Weekly Report | Multichain Ceases Operations; Zhao Changpeng Releases Open Letter for Binance's Sixth Anniversary
Ripple wins a partial victory; BlackRock and Bitwise's Bitcoin ETF applications are recognized by the U.S. SEC.整理：饼干，ChainCatcher
"What Important Events Happened This Week (7.10-7.16)"
1. Multichain: Funds Transferred by CEO'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contacting the MPC node operators, the team learned that the project party's access keys to the MPC node servers had been revoked.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 were 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 party's task force contacted Zhao Jun's family, it was 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team can only maintain project operations through the remaining access rights on some non-MPC servers that have not yet been revoked.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. The team will update the community accordingly if there are any further notifications and developments. 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)
2. Ripple Wins Judgment That XRP Is Not a Security, Multiple Exchanges List XRP
The Southern District of New York court ruled against the SEC's lawsuit against Ripple, concluding that Ripple's programmatic sales of XRP do not constitute an offer and sale of an investment contract; however, Ripple's institutional sales of XRP constituted an unregistered offer and sale of an investment contract in violation of Section 5 of the Securities Act. The court emphasized that the token itself does not constitute an "investment contract," and therefore is not a security; rather, the sale or other trading is what matters, which analysts generally consider to be a significant victory.
In light of this news, Coinbase announced it would relist XRP, Kraken Pro, Crypto.com, and Binance.US have listed XRP, and Gemini is planning to launch XRP spot and derivatives trading. XRP has risen to fourth place in the cryptocurrency market capitalization rankings. (Source link)
3. BlackRock and Bitwise's Bitcoin ETF Applications Recognized by the SEC
According to Bitcoin Magazine, the U.S. Securities and Exchange Commission (SEC) has officially recognized BlackRock's Bitcoin spot ETF application. Financial analyst James Seyffart stated that Bitwise's spot Bitcoin ETF application review process has been acknowledged by the SEC, officially starting the review process. Additionally, the Financial Times reported that Europe's first Bitcoin ETF is expected to go public this month.
The Chicago Board Options Exchange (Cboe) submitted a revised application for five proposed spot Bitcoin ETFs, stating that it has reached an agreement with Coinbase on terms to sign a surveillance-sharing agreement. Previous documents indicated that Coinbase is expected to sign this agreement. This includes Wise Origin Bitcoin Trust, WisdomTree Bitcoin Trust, VanEck Bitcoin Trust, Invesco Galaxy Bitcoin ETF, and ARK 21Shares Bitcoin ETF.
4. Polygon Proposes to Upgrade MATIC Token to POL
According to ChainCatcher, as part of the Polygon 2.0 roadmap, Ethereum scaling solution Polygon has proposed a technical upgrade to its native MATIC token, suggesting a conversion of MATIC to Polygon (POL). The POL token will operate across all Polygon protocols, including Proof of Stake (PoS), zkEVM, and Supernets. (Source link)
5. Ethereum Layer 2 Solution Linea Plans to Launch Mainnet Alpha Version This Week
According to official news, Ethereum Layer 2 solution Linea, launched by ConsenSys, announced it will launch the mainnet Alpha version. Application developers will be able to deploy their projects to the Linea Alpha network on Friday, and users will be able to access it starting next week.
It is reported that Linea had 5.5 million unique wallets on the testnet stage, submitting over 46 million transactions, making Linea one of the largest and fastest-growing projects on Goerli. (Source link
6. Vitalik: Bitcoin Needs to Try Scaling Solutions Like Plasma or ZK Rollup for Further Development
Ethereum founder Vitalik Buterin stated this week in a Twitter Space, "If we want Bitcoin to be more than just a payment method, it needs scaling solutions like Plasma or ZK Rollup. Both of these solutions have already been tested on Ethereum."
He also mentioned that Optimism and Arbitrum are two successful Rollups that can serve as case studies for Bitcoin. Vitalik also attempted to identify commonalities between the Ethereum and Bitcoin ecosystems. He pointed out that both blockchains have immutability, while they both face L1 privacy issues. (Source link
7. Ark Investment Reduces Coinbase Stock for the First Time in a Year
Cathie Wood's Ark Investment has reduced its holdings in Coinbase stock for the first time in a year, selling 135,152 shares of Coinbase stock on July 11, marking the first sale of this stock since July 26, 2022. Ark is reportedly the fourth-largest holder of Coinbase, and documents submitted to the Chicago Board Options Exchange yesterday increased optimism about the U.S. potentially approving a Bitcoin ETF, causing the stock to rise by 9.8%. (Source link)
8. Binance Launchpad New Project Arkham Launches On-Chain Intelligence Trading Platform
Arkham has launched the on-chain intelligence trading platform Arkham Intel Exchange, allowing users to anonymously buy and sell information about wallet address owners. Buyers can post information requests through bounties, while sellers can submit the requested intelligence to earn rewards. Additionally, users with valuable information about wallet owners can sell the information directly or through auctions to other users. Arkham Intel Exchange will officially launch on July 18 (Tuesday).
