Headlines
LayerZero has launched the Base mainnet
According to official sources, the cross-chain interoperability protocol LayerZero has now launched on Coinbase L2 network Base mainnet. Parallel has transferred tokens between Base and Ethereum using LayerZero. Projects that have already adopted LayerZero for cross-chain messaging can immediately add support for Base. Developers on Base can extend their applications to the LayerZero network. As previously reported, Coinbase's Layer 2 network Base has opened its mainnet to developers. The Base mainnet is expected to be publicly released in early August. Developers can deploy their applications on Base. Some tools for developers are now available on the Base mainnet. Base is built on the OP Stack and incorporates the features of a Rollup network. Node providers include Blockdaemon, QuickNode, Blast, Safe Wallet, blockchain explorers Etherscan and Blockscout, as well as data indexers The Graph and Covalent. The team reiterated that there are no plans to introduce a native token for Base.
Cryptocurrency
Coinbase stock outperforms Grayscale GBTC since June 15th
Kaiko data shows that Coinbase (COIN) is the second-largest gainer among Bitcoin-related stocks and investment tools. Since June 15, 2023, the Coinbase stock has gained over 65%. As of the time of writing, the average price of COIN is $106.19, up 1.5% in the past 24 hours. Valkyrie Bitcoin Miners ETF (WGMI) has shown the highest increase, rising 66% since mid-June 2023, with a 1.4% increase in the past 24 hours. Grayscale Bitcoin Trust (GBTC) has risen by around 50% since mid-June. (CoinGape)
Report: Ethereum Network Revenue Down 33.3% in Q2 2023
The Ethereum Q2 2023 report published by Bankless shows that the Ethereum network revenue has decreased by 33.3%, dropping from $1.027 billion to $847 million as of June 30. The USD value of ETH destroyed has decreased by 35% from $1.009 billion to $713 million. The average ETH inflation rate has dropped by 213%, from 0.71% to -0.8%. The average daily active addresses have decreased by 6%, from 471,447 to 444,419. Note: Network revenue measures the total value of transaction fees paid by users to Ethereum validators, as well as the portion of those fees destroyed (i.e., removed from the circulating supply of ETH) through EIP-1559.
A whale address buys nearly 41 million LINK with 1585 stETH
According to the analysis by online analyst Yu Jin, half an hour ago, a whale address on the chain used 1,585 stETH ($3.03 million) to buy 408,559 LINK at an average price of $7.4. The price of LINK also rose from $7.15 to $7.4 due to its purchase, with a 3.5% increase.
Project News
Dune releases new features to enhance team collaboration
Optimism published "The Future of Optimism Governance", providing a comprehensive overview of Optimism governance, how it currently operates, and how it supports the future development of the Collective through its bicameral system. Optimism Collective is managed by a bicameral system. Token House consists of OP token holders and their representatives, while Citizens' House operates on a reputation-based one person, one vote system. Season 6 (2024) will introduce an initial process for allocating voting protocol revenues, which may include the introduction of a Treasury Council responsible for providing high-level recommendations on resource allocation to governance. Any proposal regarding revenue distribution will be submitted for approval by Token House and subject to veto by Citizens' House.
Arbitrum releases Phase 1 guidelines for foundation grants targeting DApps and infrastructure
Arbitrum has released Phase 1 guidelines for foundation grants, which will be awarded to eligible dApps and infrastructure on Arbitrum Nova and Arbitrum One to foster the ecosystem's development. The grants will be used to increase adoption, create more powerful technology, and build strong sustainable communities. The grant program typically lasts for three months, until the Arbitrum Foundation determines that the phase's objectives have been achieved.
Memeland will airdrop 17.25 billion Memecoin to ecosystem project holders
Memeland token Memecoin tweeted that it will airdrop 17.25 billion tokens to ecosystem project holders (including MVP, Captainz, and Potatoz), accounting for 25% of the total MEME supply. Memecoin has not disclosed the specific amount of tokens for immediate and delayed unlocking. It is reported that Memecoin is a token that supports creators and will be used in multiple SocialFi products built by Memeland. The token is scheduled to launch in 2023.
