Daily Legal News: Uniswap Foundation releases proposal to raise $62.37 million in funding; Mixin founder Feng Xiaodong unveils plan for recovering user assets, prioritizing compensation for ERC20 USDT victims.
Selected News:
1. Uniswap Foundation releases proposal to raise $62.37 million in funding and unveils plans for future ecosystem development.
2. Mixin founder Feng Xiaodong announced the user asset recovery plan: the compensation ratios for BTC, ETH, and ERC20 USDT are 90%, 30%, and 10%, respectively. The damaged ERC20 USDT holders will be compensated first.
3. The total amount of ETH staked on the Ethereum beacon chain has exceeded 27 million, with a net inflow of over 7.52 million ETH after the Shanghai upgrade.
4. The US SEC has postponed the resolution date for ARK 21Shares and VanEck's Ethereum ETF applications to December.
5. Ethereum network browser Rated completed a $12.89 million Series A financing, led by Archetype.
Project Updates
HashKey Exchange will launch AVAX for professional investors on September 28th.
According to the official announcement, HashKey Exchange will launch Avalanche (AVAX) for professional investors. Users can now deposit and withdraw AVAX, and the AVAX/USD trading pair will be available for trading at 14:00 on September 28th (Beijing time).Federal Reserve's Kashkari: Predicts interest rates will remain unchanged through 2024
The Federal Reserve's Kashkari said that he predicts interest rates will remain unchanged through 2024. (Jin10)
UniSat Wallet has launched the brc20-swap testnet.
UniSat Wallet has launched the brc20-swap testnet. To participate, users need to switch to the testnet in UniSat Wallet, obtain testnet BTC through the faucet, and transfer it to the taproot address. Afterwards, users can mint BRC-20 tokens on the testnet at unisat.io. Once everything is ready, users can deposit, trade, and add liquidity.
The Aptos Foundation and Aptos ecosystem DeFi protocol Thala Labs have launched a $1 million fund to incentivize the development of DeFi protocols based on Aptos. The fund, called "Thala Foundry," plans to support the launch of over five new DeFi protocols on Aptos and is expected to grow to $5 million after the protocols go live and expand. Thala Foundry will provide up to $250,000 in funding for each project.
Uniswap Foundation proposes to raise $62.37 million and announces future ecosystem development plan
The Uniswap Foundation has announced its latest fundraising and future plans. Last year, the Uniswap governance approved $74 million in funding for the Uniswap Foundation. Today, the Foundation has released a proposal to add a second batch of funding totaling $62.37 million, plus a 10% buffer, as part of the $74 million commitment. The proposal is planned to be voted on-chain on October 4th. This funding will be used to support the Uniswap ecosystem, including developer support, research funding, and more. In addition, the Foundation has announced several future plans, including further development of the Hooks ecosystem, launching the TL;DR Fellowship in October 2023, continuing to support IRL representative events, and building more digital connectivity. The Foundation also plans to achieve larger goals in 2024 and beyond, such as expanding its ecosystem, innovating, and strengthening governance.
Mixin founder Feng Xiaodong has announced the preliminary plan for the recovery of user wallet assets, stating that the situation of the damaged assets has been basically clarified. The main affected currencies are BTC, ETH, and ERC20 USDT, with expected compensation ratios of 90%, 30%, and 10%, respectively. He specifically pointed out that other versions of USDT have not been affected. Feng Xiaodong stated that the official compensation plan announcement will take time, but the guarantee of compensation ratio changes will not exceed 1%. In addition, other currencies have varying degrees of losses, but the team is prepared to use existing funds and borrow money to purchase corresponding assets for 100% compensation. Despite the preliminary estimated loss of $200 million, Feng Xiaodong stated that the Mixin team is currently working to convert the stolen coins into US dollars at the price on the day of the theft to compensate affected users, with priority given to those affected by USDT ERC20.
BlockFi announced that it will stop its iOS and Android mobile applications in the coming weeks as part of its ongoing efforts to optimize its business operations. After the mobile app is discontinued, customers will only be able to access the platform through BlockFi's official website. BlockFi stated that important updates will still be released on the website despite the elimination of the mobile app, and the website URL will remain unchanged. BlockFi reminds users that official communications will only be sent through official email channels, social media, or its designated agent Kroll. BlockFi promises to continue to provide timely updates to users regarding operations.
Fantom Foundation announces the first round of ecosystem funding for 10 winning projects
The Fantom Foundation has announced the list of winning projects for the first round of ecosystem funding, which will allocate 750,000 FTM to projects developed on the Fantom Opera mainnet. Each project will immediately receive 25% of its allocation and receive funding over the next 6 months.
