Evening News ｜ Tiger Global Apologizes to LPs for Fund Losses; Xu Mingxing States That Projects Ceasing Development Will Be Delisted According to OKX Listing Agreement
Taobao invests 100 million yuan to establish a new company focused on blockchain and other areas; Kucoin claims it will fully compensate for losses caused by the Twitter hack.整理：flowie，ChainCatcher
"What important events have occurred in the past 24 hours"
1. Tiger Global apologizes to LPs: Its $12.7 billion venture fund records a 20% loss
The Information reports that Tiger Global Management recently informed LPs that its $12.7 billion venture fund recorded a 20% loss as of the end of last year.
Tiger Global stated, "We underestimated the impact of rising inflation and overestimated the sustainability of business growth brought by the pandemic on our portfolio." Additionally, Tiger Global is working with banks to liquidate its shares in other venture capital funds.
According to the crypto data platform RootData, in 2022, Tiger Global made about 40 investments in Web3, including projects like FTX, Gnosis Safe, FalconX, StarkWare, NEAR Protocol, Helium, LayerZero, FanCraze, Yuga Labs, Aptos, Amber Group, Polygon, Aleo, Blockdaemon where single financing rounds exceeded $100 million. (Source link)
2. Xu Mingxing: All projects that stop development will be delisted according to OKX listing agreement
OKX founder Xu Mingxing retweeted, stating, "Do not do evil, all projects that stop development will be delisted according to the OKX listing agreement."
Previously, OKX officials tweeted that they discovered someone acquiring the shells of projects listed on OKX, pointing out that OKX does not support shell trading and will regularly monitor the coins that have been listed. If malicious market manipulation, operational, or security risks are found, the project will be delisted. (Source link)
3. Near collaborates with Cosmose AI to establish a stablecoin payment system and makes a strategic investment
According to TechCrunch, AI company Cosmose AI is collaborating with NEAR to establish a payment system that allows users to shop with cryptocurrencies at low transaction fees, saving money for both buyers and sellers. As part of the partnership, the NEAR Foundation has made a strategic investment in Cosmose, with the amount undisclosed, raising its valuation from $100 million during its $15 million Series A funding in 2020 to $500 million.
Cosmose is a nine-year-old company that uses AI analysis to track in-store foot traffic and interact with online shoppers. Its retail solution suite includes the KaiKai app, which allows customers to discover nearby retail stores and an online positioning platform, both of which have been blockchain-transformed with NEAR's assistance. Through the NEAR-driven blockchain payment system, users can discover nearby products and make payments via the app, with KaiKai claiming to reduce the transaction cost of annual coffee consumption to just $4, which is 50 times lower than methods like Stripe or PayPal.
Cosmose's shopping discovery app KaiKai settles payments using its native stablecoin Kai-Ching, which operates on the Near network. The app creates a crypto wallet for users, who can recharge Kai-Ching with fiat currency. In the future, users may have the option to convert Kai-Ching back to fiat. Cosmose has reserved a treasury for Kai-Ching, which is pegged to the dollar (1 Kai-Ching = 1 cent) and can only be traded within the app to prevent value fluctuations. (Source link)
4. Kucoin: Will fully compensate for losses caused by Twitter hack, has identified 22 related transactions
Kucoin officials stated, "KuCoin will fully compensate for all verified asset losses caused by social media hacks and fraudulent activities. Only Kucoin's Twitter account was hacked in this incident. We want to assure you that your assets on Kucoin are safe. As of April 24, 2:00 (UTC+2), the team has identified 22 transactions, including ETH/BTC related to fraudulent activities, with a total value of 22,628 USDT."
This morning, Kucoin announced on Telegram that its official Twitter account was hacked and reminded users not to click on suspicious links. (Source link)
5. Taobao invests 100 million yuan to establish Taotian Co., Ltd., which will operate blockchain and AI technology-related services
According to Tianyancha, Taotian Co., Ltd. was established on April 23, with Zhu Jian as the legal representative and a registered capital of 100 million yuan. Its business scope includes technical services, digital technology services, blockchain-related software and services, AI public service platform technical consulting services, technology intermediary services, industrial internet data services, cloud-based business outsourcing services, data processing services, and more. Shareholder information shows that the company is wholly owned by Taobao (China) Software Co., Ltd. (Source link)
6. Messari: Solana's circulating market cap increased by 118.1% in Q1 2023, SOL revenue grew by 68.7%
According to ChainCatcher, Messari released its Q1 2023 report on Solana, indicating that Solana's circulating market cap rebounded with the market, increasing by 118.1%, while SOL revenue grew by 68.7%. The BONK airdrop, NFT collections, and DePIN applications drove fee payments and trading activity in the first quarter.
In terms of DeFi, the dollar-denominated Solana TVL increased by 23.5% quarter-over-quarter, while the SOL-denominated TVL decreased by 40.7%, indicating that the rise in dollar-denominated asset prices and new capital inflows drove the TVL. With the support of Marinade Finance, Lido, Jito, and JPool, LSD saw significant quarter-over-quarter growth.
In the NFT sector, the daily number of new NFTs on Solana increased from 2.6 million to 2.9 million, an increase of 11.8%. Meanwhile, dollar-denominated secondary market NFT sales grew by 35.5%, and SOL-denominated sales increased by 19.3%, reaching an all-time high, indicating that sales activity was not purely driven by the rise in dollar asset prices. In the first quarter, independent buyers continued to outnumber independent sellers, with a total of 889,000 buyers and 887,000 sellers.
The average number of Solana network validator nodes increased by 18.9% quarter-over-quarter, indicating that the network is moving towards a more decentralized state. Meanwhile, the Solana Foundation continued to invest in growth plans for the ecosystem in Q1, including Solana Hacker Houses and the largest hackathon Grizzlython. Solana Ventures continues to drive the development of the network gaming ecosystem with its $150 million fund. (Source link)
7. Blockchain game developer GOMBLE completes seed round financing, led by Binance Labs, Shima Capital, and others
According to South Korean media Hankyung, blockchain-based game developer GOMBLE has completed its first seed round financing, led by Binance Labs, Spartan, and Shima Capital, with participation from Altos Ventures, Animoca Brands, Crit Ventures, Planetarium, and others. The investment amount and company valuation have not been disclosed.
According to previous reports by ChainCatcher, on April 20, Binance Labs had committed to investing in the seed round financing of blockchain-based game developer GOMBLE. (Source link)
"What excellent articles are worth reading in the past 24 hours"
It has been over 10 days since the Ethereum Shanghai upgrade; what changes have occurred on the network? 21Shares research analyst Tom Wan analyzes the data, noting that a large number of institutional stakers have entered Ethereum.
Stablecoins, one of the "holy grails" sought after in the crypto world, have always been the most imaginative track in the industry. However, since 2022, various stablecoin solutions have faced setbacks, whether it be the collapse of UST or the USDC reserve turmoil, while the continuously criticized USDT has maintained an expansion trend under the premise of ensuring currency value stability.
On April 19, the new challenger HOPE officially launched on the Ethereum mainnet. As a distributed stablecoin project launched by former PayPal founder Flex Yang, what innovative mechanisms does it offer compared to others?
3. “Interpreting the U.S. regulatory approach from the 73-page 'Stablecoin Bill Discussion Draft'”*
The U.S. House Financial Services Committee recently released a "Stablecoin Bill Discussion Draft." Although it is only a draft and does not represent the final bill, we can at least see the U.S. regulatory approach to stablecoins from this 73-page interim result that has been discussed for months.
