| Fetch.ai Receives $40 Million Investment from DWF Labs; Iron Fish Announces Token Economic Model (March 30)
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Elon Musk signs letter calling for moratorium on training AI systems stronger than GPT-4
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10. Endowment Fund: 5%.
Odaily News Circle issued a document disclosing "the structure and management of USDC reserves". About 80% of USDC reserves are short-term U.S. Treasury bills, and about 20% are cash deposits in the U.S. banking system. Reserves are fully transparent and subject to third-party assurances that there are sufficient assets to meet liabilities. It does not contain any other assets with a different risk profile. U.S. Treasury bonds in USDC reserves are held by a wholly-owned government money fund structure regulated by the SEC. They are not subject to any lock-up or redemption thresholds. There are independent third-party reports on the portfolio on a daily basis, down to each security.
Circle holds approximately 20% cash reserves to meet clients' immediate liquidity needs. Circle has taken steps to de-risk the banking system in the wake of the recent failures of several U.S. banks, and now parks the majority of the cash portion of its reserves in one of 30 global systemically important banks around the world, also known as GSIBs. Circle also holds small amounts of funds with transaction banking partners to support USDC liquidity operations.
In addition, Circle stated that it has been eager to hold the cash portion of USDC reserves directly at the Federal Reserve, in order to realize the vision of USDC as true tokenized cash. To do this, stablecoin legislation is needed. Circle stated that USDC reserves are held in segregated accounts for the benefit of USDC holders.
Iron Fish Announces Token Economics Details: 2.25% Airdrop Tokens for Testnet Participants
Odaily News Iron Fish announced the token economics of the project. The genesis block will contain 42 million tokens, which will be distributed as follows:
1. Iron Fish Foundation: 18%;
2. Airdrop to testnet participants: 2.25%;
3. Future airdrops: 2.25%;
4. Pre-Seed round financing investors: 5.1%;
5. Seed round financing investors: 9.9%;
6. Investors in Series A financing: 14.5%;
7. Consultants: 0.6%;
8. Core development team: 37.4%;
9. IF laboratory: 5%;
10. Endowment Fund: 5%.
For each insider, a one-year lock-up period is provided after the mainnet goes live. Holders of such tokens will be eligible to make transfers each month for the next 12 months. The mainnet is expected to launch on April 30. After the event, the main network will go online: conduct transactions, start nodes, mine, create and destroy user private assets.
Industry news
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Industry news
Do Kwon Montenegro lawyer plans to appeal passport fraud case to Supreme Court, extradition process may be delayed
In addition, regarding extradition, the lawyer said, "I don't want to talk about it, and I don't need to talk about it, because the extradition process has not yet started. Do Kwon's judicial process in completing the passport fraud case will not involve repatriation, and the Montenegrin Ministry of Justice may also refuse. Repatriation. If the Montenegrin government receives a formal extradition request, whether it is South Korea or the United States, a new court will be established and a separate process will be conducted, but repatriation is not an issue that needs to be discussed at this stage.”
Regarding which country Do Kwon hopes to be extradited to, the lawyer said, "No comment, the decision on deportation is entirely up to the court. The court is not a place to make political decisions. Deportation should not be a political decision." The lawyer also mentioned, If Do Kwon is sentenced to up to five years in prison for the passport fraud case, he may be deported to another country and serve his sentence there. (Yonhap News Agency)
US court approves FTX's $45 million sale of Sequoia LP stake to Abu Dhabi sovereign wealth fund
Odaily News A Delaware bankruptcy judge has approved the sale of FTX’s $45 million in Sequoia Capital Fund assets to Abu Dhabi’s investment arm, the Abu Dhabi Sovereign Wealth Fund, according to a court filing on Tuesday.
FTX also asked to postpone indefinitely the sale of Embed, a stock clearing business that was initially conceived as a quick way to raise funds for outstanding creditors.
