Headlines
EigenLayer announced the launch of the AVS Rewards feature, which will allow AVS to provide rewards to stakeholders and node operators. EigenDA will be the first to activate this feature and become the first AVS on EigenLayer to distribute rewards to stakeholders and node operators.
Justin Sun: Participating in WBTC is a strategic move aimed at promoting industry decentralization
Sun Yuchen said on the social media platform that his personal participation in WBTC is completely strategic, with the goal of promoting projects dedicated to decentralization, security protocols and security. He also pointed out that he personally does not control the private keys of the WBTC reserves and cannot move any BTC reserves. Regarding the importance of WBTC, Sun Yuchen believes that it is an important part of the DeFi ecosystem and will ensure that it continues to be so. WBTC has not changed at all compared to before. Audits are conducted in real time, and the minting process is managed entirely by custodians Bitglobal and BitGo according to the same procedures as before.
Earlier news, BitGo tweeted that through a unique partnership and joint venture with BiT Global, its WBTC business will shift to the worlds first cross-jurisdictional and cross-institutional custody. The upgrade will be carried out within 60 days without interruption or disruption of services. Subsequently, the relevant partners were disclosed on its official website, and Sun Yuchen was mentioned among the disclosed individual collaborators, which triggered heated discussions in the crypto community.
WBTC (Wrapped BTC), also known as wrapped Bitcoin, is an ERC-20 token issued by BitGo on the Ethereum blockchain and supported by Bitcoin 1:1. Since its launch in January 2019, WBTC has become one of the Bitcoin DeFi applications. Currently, there are 74 WBTC partners, and it already supports Ethereum, TRON, Base, Kava, and Osmosis.
deBridge announced the establishment of the foundation and opened DBR Season 1 airdrop enquiry
According to official news, deBridge announced the official establishment of the foundation. The deBridge Foundation will be obligated to seek benefits for the entire DAO and its key participants, including core contributors, strategic partners, and the community. Governance will give DBR holders the power to shape the future of the protocol.
At the same time, the Foundation launched the DBR Checker, a tool that allows community members to preview the DBR tokens generated by the first season of the deBridge Points activity.
According to previously officially announced information, the total supply of DBR is 10 billion tokens, and the initial circulating supply is 1.8 billion (18%). The tokens will be issued on Solana in the form of SPL tokens.
Among them, the community and launch part accounts for the largest share of all initial TGE unlocks, accounting for 10% of the total supply. Of this 10%, 2% is used for LFGVault, 1% is used as Jupiter DAO LFG reward, 1% is Meteora dynamic pool, and 6% will belong to deBridge Points first season holders.
Morgan Stanley on Monday reiterated its forecast that the Federal Reserve will cut interest rates by 25 basis points in September, despite the recent sharp decline in global markets. The banks economists pointed out that although the market reacted strongly to the latest interest rate decision of the Bank of Japan and the weaker non-farm data in the United States, they did not represent a fundamental change in economic conditions, so they stuck to their long-standing expectation that the Federal Reserve will cut interest rates by 25 basis points in September.
Looking ahead, Morgan Stanley stressed that the potential interaction between the Feds rate cuts and the Bank of Japans rate hikes could support the yen, and the initial view remains unchanged, expecting the Bank of Japan to raise interest rates in January next year. (Jinshi)
Industry News
Binance will delist some token withdrawal services and convert them to USDC
Official news: Binance will convert the following token balances in user wallets into equivalent USDC before 07:59 (ET on March 2, 2025) based on the amount held by the user in the Binance wallet. After 07:59 (ET on September 2, 2024), Binance will no longer support the withdrawal of the following airdropped tokens/delisted tokens. Users can withdraw before this time.
Affected coins: Bitcoin Gold (BTG) Bitcoin Standard Hashrate Token (BTCST) Bitshares (BTS) District 0x (DNT) Groestlcoin (GRS) Hegic (HEGIC) MobileCoin (MOB) Monero (XMR) Monetha (MTH) Multichain (MULTI) Navcoin (NAV) Sologenic (SOLO) Spartan Protocol (SPARTA) Symbol (XY M) Tribe (TRIBE).
Fidelity FBTC had no inflows/outflows yesterday, and Fidelity FETH had a net inflow of $4 million
According to Farside Investors data, there was no inflow/outflow of funds into Fidelity FBTC yesterday, while Fidelity FETH had a net inflow of $4 million.
Three Arrows Capital liquidators seek at least $1.3 billion in damages from Terraform Labs
Liquidators for now-bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC) are seeking to obtain at least $1.3 billion in compensation from Terraform Labs to cover losses the fund suffered following the 2022 collapse of the TerraUSD and Luna tokens.
