This week in review | PayPal to launch USD stablecoin; nd4.eth "burns" money, destroying tokens worth over $8 million.
BlockBeats will compile industry news highlights for the week of 8.7-8.13 in this article, and recommend in-depth articles to help readers better understand the market and industry trends.
Weekly News Recap
PayPal to launch USD stablecoin PYUSD
On August 7th, according to an official announcement, PayPal will launch a USD stablecoin called PayPal USD (PYUSD) for transfers and payments. The stablecoin is issued by Paxos and backed by the US dollar, short-term government bonds, and cash equivalents. It will gradually be made available to PayPal customers in the US. Qualified US PayPal users who purchase PYUSD will be able to:
Transfer PYUSD between PayPal and compatible external wallets;
Use PYUSD to send peer-to-peer payments;
Choose to use PYUSD when checking out;
Exchange any cryptocurrency supported by PayPal with PYUSD.
Related reading: "PayPal launches stablecoin, bringing compliant access to cryptocurrency for 430 million people"
Base Mainnet Officially Open to the Public
On August 10th, the Base Mainnet has officially opened to the public, with over 100 Dapps and service providers as part of the Base ecosystem. Jesse Pollak, the head of the Base protocol, stated that compared to Ethereum, users can explore these Dapps and benefit from lower transaction fees and faster transaction speeds.
Sei Mainnet will include SEI airdrop and incentive testnet rewards
On August 11th, the Sei Foundation officially announced that the mainnet will include SEI airdrop and incentive testnet rewards. The first token distribution aims to identify loyalty and strengthen Sei's global impact as the best destination for building Web3 applications on the Sei blockchain. The mission of the Sei Foundation is to support the decentralization of the Sei blockchain from the very beginning.
Decentralized social platform friend.tech triggers FOMO, with total market trading volume approaching $4 million
On August 11th, according to data from Dune Analytics, the decentralized social platform friend.tech has completed over 46,000 transactions, with a total trading volume of 2142 ETH (approximately $4 million). As a decentralized social platform, friend.tech allows users to purchase shares of any user on the platform through Ethereum on the Base chain, which is strongly linked to Twitter (now renamed X), giving them the right to directly communicate with that user and the possibility of making a profit.
Related reading: "New product review | Using friend.tech to promote Twitter KOL, creator tokens are hot again".
Stephen Chow announces entry into Web3+AI and interacts with OKX
On August 7th, well-known director Stephen Chow announced on INS that he is grateful to have found a group of like-minded Web3 partners and is currently researching Web3+AI projects, hoping to create an AI to replace himself. The end of the INS post mentions @OKX, and the picture also shows an online meeting with OKX, implying that the two parties will engage in deep cooperation.
nd4.eth is burning money like crazy, with a total value exceeding $8 million
The address of the nd4.eth domain name holder transferred 2500 ETH (approximately $4.58 million) to a black hole address for destruction on July 26th.
On August 9th, according to on-chain information, after transferring 2500 ETH to a black hole address for destruction, nd4.eth once again transferred their BAYC, MAYC, and BAKC series NFTs to a black hole address for destruction. On August 10th, according to on-chain data, nd4.eth transferred CryptoPunk #5237 to a black hole address for destruction. nd4.eth then transferred 36,188 GMX and 311,003 GNS to the black hole for destruction. As of now, the total value of tokens and NFTs destroyed by this address has exceeded 8.2 million US dollars.Related reading: "The Mystery Identity and Motivation Behind nd4.eth's Burning Behavior"
MakerDAO's lending protocol Spark Protocol raises DAI deposit interest rate to 8%
On August 7th, according to the Spark Protocol page of MakerDAO's lending protocol, the DAI deposit interest rate (DSR) has been raised to 8%. Related reading: "How to participate in the investment opportunity of DAI stablecoin's 8% annual interest rate?" "Merging Dai and Mkr users: After the DAI deposit interest rate rises to 8%, MakerDAO's brand is reshaped."
Binance Labs Invests $10 Million in Helio Protocol
On August 11th, Helio Protocol, a stablecoin project in the BSC ecosystem, received a $10 million investment from Binance Labs to help the protocol continue its transformation into a liquidity staking platform. The new funds will also help the platform expand to other networks, including Ethereum, Arbitrum, and zkSync.
Binance Labs announces $5 million investment to purchase CRV and support Curve deployment on BNB Chain
On August 10th, according to official sources, Binance's venture capital and incubation department, Binance Labs, has invested $5 million in Curve DAO Token (CRV). As part of the partnership, Curve will explore deployment on BNB Chain.
DeBank announces regular sharing of active Web3 user data snapshots to help combat false on-chain data
On August 11th, in order to address the problem of a large amount of false on-chain user data damaging Web3 marketing activities and stealing airdrop tokens, the all-in-one DeFi wallet DeBank announced that it will regularly share its basic dataset, which is a snapshot of key data of active Web3 users. The dataset has included over 2 million addresses since its first release. The dataset includes users who meet any of the following requirements:
• Net assets > $1000
• Web3 ID has been minted.• The address has followers on DeBank, with a total follower value (TVF) > 0.
Worldcoin allows unverified users to reserve WLD tokens, which can be exchanged after verification within one year
On August 11th, Worldcoin announced the launch of a reservation feature, which allows users to immediately reserve WLD tokens even if they have not yet verified their World ID. The tokens can be exchanged by accessing Orb within the next 12 months.