Prior to the news on March 9, according to court documents, Alameda Research had reached a $45 million cash deal to sell its LP shares in Sequoia Capital to the "sovereign wealth fund" of Abu Dhabi's investment arm. In the deal, which is subject to approval by a Delaware bankruptcy judge, FTX is attempting to sell some of its investments in early-stage cryptocurrency and tech businesses to repay creditors. The deal could be finalized as early as March 31, but the FTX deal will be subject to intense judicial scrutiny.
The potential buyer, Al Nawwar Investments RSC Limited, is ultimately owned by the Abu Dhabi government and has invested in Sequoia Capital, the documents said. (CoinDesk)
US FDIC Requires Signature Bank Crypto Customers to Transfer Funds by April 5
The FDIC had previously sold Signature's remaining assets to New York Community Bank, but the deal did not include about $4 billion in cryptocurrency-related deposits or Signet's digital payments platform, Signet.
An FDIC spokesperson said it is still trying to sell Signet and plans to liquidate crypto deposits by April 5. It is reported that the FDIC has been contacting cryptocurrency depositors and encouraging them to find another bank that accepts these deposits. If those customers are unable to find a new bank, they will receive a check, the spokesman said. The U.S. government’s bailout of Signature savers, which includes crypto customers’ uninsured deposits, is expected to cost the FDIC insurance fund $2.5 billion. (CoinDesk)
Canada Requires Federally Regulated Pension Funds to Disclose Cryptocurrency Exposures
Odaily News The Canadian federal government stated in its new 2023 budget plan that in order to help protect Canadian retirees, the government will require federally regulated pension funds to disclose their exposure to crypto assets to the Canadian Financial Supervisory Authority (OSFI).
Galaxy Digital still plans to list in the US, registration documents submitted for SEC review
Chicago-based quantitative trading firm Radix Trading claims to be the unidentified "Trading Firm A" mentioned in the U.S. Commodity Futures Trading Commission's (CFTC) lawsuit against Binance on Monday. In the lawsuit, the CFTC cited at least three U.S.-based quantitative trading firms as active on Binance, even though U.S. clients should have been barred from trading on Binance.
Project News
Odaily News Layer 1 public chain Sei announced the establishment of the Sei Foundation as a non-profit organization supporting the Sei ecosystem to fund protocol development and develop the ecosystem. The Sei Foundation will handle token grants, airdrops, product requests, initiatives and delegation programs, and more. The Sei Labs team remains committed to developing open source software.
The proposal proposes that BNB Chain validators take a more flexible approach to transaction fees, enabling users to choose fees lower than the current 5 gwei rate, with options as low as 3 or 4 gwei. Validators maintaining a target return on investment may consider increasing the commission rate they charge from validator revenue.
Sei Foundation launches to handle token grants, airdrops, and more
Odaily News Layer 1 public chain Sei announced the establishment of the Sei Foundation as a non-profit organization supporting the Sei ecosystem to fund protocol development and develop the ecosystem. The Sei Foundation will handle token grants, airdrops, product requests, initiatives and delegation programs, and more. The Sei Labs team remains committed to developing open source software.
Odaily News Aleo, a programmable privacy network, announced on the official tweet that "big things are about to happen in April", and users speculate that the main network may be launched soon.
In February last year, Aleo completed a US$200 million Series B financing, led by SoftBank and Kora Management, and participated by Andreessen Horowitz (a16z), Tiger Global, Samsung Ventures and others.
Odaily News Aleo, a programmable privacy network, announced on the official tweet that "big things are about to happen in April", and users speculate that the main network may be launched soon.
MetaMask: "Snapshot and airdrop on March 31" rumors are not true
4. The treasury will allocate 15 million (15%), 20% of which will be unlocked when tokens are generated, and the remaining 80% will be released linearly within 5 years;
dYdX: Significant resources will be allocated to building MEV solutions targeting v4
Odaily News dYdX officially published a document discussing the v4 version and MEV related issues. The article states that dYdX v4's fully decentralized and high-performance in-memory order book may cause MEV problems. However, unlike a smart contract environment, the Cosmos infrastructure enables dYdX to build a unique MEV solution that aligns the incentives of validators with those of users. dYdX is actively working on researching and building these solutions and plans to allocate significant resources to this end.
