Daily Report | Former Alameda Research CEO Caroline: Cash deficit exceeded $10 billion 8 months before FTX's collapse; Data: a16z and CMS Holdings have been continuously selling MKR recently
OKX Web3 wallet multi-chain signature SDK has been fully open-sourced; Data: Stablecoin market cap has fallen to a nearly two-year low, USDT market cap hits an all-time high; Web3 operating protocol dappOS completes seed round financing with a valuation of $50 million, led by IDG and Sequoia China.Organizer: Mia, ChainCatcher
"What important events have occurred in the past 24 hours"
1. Former Alameda Research CEO Caroline: FTX's cash deficit exceeded $10 billion 8 months before its collapse
According to ChainCatcher, Bloomberg reports that in the latest lawsuit documents, former Alameda Research CEO Caroline Ellison estimated in her private records that FTX's cash deficit exceeded $10 billion 8 months before its collapse in March 2022. U.S. authorities have accused FTX of misusing customer funds for trading and personal expenses at the hedge fund Alameda. Caroline Ellison has admitted to fraud and is cooperating with prosecutors in the investigation. (Source link)
2. Data: a16z and CMS Holdings continue to sell MKR recently
According to ChainCatcher, Lookonchain data monitoring shows that a16z has recently been depositing MKR into Coinbase and selling it. Reportedly, a16z has deposited 12,864 MKR (worth $12.6 million) into Coinbase through the address "0xd520." Six hours ago, a16z transferred 6,900 MKR (worth $8 million) to a new address and deposited it back into the exchange. They currently hold 12,396 MKR (worth $14.4 million).
Additionally, CMS Holdings deposited 525 MKR (worth $614,000) into Binance two hours ago. CMS Holdings has withdrawn 1,325 MKR (currently worth $1.54 million) from Binance and Bitget, with an average price of $793, and currently holds 800 MKR (approximately $936,000). (Source link)
3. OKX Web3 Wallet multi-chain signature SDK is fully open-sourced
According to ChainCatcher, the OKX Web3 Wallet multi-chain signature SDK is now fully open-sourced, supporting over 60 chains and covering all popular ecosystems, aiming to contribute to industry development.
The OKX Web3 Wallet is a heterogeneous multi-chain wallet that supports over 60 public chains, with a unified app, plugin, and web interface, covering five major areas: wallet, DEX, DeFi, NFT market, and DApp exploration. It also supports features such as Ordinals market, creating MPC wallets, exchanging Gas, iCloud/Google Drive backup of mnemonic phrases, custom networks, and connecting hardware wallets. Additionally, the OKX Web3 Wallet will soon support AA account abstraction.
4. Data: Stablecoin market cap drops to nearly two-year low, USDT market cap hits all-time high
According to ChainCatcher, the latest report from cryptocurrency analysis platform CCData shows that from the beginning of this month to July 17, the total market cap of stablecoins has dropped to $127 billion, accounting for 10.3% of the total cryptocurrency market cap, slightly down from June. The stablecoin market cap has declined for 16 consecutive months, reaching nearly a two-year low.
As of July 17, the largest stablecoin by market cap, USDT, reached a market cap of $83.8 billion, setting an all-time high and accounting for 65.9% of the stablecoin market cap. Additionally, the market caps of USDC and BUSD fell by 3.01% and 4.57%, respectively, reaching $26.9 billion and $3.96 billion. Among the top ten stablecoins by market cap, Pax Dollar (USDP) saw the largest decline, dropping 43.1% in July to $56.3 million, the lowest since December 2020. (Source link)
5. Web3 operating protocol dappOS completes seed round financing at a $50 million valuation, led by IDG and Sequoia China
According to ChainCatcher, the Web3 operating protocol dappOS announced the completion of its seed round financing at a $50 million valuation, led by IDG Capital and Sequoia China, with participation from OKX Ventures, HashKey Capital, KuCoin Ventures, TronDao, Gate Labs, Taihill Ventures, Symbolic Capital, Foresight Ventures, BlueRun Ventures, Mirana Ventures, Leland Ventures, and others.
