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Paradigm's Article on the Future of Stablecoins and Call for Congressional Legislation

Paradigm has published an article on its official website regarding policy recommendations for stablecoins. According to the article, stablecoins are considered to have lower risks compared to traditional bank deposits. The risk management framework for stablecoins should be designed to address the unique risks associated with stablecoins, which are different from the risks observed in the traditional banking industry. Unlike money market funds (MMFs) in practice, treating stablecoins as MMFs for regulatory purposes would result in the loss of utility for most stablecoins.　　Their recommendations advocate for advancing stablecoin legislation through three key aspects:　　Require center issuers of stablecoins pegged to the US dollar to meet appropriate risk management standards.　　Prioritize orderly and effective competition between stablecoins and related services, as well as with existing banks.　　Enable consumers and businesses to access a wide range of payment and related services while ensuring baseline security requirements are met.　　At last, Paradigm urges Congress to take immediate action in enacting legislation to address the risks posed by stablecoin arrangements while still allowing payment stablecoins to function and continue innovating.　　

2023-07-28Deep Dive

BNB Chain Q2 Report: Open-source Contracts Account for 46.5% Market Share

BNB Chain released its Q2 report, which highlights significant growth in open-source smart contracts across various blockchains even during bear markets. Among them, BNB Chain holds the largest market share with 46.5% of open-source contracts, while Ethereum ranks second with 31.3%.　　Ethereum maintained its position as a leading blockchain, demonstrating steady growth in the percentage of verified smart contracts. Additionally, other blockchains, including Polygon, Fantom, Avalanche, Arbitrum and Optimism, all displayed consistent engagement in their verified smart contract activities.　　The report points out that Layer 2 (L2) has emerged as a new development trend, with BNB Chains L2 solution, zkBNB, being widely adopted. Additionally, BNB Chain has introduced the storage chain BNB Greenfield, and over 11 applications have been deployed on the testnet of opBNB.　　

2023-07-28Deep Dive

Consensys Releases Five Takeaways About the Future of Web3 from ETHCC and ETHGlobal Paris

Consensys has released the five takeaways about the future of Web3 in its report on ETHCC and ETHGlobal Paris, which cover the following aspects:　　1. L2 will continue to expand as a critical infrastructure to scale Ethereum.　　This takeaway aligns with the Ethereum Foundations long-standing belief that Layer 2 (L2) solutions hold the key to Ethereums future scaling.　　Prominent projects like Coinbase and Mantle Network have made innovative strides in the Layer 2 space, with announcements of their respective plans for decentralization and the launch of their public mainnets. These developments are welcomed additions to the ecosystem and have sparked great anticipation for Ethereums future growth.　　2. Social media in web3 are maturing and gaining tractionWith the recent launch of Metas Thread application, users are increasingly concerned about the potential risks associated with a single entity owning and controlling their entire social footprint.　　Over the past few years, we have observed progress in web3 social networks. However, the recent announcement of Lens V2 at ETHCC has heightened our optimism about the prospect of an open and decentralized social layer for the web. Lens, boasting a total user count of 109,381 as of April 2023, now incorporates new features like open actions, enabling users and developers

2023-07-28Deep Dive

Crypto Influencer Fernando Perez Algaba Found Dismembered In Suitcase

Fernando Perez Algaba, a 41-year-old crypto millionaire influencer, was found dismembered in a suitcase in Argentina.　　Autopsy results revealed that Algaba was shot three times before being dismembered by a professional.　　According to New York Post, Crypto millionaire influencer, Fernando Perez Algaba, was found dismembered in suitcase in Argentina, investigation launched.　　Source: New York Post　　A shocking incident has sent shockwaves through the crypto community as the dismembered body of 41-year-old crypto millionaire influencer Fernando Perez Algaba was found in a suitcase in Argentina. The grim discovery was made by children who stumbled upon the red suitcase in the ingeniero Budge area of Buenos Aires Province, setting off a chain of events that have now become the focus of a police investigation.　　The parents of the children promptly informed the Buenos Aires police about the macabre find, leading to a harrowing investigation that captured the attention of the nation. The suitcase contained Algabas arms, legs, and other body parts, which were subsequently identified as belonging to the missing influencer.　　The investigation took a chilling turn when authorities recovered Algaba‘s head and torso a few days later. The manner in which the dismemberment was executed has led investigators to believe that the crime was committed by someone

2023-07-28Deep Dive

Upbit Announces Listing of IMX, Revolutionizing Crypto Trading!

