Daily Report | Scroll (SCR) will be launched on Binance Launchpool and Pre-Market; US judge approves FTX bankruptcy plan to fully repay cryptocurrency customers in cash plus interest
October 8 News OverviewOrganizer: Luan Peng, ChainCatcher
Important News:
- Texas Mayor: Bitcoin mining is like a digital oil well, which will boost rural economic revival
- Scroll (SCR) tokenomics announced: Initial circulating supply accounts for 19% of total supply, Launchpool accounts for 5.5%
- Scroll (SCR) will launch on Binance Launchpool and Pre-Market market
- Archax partners with Assetera to launch 91 tokenized funds in the UK market
- Len Sassaman's widow: Sassaman is not Satoshi Nakamoto, HBO did not contact her during production
- Atom Accelerator co-founder fired, multiple executives announce departure
- US Supreme Court lifts restrictions on the sale of nearly 70,000 Silk Road bitcoins
- US judge approves FTX bankruptcy plan to fully repay cryptocurrency customers in cash plus interest
"What important events happened in the past 24 hours"
Texas Mayor: Bitcoin mining is like a digital oil well, which will boost rural economic revival
According to Bitcoin.com News, the mayor of Rockdale, Texas, Ward Rodham, recently published an article in the Austin American-Statesman, explaining the significant role of the Bitcoin mining industry in the local economic recovery. Mayor Rodham likened Bitcoin mining to a "digital oil well," believing it has the potential to drive economic revival in rural areas across Texas, comparable to the past oil boom.
According to Mayor Rodham, since the closure of the city's largest employer, the Alcoa aluminum plant, in 2008, the Bitcoin mining industry has utilized the legacy energy infrastructure to inject new economic vitality into Rockdale. This is reflected in several aspects:
Employment Market: Bitcoin mining companies have created hundreds of jobs locally, providing high-paying employment opportunities for residents;
Fiscal Revenue: Mining companies have become one of the main sources of tax revenue for Milam County and the local school district;
Community Development: These companies actively participate in local charitable causes, including establishing scholarships, supporting police and fire departments, and sponsoring youth sports and chamber of commerce activities;
Economic Investment: Bitcoin mining companies have cumulatively invested over $1 billion in Rockdale.
Mayor Rodham emphasized that Bitcoin mining enterprises demonstrate deep engagement and long-term commitment to the communities in which they operate. He called on Texas lawmakers to fully recognize the positive impact of the Bitcoin mining industry and create a favorable policy environment for its development. The mayor stated, "Texas leaders should fully understand the economic benefits of Bitcoin mining. If we can provide appropriate policy support for its development, Bitcoin mining is expected to become a new growth point for driving the revival of Texas's rural economy."
According to Binance's announcement, the total supply of Scroll (SCR) tokens is 1 billion, with an initial circulating supply of 190 million (accounting for 19% of the total supply). Scroll's smart contracts will be deployed on the Scroll network. The total reward for Launchpool is 55 million SCR, accounting for 5.5% of the total token supply. Of this, 85% of the rewards (46.75 million SCR) are allocated to the BNB pool, and 15% of the rewards (8.25 million SCR) are allocated to the FDUSD pool.
Scroll (SCR) will launch on Binance Launchpool and Pre-Market market
Binance announced that Scroll (SCR) will launch on Binance Launchpool and the Pre-Market market, allowing users to lock BNB and FDUSD to receive SCR airdrops within two days. Mining will start at 08:00 Beijing time on October 9. The Binance pre-market competition will launch SCR at 10:00 (UTC) on October 11, 2024, and open pre-market trading for the SCR/USDT trading pair.
Archax partners with Assetera to launch 91 tokenized funds in the UK market
The strategic partnership between digital securities distribution platform Assetera and the digital securities exchange Archax, regulated by the UK's Financial Conduct Authority, will enable investors from Abrdn and other global investment firms to invest in 91 tokenized funds.
The Assetera platform will initially provide tokenized access to Abrdn's money market fund, which manages £506 billion ($662 billion) in assets. Other asset management companies' funds are expected to join gradually.
Len Sassaman's widow: Sassaman is not Satoshi Nakamoto, HBO did not contact her during production
According to DL News, many users on Polymarket believe that HBO's new documentary will point to the late American cryptographer Len Sassaman as the creator of Bitcoin.