It is reported that dappOS was selected for Binance Labs' fifth incubation program in November 2022 and received Pre-Seed round financing from Binance Labs in June this year. (Source link)
6. Cryptocurrency exchange OpenEx completes Pre-A round financing at a $50 million valuation, with participation from C² Ventures and others
According to ChainCatcher, cryptocurrency exchange OpenEx has completed its Pre-A round financing at a $50 million valuation, with the amount undisclosed. C² Ventures, Agallochum Capital, TKX Capital, and others participated, along with personal investments from the founders and managing directors of Galxe and Fenbushi Capital.
It is reported that this round of financing will be used to improve the DApp trading experience and develop new financial products. OpenEx is a hybrid trading platform that combines CEX and DEX. (Source link)
7. Indonesia's national cryptocurrency exchange has officially begun operations
According to ChainCatcher, the national cryptocurrency exchange officially opened on July 20, according to a statement from Indonesia's Commodity Futures Trading Regulatory Agency (CFTRA). The platform is regulated by CFTRA and will be the only platform in the country allowed to legally trade digital assets. Additionally, CFTRA's decree also stipulates the establishment of a futures clearinghouse alongside the exchange. The clearinghouse essentially acts as a mediator between buyers and sellers, ensuring smooth transactions.
Previous news reported that Indonesia's Commodity Futures Trading Regulatory Agency (Bappebti) announced plans to launch a cryptocurrency exchange this month. Bappebti head Didid Noordiatmoko stated that once the exchange is launched, all cryptocurrency transactions will only be conducted through the exchange. Meanwhile, KYC and various processes will be regulated. (Source link)
"What interesting articles are worth reading in the past 24 hours"
Last week, StarkNet v0.12, officially named the "quantum leap" version, finally went live on the mainnet. With the successful upgrade of StarkNet v0.12, community feedback has been mixed.
On one hand, the time required for successful transactions on StarkNet has significantly reduced from 10-30 minutes before the upgrade to just a few seconds, with community users exclaiming that StarkNet has moved from the "old ox pulling the cart era" to the "flying era"; on the other hand, StarkNet's gas fees remain considerably higher than most layer 2 solutions, with some users facing gas fees exceeding 1 U.
Moreover, the most commonly used wallet in the StarkNet ecosystem, "Flip-Flop" (Argent), encountered severe bugs due to the mainnet upgrade, causing many users to lose their wallets, leading to significant criticism and doubts about its interaction security.
Despite the criticisms, this milestone upgrade has significantly increased StarkNet's TVL. Currently, StarkNet's TVL has surpassed the $100 million mark, with an increase of over 43% in a week, and its ecosystem projects are gradually becoming more active following the upgrade.
Recently, StarkNet has been quite active, with network upgrades and an official announcement of an upcoming application chain. According to StarkNet's roadmap, further upgrades addressing transaction fees and fee markets will be completed before the end of the year. Coupled with community expectations for a token airdrop before the end of the year and the upcoming Cancun upgrade, StarkNet's ecosystem is expected to usher in a new wave of prosperity.
2. "In conversation with Compound founder, how is Superstate bringing RWAs into the crypto world?"
In a recent episode of Empire, Jason invited Rob Leshner, the former founder of Compound, to discuss his newly founded company, Superstate.
The episode explores the challenges and impacts of bringing real-world assets (RWAs) on-chain, Superstate's go-to-market strategy and competitive landscape, as well as the upcoming stablecoin battlefield.
Protocols are a set of rules that participants in a system follow. For example, protocols in the military dictate how people should act. There is a "protocol" among diplomats that governs how they interact with each other. Protocols can be seen as a bundle of rules. In the context of machines, especially computers, protocols are defined as rules that dictate how data flows. For instance, RSS is a protocol that defines how information about articles is updated in clients. SMTP defines how emails flow into inboxes. Protocols are context-specific bundles of rules.
On the other hand, platforms are operating systems, social networks (like Meta), or hardware (ARM/NVIDIA) that allow a set of protocols to run on them. When you use Outlook (an application) on Windows (a platform), you use SMTP (a protocol) to transfer data to Windows. Currently, there is no Web3-native platform that has scaled. Solana's mobile devices may have their operating system, fine-tuned to meet industry needs. Ronin has its app store, allowing the distribution of NFT-supported games.
In the digital asset space, applications can evolve into protocols (or platforms). As roll-ups make it easier for applications to masquerade as L2, we will see more and more applications claiming to be protocols in hopes of increasing their valuations.
