LianGuai Daily | Polygon has deployed the POL contract to the Ethereum mainnet; Cryptocurrency company smlXL completes $13.4 million seed round financing.
LianGuai Daily | Polygon Successfully Launches POL Contract on Ethereum Mainnet; smlXL Raises $13.4 Million in Seed Funding for Cryptocurrency OperationsToday’s news highlights:
LianGuairadigm plans to establish a new fund, co-founder Fred Ehrsam resigns as managing partner
BlackRock Bitcoin spot ETF re-listed on DTCC website
- Instadapp Ten Thousand Word Research Report High TVL but Low Familiarity, Unveiling the Mysterious Veil of Multi-Chain DeFi Management Protocol
- Why is it said that account abstraction is more important than public chain scalability?
- The behind-the-scenes story of Port3’s continuous support from major institutions Deeply exploring social mining products and ecosystem.
Arthur Hayes: US Middle East policy could lead to a new round of inflation and crypto bull market
Polygon has deployed POL contract on Ethereum mainnet
Crypto startup smlXL completes $13.4 million seed round, with participation from a16z
Nanfang Dongying Bitcoin futures ETF enters top ten in Hong Kong ETF sales market
DCG Q3 financial report: Total revenue of $188 million, primarily contributed by Grayscale
Regulatory News
US senators propose reserve proof legislation to prevent collapses like FTX
According to Decrypt’s report, US Senators Thom Tillis (Republican, North Carolina) and John Hickenlooper (Democrat, Colorado) have introduced a bill titled “The Proving Reserves of Others Funds” (PROOF), aiming to prevent the unethical commingling of customer funds and requiring neutral third-party audit firms to submit monthly proof of reserves (PoR) reports.
The two senators stated that this bill would establish safeguards to prevent collapses like FTX from happening again. Under this bill, crypto exchanges would be required to establish baseline account standards to guarantee customer funds, as well as verifying the cryptographic proof of reserves and the company’s responsibility proof. Lastly, the bill stipulates a series of civil penalties, including fines to be paid in the event of a violation.
The U.S. Securities and Exchange Commission (SEC) has accused investment advisor BlackRock Advisors, LLC of failing to accurately describe investments in the entertainment industry, which make up a significant portion of its advised public trading funds. In order to settle the charges, BlackRock has agreed to pay a fine of $2.5 million.
AI&NFT
According to the official blog, OpenAI today, together with Anthropic, Google, and Microsoft, issued a joint statement announcing the selection of Chris Meserole as the first executive director of the Frontier Models Forum and the establishment of a fund of over $10 million for the safety of artificial intelligence. The initiative aims to promote research on artificial intelligence safety in the field. Forum members and charitable partners, the LianGuaitrick J. McGovern Foundation, the David and Lucile LianGuaickard Foundation, Eric Schmidt, and Jaan Tallinn, have committed to funding the new AI safety fund to advance the research and help society effectively test and evaluate the most capable artificial intelligence models under development.
Project Updates
BlockFi bankruptcy plan officially takes effect, bankruptcy proceedings concluded
BlockFi announced on Twitter that its bankruptcy plan has taken effect, and the company exited bankruptcy proceedings on October 24, 2023. Currently, “almost all wallet users” can make withdrawals. Customers with funds held in the BlockFi wallet are advised to submit withdrawal requests as soon as possible before the withdrawal window closes at 7:59 a.m. Beijing time on January 1, 2024. For BlockFi Interest Account (BIA) and retail loan customers, the first asset allocation is expected to take place in the coming months, with the goal of early 2024. Subsequent allocations will depend on many factors, including the recovery of assets from FTX and its affiliates. Previously, BlockFi’s creditors approved its bankruptcy reorganization plan in September. The reorganization plan received approval from over 90% of the creditors, allowing BlockFi to recover assets lost due to the collapse of FTX and Three Arrows Capital.
