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The content of this report is jointly produced by ULink and BytesIO
This month has allowed people to see the return and continuation of the bull market. Bitcoin once again stood at the $50,000 mark after a few months, and it also allows us to see more possibilities for multiple public chains other than Ethereum.
At the same time, supervision is intensifying, which can be seen from the responses of various countries. This month, the cryptocurrency tax bill in the United States has been the focus of everyone’s attention. With the continuous improvement of the regulations, on August 10, the US Senator Toomey, Lummis stated that they have reached a bipartisan agreement on the encrypted asset tax amendment, which excludes miners and key wallets from the reporting rules, and reached an agreement with Warner, Sinema, Portman.
The Ministry of Finance of the Philippines, where the largest user base of Axie Infinity continued to break new highs last month, stated that income from play-to-earn (earn while playing) games such as Axie Infinity is subject to income tax. Subsequently, Axie Infinity also posted on Twitter that it looked forward to working with the entity country (government) on the way forward to encourage innovation and empower players, and called on its digital users to abide by local laws.
On August 30, the Central Bank of the Philippines (BSP) is considering classifying Axie Infinity as a payment system operator (OPS), strictly monitoring how players use and exchange SLP tokens/encrypted assets in the game, and whether it is used as a payment method, and the extent of its merchant network. Once the central bank identifies Axie Infinity as an OPS, the game’s production company, Vietnam-based Sky Mavis or its local partners, must complete the OPS registration with the central bank, or it will cease to operate.
From the attitudes of the above two countries and project parties, it can be seen that the combination of cryptocurrency and law will become one of the most important topics in the world in the future. A tracker report on global central bank digital currencies (CBDCs) shows that 81 countries (accounting for more than 90% of global GDP) are currently exploring central bank digital currencies.
How to legislate? How is it taxed? How to avoid excessive speculation? These three major problems have become problems that all countries in the world must solve. At the moment when the epidemic is becoming normal, the demand for cross-border transactions has accelerated the implementation process of the blockchain, and it has also given the public a better understanding of online income, laying a solid foundation for the digitalization of the whole people. Only when the technology is implemented and good The bubble can only be eliminated when the currency drives out the bad currency. Now everything depends on the policy of the country where it is located.
The $610 million theft of Poly Network continued to attract people’s attention this month. Although the hacker returned all the funds in the end, DAO Maker, Punk Protocol, Neko, Ref.Finance, and other protocols and Liquid exchanges appeared The security issues of the network are not as lucky as Poly Network. It is really unbelievable to say that so many attacks are just to help the project party find vulnerabilities. These incidents have exposed the security problems of blockchain applications. The phrase "you need to be hardworking yourself" fully reflects the current status of blockchain applications. Since DeFi became popular last year, security incidents have emerged in an endless stream. Only infrastructure and security issues can be solved. , so that the public can use it with confidence.
Slow Mist replay content of the Poly Network theft incident: https://www.chainnews.com/articles/940632427547.htm
After the EIP-1559 upgrade was completed, the Gas fee rose instead of falling. Although it brought deflation and value-added to ETH, some investors and users still suffered from high Gas and chose other public chains for use. But regardless of the phenomenon, from the essence, the reason for the soaring gas fee of Ethereum this month is mainly due to the endless emergence of NFT projects, metaverse, avatars, fragmentation and other display forms emerge in an endless stream. Is this a big bubble or can it really land? For the application empowerment of the application, you need to keep your eyes open and look for high-quality and valuable projects among them, because "no matter how good-looking the avatar is, there is no scene, it can only be CX".
The most important thing that NFT needs to solve at the moment is the problem of counterfeiting and copyright ownership. NFT without copyright is prone to the risk of price drop or even zero. The same is true for some pure imitation NFT. Although there are many types of NFT and trading platforms, how to price, NFT Issues such as rights and interests still need to be explored, whether it is the addition of traditional industries or the creation of digital assets natively on the chain. It just so happened that two cases of copyright problems occurred this month:
(2) "Pepe the Frog (Pepe the Frog)" meme creator Matt Furie requested that a frog-themed NFT project worth over $4 million be removed from OperSea because it violated its copyright. The NFT project, titled "Sad Frogs District," contains 7,000 Sad Frog NFTs that were procedurally selected from approximately 200 characteristics.
