Web3 Daily | PayPal issues stablecoin PYUSD; Uniswap deployed on Coinbase L2 network Base.
Top News:
1. Data: DWF Labs transferred 1 million DODO to Binance when the market was rising, and still holds 5 million DODO.
2. The contract address of PayPal USD (PYUSD) token has been announced, with a current circulation of 26.9 million.
3. Argent: Some Argent X users need to upgrade their accounts before August 21st, otherwise their assets will be lost;
4. Uniswap has been deployed to Coinbase L2 network Base;
5. Lazarus Group stole $37 million from CoinsPaid through social engineering attacks.
Project Updates
Frax Finance founder proposes introducing FinresPBC as the off-chain RWA partner for FRAX v3
The founder of Frax Finance, Sam Kazemian, recently proposed in the community to "use FinresPBC as the off-chain RWA partner for FRAX v3". The proposal aims to provide a way for the Frax protocol to hold cash deposits and other low-risk cash equivalents to execute its FRAX v3 RWA asset strategy. FinresPBC is a non-profit company registered in Delaware and will be responsible for this task. Its mission is to bring traditional financial assets to the public and provide Frax protocol with secure cash equivalents and returns close to the federal reserve rate, without seeking profit from this relationship.
Binance will support the BNB Smart Chain (BEP20) network upgrade and hard fork.
Binance announced that it will support the BNB Smart Chain (BEP20) network upgrade and hard fork, which is expected to take place at block height 30,720,096 (approximately 10:00 on August 10, 2023). Binance will temporarily suspend BNB Smart Chain (BEP20) deposits and withdrawals around 9:45 on August 10, 2023. Token trading on the BNB Smart Chain will not be affected during the network upgrade and hard fork.
Axie Infinity launches Mavis Hub: Greenlight program, encouraging players to vote for game listing
Axie Infinity has announced the launch of the "Mavis Hub: Greenlight" program, which will increase the number of Axie Builder's Program games on Mavis Hub by allowing the community to vote for their favorite games to be added to the platform.
三箭资本联创 Kyle Davies: If there is still 10 billion, the top priority is to buy FTX and restart
Co-founder of Three Arrows Capital, Kyle Davies, stated on social media: "If there is still 10 billion, the top priority is to purchase FTX and restart it. The strategy is clear, with slight adjustments: close Alameda and operate the investment department more like 3AC, significantly reducing the budget for Anfei Tameng. Other than that, it is still the best user-centric product in its class. Start over and move forward at full speed."
Huobi announced the upcoming launch of PayPal stablecoin PYUSD.
Huobi announced that it will become the first trading platform in the industry to support the listing of PYUSD stablecoin, and will provide permanent zero transaction fees for the PYUSD/USDT trading pair. Once it enters the market circulation and liquidity conditions are mature, Huobi will open trading as soon as possible.CSGO Chain Game MATR1X FIRE Open Alpha Test Game Download, FIRE Token Airdrop at 18:00 Today
CSGO blockchain game MATR1X FIRE has released its Alpha version for download. The official launch will take place at 18:00 today, and users participating in the test will receive millions of FIRE tokens and MAX tokens through airdrops.
HSBC Hong Kong responds to difficulties in opening accounts for cryptocurrency companies: obtaining a license and passing the review process allows for account opening at the bankAccording to a report by Hong Kong Economic Times, HSBC Hong Kong CEO Diana Cesar responded to the "difficulty faced by technology companies in opening bank accounts" when the SAR government hopes to expand the virtual asset industry and build a good ecosystem in Hong Kong. She did not rule out the possibility of misunderstandings between operators and banks in communication, and the Hong Kong Monetary Authority and the Securities and Futures Commission have established a clear framework. If certain conditions are met, a license can be obtained, and through HSBC's Know Your Customer (KYC) and Anti-Money Laundering (AML) checks, accounts can be opened in the bank. "As for complaints in the market, they should all be directed to the operators to see if they comply with the regulatory framework."
