Web3 Daily | MakerDAO's lending protocol Spark raises DAI deposit rate to 8%; Court rules that lending Bitcoin is currently not protected by law.
Top News:
1. Stephen Chow announced his entry into the Web3+AI industry and interacted with OKX.
2. Paidu Shield: The Curve vulnerability theft incident has currently been returned to $52.3 million, accounting for 73%.
3. Singapore will provide a $150 million fund for technologies such as Web3;
4. PDI: nd4.eth transferred 2500 ETH to a black hole address for destruction 12 days ago.
5. MakerDAO's lending protocol Spark Protocol has raised the deposit interest rate of DAI to 8%.
Project Updates
Singapore Red Cross partners with Triple-A to accept cryptocurrency donationsAccording to FF News, the Singapore Red Cross has partnered with Triple-A, a cryptocurrency payment gateway licensed by the Monetary Authority of Singapore, to accept cryptocurrency donations. All cryptocurrency donations will be converted to fiat currency and settled via bank transfer within one working day. Currently, accepted cryptocurrencies include BTC, ETH, USDT, and USDC.
Ouyi OKX AA wallet has now open-sourced its smart contract code
Binance will launch DODO 1-20x U perpetual contract
Binance's contract trading platform will launch the USDⓈ-M DODO perpetual contract with a maximum leverage of 20x at 20:00 on August 8th.
周星驰宣布入局 Web3+AI，与 OKX 互动 translates to
Stephen Chow announces entry into Web3+AI and interacts with OKX.
Famous director Stephen Chow posted on INS, expressing gratitude for finding a group of like-minded Web3 partners and researching a Web3+AI project, hoping to create an AI to replace him. The INS post ends with @OKX, and the picture also shows an online meeting with OKX, implying that the two parties will engage in deep cooperation. It is reported that OKX Ventures previously invested $1 million in Moonbox, an AI-driven technology startup in Hong Kong, to support innovation. The company obtained the rights to use Stephen Chow's movie IPs, including "Journey to the West: Conquering the Demons," "Journey to the West: The Demons Strike Back," and "The Mermaid," in the NFT field in July 2023.
OKX Web3 wallet has now integrated Linea Bridge and Orbiter cross-chain bridges.
According to official sources, the OKX Web3 wallet has now integrated the Linea Bridge and Orbiter, which are recommended by the Layer2 network Linea, to provide users with more options for fast cross-chain transactions, as well as the best cross-chain depth and optimal pricing. Previously, the OKX Web3 wallet had already connected to the Linea network, allowing users to switch to the Linea network with just one click and manage Linea ecosystem assets.YGG has launched the Guild Advancement Program (GAP) Season 4, which officially started on August 3 and will last until September 27. Players can earn Season 4 achievements in the following games: Axie Infinity, Big Time, Castle Crush, Champions Ascension, Crypto Unicorns, Genopets, GensoKishi Online, League of Kindoms, My Pet Hooligan, Pixels, Skyweaver, and Splinterlands. Season 4 of GAP will include approximately 150 tasks, a 66% increase from the previous season, and the task content will be twice that of Season 3. The GAP list for this season includes Metaverse MMORPG, GensoKishi Online, skill-based arena RPG, Champions Ascension, and the shooting game My Pet Hooligan, which combines GTA and Pixar. Season 4 will introduce group task functionality, where teams of 5 will need to work together and lead to complete 25 tasks, allowing members to invite friends to participate in tasks and earn rewards as a group. YGG will also add meta-tasks, allowing community members to propose task ideas for the community to complete. The GAP committee and YGG core members will oversee and review the proposed task proposals from the community. Additionally, Season 4 will host more GAP committee meetings on YGG Discord.
The governance page shows that the Aave community has passed the on-chain vote for "prohibiting additional CRV collateral borrowing" with a 100% support rate and it was executed yesterday. The proposal was put forward by DeFi risk manager Gauntlet, stating that "due to the recent decrease in CRV liquidity, it is recommended to set the CRV LTV of Aave V2 on Ethereum to 0 to prevent additional borrowing of existing CRV collateral".
