Headlines
On July 4th, Cameron Winklevoss, co-founder of Gemini, tweeted the "final offer" for the debt restructuring negotiations of bankrupt digital asset company Genesis. After months of negotiations and mediations, a $1.5 billion deferred payment and new loan plan was finally reached.
The document, titled "Best and Final Offer - July 3, 2023," outlines a plan that calls for a $1.465 billion payment and loan valuated in US dollars, Bitcoin, and Ethereum, with a deadline of 4:00 PM local time on July 6th.
On Monday, Winklevoss published an open letter to Barry Silbert, founder of DCG, on Twitter. In the letter, Winklevoss expressed regret that DCG had failed to come up with a satisfactory plan to repay Genesis creditors, including customers of Gemini's Earn program. DCG has also failed to pay Genesis $630 million. (CoinDesk)
Industry News
Meta plans to launch Threads, an application similar to Twitter, on Thursday
On July 4th, Meta Platforms (META) plans to release a microblogging app called Threads, which will launch shortly after Twitter CEO Elon Musk announced new restrictions on the number of posts users can view on Twitter. It is expected to be available in other parts of the world on Friday. Meta intends to develop this app based on its Instagram user base. (The Wall Street Journal)
Previously, on June 26th, Meta announced plans to launch a new large-scale social media platform in mid-July. The project, internally codenamed Project 92, is expected to be officially named Threads. According to The Verge, there are high expectations for this project within Meta. The initial plan is to promote it within Instagram, and Threads is expected to attract tens of millions of users within a few months.
The assets under management of ProShares Bitcoin Futures ETF (BITO) exceed $1 billion
On July 4th, according to ETF.com data, ProShares' BITO fund saw inflows of $14.9 million and $11.9 million on June 29th and July 3rd, respectively, bringing its total assets under management to $1.04 billion. In comparison, the fund had total assets under management of $822 million on June 15th (the day BlackRock submitted the ETF application). (The Block)
On July 4th, Ethereum developers Diyahir, Fluid Protocol community member Meir Bank, and others jointly proposed the creation of the ERC-7265 standard. This standard aims to introduce a "Circuit Breaker" smart contract interface into the DeFi ecosystem to address the common lack of response time in the face of hacking attacks.
The effective logic of ERC-7265 is that by integrating with this standard, the "Circuit Breaker" will monitor the flow rate of each asset within the DeFi system in real-time. When this rate exceeds a preset parameter threshold, the smart contract will be triggered, immediately pausing the outflow of tokens from the protocol.
The proposers of this standard believe that with ERC-7265, hackers will no longer be able to deplete the funds within the entire contract in a matter of seconds after executing an attack, thereby safeguarding the majority of funds within the DeFi protocol.
On July 4th, according to data from Dune Analytics, the TVL (Total Value Locked) in the L2 ecosystem is on the verge of reaching $10 billion, currently at $9.96 billion, with a 2.56% increase in the past week.
Among them, Arbitrum TVL is $5.97 billion, accounting for 59.94%, Optimism is $2.26 billion, accounting for 22.72%, and zkSync Era is $735 million, accounting for 7.39%.
Market Movement
Coinbase stock price rose nearly 12% to $79.93, reaching a new high since March 22nd
On July 4th, Coinbase stock price rose by 11.71%, closing at $79.93, reaching a new high since March 22, 2023.
Early this morning, BlackRock resubmitted supplementary details for its Bitcoin spot ETF application to the SEC through Nasdaq.
It is reported that BlackRock submitted the documents on Monday, indicating that Coinbase Global Inc. will provide market surveillance as an SSA (Supervisory Sharing Agreement) exchange.
Previously, the SEC believed that the initial application documents from multiple institutions applying for spot ETF were insufficient and lacked necessary information. Other applying companies also made material revisions and supplements last week, including Fidelity Investments, Valkyrie, VanEck, 21Shares, and WisdomTree.
On July 4th, the floor price of Bored Ape Yacht Club (BAYC) dropped to about 27 ETH (equivalent to about $53,000), reaching the lowest point since August 2021.
Analyst Brad Kay from The Block Research believes that the reasons for the drop in the floor price include scarce buyers, a weak and illiquid market, and large holders selling off. For example, recently, Huang Licheng sold a large number of BAYC tokens obtained as trading rewards on the Blur market.
According to NFTstats.eth data, over 80% of BAYC and CryptoPunks have not been sold once in 2023, proving a lack of liquidity in the market. (The Block)
Azuki NFT series prices rebound, with Azuki floor price rising nearly 24% in 24 hours
On July 4th, Blur data shows that the Azuki series NFT prices have rebounded. Among them: the floor price of Azuki is currently at 6.73 ETH, with a 24-hour increase of 23.87%; the floor price of Azuki Elementals is currently at 1.53 ETH, with a 24-hour increase of 35.64%; the floor price of Beanz is currently at 0.425 ETH, with a 24-hour increase of 22.69%.
