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Weekly Review | Maker rebrands to Sky Protocol; OpenSea receives Wells notice from SEC

Weekly Review | Maker rebrands to Sky Protocol; OpenSea receives Wells notice from SEC

BlockBeatsBlockBeats2024/09/01 05:18
By:BlockBeats

The market value of PayPal's stablecoin PYUSD exceeded 1 billion US dollars; Fractal Bitcoin is expected to be launched on the mainnet on September 9; Story Protocol launched the IP market Color on the testnet Iliad; Telegram founder Pavel Durov faced multiple charges; The Ethereum Foundation announced the details of some expenses.

BlockBeats will organize the key industry news content of the week (August 26-September 1) in this article, and recommend in-depth articles to help readers better understand the market and learn about industry trends.


Important News Review


Telegram founder formally prosecuted by France, currently on bail but not allowed to leave France

On August 25, Telegram CEO Pavel Durov was arrested by police at a French airport, causing market shock and support from many parties. On the 27th, the TON community launched a signature campaign for the mini program calling on France to release the founder of Telegram, and the number of signatures has now exceeded 4 million. On the 29th, Telegram founder Pavel Durov was formally indicted by a French judge on charges including:

· Organized gangs conspired to manage online platforms for illegal transactions (crimes punishable by up to 10 years in prison and a fine of 500,000 euros);

· Refusing to provide information or documents upon request from authorized agencies;

· Conspiracy to commit crimes, including providing programs or data intended to destroy automatic data processing systems without justifiable reasons, organized distribution of images of minors, trafficking of illegal drugs, organized gang fraud, conspiracy or illegal acts for the purpose of committing crimes;

· Organized gang crimes and illegal money laundering;

· Providing encryption services under a non-compliant framework;

· Providing encryption without fully ensuring identity authentication or integrity control functions.

On the same day, Pavel Durov was released on bail with a bail of 5 million euros and will be placed under residential surveillance and is currently not allowed to leave France. Related reading: 《Real-time update|Telegram founder formally prosecuted by France, now on bail》, 《This is how the world sees the arrest of Telegram boss》


Grass launches airdrop inspection page, does not support connecting wallets yet

According to community news, although Grass officials have not released any relevant information, some users have discovered the Grass airdrop inspection page created by the Grass Foundation. Currently, the page does not support users connecting wallets (coming soon), and it is impossible to perform any other interactive behaviors except jumping to the official X social media account page. BlockBeats hereby reminds users to remain cautious before the official releases exact information.


TON network crashed twice this week, now it has resumed normal block production

On August 28, the TON network was suspected to be down, and no blocks were produced for more than a few hours. Previously, Binance and Bybit platforms had suspended cryptocurrency deposits and withdrawals on the TON network. At about 1 pm that day, the TON network resumed block production. The next day, Telegram Wallet posted on the official TG channel that the TON network suspended block production again in the early morning and has now fully resumed operation. Withdrawals and deposits of TON basic assets will be credited in due course.


Fractal Bitcoin: It is expected to go online on the mainnet on September 9, and 80% of the tokens will be allocated to the community

On August 27, the Bitcoin extension network Fractal Bitcoin said that it is expected to go online on the mainnet on September 9. And announced the token economics, 80% allocated to the community, and 20% allocated to the team and contributors (with a lock-up period). Among them, POW mining accounts for 50%, ecosystem treasury accounts for 15%, pre-sale accounts for 5%, consultants account for 5%, community Grants account for 10%, and core contributors account for 15%.


Binance lists Euro stablecoin Eurite (EURI) and launches EURI zero-fee campaign

On August 28, 2024, Binance launched Eurite (EURI) and opened the following spot trading pairs: EUR/EURI, EURI/USDT. In addition, zero-fee activities for EURI spot and leveraged trading pairs will be launched at the same time. Eurite (EURI) is one of the first Euro stablecoins regulated by MiCA.


Binance released "BNSOL is coming soon", hinting that it will jointly launch a liquidity pledge token with Sanctum

After Binance released the content of "BNSOL is coming soon", Sanctum replied with a handshake emoji, which may hint at the joint launch of a new liquidity pledge token.