South Korean encryption financial company Delio announced that its network hosting service will be interrupted after August 11. If the service is interrupted, all customer services and the company's operational management system of Delio will not be available. Delio stated that according to the preservation decision of the bankruptcy court, the use of various fees must be approved by the court in advance, and has applied to the bankruptcy court for permission to pay for the network hosting, labor costs, and other necessary expenses required for the company's operation, but has not yet been approved. The network hosting company has notified Delio that if the service fee is not paid by the due date, the service will be suspended on August 11.
Circle co-founder and CEO: OKX AA wallet has excellent experience in paying Gas with USDC
Circle co-founder and CEO Jeremy Allaire retweeted on Twitter that the OKX AA wallet now supports USDC payment gas, and its excellent user experience makes Web3 usage easier. It is expected that by the end of 2023, this will become a common pattern in Web3 wallet applications.
Bitget CEO Gracy Chen stated that recently YGG led the GameFi sector, but the heat of the track was short-lived. YGG, as a gaming guild concept, is most closely associated with the projects Merit Circle and Guild Fi, but these two projects have shown weak performance and a significant drop in price. In addition, platform-type leading tokens such as GALA, MAGIC, and IMX have not seen significant inflows of funds, indicating that this GameFi trend has not truly recovered.
The smart contract wallet Argent announced that all wallets on Starknet need to be updated to support the latest version due to the network upgrade. Some Argent X users need to upgrade their accounts before August 21st, otherwise their assets will be lost. If the "Update Required" message pops up when users open Argent X, they need to upgrade as soon as possible. 95% of Argent X accounts are already on the latest version, so if the "Update Required" message does not appear when opening Argent X, no action is needed.
According to the Snapshot page, the Mantle Network's MIP-25 proposal for Ethereum Layer2 network treasury governance has been voted and passed, which will implement a maximum of 200,000 ETH staking strategy, with a separate limit of 40,000 ETH for Lido staking strategy, and establish the Mantle Economic Committee as a subordinate governance body for decision-making.
According to Bloomberg, Jean-Baptiste Graftieaux, the global CEO of cryptocurrency trading platform Bitstamp, has stated that they are in talks to raise new funds for expansion. A Bitstamp spokesperson said that the platform had started the fundraising process at the end of June, with Galaxy Digital Holdings acting as an advisor. Bitstamp plans to use the funds for operations, including launching derivative trading in Europe early next year and expanding its business in the Asian and UK markets.
Uniswap has been deployed to Coinbase L2 network Base
The decentralized trading platform Uniswap has announced that it has been deployed to the Coinbase Layer2 network Base, allowing users to directly add liquidity or exchange tokens on the Base network through Uniswap.
Risk Event
According to CoinDesk, there are currently over 66 fake PYUSD tokens circulating on networks such as Ethereum, BNB Chain, and Base, with most of them being on Ethereum. Scammers are attempting to use PayPal's stablecoin, PayPal USD (PYUSD), to commit fraud by issuing fake tokens on various networks. Users are advised to be vigilant, trade cautiously, and avoid losses.
Solana ecosystem DEX Cypher suffers hacker attack, losing about $1 million in encrypted assets
The decentralized trading platform Cypher on the Solana ecosystem has been hacked, resulting in a loss of approximately $1 million worth of encrypted assets. Currently, the protocol's contract has been frozen and developers are attempting to contact the hacker to negotiate the return of the funds.
Beosin: DeFi protocol Steadefi attacked, losing about $1.14 million
According to Beosin EagleEye, a blockchain security audit company, the DeFi protocol Steadefi was attacked and approximately $1.14 million was stolen. The attacker took control of the wallet of the protocol deployer and transferred ownership of all the vaults to their own wallet. Currently, the attacker has exhausted all borrowable funds on Arbitrum and Avalanche and has exchanged the assets into ETH through cross-chain bridges to transfer to the Ethereum mainnet. Steadefi is currently negotiating with the attacker and plans to offer a 10% reward.