Monad Labs has released its PoS chain technology document, revealing that the token name is "MON".
According to The Block, Monad Labs, an EVM-compatible blockchain project founded by Keone Hon, former research head of Jump Trading, has released a technical document detailing its upcoming proof-of-stake blockchain. The document details that its native token will be called MON, but the token name will be removed from the document shortly thereafter. According to the technical document, Monad's first public testnet will be launched in the coming months.
Kraken plans to enter the US stock and ETF trading market in 2024
According to Bloomberg Law, citing anonymous sources, cryptocurrency exchange platform Kraken plans to launch trading services for US-listed stocks and exchange-traded funds (ETFs) in 2024. This marks the first time that Kraken, which has a 12-year history, has ventured beyond its cryptocurrency business.Data
According to Lookonchain monitoring, a whale address starting with 0x475 deposited 3,527 MKR (approximately $5.27 million) into Binance one hour ago. The address currently holds 10,000 MKR (approximately $14.9 million) and has a total profit of approximately $5.12 million (+34%). BlockBeats previously reported that on September 4th, the whale address starting with 0x475 withdrew a total of 11,231 MKR (worth approximately $11.3 million) from Binance over the past 4 hours, with an average price of approximately $1,125 per MKR.
Regulation
FOX Business reporter Eleanor Terrett stated on her social media platform that Gary Gensler, the chairman of the US SEC, responded to Congressman Al Green's question about "whether we can have a properly regulated digital currency" by saying: "I think the US dollar is quite strong, and we have already used it as a form of digital dollar. Cryptocurrencies are different. They are not currencies. They do not perform the three functions of currency, which are store of value, unit of account, and medium of exchange. Perhaps they will meet these criteria in the future, but frankly, it will not happen in 2023."
Do Kwon applies to reject the US SEC's request for extradition to the United States
According to CoinDesk, Do Kwon, co-founder of Terraform Labs, has requested that the US Federal Court reject the SEC's request to question him about the catastrophic collapse of Terra and Luna. Do Kwon's lawyer opposes extradition to the US and he cannot provide written testimony to the SEC as it would violate his due process rights under US law.
The U.S. Securities and Exchange Commission (SEC) has postponed the decision on ARK 21Shares' Ethereum ETF application until December 26th. "The SEC believes it is appropriate to take action over a longer period of time to consider the proposed rule change and the issues raised therein, in order to allow sufficient time for review." In addition, the decision date for VanEck's Ethereum ETF has been postponed to December 25th.
美 SEC hopes to accelerate the launch of Ethereum ETF futures
Bloomberg's senior ETF analyst, Eric Balchunas, wrote that "the US Securities and Exchange Commission wants to accelerate the launch of Ethereum futures ETF (because they want to free it from their work after the government shutdown), so they asked applicants to update their documents before Friday afternoon (this is not a small task, especially for independent issuers), so they can start trading on Monday and Tuesday."
Funding
The decentralized stablecoin yield protocol Zunami Protocol has completed its angel round of financing, with investors including Cream Finance, individual investors including Curve founder Michael Egorov, Convex members known as C2tP and Winthorpe on Twitter, Hubirb on Twitter, and other Stake DAO contributors, as well as AladdinDAO core contributor Pauls. This round of financing will be used to develop Zunami V2 and conduct audits. Zunami V2 is scheduled to be launched in November.
Ethereum network browser Rated completes $12.89 million Series A financing, led by Archetype
Ethereum network browser Rated announced the completion of a $12.89 million Series A financing, led by Archetype, with seed investors Placeholder, 1confirmation, Cherry and Semantic, as well as new supporters Robot Ventures, Chorus One, Factor and Maelstrom participating. Rated Labs currently provides Ethereum network browsers, data APIs and oracles, and plans to expand its products to multiple Layer 1 blockchain networks, including Polygon, Solana, Cosmos and Polkadot next year.
DeFi investment portfolio management startup Bril Finance has completed a $3 million seed round of financing, with participation from FalconX, Kosmos Ventures, and the Algorand Foundation. Bril Finance is a decentralized investment portfolio management platform that uses algorithms and automated token deployment to adjust users' positions. Bril Finance says it is being deployed on Sei and hopes to work with leading blockchains, including Ethereum, Base, Avalanche, Polygon, and Arbitrum.
Restake Finance, a liquidity re-collateralization platform, has completed a $500,000 seed round of financing, with participation from AlfaDAO, DCD, Yields and More, and Moni.
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