Crypto Guides, Knowledge & Insights

BRC-20 Faces Double-Spending Risk: Magic Eden Suspends BRC-20 Trading

According to the community user @SanjFomojis on the X platform, “Currently, different markets are using different versions of ord, and they index different token IDs. Before Magic Eden, OKX, and UniSat Wallet all adopted the same ordinal numbers, there is a risk of double-spending when trading BRC-20 tokens.”　　Magic Eden announced on the X platform, “We have temporarily suspended BRC-20 token trading to best protect our users until all BRC-20 tokens achieve full consensus.” Magic Eden stated that all other transactions on their platform are operating normally and are not affected.　　

2023-10-23Deep Dive

SuperDAO to Phase Out Operations and Return Significant Remaining Funds to Investors

Superdao, a platform for Web3 growth and DAO creation, has announced that it will be shutting down. Superdao began building growth and analytics tools for existing Web3 projects in 2022. However, it found that the crypto industry itself had become much smaller than its initial ambitions of being the “new internet.” Providing specialized tools for crypto companies was less likely to yield venture-scale returns.　　With this perspective, Superdao has decided to return the remaining significant funds to investors and gradually wind down its operations. The team members of Superdao have already founded at least seven new companies, and some of their work will be released as open-source projects.　　Earlier in January 2022, Superdao announced a successful seed round financing with a valuation of $160 million, raising $10.5 million. Investors included AllianceDAO, Signal Fire, Pear VC, DIGITAL, One Block Capital, among others.　　

2023-10-20Deep Dive

Alliance DAO Announces 8 Web3 Accelerator Program Recipients, Spanning DeFi, NFTs, and More

Alliance DAO has announced its latest batch of All11 Demo Day-selected startup projects. Out of 1083 applications, only six teams have been accepted into the program and are graduating. Additionally, two startups from All10 are also participating in the showcase. Here are introductions to these eight startup companies:　　Kravata: A bridge between Latin American fiat and cryptocurrencies, currently preparing for a seed round of financing. Its services include on-ramps and off-ramps for converting fiat currencies into cryptocurrencies, as well as market-making and cross-border transfer systems. Investors include Circle Ventures, Framework Ventures, Alliance DAO, and others.　　Thunder: An on-chain trading terminal, currently seeking strategic investors for a seed round of financing. Thunder is a product of Eversify and is an “intent-based” on-chain trading terminal aimed at providing users with support for major blockchain and trading platforms like OpenSea and Uniswap.　　Sleepagotchi: A sleep game based on NFTs, designed to gamify sleep by using NFTs to help people develop healthy sleep habits. Its already available on the Apple App Store and previously raised $3.5 million in funding in January, with participation from 6th Man Ventures, Sfermion, 1kx, Shima Capital, and others. It is currently seeking strategic investors.　　Blockcast: A decentralized broadcast delivery network, currently undergoing a

2023-10-20Deep Dive

4 Web3 Social Protocols with TVL Over $1 Million, friend.tech Tops the List at $43.39 Million

DefiLlama data indicates that there are currently four Web3 social protocols with Total Value Locked (TVL) exceeding $1 million. These protocols are as follows:　　friend.tech, based on Base, with a TVL of $44.39 million.　　Tomo, based on Linea, with a TVL of $1.88 million.　　New Bitcoin City, based on the Bitcoin Layer2 network NOS, with a TVL of $1.59 million.　　Stars Arena, based on Avalanche, with a TVL of $1.3 million.　　

2023-10-20Deep Dive

The Future of Islamic Cryptocurrencies

With the Muslim population projected to surge to a staggering 2.8 billion by 2050, the economic implications are profound. This vast audience, actively seeking modern financial solutions that align with their faith, presents an unparalleled opportunity in the world of finance and technology especially when it comes to blockchain and cryptocurrency.The Principles of Islamic Finance　　Islamic finance, with its emphasis on ethical investing, risk-sharing, and tangible asset backing, offers a unique perspective on the financial world. At its core, it prohibits interest (Riba), ensuring transactions are just and equitable. Traditional cryptocurrencies, with their speculative nature, often clash with these principles, leading to a pressing need for a solution that bridges the gap.The Need for Islamic Cryptocurrencies　　Over a billion Muslims worldwide seek financial products that resonate with Islamic values. While the allure of decentralized finance is undeniable, its alignment with Shariah principles becomes paramount for its acceptance in Muslim communities. This growing demand underscores the potential and need for genuine Islamic cryptocurrencies.　　Islamic cryptocurrencies promise a world where transactions are both modern and ethical. They champion financial inclusion, especially for Muslims seeking Shariah-compliant solutions. By tapping into the vast Muslim demographic, these cryptocurrencies not only promise individual empowerment but also herald significant economic

2023-10-20Deep Dive

Crypto Winter Might Be Over, Says Morgan Stanley, All Eyes On April 2024

According to a report by the global investment bank Morgan Stanley, signs indicate that the cyclical “crypto winter” bear market, which has plagued the cryptocurrency industry, may finally end.　　The report explores the historical pattern of Bitcoins (BTC) performance following halving events that occur approximately every four years. Furthermore, the report estimates that the next halving event could occur around April 2024.　　The Cyclical Nature Of Crypto Markets　　Per the report, Bitcoin, the dominant cryptocurrency, is a barometer for the overall crypto market. One distinctive feature of Bitcoin is its halving process, which creates scarcity and helps maintain its value.　　Every four years, the number of BTC generated every 10 minutes is halved. This deliberate reduction in supply has historically affected Bitcoins price, often triggering a bullish market rally.　　Previous cycles have witnessed three notable bull runs that lasted 12 to 18 months after each halving event.　　The four-year cryptocurrency cycle aligns with the seasons, providing a framework to understand market behavior:　　According to Morgan Stanley, summer represents the phase immediately following a halving event, during which Bitcoins price gains are typically observed until it reaches a new peak.　　Fall signifies when Bitcoin surpasses its previous high, attracting media attention, new investors, and businesses. This phase indicates that