Genesis submits revised bankruptcy plan for orderly closure and asset liquidation
According to Cryptoslate, cryptocurrency lending institution Genesis Global Capital submitted a revised Chapter 11 bankruptcy plan today to address pending claims and interests of creditors. The revised plan is the result of extensive negotiations between Genesis, the Official Committee of Unsecured Creditors, cryptocurrency exchange Gemini, and a special committee of Genesis lenders. While substantial agreements have been reached on key issues, discussions are ongoing, and parties reserve their rights as specified in the documents.
The revised plan will divide the creditors’ claims against Genesis Global Holdco into 10 categories, with 4 categories of unsecured claims denominated in cryptocurrency divided by currency. Fiat currency, Bitcoin, Ethereum, and other cryptocurrency-denominated unsecured claims will be affected and have the right to vote on the plan. Subordinated claims, government fine claims, and interest are considered to veto the plan and have no voting rights. The differential treatment of cryptocurrency asset claims recognizes the different interests of Genesis creditors.
According to the proposed plan, the Genesis entity will be liquidated by the newly established “liquidating debtor” and supervised by the plan administrator, new board of directors, and liquidation oversight committee. The liquidation debtor will liquidate assets and distribute them to creditors according to agreed principles. A separate account will be established for the plan, including claims, professional fees, litigation, and incremental reserves. The intercompany claims between Genesis Global Capital and Genesis Asia LianGuaicific will be resolved to balance the creditors’ recovery. The plan also outlines changes in corporate governance, including replacing the entity’s board of directors with a new board. The grounds for litigation will be preserved for use by personnel who may hold the liquidating debtor accountable.
Earlier today, Genesis announced that the lawsuit by the New York State Attorney may force it to file a “no settlement agreement” bankruptcy plan.
LianGuairadigm plans to establish a new fund, and co-founder Fred Ehrsam resigns as managing partner
According to The Information, an email sent to employees on Tuesday revealed that LianGuairadigm co-founder Fred Ehrsam will step down as managing partner. He will continue to serve as a general partner and work with the investment and research teams. At the same time, LianGuairadigm is planning to establish a new fund. Last month, LianGuairadigm’s Chief Financial Officer Nathan Apsel and General Counsel Reena Jashnani-Slusarz resigned. LianGuairadigm currently has only two managing partners, co-founder Matt Huang and Chief Operating Officer Alana LianGuailmedo.
According to Bloomberg, FTX is in negotiations with three bidders to relaunch the exchange. Investment banker Kevin M. Cofsky said in a Delaware court hearing on Tuesday that FTX will make a decision before mid-December. Cofsky stated that FTX is negotiating details of potentially binding offers with investors. Options include selling the entire exchange, which includes a list of over 9 million customers, or bringing in partners to help relaunch the exchange. Additionally, FTX is also considering relaunching its own trading platform. Cofsky said, “We are in talks with multiple parties every day,” but he did not disclose the names of the bidders.
FTX has been working hard to raise funds to repay its creditors since filing for bankruptcy last year. According to court documents, FTX executives have recovered approximately $7 billion in assets so far, including $3.4 billion in cryptocurrency. The company’s lawyer, Andrew Dietderich, stated in court that FTX has reached preliminary resolutions with some of the most challenging disputes in this case, which will allow the company to submit a detailed payment plan in December.
BlackRock Bitcoin Spot ETF Relisted on DTCC Website
The BlackRock iShares Bitcoin Spot ETF (code: IBTC) has reappeared on the DTCC website after being briefly removed, but it has changed from “Y” to “N” in the Create/Redeem category. It is reported that “Y” represents the ability to actively create and redeem shares, which usually helps maintain the market price of the ETF in line with its net asset value. “N” indicates that the ETF does not allow the active creation or redemption of shares. This may result in a larger premium or discount of the trading price compared to its net asset value. Earlier news stated that IBTC was removed from the DTCC website earlier today, and the website was temporarily unable to be accessed.
