Crypto Guides, Knowledge & Insights

Animoca Brands Secures $20 Million Boost For Web3 Marvel, Mocaverse

Key Points:　　Animoca Brands raises $20 million for the Mocaverse Web3 project. CMCC Global leads the funding round with other notable investors. Funds will fuel product development and ecosystem expansion, including the launch of the Moca ID NFT collection.　　Animoca Brands, a veteran player in gaming and the metaverse, has successfully secured $20 million (approximately A$31.3 million) in funding to accelerate its marquee project, Mocaverse.　　This funding round involved the issuance of new ordinary shares at a price of A$4.50 per share, with an additional offering of free-attaching utility token warrants on a 1:1 basis to round investors.　　Mocaverse, envisioned by Animoca Brands, is set to become the identity and point system for web3 gaming, culture, and entertainment.　　This project aims to create Web3-native tools that empower products in these verticals, allowing users to establish their digital identities, accumulate reputation, earn and spend loyalty points, and leverage their digital identities to access the Mocaverse ecosystem.　　The funding round, led by CMCC Global, saw participation from various notable investors, including Kingsway Capital, Liberty City Ventures, GameFi Ventures, and individuals like Aleksander Larsen, founder of Sky Mavis, and Gabby Dizon, founder of Yield Guild Games.　　Yat Siu, the executive chairman and co-founder of Animoca Brands, also joined the round.　　The

2023-09-11Deep Dive

LayerZero CEO Bryan Pellegrino Responded To FTX’s Recovery Lawsuit

Key Points:　　LayerZero CEO disputes FTXs lawsuit, citing ignored efforts to resolve issues. FTX accuses LayerZero of fraudulent deals and is on the verge of bankruptcy. The legal battle centers on a high-value transaction between Alameda Research and LayerZero Labs.　　LayerZero CEO Bryan Pellegrino has responded to the recent lawsuit filed by the FTX estate, emphasizing that the suit contains unsubstantiated claims.　　Pellegrino made his statement on X, formerly known as Twitter, asserting that LayerZero Labs, a cross-chain protocol, had actively attempted to resolve share ownership issues with FTXs liquidators for nearly a year, but their efforts were consistently ignored.　　He further alleged that the purpose of FTXs lawsuit was not to address the problem but rather to prolong the legal process with the aim of accruing additional legal fees.　　Pellegrino also debunked suggestions of “illegal” withdrawals, citing his personal deposits totaling millions of dollars leading up to FTXs bankruptcy filing. He argued that withdrawals were primarily conducted for routine business purposes, such as rebalancing gas demands between L1 currencies.　　The FTX estate‘s lawsuit revolves around transactions involving LayerZero Labs and former FTX executives on the brink of FTX’s bankruptcy.　　One major focus of the suit is a deal between Caroline Ellison, former CEO of Alameda Research,

2023-09-11Deep Dive

Coinbase CEO Predicts Crypto’s Explosive Role in 2024 Presidential Campaign

Key Points:　　Brian Armstrong highlights the industrys need for clear oversight via courts, Congress, and the CFTC. Anticipation of a new SEC chairman in 2024, potentially reshaping crypto regulation. Brace for 2024, as cryptocurrency emerges as a “hot topic” in the White House race.　　Brian Armstrong, the CEO of Coinbase, has highlighted a pressing issue in the crypto industry: the lack of clear oversight.　　In a recent statement, Armstrong emphasized that achieving clarity is essential for the industrys growth and stability.　　Armstrong pointed out several avenues through which the crypto industry can attain much-needed clarity. These include legal routes through the courts, legislative action through Congress, and regulatory efforts by the U.S. Commodity Futures Trading Commission (CFTC).　　One notable aspect of Armstrongs statement is his anticipation of a potential change in leadership at the U.S. Securities and Exchange Commission (SEC) in 2024. He expressed the belief that having a new SEC chairman could be beneficial for the crypto industry. While Armstrong did not specify the reasons for this view, it suggests that a fresh perspective on crypto regulations may be on the horizon.　　Looking ahead to the 2024 U.S. presidential campaign, Armstrong predicted that cryptocurrency could take center stage as a “hot topic” in the race

2023-09-11Deep Dive

The Dydx Foundation Has Released Its Semi-annual Ecosystem Report: v3 Trading Volume Reaches $240.5

According to official information, the dYdX Foundation has released its 2023 Half-Year Ecosystem Report. The report states that in 2023 so far, the activity on the dYdX V3 protocol has remained stable. Approximately 68,628 new accounts have been created, with a cumulative trading volume of $240.5 billion, daily trading volume reaching $1 billion, weekly fees totaling around $1.5 million, and an active user base of 61,600. Furthermore, the total trading volume on the dYdX V3 platform recently surpassed $1 trillion.　　Since announcing its plans to become a fully decentralized protocol in January 2022, dYdX has achieved four out of five milestones, including the launch of a public testnet. Following the initial public testnet release, subsequent releases of Public Testnet #2 have improved performance and expanded access to over 30 available markets. Currently, there are approximately 57 validators participating in the V4 Public Testnet #2 for dYdX Trading. The current block time on the public testnet is 1.8 seconds, with over 2.9 million transactions and 2.9 million staked tokens.　　

