Evening News | a16z leads $43 million financing for distributed AI computing network Gensyn; dormant whale sells 10,000 BNB today after 2 years
The Bitcoin protocol Ordinals launched "recursive inscriptions"; Tether issued an additional 1 billion USDT on the Ethereum network.整理：flowie，ChainCatcher
"What Important Events Happened in the Last 24 Hours"
1. Distributed AI Computing Network Gensyn Completes $43 Million Series A Financing, Led by a16z
According to CoinDesk, the distributed AI computing network Gensyn has completed a $43 million Series A financing round, led by a16z, with participation from CoinFund, Canonical Crypto, Protocol Labs, Jsquare, Eden Block, and other angel investors. The funds will be used to accelerate the launch of the protocol and expand its workforce, including hiring protocol and machine learning engineers.
Gensyn enables developers to build AI systems on smaller data centers, personal gaming computers, and other connected hardware, with pay-as-you-go pricing. Gensyn uses a cryptographic verification network that allows users to verify whether the machine learning work shared through the protocol has been completed correctly, without intermediaries.
According to RootData, in March 2022, Gensyn completed a $6.5 million seed round led by Eden Block, with participation from Galaxy Digital, Maven 11, CoinFund, Hypersphere, Zee Prime, Entrepreneur First, Jsquare, Counterview Capital, 7percent Ventures, Id4 Ventures, and angel investors from DeepMind, Livepeer, Pocket Network, Centrifuge, Cambridge University, Twitter, Google, and Parity Technologies. (Source link)
2. Data: Dormant Whale Address Sells 10,000 BNB Today After 2 Years, Average Price $230
According to monitoring by lookonchain, a whale address starting with 0x9e64 sold 10,000 BNB today after being dormant for 2 years, with an average selling price of $230.
It is reported that this whale user previously accumulated a large amount of SAFEMOON, investing only 10 BNB (worth $2,400 at the time) and eventually earning 110,000 BNB (worth $47.5 million at the time). Subsequently, this whale transferred 25,000 BNB to a new address starting with 0x9e64 in June 2021, and the new address has held the tokens until now, with 15,000 BNB remaining (worth about $3.5 million). (Source link)
3. Bitcoin Protocol Ordinals Launches "Recursive Inscriptions," Allowing Inscription Size to Exceed 4MB Limit
The new chief maintainer of the Bitcoin protocol Ordinals, Raph, recently merged the "recursive inscriptions" update 2167 proposed by Ordinals creator Casey Rodarmor into the Ordinals code on GitHub. According to developer Leonidas.og's interpretation, inscriptions can now request the content of other inscriptions using the special "/-/content/:inscription_id" syntax. This simple change unlocks many powerful use cases.
For example, instead of individually inscribing 10,000 JPEG files for a PFP collection, which would be quite expensive, you can inscribe 200 features from the collection and then create 10,000 inscriptions, each using a small amount of code to request the features and render the images programmatically. The result is the same. The artwork is simply stored on-chain in a more efficient manner, potentially saving over a million dollars in transaction fees.
Additionally, it is possible to fully inscribe many code packages on the Bitcoin chain, as the code (in text form) is small, allowing inscription sizes to exceed the Bitcoin block size limit of 4MB, enabling complex 3D video games to be fully on-chain on Bitcoin. (Source link)
4. Hong Kong Financial Secretary's Office Deputy Secretary Chan Ho Lam: Plans to Launch Stablecoin Regulatory Framework by End of 2024
According to Hong Kong Radio, Chan Ho Lam, Deputy Secretary of the Financial Secretary's Office, stated that the Hong Kong Monetary Authority has publicly solicited opinions on stablecoin regulatory policies and will establish a regulatory framework, aiming to launch it by the end of next year.
Chan stated that the Hong Kong government is focusing on developing Internet 3.0 and has previously issued a policy declaration on the development of virtual assets, adopting the principle of "same business, same risk, same rules" for regulation, believing that this will allow the industry to develop steadily in Hong Kong while protecting investors and ensuring compliance with international standards for anti-money laundering and other rules. (Source link)
5. Tether Issues 1 Billion USDT on Ethereum Network
According to Whale Alert data, stablecoin issuer Tether issued 1 billion USDT on the Ethereum network today at 15:56:47.
Tether's Chief Technology Officer Paolo Ardoino added that this is a transaction that has been authorized but not issued on the Ethereum network, meaning that this issuance will be used for the next issuance request and on-chain interactions. (Source link)
6. Venus Protocol Updates Tweet: BNB Chain Will Exclusively Take Over BNB Bridge Attacker's Position
The lending protocol Venus Protocol on BNB Chain deleted a previous tweet regarding "if BNB reaches the liquidation threshold, the BNB Chain team will take over the BNB positions on Venus" and reissued the following statement:
"In November 2022, BNB Chain submitted a governance proposal approved by the community, and the BNB Chain core team will exclusively take over the positions of the BNB Bridge attacker to ensure the safety of these assets and prevent any further impact and liquidation. The whitelisted wallet initially held $30 million in USDT to prevent losses on Venus and provide additional support through this Venus governance approval mechanism." (Source link)
7. Data: May's Trading Volume on Centralized Exchanges Reaches $30.74 Billion, Lowest Since November 2020
According to The Block, the trading volume of cryptocurrencies on centralized exchanges had already significantly declined before the SEC sued Binance and Coinbase. The Block Research's legitimate trading volume index shows that the trading volume on centralized exchanges in May was $30.74 billion, a decrease of 23.2% from April, marking the lowest monthly trading volume since November 2020.
Meanwhile, decentralized trading volume slightly increased from $6.052 billion in April to $6.751 billion last month. (Source link)
"What Interesting Articles Are Worth Reading in the Last 24 Hours"
Since entering the U.S. Silicon Valley startup scene in 1997 to participate in project operations, and then joining Junlian Capital in 2007 to transition into an investor, and becoming a managing director at Sequoia Capital China in 2019, Jin Wenji has almost experienced the rise and fall of Web1, Web2, and Web3. Throughout his more than ten years in TMT investment, Jin Wenji has deeply participated in the growth of some well-known internet companies, investing in publicly listed companies or unicorns such as Bilibili, Ucloud, Mobile Legend, and Musical.ly.
In 2018, Jin Wenji founded his first crypto fund to begin exploring crypto investments and recently established his second crypto fund, Avant Blockchain Capital. Currently, Avant Blockchain Capital has disclosed investments in projects such as Takio, ETHstorage, Beachglass Labs, D3NS, and CREDARB.
While advocating for the use of DeFi, I myself am using CEX for these so-called "cross-chain transactions." In fact, Ethereum co-founder Vitalik Buterin has repeatedly emphasized "keeping assets on their originating chains and using atomic swaps to transfer value across different chains."
It sounds simple, but reality is far from that simple. What exactly are atomic swaps? How do they work, and can they really replace centralized exchanges? This article will explore these questions.
DFINITY, a "top-tier project" that has raised nearly $200 million, has seen its native token ICP maintain a downward trend since its high opening in 2021, leaving investors who entered at dozens of dollars, or even $100, with little hope of recovering their investments.
Now that 2023 is quietly half over, when browsing DFINITY's official blog, we find that the project has not experienced the same discontinuation as some "runaway" projects; this former giant has not halted its development progress.
What kind of network is ICP? How is its current development, and what are its performance metrics? Are there misunderstandings or unknown circumstances surrounding the rumors of "project team high-level sell-offs"? Can DFINITY, which was initially supported by a group of Asian capital, return to the public eye in the Hong Kong narrative? This article features an exclusive interview with DFINITY founder Dominic Williams.