According to the latest news, DTCC stated that the BlackRock Bitcoin Trust ETF was added to the eligibility file in August 2023. Its appearance on the list does not indicate any indication of unresolved regulatory or other approval results. Later today, news emerged that ARK Invest and 21Shares’ Bitcoin Futures ETF are listed on the DTCC website.
Mythical Games’ blockchain mobile game NFL Rivals has nearly 3 million registrations
According to The Block, Mythical Games, a Web3 gaming giant, announced that the number of registrations for NFL Rivals, the first blockchain-supported mobile game launched in partnership with the National Football League, is close to 3 million. John Linden, CEO of Mythical Games, stated that the user count, revenue, and retention rate of the blockchain game NFL Rivals have been growing since the NFL season started. With the help of the Apple and Google App Store policy teams, the in-game marketplace of the game is gradually operating in full swing. The company’s current goal is to raise $38 million in further funding.
In June of this year, it was reported that Web3 gaming giant Mythical Games raised $37 million in Series C1 financing, led by Scytale Digital.
Arthur Hayes, the former co-founder of BitMEX, stated in a blog post that the US policy choices in the Ukraine crisis and the Israel-Palestinian conflict could escalate tensions and result in a significant increase in military expenditure, subsequently driving up inflation expectations and bond yields in the US. In this environment, investors may reduce their holdings of US bonds and instead increase their holdings of gold and Bitcoin as safe-haven assets. Hayes believes this could lead to the onset of a new crypto bull market.
According to PolkaWorld, the ideal staking rate for Polkadot has increased from 51% to 59%, resulting in an anticipated decrease in DOT staking rewards by about 7% (from 1 DOT to 0.93 DOT). This adjustment is made to free up space for the DOT unlocked in the crowdloans held from the 6th to the 13th of October, ensuring that rewards do not significantly decrease. Setting the ideal staking rate at 59% provides a buffer for handling the additional DOT and prevents a sharp decline in rewards until the staking rate exceeds 59%.
According to previous reports, The first batch of Crowdloan for Polkadot unlocked approximately 100 million DOT on October 24.
According to the South China Morning Post, sources revealed that the Hong Kong virtual asset rating agency HKVAEX plans to apply for a license in Hong Kong and that HKVAEX was established by Binance to obtain a cryptocurrency business license in Hong Kong. The HKVAEX website shows that it uses Binance servers to retrieve content, and the two companies share similar code and almost identical templates for their terms of use, suggesting that they may also share legal resources.
In response to questions about its relationship with Binance, HKVAEX stated in an email, “HKVAEX is an independent virtual asset trading platform based in Hong Kong, operated by a technical team from the financial services industry and experienced professionals. We are currently preparing to apply for a virtual asset trading platform license from the Hong Kong Securities and Futures Commission.” A spokesperson for Binance also responded, stating that HKVAEX is not a subsidiary of the Binance Group.
The Uniswap Foundation expressed its delight in X platform that the cryptographic infrastructure Conduit has actively launched the Optimistic rollup version enabling EIP 1153 and the testnet version of Uniswap V4. However, the Uniswap Foundation clarifies that it has no intention of promoting it to the mainnet or establishing formal partnerships. The testnet is a collaborative space where all protocols are welcome to participate, and participation does not imply a formal partnership.
Earlier today, it was announced that Conduit and Uniswap Foundation have reached a collaboration agreement, and they will jointly launch Uniswap V4 sandbox based on OP Stack rollup.
Analysis: Uniswap Foundation massively transfers UNI tokens, possibly for selling and using for salary payments and project grants.
An on-chain analyst named Yu Jin analyzed that Uniswap Foundation’s address has recently transferred a large amount of UNI tokens, which will potentially be sold for 10.68 million UNI (approximately $4,620) to be used for the foundation’s salary payments and project grants over the next 2 years. According to the governance website, the proposal “Uniswap Foundation requests a payout of $46.2 million to support future 2-year work” was approved on October 18 via on-chain voting.
