Weekly Report | NounsDAO launches fork page; Vitalik's Twitter account hacked and phishing link posted
ChainCatcher and RootData will hold an offline event titled "New Trends in Web3 and Changes in Investment and Financing" in Singapore on September 11.Organizer: Biscuit, ChainCatcher
"What Important Events Happened This Week (9.4-9.10)"
1. Xi Jinping: New technologies such as blockchain greatly change the way global factor resource allocation, industrial development models, and people's lifestyles
Chinese President Xi Jinping sent a congratulatory letter to the 2023 China International Smart Industry Expo, pointing out that current new technologies such as the Internet, big data, cloud computing, artificial intelligence, and blockchain are undergoing profound evolution, accelerating the digital, intelligent, and green transformation of industries, and that the smart industry and digital economy are thriving, greatly changing the way global factor resource allocation, industrial development models, and people's lifestyles.
China attaches great importance to the development of the digital economy, continuously promoting the deep integration of digital technology and the real economy, collaboratively advancing digital industrialization and industrial digitization, and accelerating the construction of a strong network country and digital China. (Source link)
2. ChainCatcher and RootData will hold an offline event "New Trends in Web3 and New Changes in Investment and Financing" in Singapore on September 11
ChainCatcher and RootData will hold an offline exchange event themed "New Trends in Web3 and New Changes in Investment and Financing" on September 11 from 14:00 to 17:00 in Singapore. This event is co-organized by Singular Labs and ByteTrade Lab, sponsored by NULS, Nabox, PAWNFI, and zCLOAK.
Guests including Jon, founding partner of SevenX Ventures, Ray, senior director of IOSG Ventures, QuanYu, co-founder of RootData, and Daniel, head of ecology at ByteTrade Lab, will jointly discuss new characteristics and changes in cryptocurrency market investment, aiming to provide inspiration and reflection for entrepreneurs and investors.
This event is also the fourth phase of the ChainCatcher & RootData "Zhen" series. The "Zhen" series was officially launched earlier this year, focusing on "real issues" in the industry and providing more constructive thoughts for industry development. The first three phases were held in Hong Kong, China, Seoul, South Korea, and other places.
3. 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 submitted the "Short-term Incentive Program for Arbitrum" AIP proposal in the community forum, which 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: financial proposal and application process. The financial proposal includes allocating 75 million ARB to the multi-signature address of the program, and an additional 37,000 ARB for the operational budget of community/project promotion.
The plan will undergo two rounds of voting, with voting starting on September 8. The first cycle will take place from September 15 to October 6, involving on-chain voting, application, review, voting, and fund allocation. The second cycle will run from October 6 to October 27, sequentially involving application, review, voting, and fund allocation.
Projects applying for these funds cannot convert ARB into other assets and must outline spending plans, provide forms, and specify grant objectives. They must commit to providing key metrics data related to allocation, all ARB spending transactions, daily TVL, transactions, trading volume, unique addresses, transaction fees, etc. Each applying project can only receive one reward, and the Arbitrum working group provides four categories of funding evaluation, including Beacon Grants, Siren Grants, Lighthouse Grants, and Pinnacle Grants. (Source link)
4. MetaMask launches new "Sell" feature to exchange cryptocurrency for fiat
Cryptocurrency wallet service provider MetaMask announced the launch of a new feature called "Sell," allowing users to exchange cryptocurrency for fiat currency and send funds to their bank accounts.
This feature has currently been rolled out in the United States, the United Kingdom, and parts of Europe, initially supporting only ETH on the Ethereum mainnet, with plans to quickly expand to native Gas Tokens on Layer 2 networks. (Source link)
5. Coinbase founder adds the eleventh "startup idea": a Web3 version of LinkedIn
Coinbase founder Brian Armstrong tweeted that he has received over 150 project applications so far.
Additionally, Armstrong announced that he would add the 11th startup idea: a Web3 version of LinkedIn, which would verify employment or credentials through soulbound NFTs issued by companies; establish a front-end platform to explore and verify employee and employer profiles; and develop a method to guide network effects, where users could create their own network effects if they can verify .com emails from companies.