Maker rebrands to Sky Protocol and will launch native governance token SKY

On August 27, the Maker Protocol was officially renamed Sky, aiming to make decentralized finance (DeFi) more accessible to the public. At the same time, Maker renamed Dai (DAI), the world's largest decentralized stablecoin, to USDS. The protocol also launched the Sky (SKY) native governance token for the broader Sky ecosystem as an upgraded version of the Maker (MKR) token. MakerDAO co-founder Rune Christensen called the name change a step towards the "next evolution of DeFi." MKR holders can upgrade their MKR to SKY, and SKY can also be converted back to MKR. The upgrade is optional. Users can exchange 24,000 SKY for each MKR when upgrading. Related reading: "Old OG is doing well, why did MakerDAO suddenly change its name? ", "When the first DeFi protocol in Ethereum history began to be cyberbullied"


Story Protocol launches IP market Color on testnet Iliad

On August 30, the on-chain IP protocol Story Protocol posted on social media that it has launched IP (intellectual property) market Color on the testnet Iliad, where users can buy, sell and discover IP assets and licenses, and mint colorful commemorative NFTs for free. Last week, Story Protocol developer Programmable IP (PIP) Labs completed an $80 million Series B financing round, led by a16z Crypto and participated by Polychain Capital. This brings Story Protocol's total financing to $140 million. Related reading: "Let's talk about Color, Story's new IP trading market: highlights, problems to be solved, and future prospects"


OpenSea received a Wells notice from the SEC, responded by preparing to fight, and will provide $5 million in legal aid to NFT authors

On August 28, it was reported that OpenSea had received a Wells notice from the SEC. Affected by this news, BLUR fell by nearly 9% in a short period of time. OpenSea CEO Devin Finzer then responded: "OpenSea received a Wells notice from the U.S. Securities and Exchange Commission, threatening to sue us because they believe that the NFTs on our platform are securities. We are shocked that the SEC will take such large-scale action against creators and artists. But we are ready to stand up and fight. In addition to sticking to its position, OpenSea has also pledged to provide $5 million to help pay the legal fees of NFT creators and developers who received the Wells notice. Every creator, big or small, should be able to innovate without fear. I hope the SEC will wake up soon and listen with an open mind. Until then, we will stand up and fight for our industry. Keep moving forward." Related reading: "SEC Arouses Public Outrage Again: Identify NFTs as Securities, or File a Lawsuit against Opensea", "Success and Failure of NFT, 18 The rise and fall of the company from the perspective of an OpenSea internal employee


Solana Optimistic Network Completes "cobuilder" Round of Financing, Solana Lianchuang and Others Participate

On August 27, it was reported that Solana Optimistic Network (SOON for short) completed the "cobuilder" round of financing, with Solana Foundation Chairman Lily Liu, Solana Labs Co-founder Anatoly Yakovenko, Coinbase Ventures Director Jonathan King, Celestia Labs Co-founder Mustafa Al-Bassam, Avail Co-founder Robinson Burkey, Wormhole Foundation Co-founder Robinson Burkey and others participating in the investment. The specific amount of financing has not been disclosed. It is reported that the funds raised by Solana Optimistic Network will be used to build it into "the highest throughput rollup stack, providing scalability and efficiency for decentralized applications and any Layer 1 blockchain" by building flagship products SOON Stack and SOON Mainnet. Related reading: 《With investment from Lily Liu of Solana Foundation, what new narrative will SOON bring? 》


PayPal's stablecoin PYUSD market value exceeds $1 billion, and Solana chain supply surged 171% in the past month

On August 27, PayPal's stablecoin PYUSD market value exceeded the $1 billion mark, and its supply has more than doubled since June. According to Visa's stablecoin dashboard, PYUSD's user activity has soared, with monthly active wallet addresses jumping to more than 25,000 in July, compared with 9,400 in May. PYUSD ushered in a peak in supply growth after expanding to the Solana network in May, growing from zero to $650 million in just three months, exceeding the supply on the Ethereum chain. According to DefiLlama, the supply of PYUSD on the Solana chain has increased by 171% in the past month. As of August 27, more than 49% of the circulating PYUSD supply was deployed to Kamino, totaling $496 million. Related reading: "Annualized over 10%, why does PayPal stablecoin have such a high return on Kamino Finance?"


Vitalik announces update on Ethereum Foundation spending, with salary of 182,000 Singapore dollars per year

On August 27, Ethereum co-founder Vitalik Buterin posted on social media that his salary was 182,000 Singapore dollars per year, and retweeted Ethereum Foundation employee Josh Stark's tweet, saying, "Update from Josh Stark on Ethereum Foundation spending. The key information is in this chart." The chart captures both internal and external spending of the Ethereum Foundation. For example, "L1 RD" includes funding for external customer teams, as well as internal EF researchers. In 2022-2023, internal spending is about 38% and external spending is about 62%. Related reading: "Vitalik reveals his annual salary for the first time, and the Ethereum Foundation discloses some expenditure details"


Ethereum has 450 researchers in Q2 2024, and the number of full-time developers is 2,788 as of July 1

On August 30, according to statistics, the number of researchers on the Ethereum network increased from about 25 in the first quarter of 2019 to a peak of 550 in the first quarter of 2024, an increase of 2,100%. The number of researchers fell slightly in the second quarter of 2024, to about 450. According to the developer report data, Ethereum is the blockchain with the most monthly active developers. As of July 1, Ethereum had 2,788 full-time developers and a total of more than 8,865 developers. Base Blockchain ranks second, with 889 full-time developers and a total of 3,991 developers.


