Daily Report | Harris Arizona Campaign Office Shot At; SEC Chairman Admits Mismanagement of Debt Box Case; Ethereum Core Developer Péter Szilágyi: Money Can't Buy Developer Passion
September 25 News OverviewOrganizer: Luan Peng, ChainCatcher
Important News:
- Terraform Labs: If negotiations with third parties for takeover fail, the company's products and services may shut down on October 30
- Binance adjusts leverage and margin levels for multiple U-based perpetual contracts
- Ethereum core developer Péter Szilágyi: Money can't buy developer passion
- QCP Capital: Macroeconomic environment favorable for cryptocurrencies, China's easing policies and Fed rate cut expectations boost the market
- Blockchain education platform EasyA launches EasyA x Polkadot University focused on blockchain developers
- Bybit CEO: The launch of DOGS attracted millions of registered users, making it the most effective token for user acquisition in Bybit's history
- Sonic mainnet will open to the public in December this year
- Taiwan's Yunlin solves a virtual currency fraud case, with victims defrauded of over 134 million New Taiwan dollars
"What important events happened in the past 24 hours"
The official Terra X account announced that Terraform Labs continues to negotiate with third parties regarding the operation of some of our products and services. However, if negotiations are unsuccessful, these products will be shut down on October 30, 2024. The products and services include:
- Products: 1. Enterprise Protocol; 2. Warp Protocol; 3. Statio; 4. Alliance Hub.
- Services: 1. Finder blockchain explorer; 2. Foundation; 3. IBC relayer; 4. Mantlemint, FCD, and API services.
Binance adjusts leverage and margin levels for multiple U-based perpetual contracts
Binance Futures updated the leverage and margin levels for USDⓈ-M perpetual contracts such as NEIROUSDT, UXLINKUSDT, CKBUSDT, 1MBABYDOGEUSDT, SAGAUSDT, CATIUSDT, TURBOUSDT, and POPCATUSDT on September 25, 2024, at 15:30 Beijing time.
Ethereum core developer Péter Szilágyi: Money can't buy developer passion
Ethereum core developer Péter Szilágyi shared insights on developer motivation. He stated that there is a fundamental misunderstanding about builders. Szilágyi pointed out that most developers start coding before considering monetary rewards; they do it because creating things is inherently interesting, challenging, and stimulating.
He emphasized that while money can buy developers' time, it cannot buy their passion. Szilágyi believes that to accomplish great work, passion is needed in addition to time investment.
QCP Capital's latest report indicates that the current macroeconomic environment is increasingly favorable for risk assets, including cryptocurrencies. The People's Bank of China has introduced a series of policies to stimulate the real estate and stock markets, including a 500 billion yuan swap tool aimed at non-bank financial institutions, which has shown initial effectiveness. QCP Capital expects China to further ease policies, and with the Fed possibly joining the global rate cut cycle, major central banks (excluding the Bank of Japan) are preparing to inject more liquidity into the market. The yield spread between the 2-year and 10-year U.S. Treasury bonds continues to widen, currently reaching 21 basis points, indicating market optimism about economic growth.
Additionally, U.S. Vice President Kamala Harris has made positive statements regarding artificial intelligence and digital assets, leading to an increase in related cryptocurrencies. The U.S. Securities and Exchange Commission (SEC) approved options trading for BlackRock's Bitcoin spot ETF (IBIT), showing increasing recognition and demand for digital assets as an asset class.
Blockchain education platform EasyA announced the launch of EasyA x Polkadot University, a university focused on cultivating the next generation of blockchain developers. EasyA alumni have already founded companies valued at over $250 million.
EasyA x Polkadot University will bring the next generation of founders into the Polkadot ecosystem, allowing them to launch their own projects on Polkadot.
Bybit CEO Ben Zhou revealed in an interview with Wu Shuo that the launch of the DOGS token attracted millions of registered users to the platform, with around 400,000 to 500,000 making deposits. New users mainly come from Nigeria, India, and Russian-speaking regions, with Europe accounting for about 30-40%, making it the most effective token for user acquisition in Bybit's history.
