This week in review | Twitter competitor Threads has registered over 70 million users; Multichain vulnerability exploitation results in nearly $130 million in losses.
BlockBeats will summarize the industry's key news content for the week (7.03-7.09) in this article, and recommend in-depth articles to help readers better understand the market and industry trends.
This Week's Important News Review
Du Jun and Zhong Gengfa will subscribe for new shares of New Fire Technology with HKD 326 million in cash, accounting for 50.8% of the total shares.
On July 7th, Xinhuo Technology announced that it has signed a share subscription agreement with Du Jun and On Chain (controlled by Zhong Gengfa). The total subscription price for Du Jun is HKD 155 million, accounting for 24.18% of the issued shares, and the total subscription price for On Chain is HKD 171 million, accounting for 26.64% of the issued shares, totaling HKD 326 million. The payment will be made in cash after the fulfillment of the preconditions.
Multichain appears to have been attacked, and the bridging service is currently suspended
On July 7th, a large amount of tokens from multiple cross-chain bridge contracts of the Multichain protocol experienced abnormal outflows, including almost all holdings of assets in wBTC, USDC, USDT, and a few altcoins on the Fantom bridge of Multichain. The total value of these assets exceeded $130 million. According to monitoring data from Paiduin, assets worth approximately $118 million have been transferred out of Multichain's Fantom bridge. Multichain's services are currently suspended, and all bridging transactions are stuck on the source chain. There is currently no determined recovery time.
Regarding the attack incident, 0xLoki, a researcher at NewFire Technology, stated that Multichain may have lost control of MPC multi-signature address assets due to some force majeure, rather than simply being attacked. He deduced that:
- The transferor had sufficient time. Considering the technical characteristics of MPC, the transferor is likely to have gained complete control over more than the threshold of private key fragments in some way;
- The "attack method" is very simple, just a simple transfer operation, without contracts or testing. The attacker is most likely not a hacker;
- The transferor did not take further disposal and realization actions, and the operator may not have absolute decision-making power. Related reading: "Multichain's liquidity of over $130 million in tokens has been withdrawn again".
Tencent News "Qian Wang": Binance once connected with Hong Kong regulatory authorities
On July 5th, according to Tencent News' "Qian Wang" report, over the past few months, most of the top Chinese-backed cryptocurrency companies have been looking for people to connect with regulatory agencies in Hong Kong, including Cobo from Shen Yu and Binance from CZ.
The report also stated that the cost of applying for a cryptocurrency trading platform license in Hong Kong is at least HKD 100 million, most of which is related to system technology costs, in addition to management costs. However, this is just a ticket to apply for a trading platform license in Hong Kong. Related reading: "The cryptocurrency industry in Hong Kong no longer has 'leeks'"; "Hong Kong's first compliant cryptocurrency hedge fund targets the wealthy with a HKD 70 million dividend during market downturns".
BlackRock CEO: Cryptocurrency is "digital gold", Bitcoin is an international asset
On July 6th, in an interview with Fox Business, Larry Fink, CEO of BlackRock, referred to cryptocurrency as "digital gold" and called Bitcoin an international asset.
"Bitcoin is not based on any currency, so it can serve as an alternative asset. In many ways, it digitizes gold. Unlike investing in gold as a hedge against a country's heavy problems or currency depreciation, Bitcoin is an international asset."
Meta launches Twitter competitor Threads, with over 70 million registered users
Meta, the parent company of Facebook, has officially launched its new app Threads, which integrates with the decentralized social media protocol ActivityPub based on Mastodon. Users can log in through their Instagram accounts and it is aimed at competing with Twitter, targeting Elon Musk. As previously reported by BlockBeats, last week Musk imposed reading limits on Twitter users to restrict data scraping: verified accounts can read up to 10,000 tweets per day, unverified accounts 1,000, and new unverified accounts 500, which has caused dissatisfaction among users. On July 7th, Mark Zuckerberg, CEO of Meta, announced that Threads has over 70 million registered users. Related reading: "First experience | Is Zuckerberg's Twitter competitor Threads really better?"; "Why can ActivityPub, this decentralized protocol, control Web2 giants like Zuckerberg's Threads?"
Fortune: Three Binance executives have resigned this week
On July 7th, according to sources cited by Fortune, three Binance executives have resigned this week, including Binance's General Counsel Han Ng, Chief Strategy Officer Patrick Hillmann, and Senior Compliance Vice President Steven Christie. Previously, Matthew Price, a former special agent of the National Tax Agency, had resigned from Binance's compliance team.
The reason for these high-level resignations may be a response to the Department of Justice's investigation into CZ and Binance. Binance's Chief Strategy Officer Hillmann later confirmed his resignation on social media and stated that he will "continue to respect and support" CZ.