Thala announced the THL token economic model, the initial circulation supply will be 13 million
Odaily news Aptos ecological DeFi protocol Thala announced today the token economic model of its governance token THL. The total supply of THL is 100 million, of which:
1. The community will allocate 35 million pieces (35%), which will be used for the liquidity of products such as ThalaSwap;
2. The team and consultants will allocate 20 million (20%), locked for 6 months, and then enter a 2-year linear release;
3. Investors will allocate 20 million pieces (20%), lock them for 6 months, and then enter a 2-year linear release;
4. The treasury will allocate 15 million (15%), 20% of which will be unlocked when tokens are generated, and the remaining 80% will be released linearly within 5 years;
5. 10 million tokens (10%) will be allocated for token generation activities.
This also means that in the initial stage of THL circulation, the circulating supply will be 13 million, of which 10 million will come from token generation activities, and the remaining 3 million will come from the 20% allocation of treasury unlocking.
Blur: Season 2 Bidding Pool and Double Point Incentives for Listings Extended to May 1st
Odaily News The BNB Chain-based DeFi protocol Safemoon was attacked earlier today, causing its liquidity pool to lose nearly $8.9 million. Safemoon confirmed the attack on Twitter and said it will do its best to recover the damage.
Binance AI NFT Generator Bicasso Is Open Again
Odaily News CZ announced on his personal Twitter that the Binance AI NFT generator Bicasso has been opened again, and 100,000 NFTs of free mint will be opened on a first-come, first-served basis.
DeFi protocol SafeMoon was attacked, and the liquidity pool lost about $8.9 million
Odaily News The BNB Chain-based DeFi protocol Safemoon was attacked earlier today, causing its liquidity pool to lose nearly $8.9 million. Safemoon confirmed the attack on Twitter and said it will do its best to recover the damage.
According to the analysis of the security company Paidun, the recent update may have introduced a "public destruction vulnerability" to facilitate hacker attacks. The hacker was able to use code functionality to artificially inflate the price of SFM tokens, then sell enough tokens back to the liquidity pool in the same transaction, effectively taking WBNB from the contract. (The Block)
Investment and Financing
DWF Labs invests $40 million in AI-focused encryption protocol Fetch.ai
Investment and Financing
It is reported that this is the sixth investment completed by DWF Labs this month. (CoinDesk)
DWF Labs invests $40 million in AI-focused encryption protocol Fetch.ai
Odaily News Fetch.ai, an encryption protocol focused on artificial intelligence, has received $40 million from DWF Labs. The new funds will be used to deploy decentralized machine learning, autonomous agents, and network infrastructure on its platform. Fetch.ai aims to provide developers with the tools to deploy and monetize their applications by providing an autonomous machine-to-machine ecosystem.
Hydra Ventures DAO completes $10 million fundraising, 1kx and others participated in the investment
Startup Econia Labs closes $6.5 million seed round led by Dragonfly
It is reported that Hydra Ventures DAO is the idea of anonymous venture capitalist P 3 terpan, in addition, P 3 terpan is also a partner of venture capital firm 1kx.
It is reported that Econia Labs has worked with the Aptos team to jointly build a back-end protocol as the base layer for decentralized finance (DeFi) projects on Aptos, which provides order books, which is an integral part of traditional finance and centralized cryptocurrency exchanges. , allowing traders to buy and sell assets at the price they want, or just accept the best price the market has to offer. Econia brings order books on-chain in a transparent, permissionless manner and enables integration with DeFi applications that offer a range of trading options such as spot trading or leveraged derivatives.