Sassaman's widow, Meredith L Patterson, stated that HBO did not contact her during the production process and claimed that Sassaman is not Satoshi Nakamoto. She mentioned that the documentary may not reveal the true identity of Satoshi Nakamoto.
Additionally, Belgian security researcher Patterson believes that Sassaman could not be Satoshi Nakamoto, citing rookie mistakes in Bitcoin's early design as a reason.
Atom Accelerator co-founder fired, multiple executives announce departure
According to DL News, Youssef Amrani, co-founder and general manager of Atom Accelerator DAO, was fired last week, with the core issue being the planned performance bonuses. On September 25, the employees of the Atom cooperative unanimously voted to remove general manager Youssef Amrani, with September 30 being his last day in the organization.
Atom Accelerator co-founder Ryan Orr refused to continue leading the organization and suggested either dissolving it or finding someone "willing to drive community renewal plans" to take over. Communications director Syed Choudhury stated he would leave by the end of this year, and financial director Patricia Mizuki also announced her departure.
It is reported that Atom Accelerator has distributed millions of dollars in funding to support the Cosmos cryptocurrency, and the organization was founded by Amrani and Orr in 2023, with a small staff mostly funded by Cosmos Hub.
US Supreme Court lifts restrictions on the sale of nearly 70,000 Silk Road bitcoins
According to Protos, the US Supreme Court declined to hear an appeal regarding 69,370 bitcoins related to Silk Road, effectively lifting restrictions on the sale of bitcoins worth $4.4 billion. Following a lower court's order for the US government to "dispose of the seized defendant's property by law," US marshals or other agencies may soon receive court instructions to liquidate a large amount of bitcoins stolen from Silk Road.
Battle Born Investments purchased bankruptcy claims after Ross Ulbricht's dark web market Silk Road closed in 2013. Battle Born claims to own bitcoins seized from "Person X," who stole them from Silk Road. The disputed wallet has now been emptied and is held by the US government, awaiting court instructions.
Battle Born has requested a retrial of its claims, asserting that it is an "innocent owner of the defendant's property based on its status as a purchaser of bankruptcy assets." However, since the nine justices will not hear the case during this term, the US district court's seizure order is likely to prevail. Although some procedures and legal reviews must be completed before the US government can actually sell the bitcoins, the Supreme Court's rejection may lead US marshals to auction off additional billions of dollars.
US judge approves FTX bankruptcy plan to fully repay cryptocurrency customers in cash plus interest
According to Coindesk, US Bankruptcy Court Judge John Dorsey in Delaware decided on Monday to approve FTX's bankruptcy plan, which will fully repay cryptocurrency customers in cash plus interest. Under the plan, 98% of creditors will receive at least 118% of their claim value in cash.
FTX's lawyers stated that they are still considering distributing stablecoins to creditors as an option and confirmed that they are in discussions with at least four companies that could handle such distributions if necessary.
Data: vitalik.eth tagged address transfers over 70 ETH to Kanro
According to monitoring by PeckShield, the vitalik.eth tagged address transferred 73 ETH to Kanro (Vitalik Charity) in the past 14 hours.
US SEC warns of risks of cryptocurrency and emerging technology investment scams
The US Securities and Exchange Commission (SEC) issued a warning during World Investor Week 2024 about the growing risks of cryptocurrency fraud and other investment scams. Against the backdrop of rising influence from artificial intelligence, social media, and aggressive financial marketing, investors are struggling to find reliable advice. The SEC is focusing on scams involving cryptocurrencies, financial inducements, and "relationship" scams, warning that hype surrounding emerging technologies may mislead unsuspecting individuals.
"What are the exciting articles worth reading in the past 24 hours"
The AI + Web3 track has become active again. In the past month, the AI + Web3 track has disclosed nearly 20 financing rounds, with leading institutions like a16z and Binance Labs making consecutive investments. However, in a year where "high FDV" projects are rampant, the AI + Web3 narrative favored by capital has at times deterred many crypto users.
In fact, with exchanges like Binance stepping in to "combat" high FDV projects, and other participants in the crypto market reflecting on the high FDV dilemma in recent months, some potential changes have occurred in the market. Reviewing recently active AI + Web3 projects, some have begun to strictly control FDV and focus on applications, breaking free from the cycle of merely discussing narratives and overvalued token sales.