Nvidia's Q2 revenue in fiscal year 2025 is $30 billion, and the market expects $28.61 billion

On August 29, Nvidia (NVDA.O) had revenue of $30 billion in Q2 of fiscal year 2025, compared with $13.507 billion in the same period last year, and the market expected $28.61 billion. Data center revenue in Q2 of fiscal year 2025 was $26.3 billion, and the forecast was $25.08 billion. According to market data, after Nvidia released its financial report, U.S. stocks fell nearly 5% in the short term after the market closed. Related reading: "Nvidia's financial report continues to be impressive. Which encrypted AI projects have grown more rapidly than Nvidia this year?"


An independent miner mined a block worth 3.275 bitcoins, or $199,098

On August 30, according to mempool data, an independent miner mined a block worth 3.275 bitcoins at block height 858978, or $199,098.


Trump: Zuckerberg will "go to jail for life" if he continues to obstruct the US presidential election

On August 30, according to POLITICO, former US President Donald Trump wrote in his new book to be published next week that Mark Zuckerberg conspired against him during the 2020 US election, and said that if Zuckerberg did so again, he "would spend the rest of his life in jail." This represents Trump's latest attack on Zuckerberg, who he has repeatedly accused of interfering in the last US presidential election. The comments also come against the backdrop of Meta taking steps to assure conservatives that it will not affect this year's election campaign.


China's Supreme People's Court lists "Research on the Disposal of Virtual Currency Involved in Cases" as a major judicial research topic for 2024

On August 28, the Supreme People's Court announced in a public account that it had determined the major judicial research topics for 2024 based on extensive solicitation of opinions and sufficient demonstration, and issued a bidding announcement for major judicial research topics for 2024. Among them, the key funded topics include research on the disposal of virtual currency involved in cases, research on judicial issues involving the digital economy, and research on judicial responses to disputes involving artificial intelligence. It is reported that the topic management unit will provide research funding support for the winning project team, of which each special funded topic will receive 150,000 yuan, each key funded topic will receive 50,000 yuan, and each youth topic will receive 30,000 yuan.


Trump launches fourth NFT series, priced at $99 per piece

On August 27, former US President Donald Trump launched a new set of digital trading card NFT collections. According to the official website of the series, each digital trading card NFT is priced at $99, and users who purchase 75 or 250 digital trading cards in a single transaction will receive two rewards: dinner with Trump at his private country club and part of the suit he wore in the famous debate. Related reading: Trump launches fourth NFT "America First", what benefits can holders enjoy? 》


The CEO of South Korean CeFi platform Haru Invest was attacked and stabbed several times while appearing in court for trial

On August 29, Hugo Hyungsoo Lee, CEO of South Korean crypto CeFi platform Haru Invest, was attacked while attending a trial for alleged fraud totaling more than $800 million. He was stabbed several times in the neck by a man in his 50s and was immediately taken to the hospital for treatment. It is reported that Lee Hyungsoo's injuries did not cause life-threatening danger, and the attacker was allegedly a former customer of Haru Invest. Related reading: "South Korean trading platform Haru Invest CEO was attacked in court and "stabbed several times", suspected of embezzling $826 million in deposits"


Bitcoin's rise helped create more than 84,000 new cryptocurrency millionaires in one year

On August 27, CNBC reported that according to a new report, as Bitcoin ETFs and other crypto assets climbed, the number of global cryptocurrency millionaires surged 95% in the past year. According to a report by New World Wealth and Henley Partners, there are currently 172,300 individuals in the world holding more than $1 million in crypto assets, a significant increase from 88,200 last year. The number of pure Bitcoin millionaires has more than doubled to 85,400. The number of crypto tycoons is increasing at all levels of the wealth ladder. The report shows that there are currently 325 cryptocurrency billionaires (those holding $100 million or more in crypto assets), and 28 cryptocurrency billionaires.