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OpenSea transaction volume in August
In addition to the endless NFT projects that have attracted the most attention in the encryption market this month, there are also several well-established public chains that have performed very well, such as Avalanche, Polygon, Solana, and Terra.
Polygon also acquired Hermez this month, which is also the first merger in the encryption field in the form of Token merger, providing an innovative form for the industry to move forward.
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DeFi
Average gas consumption data in August
As of August 30, according to DeFi Liama data, the total locked-up amount in the DeFi field is about 152 billion US dollars, and the TVL of each public chain is as follows:
Ethereum: $111.79 billion
BSC: $17.96 billion
Terra: $7.71 billion
Polygon: $4.73 billion
Solana: $3.04 billion
Avalanche: $2.19 billion
On the evening of August 5th, the deflation of EIP-1559 officially started. As of August 30th, 133,437.5 ETHs, worth about 428,633,371.79 US dollars, have been destroyed, with an average of 5.75 ETHs destroyed per minute. The most burned application is OpenSea, with multiple NFTs this month The explosion of the application has led to a sharp increase in the transaction volume is the main reason for the burning.
Cross-chain protocol
Cross-chain protocol
So far, many mainstream cross-chain protocols have problems, and security incidents occur frequently, which shows that many interoperability solutions are not safe to use, or even unusable. Now many "bridges" are improvised to meet the immediate needs of the project.
The cross-chain protocol is currently facing problems such as high construction costs and high demand. The current temporary solution cannot meet the needs of users for a long time due to imperfect structure or other problems. A safer "bridge" is always a problem that needs to be considered by such project parties , because the entire ecosystem benefits from security and good design.
On June 29, THORChain, a decentralized cross-chain transaction protocol, tweeted that it had discovered a malicious attack against THORChain, which caused a loss of $140,000.
On July 2, XDX Swap on the cross-chain decentralized exchange DDEX was attacked. The attacker made a profit of 85.17 ETH (approximately $178,500), and all the profits have been cross-chained to Ethereum.
In the early hours of July 11, the cross-chain asset bridge project ChainSwap (ASAP) was hacked due to a key vulnerability in its smart contract, resulting in a loss of about $8 million.
At 1 a.m. on July 12, Anyswap, a decentralized cross-chain transaction protocol, officially tweeted that the Anyswap multi-chain router v3 version was attacked. About 2.4 million USDC and 5.51 million MIM were lost, totaling about 8 million USD.
On August 10, a large transfer of assets occurred in the O3 Swap (O3) cross-chain pool of the cross-chain aggregation protocol. A total of 335 million US dollars of assets on the Binance Smart Chain and Polygon were transferred to two addresses.
On the same day, the cross-chain interoperability protocol Poly Network was also attacked, and a total of over 610 million US dollars was transferred to 3 addresses.
Noteworthy NFT transactions
On the evening of July 31st, the sale of Animetas’ NFT triggered a surge in Gas fees on Ethereum, which once exceeded 1250 GWei.
On August 3, the NFT collectible "Coca-Cola Friendship Box" jointly launched by Coca-Cola and the 3D virtual avatar application platform Tafi was auctioned on the OpenSea platform. The auction price was 217.4541 ETH (about 540,000 US dollars). Donate to Special Olympics International.
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NFT transaction data in August
On August 13, Fortune magazine had previously conducted its first NFT sale, part of which was a limited edition NFT of the latest cover art designed by digital artist ppleasr, with a total sales turnover of 429 ETH, approximately $1.3878 million.
0n1Force opened the pre-sale at 00:00 on August 20, and it was sold out in only 5 minutes, causing the Ethereum gas fee to soar to more than 2400Gwei for a short time. The total amount of 0n1 Force is 7777. Each person can mint up to 2 0n1 Force, and the casting cost is about 0.07777ETH.
On August 23, Visa purchased the CryptoPunk NFT numbered 7610 for approximately $150,000. Afterwards, dozens of transactions occurred on CryptoPunks, with the transaction amount basically ranging from 60-200 ETH, most of which were 60-100 ETH.
