Crypto Guides, Knowledge & Insights

Arbitrum Community Plans to Allocate 75 Million Arb Tokens as Rewards to Active Protocols, with the

The Arbitrum Incentives Working Group has submitted an “Arbitrum Short-Term Incentives Plan” AIP proposal on the community forum. This proposal aims to allocate a maximum of 75 million ARB tokens as rewards to active Arbitrum protocols from the DAO treasury to address the communitys short-term needs. The proposal consists of two parts: the financial proposal and the application process.　　The financial proposal involves allocating 75 million ARB tokens to a multisignature address for this plan, with an additional 37,000 ARB tokens allocated for community/project promotion and operational budget.　　The plan will undergo two voting cycles, with the first one scheduled for September 8th. The first cycle will run from September 15th to October 6th and will include on-chain voting, application submissions, review, voting, and fund allocation. The second cycle will run from October 6th to October 27th and will include application submissions, review, voting, and fund allocation.　　Projects applying for these funds are not allowed to convert ARB into other assets. They must outline their expenditure plan, provide documentation, and explain their grant objectives. Projects must also commit to providing key metrics data such as allocation details, all ARB expenditure transactions, daily TVL (Total Value Locked), transactions, trading volume, unique addresses, transaction fees,

2023-09-05Deep Dive

Bernstein: Spot Bitcoin Etfs Are Expected to Be Approved between Mid-october and Mid-march Next Year

According to the latest report from the analysis firm Bernstein, its analysts believe that the opportunity for cryptocurrency ETFs will not be limited to just Bitcoin (BTC) but will expand to various cryptocurrencies.　　The report states that the cryptocurrency industry is expected to launch the first spot Bitcoin ETF at some point between mid-October and mid-March next year, while approving all spot ETF applications, including those from Grayscale. Given that Ethereum (ETH) has a market structure similar to both the CME futures market and the spot market, it is possible that the first Ethereum spot ETF may be launched shortly after or in conjunction with the Bitcoin ETF.　　Analysts suggest that the asset management industry expects ETH to not only include BTC and ETH but also expand to include other top blockchain platforms like Solana and Polygon, and even leading decentralized finance (DeFi) asset ETFs. This presents a significant business opportunity for the asset management industry, generating substantial fee income within emerging asset categories.　　

2023-09-05Deep Dive

Multichain Token Surges 125% And Sees 7000% Volume Increase After CEO’s Arrest

Key Points:　　Multichain token (MULTI) experienced a massive 125% increase in the past 24 hours. The transaction volume also spiked by nearly 7000%. The sudden surge is likely due to recent news of the CEOs arrest by the Chinese police.　　Multichain token (MULTI) saw a 125% increase and nearly 7000% transaction volume surge. Trading at $2.15 with recent news of CEOs arrest.　　Multichain token (MULTI) experienced a massive increase of 125% in the past 24 hours, according to CoinMarketCap. The transaction volume also spiked by nearly 7000%. At the time of this writing, MULTI is trading at $2.15 after hitting a peak of $2.38 a few hours ago.　　This sudden surge in price and volume is likely due to recent news surrounding the project. Multichain CEO Zhao Jun was taken away from his home by the Chinese police, and the project was forced to cease operations.　　Despite this setback, the project has repositioned itself as an infrastructure for arbitrary cross-chain interactions, an ultimate router for Web 3. Evolved from Anyswap, a decentralized cross-chain swap protocol with DEX trading and liquidity mining rewards, Multichain is designed to allow for cross-chain interactions seamlessly and safely.　　The total supply of MULTI will be 100 million according to the fixed