2023-10-20Deep Dive

Aptos Mainnet Incident Report Shows Code Issue Resolutions

Aptos, a blockchain platform known for its commitment to seamless transactions, recently released a report detailing an incident on its mainnet that led to transaction delays.Aptos Mainnet Incident: A Deep Dive into the Challenge and Resolution　　The Aptos mainnet incident occurred at approximately 4:15 PM PDT but was successfully resolved by 9:30 PM PDT on October 18.　　Crucially, it was determined that the Aptos mainnet incident was not caused by transaction overload, as no committed transactions were lost, and no forks occurred. Instead, the root cause was traced back to non-deterministic code that had been introduced as part of a performance-focused code change on August 22, 2023.　　This non-determinism in the code became evident when the FeeStatement event, introduced on October 16, exposed the issue. Validators on the network were unable to agree on the amount of gas used in executing transactions due to this non-deterministic code. The team identified and rectified the problem by reversing the code change from August.Unveiling the Secrets Behind a Swift Recovery　　Remarkably, this incident marked the first significant latency experienced on the Aptos network since its mainnet launch. The issue had not surfaced during any prior testing, including on the testnet.　　In response to the Aptos mainnet incident, its

2023-10-20Deep Dive

Mark Cuban And Elon Musk Challenge SEC’s Use Of Administrative Proceedings

Mark Cuban and Elon Musk challenge SECs use of in-house judges, arguing denial of jury trial, unequal outcomes, erosion of trust, and limited market information.　　Elon Musk and Mark Cuban have joined forces to challenge the Securities and Exchange Commission (SEC) regarding its use of in-house judges in administrative proceedings. In a joint amicus brief, they argue that the current system denies defendants the right to a jury trial and raises serious concerns about the SECs exercise of power.Unequal Outcomes in SEC Administrative Proceedings　　They emphasize that administrative proceedings result in unequal outcomes for defendants, erode trust in public institutions, and limit the availability of valuable market information. The brief highlights the SECs demand for transparency and disclosure while utilizing administrative proceedings that lack the rigor and deliberation of a jury trial.　　The amici, including Phillip Goldstein, Nelson Obus, Manouch Moshayedi, and the Investor Choice Advocates Network (ICAN), stress the importance of the SEC being required to litigate appropriately in all circuits. They assert that respondents in SEC administrative proceedings are denied the right to a jury trial and the protections of federal rules of evidence and procedure.Mark Cuban and Elon Musk Challenge SECs Use of In-House Judges　　The lack of due process undermines

2023-10-19Deep Dive

Middle East crypto regulatory clarity is driving in the industry

Middle East crypto regulatory frameworks are progressive, attracting cryptocurrency exchanges and businesses to the UAE, Dubai, and Bahrain." />　　Middle East Crypto Regulatory Clarity Is Driving Cryptocurrency Industry Growth　　The Middle East Crypto Regulatory progressives are driving the cryptocurrency industry growth. UAE, Dubai, and Bahrain are attracting major cryptocurrency exchanges and businesses with their progressive regulatory approaches.　　According to Alex Chehade, head of Binance FZE in Dubai, the region has become a virtual haven for cryptocurrency enterprises in the Persian Gulf. The Middle East stands out for its transparent and certain regulations. Dubai has VARA (Virtual Assets Regulatory Authority) as a dedicated regulator for virtual assets. ADGM has its virtual asset framework, and Bahrains central bank is welcoming towards cryptocurrencies.Jurisdictional Challenges and Business Attraction　　Chehade believes that many other jurisdictions still struggle to understand the complexities of the cryptocurrency landscape and lack the capacity for regulatory measures. As a result, businesses and events like GITEX and the Future Blockchain Summit are increasingly drawn to the Middle East for its business-friendly environment.　　Regulatory certainty is crucial for businesses to make long-term plans. The regulatory frameworks in these jurisdictions provide the necessary stability. Binances Dubai-based operation has around 600 employees and is committed to supporting the cryptocurrency

2023-10-19Deep Dive

FTX customer refund plan outlines settlement to return 90% of funds

According CoinDesk, FTX customer refund plan could return up to 90% of creditor holdings that were held at the exchange before it went bust.Recovery Proposal for Creditor Holdings at Bankrupt Crypto Exchange FTX　　The debtors‘ group, overseeing the bankruptcy process, plans to file the proposal with a U.S. Bankruptcy Court by December 16, 2023. FTX collapsed after CoinDesk published revelations about its balance sheet. The new CEO, John J. Ray III, criticized the company’s financial controls, and founder Sam Bankman-Fried is facing criminal charges.　　The proposal suggests dividing the missing customer assets into three pools based on the circumstances at the start of the Chapter 11 cases: assets for FTX.com customers, assets for FTX.US customers, and a general pool of other assets. Customers with a preference settlement amount below $250,000 can accept the settlement without any reduction in claim or payment. Creditors would also receive a “Shortfall Claim” against the general pool, corresponding to the estimated value of the missing assets at the exchange. However, there may be obstacles to the recoveries, such as taxes, government claims, and token price fluctuations.

2023-10-19Deep Dive

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