CoinGecko has added a new section called "Alleged SEC Securities", which includes 24 cryptocurrencies that have been identified by the US Securities and Exchange Commission (SEC) as securities, such as BNB, ADA, SOL, TRX, MATIC, BUSD, ATOM, FIL, and NEAR.
PancakeSwap announced a partnership with blockchain technology company bloXroute Labs to provide front-running protection for traders. Private RPC (Remote Procedure Call) can hide transactions in the mempool, protecting them from bots and MEV searchers.
zkSync's DEX ZigZag announced support for the privacy-focused ZK-Rollup DEX Invisible, which has launched on the testnet. Invisible is an order book trading platform that allows users to privately trade funds. Users can access the testnet without Goerli ETH by simply signing a message. Users can apply for ETH, USDC, and BTC testing on the "Deposit/Withdrawal" page without confirming wallet transactions. As previously reported by BlockBeats, on July 25th, ZigZag founder Crypto Gecko stated that the new project Invisible plans to be released as an independent project, hoping to raise $500,000 at a valuation of $10 million, with a minimum investment of $10,000 to pay for audits, ZK proof providers, and initial operating costs. Later, all fees collected by the project will belong to token holders, and a significant portion of the tokens (at least 20%) will eventually be released to ZZ holders.
BlockBeats News, according to the MakerDAO governance page, on August 5th Beijing time, the MakerDAO community voted in favor of the "Enhanced DSA Activation, Spark Protocol Debt Ceiling Increase, RWA Treasury Update, Q2 2023 AVC Member Compensation, Monetails Clydesdale DAO Resolution, Project Funding Launch, Spark Proxy Spell Execution" execution proposal. The proposal was executed on August 7th Beijing time. In addition to raising the DAI deposit rate to 8%, other protocol changes include: increasing the maximum debt ceiling of the Spark Protocol direct deposit module from 20 million DAI to 200 million DAI; lowering the RWA004-A debt ceiling from 7 million DAI to 0 DAI, and implementing updates to the RWA002-A protocol; allocating 134.1 MKR to AVC members; updating the DAI interest rate strategy of the Spark Protocol, and reducing the DAI market loan-to-value ratio (LTV) from 74% to 0.01%, lowering the DAI liquidation threshold from 76% to 0.01%, reducing the WETH market reserve ratio from 15% to 5%, and reducing the variableRateSlope1 of WETH from 3.8% to 3%.
Haru Invest CEO: Will initiate inquiries into the resumption program case this month
Haru Invest CEO Hugo Lee wrote to Haru Invest members stating that "certain members have applied to the court for an order to initiate a restoration procedure, and the court has issued a preservation and comprehensive injunction order against Haru Invest Korea Co., Ltd. Haru Invest will inquire about the above restoration procedure case this month and submit opinions to the court regarding the restoration procedure. Currently, Haru Invest is using civil and criminal legal means to recover assets from B&S Holdings, but it is expected to take some time to recover the assets, so a plan to seize and distribute other assets first will be summarized and submitted to the court."
Andrew Kang: Curve may launch foreign exchange market
BlockBeats News, Andrew Kang, co-founder and partner of Mechanism Capital, a cryptocurrency venture capital firm, recently shared a chat record with Michael Egorove, founder of Curve, on his social media platform. In the chat, Egorove stated that he had simulated some interbank data and developed plans to launch a foreign exchange trading market on Curve. Egorove believes that the market can use Curve's low fees to achieve on-chain arbitrage in foreign exchange trading.
The on-chain data shows that Curve has sent a message to the attacker's address, stating that "the deadline for voluntarily returning the funds from the Curve vulnerability attack has ended at 16:00. Curve is now expanding the scope of the reward to the public and offering 10% of the remaining attacked funds (currently $1.85 million) to anyone who can identify the attacker and lead to a conviction in court. If the attacker chooses to fully return the funds, Curve will no longer pursue the matter."
