Crypto Guides, Knowledge & Insights

dYdX Community Approves dYdX V4 And DYDX Token Migration

Key Points:　　The dYdX community greenlights dYdX V4 adoption and DYDX token migration to the dYdX Chain.The Ethereum-to-DYdX Chain bridge will convert DYDX to wethDYDX with similar features. Wintermute seeks support for the Long Timelock vote ahead of the dYdX Chain mainnet launch.　　In a significant development, the dYdX community has given its stamp of approval to the dYdX V4 adoption and DYDX migration proposal put forth by Wintermute. This pivotal decision signals a major shift in the dYdX ecosystem, promising exciting changes for its users.　　The key components of this proposal include the adoption of dYdX V4 open-source software as the next version of the dYdX protocol and the selection of DYDX as the Layer 1 (L1) token for the dYdX Chain.　　Under this proposal, the dYdX community commits to adopting the Ethereum smart contract, commissioned by the dYdX Foundation, which would facilitate a permissionless and autonomous one-way bridge for migrating DYDX tokens from Ethereum to the dYdX Chain.　　This move aims to seamlessly integrate DYDX into the new chain and unlock its full potential.　　Furthermore, its worth noting that the proposal also emphasizes that wethDYDX, the resulting token from this migration, will maintain the same governance and utility functions as Ethereum-based DYDX (ethDYDX) on

2023-09-04Deep Dive

Arbitrum’s Ambitious Incentive Plan: Fueling Growth and Innovation

Key Points:　　“Arbitrum Short-Term Incentive Plan” allocates 75 million ARB from the DAO treasury for community support. This innovative program involves a two-round voting process, directing funds to incentivize network growth, experimenting with grants. The initiative also prioritizes transparency, accountability, and data generation to shape future incentive strategies and promote innovation.　　The Arbitrum community has unveiled a bold initiative known as the “Arbitrum Short-Term Incentive Plan”.　　The proposal, recently submitted on the Arbitrum community forum, aims to allocate up to 75 million ARB rewards from the DAO treasury to actively support the protocol in addressing short-term community needs.　　This innovative program will undergo a two-round voting process, encompassing a financial proposal and an application process.　　The financial proposal allocates 75 million ARBs to multi-signature addresses designated in the plan, while an additional 37,000 ARBs will be directed toward the operating budget for community and project promotion.　　The programs core objectives revolve around stimulating the growth of the network and ecosystem. Firstly, it aims to accelerate incentives for Arbitrum dApps, fostering the expansion of the network.　　Additionally, the initiative delves into the experimentation of incentive grants, seeking to uncover fresh strategies that enhance user engagement, increase transaction volumes, and boost liquidity within the Arbitrum ecosystem.　　Another key aspect is

2023-09-04Deep Dive

Nigeria Leads The World In Crypto Awareness: Unveiling Web3 Insights And Regional Contrasts

Key Points:　　A survey shows that 99% of Nigerians are aware of and have a strong willingness to invest. Only 8% are familiar with Web3, despite high crypto awareness. Europe, Japan, and South Korea are skeptical, while Southeast Asia and Africa are enthusiastic about crypto.　　A recent survey conducted by ConsenSys in collaboration with YouGov has unveiled Nigeria as the global leader in cryptocurrency awareness.　　Out of 15 countries surveyed across all continents, 99% of respondents in Nigeria claimed to be aware of cryptocurrencies, with a staggering 90% expressing a willingness to invest in them. Notably, 70% of Nigerians also demonstrated a sound understanding of blockchain technology.　　This comprehensive study aimed to gauge global perceptions surrounding cryptocurrencies, NFTs, Web3, blockchain, and the metaverse. It revealed that 92% of respondents worldwide had heard of cryptocurrencies, with Nigeria, South Africa, and Brazil emerging as the most crypto-savvy nations.　　Despite this widespread awareness of cryptocurrencies, only 8% of respondents considered themselves very familiar with the concept of Web3, suggesting a gap in understanding its potential for addressing issues like privacy, identity, and digital ownership on the Internet.　　Interestingly, the survey found that 50% of respondents believed Web3 added value to the internet, with 67% asserting that they should own

