Evening News ｜Tether's excess reserves reach 1.66 billion USD; Ethereum Layer 2 network TVL hits an all-time high
zkSync is expected to announce airdrop and mainnet matters today; Mysten Labs repurchased equity and token warrants from FTX for $96.3 million.整理：flowie，ChainCatcher
"What Important Events Happened in the Last 24 Hours"
1. zkSync May Announce Airdrop and Mainnet Matters Today
Many zkSync ecosystem projects, including SpaceFi, Argent, Across, and zkRock, released short videos featuring "03.24.23" and the zkSync "∎" pattern. According to community speculation, zkSync may announce airdrop and mainnet-related matters today.
Additionally, the official zkSync account announced a Twitter Space at 11:00 AM EST today, with participants including Matter Labs CEO Alex G, Chief Engineer Anthony Rose, and other core members. (Source link)
2. Data: The Top Five On-Chain ARB Buyers Purchased Over 13 Million ARB at Prices Between $1.28 and $1.38
According to Lookonchain statistics, the top five ARB whale buyers on-chain purchased a total of over 13 million ARB at prices between $1.28 and $1.38. The specific data is as follows:
- An address starting with 0xb154 purchased 4.94 million ARB for 3,700 ETH ($6.79 million), with a purchase price of $1.38;
- An address starting with 0xb0fc7 bought 2.74 million ARB for 3.52 million USDC, with a purchase price of $1.28. This address earned $1.77 million in trading fees by providing liquidity for ARB on Uniswap;
- An address starting with 0x139e3 purchased 2.61 million ARB for 3.56 million USDC and USDT, with a purchase price of $1.36;
- An address starting with 0xf53fe bought 1.53 million ARB for 1.95 million USDC, with a purchase price of $1.28;
- An address starting with 0xa161a purchased 1.49 million ARB for 1.99 million USDC, with a purchase price of $1.33. (Source link)
3. Tether CTO: Tether's Q1 Profit is Approximately $700 Million, with Excess Reserves Reaching $1.66 Billion
According to CNBC, Tether's Chief Technology Officer Paolo Ardoino stated that Tether will achieve a profit of $700 million in the first quarter of 2023, bringing its excess reserves (the portion of reserve funds exceeding the amount of USDT issued) to $1.66 billion. Paolo Ardoino noted that this is the first time USDT's excess reserves have surpassed $1 billion. (Source link)
4. Data: Ethereum Layer 2 Network TVL Surpasses $9 Billion, Setting a New Record
According to L2BEAT data, the total value locked (TVL) in Ethereum Layer 2 networks has surpassed $9 billion, setting a new record, currently around $9.01 billion. Among them, the TVL on Arbitrum One is approximately $5.98 billion, and on Optimism, it is about $2.02 billion, together accounting for nearly 90% of the total TVL. (Source link)
5. Do Kwon Transferred $4.5 Million to a South Korean Law Firm Last July and August
According to Digital Asset, the financial crimes department of the Seoul Southern District Prosecutor's Office discovered that Terraform Labs CEO and founder Do Kwon transferred $4.5 million to a South Korean law firm in July and August 2022. Sources also stated that after traveling from Dubai to Serbia in September 2022, Do Kwon continued to transfer funds to the law firm.
Previous reports indicated that after Do Kwon was arrested by Montenegrin authorities, U.S. prosecutors charged him with criminal fraud and sought to extradite him to the U.S. South Korean prosecutors are also seeking to extradite Do Kwon. (Source link)
6. Cathie Wood's Ark Fund Purchases $17.8 Million in Coinbase Stock
According to The Block, on March 23, Cathie Wood's Ark Invest purchased nearly $18 million in Coinbase stock through two funds.
Previously, on March 21, Ark Invest sold $13.5 million worth of Coinbase stock, marking the first significant sale of Coinbase stock by the fund since July of last year. Ark Invest has been increasing its holdings in Coinbase stock since November of last year.
