Daily Report ｜ “dYdX V4 adopts the migration of DYDX tokens to the dYdX chain” has been approved by vote; the Arbitrum community plans to allocate 75 million ARB rewards to active protocols
There are already 60 to 70 Web3 companies operating accounts in Hong Kong; the London Stock Exchange is expected to launch its first digital market next year.整理：Mia, ChainCatcher
What Important Events Happened in the Last 24 Hours
1. The dYdX Community Has Voted to Approve the "V4 Adoption and DYDX Token Migration to dYdX Chain" Proposal
According to ChainCatcher, the dYdX community has voted to approve the "V4 Adoption and DYDX Token Migration to dYdX Chain" proposal, as shown on the Snapshot page.
This proposal was initiated by the crypto market maker Wintermute to the dYdX community. Once approved, the dYdX community will adopt the dYdX v4 open-source software as the next version of the dYdX protocol and use DYDX as the L1 token for the dYdX chain. (Source link)
2. The Arbitrum Community Plans to Allocate 75 Million ARB Rewards to Active Protocols, Voting to Start on September 8
According to ChainCatcher, the Arbitrum Incentive Working Group has submitted the "Short-Term Incentive Program for Arbitrum" AIP proposal in the community forum. This proposal aims to allocate up to 75 million ARB rewards from the DAO treasury to active Arbitrum protocols to meet the community's short-term needs. The proposal is divided into two parts: the financial proposal and the application process. The financial proposal includes allocating 75 million ARB to the multi-signature address of the program, along with an additional 37,000 ARB for the operational budget of community/project promotion.
The plan will undergo two rounds of voting, starting on September 8. The first cycle will run from September 15 to October 6, involving on-chain voting, applications, reviews, voting, and fund allocation. The second cycle will run from October 6 to October 27, sequentially involving applications, reviews, voting, and fund allocation.
Projects applying for these funds cannot convert ARB into other assets and must outline their spending plans, provide forms, and specify grant objectives. They must commit to providing key metrics data related to allocations, all ARB spending transactions, daily TVL, transactions, trading volume, unique addresses, transaction fees, etc. Each applying project can only receive one reward. The Arbitrum Working Group provides four categories for evaluating funding, including Beacon Grants, Siren Grants, Lighthouse Grants, and Pinnacle Grants. (Source link)
3. ZhongAn Bank: 60 to 70 Web3 Companies Have Opened Operating Accounts, with Another 20 to 30 Under Review
According to ChainCatcher, the CEO of Hong Kong's ZA Bank, Yao Wensong, stated that the bank expects to launch US stock products this year, with Hong Kong stock investment products also in the pipeline, and is actively developing Web3 business to achieve breakeven as soon as possible.
The acting CEO, Sin Dik Wan, mentioned that 60 to 70 Web3 companies have already opened operating accounts, with another 20 to 30 under review. These operating accounts cannot handle customer assets and can be used for payroll, rent, utilities, and managing company capital, facilitating businesses to establish teams in Hong Kong and hire employees in business and risk departments while applying for SFC licenses. Another type of account is the settlement account, which can handle customer assets but will initially be temporarily closed.
When a business receives "in-principle approval" for a license, it will be required to provide more anti-money laundering (AML) information before reopening the settlement account for testing deposits and withdrawals. Once a business obtains a formal license, the account will be officially opened, and ZA Bank will become the settlement bank for licensed exchanges, providing fiat currency deposit and withdrawal settlement services. Currently, two licensed platforms in Hong Kong, HashKey and OSL, are also its clients. (Source link)
4. The London Stock Exchange Aims to Launch Its First Digital Market Next Year, Having Developed a Blockchain-Based Digital Asset Business Plan
According to ChainCatcher, the London Stock Exchange has developed a new digital market business plan, aiming to become the first major exchange to offer extensive trading of traditional financial assets on blockchain technology.
