BlockBeats will organize the key industry news content of the week (8.12-8.18) in this article, and recommend in-depth articles to help readers better understand the market and learn about industry trends.
Important News Review
Binance Launchpool launches the 56th project Toncoin (TON)
On August 13, Binance Launchpool and Super Earn announced the launch of Toncoin (TON), which will start at 2024-08-15 00:00 (UTC) and last for 20 days. Toncoin is a decentralized and open L1 blockchain. Binance Super Earn provides a new way to earn coins. Users who subscribe to newly launched token projects through the principal-guaranteed coin-earning regular product will enjoy a limited-time special annualized rate of return (Special APR). Super Earn is an exclusive benefit provided for a limited time after the token is launched, and is applicable to tokens obtained through Launchpool, Megadrop or HODLer airdrops. Users can use these newly launched tokens to subscribe to the principal-guaranteed coin-earning regular product and enjoy a limited-time special annualized rate of return for a certain period of time.
OKX will launch DOGS spot trading
On August 14, according to the official announcement, OKX will launch DOGS spot trading. The spot trading will be open at 20:00 (UTC+8) on August 20. It is reported that the image of DOGS is inspired by Spotty, the mascot designed by TON founder Pavel Durov for the Telegram community, which embodies the unique spirit and culture of the Telegram community.
Dogs announces DOGS token economics: total 550 billion, 81.5% of supply belongs to the community
On August 15, Dogs announced the DOGS token economics. The total supply of DOGS is 550,000,000,000, of which: 81.5% belongs to the community (not locked): 73% belongs to Telegram OGs, who earn DOGS in the application; the rest is used to reward traders, creators and future community members; 10% is allocated to the team and future development; 5% is reserved for CEX and DEX liquidity and listing-related activities.
Xinhuo Technology: Li Lin holds 31.25% of the equity of ABCDE Fund, which has an AUM of US$40 million
Hong Kong-listed company Xinhuo Technology released its latest announcement stating that it has signed an asset management service framework agreement with its actual controller Li Lin to provide asset management services for its affiliated funds, including ABCDE Fund, New World Fund, New Era Fund and MS Fund, with management fees ranging from 1-2%.
The announcement disclosed that as of June 30 this year:
· ABCDE has total assets under management of US$40 million, and Li Lin holds a 31.25% interest.
· New World Fund has total assets under management of US$20 million, and Li Lin holds a 50.00% interest.
· MS Fund has total assets under management of US$18.1 million, with Li Lin holding a 96.13% interest.
According to RootData, ABCDE has a total of 32 investment portfolios, including 12 lead investment projects, including Bitlayer, bitSmiley, Surf Protocol, UTXO Stack, etc.
Trump returns to Twitter and has a live conversation with Musk at X Space
On August 12, former US President Trump posted on X (formerly Twitter) for the first time in three years and said, "They want to shut me up, but I will never shut you up through them. They are not coming for me, they are coming for you. I just happened to be in their way, and I will never give in. We will make America great again! TrumpOnX" The next day, Musk and Trump had a live conversation on the X platform. At the beginning of the conversation, X suffered a large-scale DDOS attack. This Space lasted nearly three hours, and more than 60 million people listened online. The conversation discussed issues such as inflation, immigration, and AI, but did not mention cryptocurrency or Bitcoin. On the day of the conversation, Trump's dialogue with Musk's concept Meme coin "Yeah" rose to a maximum of US$0.00192 20 minutes after the token was deployed, and the trading volume reached US$10.28 million within 2 hours. Then it started to fall. Related reading: "More than 60 million people listened, Musk held a lecture for Trump"
GM tokens were launched on Wednesday and opened down more than 80%
On August 14, gm.ai officially posted on social media that the GM token has been launched. Pre-sale participants have been airdropped xGM, and GM has been pre-deposited in the anchoring plan. If users choose to continue to participate in the Anchor plan, no action is required. If you need to withdraw cash, you can convert xGM to GM. According to market information, GM went online and hit $0.135 and then entered the "plunge" mode. As of press time, it was temporarily reported at $0.014. Related reading: "The biggest scam in the crypto this year: How much money did dexter defraud with $GM?"