South Korean exchange Upbit to launch new digital asset IMX exclusively for Ethereum network top-ups, with trading set to commence on July 28, 2023.　　IMX offers new opportunities for traders to participate in the crypto market with KRW and Ethereum-based tokens, diversifying portfolios and enhancing trading experience.　　Upbit lays out specific restrictions on transactions to ensure secure trading environment and deliver accurate market information to its members. IMX will exclusively support deposits from Ethereum network, indicating Upbits focus on bolstering its Ethereum-based offerings.　　The eagerly awaited IMX trading is scheduled to commence on July 28, 2023, at 13:00.　　IMXs introduction on Upbit brings exciting opportunities for traders, as it opens up a new realm of possibilities for participating in the crypto market with the Korean Won (KRW) and Ethereum-based tokens.　　To ensure a secure trading environment and deliver accurate market information to its members, Upbit has laid out specific restrictions on transactions under certain conditions following the addition of IMX to the market.　　Start of Transaction Support: July 28, 2023, 13:00 (Scheduled)　　Limit Buy and Sell Orders: Upon the inclusion of IMX, the initial buy order will be restricted to approximately 5 minutes. Moreover, IMX sell orders will be capped at -10% or less of the previous

2023-07-28Deep Dive

Worldcoin Circulating Supply Revealed 111 Million Tokens Available: Report

Worldcoin‘s launch involved market makers who were loaned 100 million tokens, creating an interesting game theory dynamic around the token’s price.　　Binance experienced a significant increase in trading volume after listing Worldcoin, doing $65 million in volume in the first hour.　　The circulating supply of Worldcoin is 111 million, with 100 million sent to market makers and 11 million claimed by users during the pre-launch phase.　　Recently, the circulating supply of Worldcoin was revealed to be 111 million, with 100 million of those tokens being loaned to market makers. The other 11 million tokens were claimed by users who participated in the pre-launch phase. As more users claim their tokens, the circulating supply will increase, with 1.6 billion WLD tokens set to unlock by next year.　　What makes Worldcoin unique is the involvement of market makers in the token‘s launch. Five market makers were loaned 100 million WLD tokens for a period of three months, after which they can return the tokens or purchase them for $2.00 plus ($0.04 * X), where X is the number of tokens purchased divided by 1 million. This arrangement creates an interesting game theory dynamic, which anchors the token’s price around $2 and incentivizes users to participate in

2023-07-28Deep Dive

$160 Million Ponzi Braiscompany Scammers Arrested By Brazilian Police

Brazilian law enforcement has arrested three individuals believed to be involved in the activities of the now-defunct cryptocurrency brokerage, Braiscompany.　　The detentions occurred in Foz do Iguaçu, near the Brazil-Argentina border, when the suspects are believed to have tried to flee the country. According to the report, those arrested were Arthur and Sabrina Lima, a couple suspected of being deeply involved in Braiscompanys activities.　　Police opened an investigation into the company, codenamed Operation Halving, earlier this year. And in an official statement, officials said that the latest phase of the operation has seen officials seize some $28.7 million worth of property in raids. Click on company-related addresses in São Paulo and Aracaju. One of the properties appears to be an office equipped with computer terminals and desks.　　Braiscompany came under closer scrutiny after investors voiced their inability to withdraw funds from the platform in December 2022. Earlier this year, the company, known for making promises to investors monthly interest of up to 8% on fiat or Bitcoin deposits, closed amid allegations of fraudulent activity.　　Following the closure, the companys executives were suspected of fleeing with around $160 million in customer funds, prompting authorities to label the company a possible crypto pyramid scheme.　　Arthur Lima is

