| BOCI issued 200 million yuan notes on Ethereum; Tether newly printed 1 billion USDT (June 13)

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2023-06-13 08:00 (UTC+8)

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Hong Kong Investment Promotion Agency Liang Hanjing: Web3-related policies have entered the legislative process, which will take about one year.

AI Summary

Hong Kong Investment Promotion Agency Liang Hanjing: Web3-related policies have entered the legislative process, which will take about one year.

headlines

BOCI issued 200 million yuan digital structured notes on the Ethereum chain

It is reported that BOCI is a wholly-owned subsidiary investment bank of Bank of China.

cryptocurrency

Tether Prints 1 Billion USDT on the Ethereum Network

Whale Alert data shows that Tether Treasury printed 1 billion USDT on the Ethereum network at 15:56:47 today. In this regard, Paolo Ardoino, chief technology officer of Tether, said that the Ethereum network has replenished the inventory of 1 billion USDT. This is an authorized but unissued transaction, meaning the amount will be used as inventory for the next issuance request and chain swap.

CoinShares: Net outflow of digital asset investment products was 88 million US dollars last week, the 8th consecutive week of outflows

According to the latest weekly report of CoinShares, digital asset investment products had a net outflow of US$88 million last week, the eighth consecutive week of outflows, with a total outflow of US$417 million. Among them, Bitcoin investment products had a net outflow of US$51.6 million, and Ethereum investment products had an outflow of US$35.6 million, setting the largest weekly net outflow since the merger in September last year. Litecoin, XRP, and Solana investment products all saw small inflows, while Polygon saw small outflows.

DWF Labs Partner: Some altcoins are transferred to CEX for custody rather than dumping

Andrei Grachev, managing partner of DWF Labs, tweeted that the transfer of some altcoins to the exchange was just to transfer some of Treasury's assets from the chain to CEX for custody, not for sale or token liquidity. "It would be foolish to sell anything at the current market level. We are bullish on the follow-up market." exchange. DWF Labs has deposited 4.25 million CEEK, 300 million LABS, 40 million POND, 62.5 million TIME, 298,000 SIMP, 1.54 million UNO, 2.5 million IXS, 438,000 DFYN, 500,000 GF, 726 10,000 TOKO, 50 million APM, 40,000 Auction, the total value of these tokens exceeds 1.55 million US dollars.

A giant whale address unstaked 2000 trillion BABYDOGE and is gradually converting them to BNB

According to Spot On Chain monitoring, a giant whale address released 2,000 trillion BABYDOGE from the pledge, and is gradually selling them for BNB. The address has currently converted 54 trillion BABYDOGEs into 329 BNBs (approximately $70,200), and still holds about 1982 trillion BABYDOGEs (approximately $2.58 million).

Recently, Liang Hanjing, director of finance, finance and financial technology of the Hong Kong Investment Promotion Agency, said when attending the Web3 closed-door meeting: "From 2022 to now, Hong Kong has formed three waves of development in the Web3 field." In the first quarter, local people were very excited, but people from other regions were still very skeptical; the second wave began at the beginning of this year, when Chinese from all over the world, including mainland investors, came to Hong Kong to deal with regulators. "The most surprising thing is the third wave. Now many foreigners are also coming to Hong Kong." Liang Hanjing mentioned that in the past one or two months, there have been exchanges between American practitioners or institution founders and regulatory authorities. In Liang Hanjing's view, Hong Kong has two advantages in developing Web3 at this stage. The first is universities. According to CoinDesk’s ranking of universities in the blockchain field, Hong Kong Polytechnic University will rank first in 2022; among the top 20 in the world, Hong Kong has 4 universities shortlisted. In addition, there is a well-developed auction market in Hong Kong. In 2020, Hong Kong will overtake London to become the world's second largest auction market. "The major auction houses in Hong Kong, such as Phillips and Sotheby's, will maintain positive growth in 2022 when the overall market declines. Liang Hanjing mentioned that this also provides a good opportunity for investors to diversify their investments and deploy alternative assets. In addition, he also revealed that the relevant policies of Web3 have been launched in the Legislative Council, "it will take about a year." Since March, he has frequently communicated with regulators in major markets around the world, and has visited San Francisco and London successively. , Toronto, Tokyo, New York, etc., "the conclusion is that what Hong Kong is doing now is likely to be done in other markets, and they have reached a consensus." For Hong Kong, it is proposed to build a Web3 center or a virtual asset center. The essence is not the asset securitization of virtual products, but the future economic and social transformation of Hong Kong. Previously, the Hong Kong government allocated 62 billion Hong Kong dollars to invest in tracks that contribute to Hong Kong's future economy. The four tracks that have been identified cover financial technology (including virtual assets, Web3), biotechnology, artificial intelligence big data, and high-end manufacturing. Industry. Liang Hanjing mentioned that this does not mean that there are only four tracks, and there may be more in the future: "Hong Kong is actively promoting the development of an IT-based economy. As previously stated by the Hong Kong government, the most important thing is to use IT to innovate and help The development of the real economy." (Interface News)