DefiLlama founder: DEX Screener earns $150,000-250,000 per day by adding token information for a fee
DefiLlama founder 0xngmi posted on social media, "Just started tracking the fees of the real-time DEX analysis tool DEX Screener on DefiLlama. They make $150,000 to $250,000 a day by charging $300 per token to add information such as TG links and pictures." According to DefiLlama data, DEX Screener's revenue on each chain on August 15 was $123,410 on the Solana chain, $12,430 on the Ethereum mainnet, $5,620 on the Polygon chain, and $1,380 on the Base chain.
US CPI is lower than expected and returns to the "2-digit"; the Federal Reserve may cut interest rates by 25 basis points in September
On August 14, the U.S. July unadjusted CPI annual rate was 2.9%, falling for the fourth consecutive month and returning to the "2-digit" for the first time since March 2021. The market expected it to be 3%. The U.S. July unadjusted core CPI annual rate was 3.2%, falling for the fourth consecutive month and the lowest level since April 2021, in line with market expectations.
Nick Timiraos, the "Fed mouthpiece," later wrote that the July CPI data cleared the way for the Fed to start cutting interest rates at its next meeting. As the labor market has recently shown signs of potential weakness, the debate at the Fed's September meeting will focus on whether to cut interest rates by 25 basis points in the traditional way or by a larger 50 basis points. On August 15, futures traders raised the probability of a 25 basis point rate cut by the Fed in September from 65% on Wednesday night to 74.5%.
Blockchain platform Sahara AI completes $43 million in financing, led by Binance Labs and others
On August 14, the decentralized AI blockchain platform Sahara AI announced that it had completed a $43 million financing round, led by Binance Labs, Pantera Capital, and Polychain Capital, with participation from Samsung, Matrix Partners, Siam Commercial Bank, Foresight Ventures, dao5, Alumni Ventures, Geekcartel, Nomad Capital, Mirana Ventures, etc. The financing will be used to further expand its global team, improve the performance of its AI blockchain, and accelerate the construction of its developer ecosystem. Related reading: "With $43 million in financing, how does Sahara Lianchuang view the intersection of AI and Web3?"
MakerDAO passes proposal to reduce WBTC collateral size
On August 16, MakerDAO launched the "Reduce WBTC Collateral Size" proposal on August 12 to deal with the potential risks of custody changes, which has been passed and implemented. Including: Core Treasury: Reduce the WBTC-A DC-IAM quota (maximum collateral) from 500M to 0; Reduce the WBTC-B DC-IAM quota (maximum collateral) from 250M to 0; Reduce the WBTC-C DC-IAM quota (maximum collateral) from 500M to 0; SparkLend: Prohibit borrowing WBTC; Reduce the loan collateral ratio of WBTC from 74% to 0%.
Previously, BitGo and BiT Global announced that they were creating a joint venture to provide multi-jurisdictional custody for WBTC. BiT Global is a regulated trust and corporate service provider (TCSP) headquartered in Hong Kong, which has a strategic partnership with Justin Sun and the Tron ecosystem. Crypto risk analysis and assessment agency BA Labs said that in view of the upcoming changes in WBTC custody rights, WBTC collateral integration faces higher potential risks on Maker and SparkLend. If Bitgo or other relevant parties cannot convincingly prove the security of maintaining the existing WBTC collateral integration, BA Labs will consider further adjusting parameters to protect the protocol until the WBTC collateral on Maker and SparkLend is completely removed. Related reading: "Why is the market reaction to Justin Sun's entry into WBTC so strong? "
Grass: Snapshot is being taken to confirm air investment qualifications
On August 15, Grass posted on social media that the project is taking a snapshot to determine the upcoming airdrop qualifications, and the user's network participation (weighted by epoch) will be used as the reward benchmark. Details on how to check airdrop qualifications will be provided in the coming weeks, and more information about token economics will be shared.
