LianGuai Morning News | Uniswap destroys 99.99% of HayCoin supply, creditors accuse Genesis of fraud.

LianGuai Morning News | Uniswap Eliminates 99.99% of HayCoin Circulation, Creditors Accuse Genesis of Fraud

Headlines

▌Uniswap Founder Destroys 99.99% of HayCoin Supply, HayCoin Soars 307%

According to LianGuai, HayCoin is a test token deployed by Uniswap founder Hayden Adams. After destroying 99.99% of the token supply, its value skyrocketed by 307% to $2.5 million. Adams wrote on social media that he felt uncomfortable with “almost all of the supply” and decided to destroy the token supply. According to data from the cryptocurrency price tracker DexTools, as of 3:38 PM Eastern Time on October 20th, the price of one HayCoin has exceeded $2.5 million. Adams stated that he will not participate in the trading of the token in the future, as he has burned all the supply.

▌Genesis Creditors: NYAG Lawsuit proves Genesis intentionally deceived creditors as instructed by its parent company DCG

According to LianGuai, a direct creditor of Genesis and a member of the Fair Deal Group wrote a letter to the bankruptcy judge on Friday, drawing attention to the lawsuit filed by the New York Attorney General’s Office against Genesis. The letter states that the lawsuit details how Genesis intentionally deceived creditors as instructed by its parent company, DCG. Creditors have stated to media outlet DL News that the NYAG “has done all the hard work for us.” It is reported that most Genesis creditors oppose the proposed bankruptcy plan.

• From Unverified ETFs to Legaled FTX Blaming the SEC and 20 Hilarious Crypto Jokes
• Microsoft: Going AI in Every Dimension!
• Tracking ‘fake data’ on the chain, understanding the ‘fur-lovers’ and the fur-lover industry

---

Market

As of the time of writing, according to coinmarketcap data:

BTC recent trading price is $29,611.13 with a daily change of +3.38 %;

ETH recent trading price is $1,604.57 with a daily change of +0.11 %;

BNB recent trading price is $212.11 with a daily change of +0.58 %;

XRP recent trading price is $0.5145 with a daily change of -0.22 %;

DOGE recent trading price is $0.0599 with a daily change of +1.94 %;

ADA recent trading price is $0.251 with a daily change of +1.95 %;

SOL recent trading price is $26.78 with a daily change of +7.84 %.

---

Policies

▌China Securities Regulatory Commission: Promoting the Standard and Healthy Development of Regional Equity Markets, Strengthening Blockchain Construction and Operation Safety

According to LianGuai, on October 20th, the China Securities Regulatory Commission (CSRC) drafted the “Guidance for the Supervision of Regional Equity Markets No.1 – Registration and Settlement (Consultation Paper),” “Guidance for the Supervision of Regional Equity Markets No.2 – Blockchain Construction (Consultation Paper),” and “Guidance for the Supervision of Regional Equity Markets No.3 – Data Governance and Information Submission (Consultation Paper),” to solicit public opinions. Based on the 2020 CSRC work plan, regional equity markets have initiated blockchain construction pilot projects and gradually expanded to 25 regions. In October 2021, the Cyberspace Administration of China, in collaboration with 16 ministries, organized a national blockchain innovation application pilot, in which the CSRC leads the pilot work in the “Blockchain + Equity Market” sector, with 10 regional equity markets included in the national blockchain innovation application pilot program.

▌Hong Kong Securities and Futures Commission updates cryptocurrency market regulation in line with new market developments

LianGuai reports that the Hong Kong Securities and Futures Commission (SFC) has announced plans to update its regulatory framework for cryptocurrency sales and requirements, as the digital asset industry continues to evolve. The revised notice released by the regulatory body on October 20th covers five key areas related to the cryptocurrency industry. This includes distributing virtual asset (VA) related products, providing cryptocurrency trading services, asset management platforms, advisory services, and implementation steps. The SFC emphasizes that although the scope of VA proliferation has expanded to other regions and gained popularity, the global regulatory landscape remains uneven. Risks associated with investing in digital assets, such as anti-money laundering (AML) and counter-terrorism financing (CFT), still exist. However, due to the rapid development of the cryptocurrency regulatory environment, the SFC and Hong Kong authorities prioritize investor protection. Updated stringent measures and requirements will subsequently be taken to curb risks associated with these assets. The comprehensive revised notice states that certain asset sales will be restricted. For example, complex products related to VAs, such as cryptocurrency exchange-traded funds and Hong Kong offshore products, will only be open to professional investors. In addition, intermediaries associated with the cryptocurrency field will assess investors’ understanding of virtual asset trading before executing any transactions.

