Today's Headlines:
Avalanche Foundation Launches $40 Million Funding Program Named Retro9000
Base TVL Breaks Through $2 Billion for the First Time, Growing 370% Year-to-Date
Immunefi: The Cryptocurrency Industry Lost $413 Million in Q3 Due to Hacking and Fraud
Regulatory News:
News Highlights:
According to Bloomberg, Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), stated that the digital asset custody structure of The Bank of New York Mellon can be applied to the cryptocurrency space beyond Bitcoin and Ethereum ETFs. Gensler mentioned that the proposed structure by The Bank of New York Mellon includes the use of individual crypto wallets, each with a separate bank account, and prohibits the mixing of bank assets. Earlier this week, The Bank of New York Mellon admitted to submitting a Bitcoin and Ethereum custody plan to the SEC's Office of the Chief Accountant to protect client funds in the event of the bank's bankruptcy. So far, the SEC has only approved cryptocurrency ETFs for Bitcoin and Ethereum. It was reported that The Bank of New York Mellon became the first bank to receive an exemption from SEC's crypto accounting policy SAB 121.
Project Updates:
Vitalik: Ethereum's Blob Quantity "Alarmingly Close to the Limit"
Binance Futures to Launch WLDUSD 1-20x Coin-Margined Perpetual Contract
Zilliqa: Mainnet Block Production Speed Slow, Actively Monitoring and Pausing Network Transactions
Vitalik: Robot Market Making DEX is a Cross-Use Case of Crypto and AI with Broad Prospects
Onyx Protocol: Intends to Close Ethereum-Based Lending Market and Fully Compensate Stolen User Funds
According to Xinhua News Agency, the national-level scientific journal "Financial Electronization," supervised by the People's Bank of China, published an article in the second half of August 2024 titled "Exploring the Innovation of Blockchain Digital Bonds and Promoting the Standardization of Practical Experience." The article was authored by the Central Depository & Clearing Co., Ltd. (CCDC) Blockchain Digital Bond Project Team. The article stated that CCDC, as a national pilot unit for blockchain innovation applications, is actively promoting the implementation and standardization of blockchain digital bond projects. It emphasized the need to promptly summarize and formulate special standards, striving to achieve replicable and scalable best practices, and promote the formation and standardized development of the industry ecosystem. Since 2018, CCDC has been exploring blockchain technology and in 2021, launched the first domestic blockchain digital bond issuance platform. The platform has supported the issuance of multiple bonds, covering state-owned banks, securities companies, and other institutions, promoting the integration of the digital economy and the real economy, while strengthening regulatory capabilities and industry norms. CCDC, as the initiator of the alliance chain and the provider of system services, is responsible for formulating business operation rules, establishing and improving alliance governance mechanisms, and maintaining the security and stable operation of the system. It is exploring the effective coordination of the necessary centralized management principles stipulated by laws and regulations with the technical architecture of distributed ledgers, consensus algorithms, and smart contracts. The alliance chain does not change CCDC's legal central clearing property and member access management authority. It efficiently achieves consensus formation in business processes through smart contracts and enhances the auditability, verifiability, and multi-party supervision of CCDC and market institutions' operations through distributed ledgers and encryption algorithms. Market institutions, under the premise of complying with the alliance system, are carrying out business innovations in an orderly manner, providing beneficial feedback and cooperative supervision, jointly promoting the high-quality development of the bond market.
According to CryptoSlate, Morocco has announced the "Digital Morocco 2030" plan, focusing on the development of artificial intelligence (AI) and blockchain technology to transform the country into a global digital center. The plan was announced on September 25th with a budget of $1.1 billion. It aims to integrate advanced technologies, promote public services, drive economic growth, and create 240,000 new jobs in the digital field by 2030. The strategy also aims to support the development of startups through AI and blockchain platforms and improve Morocco's global ranking in the United Nations Online Service Index from 100th to 50th. Additionally, Morocco plans to increase its digital export revenue to 41.5 billion dirhams by 2030 and expand 5G coverage to 70% of the country.
Bloomberg: Robinhood is Considering Launching a Stablecoin
According to Bloomberg, financial technology giants Robinhood and Revolut are considering launching stablecoins. However, a spokesperson for Robinhood stated that there are currently "no plans" to issue stablecoins, but did not question the possibility. Robinhood currently offers various digital asset trading on its platform, including the stablecoin USDC issued by Circle. Additionally, the UK-based Revolut is also considering launching stablecoins. Last week, Revolut launched a retail wealth management app that supports trading in various asset classes, including cryptocurrencies. A spokesperson for Revolut stated that the company plans to "further expand" its crypto products, but did not directly mention stablecoins. Some analysts believe that the upcoming MiCA regulations in the EU will promote stablecoin activities in the region. These regulations, which will come into full effect by the end of 2024, establish specific rules for stablecoin issuers, including licensing agreements and strict reserve management rules.