Lazarus Group stole $37 million from CoinsPaid through social engineering attacks
According to DL News, the hacker group Lazarus Group stole $37 million from CoinsPaid, a cryptocurrency payment provider based in Estonia, through a six-month social engineering attack. CoinsPaid stated that in March of this year, its engineers received a list of technical infrastructure issues from a so-called "Ukrainian cryptocurrency processing startup." In June and July, the engineers received false job invitations. When the employee downloaded the malware, the hackers were able to access CoinsPaid's system and successfully forged authorization requests using software vulnerabilities to extract funds from CoinsPaid's hot wallet.数据
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Binance sold a large amount of USDC for BTC and ETH after the SVB incident.
According to a report by Cointelegraph, Binance's Proof of Reserves (PoR) shows that Binance's USDC balance decreased from $3.4 billion on March 1st to $23.9 million on May 1st. On-chain analyst Aleksandar Djakovic pointed out that after the collapse of Silvergate and Signature banks, Binance purchased approximately 100,000 BTC and 550,000 ETH between March 12th and May 1st, totaling about $3.5 billion, which is the same as their USDC surplus amount.MAV surged above $0.33, up more than 11% in 24 hours.
The market data shows that MAV has risen and broken through 0.33 US dollars, with a current price of 0.3302 US dollars, up more than 11% in the past 24 hours.
Data: 7.94 million MAV were withdrawn from Binance through 3 new addresses simultaneously 1 hour ago
According to on-chain analyst Yu Jin's monitoring, 79.4 million MAV tokens (approximately $2.27 million) were withdrawn from Binance through three newly created addresses one hour ago. • 3 million MAV tokens were transferred to 0x207; • 2.94 million MAV tokens were transferred to 0x622; • 2 million MAV tokens were transferred to 0x535.DODO today rose to $0.1784, up more than 50% in 24 hours.
Market data shows that DODO once rose to $0.1784 and is now trading at $0.1573, up more than 50% in the past 24 hours. As previously reported by BlockBeats, Binance will launch DODO 1-20x U perpetual contract on August 8th at 20:00.
Reddit community tokens Moons and Bricks saw a surge in price after being listed on Kraken.
According to CoinGecko data, the community tokens MOON from r/CryptoCurrency subreddit and BRICK from r/Fortnite subreddit have increased by 42.1% and 83.4% respectively in the past 24 hours. Earlier, cryptocurrency exchange Kraken announced yesterday that it has listed Reddit community tokens Bricks (BRICK) and Moons (MOON), and opened deposits and withdrawals on the Arbitrum Nova network.Circle CEO: It is expected that the adoption rate of USDC outside the United States will reach 70%
Circle co-founder and CEO Jeremy Allaire wrote that despite the hype surrounding the United States, we estimate that the adoption rate of the stablecoin USDC outside the United States has reached 70%, with some of the fastest growth occurring in emerging and developing markets. Significant progress has been made in regions such as Asia, Latin America, and Africa. There is a strong demand for a secure and transparent digital dollar. In addition, Jeremy congratulated PayPal and Paxos on launching the USD stablecoin PYUSD. "It's exciting to see such important internet and payment companies enter the stablecoin field." Through the Payment Stablecoin Act, this can create a free and competitive market for institutions issuing USD stablecoins.
Bitcoin volatility index rose to 38.98 yesterday, with a daily increase of 5.12%.
The BitVol (Bitcoin Volatility) index launched by financial index company T3 Index in conjunction with Bitcoin options trading platform LedgerX rose to 38.98 yesterday, up 5.12% from August 6. 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 the volatility derived by using the B-S option pricing formula and substituting the actual option price and other parameters except for the volatility σ into the formula. The actual price of an option is formed by the competition of many option traders. Therefore, implied volatility represents the market participants' views and expectations of the future market, and is regarded as the closest to the true volatility at that time.