Murray Roos, head of capital markets at the London Stock Exchange, stated that they have conducted about a year of research on the potential of blockchain-driven trading venues and have now reached a "turning point" to decide to advance the plan, hoping to leverage the technology supporting popular tokens like Bitcoin to enhance the efficiency of buying, selling, and holding traditional assets. Roos indicated that if the plan succeeds, the London Stock Exchange will become the first large securities exchange to offer investors an "end-to-end" blockchain-driven ecosystem.
Additionally, the London Stock Exchange is considering establishing a separate legal entity for its digital market business and hopes to launch and operate the first market within the next year, pending regulatory approval. The London Stock Exchange is already in negotiations with regulators from multiple jurisdictions, as well as the UK government and Treasury, with the ultimate goal of establishing a global platform. (Source link)
5. Data: A Certain Multi-Signature Address Accumulated 32,820 RPL at an Average Price of $22.4
According to ChainCatcher, monitoring by Lookonchain revealed that an anonymous multi-signature wallet address spent 450 ETH (approximately $735,000) in the past 8 hours to accumulate 32,820 RPL at an average price of $22.4. (Source link)
6. Bernstein: Spot Bitcoin ETFs Are Expected to Be Approved Between Mid-October and Mid-March Next Year, Crypto ETFs Will Expand to Multiple Digital Assets
According to ChainCatcher, a recent report from the analysis firm Bernstein indicates that its analysts believe the opportunities for crypto ETFs will not be limited to Bitcoin (BTC) but will expand to various crypto assets.
The report states that the crypto industry is expected to launch the first spot Bitcoin ETF sometime between mid-October and mid-March next year, while approving all spot ETF applications, including those from Grayscale. Given that ETH also has a market structure similar to the CME futures and spot markets, the first Ethereum (ETH) spot ETF may be launched immediately after the Bitcoin ETF.
Analysts indicate that the asset management industry expects ETH to not be limited to BTC and ETH but will also expand to include other top blockchain fields such as Solana and Polygon, and even leading decentralized finance (DeFi) asset ETFs. This presents a significant business opportunity for the asset management industry to generate considerable fee income in emerging asset classes. (Source link)
What Exciting Articles Are Worth Reading in the Last 24 Hours
The enterprise-led traditional web is more like a well-organized but lifeless theme park, while the network created by blockchain is an open organic city. In a great city, various organic beautiful things influence each other, which is far superior to a carefully curated and managed place.
In this video, a16z crypto founder and general partner Chris Dixon shares insights on the history of internet development, the differences between protocol networks, enterprise networks, and blockchain, as well as the potential that truly open-source, decentralized networks can unleash.
This weekend, some retail investors and market makers just experienced a "war." On the South Korean exchange Upbit, the price of Cyber was pushed to $37, with a premium rate of 167%. On the Binance platform, the price of CYBER was temporarily reported at $13.8, and CyberConnect issued an emergency proposal [CP-1] to unlock 10.88 million CYBER, equivalent to $300 million, a staggering amount. Amid the community's panic, the official claimed there was a data editing error, and the actual unlock amount was 1.08 million.
Last night, a crypto KOL shared his painful experience on social media, resonating with many. Due to the astonishing rise of Cyber, he repeatedly shorted and went long, ultimately leading to a loss of a million. What exactly happened in this farce? BlockBeats has compiled the events and the market-making logic reflected and represented by DWF behind CYBER.
3. “Where Do Industry Insiders Go After Leaving the Crypto Space?”
In the crypto world, people come and go. Have you ever wondered, where do people who leave the crypto space go?
With this question in mind, we interviewed many former industry insiders and received various answers: studying abroad, getting married and having children, lying flat, starting AI businesses, selling insurance, tech agriculture…
Here, leaving does not mean not holding crypto assets, but rather not working in the crypto industry anymore. Some have earned enough to retire and lie flat; some left due to the bear market; some are still unemployed…
When the gears of the crypto cycle start to turn, everyone is swept along, unable to control their own fate.
