According to Jinshi, Federal Reserve Chairman Powell is scheduled to speak on the economic outlook at 10:00 pm Beijing time on August 23, the first full-day meeting of the Kansas City Federal Reserve's annual economic seminar in Jackson Hole, Wyoming. This annual meeting of global central banks provides Powell with an opportunity to make an updated assessment of the trajectory of the US economy and the outlook for monetary policy between the Fed's July and September policy meetings. Last month, he said that if inflation and the labor market continue to cool, the Fed may consider cutting interest rates at its next meeting.
Donald Trump Jr. Launches Telegram Channel 'The DeFiant Ones' for New Crypto Project
Donald Trump Jr. announced the opening of a Telegram channel "The DeFiant Ones" on the X platform to introduce the upcoming crypto project. He posted on X: "There are many rumors about our crypto project. To find out the real situation and keep up to date with official announcements, please join our official Telegram channel and get news directly here." The name of the channel "The Defiant Ones" coincides with a recent trademark application. In July this year, a company called AMG Software Solutions filed trademark applications for "Be DeFiant", "World Liberty" and "World Liberty Financial" for "providing financial information in the field of decentralized finance (DeFi)". Last week, Donald Trump Jr. and Eric Trump refuted rumors that the new crypto project was a meme. “This is about digital real estate,” Eric Trump told the New York Post. “This is equity. This is collateral that anyone can get instantly. I don’t know if people realize what a big shakeup this is to the banking and financial industries. I think at some point, we all want to achieve some form of financial independence and live in a world where we don’t have to play by the big banks’ playbook. That day will come soon.”
Nasdaq withdraws application to list Bitcoin and Ethereum spot ETF options
According to The Block, according to documents on the website of the U.S. Securities and Exchange Commission (SEC), Nasdaq withdrew two applications for listing and trading Bitcoin spot and Ethereum spot ETF options. At the same time, the New York Stock Exchange also withdrew the listing and trading applications of Bitwise and Grayscale Bitcoin spot ETF options on the same day. Bloomberg analyst James Seyffart said he expects Nasdaq and the New York Stock Exchange to resubmit applications for listing Bitcoin spot ETF options in the next few days or weeks. According to previous news, other exchanges also withdrew similar applications last week. MIAX, MIAX Pearl and BOX Exchange withdrew their proposals to list Bitcoin spot ETF options, and the Chicago Board Options Exchange also withdrew its application for listing Bitcoin spot ETF options, but then resubmitted the application. The SEC has not yet approved the trading of options products based on Bitcoin spot and Ethereum spot ETFs.
US SEC approves first 1.75x leveraged long MicroStrategy ETF
The U.S. Securities and Exchange Commission (SEC) has approved the first leveraged long MicroStrategy (MSTR) ETF, the Defiance Daily Target 1.75X Long MSTR ETF. The ETF seeks to achieve a leveraged investment result of 1.75 times (175%) the daily percentage change of MicroStrategy shares. This fund is actively managed and belongs to the leveraged equity ETF. It is scheduled to be officially launched on July 23, 2024, with an expense ratio of 1.29%.
Indian crypto exchage WazirX released a security incident update, and the planned maintenance has been completed. User account balances have been restored, and all transactions conducted on the WazirX platform since withdrawals were stopped at 1 pm on July 18, 2024 have been reversed. According to previous news, on August 8, WazirX said that after receiving feedback from many users, it decided to restore the balances of all accounts and reverse all transactions conducted on the WazirX platform after withdrawals were stopped at 1 pm Indian Standard Time on July 18, 2024. On July 18, the Indian cryptocurrency trading platform WazirX was hacked, and its multi-signature wallet on the Ethereum network was stolen, with a total of US$234.9 million transferred.
Arbitrum Community Preliminarily Approves Proposal to Enable ARB Staking to Unlock Token Utility
The Snapshot governance page shows that the "Enable ARB staking to unlock token utility" proposal initiated by Frisson, head of Tally's market operations, in the Arbitrum community was passed with a 91.54% approval rate. The proposal proposes to unlock ARB utility by enabling ARB staking and improve the governance and security of the Arbitrum protocol, but will not start distributing fees to token holders for the time being. Through ARB staking, token holders will be able to capture value by delegating tokens to users who actively participate in governance. The proposal will also implement a liquidity staking ARB token (stARB) through the Tally protocol, which can automatically compound any future rewards, can be (re)staking, and is compatible with DeFi. In addition, the initiator of the proposal said that it will work with Arbitrum DAO to decide whether and how to fund the rewards and distribute the rewards between token holders and delegators. According to the schedule of the plan, this vote is a preliminary review on Snapshot. After passing, an on-chain proposal will be released on Tally this month to apply for funds and start development, and the smart contract will be submitted for review in September. In October, an on-chain proposal containing a complete ARB staking implementation will be submitted on Tally.