Galaxy Research predicts that the initial inflow of funds into Bitcoin spot ETF is estimated to reach $14 billion.
Galaxy Research released a report estimating the growth rate of various channels entering the Bitcoin spot ETF based on the total assets managed by the US wealth management industry. The conclusion is that the expected inflow of funds in the first year after the launch of Bitcoin spot ETF is projected to be $14 billion, and it will increase to $27 billion in the second year. In the third year after its launch, it is expected to rise to $39 billion.
The report also states that if the approval of Bitcoin spot ETF is delayed or rejected, their analysis will change due to time and admission restrictions. Alternatively, if the price performs poorly or any other factors result in lower-than-expected usage or adoption of the Bitcoin ETF, their estimates may be too aggressive. On the other hand, Galaxy believes that their assumptions regarding admission, exposure, and allocation are conservative, so the inflow of funds may be higher than expected. The inflow from ETFs, the narrative of the upcoming Bitcoin halving, and the possibility that interest rates have already reached or will reach their peak in the short term, all indicate that 2024 may be an important year for Bitcoin.
Polygon has deployed the POL contract on the Ethereum mainnet.
According to The Block, Polygon Labs has deployed the contract of the next-generation cryptocurrency, POL, on the Ethereum mainnet after deploying it on the testnet earlier this month. POL is developed from MATIC and is aligned with the upcoming architecture upgrade of Polygon 2.0.
Maestro fully compensates user losses, spending a total of 610 ETH.
Telegram bot project Maestro tweeted that every wallet that lost tokens in the router vulnerability has now received their full amount. For 9 out of the 11 tokens that were exploited, we chose to buy back the tokens and refund, instead of simply sending ETH. This cost us 276 ETH. For the other two tokens (JOE and LMI), we compensated the affected users with ETH equivalent to their tokens, as there was not enough liquidity to buy back the lost tokens, and we increased the amount by 20%. These refunds cost us 334 ETH.
Funding News
Crypto Start-up smlXL Completes $13.4 Million Seed Round, with a16z Among the Participants
Cryptocurrency start-up smlXL announced the completion of a $13.4 million seed round, with support from a16z crypto, Greylock, and others. The raised funds will be used to build a team of 16 people and develop products, including EVM.code and evm.storage.
smlXL launched their first product, EVM code interactive guide, evm.codes, last year, and today officially launched their website. smlXL’s mission is to make blockchain more transparent, useful, and accessible. They are currently expanding their coverage to include unverified Solidity contracts and are also launching a transaction page.
Crypto Payment Gateway Triple-A Completes $10 Million Series A Funding
According to Tech in Asia, Singapore-based crypto payment gateway Triple-A has completed a $10 million series A funding round led by Peak XV LianGuairtners (formerly Sequoia’s India and Southeast Asia arm) and Shorooq LianGuairtners. Triple-A will use the new funds to further develop its product suite.
Founded by fintech entrepreneur Eric Barbier in 2018, Triple-A offers payments based on stablecoins and blockchain, supporting major tokens such as USDT, USDC, Bitcoin, and Ethereum. In 2021, Triple-A obtained a Payment Institution license from the Monetary Authority of Singapore. Triple-A has a team of over 70 employees and offices in Singapore, Miami, Hong Kong, Paris, and Barcelona.
Saudi NEOM Investment Fund Established, Announces Investments in Animoca Brands and Others
According to official sources, NEOM Tech & Digital, a technology subsidiary of the “Neom” new city development project led by Saudi Crown Prince Mohammed bin Salman, has announced the establishment of the NEOM Investment Fund (NIF) to support the construction and development of 14 priority areas in NEOM. NIF will invest in technology start-ups globally through mergers and acquisitions and venture capital, with a focus on pioneering growth companies and next-generation industries. NIF will also establish joint ventures and partnerships with large multinational companies, institutional investors, and innovators within NEOM.