2023-09-05Deep Dive

15,000 ETH Transferred From Unknown Wallet To GateIO

Key Points:　　Whale Alert reports massive ETH transfer of $24M to Gate.io amidst volatile cryptocurrency market. Identity of sender and recipient unknown, generating attention and speculation among traders and investors.Transfer of large amount of ETH to reputable exchange like Gate.io noteworthy and likely to be discussed among the cryptocurrency community. Gate.io is a reputable exchange based in the Cayman Islands, known for user-friendly interface and extensive trading features.　　Whale Alert has reported that an unknown wallet has transferred around 15,000 ETH, currently valued at approximately 24,579,443 USD, to the cryptocurrency exchange Gate.io.　　The identity of the sender and the recipient remains unknown, and the transfer is already generating attention and speculation among the cryptocurrency community.　　This transfer comes at a time when the cryptocurrency market has been experiencing significant volatility, especially with the native cryptocurrency of the Ethereum blockchain, ETH. ETHs value has been on a roller coaster ride lately, reaching all-time highs before correcting downwards. As a result, the transfer of such a large amount of ETH to a major exchange like Gate.io is noteworthy and likely to be discussed among traders and investors.　　Gate.io is a reputable cryptocurrency exchange based in the Cayman Islands, allowing users to trade cryptocurrencies against other cryptocurrencies or

2023-09-05Deep Dive

Stake.com Resumes Services Instantly After Losing $41 Million In Cryptocurrency

Key Points:　　Stake.com resumes all services with instant deposits and withdrawals. Exploit results in loss of $41M worth of cryptocurrency. Stolen funds were converted to ETH and transferred to externally owned wallets.　　Stake.com has resumed all services with instant deposits/withdrawals after losing $41M in crypto due to an exploit. Funds were converted to ETH and transferred out.　　Stake.com recently announced that all services have resumed, with deposits and withdrawals processing instantly for all currencies. This comes after the casino and sportsbook, which allows users to deposit and play with cryptocurrencies, was targeted by an exploit that resulted in the loss of millions of dollars.　　According to on-chain analyst Cyvers, $16 million was withdrawn on the Ethereum network following a private key leak. Blockchain sleuth ZachXBT confirmed this claim, adding that another $25.6 million had been lost across Polygon and the Binance Smart Chain. The stolen funds were converted to ether (ETH) and transferred to several externally owned wallets.　　PeckShieldAlerts report revealed that a total of approximately $41 million worth of cryptocurrencies were drained from Stake, with $15.7 million on Ethereum (9.62K ETH), $7.85 million on Polygon (14.24M MATIC), and $17.75 million on BNBChain (82.65K BNB).　　Last year, more than $3.7 billion worth of crypto was lost

2023-09-05Deep Dive

dYdX Community Approves dYdX V4 And DYDX Token Migration

Key Points:　　The dYdX community greenlights dYdX V4 adoption and DYDX token migration to the dYdX Chain.The Ethereum-to-DYdX Chain bridge will convert DYDX to wethDYDX with similar features. Wintermute seeks support for the Long Timelock vote ahead of the dYdX Chain mainnet launch.　　In a significant development, the dYdX community has given its stamp of approval to the dYdX V4 adoption and DYDX migration proposal put forth by Wintermute. This pivotal decision signals a major shift in the dYdX ecosystem, promising exciting changes for its users.　　The key components of this proposal include the adoption of dYdX V4 open-source software as the next version of the dYdX protocol and the selection of DYDX as the Layer 1 (L1) token for the dYdX Chain.　　Under this proposal, the dYdX community commits to adopting the Ethereum smart contract, commissioned by the dYdX Foundation, which would facilitate a permissionless and autonomous one-way bridge for migrating DYDX tokens from Ethereum to the dYdX Chain.　　This move aims to seamlessly integrate DYDX into the new chain and unlock its full potential.　　Furthermore, its worth noting that the proposal also emphasizes that wethDYDX, the resulting token from this migration, will maintain the same governance and utility functions as Ethereum-based DYDX (ethDYDX) on

2023-09-04Deep Dive

Arbitrum’s Ambitious Incentive Plan: Fueling Growth and Innovation

Key Points:　　“Arbitrum Short-Term Incentive Plan” allocates 75 million ARB from the DAO treasury for community support. This innovative program involves a two-round voting process, directing funds to incentivize network growth, experimenting with grants. The initiative also prioritizes transparency, accountability, and data generation to shape future incentive strategies and promote innovation.　　The Arbitrum community has unveiled a bold initiative known as the “Arbitrum Short-Term Incentive Plan”.　　The proposal, recently submitted on the Arbitrum community forum, aims to allocate up to 75 million ARB rewards from the DAO treasury to actively support the protocol in addressing short-term community needs.　　This innovative program will undergo a two-round voting process, encompassing a financial proposal and an application process.　　The financial proposal allocates 75 million ARBs to multi-signature addresses designated in the plan, while an additional 37,000 ARBs will be directed toward the operating budget for community and project promotion.　　The programs core objectives revolve around stimulating the growth of the network and ecosystem. Firstly, it aims to accelerate incentives for Arbitrum dApps, fostering the expansion of the network.　　Additionally, the initiative delves into the experimentation of incentive grants, seeking to uncover fresh strategies that enhance user engagement, increase transaction volumes, and boost liquidity within the Arbitrum ecosystem.　　Another key aspect is

