Daily Report | Ripple wins the ruling that XRP is not a security; Multichain officials claim funds were transferred by the founder's relatives, forcing the team to cease operations
Founder of DeFiance Capital: The significant market surge on July 14 marks the official end of the bear market; the total market capitalization of cryptocurrencies has surpassed $1.3 trillion, with Bitcoin's market share at 46.82%.Organizer: Mia, ChainCatcher
"What important events have occurred in the past 24 hours"
1. Ripple wins the ruling that XRP is not a security, XRP briefly rises over 15%
According to ChainCatcher, Ripple has won the ruling that XRP is not a security, causing XRP to briefly rise over 15%.
2. Cryptocurrencies previously classified as securities by the SEC, such as SOL and MATIC, continue to surge
According to ChainCatcher, cryptocurrencies like SOL and MATIC, which were previously classified as securities by the SEC, continue their upward trend from last night. According to OKX market data:
SOL has risen 32.20% in the last 24 hours, currently priced at $28.94;
ADA has risen 25.76% in the last 24 hours, currently priced at $0.3613;
MATIC has risen 19.36% in the last 24 hours, currently priced at $0.8692;
SAND has risen 14.59% in the last 24 hours, currently priced at $0.4831;
ATOM has risen 10.78% in the last 24 hours, currently priced at $10.031;
FIL has risen 10.76% in the last 24 hours, currently priced at $4.684.
3. DeFiance Capital founder: The market surge on July 14 marks the official end of the bear market
According to ChainCatcher, DeFiance founder Arthur tweeted that "July 14, 2023, marks the official end of the 2022-2023 bear market." Arthur provided seven insights on this:
The worst of the macro tightening is over, CPI is down, and real interest rates are positive. We may see rate cuts next year;
Since BlackRock applied for a Bitcoin ETF, institutions have been increasingly accepting cryptocurrencies as an asset class;
If the SEC cannot win against the token most likely to be defined as a security (XRP), the chances of other tokens being classified as securities are greatly diminished;
Most short-term speculators have exited, and aside from some clear unlocking schedules, current holders are unlikely to sell in the short term;
The market is severely under-allocated to non-BTC and ETH assets;
Hong Kong's welcoming policies for cryptocurrencies are real, which will open the door for Asian financial institutions to enter the cryptocurrency space legally.
(Source link)
4. Total cryptocurrency market cap surpasses $1.3 trillion, Bitcoin market share at 46.82%
According to ChainCatcher, data from CoinGecko shows that the total cryptocurrency market cap has surpassed $1.3 trillion, currently reported at $1,302,815,900,047, with a 24-hour increase of 0.6%. Bitcoin's market share is currently reported at 46.82%, and stablecoins' market share is reported at 9.82%. (Source link)
5. Multichain: Funds transferred by founder's relatives, team forced to cease operations
According to ChainCatcher, the Multichain team stated that CEO Zhao Jun was taken away by the police from his home on May 12 this year and has since lost contact with the Multichain team. After contacting the MPC node operators, the team learned that the project party's access keys to the MPC node servers had been revoked. These MPC node servers are actually running under Zhao Jun's personal cloud server account, and no team member has access to Zhao Jun's personal cloud server account, making it impossible for anyone to log into these MPC servers.
After the project team contacted Zhao Jun's family, they learned that all of Zhao Jun's computers, phones, hardware wallets, and mnemonic phrases had been confiscated by the police. Since the project's inception, all operational funds and investor investments have been controlled by Zhao Jun. Currently, all of the team's funds and server access rights are in the hands of Zhao Jun and the police.
Due to a lack of information related to the case, the team can only maintain project operations through the remaining access rights on some non-MPC servers that have not yet been revoked. Based on legal advice, the team has chosen to cooperate with Zhao Jun's family's requests as much as possible and comply with local laws and regulations, refraining from disclosing unauthorized case information to the public.
Due to a lack of alternative information sources and corresponding operational funds, the team has been forced to cease operations. If there are any further notifications and developments, the team will update the community accordingly. The Multichain team does not have access to the domain account to redirect or shut down the front end at http://multichain.org. Please help spread the word and ask users not to use Multichain services anymore. (Source link)
6. ChainCatcher to host the first "Web3 100 Summit" in Hanoi on October 25
ChainCatcher will host the first "Web3 100 Summit" in Hanoi, Vietnam, from October 25 to October 26, focusing on the theme of "Innovation and Growth." The summit will invite numerous industry leaders, quality developers, and investors from the Web3 field, setting multiple cutting-edge and practical topics.
It is reported that the Web3 100 Summit aims to promote high-quality exchanges and cooperation between the Eastern and Western Web3 industries, gathering influential industry builders such as top Web3 entrepreneurs, developers, and investors every October to provide more constructive insights for the industry.
Subsequently, ChainCatcher will release the guest list, agenda, and registration link for the Web3 100 Summit. For collaboration inquiries, please contact: summit@chaincatcher.com.
"What are some noteworthy articles to read in the past 24 hours"
On Tuesday, Singapore's sovereign wealth fund Temasek announced its worst performance in seven years. In the 2023 fiscal year report for the year ending March 31, Temasek's portfolio net worth shrank by 5.2% to S$382 billion (approximately US$284 billion), marking its first net loss since the 2020 fiscal year. Additionally, as of March 31, Temasek's annual total shareholder return was -5.07%, the worst annual performance since 2016.
Although Temasek attributed this result to factors such as recession risks, rising interest rates, and geopolitical tensions, its setbacks in the crypto space cannot be overlooked. On the same day the financial report was released, Temasek's Chief Investment Officer Rohit Sipahimalani stated in an interview with CNBC that under the current regulatory uncertainty in the cryptocurrency industry, Temasek does not plan to invest in cryptocurrency companies. Sipahimalani also added, "We never intended to invest in cryptocurrencies. Even our investment in FTX was essentially an investment in the exchange, allowing us to earn fee-based income without considering balance sheet risks or any trading risks."
As one of the most influential sovereign wealth funds, Temasek's attitude towards crypto serves as a bellwether to some extent. From officially entering the blockchain space through investments and startups around 2018, to losing $275 million on FTX, leading the charge for venture capital accountability, and now announcing a temporary withdrawal from crypto investments, is Temasek truly facing defeat in the crypto space?
2. “MATIC upgraded to POL, frequent personnel changes, can Polygon 2.0 continue the myth?”
On July 13, Polygon officially released the white paper for the economic model of its native new token POL in Polygon 2.0. POL is not a new token; it is an upgrade from the original MATIC token. The new POL token will operate across all Polygon ecosystem networks, including Polygon PoS, Polygon zkEVM, and Polygon Supernets. At that time, MATIC token holders will exchange their tokens on a 1:1 basis for POL.
The price of MATIC surged, rising 18% in the last 24 hours, currently priced at $0.86.
However, the white paper states that the initial total supply of POL is 10 billion tokens, with an annual inflation rate of 2% over the next 10 years, meaning the total supply of POL will exceed the original 10 billion total of MATIC tokens. This has raised dissatisfaction among MATIC holders, who believe this move dilutes the original value of MATIC.
According to CoinGecko data, the current circulating supply of MATIC is 9.319 billion tokens, with a current market cap of $8 billion, ranking 11th among crypto assets.
What exactly is the difference between the POL token and the original MATIC? What role does POL play in Polygon 2.0? What upgrades does Polygon 2.0 have?