Binance launches new project Pendle (PENDLE) on Launchpool
On July 3rd, Binance Innovation Zone will list Pendle (PENDLE) at 18:00 on July 3rd, with spot trading pairs available: PENDLE/BTC, PENDLE/USDT, PENDLE/TUSD. At the same time, Binance announced the launch of a new project, Pendle (PENDLE), on Launchpool. Users can deposit BNB and TUSD into the PENDLE mining pool on the Launchpad website after 08:00 on July 4th, 2023 (Beijing time) to receive PENDLE rewards. A total of 25 days are available for mining PENDLE.
Gavin Wood: Polkadot may cancel the parallel chain auction and shift focus to applications
On July 7th, Gavin Wood, the founder of Polkadot, gave a speech at the Polkadot Decoded conference, stating that Polkadot may cancel the auction of parallel chains and shift to an application-centric model. He proposed a new perspective on Polkadot: no longer limited to existing parallel chains and relay chains, but focusing on the more fundamental resources needed for blockchain - computing cores (cores), viewing Polkadot as a multi-core computer. The time on these cores is called "Core Time" and can be sold regularly.
Gavin explained that Polkadot's goal is not only about chains, but also about space and the underlying resources needed for chains. He emphasized that Polkadot is a platform for builders to create applications and for users to use them. Essentially, it is not a platform for hosting blockchains. Chains are just one way to make Polkadot useful, but may not be the only way. Overall, Polkadot is a resilient, versatile, and continuous computing provider.
PolyNetwork: 10 chains and 57 assets affected by the attack, related projects should withdraw liquidity from DEX
On July 3rd, Poly Network announced on its social media platform that its services will continue to be suspended and appealed to cybersecurity professionals and individuals with relevant knowledge to provide assistance. The recent hacking incident affected 57 assets on 10 chains, including Ethereum, BNB Chain, Polygon, Avalanche, Fantom, Optimism, Arbitrum, Gonosis, Heco, and OKX.
Poly Network also stated that it has been communicating with CEX and law enforcement agencies and seeking their assistance. It hopes that the attacker will cooperate and return user assets to avoid potential legal consequences. In order to minimize further risks, Poly Network has contacted most project teams and urged them to withdraw liquidity from DEX; it also strongly recommends that users holding affected assets withdraw liquidity and unlock their LP as soon as possible. Related reading: "CertiK: Analyzing the Poly Network Attack with Millions of Dollars in Losses."
AzukiDAO launched four proposals after its establishment, including the proposal to sue Zagabond and reclaim 20,000 ETH refund, which was passed by vote.
This week, AzukiDAO has launched four proposals, including the proposal to sue Zagabond and reclaim 20,000 ETH refund, which was passed by vote. It also plans to establish an ecological fund to acquire blue-chip NFT IP. AzukiDAO multi-signature management election has been held, and NFT whale dingaling, famous poker player Wesley Fei, co-founder of crypto fund NDV, Azuki major holder Christian, and BlockInfinity investment manager peas.eth have been elected.
This Week's Popular Articles
On July 6th, Threads was officially launched by Meta, which is a new application that directly competes with Twitter, following the release of Facebook, Instagram, and WhatsApp. Threads not only named one of its functions after its competitor Twitter, but also emphasizes public conversation, which is very similar to Twitter. Some tech professionals even call it the "Twitter killer".
"Where can we escape under the trend of 'Goodbye Twitter'?"
When Reddit announced the closure of its free API, fees of approximately 1.7 yuan per 1000 requests were charged from July 1st. On July 2nd, Elon Musk launched a limited traffic policy, temporarily restricting Twitter users from reading tweets. These measures and changes by Reddit and Twitter have caused a lot of dissatisfaction among users. Many subreddits on Reddit have announced their closure in protest of the high API pricing. In addition, tags and search terms such as "GoodBye Twitter" and "RIP Twitter" have frequently appeared, and finding new social platform alternatives has become a choice we have to make.
With the rapid growth of the global digital asset market, the Hong Kong SAR government is vigorously promoting the development of digital assets and the digital economy. This effort, in contrast to other countries and regions such as the United States and Singapore, which are gradually strengthening their digital asset policies, has formed a distinct contrast. Hong Kong has demonstrated its acceptance and openness to the digital asset market to the world. In this context, stablecoins - a tool that plays a bridging role between traditional finance and the digital economy - have become an important issue for Hong Kong in promoting the development of digital assets.
"A Comprehensive Guide to ERC-6551: Has NFT Composability Finally Been Achieved?"
Simply put, ERC-6551 can turn "small images" into a "wallet". ERC-6551 will provide a smart contract account for all ERC-721 tokens, which not only allows ERC-721 tokens to have various assets such as ERC-20, ERC-721, ERC-1155, but also enables ERC-721 tokens to interact with various applications. Your "small image" is your "wallet", which has all the functions of an Ethereum account, known as "Token Bound Accounts".