Data: 200 million USDT transferred from JustLendDAO to unknown address
According to Whale Alert, 200 million USDT was transferred from JustLendDAO to an unknown address 30 minutes ago.Tether CTO: Processed over 325 million USDT redemptions today
Tether's CTO, Paolo Ardoino, posted on social media that "over $325 million USDT redemptions have been processed today. Many customers have completed their redemptions. Due to Tether's banking-grade standards, we require basic information such as the source of funds. As Tether relies on a strong network of banking partners, it is crucial to ensure proper KYC/AML checks before onboarding customers."The South Korean cryptocurrency exchange platform Bithumb will launch the RSS3 project token RSS3, which is based on the Web3 information distribution protocol. Recharge will start at 2 pm Korean time on August 8, 2023, and trading will start at 4 pm on the same day. At the same time, two airdrop activities will be launched. The maximum increase of RSS3 token in 24 hours exceeds 40%, and the current price is 0.1521 US dollars. It is reported that RSS3 is an open internet information distribution protocol, aiming to become a bridge between blockchain technology and AI, search engines, and social media. In March of this year, RSS3 launched the Web3 AI open platform AIOP for developers, and in June, the ChatGPT plugin Web3 User Activity developed by RSS3 was officially launched in the ChatGPT store.
Data: Curve founder has sold CRV through OTC for a total of $57.46 million
Reserve announced last week that it purchased 2.5 million CRV through OTC
The stablecoin developer Reserve announced that it purchased 2.5 million CRV through over-the-counter trading last week, using funds from the previously announced $20 million investment plan.
According to Glassnode data, over 13.3 million BTC have been dormant on the chain for at least a year, worth $388.7 billion. Analysts at the cryptocurrency trading platform Bitfinex say this represents 68.54% of the circulating supply of BTC (19,451,256 BTC), indicating a tendency to hold Bitcoin for long-term gains.
Coin98 has announced that it has received a seven-figure investment from DWF Labs to drive the widespread adoption of Web3.
According to Blockworks, private equity investment management company Commonfund Capital (formerly CF Private Equity) is preparing to launch its first blockchain-specific fund, CF Blockchain Ventures LP. The fund is designated as a private equity fund in the filing submitted to the SEC in early August, rather than a venture capital fund. The fund's filing shows an expected fundraising amount of $100 million, but the disclosed figure may only be related to the initial delivery of the fund, and a company spokesperson declined to comment. CF Private Equity is a wholly-owned subsidiary of Commonfund, an asset management company that also operates outsourced chief investment officer services and designs custom investment portfolios and so-called funds for institutional investors. Commonfund initially managed funds for US non-profit organizations, but later expanded to work with sovereign wealth funds, for-profit pension funds, and family offices.
Regulation
According to the latest consultation response, the Bank of England (BoE) plans to continue its plan for a systemic stablecoin regime. The consultation states that the systemic stablecoin will be jointly regulated by the BoE and the Financial Conduct Authority (FCA). In addition, the UK government recently enshrined the power for the BoE to establish a systemic stablecoin regime in law through the Financial Services and Markets Act 2023.
South Korean prosecutors have accused Bitsonic, a cryptocurrency trading platform, of stealing 10 billion won (approximately $7.6 million) in investment and margin funds, and arrested and prosecuted its CEO on August 7. In addition, the prosecutor's office accused the vice president of technology at Bitsonic of obstructing official duties and transferred him to trial. The investigation found that the CEO of Bitsonic manipulated computers falsely between January 2019 and May 2021 to raise the prices and trading volumes of virtual assets, and concealed the fact that he could not meet the withdrawal requirements of investors due to losses. He transferred 10 billion won in cash and virtual assets by selling cryptocurrency lock-up products to other customers.
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