Daily Report | Polygon proposes to upgrade MATIC token to POL; The U.S. government distributes 9,825 bitcoins related to the dark web Silk Road to 104 addresses
Music NFT platform Sound.xyz completes $20 million Series A funding; Xterio receives $15 million investment from Binance Labs.Organizer: Grapefruit, ChainCatcher
"What important events have occurred in the past 24 hours"
1. Polygon proposes to upgrade MATIC token to POL
According to ChainCatcher and reported by The Block, as part of the Polygon 2.0 roadmap, the Ethereum scaling solution Polygon has proposed a technical upgrade to its native MATIC token, suggesting to convert MATIC to Polygon (POL). The POL token will operate across all Polygon protocols, including Proof of Stake (PoS), zkEVM, and Supernets. (Source link)
2. Data: U.S. government distributes 9,825 bitcoins related to Silk Road to 104 addresses
According to ChainCatcher, data released by Spot On Chain shows that 12 hours ago, the U.S. government transferred 9,825 bitcoins related to Silk Road, which were further distributed to 104 addresses. Among them, 101 addresses each hold 79.2 bitcoins, while the other three addresses hold 1,118.7, 506.5, and 200.8 bitcoins, respectively. There have been no further transfer actions for these bitcoins. (Source link)
3. Gary Gensler responds to previous "recusal from crypto industry calls": he is "fully compliant" with the law
According to ChainCatcher, SEC Chairman Gary Gensler responded to previous calls from the crypto industry for him to recuse himself from making certain crypto-related decisions, stating that he is "fully compliant" with the law.
Gary Gensler stated, "I, along with my fellow commissioners, have sworn to enforce the laws passed by Congress and how the courts interpret those laws. This is fundamentally about protecting the investing public and carefully examining the facts and circumstances of each token and platform." Additionally, Gensler added, "I am very aware of my ethical responsibilities."
Gensler declined to disclose specific ETF filing statuses, believing they tend to operate a series of conflicting services, and pointed out that this is one of the reasons for taking enforcement action against Coinbase. He also warned that crypto platforms have limitations in monitoring wash trading, which is a form of market manipulation. Due to concerns over the lack of transparency in bitcoin trading and potential market manipulation, the SEC has rejected multiple applications for spot bitcoin ETFs. (Source link)
4. Suspected Silk Road BTC-related addresses are transferring over 9,000 BTC
According to ChainCatcher, The Block reported that suspected Silk Road BTC-related addresses, believed to be seized by the U.S. Department of Justice, are sending large-scale bitcoin transfers, with 8,200 bitcoins being transferred to new wallets. The remaining portion has been sent to change wallets, and it is uncertain whether this is considered a formal transfer, as these funds may be sent back to their original wallets under new addresses.
In the first transaction, 0.01 BTC was sent to the wallet "361yog," while 506 BTC was sent to a change address, with most of the funds coming from the "bc1qe" address; in the second transaction, 8,200 bitcoins were sent to the same "361yog" wallet, while 1,118 bitcoins were sent to another different change address, with funds primarily coming from the "bc1qm" address. (Source link)
5. Music NFT platform Sound.xyz completes $20 million Series A funding, led by A16z
According to ChainCatcher, the music NFT platform Sound.xyz has completed a $20 million Series A funding round, led by A16z, with participation from rapper and NFT enthusiast Snoop Dogg, musician Ryan Tedder, music producers Tay Keith, Collab + Currency, Sound Ventures, Palm Tree Crew, Scalar Capital, and A Capital.
Sound.xyz states that anyone can upload their music to Sound and retain 100% ownership. Users can mint NFTs on the Ethereum mainnet and Optimism. (Source link)
6. FTX bankruptcy lawyers seek $323 million in compensation from FTX Europe leadership
According to ChainCatcher, CoinDesk reported that FTX's bankruptcy lawyers have filed a request with the court to recover $323 million from the leadership of FTX Europe. This request aims to address the alleged illegal activities and economic losses caused by the bankruptcy of FTX Europe leadership.
Sam Bankman-Fried and FTX Group had paid approximately $323.5 million to acquire the Swiss company DAAG (later renamed FTX Europe). Lawyers claim that the leadership of FTX Europe received nearly $100 million in installment payments when acquiring K-DNA. However, the acquisition was ultimately completed for only two million euros. (Source link)
7. Xterio receives $15 million investment from Binance Labs to develop AI and Web3 game development capabilities
According to ChainCatcher, Binance Labs has invested $15 million in Xterio, with the new funds aimed at further advancing game and technology development, including the integration of artificial intelligence and the launch of tokens.
Xterio is reported to be a Web3 game platform and publisher, with its ecosystem rapidly developing and expected to release various cross-platform games on PC and mobile devices. The ecosystem will also distribute digital collectibles through Xterio's network platform and marketplace. (Source link)
"What are the noteworthy articles to read in the past 24 hours"
1. "Old Blue Chips DeFi New Narrative: Application Chains, RWA, LSD, Stablecoins"
In the second half of 2023, the successive rise in token prices of COMP, MKR, Aave, and others has revitalized the long-dormant blue-chip DeFi projects. These once blue-chip projects have been quietly exploring their development paths, with product differentiation becoming increasingly apparent. Some have issued stablecoins, some have pioneered new tracks, some have built their own application chains, and some have transitioned from tool-based products to infrastructure, etc.
So, what new developments and narratives do these once blue-chip projects have in their products? Could this be the reason behind the rising token prices?
The second quarter of 2023 has just passed, and the crypto sector may have entered the depths of a bear market. Since the collapses of Terra, FTX, and the run on several crypto-friendly banks in 2022, the liquidity of cryptocurrencies has plummeted. Additionally, the ongoing crackdown by regulators on centralized exchanges has impacted market confidence, with the struggle between centralized crypto giants like Binance and Coinbase against the U.S. SEC still ongoing. The few good news is that several asset management giants, including BlackRock, have refiled for spot bitcoin ETFs.
So, how did the crypto investment and financing market perform in the second quarter of 2023? What are the hottest trends in the current market? Rootdata has conducted a comprehensive analysis based on platform statistics. This report consists of two parts: an overview of the crypto investment and financing market in Q2 2023 and an analysis of market trends.
The famous "VC Ponzi scheme" described by Chamath shows LPs your paper profits to raise large mega funds and earn hefty management fees.
Unfortunately, in the bear market, it is becoming increasingly common for VCs to retract terms agreements and demand refunds from invested companies. Demanding refunds from portfolio companies means that venture capitalists provided funding to companies during the bull market but now regret it and want their money back. This is not as bad as retracting term sheets, as founders are clearly not obligated to agree to refund the funds, but it still tarnishes the reputation of venture capitalists as being "founder-friendly."