2023-07-28Deep Dive

US Presidential Candidate Robert F. Kennedy Jr. Confirms Recent Bitcoin Purchase

On July 27th, according to CoinDesks report, Robert F. Kennedy Jr., the Democratic Partys presidential candidate, confirmed on Twitter Spaces that he does indeed own Bitcoin (BTC). Kennedy stated, “After the Bitcoin conference, I decided to take action and bought two Bitcoins for each of my seven children.” Based on the current price of approximately $29,500 per Bitcoin, the value of these 14 Bitcoins is close to $414,000.　　During the Bitcoin conference in Miami held from May 18th to May 20th this year, Kennedy expressed his support for Bitcoin. Last week, he further pledged that if he wins the presidential election, he will exempt Bitcoin from capital gains tax and begin to back the US dollar with hard assets like Bitcoin.　　In the United States, the most commonly used cryptocurrency exchanges by users include Coinbase, Kraken, Binance.US, and Gemini. Purchasing digital currencies in the US is considered a transaction of capital assets and typically requires the payment of capital gains tax, which can be relatively high. Kennedys support may ignite enthusiasm among traders by potentially reducing tax burdens on their cryptocurrency investments.　　

2023-07-27Deep Dive

Messari: BNB Chain's Q2 Daily Active Addresses Grow 25.6% MoM to 1.4 Million

Messari has released the BNB Chain Q2 2023 report, which reveals the following key findings:　　The daily average of active addresses on the BNB Chain reached approximately 1.4 million, with a growth of 25.6% in daily active addresses and a 24.4% increase in transaction volume. This growth was primarily driven by increased activity on LayerZero.　　After the SECs regulatory action against Coinbase and Binance, where BNB was accused of being a security, the market cap of BNB Chain dropped by 25.2%.　　BSC validators voted to reduce Gas fees from 5 Gwei to 3 Gwei, resulting in a 25.5% decrease in average transaction fees, leading to a 6.1% decrease in BNB chain revenue (measured in BNB) on a month-to-month basis.　　Staking on the network remained stable in Q2. BNB Chain plans to increase the number of validators from 29 to 100 through a new validator reward model (Balanced Mining) and a validator reputation system.　　BNB Chain continues to invest in ecosystem growth through the introduction of the Gas Grant program and the Zero2Hero incubator.　　Several technical developments were launched in Q2, including the Plank hard fork, the Luban hard fork, and opBNB.　　Additionally, according to data from www.developerreport.com, the number of developers on the BNB Chain has been

2023-07-27Deep Dive

Binance Withdraws Cryptocurrency License Application in Germany

According to CoinDesk, Binance has voluntarily withdrawn its license application submitted to the German financial regulatory authority, BaFin. A spokesperson for Binance stated, “There have been significant changes in the global market and regulatory landscape. Binance still intends to apply for the appropriate license in Germany, but the content of our application must accurately reflect these changes, which is crucial.”　　In June of this year, Finance Forward reported that Binances license application was likely to be rejected by BaFin, but a spokesperson for Binance at the time said that the company was still in discussions with officials. Binance also abandoned its registration with the Cyprus Securities and Exchange Commission, withdrew from the Netherlands after a failed registration, and has been ordered to cease operations in Belgium.　　A BaFin spokesperson stated that the authority does not comment on individual companies. The Binance spokesperson said, “While we cannot share the details of our discussions with regulatory authorities, we continue to work towards meeting BaFins requirements. Its an ongoing process. We believe we have the right team and measures in place to continue engaging with the German regulatory authorities.”　　According to Binances website (https://www.binance.com/en/legal/licenses), Binance holds licenses and registrations in multiple countries and regions, including France,

2023-07-27Deep Dive
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