Binance Labs Announces Investment in MyShell
On August 15, Binance Labs announced its investment in the decentralized AI ecosystem MyShell. MyShell is a decentralized AI ecosystem that allows everyone to build, share and own AI applications. MyShell has four pillars: an open source model layer, an AI creation platform, an AI app store, and a value incentive network. It is reported that MyShell has more than 60,000 creators, some of whom have taken the lead in trying to make profits through the AIpp Store (MyShell's on-chain trading market). The transaction volume of the top AIpp reached US$300,000. A rough calculation shows that the creator's transaction fee income and AIpp floating profit have accumulated to tens of thousands of dollars. The early investors of the top AIpp have increased by more than 10,000 times, and currently still have a floating profit of 3,000 times. MyShell has now become the only ecosystem in the crypto field with rich scenarios, including AI raw pictures, videos, games, personal assistants and other diverse scenarios, and the number of registered users has exceeded three million.
Vitalik: All the "Animal Coins" received in the past year have been donated to charity
On August 15, Vitalik stated on his social platform that "the charitable donations have been completed, covering all the "Animal Coins" in the past year or so. Having said that, I prefer the coins to be distributed directly to charities. Now it is 2024, and we can start funding more complex public goods." The accompanying picture shows that Vitalik donated 200 ETH, equivalent to approximately US$530,000.
It is reported that on August 5, the Meme coin Neiro on the Ethereum chain was also created and 17.1 billion Neiro (4% of the total) was transferred to Vitalik's address through the deployment address. Perhaps affected by Vitalik's charitable donations, Neiro briefly broke through $0.00005, with a 24-hour increase of 1104%. The market value exceeded $21 million, and the 24-hour trading volume reached $7.82 million.
Polymarket predicts Harris's chances of being elected are 10% higher than Trump's; Harris may continue the Biden administration's crackdown on cryptocurrencies
On August 15, Polymarket predicted that Harris's chances of being elected would surpass Trump by 10%. Kamala Harris's chances of winning the 2024 US presidential election rose to 54%, while Trump's chances of winning the 2024 US presidential election fell to 44%. Harris is reportedly working with two former economic advisers to the Biden administration, Brian Deese and Bharat Ramamurti, who strongly opposed the previous 2023 Payment Stablecoin Clarity Act, believing that the bill was too lenient on issuers. Alex Thorn, head of research at Galaxy, said Harris' choice of economic advisers may indicate that she intends to continue the Biden administration's hostile crypto regulatory approach. Related reading: "Harris's approval rating surpasses Trump by 8%, and the crypto may face a new wave of regulatory pressure"
This week, the "US government"-related address has seen large outflows, but there is a possibility of "custody only"
On August 15, the "US Government" associated address at the beginning of bc1ql transferred 10,000 BTC to the Coinbase Prime wallet, worth approximately US$593.5 million. It is reported that bc1ql received 10,000 BTC from a known US government wallet two weeks ago, which was funds seized in the Silk Road law enforcement operation. Previously, the US Marshals Service, an agency under the US Department of Justice, announced a partnership with Coinbase Prime to "protect and trade" large digital assets. Analysts said that deposits to trading platforms usually indicate an intention to sell assets, but in this case, the transfer may be for custody reasons. According to statistics, the US government transferred 15,940 bitcoins to Coinbase Prime in three times this year, worth approximately US$966.4 million. In the three days after the first two transfers, the price of BTC fell by about 5%.
After a decade of running, Mt. Gox creditors may be nearing the end of repayment
On August 14, according to Arkham Intelligence data, a wallet that received more than $2 billion in Mt. Gox bitcoins transferred most of the funds to another wallet on Tuesday. After confirming that what appeared to be a test transaction was completed on Tuesday morning, Arkham speculated that the wallet may belong to the cryptocurrency exchange BitGo, which may mean that the Mt. Gox incident is about to enter its final stage. Since the collapse of Mt. Gox, creditors have experienced a long wait of 10 years. For most of July this year, Mt. Gox transferred billions of dollars worth of bitcoins to designated cryptocurrency trading platforms, including Bitbank, Kraken, Bitstamp and SBI VC Trade. These trading platforms are responsible for distributing these bitcoins to Mt. Gox creditors.
Former TON Foundation members founded TON Ventures with an initial scale of US$40 million
On August 14, it was reported that former TON Foundation members Ian Wittkopp and Inal Kardan founded TON Ventures with an initial size of $40 million. TON Ventures mainly invests in startups within the TON ecosystem, focusing on areas such as decentralized finance, games, advertising, marketing, and regulated financial products. Wittkopp said that the size of the $40 million fund may increase if more partners are added in the future. TON Ventures currently supports more than a dozen startups including Catizen, Tradoor, and Evaa Protocol. The fund's average investment is $500,000 or less, but it will also participate in late-stage "strategic" transactions such as large agreements. The fund is expected to be fully deployed within a year.
