Evening News | Coinbase obtains digital asset license in Singapore; Huobi Global has removed 21 HUSD trading pairs

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"What Important Events Happened in the Last 24 Hours"

1. Coinbase Obtains Digital Asset License in Singapore

Coinbase announced on Tuesday that the Monetary Authority of Singapore has granted in-principle approval for Coinbase Singapore to offer regulated crypto services locally under the Payment Services Act. Since Singapore launched its licensing regime in 2019, around 15 companies have received such licenses, including Coinbase's competitor Crypto.com. (Bloomberg)

2. Huobi Global Removes 21 HUSD-Related Trading Pairs Including BTC/HUSD

Huobi Global exchange removed 21 HUSD-related trading pairs at 21:00 on October 10, including USDC/HUSD, BTC/HUSD, ETH/HUSD, HT/HUSD, DOT/HUSD, XRP/HUSD, LINK/HUSD, BCH/HUSD, LTC/HUSD, ADA/HUSD, EOS/HUSD, ETC/HUSD, TRX/HUSD, CRV/HUSD, UNI/HUSD, FIL/HUSD, ALGO/HUSD, OMG/HUSD, AAVE/HUSD, THETA/HUSD, DOGE/HUSD. (Source Link)

3. SushiSwap's New CEO Responds to "Crypto Scams": Denies All Baseless Accusations, Personal Record is Spotless

SushiSwap's new CEO Jared Grey posted on his social media platform, once again denying all accusations and accepting public inquiries. He stated: "In 2019, while I was busy raising funds to launch the Bitfineon trading platform, my business partner stole funds from the community. Upon discovering this with several investors, we fired him and refunded all the affected users. I have always operated with integrity in this field, and anyone can contact any partner for verification. I acknowledge some business failures disclosed in the Twitter thread, but deny all baseless accusations." (Source Link)

4. Suspected Key Leak of DEX Aggregator Paraswap's Deployers, Address Has No Permissions After Contract Deployment

The security team Supremacy stated on Twitter that the wallet address of the DEX aggregator Paraswap's deployer initiated abnormal transactions across multiple chains (ETH, BSC, FTM), transferring all balances to 0xf3587…07036. This address is linked to a Profanity exploit, with a history of stealing assets from multiple vanity address holders.

It is reported that ParaSwap is an on-chain aggregator exchange that aggregates protocols such as Kyber, Bancor, Uniswap, Oasis, Curve, and 0x on top of its own ParaSwapPool. Currently, only the deployer's own assets have been stolen, and it does not affect the Paraswap multi-signature treasury (with a signing threshold of 2). Subsequently, Paraswap officials stated they are investigating the theft, and the leaked key address has no permissions after contract deployment. (Source Link)

5. Optimism: OP Token's Originally Planned 2% Inflation Rate Was Incorrectly Set to 20%, Will Not Affect Planned Token Supply

According to Optimism Governance's official Twitter, the total supply of OP tokens was announced to inflate at a rate of 2% per year upon launch, but this rate was incorrectly set to 20% when deploying the contract. The contract logic will be updated to the expected 2% later today.

Since OP's inflation will not begin until next year, no new tokens have been minted or transferred, and any future changes to this rate must go through governance, so this incorrect setting has had no actual impact. (Source Link)

6. Aptos Integrates Interoperability Protocol LayerZero

The new public chain Aptos has integrated the interoperability protocol LayerZero, allowing the Aptos ecosystem to unlock cross-chain opportunities. LayerZero will enable the Aptos team to provide critical infrastructure, applications, and advanced tools for the entire Move ecosystem and beyond. (Source Link)

7. BNB Chain Launches Three-Week European Innovation Incubator Program

BNB Chain announced the launch of a European Innovation Incubator Program, a three-week virtual initiative aimed at helping innovative Web3 startups in Europe build and scale DApps, with applications starting on October 10, 2022. The European Innovation Incubator Program will provide the best Web3 resources and training for startups through partners and community experts, offering them long-term support.

The program will offer practical courses and guidance on technology, design, token economics, and market strategies from BNB Chain experts and incubator partners. The incubator program will organize exclusive offline gatherings for projects, partners, and community members in Lisbon, Paris, London, Berlin, Barcelona, and Warsaw. (Source Link)

8. Messari: Avalanche's Total Revenue Declined 94.1% in Q3 2022, Network Value Only Increased by 3.3%

According to Messari's latest report "Avalanche Q3 2022," Avalanche's network value only increased by 3.3%, while its total revenue declined by 94.1%. Despite the network's integrations with platforms like Core, THORChain, and Boba Network showing higher actual usage, Avalanche's daily transaction volume and transaction fees decreased by 65.5% and 76.2%, respectively.

Similarly, the Avalanche DeFi incentive program Avalanche Rush has also been declining, with its TVL losing about 27% in both USD and AVAX quarter-over-quarter (QoQ). Besides DeFi, the state of the Avalanche NFT market is also poor, with NFT sales and the number of unique buyer addresses dropping by over 88% and 34%, respectively. However, according to data provided by Messari, the number of unique sellers increased by 25%. The average number of daily active addresses is 38,000, down from an average of 63,000 in the second quarter. (Source Link)

"What Interesting Articles Are Worth Reading in the Last 24 Hours"

1. "What Does Coinbase's Latest Documentary 'Money: The Founder's Story' Cover?"

This is a documentary about Coinbase's IPO journey, tracing the history of Coinbase and concluding with its IPO on NASDAQ on April 14, 2021. The documentary is detailed and insightful, but the climax of the work is more focused on the unanswered questions.

2. "Layerzero: A Protocol Layer Product Often Misunderstood as a Cross-Chain Bridge"

After a series of hacking incidents, the various flaws in the user experience of cross-chain bridges have led people to question whether products that merely solve asset cross-chain issues might be a misguided direction. What should the underlying protocol capable of supporting native cross-chain applications look like in the future? This article will reintroduce a protocol-level cross-chain project that you may have heard of but still do not fully understand its potential: Layerzero.

3. "IOSG: The Optimal Deconstruction of Uniswap Governance Token Valuation Models"

For a decentralized AMM trading protocol, there is currently no universal consensus in the market on what kind of revenue structure should be used to value the protocol's tokens. Compared to traditional business entities, decentralized protocols may have more and more complex stakeholders involved in revenue distribution. To optimize the value of the UNI token, governors should not limit themselves to a binary choice.