Liquidators said in court documents that Terraform induced 3AC to buy Luna and TerraUSD by manipulating the market for those tokens in a way that artificially inflated the prices of the assets before the tokens collapsed. They said the collapse not only wiped out 3ACs investment in those tokens, but also caused significant losses in other assets. (Bloomberg)
Market News: Bitcoin mining company MARA plans to raise $250 million to buy more Bitcoin
According to Bitcoin Magazine, Bitcoin mining company MARA (Marathon Digital) plans to sell convertible senior notes totaling US$250 million to individuals who are reasonably believed to be qualified institutional buyers through a private placement, subject to market conditions and other factors. The notes will mature in 2031. It is reported that the US$250 million raised this time will be used to purchase more Bitcoin.
Project News
Analysis: Huang Licheng is still buying FRIEND and has suffered a loss of $15 million
According to Lookonchain monitoring, Huang Licheng is still continuing to purchase FRIEND. His current holdings are worth approximately US$1.5 million, with a total purchase cost of US$16.5 million and a floating loss of US$15 million.
Coinbase plans to launch Gravity (G) trading on August 13th, Eastern Time
Coinbase announced that it will add support for Gravity (G) on the Ethereum network. Coinbase reminds not to send this asset through other networks, otherwise funds may be lost. If liquidity conditions are met, trading will begin at approximately 12 noon EST on August 13, 2024.
The open source AI platform Sentient announced on X that it had released the first version of the Sentient protocol during the recent Open AGI Symposium event.
According to reports, Sentient is an open source AI monetization protocol that supports community-built AGI. Its key innovations include Model Loyalty and a new format, the OML (Open, Monetizable, Loyal) format, which is used to represent models, enabling them to be open (downloaded and used locally), monetizable (remotely tracked and monetized their use), and loyal (locking down use that is inconsistent with the security, ethics, and values supported by the model owner).
The protocol is dedicated to solving the problem of open AGI alignment built by the community, including incentive contracts (ownership, usage, rewards) and nodes to achieve decentralized control over access and alignment. Incentives and necessary crypto-economic security are enforced through AVS from the EigenLayer ecosystem and a trustless blockchain connected to the Polygon AggLayer.
The Sentient Protocol is modular and can be combined with other deployments of OML (e.g. using trusted hardware) in a distribution layer or in different decentralized storage or compute networks.
The official added that the full white paper of the protocol will be released soon, so stay tuned.
Earlier in July, Sentient announced the completion of a $85 million seed round of financing, led by Peter Thiels Founders Fund, Pantera Capital and Framework Ventures.
Investment and Financing
Ion Protocol, a liquidity protocol for pledged and re-pledged assets, has completed a $4.8 million financing round, with participation from Gumi Capital Cryptos, Robot Ventures, BanklessVC, NGC Ventures, Finality Capital and SevenX Ventures. As of now, its total financing amount has reached $7 million. The new funds will be used to support and develop its native yield platform called Nucleus. (TheBlock)
Character Voice
BitMEX co-founder Arthur Hayes mentioned in a new article today that in this cycle, BTC and ETH have been structurally supported by the launch of ETFs. Since April, they have been structurally supported by net inflows into US-listed exchange-traded funds (ETFs).
Although BTC and ETH have both pulled back since April, there has not been a massacre like the altcoins (shitcoins). Only after BTC and ETH break through $70,000 and $4,000 respectively, will the altcoin market return.
SOL will also climb to over $250 by then, but due to the difference in market share, the impact of SOLs pull-up on the overall market is far less strong than that of BTC and ETH. At the end of the year, with the increase in US dollar liquidity, the prices of BTC and ETH may rise further, which will lay a solid foundation for the return of the altcoin market.
Synthetix founder challenges Su Zhu to fight, but is rejected
Kain Warwick, founder of Synthetix, posted on X that he had invited Su Zhu, hoping that the two sides could fight on Karate Combat, a fighting live broadcast platform in Singapore, and asked Su Zhu to respond within 24 hours and not pretend not to see it.
In response, Su Zhu said: Kain, I sincerely apologized to you through private messages a few months ago. You have been ignoring it for months. I met several members of the infinex team (a new protocol under Synthetix) in Brussels, and I also met you. Then you leaked the private messages for no reason, which I cant understand. I dont know what you are thinking, but I respectfully declined the invitation and wish you all the best.
Kain responded again, saying: I didnt respond to your apology because you would have used it to protect your image, such as saying Kain and I have reconciled and things are fine between us and similar things.
Odaily Note: The conflict between Kain and Su Zhu has a long history. As early as 2021, when Su Zhu announced that he would give up Ethereum, the two had quarreled on X.
