Evening News | Musk claims he never said people should invest in cryptocurrency; ZigZag will hold a token public sale on June 24
Tencent officially announced the establishment of the "XR" department; a whale in the Solend lending protocol has transferred 25 million USDC in debt to the Mango market.Organizer: Biscuit, Chain Catcher
"What important events have occurred in the past 24 hours?"
1. Musk: I have never said people should invest in cryptocurrency
Tesla CEO Elon Musk stated in an interview at the Qatar Economic Forum: "I have never said people should invest in cryptocurrency. As for Tesla, SpaceX, and myself, we do hold some Bitcoin, but it is a very small percentage of our total cash assets."
Musk also mentioned: "I intend to personally support Dogecoin. I know that many less wealthy people encourage me to buy and support Dogecoin, so I am responding to those people."
According to previous reports, Dogecoin has already been used as a payment method for purchasing Tesla merchandise, and SpaceX will soon follow suit. (Finbold)
2. ZigZag will conduct a token public sale on June 24, and token holders will decide the airdrop details
ZigZag announced that it will sell governance tokens ZZ on its exchange at 3 PM UTC on June 24 (11 PM Beijing time). This IDO will offer 2 million tokens, with a total supply of 2 million tokens, and will only support USDC payments. Additionally, ZigZag plans to conduct an airdrop for early adopters, but the requirements for the airdrop will be determined by those who purchase governance tokens during the sale. Buyers of governance tokens will become the initial members of the ZigZag DAO, which will help decide how the platform develops.
ZigZag stated that there are currently hundreds of thousands of wallets interacting on the platform, making it impractical to airdrop to every wallet. Currently, due to infrastructure limitations, ZigZag will only offer spot trading on zkSync. Leverage trading and permissionless perpetual contracts will be introduced after the release of zkSync 2.0 and StarkNet. The swap fee on zkSync is approximately $0.1. (Source link)
3. Celsius has repaid $10 million in DAI to Compound Finance
According to Cryptobriefing, Celsius has repaid $10 million in DAI to Compound Finance, which may be a step towards its solvency.
It is reported that Celsius disabled services such as withdrawals and trading on June 13, and they have not yet been re-enabled. In the past week, Celsius has also made several other repayments, including a payment of $53.6 million in DAI to the Oasis Protocol treasury. (Cryptobriefing)
4. A whale in the Solend lending protocol will diversify its position, transferring $25 million in USDC debt to the Mango market
The Solana-based lending protocol Solend tweeted that a whale (address starting with 3oSE) has contacted the team to discuss mitigation measures. The whale has diversified its position into multiple lending products (both centralized and decentralized) as suggested by Solend, and has currently transferred $25 million in USDC debt to the Mango market.
Solend stated that while this move has provided some relief, there is still a significant risk of large liquidations, and they are in contact with the Mango team and the whale to formulate a long-term plan. (Source link)
5. Insider: Tencent officially announces the establishment of an "XR" department, betting on the metaverse
According to the Financial Associated Press, citing three insiders, Tencent Holdings announced to its employees on Monday the formal establishment of an "Extended Reality" (XR) department, officially betting on the concept of the metaverse in the virtual world.
Insiders stated that the mission of this department is to build extended reality businesses for Tencent, including both software and hardware, and it will become part of the company's Interactive Entertainment Group (IEG). (Source link)
6. Kunming police dismantle two virtual currency pyramid schemes, involving 460 million yuan
The Economic Investigation Team of the Chenggong Branch of the Kunming Public Security Bureau in Yunnan Province recently dismantled two pyramid schemes related to virtual currencies, "5·26 Certain Platform" and "5·30 Certain Platform," involving an amount of 460 million yuan.
After analyzing the "5·26 Certain Platform," the Chenggong Branch found that the suspects were conducting online pyramid scheme activities through this platform. In addition to promoting the platform's virtual currency online using social media such as WeChat, they also organized members to promote it at fixed locations offline. This virtual currency platform lured members with "static income" (profit from currency appreciation) and "dynamic income" (profit from recruiting others). Since November 2021, it has recruited over 2,000 members and raised over 10 million yuan.
After analyzing the "5·30 Certain Platform," it was found that group members registered on the platform and purchased virtual currencies, which they then exchanged for tokens issued by the platform to earn deposit income and share commissions. The platform organizers required recruited individuals to recruit others, and the income ratio was calculated based on the number of directly or indirectly recruited individuals, showing a clear hierarchical relationship. Since March 2021, the platform has recruited over 10,000 members, with members distributed across more than 20 provinces and municipalities nationwide, raising 450 million yuan. (Urban Times)
7. Hong Kong billionaire Zheng Jiachun's real estate developer Knight Dragon to issue security tokens KDB4
According to Forbes, Knight Dragon, a London real estate developer owned by Zheng Jiachun, chairman of Hong Kong's New World Group, announced plans to issue 100,000 security tokens KDB4, which will entitle holders to share 80% of the gross profits generated by Knight Dragon's Building 4, as well as priority investment or purchase of future products on the Greenwich Peninsula. Knight Dragon estimates that KDB4 will be valued at £140 million ($172 million), but the sale date has not yet been confirmed. (Forbes)
8. Web3 venture capital firm AC Capital launches a $20 million investment fund
Web3 venture capital firm AC Capital announced the establishment of its second fund, sized at $20 million.
It is reported that AC Capital was established in Asia in 2020, and in the two years since its inception, its portfolio includes over 100 projects such as Metis, Derace, Gamestarter, Portal, and StarSharks. This fund will primarily be used to invest in GameFi, Web3 infrastructure, NFTs, and other sectors. (Source link)
"What excellent articles are worth reading in the past 24 hours?"
1. "Dialogue with Vitalik and his father: Many people are overly negative about Ethereum's shift to PoS"
Despite being a billionaire, Vitalik explained that money has never been his focus or motivation. He does not like Ethereum being used for speculation and believes that blockchain networks have more use cases than just finance. This article is an interview with Vitalik and his father conducted by Fortune magazine during Father's Day 2022, discussing their journey in the crypto space, regrets and visions for Ethereum's future in the industry, the highly anticipated merge, the collapse of the Terra ecosystem, and more.
Why are the bull and bear markets in the crypto space so frequent? Why is the average lifecycle of blockchain projects so short? What exactly is a death spiral? These questions may be explained by Soros's reflexivity theory. This article will first introduce the reflexivity theory and its application in stock market cycles; secondly, it will analyze the reflexivity in the blockchain industry by comparing the stock market and the crypto space, explaining the reasons for the bull and bear market cycles in crypto; finally, it will use the reflexivity theory to compare the 1997 Thai baht abandonment of the fixed exchange rate event and the UST de-pegging event, providing certain recommendations for risk management.
3. "Game NFT Market: Opensea's Most Vulnerable Cake"
The NFT market over the past year has been crazy. It seems that at some point, well-known celebrities began purchasing NFTs, changing their Twitter and other social media avatars to these cartoon animal images. However, as the number of NFT users skyrockets, different demands for NFTs will emerge, leading to the further development of more types and functions of NFTs. In the next cycle, we will see more vertical trading markets starting to compete for Opensea's market share. The author believes that thanks to real utility, the game NFT trading market is likely to become one of the earliest successful vertical platforms.