Additionally, after the U.S. Securities and Exchange Commission issued a warning (Wells notice) regarding Coinbase's staking service Coinbase Earn and Coinbase Wallet, Coinbase's stock price suffered a blow, closing down over 14% on Thursday. (Source link)
7. Mysten Labs Repurchases Equity and Token Warrants from FTX for $96.3 Million
According to court documents, the team behind Sui, Mysten Labs, reached an agreement with FTX to purchase FTX's equity investment and SUI token warrants for $96.3 million in cash.
It is reported that in August 2022, FTX Ventures led a $2 billion Series B financing for Mysten Labs, shortly before FTX filed for bankruptcy in November. According to court documents, the company invested $101 million in that round, acquiring approximately 570,000 shares of Mysten Labs' preferred stock and warrants to purchase up to about 890 million SUI tokens. FTX paid approximately $101 million for the equity and an additional $1 million for the token warrants. (Source link)
8. Metaverse Company LandVault Completes $37 Million Financing Led by SoftBank and The Sandbox
Metaverse development company LandVault announced the completion of a new round of financing totaling $37 million, led by The Sandbox, SoftBank, and Kingsway Capital, with participation from HodlCo, Gemini Frontier Fund, and others.
Over the past two years, LandVault has created metaverse infrastructure in collaboration with partners such as Heineken, L'Oréal, and Mastercard. The company will use this funding to continue its Web3 expansion and create AI tools while expanding its teams in Asia, Dubai, Europe, and the U.S. In November 2021, LandVault completed a Series B financing, raising $25 million. (Source link)
9. Layer 1 Public Chain Radix Receives $10 Million Investment from DWF Labs
Layer 1 public chain Radix announced the completion of a $10 million financing round, fully invested by DWF Labs, with a post-investment valuation of $400 million. Radix CEO Piers Ridyard stated that DWF has already provided $8 million in funding, with the remaining $2 million to be provided in the near future.
It is reported that Radix has its own consensus system and execution environment, and is expected to launch a mainnet called Babylon in the second quarter of this year. (Source link)
"What Interesting Articles Are Worth Reading in the Last 24 Hours"
During the Sui Builder House in Denver, Wayne Cunningham, Technical Content Manager of the Sui Foundation, held an AMA session with Adeniyi Abiodun, allowing the community and users to gain insights into the internal situation of the Mysten Labs team, the results of two testnets, favorite product use cases, and Adeniyi's expectations for the mainnet launch.
2. “Insights from dYdX's Latest Proposal on Community Governance and Consensus Building in DAOs”
Last week, the dYdX DAO officially passed a governance proposal, DIP 20, aimed at reducing trading rewards by approximately 45%. However, this "reform" of the profit distribution mechanism within dYdX did not cause as much of a stir as Uni's previous choice of cross-chain bridge tools.
As a leading DeFi project, dYdX has repeatedly leveraged community voting and public governance to communicate and adjust project development details and mid- to long-term planning, becoming a rare model in the industry.
This article will analyze the short- and long-term impacts of dYdX's community governance approach by referencing several significant turning points in its history, comparing and summarizing the challenges faced by decentralized communities (i.e., DAOs) in consensus building and profit distribution.
3. “Dialogue with Circle CEO: Review, Reflection, and Outlook After the Crisis”
On March 11, affected by the bankruptcy of Silicon Valley Bank and other factors, stablecoin USDC issuer Circle faced a severe run on the bank, leading to a sustained de-pegging of USDC and marking the biggest crisis since its establishment. Subsequently, multiple parties in the U.S. joined forces to stabilize the market, restoring investor confidence and saving USDC and Circle, which were on the brink of collapse.
After the crisis, Bankless interviewed Circle CEO Jeremy Allaire, who reviewed the entire crisis and discussed Circle's development strategy and the future direction of regulatory policies post-crisis.
