Crypto Guides, Knowledge & Insights

Optimism: Initial OP Token Grant to be Allocated to BASE Tomorrow

In official announcements, Optimism revealed its plan to distribute initial OP tokens through a grant to Base on August 30th. This transaction had been pre-informed as part of their ongoing plans.　　In a previous update, Base and Optimism developers jointly introduced a revenue-sharing and governance-sharing protocol. The smart contracts of Base can only be upgraded through a 2/2 multisig wallet, with one signature controlled by Base and the other by the Optimism Foundation.　　Base will also allocate 2.5% of its revenue or 15% of its profits to the Optimism Collective, depending on which is higher. In return, Base stands to receive up to a maximum of 118 million OP tokens over the next six years, granting it a voice in the protocol governance of Optimism.　　

2023-08-29Deep Dive

NFT Trading Platform Faces Liquidity Crisis

PROOFs Research Director NFTstats.eth has posted on Platform X (formerly Twitter), stating that on August 27th, the daily trading volume of NFTs on major NFT trading platforms dropped below 5000 ETH for the first time in nearly two years.　　According to data visualized by NFTstats.eth, its evident that the trading volumes on several prominent NFT trading platforms have been consistently contracting. In comparison to the peak earlier in the year, with a daily trading volume exceeding 80,000 ETH, the maximum daily trading volume has plummeted by over 90%.　　

2023-08-29Deep Dive

StarkNet Community Gearing Up for Commemorative NFT Release as TVL Sees Short-Term Dip

StarkNet, through its presence on Platform X (formerly Twitter), has announced that the community is actively preparing for a commemorative NFT release in celebration of the mainnets quantum leap version.　　The NFT issuance is scheduled for August 30th at 13:00 (UTC+8) and will last for a brief 24-hour period. This quantum leap version corresponds to StarkNet 0.12 and was officially deployed to the mainnet on July 12th.　　According to data from L2BEAT, StarkNets Total Value Locked (TVL) has experienced a rapid decline since 10:00 (UTC+8) on August 28th, plummeting from $143 million to $107 million, marking an intraday decrease of over 29%.　　

2023-08-29Deep Dive

friend.tech Threatens Existing Points Forfeiture If Users Use Copy Apps

Key Points:　　friend.tech warns users points may be confiscated if they participate in similar apps.　　The statement received a negative response from the community because of unfair competition practices.　　The apps daily revenue has dropped by more than 95%, from a peak of $840,000 on August 21 to just $80,500 on Aug.　　Social networking app Web3 friend.tech announced that users may have their existing points confiscated if they participate in forks or apps that clone their platform.　　According to the official announcement, decentralized social protocol friend.tech has warned that it will punish users who choose to fork or imitate the platform by confiscating users existing points on the platform.　　While the team has yet to share what the final score will be used for, only mentioning August 15, it “will have a special purpose when the app moves into official release”.　　Therefore, this network statement quickly received negative feedback from the community. They believe that “threatening” users is an unfair competition action of the platform. Many comments are also sarcastic that the application does not copy previous applications.　　While friend.tech did not mention any particular competitors, several X users in the response pointed to an app called Shares. This new app is scheduled to launch in public beta

2023-08-29Deep Dive

Robinhood Now Holds Over $3 Billion In Bitcoin, The 3rd Largest BTC Holder

Key Points:　　Robinhood holds over $3 billion in Bitcoin, the third-largest after Binance and Bitfinex.　　Owner speculation includes BlackRock and Gemini involvement.　　The companys significant crypto role highlights user influence.　　According to data from Arkham Intelligence, Robinhoods investment and trading platform has garnered attention as it holds more than $3 billion worth of Bitcoin in a single wallet, CoinDesk reported.　　This substantial holding has accumulated over several months, making Robinhood the third-largest Bitcoin holder globally, trailing behind crypto giants Binance and Bitfinex, with holdings of $6.4 billion and $4.3 billion, respectively.　　The enigmatic ownership of this wallet has sparked intrigue and speculation within the market. Theories have ranged from being linked to financial heavyweight BlackRock, which expressed interest in a Bitcoin ETF, to crypto exchange Geminis potential involvement in transferring user holdings.　　Recent data reveals that Robinhood consolidated approximately 118,300 Bitcoins from multiple smaller wallets into this single wallet over the course of three months. The custody of these assets is overseen by crypto trading firm Jump Trading, as confirmed by representatives from Arkham.　　While the Bitcoin community has often associated large addresses with crypto exchanges, the companys significant holdings have surprised industry observers due to its focus on equities and options trading. This marks a novel development

2023-08-29Deep Dive

Crypto Luminary Ben Armstrong Resigns Amid Related To Scam Memecoin

Key Points:　　Ben Armstrong resigns from BitBoy Crypto amidst internal conflicts.　　Speculations arise over the reasons, including meme coin involvement and potential investigations.　　BitBoy Crypto‘s future is uncertain as the community ponders Armstrong’s next steps.　　Renowned cryptocurrency influencer Ben Armstrong has stepped down from his position at Hit Network/BJ Investment Holdings and its subsidiary brands, including the widely followed podcasts BitBoy Crypto and About The Blockchain.　　This surprising decision was confirmed through a screenshot shared by Jason A. Williams on X platform.　　Armstrong, who had faced criticism for endorsing high-risk investment trades for ordinary investors through affiliate links, announced his resignation via his personal account. Acknowledging internal conflicts within his company, he expressed confidence in maintaining control despite his departure.　　The move was also confirmed by a statement shared by crypto influencers, including Jason A. Williams and Ran Neuner, from Around The Blockchain. This indicates that Armstrong will no longer be the face of BitBoy Crypto.　　In response to the situation, Armstrong posted on his personal X account:　　This is Ben.　　TJ Shedd & Justin Williams have attempted a coup at my company.　　Just confirming what is going around. It‘s true. There has been a mutiny at BitBoy Crypto & Hit Network. But it won’t work. They have no leverage　　Until they