2023-09-04Deep Dive

Nigeria Leads The World In Crypto Awareness: Unveiling Web3 Insights And Regional Contrasts

Key Points:　　A survey shows that 99% of Nigerians are aware of and have a strong willingness to invest. Only 8% are familiar with Web3, despite high crypto awareness. Europe, Japan, and South Korea are skeptical, while Southeast Asia and Africa are enthusiastic about crypto.　　A recent survey conducted by ConsenSys in collaboration with YouGov has unveiled Nigeria as the global leader in cryptocurrency awareness.　　Out of 15 countries surveyed across all continents, 99% of respondents in Nigeria claimed to be aware of cryptocurrencies, with a staggering 90% expressing a willingness to invest in them. Notably, 70% of Nigerians also demonstrated a sound understanding of blockchain technology.　　This comprehensive study aimed to gauge global perceptions surrounding cryptocurrencies, NFTs, Web3, blockchain, and the metaverse. It revealed that 92% of respondents worldwide had heard of cryptocurrencies, with Nigeria, South Africa, and Brazil emerging as the most crypto-savvy nations.　　Despite this widespread awareness of cryptocurrencies, only 8% of respondents considered themselves very familiar with the concept of Web3, suggesting a gap in understanding its potential for addressing issues like privacy, identity, and digital ownership on the Internet.　　Interestingly, the survey found that 50% of respondents believed Web3 added value to the internet, with 67% asserting that they should own

2023-09-04Deep Dive

This Week, Imx Tokens Worth over $9.81 Million and Hft Tokens Worth $1.07 Million Will Be Unlocked

According to Token Unlocks data, tokens from seven projects will be unlocked in a single event this week. Here are the details:　　On September 4th at 11:06 AM, Tornado Cash will unlock 22,800 TORN tokens (approximately worth $61,000), which represents approximately 1.51% of the circulating supply.　　On September 5th at 8:00 AM, Liquity will unlock 657,000 LQTY tokens (approximately worth $546,000), which represents approximately 0.7% of the circulating supply.　　On September 5th at 8:00 PM, Galxe will unlock 416,000 GAL tokens (approximately worth $471,000), which represents approximately 0.9% of the circulating supply.　　On September 6th at 3:54 AM, LooksRare will unlock 12,500,000 LOOKS tokens (approximately worth $675,000), which represents approximately 2.29% of the circulating supply.　　On September 7th at 8:00 AM, Hashflow will unlock 3,230,000 HFT tokens (approximately worth $1.08 million), which represents approximately 1.84% of the circulating supply.　　On September 8th at 8:00 AM, Moonbeam will unlock 3,040,000 GLMR tokens (approximately worth $561,000), which represents approximately 0.42% of the circulating supply.　　On September 9th at 6:00 AM, ImmutableX will unlock 18,080,000 IMX tokens (approximately worth $9.92 million), which represents approximately 1.61% of the circulating supply.　　

2023-09-04Deep Dive

In August, the Cryptocurrency Market Saw a Total Funding of $662 Million, Marking a 57% Year-On-Year

According to data from RootData, the cryptocurrency markets funding in August 2023 amounted to $662 million. This represents a 57% decrease compared to August 2022 ($1.54 billion) and a 20% increase compared to July 2023 ($549 million). Additionally, there were 73 funding rounds in August, marking a 45% year-on-year decrease.　　The top three funding rounds by amount in August were as follows:　　Financial technology company Ramp secured $300 million in funding, achieving a post-investment valuation of $5.8 billion.　　Cryptocurrency financial services company BitGo raised $100 million in funding, with a valuation of $1.75 billion.　　Layer 1 interoperable blockchain network ZetaChain completed a $27 million equity financing round.　　

2023-09-04Deep Dive

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