Recently, KIP Protocol, a decentralized AI infrastructure that received investment led by Animoca Ventures and Tribe Capital, is one such project. KIP Protocol is the first underlying protocol to support decentralized retrieval-augmented generation networks (dRAG) and is currently a leading project in the dRAG track.
KIP Protocol aims to address the pain points faced by AI model creators, app developers, and data owners in their attempts to decentralize, allowing knowledge and data to be protected and monetized as knowledge assets, ensuring they do not lose ownership while interacting with artificial intelligence.
KIP Protocol is currently accelerating the application landing in areas such as "DeAI + education" and "DeAI + entertainment," bringing millions of Web2 users into Web3 and promoting the large-scale adoption of "Web3 + AI."
Traders sell U to speculate on A-shares, is the crypto circle really being drained?
Using data to determine whether A-shares or Hong Kong stocks have drained funds from the crypto circle, and whether this will affect the price and liquidity of the crypto circle.
The topic of A-shares draining funds has been discussed since before October 1, coinciding with a seven-day holiday, and October 8 should be the best betting point. Therefore, if there are funds preparing to enter A-shares or Hong Kong stocks from the crypto circle, this is the best time.
To conclude, there are indeed signs that funds from the crypto circle are leaving, although it cannot be said that all the outflow has gone to A-shares and Hong Kong stocks. Considering the recent surge in trading volume of Chinese concept stocks in the US market, it can be confirmed that some funds have entered markets related to A-shares, but the scale of these funds currently does not seem large, and their influence on the crypto circle is still low.
At least so far, there is no clear data proving that funds entering A-shares will affect the cryptocurrency industry, nor is there clear data indicating that A-shares' draining of funds from the crypto circle is destructive, and there is no trend of large-scale funds transferring from the crypto circle to A-shares or related markets.
Returning to the data aspect, when discussing funds in the crypto circle, the focus is on USDT and USDC. The former is more favored by Asian and European regions, while the latter is more favored by American investors. We analyze the market capitalization of the two main stablecoins, daily net inflow to exchanges, exchange stock, and trading volume with #BTC.
First, looking at the market capitalization of the two main stablecoins, see Chart 1, which corresponds to the changes in the market capitalization of USDT and USDC and the price trend of BTC.
On August 5, Vitalik sold Nerio, which caused Nerio to drop 60% temporarily, but it also became a key step for this token to reach a market capitalization of $700 million.
On October 5, Vitalik began selling meme tokens on-chain again, including MOODENG, Neiro, KABOSU, and others. The name MOODENG was previously known for its Solana version token rising to a market cap of $300 million, while the MOODENG on ETH only reached a peak market cap of $10 million. However, after Vitalik's sale, the situation began to reverse, with the market cap soaring to $10 million within minutes and entering a steady upward trend.
Arthur Hayes: Avoid CEX traps, how project teams can use DEX to counterattack the crypto market
In this article, Arthur Hayes delves into the current state of token listings in the crypto market, particularly the impact of high listing fees on project teams and investors. The article showcases the advantages of listing projects on DEX through the case of Auki Labs and emphasizes the importance of focusing on product development and user growth. For project teams blindly pursuing listings on CEX, Hayes reminds them to focus on long-term value rather than short-term price fluctuations and market hype.
SocialFi "narrative failure," does crypto social still have a future?
On October 5, market news reported that the Web2 social media platform X had paid fines to Brazil's Supreme Court and would subsequently apply to restore its services in the country, marking a relatively satisfactory conclusion to the previous conflicts between traditional social media and national regulatory forces.
On the other hand, as a synonym for Web3 social media, the SocialFi track is once again facing a distressing "industry test." The track's unicorn Farcaster has shown weak growth, with only about 30,000 new users since mid-August, and protocol revenue has gradually slowed since July, currently totaling around $2.33 million. The once "hot" friend.tech, after strongly harvesting $81.953 million in protocol revenue (of which the team received about $45 million in fees), has chosen to almost "soft rug" by relinquishing control of the smart contract.
Despite star capital firms like a16z and Paradigm continuing to heavily invest in the SocialFi track, the current state of the industry is still disheartening: Is crypto social still a promising track? What is the future path for SocialFi? Has the SocialFi narrative already failed? What problems exist in social projects within the cryptocurrency industry, and is it a false proposition?