However, this token model has "started to become a bit overused," and its user acquisition effect may gradually weaken. The next wave of token projects may also see a diminishing user acquisition effect, with Hamster potentially being the last token of this model listed by Bybit.
Sonic mainnet will open to the public in December this year
Sonic Labs co-founder Andre Cronje posted on X that the Sonic mainnet will open to the public in December 2024.
Highlights of Sonic include:
- Up to 90% of Gas rebates returned to the protocol from user/contract TX
- True 10k tps+ // ~1s TTF
- Native stablecoin
- Security gateway for Ethereum
- Funding available through Sonic BOOM
- Funding provided through the Innovators Fund
- 200 million token airdrop
According to China News Network, the Yunlin District Prosecutor's Office in Taiwan recently solved a fraud case, with victims defrauded of over 134 million New Taiwan dollars (approximately $4.2 million). It is reported that last July, police arrested a 30-year-old "runner" named Chen, who was suspected of committing fraud using virtual currency, and subsequently arrested another 28-year-old "runner" named Chen, who was detained by the local court.
The prosecution stated that the case also uncovered that a "runner" involved, named Yu, was a member of the Bamboo Union Mingren Society, and his superior, Wu, led dozens of Taiwanese "runner" groups, managing up to 40 virtual currency wallets. The prosecution indicated that over 20 searches were conducted throughout the case, seizing over 90 million dollars in cash and virtual currencies worth over 50 million dollars. A total of 33 individuals involved in the case were prosecuted for fraud, leaking secrets, forgery, and money laundering.
SEC Chairman admits mishandling of Debt Box case
U.S. Securities and Exchange Commission Chairman Gary Gensler faced criticism from lawmakers during a hearing yesterday for mishandling the Digital Licensing Inc. (also known as Debt Box) case. Republican Whip Tom Emmer accused the SEC of overregulation, freezing Debt Box assets based on incorrect information, leading to a court sanction of approximately $1.8 million against the SEC.
Gary Gensler admitted that the situation was "handled very poorly" and expressed his frustration with Emmer's continued urging for the agency to regulate digital assets.
Harris's Arizona campaign office shot at
According to the New York Post, U.S. police are investigating a shooting incident that occurred this week at U.S. Vice President Kamala Harris's campaign office in Arizona.
According to the Tempe Police Department, damage from the shooting was discovered at the Democratic National Committee campaign office located near South Tempe Avenue after midnight on Monday.
Public Information Officer Sergeant Ryan Cook stated, "No one was in the office at night, but this raised concerns for the safety of those working in the building and nearby."
Police stated that detectives are analyzing evidence collected from the scene and have taken additional measures to enhance the safety of staff and surrounding individuals.
U.S. SEC delays decision on BlackRock and Bitwise Ethereum spot ETF options trading applications
According to CryptoSlate, the U.S. Securities and Exchange Commission (SEC) has delayed its decision on the options trading applications for Ethereum spot ETFs from BlackRock and Bitwise, with the latest deadlines set for November 10 and November 11, respectively. The SEC stated that it needs more time to consider the proposal and has extended the initial 45-day review period.
According to previous reports, the SEC has approved the listing and trading of BlackRock's Bitcoin spot ETF (iShares Bitcoin Trust, abbreviated as IBIT) options.
Web3 esports platform MTT Sports completes $10 million financing, will launch Bitcoin tournament
Web3 esports platform MTT Sports will launch a Bitcoin tournament in October, where participants have the chance to win 1 Bitcoin, and entry is completely free. Starting from October 1, weekly competition rewards will include 1 Bitcoin and at least 100,000 MTT tokens. The project team plans to prepare 100 Bitcoins as promotional rewards.
MTT Sports is a poker competition application designed specifically for multi-table tournaments (MTT) and does not support cash table games. The team's mission is to promote the MTT event model globally and encourage more people to participate in this fair and competitive competition model. MTT Sports has developed an EVM-compatible MTT Network chain using the Cosmos SDK, with the random dealing process of the game verifiable on-chain, ensuring transparency and openness.
It is reported that MTT Sports has secured $10 million in anonymous financing, with most team members being experienced developers.
"What are some exciting articles worth reading in the past 24 hours"
DeFi Revival: Will institutional entry and new gameplay recreate its glorious history?