Data
Bitcoin Volatility Index fell to 37.08 yesterday, hitting a new historical low.
The BitVol (Bitcoin Volatility) index, launched by financial index company T3 Index in collaboration with Bitcoin options trading platform LedgerX, fell to 37.08 yesterday, a decrease of 0.96% compared to August 5th, setting a new historical low. BlockBeats Note: The BitVol index measures the 30-day expected implied volatility derived from tradable Bitcoin options prices. Implied volatility refers to the volatility implied by the actual option price. It is calculated using the B-S option pricing formula, which takes the actual option price and other parameters except for the volatility σ into the formula to derive the volatility. The actual price of the option is formed by the competition of many option traders, so the implied volatility represents the market participants' views and expectations of the future market, and is therefore considered the closest to the true volatility at that time.
According to the latest weekly report from CoinShares, digital asset investment products saw a net outflow of $107.4 million last week, with Bitcoin investment products seeing a net outflow of $111.4 million and Ethereum investment products seeing a net outflow of $5.9 million. The outflow of funds was mainly concentrated in two ETP providers in Germany and Canada, which saw outflows of $71 million and $29 million respectively. In addition, Solana investment products saw a net inflow of $9.5 million in a single week, setting a new weekly net inflow record since March 2022.
DODO short-term surge over 13%, now priced at $0.1144
Due to the launch of the U perpetual contract, DODO surged more than 13% in the short term, reaching a high of 0.1168 before falling back. It is currently priced at 0.1144 US dollars, with a 24-hour increase of 18.80%.
0x8f64 starting address transferred 13,400 ETH to Coinbase.
According to The Data Nerd's monitoring, an address starting with 0x8f64 transferred 13,400 ETH (approximately $25 million) to Coinbase today, and the address still holds about 7,000 ETH. On-chain information shows that most of the ETH held by this address was transferred between 2016 and 2017.
Ethereum Layer2 TVL reported at $10.62 billion, with a 0.21% decrease in the past 7 days.
According to L2BEAT data, the total value locked (TVL) in Ethereum Layer2 is currently reported at $10.62 billion, with a 7-day decrease of 0.21%. The top five locked assets are Arbitrum One ($5.94 billion, 7-day decrease of 0.50%), OP Mainnet ($2.99 billion, 7-day decrease of 2.88%), zkSync Era ($446 million, 7-day decrease of 1.90%), dYdX ($336 million, 7-day decrease of 0.84%), and Base ($118 million, 7-day increase of 82.60%).Web3 astrology application Sparkle recently released its Genesis NFT, the first batch of which was free to mint. The Genesis NFTs use the 6551 protocol, with a limited quantity of 500 and a total transaction volume of 41 ETH. Each NFT has unique magical attributes and planetary energy, which can unlock different rights and abilities in future applications. Sparkle associates NFTs with real-world constellations. Real-world constellations determine the utility of NFTs, creating a new exploration that connects the real world with the virtual world. Previously, Sparkle completed a seed round of financing led by Folius and was selected for the sixth phase of the Binance Accelerator.
Pai Dun: nd4.eth transferred 2500 ETH to a black hole address for destruction 12 days ago
According to data monitored by Paidun, the holder of the nd4.eth domain address transferred 2500 ETH (approximately $4.58 million) to a black hole address for destruction on July 26th.Pai Dun: Curve vulnerability theft incident has currently returned $52.3 million, accounting for 73%According to PeckShieldAlert monitoring, approximately $73.5 million worth of cryptocurrency on Ethereum was stolen in the Curve Reentrancy vulnerability. So far, about 73% (approximately $52.3 million) has been returned. The remaining value of approximately $19.7 million in cryptocurrency on Ethereum has not been returned by the first Curve CRV-ETH vulnerability exploiter (0xb752...b324). The details of the returned funds are as follows: AlchemixFi returned all: $22 million (including 7,258 ETH + 4,821 alETH) Jpegd Frontrunner returned 90%: $11.5 million (equivalent to 5,495.4 WETH) Metronome ($1.6 million) + CRV pool ($5.3 million) returned by c0ffeebabe.eth: $7 million Alchemix (white hat action): $13 million.