Previous report, Coinbase founder Brian Armstrong published ten promising crypto tracks, including on-chain reputation, L2 privacy, RWA, etc. (Source link)
6. Web3 community NounsDAO launches fork page, supporters can join the fork and split the DAO treasury
According to information from the Web3 community NounsDAO's official website, NounsDAO has launched a fork page, allowing community members who support the fork to choose to join the fork and split the DAO treasury. The time window for supporting the fork is one week. After the window period ends, if 20% of Nouns NFTs support this fork, supporters will be separated from the NounsDAO entity and will split a corresponding proportion of ETH from the project's treasury. (Source link)
7. FTX sues LayerZero and its former COO to recover approximately $41 million in assets
FTX creditor @sunil_trades stated on social media that according to the lawsuit documents, FTX has filed a recovery lawsuit against LayerZero Labs and other related parties. It is reported that before FTX shut down and prohibited withdrawals, LayerZero illegally extracted assets worth $21.37 million from FTX using insider information.
Additionally, FTX is also seeking to recover approximately $13.07 million and $6.65 million from Ari Litan, the former COO of LayerZero Labs, and his company Skip & Goose, respectively. (Source link)
8. Ethereum Foundation announces winners of ERC-4337 account abstraction funding round
According to ChainCatcher, the Ethereum Foundation announced the successful completion of the ERC-4337 account abstraction funding round, which will support 18 teams building diverse projects around ERC-4337 (also known as account abstraction):
- ZeroDev Kernel: A smart contract account designed from scratch for account abstraction wallets, efficient and modular.
- Etherspot's Skandha Bundler: A P2P interface account abstraction Bundler implementation developed by the Etherspot team.
- MynaWallet: A contract account integrated with identity cards issued by the Japanese government.
- Blocto: RPC methods supporting account abstraction in web3.js.
- Silius: A modular and efficient Rust account abstraction Bundler implementation.
- QR-Seal: A fully ERC-4337 compatible Schnorr multi-signature wallet.
- Ambire: A self-custody wallet using email/password authentication.
- IoTeX: An account abstraction wallet based on zero-knowledge proofs.
- SixdegreeLab: A data analytics dashboard for account abstraction.
- Jam: A DeFi transaction batch processor developed by Picnic.
- TokenSight: Account abstraction multi-factor authentication using WebAuthn.
- ZK-Team: Privacy-protecting account abstraction provided by PriFi Labs for teams.
- Rhinestone: A secure registry for modular account abstraction.
- AAA: Community activities to enhance awareness of account abstraction.
- Unpacking 4337: A series of technical articles on account abstraction.
- Hexlink: Linking ENS with ERC-4337 accounts using EIP-4972, providing instant account abstraction compatible smart accounts for all ENS users.
- UniPass: Providing one-click OAuth login and account creation for new users through OpenID Connect combined with ERC-4337.
- Clave: Enhancing support for account abstraction on the secp256r1 curve. (Source link)
9. BNB Chain announces winners of the ecological catalyst award, covering DeFi, gaming & NFT, infrastructure, and innovation fields
BNB Chain announced the winners of the ecological catalyst award, with the awarded projects as follows:
- DeFi: PancakeSwap, Maverick Protocol, iZUMi Finance, Helio Protocol, Alpaca Finance;
- Gaming, NFT & Metaverse category: SecondLive, Element NFT Marketplace, BurgerCities, Playbux, Meta Merge.
- Infrastructure track: Polyhedra Network, LayerZero Labs, Galxe, BscScan, CyberConnect.
- Innovative excellence projects: Dmail Network, Hooked Protocol, MathVerseNFT, ChainGPT, DexCheck. (Source link)
10. Coinbase launches lending service Coinbase Credit for U.S. institutional clients, platform has raised $57 million
Coinbase disclosed in a filing submitted to the U.S. Securities and Exchange Commission (SEC) on September 1 that it is creating a new cryptocurrency lending service for U.S. institutional clients to help fill the gap left by the bankruptcies of companies like Genesis and BlockFi. The document shows that the new platform is named Coinbase Credit, Inc., and as of September 1, 2023, the platform has raised $57 million.