On August 28, the NFT project of Adam Bomb Squad released by the clothing brand The Millions in the early morning caused more than 1,900 ETH to be burned within 24 hours, and caused the Ethereum Gas to skyrocket to more than 1,500 GWei.
OpenSea transaction data
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Big event
On August 4, the NFT-based game app "Louis: The Game" was launched to celebrate the 200th anniversary of the birth of founder Louis Vuitton. The game contains history and anecdotes from the founder's life, and also includes artwork by NFT artist Beeple (Mike Winkelmann). Players can collect a total of 30 NFTs during the game, and Beeple is offering 10 unique NFTs for this.
On August 13th, on the occasion of the 100th anniversary of the birth of Gene Roddenberry, the creator of "Star Trek", OTOY, the parent company of RNDR rendering network, and the estate of Gene Roddenberry, joined hands with the representative artist of "Star Trek" Denise Okuda and Mike Okuda, Doug Drexler and Daren Dochterman, use NFT technology with high fidelity and historical accuracy to collect and preserve the precious life and work materials left by Jean for future research and possible re-creation.
On August 13, the Ethereum scaling project Polygon (formerly known as Matic Network) acquired Hermez Network, a ZK-Rollups-based Ethereum scaling solution, for $250 million. The two projects also merged their native tokens — MATIC and HEZ — in the first transaction of its kind in the crypto space. On August 29, Hermez officially changed its name to Polygon Hermez. MATIC will become the utility token of Polygon Hermez. Polygon has allocated 250 million MATIC tokens to develop Polygon Hermez, of which 90 million are allocated to investors and the remaining 160 million Assigned to initial team sponsors and developers. The team said that the HEZ and MATIC token merger smart contract has been deployed to the test network, and the main network time has not yet been determined.
On August 14, Time Magazine and the NFT project Cool Cats jointly released a limited edition NFT series.
On August 15, the 20th anniversary commemorative vinyl NFT "The Monk" was officially released on QQ Music. The number of NFTs sold was 2,001, of which the publisher Hu Yanbin's team reserved 18 copies, and 1,983 copies were sold to the public. The data shows that a total of 79,368 people participated in the lottery this time, with a winning rate of 2.5%.
On August 23, PayPal is expanding its crypto services to the UK, allowing customers to buy, hold and sell four cryptocurrencies on the platform: Bitcoin, Ethereum, Litecoin and BCH.
On August 25, Facebook considered building NFT functions while launching a digital wallet.
On August 26, the MMORPG mobile game "Legend 4" (Steam name: Mir4) under the world-renowned online game company Yumeide officially launched globally. This game uses blockchain technology NFT and utility tokens. Players can use game characters and black iron property to experience blockchain technology.
On August 26, China's largest visual creativity platform, Vision China, released the "2021 Semi-Annual Report". The report described the platform's exploration and achievements in the NFT field in a large amount of space, and revealed that the platform may launch its own NFT digital art trading platform.
On August 27, the Ethereum Domain Name System (ENS) announced that it fully integrated the DNS domain name space (DNS Namespace) on Ethereum, allowing any .com domain name to be associated with an Ethereum address. For example, if you have example.com on DNS, you can import it into ENS to continue using example.com instead of example.eth, and also allow users to set up ENS records to receive ETH, BTC, and DOGE on the example.com domain and other cryptocurrencies. The Ethereum Domain Name System said the development of the feature was funded by the Ethereum Foundation and ETC Labs.
On August 29, the listed company Ninth City announced that it will launch the NFT platform NFTSTAR, which is expected to be officially launched in the fourth quarter of this year. In addition, former Dapper Labs Vice President of Operations Gagan Palrecha has been invited to join NFTSTAR as Chief Operating Officer.