To be honest, in my opinion, the darkest moment of NFT has not yet arrived. Apart from the liquidity of 20k ETH being drained, the maliciousness of Blur's point farming mining is increasing, and the inadequate mechanism is causing negative effects on the entire ecosystem. NFT may continue to decline for a period of time. As a practitioner, I will not pronounce the death sentence on the entire industry just because of the actions of one project. I do not believe that there will be a gap between Web3 and Web2 in the future, nor do I believe that NFT will be an endless Ponzi scheme.
"Reflections on the industry after working on a Bitcoin NFT project for 3 months"
The theme of this article will be "What changes in the market are reflected by the popularization of the Bitcoin NFT whitelist mechanism", but soon I realized that this is likely to be a nostalgia for the past "golden age". The past is already gone, and what is more important is the present. Faced with the Bitcoin NFT market that has fallen back into silence and even the entire Crypto bear market, what is the mentality of the Bitcoin NFT project parties without income now? What are they planning to do?
《Pendle 生态中值得关注的三个项目》 translates to "Three projects worth paying attention to in the Pendle ecosystem"
On July 3rd, Binance announced the launch of a new project called Pendle (PENDLE) on Launchpool. As a result, PENDLE surged by 76.83% within 5 minutes, breaking through $1.7. The Pendle ecosystem may soon see a PENDLE war, and the following are three projects worth paying attention to in the Pendle ecosystem, classified by TVL ranking: Penpie, Equilibria, and Stake DAO.
《From Valuation Logic and Historical Data: The Correct Way to Participate in Binance IEO》
MAV IEO has attracted a new group of losing friends. Recently, there have been many incidents of being trapped after the opening of Binance Launchpad/Launchpool. Although there has been a recent surge, many people have not yet successfully recovered their losses. This article will help you understand the basic valuation logic of various projects, avoid blindly rushing in at the highest point, and review and compare the historical performance of Launchpool and Launchpad, sharply evaluate the similarities and differences between these two platforms, and speculate on investment strategies.
《ERC-6551 Analogical Interpretation》
This article is written by Unipass founder Zhixian. He has been asked several times recently about the relationship between ERC-6551 and AA, and found that there are various misunderstandings about it. So he recorded some analogies used in the discussion, hoping to help everyone's understanding. This article is not a serious technical article, and in order to facilitate understanding, imprecise analogies will be used.
"RWA Discussion: Underlying Assets, Business Structure, and Development Path"
RWA is a way to map traditional market assets onto the blockchain in the form of tokens for web3.0 users to buy and sell. RWA tokens have the right to receive asset income. A few years ago, STOs mainly focused on corporate bond financing, but now the scope of RWA is broader: any asset circulating in the primary and secondary markets can be mapped onto the blockchain through tokenization, allowing web3.0 users to participate in investment. Therefore, the narrative of RWA includes a wide variety of asset types and a broad range of yield coverage.
Derivatives DEX is a fiercely competitive field, with GMX, DYDX, and SNX as the top players, and Gains, MUX, Level, and ApolloX as the second-tier players. At the same time, there are constantly emerging new protocols going online. Vertex is a relatively well-performing derivatives DEX protocol, with its daily trading volume accounting for about 10% to 15% of the capital pool model derivatives DEX market since its launch at the end of April 2023, and it received strategic investment from Wintermute in June 2023.
"It's time to get to know the GameFi Four Kings of the Starknet ecosystem."
Nowadays, "the most suitable infrastructure for developing full-chain games" has become the main narrative of Starknet. As the launch date of the "Quantum Leap" mainnet version approaches, whether Starknet is truly the most suitable infrastructure for developing full-chain games will soon be verified. With the mainnet upgrade imminent, it's time to get to know the four kings of full-chain games in the Starknet ecosystem.
"COMP, MKR continue to rise, how is the market searching for logic for the old DeFi?"
With the announcement of the establishment of a new company called Superstate by Compound founder Robert Leshner, it was announced that a short-term government bond fund will be created using the Ethereum blockchain as an auxiliary recording and storage tool to create regulated financial products that connect traditional markets and the blockchain ecosystem. The Compound token COMP has recently performed strongly under this news, while also sparking market interest in the concept of RWA. MakerDAO (MKR) and Aave (AAVE) have also performed well recently. Unlike the previous asset chaining of RWA (real world assets), the main narrative of this round of RWA is mainly due to the high yield of US bonds (to be confirmed), which has caused serious impact on the already declining cryptocurrency market, and DeFi, which is in a bear market, is also difficult to resist the siphon effect of US bonds on its institutional-level stable basic income. Let's see how the market views this rise.
How to build a more efficient encrypted trading platform under the premise of openness and transparency? This is the problem that OPNX is trying to solve. In their own words, "what should a perfect encrypted trading platform look like in the post-FTX era?" The vision itself is not a problem, but what makes most people unable to accept it is the two men behind OPNX. As the founders of "Thunderbolt Institution", Su Zhu and Kyle now open a trading platform with transparency as their banner, which may cause some stress response to "scythe".
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