▌Hong Kong Monetary Authority establishes Central Bank Digital Currency (CBDC) expert group in collaboration with 5 local universities

LianGuai reports that the Hong Kong Monetary Authority (HKMA) has established a Central Bank Digital Currency (CBDC) expert group today and signed memoranda of understanding with 5 local universities. Scholars from the 5 universities will participate in the research work of the expert group in their personal capacities. The group also brings together experts from various fields related to HKMA’s CBDC research, including business administration, computer science, economics, finance, and law. The HKMA hopes that through the establishment of the expert group, cooperation and knowledge exchange with the academic community in CBDC research will be promoted. The group will assist the HKMA in researching key policy and technical issues related to CBDC, provide advice and training on fintech-related topics, and host seminars. The 5 local universities participating in the expert group are the Chinese University of Hong Kong, City University of Hong Kong, Hong Kong Polytechnic University, Hong Kong University of Science and Technology, and the University of Hong Kong. The HKMA stated that it will consider inviting scholars from overseas universities to participate in the future. The expert group has already started writing two research papers, the first of which relates to privacy issues of CBDC, and the second explores the interoperability of CBDCs. Eddie Li, Deputy Chief Executive of the HKMA, said that this collaboration will explore key policy and technical issues of CBDC at both the wholesale and retail levels. The expert group will play an important role in assisting Hong Kong in consolidating its position in CBDC research.

▌U.S. Department of the Treasury’s Financial Crimes Enforcement Network: Virtual asset service providers should report suspicious transactions related to Hamas as soon as possible

LianGuai reports that the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a warning on Friday stating that Hamas relies on “fundraising activities involving virtual currencies and fictitious charitable organizations to raise both fiat and virtual currencies”, and virtual asset service providers should report suspicious transactions related to Hamas as soon as possible.

▌Singapore court approves use of NFTs to mark hacker accounts in legal documents

LianGuai reports that the Singapore High Court has allowed financial investigation company Intelligent Sanctuary (iSanctuary) to attach NFTs containing legal documents to cold wallets associated with a hacker incident. These NFTs will not prevent transactions with these wallets but will serve as a warning to counterparties and exchanges indicating their involvement in the hacker incident. Furthermore, iSanctuary claims to have designed a method to track funds leaving these wallets, also facilitated by the NFTs which will permanently attach to the wallets.

---

Blockchain Applications

▌New Ethereum proposal EIP-7540 aims to improve tokenized treasury standards for RWAs

LianGuai reports that the new Ethereum Improvement Proposal (EIP) EIP-7540 seeks to introduce asynchronous deposit and redemption processes as an extension of the existing ERC-4626 tokenized treasury standards. ERC-4626 itself is a standard aimed at introducing yield-bearing treasury parameters. These treasuries are smart contract platforms that execute strategies to provide rewards to token depositors. Asad Khan, a contributor to Centrifuge, stated that EIP-7540 would ensure that asynchronous deposit and redemption processes are possible, and this EIP has the potential to benefit protocols dealing with real-world assets (RWAs), cross-chain lending, and liquid staking. EIP-7540 is still in the early stages and the proposal must first undergo discussions in the Ethereum forums before proceeding to the next stage.

▌Applied Digital opens 200MW data center in Texas, USA

LianGuai reports that blockchain and artificial intelligence (AI) infrastructure provider, Applied Digital, has announced the opening of a new 200-megawatt (MW) data center in Garden City, Texas, marking the company’s third blockchain hosting facility in North America. Once fully powered, this location will bring Applied Digital’s total hosting capacity to 480MW.

▌Base launches 8-week training program for blockchain developers

LianGuai reports that Ethereum Layer 2 network, Base, has announced the launch of an eight-week training program to transform traditional software developers into blockchain developers. The new initiative, called “Base Bootcamp,” is free to attend and is designed for “mid-senior software engineering individuals” who must fill out an application and be accepted to register. According to the announcement, each cohort will accept fewer than 20 members, and applications will stop being accepted on October 27th.

▌dYdX: dYdX Chain API will be open source, so anyone can deploy the front end

LianGuai reports that according to its X account, dYdX Chain API will be open source, which means anyone can fork and deploy it based on v4 terms of use. While this is a big step towards decentralization, it is advised that traders conduct further research before using the deployed dYdX Chain front end, as it could become a target for malicious actors trying to access traders’ wallets and funds.