FarCon Asia, the first Farcaster Ecosystem offline event in Asia, will be held in Singapore on September 17.
FarCon Asia, the first Farcaster ecosystem offline event in Asia, will be held at Art House in Singapore on September 17. The event is hosted by Tako Protocol and co-hosted by BlockBeats and Jam. It aims to deeply explore and showcase the innovative achievements of the Farcaster ecosystem and the future prospects of Web3 social networking, and convey a new narrative perspective. More than 30 institutions including Farcaster & Warpcast, Base, A16Z, Berachain, Monad, BNB Chain, Eigenlayer, Blast and many Farcaster ecosystem KOLs will attend and participate in the event.
Event registration link: https://lu.ma/l46ff22c
Arthur Hayes: The alt season will come after Bitcoin and Ethereum break through $70,000 and $4,000 respectively
On August 13, BitMEX co-founder Arthur Hayes said in his latest blog post that Yellen will inject at least $301 billion and up to $1.05 trillion between now and the end of the year. This will create a brilliant bull market for all risk assets, including cryptocurrencies, before the election. Bitcoin's next stop will be $100,000. After Bitcoin and Ethereum break through $70,000 and $4,000, respectively, the alt season will return. Related reading: "Arthur Hayes: Cryptocurrency may get rid of the downturn in September, and 2025 will be a brilliant crypto bull market"
"Study Abroad" company used virtual currency to launder money, Shandong police in China arrested 9 related suspects
On August 15, according to the Qingdao Evening News, Qingdao police were about to review and prosecute a case involving the use of virtual currency USDT to assist in information network crimes. Nine suspects of illegal crimes were arrested, and the funds involved exceeded 8 million yuan. At present, these nine people have been taken criminal compulsory measures in accordance with the law and will be reviewed and prosecuted. The public security organs remind citizens not to lend their ID cards, bank cards, and public accounts with their identity information to others to prevent them from being used for illegal activities.
Chinese man kidnapped in Malaysia, family pays $1.2 million in virtual currency ransom
On August 15, according to Caixin.com, Malaysian police recently uncovered a kidnapping case involving Chinese citizens. The victims were a Chinese man and a local woman who were kidnapped after arriving in Malaysia in July. After their families paid a ransom of US$1.2 million (approximately RMB 8.62 million) through virtual currency, the two victims were released. During the investigation, the police had a fierce gun battle with the kidnappers in Skudai, Johor, and eventually shot and killed four kidnappers. In addition, the police recovered about US$373,000 (approximately RMB 2.68 million) in cash, as well as vehicles, watches, jewelry and other items worth about US$700,000 (approximately RMB 5.02 million). The mastermind of the case was the victim's private driver.
Singapore authorities charge two Chinese bank account managers with involvement in Singapore's largest money laundering case
On August 15, according to Lianhe Zaobao, Singapore prosecuted two former Chinese bankers, the two men were 26-year-old Wang Qiming and 35-year-old Liu Kai; the third accused person was a Singaporean driver, 41-year-old Liew Yik Kit. Wang Qiming was a former account manager of Citibank. Singapore accused him of assisting two criminals in making false loan agreements and deceiving Standard Chartered Bank and Citibank about the source of their deposits. Liu Kai was a customer relationship manager of Julius Baer Bank and was accused of instigating Lin Baoying, the only female defendant in the case, to use forged tax documents as supporting documents for opening an account. In addition, the newly accused driver Liew Yik Kit was suspected of concealing the luxury cars left by his fugitive employer from the police, causing the Singapore police to miss the opportunity to seize the four luxury cars, and was suspected of obstructing justice.
This week's hot articles
"The biggest scam in the crypto world this year: How much money did Dexter defraud using $GM?"