Project News

Ordinals has launched "recursive inscriptions", allowing inscriptions to exceed the 4 MB limit

Raph, the lead maintainer of the Bitcoin protocol Ordinals, recently merged the "recursive inscription" (recursive inscription) #2167 update proposed by Ordinals creator Casey Rodarmor into the Ordinals code on Github. Ord.io developer Leonidas.og explains that inscriptions can now request content from other inscriptions using the special "/-/content/:inscription_id" syntax. This simple change unlocks many powerful use cases. For example, instead of inscribing 10,000 JPEG files for a PFP series alone (which would be very expensive), it would be better to inscribe 200 features from its series, then make another 10,000 inscriptions, each using a small amount of code to request features and Render images programmatically. Artwork is simply stored on-chain in a more efficient manner, which in the case of Bitcoin Apes saves over $1 million in transaction fees. In addition, it is possible to completely burn many code packages on the Bitcoin chain, because the code (text form) is called, so the volume is very small, which allows the size of the inscription to break through the 4 MB limit of the Bitcoin block size. Complex 3D video games can be fully on-chained to the Bitcoin network. According to Leonidas.og, Bitcoin may even have an intranet where each file can request data from other files on Bitcoin. It's unclear how people will use it, but it's certainly an important moment in Bitcoin's history. Browsers such as the official Ordinals browser (ordinals.com), Ord.io, and others will soon support recursive inscriptions.

Venus Protocol, the lending agreement on BNB Chain, deleted the previously published tweet about "If BNB reaches the liquidation threshold, the BNB Chain team will take over the BNB position on Venus", and reissued the following statement: "In November 2022, BNB Chain submitted A governance proposal passed by the community, the BNB Chain core team will exclusively take over the positions of the BNB Bridge attackers, with the purpose of ensuring the safety of these assets and preventing any further influence and liquidation. The whitelisted wallet initially holds 30 million USDT funds to ensure protection against losses on Venus and provide additional support through this Venus governance approval mechanism.” Regarding the deletion of previous tweets and reposting of new tweets, Venus explained that this is to provide users with more context , and publish a link to the actual governance proposal, explaining the mechanics for greater transparency.

Gucci to Snapshot KodaPendant NFT Holders on June 21st

Luxury giant Gucci announced that it will take a snapshot of KodaPendant NFT holders at 10 am EST on June 21, and holders will be able to receive physical necklaces shortly thereafter. In April of this year, Gucci announced the launch of a limited edition Otherside Relics by Gucci series in cooperation with Yuga Labs’ metaverse game Otherside.

Investment and Financing

Blockchain AI computing protocol Gensyn completes $43 million Series A financing led by a16z and participated by Protocol Labs

Gensyn, a blockchain-based AI computing protocol, completed a $43 million A round of financing, led by a16z, with CoinFund, Canonical Crypto, Protocol Labs, Jsquare, Eden Block, and angel investors in the digital AI and encryption fields participating. So far, Gensyn has raised more than $5,000 Ten thousand U.S. dollars. The new financing will be used to accelerate the protocol’s rollout and expand its workforce, including adding protocol and machine learning engineers. According to reports, Gensyn enables developers to build artificial intelligence systems on smaller data centers, personal gaming computers and other connected hardware, and pay on demand. Gensyn monetizes unused computing power in a verifiable way using cryptographically validated networks that allow users to determine whether machine learning work shared through the protocol has been done correctly, without an intermediary, and trigger payments through tokens. In March 2022, Gensyn completed a $6.5 million seed round of financing, led by Eden Block, Galaxy Digital, Maven 11, CoinFund, Hypersphere, Zee Prime, Jsquare, Entrepreneur First, Counterview Capital, 7 percent Ventures, Id 4 Ventures, and investors from Angel investors from DeepMind, Livepeer, Pocket Network, Centrifuge, University of Cambridge, Twitter, Google, Parity Technologies participated. (CoinDesk)

Digital comic book publisher Lightning Works raises $2.5 million

Digital comic book publisher LightningWorks has raised $2.5 million in seed funding from founder Geoff McCabe. Lightning Works plans to realize new ways to play comics through interactive comic book NFT and P2E games. (Globenewswire)