According to Lookonchain's monitoring, the price of YGG has risen nearly 250% in the past 7 days. Wintermute Trading wallet has deposited a total of 11.1 million YGG (approximately 6.7 million US dollars) to the trading platform in the past 4 days and currently holds 2.5 million YGG (approximately 1.5 million US dollars).
Youbi Capital, Sfermion transferred a total of 2.2 million YGG to Binance
According to Lookonchain monitoring, Youbi Capital deposited 1 million YGG (approximately $613,000) to Binance 9 hours ago, and currently holds 11.6 million YGG (approximately $7.11 million). NFT investment company Sfermion transferred 1.2 million YGG (approximately $735,000) from FalconX to Binance.
MakerDAO's lending protocol Spark Protocol raises DAI deposit interest rate to 8%According to the Spark Protocol page of MakerDAO's lending protocol, the DAI savings rate (DSR) has been increased to 8%.
A certain whale deposits 14.32 million DAI into MakerDAO to earn profits.
According to Yu Jin's monitoring, a certain whale sold 5,640 ETH on the chain yesterday in exchange for 10.32 million DAI (average selling price of $1,830), and pledged 5,400 wstETH to borrow 4 million DAI. Then, the 14.32 million DAI was deposited into MakerDAO to earn the current 8% APY. MakerDAO previously raised the deposit interest rate of DAI to 8%. As of the time of writing, the current DAI pool TVL has exceeded $400 million.Worldcoin: Within a week of launching the beta version, World ID registrations doubled
Worldcoin announced on its official website that within a week of launching the beta version, the global World ID verification volume has more than doubled. The World ID verification rate has doubled in 2023, with the number of World ID registrations increasing from 1 million to 2 million from January to July. Last week, the weekly registration volume of World ID doubled. In addition, within 7 days of the release of World App, the number of active users per week has tripled, and the number of accounts created per week has increased by more than 10 times.
派盾：7 月价值约 173 万美元 NFT 被盗，环比下降 31%
Translation: According to Paidu Shield's monitoring, in July 2023, NFTs worth approximately $1.73 million were stolen, a decrease of 31% compared to the previous period. Within 165 minutes, half of the stolen NFTs were sold on major markets. The proportion of stolen NFTs initially sold on Blur was 67.3%, followed by OpenSea at 19.63%.Glassnode analyst: Bitcoin's realized volatility has dropped to a historic low
Glassnode analyst @_Checkɱate stated on social media that Bitcoin's realized volatility has dropped to historic lows, proving that the current period is the calmest period in the market since March 2020. In addition, historically, such low volatility is consistent with the accumulation phase after a bear market.
Token Unlocks data shows that the tokens of 5 projects will be unlocked at once this week, among which APT and IMX will see large unlocks. Specifically, at 8:00 on August 7th, Nym will unlock 45.63 million NYM (about $8.68 million), accounting for 9.52% of the circulating supply; at 8:00 on August 7th, Hashflow will unlock 3.23 million HFT (about $1.15 million), accounting for 1.84% of the circulating supply; at 8:00 on August 9th, Moonbeam will unlock 3.04 million GLMR (about $0.7 million), accounting for 0.44% of the circulating supply; at 8:00 on August 12th, Aptos will unlock 4.54 million APT (about $30.58 million), accounting for 2.07% of the circulating supply; at 18:00 on August 12th, ImmutableX will unlock 18.08 million IMX (about $13.51 million), accounting for 1.67% of the circulating supply.