Hot articles this week


《From the perspective of price-earnings ratio, is today's DeFi industry overvalued? |Rhythm of Finance》

Why is value currency no longer working? Under the impact of the rise and fall of the meme craze, 2024 became the first round of "disenchantment bull market" in the history of cryptocurrency. This year, the industry finally stopped hiding its belief in money and gambler nature. The disenchantment of technological liberalism has plunged most people into extreme nihilism. Even shouting terms such as "embrace the scam" cannot mobilize the emotions of speculators. The simple and crude meme PVP casino has become the last spiritual opium to maintain the industry's activity. Today, the soul-searching question facing the crypto industry seeking growth is: Can there really be room for large-scale long-term funds and serious investors here? With this question in mind, we started from some simple perspectives of traditional value investment and briefly analyzed the revenue capacity of the DeFi field, which has the most clear application scenarios in the industry.


《Vitalik's speech was refuted by many people and was questioned as "not understanding DeFi"》

Vitalik Buterin's controversial views on DeFi came from a post in which he accused him of poor communication on the topic of DeFi. V God's reply sparked a heated discussion, and many people questioned that V God did not understand DeFi at all. Vitalik is the philosophical source behind Ethereum as a technical platform; but his understanding of finance and DeFi may not be correct. We don't have to over-mythologize him.


《Vitalik reveals his annual salary for the first time, Ethereum Foundation discloses some expenditure details》

Last week, the Ethereum Foundation (Ethereum Foundation) once again transferred 35,000 ETH (worth nearly $100 million), which aroused community doubts. Does the Ethereum Foundation really spend so much money on development every year? The community criticized the Ethereum Foundation's expenditure report for not being transparent. In response, ETHGlobal member Josh Stark posted on the social platform X yesterday (27) to announce important information about the Ethereum Foundation's expenditure report to the community


《Regarding the arrest of Telegram's head, this is how the world sees it》

The battle between power and privacy has never been so fierce. With the arrest of Telegram founder Pavel Durov in France, the global cryptocurrency and technology community has set off an unprecedented public opinion storm. Durov's fate is not only a personal legal dispute, but also a concentrated manifestation of the global conflict between privacy protection, decentralized technology and state power. Top Wall Street entrepreneurs, technology leaders and crypto industry experts have come forward to support Pavel Durov. What kind of complex picture is hidden behind this battle between freedom and control? BlockBeats sorted out the widespread reactions to Pavel Durov's arrest and interpreted the views and positions of all parties.


《When the first DeFi protocol in Ethereum history began to be cyberbullied》

On August 27, the lending protocol MakerDAO announced that it would be renamed Sky and launched the native governance token SKY. From MakerDAO to Sky, the rebranding of the first DeFi protocol in Ethereum history did not receive unanimous support and understanding from the community, from damaging brand awareness to diluting token value, and even rising to the level that the Maker protocol is no longer decentralized. Since MakerDAO announced "Endgame", every upgrade of the protocol has attracted market attention. After the expected split was officially implemented, community users questioned whether MakerDAO is still decentralized.


《Opinion: Ethereum VC's obsession with infrastructure is dragging down the entire industry》

This article highlights the structural problems of large funds such as Ethereum and how these problems push them to favor infrastructure investment, while also causing founders to fall into the quagmire of bad advice. Finally, we will share advice on how to avoid falling into EBOLA (EVM Bags Over Logic Affliction). (Note: EBOLA was originally the name of an infectious virus, which means that Ethereum VC's enthusiasm for infrastructure is like a disease and is contagious.)


《TON official push, "resistance dog" REDO will become the next dog king? 》

On August 26, the TON ecosystem was pushing a dog called REDO. REDO was drawn and named by Telegram founder Pavel Durov in 2018. Its full name is Resistance Dog. The Resistance Dog fits the rebellious spirit of Telegram. In addition, the founder of Telegram was recently arrested in France, which immediately gave the Resistance Dog a symbolic meaning. At present, it is very likely to become the MEME leader of the TON ecosystem, and even a symbol of the crypto industry advocating freedom of speech and resisting censorship.


《Besides PayPal, what other projects are throwing money around? 》

With the market value of PayPal USD (PYUSD), a stablecoin launched by Paypal and issued by Paxos, exceeding the $1 billion mark, the stablecoin supported by the giant PayPal has increased its market value by 327% compared to the beginning of 2024. The rapid growth in the issuance of PYUSD is mainly due to the high incentive strategy recently launched by PYUSD. According to the current PYUSD on-chain TVL and APY estimates, the PYUSD incentive activity pays more than $6.5 million in interest to users every month. This article summarizes some APY projects that have received high community attention recently, mainly stablecoins, in addition to PYUSD, and explains the corresponding sources of income.