According to insiders, institutional trading clients can borrow money (mainly crypto assets) from Coinbase, using over-collateralization, similar to the bulk brokerage services offered by banks in traditional finance. This new service differs from Coinbase's Lend program, which was canceled in 2021 and targeted retail customers, facing opposition from SEC officials. The latest lending service is aimed at institutions, meaning regulatory pressure is relatively lower, provided that large investors have sufficient experience to handle it. (Source link)
11. Data
- 300,000 ETH transferred to Coinbase, worth approximately $489.6 million
- The attacker of BitBrowser has transferred 307 ETH, accounting for 87% of the total stolen funds, to eXch
- NFT lending platform Blend's total trading volume exceeds $2 billion
- The 1inch team address bought 3,045 ETH about 10 minutes ago, worth approximately $4.95 million
- There are 425 million people globally holding crypto assets, with 182 holding over $100 million in crypto assets
- MakerDAO again increases $50 million in RWA assets through BlockTower Andromeda
- Nexo withdraws 4000 ETH from Binance and stakes it on Lido
- An address spent 775 ETH to purchase 22 Nouns NFTs
"What Exciting Articles Are Worth Reading This Week (9.4-9.10)"
The traditional web dominated by enterprises 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 interact with each other, which is far superior to a carefully planned and managed place.
In this video, a16z crypto founder and general partner Chris Dixon shares 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.
Recently, a KOL in the crypto circle shared his painful experience on social media, which resonated with many. Due to the astonishing rise of Cyber, he shorted and went long multiple times, ultimately leading to a loss of millions. What exactly happened in this farce? This article organizes the events and reflects on the market maker logic represented by DWF behind CYBER.
3. “Where Do Industry Insiders Go After Leaving the Crypto Circle?”
In the crypto world, people come and go. Have you ever wondered where those who leave the crypto circle 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… As the gears of the crypto cycle begin to turn, everyone is swept along, unable to resist.
4. “One Year After Ethereum's Merge: ETH Enters Deflation, Layer 2 Narrative Continues”
Unknowingly, Ethereum's The Merge has completed exactly one year, and Ethereum has successfully operated under the proof-of-stake (PoS) mechanism for a year, proving the reliability of its network.
In this year, in addition to changes on the ETH supply side leading Ethereum into a deflationary era, new changes have also emerged in tracks like Layer 2, while traditional financial institutions and tech giants are actively laying out, contributing many noteworthy new and old narratives to Ethereum.
After shifting its focus to RWA (real-world assets), Maker DAO has become one of the most profitable DeFi projects. However, co-founder Rune Christensen's bold improvements to Maker often spark doubts and discussions.
On September 1, Rune published an article titled “Explore a fork of the Solana codebase for NewChain” in the MakerDAO forum, exploring the possibility of creating a new application chain called NewChain based on the Solana codebase. This directly led Ethereum co-founder Vitalik to sell his long-held MKR.
6. “Jumping into the Trading Bot Track: What Did Banana Gun Do?”
Since May of this year, Unibot has surged dramatically. If you have ever regretted not entering the market or discovering Alpha early, you should be reminded that both Banana Gun and MaestroBot currently have more users than Unibot. Especially Banana Gun, which gained significant popularity after announcing its token presale yesterday.
This is a brief history of airdrops/yield farming that every yield farming enthusiast should read, as well as a rather interesting article on yield farming science popularization. Understanding the history of a field allows for better "knowing oneself and knowing the enemy, and in a hundred battles, one will never be in peril."
8. “Offending Vitalik? What is the Future of MakerDAO?”
As a leading figure in the cryptocurrency field, Vitalik's every move is closely watched by the community. Vitalik's sale of MKR has sparked much discussion and confusion, with some linking it to a blog post earlier published by MakerDAO founder Rune Christensen proposing to create a new chain using Solana's codebase, believing that Vitalik's selling behavior is an action against MakerDAO's "Endgame" plan.
9. “The Most Ingenious ZK Application: Reviewing the Principles and Business Logic of Tornado Cash”
Privacy projects represented by Tornado are the ones that truly utilize the zero-knowledge property of ZK-SNARK algorithms, while most Rollups claiming to be ZK only use the simplicity of ZK-SNARK. Many times, people often confuse Validity Proof with ZK, and Tornado happens to be an excellent case for understanding ZK applications.