2023-09-11Deep Dive

Tokens Worth Over $49 Million APE and $23 Million APT Are Scheduled for Unlocking

According to Token Unlocks data, tokens from six projects are scheduled to unlock all at once this week, as follows:　　On September 11th, Moonbeam will unlock 9.7 million GLMR tokens (valued at approximately $1.74 million), accounting for approximately 1.34% of the circulating supply.　　On September 12th, Aptos will unlock 45.4 million APT tokens (valued at approximately $23.26 million), accounting for approximately 1.98% of the circulating supply.　　On September 13th, Lido will unlock 1.5 million LDO tokens (valued at approximately $2.22 million), accounting for approximately 0.17% of the circulating supply.　　On September 14th, Euler will unlock 150,000 EUL tokens (valued at approximately $405,000), accounting for approximately 0.83% of the circulating supply.　　On September 16th, Flow will unlock 7.29 million FLOW tokens (valued at approximately $2.98 million), accounting for approximately 0.70% of the circulating supply.　　On September 17th, ApeCoin will unlock 40.6 million APE tokens (valued at approximately $49.13 million), accounting for approximately 11.02% of the circulating supply.　　

2023-09-11Deep Dive

Arbitrum Dao Has Initiated the Grants Domain Allocator Election Voting

Arbitrum DAO has initiated Grants Domain Allocator election voting on Snapshot, where allocators will be responsible for reviewing and seeking funding applications, primarily focusing on four areas: gaming, developer tools, new protocol ideas, education, community development, and events.　　The voting will conclude on September 14th, and the current top nominees from the Arbitrum community with the highest number of votes are Jeremy (Gaming), Shreddy (Education, Community Development, and Events), Matt (StableLabs) (New Protocol Ideas), and Hiko (Developer Tools).　　In previous news, Arbitrum DAO announced the launch of the first-round funding for the Domain Round Grants Program on the Gitcoin protocol, which takes place on the Ethereum mainnet with a total matching pool of $100,000 (DAI). In this funding round, the Arbitrum community will determine the allocation of funds among five domains: gaming, Nova on-chain developer tools, new protocol ideas, education, community development, and events, as well as the Open Pool (decided by the community users for this domain)　　

2023-09-11Deep Dive

Former FTX Executive Ryan Salame Has Pleaded Guilty and Will Have over $1.5 Billion in Assets Confis

Former FTX executive Ryan Salame admitted on Thursday to federal criminal charges related to FTX and was released on a $1 million bond. He will have over $1.5 billion in assets confiscated. Salame acknowledged conspiring to make illegal political donations and deceive the Federal Election Commission, as well as conspiring to operate an unlicensed money transmission business.　　Salame, during his plea, told Judge Lewis Kaplan that he made political donations in his personal capacity, funded by transfers from a subsidiary of Alameda. These transfers were characterized as loans, but everyone understood that this money would not be repaid. According to Salame, these donations were to support initiatives proposed by others but backed by SBF (Sam Bankman-Fried).　　As part of the plea agreement reached with the government, Salame has been required to surrender over $1.5 billion in assets. He has agreed to pay a $6 million fine before sentencing in March next year. To make this payment, Salame has agreed to provide the government with a 2021 Porsche automobile and multiple properties, including two residences in Massachusetts, as well as ownership of the East Rood Farm company.　　Furthermore, Salame has been ordered to pay over $5.5 million in restitution to FTX creditors.　　

2023-09-08Deep Dive

Aave, Circle, Coinbase, and Base, among Others, Have Become Founding Members of the Tokenized Assets

According to Cointelegraphs report, Aave, Centrifuge, Circle, Coinbase, Base, Credix, Goldfinch, and RWA.xyz have formed the Tokenized Assets Alliance (TAC) and have become its founding members. However, any organization that aligns with the vision of “creating a unified financial system on the blockchain” can join the TAC charter.　　TACs vision includes:　　Advocating for the adoption of public blockchains and asset tokenization.　　Creating a more open, fair, and transparent system for investors.　　Addressing the inefficiencies in traditional finance and paving the way for a blockchain-native financial ecosystem.　　

2023-09-08Deep Dive

In August, the Total Trading Volume for Cex Spot and Derivatives Decreased by 11.5%

According to a report by CCData, the total trading volume for centralized exchanges (CEX) in both spot and derivatives markets decreased by 11.5% to $2.09 trillion in August.　　CCData data indicates that spot trading volume on CEXs declined for the second consecutive month in August, falling by 7.78% to $475 billion, reaching its lowest point since March 2019. Derivatives trading volume on CEXs also dropped by over 12% to $1.62 trillion in August, marking the second-lowest level since 2021. The share of derivatives in the total market trading volume has been decreasing for the third consecutive month, reaching 77.3% in August. The USD value of open derivatives positions in August decreased by 19.5% to $17.1 billion, with partially reported exchange data showing a reduction of $4.13 billion in open positions, marking the largest decrease in open positions so far this year.　　　　

2023-09-08Deep Dive

Binance Dominates With 30.7% Market Depth And 64.3% Trading Volume

Kaikos report shows heavy concentration in crypto market depth and liquidity. Binance dominates with 30.7% of global market depth and 64.3% of trade volume.　　Kaiko, a cryptocurrency data provider, recently released a report on exchange-level liquidity. The report compiled average 1% market depth and cumulative trade volume for BTC, ETH, and the top 30 crypto assets by market cap, providing a suitable gauge for measuring exchange-level liquidity.　　The report found that liquidity is heavily concentrated and has become more so over time. In 2023, Binance accounted for 30.7% of global market depth and 64.3% of global trade volume, with the top 8 largest platforms accounting for 91.7% of depth and 89.5% of volume.　　The concentration of market depth has fallen for the top exchange, from 42% to 30.7%, which suggests that Binances zero-fee trading program had an unequal impact on volume relative to market depth. However, just 8 exchanges still account for more than 90% of global market depth.　　When looking at altcoin liquidity, the report found that it is heavily concentrated on just three platforms: Coinbase, Kraken, and Bitstamp within U.S.-available exchanges. Krakens altcoin liquidity has performed particularly well, making it a strong contender with Coinbase. Since August 2022, Kraken has not seen

2023-09-08Deep Dive

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