Evening News | Harmony proposes to increase gas fees and lower block gas limits; Sequoia China raises $9 billion for four new funds

Organizer: Runsheng, Chain Catcher

"What important events have occurred in the past 24 hours?"

1. Harmony proposes to increase gas fees and lower block gas limits to prevent arbitrage bots from spamming the network
Harmony's official Twitter stated that there has been an occurrence of arbitrage bots spamming the network through multiple transactions. To help the ONE community maintain network efficiency, the community proposed to limit the block gas to 30 million (normally 80 million) and suggested increasing gas fees by 70%, raising the maximum gas to 1000 gwei. This proposal is currently under review and has not yet been implemented. (Source link)
2. Insiders: Sequoia China raises $9 billion for four new funds
According to The Information, citing two insiders, Sequoia Capital China has raised $9 billion for its four new funds, exceeding the initial target of $8 billion, potentially making it the largest funding pool ever raised by a single venture capital firm for Chinese tech startups.

Reportedly, the four new funds include a seed fund for early-stage companies, a venture fund for startups, and two funds for more mature companies—growth and expansion funds. Insiders indicated that this fundraising received about 50% oversubscription and attracted global investors, including pension funds, university endowments, family offices, and others. (The Information)

3. Crypto water network project H2O Securities raises $150 million from GEM Digital Investments through token sale
South Africa-based crypto water network project H2O Securities has raised $150 million from Bahamian GEM Digital Investments through the sale of H2ON tokens, with the funds intended for financing global water projects and water infrastructure development. (CNBC)

4. DAO lending platform Porter Finance to shut down its bond issuance platform
The official blog of DAO lending platform Porter Finance announced the closure of its bond issuance platform. Its founder, Jordan Meyer, stated: "We no longer believe that fixed-income DeFi products like those offered by Porter Finance will see significant lending demand. This is mainly due to the competitive rates offered by traditional finance and the lack of institutional adoption of fixed-income DeFi over the past year. We are also no longer willing to bear the legal risks associated with bond issuance. For these reasons, Porter has decided to abandon the bond issuance platform and explore better opportunities."

Additionally, this decision does not affect Ribbon DAO's obligations to its lenders. Ribbon DAO remains bound by its repayment commitments. The application will remain operational until all Ribbon DAO lenders redeem or convert their bonds. (Source link)

5. Nexo plans to acquire crypto lending platform Vauld
Crypto lending platform Nexo has signed a non-binding term sheet with competitor Vauld and plans to acquire up to 100% of its shares. The term sheet grants Nexo a 60-day exclusive exploration period, during which Nexo will begin due diligence. Nexo co-founder Antoni Trenchev stated, "Vauld has significant appeal in India and Southeast Asia, which are important markets for us."

It is reported that crypto lending platform Vauld is headquartered in Singapore and was co-founded by PayPal founder Peter Thiel, among others. In June of this year, Vauld announced a 30% workforce reduction and implemented measures to cut operational costs, such as reducing marketing expenses. Yesterday, Vauld suspended all withdrawals, trades, and deposits on its platform. (The Block)

"What excellent articles are worth reading in the past 24 hours?"

1. "Ten Questions and Answers: A Guide to Web3 Game Tokenization"

What problems need to be solved to create a successful Web 3.0 game? It is not simply about replacing equipment or resources from Web 2.0 games with NFTs, or issuing the original game points as tokens. The game categories most suitable for innovative Web 3.0 transformation should cover a majority of role-playing, sports, strategy SLG, real-time strategy RTS, card games, and other mid-core games. Among them, MMORPGs will be the main game type leading the GameFi 2.0 phase and are also one of the most suitable types for making Web 3.0 games.

2. "Whales Sweep Up ENS Domains 'Web3 Business Cards'"

In the crypto asset market's winter, the NFT market is also quite bleak, with daily NFT trading volume dropping from a peak of $3.26 billion to around $150 million. However, in this quiet market environment, ENS domains have emerged with "independent trends," recently seeing a surge in trading volume and frequent large buy orders. Notably, during this wave of ENS trading, several whales have been bulk creating and sweeping ENS domains, attaching website links to the domains they personally use, turning it into a domain selling business. As a "Web3 business card" that can replace blockchain addresses, the ENS domain market has become a cost-effective tool in the bear market.