《Over 10% annualized, why does PayPal stablecoin have such a high return on Kamino Finance? 》

PYUSD has experienced explosive growth after expanding to the Solana network in May, growing from zero to $650 million in just three months, exceeding the supply on the Ethereum chain. Why did PayPal choose to build heavily on Solana, and what drove the adoption of PYUSD? This article will answer readers' questions.


《Supporting Telegram Founder, Musk's Long-term and Short-term Concerns》

The arrest of Telegram founder Pavel Duro in Paris on the evening of August 24 (local time in France) has attracted widespread attention in the market in recent days, triggering discussions from many well-known figures in the investment, business and political circles, including Tesla founder Elon Musk, Sequoia Capital partner Shaun Maguire, Ethereum founder Vitalik Buterin and other celebrities. Elon Musk's support for Pavel Duro may be a manifestation of the lips and teeth being cold. As the owner of X, Musk, who is unwilling to cooperate with EU supervision, obviously has greater concerns.


《South Korean trading platform Haru Invest CEO attacked in court and stabbed several times, suspected of embezzling $826 million in deposits》

Hugo Hyungsoo Lee, the CEO of South Korean virtual asset custodian company "Haru Invest", was detained and prosecuted for fraud by South Korean prosecutors in February this year on suspicion of embezzling digital assets worth approximately $826 million from more than 16,000 users. On Wednesday, he was attacked with a knife by a victim who was listening to the court. He was stabbed in the neck several times and blood splattered in the courtroom. He was immediately rushed to the hospital.


《Federal Reserve rate cuts and yen appreciation: Arthur Hayes predicts Bitcoin will take off soon》

The initial positive reaction of the market is justified, as investors believe that assets priced in a fixed supply of fiat currencies should rise if money becomes cheap. I agree with this view; however… we forget that future expected rate cuts by the Fed, Bank of England, and ECB will reduce the interest rate differential between these currencies and the yen. The risk of yen carry trade will re-emerge and could spoil the party unless the amount of money is increased in the form of central bank balance sheet expansion, that is, printing money. The rest of this article aims to delve into this point and look ahead to the critical moments in the coming months before indifferent American voters elect Trump or Biden.


《Nvidia's financial report continues to shine, which crypto AI projects have risen more sharply than Nvidia this year? 》

On August 28, Nvidia released its Q2 financial report for fiscal year 2025. The company achieved revenue of $30 billion in the quarter, higher than the market expectation of $28.86 billion, a year-on-year increase of 122%; net profit was $16.59 billion, also higher than the market expectation of $14.64 billion, a year-on-year increase of 168%. Although the performance exceeded expectations again, the market's high expectations for Nvidia made the "exceeding expectations" slightly insufficient, causing the stock price to fall 8% after the market. BlockBeats made a detailed comparison of the year-to-date gains of the top ten encrypted AI projects by market value and Nvidia, trying to clarify the real situation.


《WSJ: Tether invested $1.5 billion, and the "middlemen" made a lot of money》

Tether, the issuer behind the world's most popular cryptocurrency USDT, is making a big acquisition. It acquired a majority stake in Northern Data, a company in the field of artificial intelligence, and Blackrock Neurotech, a brain-computer chip company. Tether hired technology investor and entrepreneur Christian Angermayer to help invest this huge amount of money. Angermayer earned a lot of commissions from transactions, while the companies they invested in faced long-term losses.


《Beginner's Guide | Teach you to understand FarcasterWarpcast from 0》

As the leading project in the Socialfi track in this cycle, Farcaster has always received widespread attention. It has been a month since the Farcaster protocol was integrated. As a new Web3 social protocol, many of Farcaster's features are quite different from Web2 products, and it is quite difficult to understand. This article will explain everything that novice users need to know in detail in the form of QA, and take you to play Farcaster Warpcast.


《Success and failure of NFT, the rise and fall of the company in the eyes of 18 OpenSea internal employees》

Through interviews with 18 current and former OpenSea employees, as well as internal company documents and conversations with investors, artists and other stakeholders in the NFT industry, the story of how a startup inspired by cat JPEG pictures evolved into what a former employee called the Meta "light version" is vividly portrayed on paper, but now seems lost between big technology and cryptocurrency culture.


《OP_NET and Arch: Can the two latest Bitcoin smart contract implementations bring about an ecological revival? 》

In the past half month, OP_NET and Arch, two smart contract implementations on the Bitcoin mainnet, have sparked a lot of discussion. The interesting thing is that the name OP_NET is very similar to the familiar OP_CAT, both starting with "OP_", which is very confusing and makes people think that the two are similar. It is worth noting that Arch's token may have a TGE in the first quarter of next year, so if related testing activities are launched in the future, or dApps based on Arch are launched, everyone who is interested can pay attention and interact.


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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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