Headline
Blast mainnet will go live on February 29th
Layer 2 network Blast announced on X platform that the Blast mainnet will go live on February 29th.
MicroStrategy has acquired approximately 3000 bitcoins in the past 10 days
Data disclosed by Tree News shows that, from February 15th to February 25th, 2024, MicroStrategy and its subsidiaries purchased approximately 3000 bitcoins for approximately $155.4 million in cash.
BTC breaks through 54000 USDT in the early morning
BTC price broke through 54000 USDT in the early morning. The total market value of cryptocurrencies is $21.95 trillion, with a 24-hour increase of 4.2%. BTC market dominance is 48.9%, and ETH market dominance is 17.4%.
Parcl has announced information regarding the upcoming native token as follows:
Token name: PRCL;
Total supply: 1 billion;
Initial distribution time: April;
Initial community supply: 7-8%;
Token use cases: protocol governance, data access, and incentives (detailed token economics will be announced in March);
May 2022 news, Parcl raised $7.5 million with participation from Dragonfly Capital, Solana Ventures, and others.
Frax Finance considers introducing a token staking reward mechanism similar to Uniswap
The core team of Frax Finance is considering proposing a new plan to share protocol revenue with its veFXS token stakers. This move will mimic a similar proposal on Uniswap last week.
FXS is the governance and utility token of the Frax ecosystem. Users who lock FXS will receive veFXS tokens, which retain their governance and utility rights. These veFXS tokens can be staked on the Ethereum mainnet and Frax Finance's L2 network, Fraxtal. In 2022, the community voted to stop revenue sharing, but now Kazemian stated in an interview that they will explore the possibility of resuming the distribution of Frax protocol revenue to veFXS stakers.
Industry News
Court approves Genesis' settlement agreement with the US SEC
The settlement agreement reached between Genesis and the US SEC was approved by the court at a hearing on Monday. The settlement agreement, filed with the court earlier this month, could result in Genesis paying up to $21 million in damages. However, the amount depends on the repayment of creditors.
In January last year, the SEC sued Genesis, accusing it of commingling assets from Gemini Earn with funds of other clients. It is reported that Gemini and Genesis collaborated to launch the Gemini Earn product.
The CEO of Blue Harbour Group and founder of the NFT trading platform Element, Wang Feng, has announced that he has officially notified the Hong Kong Stock Exchange that he will transfer all of his ownership in Element to Blue Harbour Interactive Group Limited, a publicly listed company in Hong Kong, making Element a part of the listed company's assets.
At the same time, he also announced that he will no longer hold any Crypto project equity in his personal capacity, and all investment paths will be made through Blue Harbour Interactive's assets. One of the future strategic focuses of Blue Harbour Interactive Group and its affiliated companies is to fully enter the crypto market. This mainly includes:
1. Increasing investment in and asset management of the brand LK Venture;
2. Taking a stake in the NFT trading platform Element and providing more support in terms of research and development talent and funding;
3. Entering the Bitcoin mining industry and taking a controlling investment in EcoPowX, with subsequent plans to be announced.
According to DeFi researcher @DefiSquared, the current fully diluted valuation (FDV) of Worldcoin (WLD) has reached a staggering $90 billion, surpassing even the valuation of OpenAI itself. This is mainly driven by its extremely low circulating supply and its narrative/meme status. However, this situation may change soon.
Analysis shows that most buyers at the current price are not aware that a new "hidden" release has started, with Worldcoin set to distribute over 10 million WLD directly to retail wallets in the coming weeks (equivalent to approximately $92 million at the current price), and continuing to distribute at an even higher rate every two weeks. As opposed to the July VC/internal unlock date that many investors are focused on, the actual circulating supply of WLD is steadily increasing on a weekly basis.
In addition, the Worldcoin Foundation has full control of the unlocked foundation treasury liquidity, which could potentially be sold over-the-counter (OTC) at the current overvalued price. The co-founder of Worldcoin previously stated in August last year that the intention of the market-making agreement was to "prevent the price from skyrocketing to around $10." Therefore, the foundation may intervene at any time to suppress price volatility, which could instantly form a permanent top.
The current market capitalization of WLD has reached $1.4 billion, far surpassing its previous valuation, and unlike the expectation of no unlocking before July, the circulating supply of WLD will rapidly expand on a weekly basis. Therefore, buying at this stage may entail a very high risk of entering at historical highs, and as time goes on, this risk will only increase.
As a reminder, based on previous bull market data, around 97% of the top 200 altcoins eventually experienced a decline of 90% or more. WLD, as a meme coin with a valuation higher than OpenAI, will not be an exception. Although he believes this is a generational short selling opportunity, such tokens often push prices higher than expected and still have a high possibility of rising before forming a permanent top. Most people may not have the patience, margin, or willpower to remain short when it initially rises. But at least, given the potential for rapidly changing circumstances here, holding spot positions carries great risk.