MakerDAO has passed and implemented a series of proposals yesterday, including a proposal to initiate a reduction in the size of WBTC collateral. According to the proposal, the core vault will reduce WBTC-A DC-IAM (maximum collateral amount) from 500 million to 0, WBTC-B DC-IAM (maximum collateral amount) from 250 million to 0, and WBTC-C DC-IAM (maximum collateral amount) from 500 million to 0, disable WBTC lending in SparkLend, and reduce WBTC LTV from 74% to 0%. The proposal stated that due to the potential risks of changes in WBTC custody, the integration of WBTC collateral on Maker and SparkLend will bring higher risks, and the above actions are taken to limit the growth of WBTC exposure.
Circle proposes new capital risk framework for stablecoins
Circle, the issuer of the USDC stablecoin, recently released a white paper titled “Risk Capital for Stable Value Tokens”, proposing a new risk-based capital management model for stablecoins and other digital cash tokens. The authors of the paper argue that in order to mitigate the unique risks faced by stablecoins, other fiat currency equivalent tokens, and their issuers, stablecoins require adequate capital reserve requirements that should exceed the capital standards currently established under the Basel banking regulatory framework. According to the authors, these unique risks include, but are not limited to, token price shortages due to market trading and the prevalence of secondary markets, digital token “runs” due to excessive selling, operational risks, and technical risks. These unique challenges distinguish stablecoin issuers and the digital assets they issue from traditional banks. The authors of the paper believe that the solution to this problem is to adopt what they call the Token Capital Adequacy Framework (TCAF).
Circle’s paper explains that current banking regulations use fixed-ratio risk standards and risk weights that do not necessarily reflect true risk levels. Using long-term Treasury bonds as an example, the authors note that despite the high interest rate risk associated with long-term Treasury bonds, their weighted risk is low under current banking standards. TCAF addresses this issue by adopting a dynamic risk-sensitive model that first stress tests reserves and then listens to stakeholder input. The TCAF model also considers technical risks such as blockchain network performance and cybersecurity. The paper also states that TCAF’s dynamic approach could result in higher or lower capital requirements than current banking standards, which would vary depending on the risk environment.
Circle’s new model has five objectives. First, it seeks to distinguish between emerging “disappearing” risk factors and “disappeared” risks that have been successfully mitigated or no longer pose a threat. The model also seeks to play a complementary role, helping regulators to adequately address operational risks while being as “simple” as possible and avoiding the bloated and costly risk management departments of the traditional banking industry. The fourth main goal of TCAF is to provide a set of risk management standards that are applicable across jurisdictions and institutions. Last, but not least, the model aims to provide incentives and accountability to mitigate negative risk externalities.
The collapse of the $781 million Swiss bank FlowBank is having a ripple effect on the cryptocurrency industry and threatens the existence of the stablecoin AEUR, DL News reported. This is because Anchored Coins AG, the Swiss company that issued the euro-pegged stablecoin AEUR, deposited part of its $63 million euro stablecoin reserves with the troubled bank. According to a statement on the company's website, the company has suspended the issuance and redemption of its tokens until further notice. The company has also stopped accepting new customers. Anchored Coins said: "As the bankruptcy proceedings related to the liquidation of FlowBank SA are still in the early stages, it is unclear how much of this part of our collateral will be able to be recovered. Therefore, in the event of a shortage, the 1:1 redemption rate may not be maintained, which would result in corresponding losses for AEUR token holders." The company also said that "such losses will be shared pro rata among all AEUR token holders as required by Swiss law." These deposits provide a fallback redemption guarantee for its stablecoin holders in the event that Anchored Coins itself is unable to fulfill its obligations to redeem user tokens for fiat currency. As FlowBank enters liquidation, the funds are in limbo until Swiss authorities appoint a liquidator to oversee the return of deposits to creditors - which may take some time. Anchored AG cannot guarantee the recovery of all deposits from the affected banks, which could mean losses for stablecoin holders. Earlier on June 13, Swiss regulators closed the cryptocurrency-related bank FlowBank and initiated bankruptcy proceedings.
According to Yonhap News Agency Infomax, the National Pension Service of South Korea (NPS) acquired 245,000 shares of Bitcoin development company MicroStrategy in the second quarter of this year. The purchase has been disclosed in the 13F filing submitted to the U.S. Securities and Exchange Commission (SEC). Although the fund sold 23,956 shares of Coinbase in the second quarter of this year, this investment is another indirect investment in Bitcoin by the fund after purchasing 282,673 shares of Coinbase in the third quarter of last year. It is worth noting that as of July 31, MicroStrategy held 226,500 Bitcoins, becoming the largest corporate holder of Bitcoin other than the issuer of the spot Bitcoin ETF.