KONG.Land
Innovative NFT applications
Rarible Protocol
On August 26, the experimental "encryption country" KONG Land opened 500 founding citizenship purchase qualifications. The founding citizenship token is CITIZEN. Founding citizens will receive a physical passport, an NFT and the qualification to join Discord. KONG Land is an experimental "crypto-nation" with a mission to connect the physical world with the digital metaworld through the global adoption of its public product, SiLos (or Silicon Locked Contracts). Like other countries, KONG Land has citizenship requirements, unique culture, working government (DAO of DAO), and more. At its inception, KONG Land will exist as a cloud nation whose citizens collectively export crypto assets for projects in diverse industries such as stablecoins, identity, fashion, and art. SiLo chips will be provided to projects that contribute a portion of their governance tokens to the KONG Land treasury. With sufficient funding, KONG Land will continue to invest in research into secure physical crypto-assets, explore new commodity exports, and ways to grow a crypto-state in both the digital and physical spheres for the benefit of its citizens.
On August 13, NFT marketplace Rarible announced the launch of a set of open source tools (called the "Rarible Protocol") to greatly simplify the online process of NFT projects and ideas. This agreement will benefit the Rarible ecosystem and drive innovation.
The core of Rarible Protocol is a decentralized exchange. Applications built on the Rarible Protocol can share order book liquidity.
One of the most powerful features of the protocol is its ability to share fees during transactions, which makes it possible to co-create NFTs.
Rarible Protocol has implemented a royalty standard for NFT minted by the protocol and NFT minted externally, regardless of which platform the transaction is on, it will abide by the creator's and platform's royalties.
· The Rarible Protocol is currently deployed on Ethereum and will soon be available on Flow and Polygon.
20 different projects are currently building applications on the protocol, including Rarible.com.
Alethea AI
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Key projects
Dydx
Key projects
On August 3, Dydx launched the dYdX Layer2 protocol governance token DYDX. The total amount of DYDX tokens is 1 billion, which will be distributed to all dYdX ecological participants within five years, including community users, investors and the dYdX team. Among them, 50% (500 million pieces) will be allocated to the community, specifically 25% to transaction mining users, 7.5% to retrospective mining users, 7.5% to market makers and mining market makers, and 7.5% to the community 5% of reserve funds, 2.5% allocated to users participating in the liquidity staking pool, 2.5% allocated to users participating in DYDX staking users (insurance pool), 27.73% allocated to past investors, 15.27% allocated to dYdX Trading or dYdX Foundation members %, 7.00% distributed to future members of dYdX Trading or the dYdX Foundation. After five years, the community can vote to determine the inflation rate of DYDX tokens for additional issuance; the current maximum inflation rate is 2% per year.
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SuperRare
Dydx's transaction data in August
Super Rare makes it easy to create, sell, and collect rare digital artwork. Their smart contract platform allows artists to issue limited-edition digital art collections tracked on the blockchain that are rare, verifiable and collectible. Its mission is to help artists make a living on the Internet while contributing more art to the world. , we believe artists should be able to make a living doing what they love. We believe that the ability to secure a percentage of secondary market revenue for artists is one of the most revolutionary and exciting capabilities that Ethereum smart contracts offer. It's similar to a musician getting a percentage of the sales of vinyl records released in the 1960s that are still bought and sold in used record stores today.
Cryptovoxels
On August 18, the encrypted art platform SuperRare announced the launch of version 2.0 and issued the governance token RARE. The total amount of RARE tokens is 1 billion, of which 15% will be airdropped to users who sell or buy art on the platform before July 21. If the tokens are not claimed within 90 days, the tokens will be returned to the community treasury . In addition, version 2.0 also includes the independent exhibition space SuperRare Spaces, the project autonomous organization SuperRare DAO, and the "sovereign smart contract" that can be used by independent artists on SuperRare to create custom NFT or brand tokens.
On August 25, Metaverse platform Cryptovoxels announced that it will launch BOOP tokens, and will distribute BOOP token airdrop rewards according to the number of visitors to the player's parcel (parcel) 1:1.
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financing news
Krystal, a one-stop DeFi portal incubated by Kyber, completed a financing of US$6.6 million, led by Hashed.
NFT trading platform MakersPlace completed $30 million in financing, led by Bessemer and Pantera.
Cent, an NFT creation and distribution platform, completed a $3 million seed round of financing, with participation from Galaxy Interactive and others.