ZachXBT: BitForex Hot Wallet Abnormal Outflow, $56.5 Million, Withdrawals Suspended
According to blockchain detective ZachXBT, approximately $56.5 million flowed out of BitForex's hot wallet on February 23. Shortly after this outflow, withdrawal requests from users were halted, and the exchange has yet to release an official announcement.
Currently, users are trying to contact the BitForex team through X/Telegram channels in search of answers. It is worth noting that just a month ago, the CEO of BitForex announced his resignation. It is reported that BitForex holds 18% of TRB supply and 7% of OMI supply.
Marija Rakovic, a public information officer at the Podgorica Supreme Court, said that the decision to extradite Terraform Labs founder Do Kwon to the United States may be overturned again, "The Appellate Court has overturned the Supreme Court's extradition decision twice. If Do Kwon appeals against the recent extradition decision, the Appellate Court may once again overturn the Supreme Court's decision to extradite him to the United States." She added, "We do not intend to predict the ruling of the Appellate Court, but (in principle) to indicate our position on this possibility."
Earlier, after months of trial in Montenegro courts, Do Kwon was granted extradition to the United States. In addition, Do Kwon's defense lawyer Goran Rodic is seeking to appeal the latest decision of the Montenegro courts. He stated that the unlawful decision of the Montenegro courts to extradite Do Kwon to the United States will be overturned in the subsequent appeal, and said, "I firmly believe that this unlawful decision cannot stand in the Appellate Court, just like the previous two rulings."
Georgia Quinn, General Counsel of Anchorage Digital, Has Resigned
Georgia Quinn, the General Counsel of cryptocurrency custodian Anchorage Digital, has resigned. Anchorage has not yet found a successor for Quinn. The Anchorage legal team currently reports to the Chief Operating Officer. Quinn continues to provide consultation to the company and assist in finding a successor. Quinn stated that her resignation is unrelated to Anchorage's regulatory situation.
Project News
Yuga Labs Collaborates with Magic Eden to Launch Ethereum Marketplace, to Go Live Tomorrow
Yuga Labs announced on the X platform that the new Magic Eden Ethereum marketplace, developed in collaboration with Magic Eden, will go live tomorrow. It is said to be the first major marketplace launched in collaboration with creators, with a customized page for collectors, loyalty rewards, and an obligation to honor creator royalties based on the contract.
In addition, starting from February 27th, Yuga Labs will stop supporting markets that do not support royalties for all creators. Collections with royalty filters will only be traded on markets that respect the agreement and pay royalties to all creators.
Avalanche will activate the Durango upgrade on the mainnet on March 7.
Avalanche Korea announced that the activation of the Durango upgrade on the mainnet is expected to take place on March 7 at 0:00 Beijing time. The Durango upgrade introduces Avalanche Warp Messaging into the C-chain, enabling native cross-chain communication for every EVM chain in the Avalanche ecosystem, and establishing standards for future virtual machine (VM) use of AWM.
Kakarot is expected to launch its testnet in Q2 or Q3.
Kakarot, a zkEVM network based on the Cairo language, is preparing to launch its testnet. Elias Tazartes, CEO and co-founder of Kakarot, stated in an article today, "Kakarot is about to enter the testnet phase... Over the next two quarters in 2024, we will validate our technology with the community."
During the early alpha testing period, Shrapnel, a shooting blockchain game, discovered users employing two illegal strategies - teaming up and sharing accounts - to achieve higher rankings on the leaderboard. Several Web3 gamers formed teams and coordinated efforts to defeat other players, greatly impacting solo players.
In addition, Shrapnel found that users accessing the same player account from multiple devices means that these people have gained unfair advantages through teamwork. Shrapnel added in the statement: "This includes but is not limited to sharing login credentials, allowing others to access game characters, items, or progress, or using someone else's account."
Shrapnel revealed that a system has been established to detect the aforementioned violations, which go against the game's terms of use, and warned that "all players who violate our terms of use will be removed from the current STX leaderboard and may face permanent banning."
Cosmos Development Company Plans to Launch Governance Blockchain GovGen on Tuesday
All in Bits, the development company behind Cosmos, plans to launch a new blockchain network called GovGen focused on governance before AtomOne this Tuesday. AtomOne is a proposed fork of the Cosmos Hub, and GovGen's main goal is to assess the community's views on various proposals related to the AtomOne Constitution. The native token of this network, GovGen, will be distributed to ATOM holders who voted against proposal 848 on the Cosmos Hub. GovGen tokens are only for voting purposes in this context and are not transferable or tradable.