According to Bloomberg, after an investigation, the U.S. Securities and Exchange Commission (SEC) accused TrueCoin LLC and TrustToken Inc., the companies behind TrueUSD, of making false claims that the stablecoin is fully backed by the U.S. dollar or equivalent currency. In fact, a large portion of the reserves supporting TrueUSD is invested in a high-risk offshore fund. Representatives of TrueUSD did not respond to requests for comment. Austin Campbell, head of a blockchain consulting firm, wrote on X, "The first rule is not to deceive your investors and users, and this clearly violates that rule. It's ironic that TrueUSD would do this." If, as Campbell implied, the SEC's accusations against TrueUSD are accurate, then this is a textbook case of fraud, not necessarily unique to the cryptocurrency industry. However, due to the brand effect of "cryptocurrency," TrueUSD reflects a unique problem in the cryptocurrency field.
10x Research stated in its latest report that since the Fed's rate cut in September, Bitcoin has risen by 5%, Ethereum by 11%, and altcoins are experiencing explosive growth. With the accelerated minting of stablecoins, over a billion dollars in funds have reportedly flowed into Chinese OTC brokers, indicating the potential for further increases. With Bitcoin breaking through $65,000, it is expected to quickly rise to $70,000 and then hit a historical high in the short term.
There has been a significant change after the FOMC meeting last week: Bitcoin's dominance has weakened, and Ethereum's gas fees have soared, thanks to the explosive activity of altcoins in the entire ecosystem. If the Fed is still willing to cut rates, the pursuit of high-beta altcoins may gain further momentum. This trend is supported by the trading activity of retail cryptocurrency traders in South Korea, with daily trading volumes hovering around $2 billion. Although still lower than the $13 billion in early March 2024, altcoins have dominated the trading in the past week, surpassing Bitcoin. If Trump is re-elected, he may seek to overstimulate the U.S. economy, which could force the Fed to reverse its rate cut cycle as early as the first half of 2025. However, the current focus is on Bitcoin recently breaking through $65,000, with the goal of reaching $70,000 in the next two weeks and potentially hitting a historical high by the end of October. Additionally, the possibility of a rebound in the fourth quarter is very high, and the increase may have already begun in the early stages.
Hamster Kombat: Airdrop Activity Has Distributed Over Two-Thirds of HMSTR Tokens
Hamster Kombat announced on its Telegram channel that the airdrop activity has distributed over two-thirds of the $HMSTR tokens, with over 30 million users already trading the token. Due to the surge in demand, some users may encounter difficulties in accessing and sending the tokens. The official statement mentioned that they are closely collaborating with the TON team to ensure a smooth process and guarantee the security of all users' tokens, which will be received soon. The team will continue to provide updates and expressed gratitude for the users' patience and support.
Coinbase International Exchange to Launch Hamster Kombat Perpetual Contracts
According to an announcement from Coinbase International Exchange, both Coinbase International Exchange and Coinbase Advanced will launch trading for Hamster Kombat perpetual contracts (HMSTR-PERP). The HMSTR-PERP market is expected to open for trading at 1:00 AM Beijing time on September 26th (5:00 PM UTC) or later.
Avalanche Foundation Launches $40 Million Funding Program Named Retro9000
According to CoinDesk, the Avalanche Foundation has announced the launch of a $40 million funding program named Retro9000, aimed at incentivizing developers to build new protocols ahead of the upcoming Avalanche9000 upgrade. This program extends the testnet period and attracts developers through an "incentivized testnet." Users can earn voting points through the Retro9000 platform to vote for high-quality projects. Ultimately, eligible developers need to deploy their projects to the mainnet to receive funding. Avalanche9000 is expected to simplify Layer 1 deployment, and the testnet will launch in October.
Binance Launches Hamster Kombat (HMSTR) on Binance Earn, One-Click Buy, Swap, and Leverage
Binance announced the launch of Hamster Kombat (HMSTR) and introduced several related services. The HMSTR principal-protected earning product will go live at 8:00 PM today, and users can start dollar-cost averaging to purchase HMSTR from 6:00 PM on September 27th. Additionally, users can use credit cards, Google Pay, Apple Pay, and more to buy or sell HMSTR on the "One-Click Buy" page. An hour after the launch of HMSTR, users can exchange it for BTC, USDT, and other tokens for free on the swap platform. Binance will also open HMSTR leveraged trading at 9:00 PM, supporting both cross and isolated margin trading pairs, including HMSTR/USDT and HMSTR/FDUSD.
Guggenheim and Zeconomy Issue $20 Million Tokenized Commercial Paper on Ethereum Blockchain
According to CoinDesk, Guggenheim Treasury Services, a subsidiary of Wall Street giant Guggenheim Partners, has partnered with the blockchain platform Zeconomy to issue $20 million in tokenized commercial paper on the Ethereum blockchain. Giacinto Cosenza, CEO of Zeconomy, stated that there is a "huge" demand for digital assets following the success of crypto ETFs. This issuance marks a new development in the tokenization of traditional financial assets (RWA), which has grown to a market value of $12 billion. Guggenheim has previously been involved in the crypto market, with its Macro Opportunities Fund holding exposure to Grayscale Bitcoin Trust.
