| Vitalik Buterin: Ethereum is poised to compete with Web2 giants; Glassnode: The crypto market is experiencing severe liquidity crunch (September 14th)
Headline
Vitalik Buterin spoke at the "Permissionless" conference, stating that cryptographically-based solutions have the potential to be more decentralized, private, and secure than the current Web2 environment. He mentioned examples such as ENS and POAP as building blocks. Vitalik expressed the vision of Ethereum to create a truly independent open technology stack that can compete with companies like Google and Twitter.
Vitalik envisioned a gradual process where new Web3 users create an Ethereum address initially controlled by services like Gmail, but with account abstraction, allowing individuals to gain ownership as they prepare to use more native cryptographic methods.
Vitalik stated that people have the opportunity to "step down" from the decentralized ladder, and eventually enter this fully independent stack where all the different parts can actually work together.
Industry News
According to a report by Glassnode, the crypto market is currently experiencing a severe liquidity crunch, with on-chain and off-chain transaction volumes dropping to historic lows.
Analysts from Glassnode stated that although Bitcoin and Ethereum had net inflows at the beginning of the year, since the end of August, they have returned to neutral or negative inflows, indicating stagnation and uncertainty. Glassnode's on-chain indicators show that the total USD transaction volume of Bitcoin has dropped to an average of $2.44 billion per day, matching the level of October 2020. In the off-chain derivatives market, the daily Bitcoin trading volume has also reached historic lows, dropping to $1.2 billion for the first time since the low point in 2022.
Glassnode states that despite the market downturn, the "hodling" trend remains strong. Glassnode defines long-term holders as on-chain entities that have held tokens for over 155 days, with their holdings reaching a historical high of 14.7 million bitcoins. Meanwhile, short-term holders have dropped to their lowest levels since 2011.
Report: On-chain DEX Wash Trading on Ethereum Exceeds $2 Billion Since September 2020
According to a report by Solidus Labs, token issuers and liquidity providers have engaged in wash trading worth over $2 billion on decentralized exchanges (DEX) on Ethereum since September 2020, manipulating the prices and volumes of over 20,000 tokens.
Researchers conducted an investigation into wash trading on three DEX platforms. Out of 30,000 samples from Ethereum DEX liquidity pools, 67% of liquidity providers engaged in wash trading, accounting for 13% of the total trading volume in these pools.
Solidus researcher Will Kueshner commented in an interview, "The liquidity pools we studied only represent 1% of all pools across each chain and DEX, so the actual scale of wash trading on DEXs is likely much larger."
According to Solidus, wash trading on Ethereum is not cheap, with each transaction costing $1 to $5, but the profits can outweigh the costs. For example, in May 2021, the issuer of the Shibafarm token removed bilateral liquidity from a liquidity pool and made a profit of approximately $2 million within two hours.
Bloomberg: Binance.US Lays Off One-Third of Workforce, CEO Brian Shroder Has Resigned
Binance.US spokesperson said that CEO Brian Shroder has resigned and will be temporarily succeeded by Chief Legal Officer Norman Reed.
In addition, due to regulatory crackdowns leading to a decline in business, Binance.US announced the dismissal of one-third of its employees (over 100 people).
Cryptocurrency exchange BitMEX has launched a prediction market that allows traders to bet on the outcome of real-world events.
As of September 13, BitMEX platform offers three types of prediction market contracts for trading: predictions on the FTX bankruptcy claim recovery rate, the likelihood of Bitcoin ETF approval by October 17, and the likelihood of SBF's imprisonment, with more contracts to be added in the future.
Data Changes
US August non-seasonally adjusted CPI records 3.7% YoY, expected 3.6%
US August non-seasonally adjusted CPI records 3.7% YoY, with an expectation of 3.6%. US August non-seasonally adjusted core CPI records 4.3% YoY, as expected. (Jinshi)
BTC briefly breaks above 26500 USDT, 24-hour increase of 5.2%
According to Euyi OKX market, BTC briefly broke above 26500 USDT, current price is 26480 USDT, with a 24-hour increase of 5.2%.
According to Dune statistics, the trading volume based on BananaGun reached 206 million US dollars, with a user count of 15,921, and an average daily trading volume of 1.987 million US dollars.
Security Notice
Beosin: CoinEx loses a total of 52 million US dollars in the hacking incident
According to Beosin Alert, the encrypted exchange CoinEx has lost a total of 52 million US dollars in the hacking incident, with stolen funds on the BCH and XGAG chains.
The amounts of stolen funds on multiple chains are as follows:
ETH: 18 million US dollars;
BSC: 6.2 million US dollars;
XRP: 6 million US dollars;
Tron: 11 million US dollars;
BTC: 5.97 million US dollars;
Polygon: 286,000 US dollars;
Solana: 2.65 million US dollars.
Project News
Huobi officially renamed as HTX on its tenth anniversary
At the Token 2049 conference in Singapore, Huobi officially changed its name to HTX on its tenth anniversary.