Investment
Cross-chain DeFi lending protocol Radiant Capital receives $10 million investment from Binance Labs. This funding round will drive further product development, including expanding oracle support, increasing collateral options, and deploying on the Ethereum mainnet. (The Block)
Web3 game developer Eyeball Games completes $1.5 million Pre-Seed funding, led by White Star Capital
According to official sources, Web3 game developer Eyeball Games announced the completion of a $1.5 million Pre-Seed funding round, led by White Star Capital, with participation from Polygon Ventures, Immutable, Oular, Great South Gate Ventures, and several angel investors. The new funding will be used to develop Eyeball Pool, a blockchain-based billiards game using NFTs. The game will initially be released on the Immutable zkEVM chain and will expand to more blockchains, with plans to launch on mobile devices in the first quarter of 2024. Additionally, Eyeball Games will launch an NFT passport for early users.
Global Policies
ConsenSys lawyer Bill Hughes tweeted that US Senators Warren, Marshall, Lummis, and Gillibrand have just introduced an amendment focused on cryptocurrency, which will be included in necessary national security legislation. The first two are well-known critics of cryptocurrency, while the latter two are well-known supporters, making the introduction of this amendment somewhat significant.
The bill requires the US Treasury Department, the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Financial Crimes Enforcement Network (FinCEN), and other agencies to establish a process over the next two years to examine currency service businesses, broker-dealers, futures commission merchants, and other regulated entities to ensure their anti-money laundering programs are robust enough to address the risks posed by cryptocurrency activities and comply with reporting obligations.
The bill also shifts the responsibility of anti-money laundering regulatory reporting onto cryptocurrency ATM operators and requires the US Treasury Department to issue compliance guidelines concerning sanctions responsibilities for stablecoin issuers within 120 days of the bill's enactment, as well as the responsibilities of stablecoin issuers regarding transactions by users in violation of the sanctions regime. The bill further mandates FinCEN to submit a report on the operation and use of cryptocurrency mixers and tumblers within one year.
Bill Hughes stated that it is currently unclear whether this amendment will ultimately be accepted by legislators, so whether it has the chance to become law remains to be seen.
According to previous reports, the US Senate is preparing to pass a new cryptocurrency regulation bill that imposes anti-money laundering requirements on DeFi protocols. This proposal, called the "2023 Cryptocurrency National Security Enhancement Act," requires DeFi protocols to implement banking-like regulatory controls on their users, aiming to combat cryptocurrency crimes and close money laundering channels. The bill requires that for DeFi protocols without a person in control, anyone who develops the protocol with an investment exceeding $25 million must be responsible.
Senator Jack Reed, a member of the Senate Banking Committee, introduced the bill on Wednesday. Mike Rounds, Mitt Romney, and Mark Warner are co-sponsors.
The Capital Markets Authority (CMA) of Kuwait has issued a notice regarding the regulation and issuance of virtual assets in the country. In the notice, the CMA confirms its "absolute prohibition" on major use cases and operations involving cryptocurrencies, including payments, investments, and mining. The notice also prohibits local regulatory bodies from issuing any licenses that allow companies to offer virtual asset services as a business operation. Securities and other financial instruments regulated by the Kuwaiti Central Bank and CMA, however, are not subject to the latest ban. In addition to the aforementioned prohibitions, the CMA also urges caution and awareness of the associated risks in dealing with virtual assets. The regulatory body explicitly states that cryptocurrencies have "no legal status, issuance, or support." (Cointelegraph)
People's Voices
UK FCA CEO: Crypto Companies' Size Will Not Impact Registration Approval Decisions
The CEO of the UK Financial Conduct Authority (FCA), Nikhil Rathi, stated during a Treasury Select Committee hearing on Wednesday that the FCA will not be influenced by the size of crypto companies when approving registration applications. The FCA is responsible for registering and supervising crypto companies that wish to operate in the UK under existing anti-money laundering requirements. Since opening registration two years ago, the FCA has received over 300 applications from crypto companies, but only 42 have successfully completed registration so far. Rathi stated during the hearing, "In the last 18 months or two years, we have rejected applications from some of the largest global crypto firms." In 2021, the FCA rejected the application from Binance, the largest crypto exchange by trading volume, citing its "lack of effective regulation." Rathi emphasized, "We do this not because we're against innovation, but because they fail to demonstrate compliance with anti-money laundering standards." He also warned regulators against considering the size and market share of companies when assessing registration applications. (CoinDesk)
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