LianGuai Daily | Arbitrum plans to allocate 75 million ARB tokens as rewards to the ecosystem protocols; DYDX tokens will migrate to dYdX Chain as its L1 token.

Arbitrum plans to allocate 75 million ARB tokens as rewards to ecosystem protocols. DYDX tokens will migrate to dYdX Chain as its L1 token.

Today’s News Highlights:

Multiple areas in Sichuan are cracking down on virtual currency “mining”: One county has cleared 191 small hydropower related equipment since 2021

Yearn: All services have been migrated to backup infrastructure, yearn.fi is operating normally

The dYdX community has passed the proposal for “V4 adoption and migrating DYDX to the dYdX chain”

• OG Protocol Betrays Ethereum? MakerDAO Builds New Chain, Good or Bad?
• Financing Weekly Report | 13 Public Financing Events; NFT Startup FirstMate Completes $3.75 Million Financing, Led by Dragonfly Capital
• Web3 gypsies walk onto Marques’s land, decentralized souls wander in the magical real world.

Mayur Kamat, Global Head of Product and Design at Binance, has resigned

Reflexer, a stablecoin protocol based on RAI, has seen its token rise over 80% in the past 24 hours, possibly influenced by Vitalik’s comments

The Arbitrum community has initiated a “Short-Term Incentive Program” proposal, planning to allocate 75 million ARB rewards to ecosystem protocols

FDUSD’s market value has grown by 46.8% in the past 30 days, while BUSD’s market value has decreased by 17%

Data: 7 tokens will be unlocked this week, with a total release value exceeding $13 million

Regulatory News

Multiple areas in Sichuan are cracking down on virtual currency “mining”: One county has cleared 191 small hydropower related equipment since 2021

According to The Paper, multiple areas in Sichuan have been continuously carrying out investigations and rectification work on virtual currency “mining” to prevent a resurgence. The Financial Work Bureau of Liangshan Prefecture’s official website recently stated that in early August, supervision and inspection of “mining” at hydropower stations had been conducted, and re-examinations had been carried out for confirmed shutdown virtual currency “mining” projects. The Development and Reform Bureau of Shimian County stated that since 2021, 48 projects have been cleared and rectified, with a total of 42 enterprises and individuals involved in virtual currency “mining” identified in the entire county, and over 126,000 mining machines discovered. Currently, all 191 small hydropower stations in the county have completed the clearance of virtual currency “mining” equipment.

Shanghai: Exploring the application of blockchain technology in e-commerce, metaverse, and other fields

Gong Zheng, Deputy Secretary of the Shanghai Municipal Party Committee and Mayor, chaired the executive meeting of the municipal government today, and requested the promotion of blockchain technology and industrial innovation development in accordance with the deployment of the municipal party committee. The meeting agreed in principle to the “Special Action Plan for Shanghai Blockchain Key Technology Research (2023-2025)” and pointed out that as one of the domestic highlands of blockchain technology innovation, Shanghai should build new advantages in the industry, accelerate the construction of a municipal-level blockchain basic service platform, explore and deepen the application of blockchain technology in fields such as shipping logistics, e-commerce, and metaverse, create a number of typical scenarios and benchmark projects, and cultivate more high-growth enterprises with core competitiveness. Efforts should be made to promote coordinated content regulation, industry regulation, and financial regulation, and to build a scientific and efficient regulatory system.

The Japanese Ministry of Finance has submitted a legislative change request to the government to promote cryptocurrency tax reform

According to Coinpost, the Japanese Financial Services Agency (FSA) has submitted a legislative amendment request to the government to promote taxation of domestic cryptocurrency companies. The FSA document states that the Ministry of Economy, Trade and Industry has also signed off on this reform. The new tax system for crypto assets (virtual currencies) requires amendments to corporate tax. The government is requested to continue reviewing the taxation of crypto assets held by third parties at the end of the year based on market value, which has been a long-standing issue. The taxation reform regarding crypto assets held by third parties was also mentioned in the tax reform request submitted by the Japan Blockchain Association (JBA) to the government in July.

NFT

Project Updates

Yearn: All services have been migrated to backup infrastructure, yearn.fi is operating normally

DeFi yield aggregator Yearn tweeted that all services have been migrated to backup infrastructure and yearn.fi is operating normally. At the same time, Metamask and Coinbase have been requested to blacklist the “.finance” domain. Previously, Yearn mentioned that the team had noticed issues with the domain registrar of yearn.finance and is working to resolve the problem, suggesting users to switch to yearn.fi.

