Daily Report ｜Arbitrum launches over 100 million ARB ecosystem funding program; Banana Gun token BANANA drops to zero 1.5 hours after launch, plans to airdrop new tokens to compensate affected users
Matrixport: Crypto VCs face immense pressure to return funds to investors, potentially making them significant sellers of altcoins other than FTX; FTX position update: SOL has the largest share, followed by BTC, ETH, APT, XRP, etc.Organizer: Grapefruit, ChainCatcher
What important events have occurred in the past 24 hours?
1. Ankr partners with Tencent Cloud to launch "Tencent Cloud Blockchain RPC"
According to ChainCatcher and reported by CryptoPotato, decentralized blockchain infrastructure provider Ankr has partnered with Tencent Cloud to launch "Tencent Cloud Blockchain RPC," aimed at meeting the demand for efficient and reliable access to blockchain infrastructure for enterprises and organizations.
It is reported that Tencent Cloud Blockchain RPC allows developers to easily retrieve data and conduct transactions across various blockchains, including Ethereum mainnet, BNB Smart Chain, and Polygon PoS. (Source link)
2. Matrixport: Crypto VCs face immense pressure to return funds to investors, potentially significant sellers of altcoins aside from FTX
According to ChainCatcher, Matrixport stated in a report that FTX plans to sell at least $3.4 billion worth of cryptocurrency, which will put pressure on altcoins for the remainder of the year. FTX has indicated a desire to sell $200 million worth of crypto assets weekly, meaning it will continue to sell assets until the end of 2023.
Moreover, FTX is not the only major seller in the market. The report states that VCs are also under immense pressure to return funds to investors. Research director Markus Thielen stated, "These venture capital funds may still be significant sellers of altcoins." (Source link)
3. SEC Chair: The crypto industry generally does not comply with securities laws, many tokens fall under SEC jurisdiction
According to ChainCatcher and reported by The Block, Gary Gensler, the chair of the U.S. Securities and Exchange Commission (SEC), will attend a hearing before the U.S. Senate Banking Committee on Tuesday. He continues to assert that cryptocurrencies must comply with the same laws as other securities like stocks, and many cryptocurrencies fall under the SEC's jurisdiction.
In prepared testimony released on Monday, he stated, "Given that the industry generally does not comply with securities laws, it is not surprising that we see many issues in the market. This reminds me of the situation before the implementation of federal securities laws in the 1920s. Therefore, we have taken a series of enforcement actions to hold wrongdoers accountable and promote investor protection—some have reached settlements, while others have been litigated." (Source link)
4. Arbitrum launches ecosystem funding program, offering over 100 million ARB in support
According to ChainCatcher, Arbitrum has announced the launch of its ecosystem funding program, which is now open for applications, planning to allocate over 100,000,000 ARB to builders within the Arbitrum ecosystem. Applicants can apply across four tracks: gaming, developer tools, new protocol ideas, education, community development, and events. Applications will close by 20:00 on September 19, 2023. (Source link)
5. Banana Gun token BANANA drops to zero 1.5 hours after launch, plans to airdrop new tokens to compensate affected users
According to ChainCatcher, the Telegram Bot project Banana Gun announced early this morning on X (formerly Twitter) that due to an irreparable vulnerability in the token contract, a new contract needs to be created. Dexscreener data shows that the Banana Gun token BANANA nearly dropped to zero just 1.5 hours after its launch, having briefly surpassed $8.5.
The official announcement stated that there was an "irreparable error" in its tax contract, where a 4% sell tax failed to enter the project's tax wallet and instead remained in the seller's wallet. In response, the project team stated they would sell the treasury wallet's BANANA to exhaust the LP and use the funds to deploy a new contract.
