Evening News | Blur announces token economic model; Twitter CEO Elon Musk plans to step down by the end of 2023

Organizer: Xi Xiangxiang, ChainCatcher

"What Important Events Happened in the Last 24 Hours"

1. Blur Announces Tokenomics: 51% Allocated to the Community, Core Contributors, Investors, and Advisors Receive 29%, 19%, and 1% Respectively

Blur announced its tokenomics: the BLUR token is used for community governance, with the power to control the accumulation and distribution of the protocol's value. Governance powers also include setting the protocol fees six months later (up to 2.5%) and issuing community grants. The total supply of BLUR is 3 billion tokens, with 51% allocated to the community, 29% to past and future core contributors (distributed over 4 years, with transfer limits released in the first 4 months), 19% to investors (distributed over 4 years, with transfer limits released in the first 4 months), and 1% to advisors (distributed over 4-5 years, with linear releases over 4-16 months).

Of the 51% allocated to the community, 360 million tokens (12%) are for this airdrop, and the remaining 1.17 billion tokens (39%) can be distributed to the community through contributor grants, community initiatives, and incentive programs. Of this 39%, 10% (117 million) has been confirmed for the next incentive distribution. According to the plan, the 1.17 billion tokens will be distributed 40% in the first year, 30% in the second year, 20% in the third year, and 10% in the fourth year. (Source link)

2. Twitter CEO Elon Musk Plans to Step Down by the End of 2023

According to Bloomberg, Twitter CEO Elon Musk stated via video link at the World Government Summit in Dubai that he plans to step down as Twitter CEO by the end of 2023 and is looking for a successor.

Musk mentioned that before his departure, he needs to stabilize Twitter's operations, including financial health and a clear product roadmap. (Source link)

3. FTX Investors File Class Action Against Venture Capital Firms Including Sequoia Capital, Thoma Bravo, and Paradigm

According to Bloomberg, a class action lawsuit filed on behalf of investors accuses venture capital and private equity firms, including Sequoia Capital, Thoma Bravo, and Paradigm, of participating in a promotional marketing campaign in 2021 to promote their hundreds of millions of dollars in investments in FTX entities.

Investors claim this added a sense of "legitimacy" to FTX, which ultimately filed for bankruptcy in November. The investors accuse the venture capital firms of violating state and federal laws, including false statements, false advertising, and civil conspiracy. (Source link)

4. RabbitHole CEO: Responding with ENS Domain Names Can Participate in RabbitHole V2 Special Tasks

Brian Flynn, CEO of the Web3 tutorial protocol RabbitHole, tweeted, "If you want a chance to participate in special tasks on RabbitHole V2, please leave your ENS domain name." (Source link)

5. Xu Mingxing: OKX Plans "OKB Airdrop" for Customers Affected by Blur Congestion Incident

In response to the congestion during BLUR deposits earlier today, OKX founder Xu Mingxing tweeted, "The team will optimize the risk system and internal processes as soon as possible to ensure that the same issue does not occur again. OKX also plans to launch an 'OKB airdrop' for affected customers. Specific details will be announced in a few hours."

It is reported that earlier today, the NFT market Blur released its native token BLUR. (Source link)

6. Coinbase: Stablecoins Are Not Securities, Imposing Securities Laws on Stablecoins Will Drive Innovation Overseas

In response to recent actions by U.S. regulators against Paxos, Coinbase tweeted, "We do not know what aspects of BUSD the SEC is interested in. What we do know is that stablecoins are not securities."

Coinbase stated that dollar-backed stablecoins are digital currencies pegged to reserve assets like the dollar, designed to maintain a value equal to their peg. Stablecoins help bridge the gap from traditional finance to a more efficient and equitable financial system. As more global cash becomes digital, if the dollar continues to be the most trusted and used global reserve currency for fiat-backed stablecoins, the U.S. will benefit greatly. Imposing securities laws on stablecoins will only drive innovation overseas and weaken the U.S.'s global role. (Source link)

7. Ripple to Invest Up to $1 Million in Crypto Assets to Support NGOs in Earthquake Relief in Turkey and Syria

Ripple tweeted that it will invest up to $1 million in crypto assets to support NGOs involved in earthquake relief in Turkey and Syria. The aid funds will be evenly distributed among four NGOs: CARE.org, World Central Kitchen, Mercy Corps, and IRC, which have provided cash, hygiene products, food, and other assistance.

Ripple stated that it will first donate $250,000 worth of XRP on Crypto for Charity and will additionally provide funds equal to twice the amount of other crypto asset donations, up to $750,000. (Source link)

8. Insider: Reddit Plans to Go Public in the Second Half of This Year

According to The Information, citing insiders, social media platform Reddit is seeking to go public in the second half of this year. Reports indicate that Reddit is updating its IPO documents in preparation for a market improvement.

Previously, in 2021, Reddit raised funds at a valuation of $10 billion and secretly filed for an IPO at the end of that year, reportedly hoping for a valuation of $15 billion. However, as the IPO approached in 2022, the company hit a standstill. It is reported that fund giant Fidelity valued Reddit at $6.6 billion last year. (Source link)

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

1. "A Summary of the Five Major Upcoming ZK Projects: Scroll, Starknet, Zksync, Taiko, and Polygon"

Discussions surrounding the ZK narrative are intensifying. Some tokens, such as $LRC, $DUSK, $MUTE, and $MINA, have experienced significant growth. However, these may not necessarily be the best or true innovators in the ZK space. Builders are building, but they have not yet launched. Most are still in testnets and do not have tokens. This article summarizes the five major upcoming ZK projects: Scroll, Starknet, Zksync, Taiko, and Polygon.

2. "A16z Survey: Web3 Gaming is Still in Its Infancy, but Players Prefer Hardcore Games"

Who are the players of Web3 games, casual players or hardcore players? To this end, A16z Games conducted a survey and found that 87% of Web3 gamers have previously traded digital items in games; 72% of Web3 gamers are male (traditional gamers are about 59%); compared to traditional gamers, Web3 gamers are twice as likely to prefer MOBA games.

In summary, in the U.S., surveyed Web3 gamers tend to be more hardcore and seasoned than traditional gamers, so to achieve expansion, Web3 games can use some of these gaming motivations and types to better understand player fit. Additionally, it is crucial to note that building a robust Web3 gaming economy is a complex task, aside from addressing issues like UI/UX, FTUE, and scams.

3. “A Detailed Explanation of the Blur Airdrop and Tokenomics”

The long-awaited Blur airdrop has finally concluded, with 360 million Blur tokens returned to the NFT community and users. According to feedback from the community and social media, many have received hundreds of thousands of Blur tokens in the airdrop, creating an unprecedented wealth effect. This airdrop is just the first round issued by Blur to the community, and users who missed the first round can now participate in the second round of airdrops. This article will detail the launch of Blur's first round of airdrops, as well as its economic model, governance, market cap, and more.