Tether CTO: Cryptocurrency exchanges should have a policy of reinvesting some profits into Bitcoin

Tether’s Chief Technology Officer, LianGuaiolo Ardoino, stated on X platform, “Cryptocurrency exchanges that have benefited greatly from Bitcoin should have a policy of reinvesting some profits into Bitcoin. This is what Bitfinex has done, such as with the Lightning Network, RGB (client validation state and smart contract system running on the second and third layers of the Bitcoin ecosystem), and liquidity (Liquid), etc.”

Wintermute and DWF Labs have played a significant role in the price trend of CYBER in the past two weeks

According to The Data Nerd, Wintermute and DWF Labs have played a significant role in the price trend of CYBER in the past two weeks.

On August 15, Wintermute received a total of 144,900 CYBER tokens (equivalent to approximately $929,000) from the Cyber Connect team at an average price of $6.4 per token and immediately deposited them all into Binance to increase liquidity.

On August 20, the Cyber Connect multisig wallet transferred a total of 133,300 CYBER tokens (equivalent to approximately $603,000) to Wintermute’s OTC wallet at an average price of $4.4 per token. Wintermute then transferred all the CYBER tokens to Binance. In addition, Binance’s futures trading platform also listed the CYBER/USDT trading pair on the same day.

On August 21, the Cyber Connect team deposited an additional 35,000 CYBER tokens (equivalent to approximately $165,000) into Binance through Wintermute’s OTC service. On August 30, Wintermute received another 205,000 CYBER tokens (equivalent to $2 million) and deposited them into CEX at an average price of $6.95 per token.

Overall, Wintermute deposited a total of 518,000 CYBER tokens (4.6% of the initial supply) into CEX. On September 2, CYBER surged by 430% to $15.93. However, CYBER quickly dropped in price and is currently trading at around $6.64 on Binance.

Meanwhile, on August 22nd, DWF Labs extracted 170,000 CYBER tokens from Binance at an average price of $4.5 (equivalent to $765,000). They then deposited all the tokens into Bithumb at a price of $8.57, which would have resulted in a profit of $691,000 (190%) if sold at that time.

In addition, a new wallet starting with 0x9b7 was found to have a total transaction volume of 7.74 million CYBER tokens. Most of the CYBER tokens were received from Upbit and then deposited into Binance.

The dYdX community has voted with 100% support for the proposal “Adoption of V4 and Migration of DYDX to the dYdX Chain”. The proposal, initiated by Wintermute, suggests: 1. Adopting the dYdX v4 open-source software as the next version of the dYdX protocol; 2. Adopting DYDX as the L1 token of the dYdX Chain; 3. Using smart contracts developed by the dYdX Foundation to establish a permissionless one-way cross-chain bridge for DYDX between Ethereum and the dYdX Chain; 4. Recommending dYdX Chain validator nodes to distribute DYDX on the dYdX Chain based on the aforementioned smart contracts; 5. On dYdX v3, wethDYDX will have the same governance and application functionality as DYDX based on Ethereum.

The Aave community has voted on-chain to approve the proposal “Fund Aave Bots for Automated Governance V2” and it will be executed within 4 hours. The proposal aims to fund the operational costs of the Aave bots using LINK tokens in the Aave Collector contract, which will help automate certain permissionless actions of Aave Governance V2 and improve the overall effectiveness of Aave governance.

The proposal will transfer a total of 1,275 aLINK tokens (approximately $7,500) from the collector contracts on Ethereum, Polygon, Arbitrum, and Optimism networks to the ShortExecutor/BridgeExecutor for short-term execution. On this executor, the transferred aLINK tokens will be extracted as LINK tokens. For Polygon, since the extracted LINK is not ERC-677, the payload will use PegSwap to exchange it one-to-one for ERC-677 LINK tokens. Out of all the received LINK tokens, 675 LINK will be used to fund pre-registered bots by calling the refillKeeper() method using the Aave CL Robot Operator contract. Once the keepers are replenished, a total of 600 LINK will be transferred to BGD Lab to cover their previous operational costs on the Aave bots.

The Arbitrum community has initiated the proposal “Short-Term Incentive Plan” to distribute 75 million ARB tokens as rewards to the ecosystem protocols. The proposal aims to meet the short-term needs of the community. The proposal consists of two parts: a financial proposal and an application process. The financial proposal includes allocating 75 million ARB tokens to a multisig address for the program, with an additional 37 million ARB tokens for the community/project promotion budget.