---

Cryptocurrency

▌Cayman Islands judge orders liquidation of cryptocurrency lending firm Freeway’s parent company AuBit

LianGuai reports that a judge from the Cayman Islands Grand Court has ordered the liquidation of Freeway, the struggling cryptocurrency lending firm, and its parent company AuBit. This ruling seems to put an end to Freeway’s efforts to stay afloat. According to a petition submitted by AuBit, Judge David Doyle ruled that a thorough independent investigation into the company and its management affairs is urgently needed and rejected AuBit’s request to restructure Freeway. Previously known as Aubit Prime, Freeway was a centralized cryptocurrency lending platform that attracted users with promises of high returns. In October 2022, Freeway halted withdrawals citing trading losses. Approximately 5,000 retail investors had deposited over $160 million in the Supercharger program but were unable to withdraw their funds.

▌Coinbase to temporarily suspend trading of CRPT, MXC, QSP, REN, TONE on November 4th

LianGuai reports that Coinbase Assets announced that the platform regularly monitors exchange assets to ensure they meet listing standards. Based on a recent review, the platform will temporarily suspend trading of Crypterium (CRPT), MXC (MXC), Quantstamp (QSP), Ren (REN), and TE-FOOD (TONE) around 2:00 PM Eastern Time on November 3, 2023 (around 3:00 AM Beijing Time on November 4).

▌HODLers hold approximately 69% of BTC circulating supply, nearing an all-time high

LianGuai reports that data from IntoTheBlock shows that Bitcoin HODLers hold around 13.45 million BTC, approximately 69% of the circulating supply, which is near an all-time high. HODLers refer to individuals who have held Bitcoin for over a year and have accumulated it over time. IntoTheBlock analyst Slim Daddy suggests that this is a potential reason why Bitcoin maintains a strong price position amidst market volatility.

▌Uniswap front-end trading fees surpass $130,000, annual revenue over $22 million

LianGuai reports that Blockworks data shows that since Uniswap started collecting front-end fees from around 1:00 PM Eastern Time on October 17th, Uniswap Labs has generated over $133,000 in revenue, with an average daily revenue of around $60,000 and an annual total revenue exceeding $22 million. Most of the revenue comes from the Ethereum base layer. A previous report by Blockworks Research estimated that based on the trading volume so far this year, these fees could potentially generate over $33 million in annual revenue for Uniswap Labs, despite the relatively limited parameters.

▌ Data: Uniswap chain activity still on the rise

LianGuai reports that the recent introduction of fees by Uniswap has sparked speculation about the reaction to “sell-off news”. Despite a 5% drop in the price of UNI since its initial release, Uniswap’s on-chain activity continues to grow. According to the latest insights from Santiment, there is a clear difference between the price decrease of UNI and the increase in on-chain activity. The cryptocurrency analytics platform indicates that negative MVRV suggests that short-term UNI holders may be feeling some pain. However, both active addresses and network growth have reached their highest levels since July of this year. Interestingly, despite the downward trend in price, this trend has been on the rise. Previously reported by LianGuai, starting from Tuesday, Uniswap Labs began charging a fee of 0.15% for transactions involving ETH, USDC, and other tokens. Only swaps executed through the Uniswap Labs front-end are subject to taxation.

---

Important Economic Developments

▌ Boston Fed: The end of 2024 may be the time for Fed rate cuts

LianGuai reports that Boston Fed: I believe that the Fed will not cut interest rates before the middle of next year. Inflation is still slightly above the target of 2% and needs to be controlled. The end of 2024 may be the time for Fed rate cuts.

▌ Bitcoin-supporting US Congressman Byron Donalds announces candidacy for Speaker of the House

LianGuai reports that Bitcoin-supporting US Congressman Byron Donalds has announced his candidacy for Speaker of the House. Previously reported by LianGuai, US Congressman Byron Donalds, Warren Davidson, Young Kim, David Schweikert, and Tom Emmer jointly submitted the new bill “The House Commission on the Financial Freedom Act of 2022”, aiming to protect the ability of US investors to add cryptocurrencies such as Bitcoin to their 401(k) retirement plans.

---

LianGuai Encyclopedia

▌ Reed’s Law

Reed’s Law extends the concept of network effects, emphasizing the importance of communities and subgroups within a network. It states that the value of a network grows exponentially with the number of potential subgroups that users can form within the network.

Ethereum’s smart contracts support DApps, embodying Reed’s Law. As these applications increase, the value of the network experiences exponential growth. Reed’s Law emphasizes that as the Ethereum network expands with diverse communities and applications, the value grows exponentially, highlighting the power of decentralized ecosystems.

Disclaimer: LianGuai, as a blockchain information platform, publishes articles for informational purposes only and does not serve as actual investment advice. Please adopt a correct investment philosophy and ensure an awareness of risks.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!