According to the compensation plan released by the official team, Banana Gun has taken a snapshot at block height 18115275 (around 3:43 AM Beijing time) and will airdrop new tokens to every user holding BANANA at the time of the snapshot and restart the LP pool. If users sell after the snapshot time but realize a profit, the project team will no longer provide compensation. If users sell and incur a loss, the project team will compensate the loss in ETH. (Source link)
6. FTX holdings update: SOL has the largest share, followed by BTC, ETH, APT, XRP, etc.
According to ChainCatcher, FTX creditor @sunil_trades published an updated FTX shareholder report on social media on September 11.
The report shows that as of August 31, FTX (including FTX.com, FTX.US, Alameda) held approximately $3.4 billion worth of crypto assets at market prices. The holdings are ranked by value as follows:
- SOL, valued at approximately $1.162 billion;
- BTC, valued at approximately $560 million;
- ETH, valued at approximately $192 million;
- APT, valued at approximately $137 million;
- USDT, valued at approximately $120 million;
- XRP, valued at approximately $119 million;
- BIT, valued at approximately $49 million;
- STG, valued at approximately $46 million;
- WBTC, valued at approximately $41 million;
- WETH, valued at approximately $37 million.
The top 10 cryptocurrencies account for 72% of FTX's total crypto asset holdings, while the remaining 28% consists of over 400 other tokens. (Source link)
"What are some noteworthy articles to read in the past 24 hours?"
Recently, the former chain game king Gala Games has attracted public attention again due to a dispute between its founders. Last Thursday, it was reported that the blockchain game developer Gala Games was involved in lawsuits between its two co-founders, current CEO Eric Schiermeyer and co-founder Write Thurston.
"But what I want to say is that people should try to create greater ideas instead of repeating existing ones. The best analogy I've heard is that when people discovered cement, everyone focused on building bricks with cement, and then one person thought, I can build skyscrapers. They figured out a way to combine reinforced concrete and architecture, which no one had thought of. The new tool is cement. You just need to figure out what a skyscraper is and then go build it."
In this episode, a16z crypto talks with Anatoly Yakovenko, co-founder and CEO of Solana Labs, who previously worked at Qualcomm as a senior engineer and engineering manager.
3. “Examining the Evolution and Challenges of the 'Intent' Concept through Anoma and TG Bot Products”
Intent is not a new concept, as DForce founder Mindao stated: The trend in the crypto space has always been to abstract and automate operations to the extreme, from aggregators, CEX, contract wallets, to cross-chain DeFi, all of which are doing this work, along with Chainlink and the recent automation middleware, and the recent Telegram bot.
However, intent brings new changes; in the past, it was centered around product interaction, while in the AGI era, it is centered around human-computer interaction. AI/LLM (large language models) contain more potential to enhance crypto interactions.
This article combines Anoma and TG Bot to open up the understanding of intent and traces the AI paradigm shift behind intent, deeply understanding the evolution, interaction paradigms, current state, and trends of the intent concept.
4. “How Much Debt Can FTX, Holding $3.4 Billion in Crypto Assets, Repay?”
According to the latest court documents dated September 10, as of August 31, FTX held $3.4 billion in crypto assets, primarily including $1.16 billion in SOL, $560 million in BTC, $192 million in ETH, $137 million in APT, $120 million in USDT, $119 million in XRP, $49 million in BIT, $46 million in STG, $41 million in WBTC, and $37 million in WETH. These ten major assets account for 72% of the crypto assets organized by FTX.
The document also details that SBF and other executives (Nishad Singh, Zixiao "Gary" Wang, and Caroline Ellison) received $2.2 billion in cash, cryptocurrencies, equity, and real estate in the months leading up to FTX's bankruptcy. This could be significant, as U.S. law allows for the recovery of these funds and their inclusion in the pool of assets available for distribution to creditors. The document also reports on 38 apartments, a luxury penthouse, and other properties in the Bahamas, estimated to be worth around $200 million; as well as attempts to recover funds donated to politicians and charities (such as the Metropolitan Museum of Art in New York).
Currently, the total amount of claims is approximately $16 billion + X; organized assets are $7 billion + X; legal fees for the first year are approximately $500-600 million. Since X is not yet clear, the final proportion of assets that can be compensated to clients remains uncertain.