The summer of 2020, known as the "Summer of DeFi," was an incredible period for the cryptocurrency industry. DeFi was not just a theoretical concept for the first time; it became an effective concept in practice. During this period, we witnessed a surge of multiple DeFi native protocols—including Uniswap decentralized exchanges (DEX), aave lending protocols, SkyEcosystem algorithmic stablecoins, and many more projects.
Subsequently, the total value locked (TVL) in decentralized finance (DeFi) applications saw significant growth. From about $600 million at the beginning of 2020, the TVL rose to over $16 billion by the end of the year and reached a historical high of over $210 billion in December 2021. This growth was accompanied by a strong bull market in the DeFi sector.
Sui Sparks Meme Trend: A Quick Guide to Trading Tools and Popular Tokens
Leading tokens approach a market cap of $60 million, with the second leading token surging 5 times overnight to break $10 million.
A Crypto Gala on "Network States": What Did Tech Leaders Like Balaji, Vitalik, and Naval Say?
In the past week, a lively crypto atmosphere filled Singapore, with project teams, VCs, exchanges, developers, media, and KOLs gathering together. Among them, Token2049 and Solana Breakpoint were undoubtedly the most discussed crypto events, with numerous articles sharing participants' insights and industry observations.
In contrast, the annual Network State Conference was also packed but received little mention domestically. The Network State Conference was initiated by Silicon Valley's famous angel investor Balaji Srinivasan, author of the Wall Street Journal bestseller "The Network State," which challenges traditional nation-states in governance and proposes that future online communities can crowdfund territories globally and transform into sovereign entities. Balaji is also a staunch supporter of Bitcoin and has served as a general partner at a16z and CTO of Coinbase, investing in well-known crypto projects like Ethereum, Solana, NEAR, and Chainlink.
"The vehicle is too heavy, and the stakes are too scattered." As the 34th largest asset globally, the price of ETH has stagnated, and Ethereum is facing its "midlife crisis."
This year is special for Ethereum, marking the 10th anniversary of its ICO. Looking back at global tech companies, 10-year-old Apple nearly went bankrupt, with a market cap of only $20 billion at its peak. Microsoft's market cap grew from $670 million to $130 billion over its ten years. In contrast, Ethereum's market cap stands at $321 billion. Although Ethereum's first decade saw rapid growth, even being considered to surpass Bitcoin, in this crypto cycle, while Bitcoin continues to hit new highs, Ethereum has stagnated, and Solana has "risen from the ashes." After multiple reflections on "What happened to Ethereum?", the community has come to realize that Ethereum is facing a dilemma with wolves in front and tigers behind, and it is not irreplaceable.
In fact, the Ethereum Foundation has many shortcomings, and its organizational structure is quite chaotic. As a decentralized non-profit organization, managing Ethereum's internal structure is not easy. Looking back at Ethereum's journey, the eight founding teams had differing ideas and "separated," resembling a crypto version of "Silicon Valley's Eight Immortals." After only Vitalik remained, this decentralized non-profit organization entered a "centralized" era under this prodigy, with his influence and authority unprecedented.
Now, the complex relationships and ideological conflicts within the Ethereum Foundation continue, with researchers clashing and subtle ideological shifts occurring. At 30 years old, Vitalik has experienced changes in the crypto era, the survival and death of the Russia-Ukraine war, and life reflections. He seems to have started a new script, playing a completely different role in Ethereum than before.
This article features an interview with Bybit CEO Ben Zhou during Singapore 2049. Wu Shuo has long focused on Bybit, from its initial reliance on product experience and no KYC to surpass BitMEX, to its aggressive expansion and layoffs during the bear market, now refocusing on professional derivatives and spot trading, reaching the second position. Ben elaborated on the journey, candidly addressing many questions, including the reasons for the transformation, current strategy, views on the rise of TON, responses to U.S. regulation, and Bybit's corporate culture. Ben joked that he is currently the only founder of a major exchange who can still speak out and accept interviews.
It is important to note that this article reflects the interviewee's views and does not represent Wu Shuo's views. Readers should strictly comply with local laws and regulations.
