Crypto Guides, Knowledge & Insights

Web3 Foundation CEO: Polkadot to Abandon Slot Auctions for Parallel Chains, Adopt New Mechanism

The newly appointed CEO of the Polkadot development organization, Web3 Foundation, Fabian Gompf, stated in an interview that Polkadot is undergoing a significant transformation. Polkadot is set to abandon the slot auctions for parachains and instead adopt a new mechanism that allows application developers to rent block space as needed.　　In previous announcements, the Web3 Foundation launched the “Decentralized Futures” program, a $20 million and 5 million DOT funding initiative for Polkadot ecosystem projects. The program is designed for profit-driven organizations centered around Polkadot, as well as non-profit entities with strategies to ensure ongoing funding through Polkadots on-chain funding system after 2024. The review process will commence in November, decision-making will start in December, and the application period will conclude in June 2024.　　

2023-11-20Deep Dive

Latin America's Web3 and crypto startup investments drop 83% YoY to $1.1 billion.

In 2023, Web3 and crypto startups in Latin America are facing funding challenges, with the funding for startups in the region decreasing by 83% compared to the previous year, totaling only $1.1 billion. Similarly, global venture capital funding for cryptocurrency companies saw a significant decline in the first quarter of 2023, plummeting by 80% compared to the previous year, dropping from $12.3 billion in 2022 to $2.4 billion in 2023.　　According to a survey by Goldman Sachs, only 12% of family offices expressed potential interest in cryptocurrencies for the future, a decrease from 45%. The extreme volatility in the cryptocurrency market over the past year seems to have cooled their interest, with 62% stating that they have neither invested nor are interested in future cryptocurrency investments, a higher percentage than the previous 39%.　　

2023-11-20Deep Dive

SEC Delays Decision on Global X and Franklin Templeton's Spot Bitcoin ETF

The SEC has postponed the decision date for the spot Bitcoin ETFs from Global X and Franklin Templeton.　　The SEC stated that it will wait until at least December 22nd before granting approval to Global Xs spot Bitcoin ETF on the Cboe exchange.　　For Global X Bitcoin Trust, which partnered with Cboe BZX Exchange for submission, the SEC has established a comment period lasting until the end of December. According to a press release from the SEC on Friday afternoon, it aims to receive public comments on the proposal in the next 35 days, setting the new deadline for December 22nd.　　Additionally, the SEC has extended the decision date for Franklin Templetons spot Bitcoin ETF, prolonging the original 45-day period and thereby delaying the decision until next year.　　

2023-11-20Deep Dive

This Week's Token Unlocking

Token Unlocks data indicates that this week, tokens such as AVAX, ID, LOOKS, and others will be unlocked. Here are the details:　　Avalanche (AVAX) is scheduled to unlock approximately 9.54 million tokens, valued at around $232 million, on November 24th at 8:00 AM.　　SPACE ID (ID) is set to unlock around 18.49 million tokens, valued at about $4.8 million, on November 22nd at 8:00 AM.　　LooksRare (LOOKS) is expected to unlock approximately 37.5 million tokens, valued at around $2.94 million, on November 27th at 7:01 AM.　　Euler (EUL) is planned to unlock about 13.5 thousand tokens, valued at approximately $46.7 thousand, on November 23rd at 12:00 PM.　　Acala (ACA) is slated to unlock around 4.66 million tokens, valued at about $268 thousand, on November 25th at 8:00 AM.　　

2023-11-20Deep Dive

Monetary Authority of Singapore Announces Measures to Ensure CBDC Security and Innovative Use

According to official sources, the Monetary Authority of Singapore (MAS) announced three initiatives today to ensure the safety and innovative use of digital currencies in Singapore. These initiatives include outlining the blueprint for the necessary infrastructure for the digital Singapore Dollar, expanding digital currency trials, and planning to issue a “real-time” central bank digital currency (CBDC) for wholesale settlements.　　The three forms of digital currency that MAS is promoting include wholesale CBDC, tokenized bank liabilities, and regulated stablecoins. MAS released the Orchid blueprint today, which outlines the technological infrastructure required to facilitate future digital currency transactions:　　Settlement Ledger: Records digital currency transfers and supports features such as local programmability and atomic settlement of digital tokens.　　Tokenized Bridge: Connects existing account-based settlement systems with ledgers compatible with tokenized forms of digital currency.　　Programmable Protocols: Specifies the conditions of use for digital currencies using Purpose-Bound Money (PBM) as a general protocol.　　Name Services: Converts between complex wallet addresses and readable and verification-friendly alternative name identifiers.　　To test the widespread applicability of PBM and digital currencies in Singapore, MAS will expand the digital currency trials of the “Orchid program” and conduct four new trials with industry partners to study relevant infrastructure components and business models.　　To complement digital currency trials