Ethena: Shard Campaign's Second Phase to Launch This Week, Plans to Add Support for Pendle
Ethena Labs, the developer of USDe, plans to launch the second phase of the Shard Campaign activity at 8 AM Eastern Time this Tuesday. This phase will increase the LP cap for sDAI/sUSDe and add GHO/USDe LP. Additionally, the USDe lock-up limit will increase from $100 million to $200 million. Furthermore, users will be able to deposit USDe up to the limit within Pendle Finance and receive Shard rewards.
OpenSea: Fractional Uprising Removed from Platform for Attempting to Provide Financial Tools
OpenSea, a representative confirmed that NFT project Fractional Uprising has been delisted due to a violation of its platform terms of service. OpenSea's terms of service include a statement prohibiting "the use of the service for any financial activities related to the creation, issuance, sale, or purchase of securities, commodities, options, or debt instruments." Any party attempting to provide financial instruments on OpenSea directly violates the company's policy and will face enforcement actions, including delisting and, in some cases, account suspension.
It is reported that the Fractional Uprising NFT provides game access privileges and other benefits, including in-game items and potential token airdrop rewards, but the project team denies plans to provide any type of security issuance.
Investment and Financing
Web3 infrastructure layer Avail has announced the completion of a $27 million seed funding round, led by Founders Fund and Dragonfly, with participation from SevenX Ventures, Figment, Nomad Capital, and several angel investors.
Avail will utilize the new funding to accelerate the development of its three core products, DA, Nexus, and Fusion, on the platform. These core components, which make up the Avail Trinity, will enable the network to accelerate the unification of Web3.
Talus Network Raises $3 Million in Series A Funding, Led by Polychain Capital
AI blockchain platform Talus Network has announced the completion of a $3 million Series A funding round, led by Polychain Capital, with participation from dao5, Hash3, TRGC, WAGMI Ventures, and Inception Capital, as well as angel investors from major technology and blockchain companies such as Nvidia, IBM, Blue7, Symbolic Capital, and Render Network.
OKX Ventures announces investment in Delphinus Lab
OKX Ventures announces investment in Delphinus Lab, a provider of trustless computing platform. Delphinus Lab aims to build zkWASM cloud suite and is dedicated to providing zkWASM-based application rollup platform, zkWASM Hub, which provides automated proof and batch processing services for application workloads with customizable WASM extensions.
In addition, while continuing to improve and innovate the original implementation of zkWASM, Delphinuslab will define zkWASM application communication standards in zkWASMHUB to achieve broader interconnection and collaboration between rollup applications on different underlying blockchains.
MXC announces completion of $10 million financing with JDI Ventures as lead investor
MXC announces $10 million strategic investment, led by JDI Ventures, an investment fund focused on DePIN under JDI Global, a blockchain hardware manufacturer.
The MXC team has launched the Layer 3 zkEVM solution on Arbitrum, with the vision of becoming the DePIN infrastructure of the Ethereum ecosystem.
JDI Global will collaborate with the MXC team to provide funding, hardware development, and market influence support for early-stage DePIN projects, accelerating the construction of the DePIN ecosystem.
Tokenized asset fintech company Open Asset announces completion of approximately $1.7 million seed financing with participation from Hana Ventures, Korea Investment Partners, and Mashup Ventures. Open Asset plans to utilize the new financing to recruit talented individuals in areas such as business expansion, sales, service planning, and frontend development.
Data
CoinShares: Digital asset investment product funds inflow of approximately $598 million last week
CoinShares' latest weekly report shows that the total inflow of digital asset investment products last week was about $598 million, marking the fourth consecutive week of inflows. The total inflow since the beginning of the year has surpassed $5.7 billion, equivalent to 55% of the record inflow in 2021.
Bitcoin investment products received an inflow of about $570 million last week, bringing the total inflow for the year to $5.6 billion. Ethereum investment products had an inflow of about $17 million, while Chainlink and XRP investment products had inflows of $1.8 million and $1.1 million respectively. Blockchain stock products continued to see an outflow of $81 million last week, indicating some caution among stock investors.
GBTC saw an outflow of $22.4 million yesterday, ARK 21 Shares' ARKB received an inflow of $130.6 million
According to Farside Investors, GBTC had its lowest outflow on February 26th, with $22.4 million.
In addition, ARK 21 Shares' ARKB received an inflow of $130.6 million yesterday, Bitwise's BITB received an inflow of $37 million, Franklin's EZBC received an inflow of $7.9 million, and VanEck's HODL received an inflow of $6.2 million.
DWF Labs sold a total of $8.64 million worth of JASMY, FET, SPELL, and LIT in the past week
According to Spot On Chain, DWF Labs sold 4 cryptocurrencies, namely JASMY, FET, SPELL, and LIT, at a higher price, totaling $8.64 million.
HashKey Exchange stated in a post on X platform that according to the on-chain data monitored by Lookonchain, the largest 1000 ETH wallet addresses bought over 170,000 ETH, equivalent to $514 million, last weekend.