One-stop digital asset management platform Aspen Digital has completed $8.8 million in financing, led by British investment trust fund RIT Capital Partners and Liberty City Ventures.
Onramp Invest, a technology platform serving investment advisors, completed $6 million in financing, with Coinbase and WisdomTree participating.
Blockchain data provider Messari has raised $21 million in Series A funding led by Point72 Ventures.
CryptoQuant, an on-chain data and market analysis platform, has completed $3 million in financing led by Hashed.
Reddit has announced a $410 million Series F round led by Fidelity Investments, which values the company at $10 billion.
DeFi Safety, a DeFi transparency and project rating platform, completed a $1 million seed round led by Andre Cronje.
Decentralized wireless network Helium announced the completion of $111 million in financing through a token sale, led by a16z.
Liquality, a multi-chain wallet, completed a $7 million financing, with participation from Hashed and Galaxy Digital.
Blockchain auditing firm Certik has raised $23 million in Series B funding.
Encrypted data analysis platform Dune Analytics has completed $8 million in Series A financing, led by USV.
MobileCoin completed a 66 million round of financing at a valuation of US$1 billion, with participation from Alameda and Coinbase.
CertiK, a blockchain security audit agency, completed a $24 million B+ round of financing, co-led by Tiger Global and Hillhouse Ventures.
InfStones, a blockchain company, received $10 million in Series A financing.
Bitcoin infrastructure company Blockstream announced the completion of a $210 million Series B round of financing led by investment management company Baillie Gifford and crypto exchange Bitfinex operator iFinex.
Decentralized network Alethea AI raised $16 million, with participation from LD Capital and others.
Eluvio, a blockchain streaming media and ticketing platform, has completed Series A financing at a valuation of US$100 million, led by entertainment giant Fox (FOX).
NFT music platform Royal completed $16 million in financing, led by Founders Fund and Paradigm.
follow next month"BACARDĺ Reserva Ocho Sherry Cask Finish "Spirits company Bacardi is launching NFT tokens to celebrate new limited editions
Launch of the Rum Collection. The new rum series will be on the shelves in September, and the NFT works will be unveiled and auctioned on September 1, and the auction will last for two weeks.
El Salvador's official bitcoin wallet Chivo Wallet will go live on September 7, and the government will not force residents of the country to accept bitcoin as a form of payment. Citizens of El Salvador will receive $30 worth of bitcoins for downloading Chivo Wallet in the app store. Chivo allows citizens to automatically convert bitcoin transactions into dollars, which can be kept in bitcoin wallets or paid in cash at one of El Salvador's 200 ATMs. form extraction. Previously, the El Salvador legislature passed a bill in June this year to establish Bitcoin as a legal tender. The country had to wait another 90 days after it was published in the official gazette. The wallet launch time on September 7 was also the time when the El Salvador Bitcoin Law came into effect.
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Summarize
Summarize
After the upgrade of Ethereum London, we have seen more possibilities for Ethereum, and it is gradually moving towards dominance. The explosion of multiple NFT projects this month has made people see its value, gradually changing people The cognition that NFT is just a work of art has begun to expand to social and practical attributes.
I think fragmentation is a way of CX. NFT itself is a non-homogeneous form. It can be combined with more entities as equity, but splitting into a token will only accelerate the bubble period of NFT. Turning a non-financial product into a financial product is not necessarily the best form of use for the current status quo. YFI founder Andre Cronje and some industry leaders have warned against this.
Security issues are always the top priority. This can be seen from the many security incidents that occurred this month. For the project, if the project security is not done well, no matter how much TVL is, it will only fall short. In the end, it is mainly those who bear the loss. Investors who continue to believe in project development.
The development speed of the metaverse has exceeded our imagination. The movie "Runaway Player" released this month depicts some possible future scenarios, allowing the public to experience them personally.
The industry is constantly developing, and the speed of breakthroughs and innovations has far exceeded our imagination. Who can break through the siege depends on implementation and innovation. Blindly imitating hot spots can only become a short-term phenomenon after the wave passes. It will only be those pioneers and forge ahead.