2023-11-17Deep Dive

PantherTrade Submits License Application to Hong Kong SFC

The list of applicants for crypto asset trading platform licenses from the Hong Kong Securities and Futures Commission shows that there are currently a total of 6 companies applying for virtual asset trading platform licenses. The latest application is from the fully-owned subsidiary of Futu Holdings, Cheetah Trading (Hong Kong) Limited, which submitted its license application on Wednesday (15th). The virtual asset trading platform operated by the company is named PantherTrade.　　According to the information, Chen Zhihu was appointed as a director of PantherTrade on September 14. He previously served as the Investment Director at Huobi Asset Management (Hong Kong) Limited. Huobi later changed its name to Nova Tech, and Chen Zhihus No. 4 license at Nova Asset Management concluded in May 2023. Another director is Hong Yimin. The company submitted the incorporation form on March 7 this year, with the first director being Fang Xingzhi. The information indicates that Fang Xingzhi served as a director at JD Securities Limited from September 2019 to July 2020.　　

2023-11-17Deep Dive

XREX Granted Conditional Approval for Payment License by Monetary Authority of Singapore

Cryptocurrency exchange XREX has announced that the Monetary Authority of Singapore (MAS) has provisionally approved its payment license application. This approval will allow the company to offer products and services related to digital payment tokens in Singapore. Once the license is fully granted, XREX will be able to further promote its payment tool BitCheck, which supports fiat currencies, stablecoins, and other cryptocurrencies simultaneously in the local market.　　

2023-11-17Deep Dive

ChainArgos Reports a Surge of 400%-500% in On-Chain DAI Transactions in the Last Four Weeks

Blockchain analysis firm ChainArgos posted on the X platform, stating that data shows a significant increase of 400%-500% in the amount of DAI used for on-chain transactions in the past four weeks. The last time there was such a large amount of DAI changing hands on-chain was in July and August 2022. The only comparable month aside from that was November 2021.　　

2023-11-17Deep Dive

Cathie Wood: Grayscale's GBTC to Lose Advantage if Bitcoin Spot ETF Approved

ARK Invest CEO Cathie Wood stated in an interview with CNBC that if a Bitcoin spot ETF is approved, Grayscale GBTC will lose its advantage in this field. Previously, Wood mentioned in the CNBC interview that people are “speculating” that SEC Chairman Gary Gensler may want to become the US Treasury Secretary, and the Treasury Secretary needs to “pay very close attention to the US dollar,” implying that Genslers ambition to become Treasury Secretary may be the real reason for the obstruction of a Bitcoin spot ETF. Wood also predicted that a spot ETF will eventually be approved and stated that by 2030, the cryptocurrency market cap will increase from the current $1 trillion to $25 trillion. She noted that the Ethereum network is faster and has lower transaction costs than the Bitcoin network, while the Solana network is even faster and more cost-effective than the Ethereum network. Additionally, in an interview with Yahoo Finance, Wood expressed optimism about Bitcoin, predicting that the future Bitcoin price could rise to $600,000 to $650,000 based on fundamentals. However, she believes that considering the scarcity of Bitcoin and the potential influx of more institutional investments if a Bitcoin spot ETF is approved, the

2023-11-17Deep Dive

Nearly Half of Web3 Ecosystem Security Incidents Caused by Traditional Web2 Security Issues

Immunefi, the blockchain security platform, has released a new report revealing that nearly half of all cryptocurrency losses caused by Web3 vulnerabilities in 2022 were due to Web2 security issues, such as private key leaks. The report reviewed cryptocurrency exploitation events in 2022 and categorized them into different types of vulnerabilities. The conclusion of the report is that the Web3 ecosystem incurred a total loss of $3,948,856,037 in funds in 2022, including both hacking attacks and suspected fraud events. Among these losses, 46.48% were not due to smart contract defects but rather stemmed from “infrastructure defects” or issues with the computer systems of development companies. While Web2 vulnerabilities accounted for only 26.56% of the total events by quantity, they still constituted the second-largest category.　　

2023-11-17Deep Dive

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