As part of the opening ceremony, NIF announced new investments in companies such as Animoca Brands, Pony.ai, Regent, Boom Technology, BlueNalu, etc. Detailed information will be released in the coming days.
Web3 Healthcare Information Platform Rymedi Completes $9 Million Series A Financing
Blockchain-based Web3 healthcare data platform Rymedi has raised $9 million in Series A financing. RW3 Ventures and White Star Capital led this round of financing, with participation from Blockchange Ventures, Avalanche’s Blizzard Fund, and angel investors. Rymedi simplifies the transmission of medical records and data through blockchain technology and plans to use this funding to enhance data security and accessibility of medical records.
According to The Block, Nocturne Labs, a crypto startup that aims to bring private accounts to the Ethereum ecosystem, has raised $6 million in seed funding. This round of financing was co-led by Bain Capital Crypto and Polychain Capital, with participation from Ethereum co-founder Vitalik Buterin, Bankless Ventures, Hack VC, Robot Ventures, and others. Nocturne enables users to conduct anonymous transactions within the Ethereum ecosystem. The protocol is expected to be launched on the Ethereum mainnet next month. Tchang, the CEO, stated that Nocturne aims to “achieve the right balance between compliance and permissionlessness,” differentiating it from mixers like Tornado Cash.
Important Data
DCG Q3 Report: Total Revenue of $188 Million, Major Contribution from Grayscale
According to The Block, Digital Currency Group (DCG), founded by Barry Silbert, has released its Q3 financial performance, reporting a total revenue of $188 million, with a significant contribution from its asset management division, Grayscale. DCG also provided updates on the latest developments regarding the fraud lawsuit initiated by the New York Attorney General against its dissolved subsidiary, Genesis. The NYAG case revolves around DCG’s involvement in Gemini’s Earn program, which was managed by Gemini but funded by Genesis. DCG stated that the civil lawsuit is unfavorable to the company and added that “there is no evidence suggesting that DCG, founder and CEO Barry Silbert, or our employees engaged in any wrongdoing.” DCG also provided updates on negotiations with Genesis creditors, indicating a potential full repayment over an extended period of time.
FTX and Alameda Asset Receives Wallet Transferred Tokens Worth Over $10 Million to CEX
According to Lookonchain’s monitoring, FTX and Alameda Assets have transferred 2904 ETH (approximately $5.18 million), 1341 MKR (approximately $2.02 million), 11,974 AAVE (approximately $1.03 million), and 198,804 LINK (approximately $2.26 million) to Binance and Coinbase, with a total value of approximately $10.49 million.
In addition, Nansen claims: FTX and Alameda are transferring $8.6 million worth of assets to Binance and are expected to sell them. The transferred assets include $2.2 million worth of LINK, $1 million worth of AAVE, $2 million worth of MKR, and $3.4 million worth of ETH.
BLUR breaks $0.26 mark with nearly 24% increase in 24 hours
Coingecko data shows that BLUR has broken the $0.26 mark and is currently trading at $0.2616, with a 24-hour increase of 23.9%.
Wintermute and Amber Group have repaid 20 million WLD to Worldcoin’s multi-signature wallet
According to The Data Nerd’s monitoring, Wintermute and Amber Group have collectively repaid 20 million WLD to Worldcoin’s multi-signature wallet in the past 24 hours. In addition, the originally planned repayment of 100 million WLD in October has been reduced to 25 million WLD, with the remaining 75 million WLD postponed until December 15th.
Nanfang Dongying Bitcoin Futures ETF enters the top 10 in the Hong Kong ETF sales market yesterday
The market shows that Nanfang Dongying Bitcoin Futures ETF entered the top 10 in the Hong Kong ETF sales market on October 24th, with a daily turnover of HKD 176 million. The price of the ETF reached a new high of HKD 14.9 yesterday, more than double the low point of $7.34 at the end of last year.
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