This Week's Popular Articles
Interview with Linea: The Core Competitiveness of "Web3 Giants" Valued at $7 Billion
PayPal launches stablecoin, bringing compliant access to crypto for 430 million people
On the evening of August 7th Beijing time, payment company PayPal announced that it will launch a stablecoin called PayPal USD (PYUSD). The stablecoin is issued by Paxos Trust (the former issuer of BUSD), fully supported by deposits in US dollars, short-term government bonds, and similar cash equivalents, and will gradually be made available to PayPal customers in the United States. The launch of PayPal's stablecoin will play an important historical role in the process of cryptocurrencies entering traditional finance and the real economy. It not only means that 430 million PayPal users will have a more stable and convenient entry point into the world of cryptocurrencies, but will also further promote the gradually loosening cryptocurrency policies.
PayPal: Why We Are Launching the USD Stablecoin PYUSD
On August 7th, PayPal launched a USD stablecoin called PayPal USD (PYUSD) for transfers and payments. Eligible US PayPal customers who purchase PYUSD will be able to transfer it between PayPal and compatible external wallets, use it for peer-to-peer payments, select it at checkout, and convert PayPal-supported cryptocurrencies to PYUSD. As PayPal President and CEO Dan Schulman stated, "The transition to digital currencies requires a stable tool that is both native to digital and easy to connect with fiat currencies such as the US dollar."
PayPal enters the game, Dai brand restructuring, stablecoin race welcomes second war? 除了等 PayPal 的稳定币支付，这 5 款加密支付产品你现在就能用 In addition to traditional financial systems moving towards digital currencies, native cryptocurrency projects are also striving to enter the real world and actively seeking their true users. These include "cryptocurrency debit cards that can be used to buy coffee," "peer-to-peer self-managed payment systems," "native cryptocurrency wallets," and "cross-border withdrawal services for enterprise users." New product review | Using friend.tech to promote Twitter KOL, creator tokens are hot again Recently, the "anti-fraud propaganda film" "All In" set in northern Myanmar was released, which also brought attention to the cryptocurrency mentioned in the film, KTAI coin, and focused people's attention on the connection between Crypto and the black industry. This is not a new thing. "USDT money laundering" became a key target of the police crackdown many years ago. This article takes you into the secret corner of USDT. Cryptocurrencies such as USDT are becoming a "green channel" for collecting drug money... How to participate in the investment opportunity of 8% annualized interest rate for DAI stablecoin? This article will elaborate on the source of the 8% annualized interest rate and what DSR and EDSR are. As MakerDAO does not have an official deposit page, we will also introduce 4 locations and steps to implement $DAI deposits. First, let's do a concept introduction: MakerDAO's DSR, which stands for Dai Savings Rate, can be simply understood as the deposit interest rate of stablecoin $DAI. By depositing $DAI into the deposit contract, you can automatically earn interest, which is equivalent to a current deposit in the real world. The 8% interest rate proposed this time is strictly speaking a new mechanism called EDSR, which stands for Enhanced Dai Savings Rate and is an enhanced version of the current interest rate model. nd4.eth Burning Behavior: Speculation on Its Mysterious Identity and Motivation The mysterious nd4.eth address can be said to have pioneered on-chain performance art. On July 26th, it burned 2500 ETH, and on August 10th, it burned a total of nearly $5 million worth of 1BAYC, 1MAYC, and 1BAKC. This stunning burning art not only triggered a begging show on the entire chain, with nearly 300 on-chain addresses begging for it within two days, but also more than a dozen fraudsters impersonated the nd4.eth ID, using Twitter airdrops, on-chain coin issuance, and liquidity injection to deceive users to participate. So, what other related addresses does nd4.eth have? How much assets are involved and may still be burned? And what is the true identity behind nd4.eth? Is it really just as simple as being betrayed by a girlfriend as rumored on the internet? New project review, 10 projects worth paying attention to recently The author has selected 10 innovative projects worth paying attention to, including DEX, Game, on-chain tools, etc. In addition to DeFi innovative projects, there are also two insurance projects worth noting: a BTC-supported life insurance project and a platform that provides insurance for non-collateralized assets. Merge Dai and Mkr users: After Dai deposit interest rate increased to 8%, MakerDAO's brand reshaping On August 5th, the MakerDAO community voted in favor of the execution proposal for "Enhanced DSA Activation, Spark Protocol Debt Ceiling Increase, RWA Treasury Update, Q2 2023 AVC Member Compensation, Monetails Clydesdale DAO Resolution, Project Funding Launch, and Spark Proxy Spell Execution." This article was written by MakerDAO co-founder Rune on Twitter on August 7th, where he introduced the upgrade of DAI and MKR to a unified brand, temporarily named NewStable (NST) and NewGovToken (NGT), as well as all the key elements of the Maker Endgame. New POW Project Overview: Dynex, Microvision Chain, Neurai After Ethereum switched to the POS mode, most of the public chains that attracted market attention are also in the POS mode. However, the POW mode is still developing. Typical representatives such as KAS have proposed a new POW blockchain mode. Due to the continuous rise of KAS, new POW projects have gradually attracted the attention of funds and communities. This article introduces several POW projects with decent recent market performance. Welcome to join the official community of BlockBeats by Lu Dong Telegram subscription group: https://t.me/theblockbeats Telegram communication group: https://t.me/theblockbeatsApp Twitter official account: https://twitter.com/BlockBeatsAsia Welcome to join the official BlockBeats community: Telegram Subscription Group: https://t.me/theblockbeats Telegram Discussion Group: https://t.me/BlockBeats_App Official Twitter Account: https://twitter.com/BlockBeatsAsia
Except for waiting for PayPal's stablecoin payment, you can use these 5 cryptocurrency payment products now.
In short, friend.tech is a decentralized social platform that allows users to purchase shares of other users on friend.tech through the Ethereum blockchain on the Base chain, which is strongly linked to Twitter (now renamed X). This gives users the right to directly communicate with the purchased user and also provides the potential for profit.
