, "If DeFi is to become a real competitor to traditional financial markets, it will not work without specific new regulations." "Ideally, of course, these regulations would be consistent across the EU in order to prevent market fragmentation and increase Europe's collective innovation potential," she added. (CoinDesk)

Bank of England deputy governor: We don't think cryptocurrencies are systemic risk

Cunliffe, deputy governor of the Bank of England, said that cryptocurrencies are being closely watched. Cryptocurrencies are now considered a risk asset. We don't think cryptocurrencies are systemically risky; but you can never be sure what will trigger a loss of confidence. As quantitative tightening kicks in, we will see investors withdraw from risky assets. Many retail investors do not understand cryptocurrencies. (Golden Ten)

Dutch FMA official wants to ban retail investors from trading cryptocurrency derivatives
Paul-Willem van Gerwen, Director of Capital Markets and Transparency Supervision at the Netherlands Authority for the Financial Markets (AFM), said in a speech at the annual event of the derivatives market in Amsterdam that he hopes to join the UK in banning ordinary retail customers from trading cryptocurrency derivatives, such as those based on virtual assets. Options and Futures.