Earlier news, Binance Launchpad announced it will list Arkham (ARKM) (Source link
9. Aave Launches Decentralized Stablecoin GHO on Ethereum Mainnet
Aave DAO has launched the decentralized stablecoin GHO on the Ethereum mainnet, allowing users to use assets in Aave V3 as collateral for over-collateralized minting. Additionally, GHO is fully managed by Aave DAO, which is responsible for establishing rules and policies for managing GHO. Community members must submit proposals to the DAO, which will be publicly discussed in the community for a period of time before voting, and the vote will determine whether the proposal will receive support and implementation from the DAO. (Source link)
10. Data
- Total cryptocurrency market capitalization surpasses $1.3 trillion, Bitcoin market share at 46.82%
- RootData: In Q2 2023, the crypto industry disclosed a total of 301 project financing events, with total financing amounting to $2.177 billion
- Total staked ETH on the Ethereum Beacon Chain exceeds 24 million ETH, with a staking rate exceeding 20%
- Sui active addresses exceed 1 million, total transaction volume surpasses 100 million
- The U.S. government distributed 9,825 bitcoins related to the dark web Silk Road to 104 addresses
- Tokenized U.S. Treasury bonds exceed $600 million
"What Exciting Articles Are Worth Reading This Week (7.10-7.16)"
Starting from scratch, entrepreneurship is tough. Zhao Changpeng wrote in the open letter: Six years ago, with your support, Binance raised the equivalent of $15 million in crypto assets to start building a trading platform. Two weeks later, Binance was born, listing 5 tokens and providing 2 service languages. At that time, our customer service team borrowed from my friend's company, and we did not have our own marketing team. Today, Binance has listed over 600 tokens, offers more than 40 service languages, and has a customer service team of over a thousand people. I will always be grateful to have walked this journey with you. Now and in the future, you are the core and soul of Binance.
2. "RootData's Latest Report: Analyzing the Characteristics and New Trends of Q2 Crypto Market Financing"
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 is impacting market confidence, with Binance, Coinbase, and other centralized crypto giants still battling the SEC. The few good news is that several asset management giants, including BlackRock, have refiled for spot Bitcoin ETFs.
So, how did the crypto financing market perform in Q2 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: Overview of the Crypto Financing Market in Q2 2023 and Analysis of Financing Market Trends.
On Tuesday, Singapore's sovereign wealth fund Temasek announced its worst performance in seven years. In the 2023 fiscal year report ending March 31 this year, Temasek's portfolio net worth shrank by 5.2% to S$382 billion (approximately US$284 billion), marking the first net loss since the 2020 fiscal year. Additionally, as of March 31, Temasek's annual total shareholder return rate was -5.07%, the worst annual performance since 2016.
As one of the most influential sovereign wealth funds, Temasek's attitude towards crypto can serve as a bellwether. 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 investment, is Temasek really retreating from the crypto field?
4. "MATIC Upgraded to POL, Frequent Changes in Senior Personnel, Can Polygon 2.0 Continue the Myth?"
On July 13, Polygon officially released the economic model white paper for the new native token POL under Polygon 2.0. POL is not a new token; it is an upgrade from the original MATIC token, and 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 at a 1:1 ratio for POL. 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?
5. "MakerDao's Concerns: Not Just About RWA Exposure"
For the recently popular RWA leader and DeFi blue-chip project MakerDao, this article attempts to analyze the internal and external driving forces behind the rise of MKR and evaluate its advantages, challenges, and long-term risks based on Maker's business.
6. "Deep Participant Review: What Pitfalls Has Mirror Encountered in the Past Two Years?"
In the past two years, the content publishing platform Mirror has been constantly wavering in its strategic direction: curation direction disputes, product vs. protocol, mass adoption pitfalls. With the exit of Mirror co-founder Graeme Boy in November 2022 and Rafa (DAO leader) officially leaving in January 2023, the internal product direction disputes within the Mirror core team have come to an end. As a participant, this article reviews the pitfalls Mirror has encountered.
7. "Shen Yu: Three Things to Watch in the Second Half of 2023"
The entire cryptocurrency industry is still in a state of re-seeking narrative logic. However, there are still several major events worth paying attention to. First, Ethereum will have an upgrade in the second half of the year to improve performance; secondly, L2 will likely launch on the mainnet in the next 6-12 months—most likely within 6 months—where a series of Layer 2 networks, including Scroll and ZKS, are competing to be the first to gain a good first-mover advantage. The second consensus is that non-custodial wallets based on MPC technology and on-chain AA smart wallets may gradually form a unified standard as L2 launches, leading to large-scale promotion and application. The third important issue is the application for traditional institutional ETFs.
8. "RWA Map: Overview of Progress of 10 Major Projects and Summary of 20 Early Projects"
Due to the broad definition of the RWA concept, the actual development landscape in this field feels quite vague. This article mainly combines the RWA section of the crypto data platform RootData to sort out the progress of relatively leading projects under the RWA concept and some early projects that have highlights in financing or models, providing an overview of the development of the RWA track.
9. "Old Blue-Chip DeFi's 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 brought the long-silent blue-chip DeFi projects back to life. 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 shifted from being 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 rise in token prices?
The famous "VC Ponzi scheme" described by Chamath shows LPs your paper gains to raise large mega funds and earn hefty management fees.
Unfortunately, in the bear market, the situation where VCs retract terms agreements and demand refunds from invested companies is becoming increasingly common. Demanding refunds from portfolio companies means that venture capitalists provided funding to companies during the bull market but now regret it and want the companies to return their money. This is not as bad as retracting the terms agreement because it is clear that founders are not obligated to agree to refund the funds, but it still tarnishes the reputation of venture capitalists as "founder-friendly."