On August 14, gm.ai officially posted on social media that the GM token has been launched. Pre-sale participants have been airdropped xGM, and GM has been pre-deposited in the anchoring plan. If users choose to continue to participate in the Anchor plan, no action is required. If you need to withdraw cash, you can convert xGM to GM. Airdrop participants can claim it from the mini-program within 24 hours. From March 18 to August 14, it took such a long time for pre-sale participants to transfer coins. I thought the big thing was coming, but I didn’t expect to lose 100% as soon as it went online. If you invested 10 SOL during the pre-sale period, you can only get 2.5 SOL if you sell it now when the market opens. If the project founder dexter sells the mined tokens immediately after the launch, his total income will be about 1.642 million US dollars. If calculated according to the highest price after the token is launched, the total income will reach 2.618 million US dollars.
"Why did the market react so strongly to Justin Sun's entry into WBTC?"
BitGo officially stated that BitGo and BiT Global are creating a joint venture to diversify WBTC's custody and cold storage business across multiple jurisdictions, and BitGo will become a minority shareholder in the new joint venture. BiT Global is a regulated trust and corporate service provider (TCSP) with a strategic partnership with Justin Sun and the Tron ecosystem. Users speculate that Justin Sun may have significant influence or control in the joint venture that manages WBTC. This matter has a significant impact on the DeFi market, and the market is worried that the transfer of control of WBTC to him will bring unpredictable risks.
"More than 60 million people listened, Musk held a lecture for Trump"
On August 13, Musk and former US President Donald Trump had a Space conversation on the X platform. Musk first explained that Twitter had suffered a large-scale server network attack, then started the conversation from Trump's assassination attempt, and talked about various social and political issues such as illegal immigration, border security, economic challenges, and global security. The conversation did not mention the development of the cryptocurrency industry, but talked about the need for the current US government to pay more attention to the artificial intelligence industry.
Over the past few months, GMGN has become the most relied-on tool for many meme players to "scan the chain". On the basis of presenting the trend of tokens, GMGN packages the on-chain data into trading signals. These "information gaps" that are difficult for novices to obtain, such as "rat positions, large coin holders, KOL positions, and smart money movements", have now become products within the reach of users, and have also driven meme gameplay to be faster and more radical.
Bitcoin and Ethereum now have structural buys in U.S.-listed exchange-traded funds (ETFs) during this cycle. Although Bitcoin and Ethereum have pulled back since April, they have escaped the Altcoin market fiasco. The Altcoin season will only come back after Bitcoin and Ethereum break through $70,000 and $4,000, respectively. Solana will also exceed $250, but considering the relative market capitalization, Solana's rise will have far less impact on the wealth effect of the entire crypto market than Bitcoin and Ethereum. By the end of the year, the rebound of Bitcoin and Ethereum driven by US dollar liquidity will lay a solid foundation for the return of the sexy Altcoin party.
As a pioneer in the blockchain industry, Ethereum has experienced many fluctuations and challenges in recent years. However, as projects are launched one after another, the EVM public chain ecosystem is regaining new vitality. This article will review some EVM public chains that are expected to issue tokens in the second half of the year.
"Why are there so many voices in the market that are pessimistic about Ethereum?"
At the end of July, the Ethereum spot ETF was officially approved and listed. It seems that due to the favorable landing, the actual effect of the listing of the ETF on Ethereum is not satisfactory, and the price of the currency has fallen instead of rising. Last Monday, with the circuit breakers of stock markets in many countries, the crypto market ushered in a tragic plunge. Ethereum once fell below $2,100, wiping out all the gains this year. Two days ago, the Ethereum network gas fee dropped to 1 gwei. In this cycle, with the rise and prosperity of the Solana ecosystem, many voices of "badmouthing" Ethereum have appeared in the market.
The New York Times: Tether co-founder and his shattered crypto dream
In 2017, Tether co-founder Pierce moved to Puerto Rico, where he had invested in a series of experimental cryptocurrency businesses. With the help of a think tank, he made a surprising promise to revitalize the local economy. Pierce is known for his involvement in the creation of USDT, one of the most popular digital currencies in the world. He led a wave of industry immigrants to Puerto Rico, many of whom began buying land and hyping a project they called Puertopia, wanting to transform the U.S. territory into a center for cryptocurrency investors and technology startups.
The overall market sentiment is currently neutral. After the sharp correction last week, the market sentiment has eased, and the purchasing power has recovered slightly overall. This week, it is expected that if the market purchasing power and positive sentiment have not recovered significantly, and considering the potential off-market factors (jump wallet or other wallet movements), the market may have a limited rebound and be more inclined to range fluctuations.