Startup Econia Labs closes $6.5 million seed round led by Dragonfly
Collaborative AI company FedML raises $6 million led by Camford Capital
The distributed MLOps platform launched by FedML supports the sharing of data, models, and computing resources in a manner that protects data privacy and security. Currently, 10 enterprise contracts have been signed, covering Web3 applications and more. (Finsmes)
Blockchain claims platform Vitraya raises $5 million led by StartupXSeed
The distributed MLOps platform launched by FedML supports the sharing of data, models, and computing resources in a manner that protects data privacy and security. Currently, 10 enterprise contracts have been signed, covering Web3 applications and more. (Finsmes)
It is reported that the Vitraya platform uses blockchain and artificial intelligence technology to ensure the absolute security of hospital, patient and policy data. The platform protects all endpoints of data in the private blocks involved and helps participating parties to interact safely and worry-free. .
Blockchain claims platform Vitraya raises $5 million led by StartupXSeed
It is reported that the Vitraya platform uses blockchain and artificial intelligence technology to ensure the absolute security of hospital, patient and policy data. The platform protects all endpoints of data in the private blocks involved and helps participating parties to interact safely and worry-free. .
Customizable blockchain infrastructure NULS receives strategic investment from DWF Labs
Customizable blockchain infrastructure NULS receives strategic investment from DWF Labs
NULS stated that it has recently launched the ENULS blockchain that is fully compatible with EVM to support developers to develop projects in the NULS ecosystem more conveniently.
Junggl Media Closes New Funding Round, Northbrook Capital Start-up Fund Invests
Junggl Media Closes New Funding Round, Northbrook Capital Start-up Fund Invests
global policy
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global policy
SEC Chairman to Attend House Digital Assets Subcommittee Meeting on April 18 and Explain Crypto Regulatory Approach
“On the policy side, it’s going to be a serious exercise in how we shape the digital asset regulatory space,” McHenry said, hoping to do this work in the crypto regulatory space in the coming months.
McHenry established the Digital Assets Subcommittee in January 2023 to help close structural gaps in the House Financial Services Committee's efforts to address crypto issues. The U.S. House of Representatives for Financial Services oversees the entire financial services industry, including securities, banking, and crypto assets. (BeInCrypto)
Russia delays April 1 digital ruble pilot due to legislative process
Odaily News According to a report by TASS on March 28, the Russian central bank’s digital currency CBDC pilot will not start on April 1 as previously announced, because some legislation has only passed the first reading of the Russian parliament, the Duma. The legislation could finally be enacted in early May.
The upcoming pilot will involve actual operations and consumers, but on a limited scale. General customers will not be able to participate in the first phase, and banks will enter the pilot with selected customers. After the first phase, the Central Bank of Russia intends to determine how to further expand the size of the digital ruble.
U.K. Treasury: Regulations on cryptocurrency promotion expected to take effect before year-end
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Draft amendments to the U.K.’s Financial Services and Markets Act, published on Monday, will allow the U.K.’s Financial Conduct Authority (FCA) to regulate crypto firms’ promotions under existing regulations. The bill also includes time-limited exemptions for crypto companies. The UK Parliament will soon discuss the amendment. (CoinDesk)
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Odaily News Sui World issued a document stating that recently, according to relevant court documents, Mysten Labs reached an agreement with FTX debtors on March 22 to repurchase FTX’s equity investment in Mysten Labs and SUI token warrants for US$96.3 million in cash.
FTX invested a total of US$102 million in the B round of financing of Mysten Labs last year, obtaining about 570,000 preferred shares and about 890 million Sui Token token subscription warrants. The average cost of FTX investing in Sui Token as the lead investor is very low, about $0.114. An important condition for FTX to lead the investment of more than US$100 million in Sui is that its market makers Alameda and FTX Trading will get almost 519 million Sui Tokens for free for market making on the FTX.com platform. With FTX crashing before Sui launched, the protocol for this token warrant is no more. The cost of Sui Token chips for other B-round investors is about US$0.28-0.31.