2023-08-29Deep Dive

PAULY Alleges: PEPE Team's Coin Selling Constitutes Market Manipulation and Insider Trading Violatio

The individual PAULY, who exposed the identity of the PEPE founder on the X platform (formerly Twitter), has posted a statement claiming that the PEPE team previously stole over $10 million worth of funds from CEX wallets and dumped them on the open market. They have allegedly moved the remaining $9.6 million to a wallet controlled by an anonymous 25-year-old individual. The team supposedly positioned significant short positions for insider trading before the CEX fund theft. The allegations of market manipulation and insider trading by the PEPE team are said to be ongoing.　　Previously, PEPE disclosed the truth behind the “multisig coin selling”: three former members reportedly sold tokens unauthorized and removed multisig permissions, leaving the remaining 10.6 trillion PEPE tokens safe and transferred to a new address starting with 0x9f5E.　　NFT market figure Not Larva Labs founder PAULY claimed that the “multisig coin selling truth” released by the official PEPE team is entirely false, stating that he, Matt Furie, and the entire community have been deceived by the PEPE team. The PEPE official team allegedly holds PEPE tokens worth $16 million to $17 million (USD) across at least nine internal wallets.　　

2023-08-28Deep Dive

PYUSD Initial Adoption Falls Short of Expectations, 90% of Tokens Remain in Issuer Paxos Trust's Add

Nansen data reveals that approximately 90% of the PayPal stablecoin PYUSD is still held in the wallet of its issuer, Paxos Trust. Cryptocurrency exchanges like Kraken, Gate.io, and Crypto.com collectively hold about 7% of the total PYUSD supply. The amount of PYUSD held by “smart money” investors is negligible.　　The token count in DEX platform trading pools (such as PYUSD/WETH and PYUSD/USDC pools on Uniswap) is less than 50,000. Further analysis by Nansen indicates that the largest holdings by individual investors (excluding exchange or contract addresses) are below 10,000 PYUSD, and fewer than 10 addresses hold over 1,000 PYUSD.　　Its worth noting that according to on-chain data, while PYUSD has seen continuous issuance after its official launch, its total supply is currently only 42.298 million tokens, significantly lower than other mainstream stablecoins. The current total supply of PYUSD is approximately 0.14% of the total supply of USDC.　　

2023-08-28Deep Dive

US Treasury Department Proposes New Tax Regulations, CEX and Some DEXs Required to Fulfill Tax Repor

The U.S. Department of the Treasury has recently released a nearly 300-page proposed rule that explicitly defines “brokers” in the cryptocurrency industry, addressing years of uncertainty regarding tax reporting. Under the new regulations, cryptocurrency exchanges (CEXs), payment processors, certain custodial wallet providers, some DEXs, and individuals or entities who redeem issued cryptocurrencies will be required to fulfill tax reporting obligations. The proposed rule also introduces a new tax form for the newly designated brokers, resolving confusion over the applicable tax forms.　　The proposed rule is currently in the proposal stage, with the government collecting public comments until October 30th, followed by a series of public hearings on November 7th and 8th. The industry has time until the 2025 tax year to lobby federal officials to determine the final rules. This initiative aims to narrow the tax gap, address tax evasion risks posed by digital assets, and ensure that all participants adhere to the same tax regulations.　　

2023-08-28Deep Dive

Token Unlocks: AGIX, DYDX, and 1INCH Spearhead Market Rush This Week!

Key Points:　　This week, brace for a crypto shakeup as AGIX, GAL, DYDX, OP, EUL, NYM, 1INCH, HBAR, and ACA tokens are scheduled for a major unlocking event.　　Data reveals impressive figures for the unlocking: dYdX‘s 6.52 million DYDX ($14.41 million), Optimism’s 24.16 million OP ($35.03 million), and Hedera Hashgraphs colossal 1.15 billion HBAR ($67.23 million).　　Token Unlocks has revealed that a substantial unlocking event is set to take place this week.　　Token Unlocks: AGIX, DYDX, and 1INCH Spearhead Market Rush This Week! 4　　Including AGIX, GAL, DYDX, OP, EUL, NYM, 1INCH, HBAR, and ACA, are poised to be unlocked, potentially reshaping the landscape of the digital currency realm.　　Among the most notable unlocks, dYdX is slated to unleash a staggering 6.52 million DYDX tokens, carrying a valuation of approximately $14.41 million. This move is anticipated to inject a fresh wave of liquidity into the dYdX ecosystem, potentially enabling new avenues for traders and investors.　　Optimism will also join the unlocking spree by releasing a substantial 24.16 million OP tokens. With an estimated value of $35.03 million, this event could potentially amplify the utilization of the Optimism platform, driving further adoption of layer 2 solutions within the Ethereum network.　　Hedera Hashgraph is set to unlock a staggering 1.15

2023-08-28Deep Dive

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