Upon checking, the official Huobi Twitter account has also been renamed to HTX.
opBNB Mainnet Officially Launched
According to official sources, the opBNB Mainnet has been officially launched. In the future, it will focus on enhancing the network's resilience and decentralization through Proof Enhancement, Account Abstraction, BNB Greenfield data availability, interoperability with BNB Greenfield, and decentralized sorter.
opBNB is an EVM-compatible Layer 2 chain based on the Optimism OP Stack, dedicated to promoting industry development by providing lower Gas fees and democratized access to blockchain technology. In addition, there are more than 150 projects committed to integrating or building on opBNB, some of which have already been launched.
Web3 Social App Tip Coin Unveils Token Economic Model: TIP Airdrop Accounts for 40%
According to official sources, the Web3 social app Tip Coin has unveiled its token economic model. 35% of TIP tokens will be used for platform rewards, 5% allocated to the market, and 5% allocated to the team's lock-up, with the remaining tokens distributed for three Epoch rewards.
In Epoch 1, 15% is allocated for liquidity provision, and 15% for airdrops; in Epoch 2, 20% of the tokens are used for airdrops; in Epoch 3, 5% of the tokens are used for airdrops.
Telegram Chooses TON Network as Its Web3 Infrastructure; TON Soars Over 16% in 24 Hours
Telegram has chosen the TON network as its blockchain network of choice for Web3 infrastructure. Several noteworthy developments regarding TON will be built on top of Telegram.
Telegram started developing the TON blockchain in 2018. After being accused by the SEC of selling unregistered securities, the company abandoned the project in August 2020. The project was taken over by community members the following year, and the TON Foundation was established.
According to the OKX market data, TON is currently trading at 1.959 USDT with a 24-hour increase of 16.41%. (CoinDesk)
Earlier today, the TON Foundation announced a partnership with Telegram to launch a self-hosted encrypted wallet called TON Space for platform users. Additionally, projects built on TON will have priority access to Telegram Ads.
The TON Foundation also stated that they will launch TON Space globally in November, with the exception of the United States and some other countries.
People * Sound
DWF Labs Co-founder: We have never raised funds or sought external financing
Andrei Grachev, co-founder of DWF Labs, stated in a post on X platform: "I need to clarify that DWF Labs and DWF Ventures have never raised funds or sought external financing. We do not operate any CEX, DEX, or staking pools. Besides these two accounts, we do not have any other X accounts. There are many scammers trying to impersonate us, so please be cautious and never send your funds to anyone."
Coinbase CEO reiterates plan to integrate Lightning Network
Brian Armstrong, CEO of Coinbase, stated in a post on X platform: "The team has decided to integrate the Lightning Network. Bitcoin is the most important asset in the crypto industry, and we are excited to contribute our part in achieving faster/cheaper Bitcoin transactions. It will take some time to implement this integration, so please be patient."
Franklin Templeton CEO: Market Should Recognize Bitcoin and Ethereum as Completely Different Assets
In the "The Path Ahead for Crypto as an Asset Class" panel discussion at Token 2049 in Singapore, Jenny Johnson, the President and CEO of Franklin Templeton, stated, "We have been cooperating with the SEC and CFTC and, given the events of the past year, the regulatory authorities have also faced a lot of pressure and challenges, directly bearing the consequences of FTX's collapse. There are still many gray areas in the crypto industry that will inevitably be the focus of regulation."
Furthermore, she mentioned that the crypto trading market is still very immature, and we should realize that Bitcoin and Ethereum are completely different assets that should not be mixed together or traded together. (Odaily onsite report)
In the "Scaling Blockchains: The State of Layer 2 Solutions" panel discussion at Token 2049 in Singapore, Ye Zhang, the co-founder of Scroll, stated that in the future, 95% of Ethereum transactions should occur on different Layer 2 solutions. Layer 2 will not only serve as Ethereum's traffic entrance but also act as the execution layer for all transactions, while Ethereum itself should function as the settlement layer.
In the future, Ethereum needs to focus on building its underlying infrastructure, while Layer 2 will handle all direct interactions with users. (Odaily onsite report)
Justin Sun: "H" in HTX Represents Huobi, "T" Represents TRON, and "X" Represents Exchange Business
Sun Yuchen announced at the TOKEN 2049 Afterparty that on the occasion of the 10th anniversary of Huobi HTX, the Huobi International brand has officially upgraded to HTX, taking a crucial step towards global expansion. As explained, "H" stands for Huobi's H and "T" stands for TRON, indicating the determination of being All in TRON.
From the combination of letters, HT combination is also the token name of Huobi HTX platform, and HTX can also be understood as the exchange of trading HT. In addition, the "X" representing 10 in Roman numerals signifies the ten years of trials and tribulations that Huobi HTX has gone through, paying tribute to its ten years of establishment. It also symbolizes the collaborative development through Huobi HTX, TRON, and Poloniex.
It is reported that behind the brand upgrade of Huobi HTX this time is the new identity of the encrypted new era created by Huobi HTX. Huobi HTX will collaborate with TRON and Poloniex to jointly develop with the new mission of "Building a Financial Freeport for the Metaverse".