The project applying for this fund cannot convert ARB into other assets. It must outline the expenditure plan, provide forms, and explain the grant objectives. It must commit to providing key indicator data such as allocation, all ARB expenditure transactions, daily TVL, transactions, trading volume, unique addresses, and transaction fees. Each application project can only receive one reward. The Arbitrum Working Group offers four categories of evaluation funding: Beacon Grants, Siren Grants, Lighthouse Grants, and Pinnacle Grants.

The program will go through two rounds of voting. The snapshot voting will take place on September 8th. The first cycle will run from September 15th to October 6th, including on-chain voting, application, review, voting, and fund allocation. The second cycle will run from October 6th to October 27th, including application, review, voting, and fund allocation in sequence.

Mayur Kamat, the Global Head of Product and Design at Binance, has resigned.

According to The Block, a spokesperson for Binance confirmed that Mayur Kamat, the Global Head of Product and Design at the cryptocurrency exchange Binance, has resigned. Kamat also confirmed his departure, stating that he left Binance for “personal reasons” and completed the handover. He mentioned that it is a good time to take a break after 20 years of non-stop work.

Kamat joined Binance in April 2022 and had previously worked at companies such as Google, Microsoft, and Agoda. According to his LinkedIn profile, he helped Binance grow from 80 million users to over 150 million users in 18 months through several product launches.

A new biography of Elon Musk may confirm his secret funding of Dogecoin’s development.

Walter Isaacson, an American biographer, is about to release a biography of Elon Musk with the same title. According to Isaacson, in the new book, the secret relationship between Musk and the cryptocurrency Dogecoin will be revealed to the public. Speculation suggests that Isaacson’s new book may further confirm Musk’s long-term secret funding of Dogecoin’s development.

Important Data

Data: 7 tokens will be unlocked this week, with a total release value of over $13 million.

According to Token Unlocks data, seven crypto projects will unlock tokens this week, with a total release value of over $13 million.

Tornado Cash (TORN) will unlock approximately 22,800 tokens worth about $61,000 at 11:06 on September 4th;

Liquity (LQTY) will unlock approximately 657,000 tokens worth about $544,000 at 8:00 on September 5th;

Galxe (GAL) will unlock approximately 416,000 tokens worth about $467,000 at 20:00 on September 5th;

LooksRare (LOOKS) will unlock approximately 12.5 million tokens worth about $676,000 at 03:54 on September 6th;

Hashflow (HFT) will unlock approximately 3.23 million tokens worth about $1.07 million at 8:00 on September 7th;

Moonbeam (GLMR) will unlock approximately 3.04 million tokens worth about $565,000 at 8:00 on September 8th;

ImmutableX (IMX) will unlock approximately 18.08 million tokens worth about $9.83 million at 18:00 on September 9th.

Data: August DEX spot trading volume is about 22.2 billion US dollars, reaching a new low since December 2020.

In August, the spot trading volume of decentralized exchange (DEX) reached 21.99 billion US dollars, hitting a new low since December 2020 (21.9 billion US dollars). Among them, Uniswap’s market share in August was 55.34%, a decrease of about 5 percentage points from July’s 60.55%.

Reflexer token based on RAI stablecoin protocol surged more than 80% in the past 24 hours, possibly influenced by Vitalik’s comments.

According to CoinGecko data, the Reflexer token FLX based on the RAI stablecoin protocol is currently priced at $13.35, with a 24-hour increase of about 81.8%.

Yesterday, Ethereum co-founder Vitalik Buterin stated that the rise of RAI can solve the problem of Lido dominating the LSD ecosystem.

FDUSD market value increased by 46.8% in the past 30 days, while BUSD market value decreased by 17%.

According to Coingecko data, the market value of BUSD stablecoin has fallen to 2.843 billion US dollars, a decrease of 17% in the past 30 days. The market value of FDUSD has increased to nearly 383 million US dollars, an increase of 46.8% in the past 30 days.

On August 31st, Binance announced that it will gradually stop supporting BUSD and reminded users to convert BUSD to other stablecoins before February 2024. Binance also reminded users in the announcement that they can manually convert their remaining BUSD assets to FDUSD through the Binance Liquid Swap trading platform at a 1:1 ratio until further notice. The 1:1 exchange rate is only applicable to converting BUSD to FDUSD and does not apply to converting FDUSD to BUSD. In addition, Binance’s dollar-cost averaging plan will stop supporting product subscriptions through BUSD starting from 10:00 on September 15th, 2023. After 10:00 on September 15th, 2023, Binance will automatically adjust the dollar-cost averaging plan to FDUSD.

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