Project News
USDC Treasury issued over 170 million USDC today and transferred over 200 million USDC to Coinbase
On July 4th, according to Whale Alert, the USDC Treasury issued 174,377,021 USDC on the Ethereum network at 3:11:11 AM (Beijing time), and then transferred over 200 million USDC (208,909,180 tokens) to Coinbase at 3:15:23 AM.
On July 4th, Open Campus tweeted that due to macro fluctuations and market conditions, the unlocking time for early contributors, liquidity providers, and ecosystem tokens is extended by 3 months, while the release schedule for other tokens remains unchanged. In addition, the team token has a cliff period of 24 months and a release period of 36 months.
OKLink Explorer launches Cosmos Hub blockchain explorer
On July 4th, OKLink Explorer, a Web3 data analysis platform under OK Group, officially launched the Cosmos Hub browser, providing users with multi-dimensional data querying services for Cosmos chain addresses, transactions, assets, and more. Users can also understand the governance situation of the Cosmos network through the validator list and detailed staking information. In addition, OKLink Cosmos Hub browser provides an address details page that combines functions such as list filtering and visual display, meeting the analysis needs of most Cosmos users for on-chain data.
The product manager of OKLink stated that the Cosmos Hub browser is the first step in OKLink's support for the Cosmos ecosystem. In the future, it will gradually support other public chains in the Cosmos series such as Osmosis, Cronos, KAVA, Evmos, and SEI, providing users with rich and reliable on-chain data forms and comprehensive data services.
On July 4th, ParaSpace announced on Twitter that the Azuki mining pool has been temporarily suspended due to violent price fluctuations, including functions such as deposit, withdrawal, and liquidation.
According to reports on July 3rd, ParaSpace, an NFT lending protocol, has temporarily suspended the liquidation of 14 Azuki-related collateral loans. At the time of writing, a total of 15 Azuki liquidations have been paused.
Total value locked in Solana liquidity staking protocols sees significant growth
On July 4th, according to The Block Research, as of the end of June, the combined value of the liquidity staking protocol portfolios, including Marinade Finance, Lido, Jito, JPool, and Socean, had reached a total of $187 million in staked Solana (SOL) tokens. This represents a significant increase from the initial investment of $98 million at the beginning of the year. Currently, these protocols account for 69% of the total locked value on the network, estimated to be around $270 million.
Analyst Kevin Peng suggests that the growth of staking on Ethereum after the Shapella upgrade may have sparked a chain reaction and spilled over to Solana. (The Block)
People's Voices
On July 4th, Hong Kong legislator Wu Jiezhuang posted a poll on Twitter with the theme "In order to further promote Hong Kong as a web3 hub, the government and Hong Kong regulatory agencies should define and create a semi-private blockchain to integrate all financial services and create a public blockchain to facilitate daily applications." As of the time of writing, a total of 59 people have participated, with 71.2% expressing support and 20.3% opposing. The poll will continue for another 1 day.
On July 4th, Kyle Davies, co-founder of Three Arrows Capital (3AC), announced on Monday that the two co-founders of Three Arrows Capital will donate the "future earnings" of OPNX to creditors who suffered losses due to the fund's bankruptcy last year.
Davies described this plan as a "shadow recovery process" in addition to the ongoing liquidation process. He stated that in fact, some early creditors have already been compensated.
Davies said that the two co-founders believe in "karma," and these additional donations will complement the compensation that creditors receive through the formal liquidation process. (CoinDesk)
NFT
On July 4, Credit Suisse collaborated with the Swiss Football Association to launch an Ethereum-based NFT series in support of Swiss women's football.
According to the information on the Credit Suisse website, this NFT series includes 756 digital art portraits of the Swiss women's national football team players and will be exclusively sold through Credit Suisse's CSX application from July 11 to August 31. This move signals Credit Suisse's entry into the NFT space.
In February of this year, Credit Suisse led a $65 million Series B financing round for Swiss digital asset company Taurus. Taurus is also the technical partner for the NFT market in Credit Suisse's CSX application.
Specifically, Credit Suisse utilizes Taurus-Capital for the issuance and lifecycle management of the Swiss Football Association's NFTs, and utilizes Taurus-Protect for the secure storage of NFTs. According to the statement, these NFTs have been deployed on the Ethereum blockchain network through Taurus' infrastructure.