Ethena Plans to Launch New Stablecoin UStb in Collaboration with Securitize and BlackRock
According to The Block, Ethena plans to launch a new stablecoin named UStb, supported by BlackRock's BUIDL fund. BUIDL is an Ethereum-based tokenized U.S. Treasury bond fund managing assets exceeding $522 million. UStb will be issued in collaboration with Securitize and will operate independently from Ethena's existing decentralized synthetic dollar, USDe. USDe currently has a market value of $2.6 billion, ranking as the fifth-largest stablecoin, but it carries market volatility risks due to its reliance on derivative hedging strategies. UStb is expected to provide stability support for USDe during market volatility and be used as collateral on some exchanges.
Bedrock, a multi-chain liquidity rehypothecation protocol, announced on its official Telegram channel that the team has become aware of a security vulnerability involving uniBTC. In response, the team has suspended the contract to protect users and their assets. The team stated that the BTC in custody wallets is secure, and the BTC in reserves is safe, with an estimated total loss of approximately $2 million. Additionally, the team mentioned that they are actively coordinating with DEX, security audit teams, and partner projects to revoke permissions. For permissions that cannot be revoked, the corresponding wallet addresses will be blacklisted.
Binance to Launch REI 1-75x USDT Perpetual Contract
Binance Futures will launch the REIUSDT perpetual contract on September 27, 2024, at 7:00 PM (GMT+8), with a maximum leverage of up to 75x.
Grayscale Reveals Top 20 Cryptocurrencies Expected to Perform Well in Q4, Including SUI, TAO, and OP
Grayscale has announced the top 20 cryptocurrencies expected to perform well in the fourth quarter of 2024 and has added six new altcoins after adjustments, including Sui, Bittensor (TAO), and Optimism. This update focuses on decentralized AI and blockchain scalability. Grayscale emphasized that despite the strong fundamentals of these crypto assets, investments come with high volatility and risks.
Funding News
Solana Ecosystem Project Mawari Network Completes $10.8 Million Strategic Funding
According to The Block, the decentralized physical infrastructure network (DePIN) Mawari Network, based on Solana, has completed a strategic funding of $10.8 million. Anfield Ltd, Borderless Capital, and 1kx led the investment, with participation from Accord Ventures, Animoca Brands Japan, Blockchange Ventures, Draper Dragon, Samsung Next, and other companies. Angel investors include Sean Carey, co-founder of Helium and partner at Borderless Capital, Joshua Frank, co-founder and CEO of The Tie, Pete Townsend, Head of Techstars Web3, and Ivan Brightly, former Chief Information Security Officer at Galaxy Digital. Following a $6.5 million funding in February 2023, this strategic funding round brings Mawari's total funding to $17.3 million. Mawari is a Solana-based DePIN project aimed at expanding spatial computing, which integrates the physical world with digital information, allowing users to interact with their surroundings through technologies such as augmented reality (AR), virtual reality (VR), and extended reality (XR). Mawari is actively developing on the Solana testnet and plans to launch its mainnet in the first quarter of next year.
Key Data
According to Coingecko data, MOODENG, a Solana meme coin inspired by the Thai internet celebrity hippo "Moo Deng," has become the largest meme coin in the pump.fun ecosystem. MOODENG is currently trading at $0.1623, with a 24-hour increase of 47.2%. Its market value had previously surpassed $190 million but has now fallen to approximately $163 million.
According to data posted by user @gtx360ti on the X platform, Polychain invested approximately $20 million in Celestia's Series A and B funding rounds. While none of the tokens have been unlocked, they have already sold staking rewards worth over $82 million in TIA, achieving a return on investment of over 4x.
Base TVL Surpasses $2 Billion for the First Time, Growing 370% Year-to-Date
According to The Block, Base, an Ethereum Layer 2 network incubated by Coinbase, has surpassed a total locked value (TVL) of $2 billion for the first time, making it the second-largest optimistic rollup in terms of deposits after Arbitrum.
DeFiLlama data shows that Base's TVL is $2.08 billion, up from approximately $430 million at the beginning of the year, representing a 370% year-to-date growth. The decentralized exchange Aerodrome has been the largest contributor to Base's TVL growth over the past year, with deposits exceeding $1 billion at the time of writing, followed by Uniswap ($220 million).
While Arbitrum leads in TVL, user activity on Base (including active addresses and daily transactions) still ranks among the top in all optimistic rollups.
Immunefi Report: Crypto Industry Lost $413 Million in Q3 2024 Due to Hacks and Scams
According to The Block, the latest report from Immunefi shows that the crypto industry lost $413 million in the third quarter of 2024 due to hacks and scams, a 28% decrease from the $573 million in the second quarter and a 40% decrease from the $686 million in Q3 2023. Among the incidents, Indian crypto exchange WazirX was hacked for $235 million, and BingX was hacked for $52 million, accounting for 69.5% of the total losses. Despite more DeFi events, CeFi losses were larger, accounting for 74.8% of the total losses in the quarter. Ethereum and BNB chain remain the primary targets of hacks, accounting for 44.1% and 23.5% of the losses, respectively.
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