OPNX: Last week's average daily trading volume reached $80 million, a new historical high.
The encryption claims and trading platform Open Exchange (OPNX) stated on its social platform that the average daily trading volume on OPNX reached $80 million last week, setting a new historical high. The total trading volume last week was $561 million. In addition, 69% of the total OX tokens were pledged, and the OX token reached a historical high of $0.075 last week, with a trading volume of $2.5 million and a current market value of $229 million. Furthermore, 34.3 million FLEX tokens have been converted to OX tokens, and 25% of the conversion bonus has been used up.
Funding
Web3 community management tool Rep3 announced that it has completed pre-seed financing, and the specific financing amount has not yet been disclosed. Better Capital and Lightspeed India led the investment, with participation from Balaji Srinivasan, former CTO of Coinbase, Akshay BD and Tanmay Bhat of Superteam, Ryan Sean Adams, Ren Roy, Sandeep Nailwal and Jaynti Kanani, founders of Polygon, Aniket Jindal, founder of Biconomy, Rohit Goyal, founder of JediSwap, and Supriyo, founder of Artium. Rep3 helps manage the community, members, and their contributions through gamification tools, providing dynamic and upgradable NFTs to represent their member identity in the community and establish on-chain reputation, thereby obtaining benefits such as low-cost staking and fair voting.
永续合约 DEX 协议 D8X 完成 150 万美元 pre-seed 轮融资，Polygon Ventures 领投 Translation:
According to DL News, Polygon's perpetual contract DEX protocol D8X has completed a $1.5 million pre-seed round of financing, with Polygon Ventures leading the investment and participation from Axelar Network, Swissborg Ventures, Cogitent Ventures, Veris Ventures, G1 Ventures, Pragma Ventures, and CryptoDiscover. D8X is an institutional-grade perpetual contract DEX protocol on Polygon's zkEVM, aimed at bringing DeFi to institutional investors. Currently, D8X is live on the Polygon testnet, with USDC or MATIC as collateral assets and offering market and limit orders, with AMM as the counterparty in each transaction.
Regulation
Kenyan police raided Worldcoin's local office last Saturday.
According to local media reports in Kenya, the Kenyan police raided the office of Worldcoin in the country last Saturday and confiscated machines that the police believed were collecting user data. The police took these data to the headquarters of the Criminal Investigation Department for analysis. It is reported that this raid was carried out under the supervision of Immaculate Kassait, the Kenyan Data Protection Commissioner. Immaculate Kassait stated that the parent company of Worldcoin, Tools for Humanity, did not disclose its true intentions when registering.
Singapore to provide $150 million fund for Web3 and other technologies
The Monetary Authority of Singapore (MAS) stated in a declaration that under the new Financial Sector Technology and Innovation (FSTI) plan 3.0, it will invest $150 million in Web3 startups and other technologies over the next three years. "MAS recognizes the importance of collaborating with the industry to support innovative fintech solutions arising from emerging technologies such as Web 3.0, and will call for the use of innovative technologies in industry use cases. Grant funding will be provided to support actual experimentation and commercialization." This is the first time the official entity has invested in cryptocurrency innovation. Ravi Menon, Managing Director of MAS, said, "We look forward to continuing to work with the industry to advance targeted financial innovation."
Court: Lending Bitcoin and not returning it requires self-riskAccording to the news report by Litchi News, Xu lent 341 bitcoins to Lin in Jiangsu and sued him to court for not returning the bitcoins. After the trial, the court held that bitcoin is a specific virtual commodity and does not have the same legal status as currency. It does not have the monetary attributes of legal compensation and enforceability, and cannot and should not be used as currency in circulation in the market. The judge stated that the transaction behavior of borrowing bitcoins between the two parties in this case is currently not protected by law. In addition, bitcoin does not have the attribute of a physical object and does not have a realistic returnability or the ability to be quantified using legal currency in this case. The court ultimately rejected the lawsuit.
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