《Dialogue with Raydium: The biggest beneficiary of the pump.fun effect》
This article takes a deep dive into the development and challenges of Raydium in the Solana ecosystem, and reviews the significant growth in Raydium trading volume driven by meme coins. In addition, the article reviews Raydium's early history and its relationship with FTX and Serum, and explores the impact of Pump.fun on the on-chain ecosystem.
What’s so special about Sui’s technology?
This article explores Sui's core technologies such as object-oriented data model, Sui Move programming language, network structure, and dynamic NFT standards, and introduces its zkLogin that simplifies user experience and DeepBook that provides reliable transaction infrastructure. Although Sui still faces many challenges in the face of the mature EVM ecosystem and other competitors, its unique innovation may help it win a place in the highly competitive crypto market.
"A strong rebound of 140% in a single week, does Sui want to be the next "Solana"? "
Sui has been very popular on social media recently. Many people compare Sui to the "Solana killer" and make many analyses of Sui's network performance and the K-line trend of the SUI token. A bullish sentiment on SUI seems to be spreading. But is this statement really tenable? How is Sui's ecological development?
Beyond GPU leasing, how Prime Intellect makes decentralized AI training possible
With Nvidia's market value exceeding $3 trillion in the middle of the year, GPU computing power leasing has become the hottest track in the field of crypto AI in 2024. However, most projects only stay at the stage of computing resource aggregation and fail to solve the core problem of decentralized AI training - model training across distributed GPU clusters. The emerging project Prime Intellect is trying to break this bottleneck. Crypto researcher Teng Yan wrote an article discussing Prime Intellect's innovative solutions and how it is expected to lead the future of decentralized AI training.
"Multicoin Capital: Why did we invest in the decentralized AI talent market CrunchDAO?"
On August 15, CrunchDAO core contributor Crunch Lab completed a $3.5 million seed round led by Multicoin Capital, bringing its total financing to $5.3 million. CrunchDAO is a platform for AI researchers to participate in distributed machine learning competitions. In addition to other rewards, CrunchDAO members can also earn CRNCH tokens by participating in competitions to gain governance rights over the platform. Multicoin Capital investment partner Shayon Sengupta expressed his insights on the investment and is optimistic about CrunchDAO's potential to achieve collective intelligence with a decentralized AI talent market.
"With the explicit support of Unisat, what is special about Fractal, the Bitcoin scaling solution?"
The expansion issue has always been the key direction of BTC ecological development, but as the overall popularity of the sector declines, many BTC ecological creative projects, including various expansion plans, have gradually faded out of people's sight. However, behind the impetuous market sentiment, "still working" is still an appropriate description of the status of many project teams. On August 13, Fractal, a native expansion solution based on BTC core code supported by UniSat, opened its official water channel. Combined with the previous news that Unisat will launch Fractal Bitcoin in September, the editor couldn't help but have some interest in this project, so he went to the Fractal official website to take a look and roughly understand the special features of this project.
According to the latest data from Polymarket, U.S. Vice President Harris's approval rating in the 2024 presidential election has surpassed former President Trump, and her approval rating has soared from 33% in the early days to a record high of 53% at the time of writing. Alex Thorn, head of research at Galaxy Research, pointed out that Harris will continue to suppress cryptocurrencies, and her choice of advisors indicates that she will continue Biden's hostility to cryptocurrencies, as Harris is working with two key officials in the Biden administration who oppose cryptocurrencies.
TechCrunch tracked the new unicorns created this year, based on data from Crunchbase, CB Insights, and PitchBook. The list includes Elon Musk’s xAI, which has been valued at a staggering $24 billion, as well as many other AI startups. Companies in the cybersecurity, health tech, and fintech sectors also performed well.
Despite the significant growth in global network computing power and the halving of Bitcoin block rewards in April 2024, Bitdeer's 2024 Q2 financial performance remained strong, with total revenue of US$99.2 million, gross profit of US$24.4 million, and adjusted EBITDA of US$24.9 million, representing year-on-year growth of 5.8%, 50.6% and 33.2%, respectively.
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