Evening News | Media Reports Ava Labs Engages in Malicious Competition Against Competitors like Solana; Singapore Considers Tightening Cryptocurrency Trading for Retail Investors
Biden's executive order on responsible innovation in digital assets requires multiple agencies to submit relevant feedback reports by September 5.Organizer: Nianqing, Chain Catcher
"What Important Events Happened in the Past 24 Hours"
1. Ava Labs Founder: No Malicious Attacks on Competitors
Emin Gün Sirer, the founder of Avalanche development company Ava Labs, responded on his social media platform to the Cryptoleaks video allegations, stating that Ava Labs did not engage in malicious attacks on competitors, claiming "we would never engage in the illegal, unethical, and completely wrong actions alleged in the video."
It is reported that Cryptoleaks revealed on its official website that a few years ago, Ava Labs reached a collaboration agreement with the American law firm Roche Freedman, where Ava Labs paid a large amount of Ava Labs equity and AVAX (now worth hundreds of millions of dollars) to Roche Freedman, which then initiated malicious lawsuits against competitors such as Binance, SolanaLabs, and the Dfinity Foundation. (Source link)
2. Media Exposing Ava Labs' Malicious Competition Publishes Internal AVAX Token Distribution Terms of the Law Firm
The media outlet Crypto Leaks, which exposed Ava Labs' malicious competition, published a document regarding the internal AVAX token distribution terms of the American law firm Roche Freedman in response to Emin Gün Sirer's accusation of "how could anyone believe such absurd conspiracy theories as those on Cryptoleaks." The document shows that whistleblower Kyle Roche has a distribution share of 28%, while founding partner Jason Cyrulnik has a distribution share of 25%.
Researcher @Fantman further exposed that Roche Freedman expelled founding partner Jason Cyrulnik from the company last February and retained his AVAX shares, while Cyrulnik himself claimed that the firm was trying to steal his share of $250 million in cryptocurrency assets. (Source link)
3. Biden's Executive Order on Responsible Innovation in Digital Assets Requires Multiple Agencies to Submit Relevant Feedback Reports by September 5
According to the executive order signed by President Biden regarding ensuring responsible innovation in digital assets, within 180 days of the order's issuance (by September 5), the Secretary of the Treasury, along with the Secretaries of State, Justice, Commerce, Homeland Security, the Director of the Office of Management and Budget, the Director of National Intelligence, and heads of other relevant agencies, must submit a report to the President on the future of currency and payment systems. This report should include the conditions for promoting the widespread adoption of digital assets, the extent of technological innovation's impact on these outcomes, and the implications for the modernization and transformation of the U.S. financial system, payment systems, economic growth, financial inclusion, and national security.
Additionally, within 180 days from the issuance of this order, the U.S. Secretary of Commerce should consult with the Secretaries of State, Treasury, and heads of other relevant agencies to establish a framework for enhancing U.S. economic competitiveness through the use of digital asset technologies. Furthermore, the President will be provided with an assessment through the Assistant to the President for National Security Affairs (APNSA) and the Assistant to the President for Economic Policy (APEP) to determine whether legislative modifications are needed for the issuance of a U.S. CBDC. (Source link)
4. Aptos Ecosystem Launchpad Protocol Proton Announces Testnet Launch
The Aptos ecosystem Launchpad protocol Proton announced the launch of its testnet, which currently supports the use of Fewcha Wallet, Martian Wallet, and Petra Wallet on Aptos.
Proton helps users quickly create their own tokens and token sales, and the tokens created on Proton will be verified and published on the browser website. (Source link)
5. Singapore Considers Tightening Cryptocurrency Trading for Retail Investors
Ravi Menon, Managing Director of the Monetary Authority of Singapore (MAS), stated at the Green Shoots seminar on Monday, "We are considering increasing friction in the cryptocurrency retail channel." Previously, Singapore cryptocurrency ATM operators indicated that they had halted some cryptocurrency ATM trading services to comply with MAS requirements.
Additionally, the head of Singapore's central bank mentioned at the seminar that Singapore is considering new measures to make it more difficult for retail investors to trade cryptocurrencies when they seem to "irrationally ignore" risks.
The Green Shoots seminar, hosted by MAS, was held at 11:00 AM Beijing time today, with the theme "In Favor of Digital Asset Innovation, Against Cryptocurrency Speculation." This seminar will address issues related to MAS's strategy to develop Singapore as a digital asset hub. (Source link)
"What Excellent Articles Are Worth Reading in the Past 24 Hours"
1. "Animoca Launches Aggressive Offensive During Crypto Winter, Targeting $20 Billion Valuation"
Since last November, the so-called "crypto winter" has caused a $2 trillion evaporation in the market value of digital currencies, and many investors have gone into hibernation. However, Yat Siu, founder of Hong Kong's Animoca Brands, has launched an even more aggressive offensive.
Asia's largest blockchain venture capital firm, Animoca, is building a massive group in finance, gaming, and social media, totaling over 340 companies. Siu stated that the company's goal is to give people ownership of their virtual property and to break the empires of Meta Platforms and Microsoft. Siu describes it as "digital dictatorship."
The current Web3/Crypto landscape is filled with various new terms, making this already obscure industry even more perplexing. Coupled with a plethora of regulatory bans, ideologies, scams, Ponzi schemes, inefficient and counterintuitive application scenarios, it is difficult to grasp the context. Focusing on details can hinder one from seeing the big picture. When the internet was first adopted by a small group of geeks, it seemed very nebulous, and no one could predict its future development, which was filled with various innovations, protocols, and products, with hardly any surviving a decade later.
These issues may be important, but they are not the core logic of the internet. However, by grasping the underlying logic that the internet "unprecedentedly reduces the cost of information flow," one can realize how it will radically change society and identify the trends when search engines, social media, online shopping/payment, smartphones, ride-hailing, local services, and algorithmic recommendations emerge.
Therefore, this article does not discuss the circuit design of ZK-Rollup, whether GameFi is merely a shell of Tokenomics, how composability affects DeFi, etc., but rather focuses on the most core question: What is the innovation point of Web3? How will it change the world?
This is the Achilles' heel of the blockchain and Web3 world we have high hopes for: we have the "information internet" that allows for infinite input and output, and we have the blockchain that can carry "assets" and realize value transfer; but where do our souls, identities, credit, and social relationships go? They still have no place to settle.
The emergence of the concept of "soul-bound tokens" (SBT) has begun to provide us with answers. In the current Web3 blueprint, clear layers are starting to emerge— we need three towering pillars: the "Information Network," the "Asset Network," and the "Status Network" to jointly support a complete and viable "Web III."