Hedge funds, pensions and banks continue to pour money into direct Bitcoin ETFs, according to Bloomberg. The most prominent buyers so far include hedge funds such as Millennium Management, which holds shares in at least five Bitcoin ETFs, according to an analysis of second-quarter filings with the U.S. Securities and Exchange Commission. The firm, which manages $68 billion in assets, has slashed its ETF holdings from the previous quarter, but remains the largest holder of most funds, including BlackRock's iShares Bitcoin Trust (IBIT). Capula Investment Management, Schonfeld Strategic Advisors and Steven Cohen's Point72 Asset Management also reported holdings in these ETFs. Other buyers include the Wisconsin Investment Board and market makers from Hong Kong, the Cayman Islands, Canada and Switzerland. In addition, buyers in the second quarter included hedge fund Hunting Hill Global Capital, which reported holdings of IBIT and has been involved in the cryptocurrency space since 2016, according to its founder and chief investment officer Adam Guren. Data compiled by the media outlet showed that after Wednesday’s deadline for filing second-quarter 13F reports with the U.S. Securities and Exchange Commission, 701 new funds reported holdings in spot Bitcoin ETFs, bringing the total number of holders to nearly 1,950.
Coinbase International will launch ATOM, DYDX and OM perpetual futures contracts
According to the official announcement, Coinbase International Exchange and Coinbase Advanced will add support for Cosmos, dYdX and MANTRA perpetual futures contracts. ATOM-PERP, DYDX-PERP and OM-PERP markets will be open on or after 17:30 on August 22, 2024, Beijing time.
NEBRA launches its “Universal Proof Aggregator” technology on Ethereum mainnet
According to The Block, blockchain research institute NEBRA officially launched its "Universal Proof Aggregation" technology on the Ethereum mainnet. The technology aims to reduce the blockchain verification cost by aggregating multiple zero-knowledge proofs (ZKP) into a compact proof. NEBRA CEO Shumo Chu said that zero-knowledge technology is expensive due to computational complexity, which limits its widespread application. NEBRA's aggregator can reduce the verification cost to one-tenth of the original cost, and early users include Worldcoin, Brevis and Altlayer. It was previously reported that blockchain and zero-knowledge proof research institute Nebra completed $4.5 million in financing.
Binance Labs announces investment in decentralized AI ecosystem MyShell
Binance Labs announced that it has invested in the decentralized AI ecosystem MyShell through the sixth season incubation program. MyShell allows users to create, own and share AI applications, and is committed to building an open AI creator ecosystem. Launched in April 2023, MyShell revolves around four pillars: open source model layer, AI creator platform, AI application store, and incentive network, aiming to promote the popularization of AI through open collaboration and fair profit models.
TON Ecosystem Meme Project DOGS releases token economics, with a total supply of 550 billion community tokens $DOGS. 81.5% of them are allocated to community users, 73% will be awarded to Telegram OG users, and the rest will be used to reward traders, sticker creators and future community members. In addition, 10% is allocated to the team and future development, most of which will be gradually released within 12 months. 8.5% is used for CEX and DEX liquidity and related listing activities. As a community token derived from VK and Telegram, DOGS will launch the function of on-chain emoticon stickers that can be minted and traded in the future to further expand its application scenarios.
Chaos Labs Completes $55 Million Series A Funding, Led by Haun Ventures
According to CoinDesk, Chaos Labs, a New York crypto startup focusing on on-chain risk management tools, has completed a $55 million Series A financing round. This round of financing was led by Haun Ventures, and participants included well-known investment institutions such as F-Prime Capital, Slow Ventures, Spartan Capital, and large investors such as Lightspeed Venture Partners, Galaxy Ventures, and PayPal Ventures. Chaos Labs has also received support from angel investors such as Anatoly Yakovenko of Solana and Francesco Agosti of Phantom. Chaos Labs was founded in 2021. As the demand for automated risk management in DeFi grows, the company plans to expand its platform. It has currently helped more than 20 protocols such as Aave and GMX manage risks.
36.78 million BLUR were unlocked and transferred out from Blur unlock contract at midnight
According to the monitoring of on-chain analyst Ember, it is the time for the monthly unlocking of BLUR again. 36.78 million BLUR (about 5.64 million US dollars) were unlocked and transferred from the Blur unlocking contract to the 0x0A0 multi-signature address 5 hours ago. The 0x0A0 multi-signature address also conducted a small deposit test to Coinbase Prime. These BLUR will enter Coinbase Prime later as before. Since BLUR entered the unlocking cycle on June 15, 2023, 26.6% (800 million) of the total BLUR has been unlocked and flowed into Coinbase Prime. Calculated at the price at the time of transfer, it is worth about 286 million US dollars.
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