Evening News | BlockFi has filed for bankruptcy reorganization; Huobi has jointly launched the national token DMC with Dominica

Organizer: Cookies, Chain Catcher

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

1. Foreign media: BlockFi has filed for bankruptcy reorganization, currently holding $256.9 million in cash

According to Bussiness Wire, cryptocurrency lending company BlockFi and its eight subsidiaries have filed for bankruptcy reorganization in New Jersey bankruptcy court. BlockFi will focus on recovering all debts owed to it by its counterparties, including FTX and related entities. BlockFi currently holds $256.9 million in cash, and platform services will remain suspended. (Source link)

2. Huobi and Dominica jointly launch national token DMC to accelerate globalization strategy

According to an official announcement from Huobi, Huobi, TRON, DMC Labs, and the government of Dominica have reached the highest level of cooperation to jointly launch the Dominica national token (DMC) and digital identity (DID).

It is reported that DMC is a token issued based on the TRC-20 protocol, which will be officially sold through Huobi Prime. DMC holders will be granted a national digital identity from Dominica, enjoying citizen status in the digital world. The use cases for DMC include: KYC identity verification on mainstream trading platforms, opening local bank accounts, applying for credit loans, registering digital service companies, etc. (Source link)

3. Messari founder: Due to securities law restrictions, the GBTC liquidation of Genesis and DCG cannot create "selling pressure"

Messari founder and CEO Ryan Selkis stated on his Twitter that due to the 1933 U.S. Securities Act Section 144A, issuers of over-the-counter (OTC) trading entities are required to comply with two restrictions: advance notice of proposed sales and a quarterly sales cap of 1% of the outstanding shares or weekly trading volume. Therefore, the major shareholders of GBTC, Genesis Global and Digital Currency Group, cannot simply "dump" their holdings to raise more funds. He noted, "This is also good news for GBTC shareholders and the fight against FUD."

According to Selkis's calculations, based on outstanding shares, a maximum of $62 million can be liquidated per quarter, while based on trading volume tests, a maximum of $23 million can be liquidated per quarter. Therefore, DCG and Genesis are more likely to use GBTC as collateral for DCG-Genesis refinancing. Recently, market panic over the liquidation of GBTC by Genesis and DCG has caused a drop in BTC prices. (Source link)

4. NEXO: Zero risk exposure to BlockFi and Genesis, never providing unsecured loans

Cryptocurrency lending platform Nexo officially stated that it has zero risk exposure to BlockFi and Genesis and has never provided unsecured loan services to other companies, always focusing on automated, collateralized credit facilitation to ensure sustainable development. (Source link)

5. ZenGo: Over $27 million in assets from the official Polygon cross-chain bridge to Ethereum have not been claimed

Cryptocurrency wallet ZenGo published an article stating that while researching support for Polygon, it found that the official Polygon cross-chain bridge contract on the Ethereum side has over $27 million in unclaimed assets compared to the Polygon side.

ZenGo stated that this may be due to the need for manual claiming of cross-chain tokens after transferring from Polygon to Ethereum via the official cross-chain bridge, but many users have not executed the claiming operation. Among them, addresses starting with 0x0076 transferred over 812 WETH and over 54 WBTC (total value exceeding $2 million) from Polygon to Ethereum but did not claim on the Ethereum side. (Source link)

6. Report: The U.S. has 45.3% of Ethereum nodes, ranking first globally

According to the latest German blockchain report released by CV VC Labs, the U.S. has 45.3% of Ethereum nodes, ranking first globally, an increase of 8.38% compared to 2021; Europe's share of Ethereum nodes is 22.8%, ranking second. Germany accounts for nearly 6% of European blockchain funding.

Additionally, the German blockchain industry raised approximately $8 billion in 2022, accounting for 2.4% of the total global blockchain VC funding, with 220 blockchain projects in Germany receiving funding, a 10% increase, including 34 unicorns. (Cryptoslate)

7. Serum: Mainnet program has failed, recommends using forked versions like Openbook

The Solana-based DeFi project Serum stated: "With the collapse of Alameda and FTX, the Serum program on the mainnet has failed. Since FTX had upgrade permissions, security is at risk, leading to the removal of protocols like Jupiter Aggregator and Raydium from Serum; however, there is still hope. Under the leadership of Mango Max, the entire community is working to fork Serum."

Serum also stated: "The community-led forked version of Serum V3, OpenBook, is now live on the Solana mainnet, with daily trading volume exceeding $1 million, and further efforts are underway to expand the project and its liquidity. This means that with the existence of Openbook, Serum's trading volume and liquidity have dropped to nearly zero. After discovering security risks in the old Serum code, users and protocols can safely use alternative forked versions, such as Openbook." (Source link)

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

1. “The Grayscale (GBTC) Effect: The Originator of Institutional Bubbles and Crashes”

This article revisits a story from two years ago, starting in 2020, which we call the "Grayscale Effect." As we look back at these scenes, we find that 2020-2021 marked the beginning of the bull market, but at the same time, it also sowed the seeds for the bear market of 2022. Today, let’s delve into some recent scandals to make sense of what is happening today.

2. “Detailed Explanation of Grants 2.0 Upgrade: From Socialware to Trustware”

Currently, Gitcoin is attempting another significant transformation, shifting from a centralized platform to a decentralized protocol, allowing the concepts of open source and public good to permeate practice. This is not just a product iteration, but the beginning of Gitcoin's transition from socialware to trustware. Imagine if any DAO or ecosystem could join Gitcoin by directly forking the Gitcoin Grants experience, what kind of flywheel effect would that bring?

3. “Is the Opportunity for Commercializing Smart Contract Security Analysis Tools Here?”

If we consider the lifecycle of on-chain smart contracts from development >> deployment to blockchain network >> operation as a complete cycle, security analysis for smart contracts can be divided into: pre-deployment analysis (before the blockchain network officially goes live) and post-deployment analysis, which roughly covers: testing, auditing, and monitoring. Each category has various types of analysis methods and corresponding tools. This article will analyze the commercialization opportunities for these tools one by one.