Evening News | Sudoswap announces governance token SUDO distribution information; social media giant Snap disbands Web3 team
Former Binance Labs head Bill Qian joins Cypher Capital as chairman; Yao Qian co-publishes "Web 3.0: Changes and Challenges of the Next Generation Internet."Organizer: flowie, Chain Catcher
"What Important Events Happened in the Last 24 Hours"
- d YdX: $25 Deposit Bonus Activity Has Been Stopped, Possibly Due to Controversy Over Real-Name Verification Requirement
dYdX announced on Twitter that due to overwhelming user participation, the "Deposit over $500 to receive a $25 bonus" activity has been stopped, stating that they underestimated user enthusiasm for the event.
It is reported that on September 1, dYdX announced that users who deposited over $500 before 23:00 Beijing time on August 31, 2022, would receive a $25 bonus. To avoid duplicate claims, recipients were required to turn on their cameras for real-name verification. However, this move has sparked widespread skepticism among users regarding the decentralized nature of dYdX, with some well-known traders stating they would never use dYdX again. (CoinDesk)
2. Former Binance Labs Head Bill Qian Joins Cypher Capital as Chairman
Former Binance Labs head Bill Qian has joined the Dubai-based cryptocurrency investment firm Cypher Capital as chairman, responsible for the management and operations of Cypher Capital. He stated, "Here I will have a very high degree of autonomy, not only managing our internal capital but also responsible for fundraising."
According to a Reuters report in March, Cypher Capital announced the establishment of a $100 million blockchain fund, with $40 million reserved for the Indian market. The company's goal is to manage assets worth $1 billion by 2025. (Source Link)
3. Sudoswap Announces Governance Token SUDO Distribution Information: Initial Supply of 60 Million, 41.9% Allocated to XMON Holders
Sudoswap outlined the distribution plan for the governance token SUDO of the sudoAMM protocol, with an initial supply of 60 million SUDO tokens, of which 25.12 million (41.9%) are allocated to XMON holders; 900,000 tokens (1.5%) to 0xmons NFT holders; 900,000 tokens (1.5%) for retrospective LP airdrop; 15.08 million tokens (25.1%) to Treasury; 9 million tokens to the initial team (1 year fully locked, 3 years vesting); and 9 million tokens to SudoRandom Labs (1 year fully locked, 3 years vesting). Sudoswap stated that the SUDO token has not yet been deployed.
Regarding the token allocation for XMON holders, they can participate in the lockdrop event to obtain SUDO tokens, where XMON tokens will be locked for 3 months and can be withdrawn afterward. The allocated SUDO will be proportional to the amount of locked XMON, with 10,000 SUDO available for each locked XMON.
Additionally, for the retrospective airdrop allocated to sudoAMM liquidity providers (limited to trading pools), the snapshot block is 15455555 (Beijing time September 2, 6:42). (Source Link)
4. Gaming Guild YGG Purchases 22 DigiDaigaku NFTs Worth $51,303
Gaming guild Yield Guild Games (YGG) announced that it has purchased 22 DigiDaigaku NFTs worth $51,303, expanding its NFT reserves to engage in various gaming experiences after the launch of the DigiDaigaku ecosystem. At the time of publication, the floor price for the DigiDaigaku series NFTs was 10.5 ETH.
Previously, on August 29, the parent company of the NFT project DigiDaigaku, Limit Break, raised $200 million through two rounds of financing, led by Josh Buckley, Paradigm, and Standard Crypto, with participation from FTX, Coinbase, Positive Sum, Shervinator, and Anthos Capital. (Source Link)
5. 1inch to Airdrop 300,000 OP Tokens to 1inch Wallet Users on Optimism Network
DEX aggregator 1inch will distribute 300,000 OP Tokens in a retrospective airdrop to 1inch wallet users on the Optimism network within a few days, averaging the token distribution among all wallets that traded on the Optimism network via 1inch wallet before September 1. (The Block)
6. Decentralized Domain Protocol SPACE ID Completes Seed Round Financing Led by Binance Labs
The decentralized multi-chain domain protocol SPACE ID has completed a seed round of financing led by Binance Labs, with specific funding amounts not disclosed. SPACE ID stated that the funds will be used for the integration of .bnb domain services with the BNB Chain ecosystem and the development of multi-chain domain services.
Founded in March 2022, SPACE ID is a decentralized domain service protocol that allows users to bind their identities across multiple chains, and the community can build its own top-level domain services through the SPACE ID network. As of now, over 40 applications support the integration of the SPACE ID protocol. (Source Link)
7. Social Media Giant Snap Cuts Web3 Team
Jake Sheinman, co-founder of Snap's Web3 team, revealed the layoffs at the social media giant in a tweet announcing his departure: "Due to company restructuring, we have decided to terminate our Web3 team." Snap's revenue for the second quarter was $1.11 billion, a 13% increase from the same period last year, but far below the company's previous forecast of 20%-25% and below analysts' expectations. Previously, Snap CEO Evan Spiegel revealed that Snap would lay off 20% of its workforce. (Source Link)
8. Yao Qian Co-Publishes "Web 3.0: Changes and Challenges of the Next Generation Internet"
Recently, Yao Qian co-published the book "Web 3.0: Changes and Challenges of the Next Generation Internet," with other authors including Chen Yongwei, head of the research department of the journal "Comparative," and Zou Chuanwei, chief economist at Wanxiang Blockchain. The book covers a range of topics in the blockchain field, such as DAO, DeFi, NFT, GameFi, SocialFi, and X-to-Earn. In the preface, Yao Qian stated, "Web 3.0 innovation has become a highly focused and valued development direction for various countries," and studying it "is of great significance for the development of China's internet infrastructure and related industries."
It is reported that Yao Qian was the first director of the Digital Currency Research Department of the People's Bank of China (CBDC) and was named one of the most influential figures in the blockchain field by Coindesk in 2017. (Source Link)
"What Interesting Articles Are Worth Reading in the Last 24 Hours"
Despite the rise of Bitcoin and Ethereum, as well as the emergence of new categories like DeFi, NFT, GameFi, and DAO, web3 developers account for less than 1% of the 31.1 million software developers worldwide. So why are there so few web3 developers today? On one hand, the tools and infrastructure available to web3 developers are far less powerful than those of web2. This only makes it more difficult to start building, experimenting, and deploying in web3.
However, this is rapidly changing, as the number of active web3 developers hit an all-time high at the end of 2021. To support this growing phenomenon, a vibrant team ecosystem is dedicated to simplifying the journey for all web3 developers, ultimately helping to unlock the next phase of growth and innovation in web3.
One question we encounter is: why are applications prioritized in this cycle rather than infrastructure? One possible reason is that it makes no sense to create infrastructure before there are applications asking you to solve their underlying issues.
In the cryptocurrency space, there is a saying that we first need to build great tools, and once we have those tools, we can then build applications. But we want to show that in the transitions of other platforms, we were able to build the initial few applications (though it required more cash and time) before having great tools, and then those early applications inspired us to build tools, creating a cyclical process.