2023-09-04Deep Dive

This Week, Imx Tokens Worth over $9.81 Million and Hft Tokens Worth $1.07 Million Will Be Unlocked

According to Token Unlocks data, tokens from seven projects will be unlocked in a single event this week. Here are the details:　　On September 4th at 11:06 AM, Tornado Cash will unlock 22,800 TORN tokens (approximately worth $61,000), which represents approximately 1.51% of the circulating supply.　　On September 5th at 8:00 AM, Liquity will unlock 657,000 LQTY tokens (approximately worth $546,000), which represents approximately 0.7% of the circulating supply.　　On September 5th at 8:00 PM, Galxe will unlock 416,000 GAL tokens (approximately worth $471,000), which represents approximately 0.9% of the circulating supply.　　On September 6th at 3:54 AM, LooksRare will unlock 12,500,000 LOOKS tokens (approximately worth $675,000), which represents approximately 2.29% of the circulating supply.　　On September 7th at 8:00 AM, Hashflow will unlock 3,230,000 HFT tokens (approximately worth $1.08 million), which represents approximately 1.84% of the circulating supply.　　On September 8th at 8:00 AM, Moonbeam will unlock 3,040,000 GLMR tokens (approximately worth $561,000), which represents approximately 0.42% of the circulating supply.　　On September 9th at 6:00 AM, ImmutableX will unlock 18,080,000 IMX tokens (approximately worth $9.92 million), which represents approximately 1.61% of the circulating supply.　　

2023-09-04Deep Dive

In August, the Cryptocurrency Market Saw a Total Funding of $662 Million, Marking a 57% Year-On-Year

According to data from RootData, the cryptocurrency markets funding in August 2023 amounted to $662 million. This represents a 57% decrease compared to August 2022 ($1.54 billion) and a 20% increase compared to July 2023 ($549 million). Additionally, there were 73 funding rounds in August, marking a 45% year-on-year decrease.　　The top three funding rounds by amount in August were as follows:　　Financial technology company Ramp secured $300 million in funding, achieving a post-investment valuation of $5.8 billion.　　Cryptocurrency financial services company BitGo raised $100 million in funding, with a valuation of $1.75 billion.　　Layer 1 interoperable blockchain network ZetaChain completed a $27 million equity financing round.　　

2023-09-04Deep Dive

Gala Games Founders Have Been Reported to Have Filed Lawsuits against Each Other

According to documents disclosed by Magic Book founder Jake Browatzke on the X platform, Gala Games founder and CEO Eric Schiermeyer and co-founder Write Thurston have filed lawsuits against each other.　　The documents reveal that Eric Schiermeyer has accused Write Thurston and the holding investment vehicle True North of stealing 8,645,014,077 GALA tokens from Gala Games and allegedly transferring and selling approximately $130 million worth of stolen GALA tokens. In addition, Eric Schiermeyer alleges that Write Thurston stole licenses to operate “nodes” on the Gala ecosystem and sold them to others for personal gain, as well as manipulated nodes to earn GALA tokens. Eric Schiermeyer is requesting the court to issue a judgment against Thurston and True North and to order the defendants to return the stolen GALA tokens and any profits exchanged or sold from the stolen GALA tokens. He also seeks to have the defendants compensate the company for their ill-gotten gains, including profits obtained through stolen GALA tokens and stolen licenses, and to remove Thurston from the companys board of directors, as well as to cover all legal expenses.　　On the other hand, Write Thurston accuses Eric Schiermeyer of destroying over $600 million worth of GALA tokens belonging to

2023-09-04Deep Dive

The Sec Has Postponed the Decision on at Least Three Bitcoin Spot Etf Applications

The SEC will postpone its decision on three Bitcoin spot ETF applications submitted by WisdomTree, Valkyrie, and Invesco. The SEC believes that more time is needed to determine the fate of these Bitcoin spot ETF applications, and the decision has been postponed to mid-October.　　“The Commission believes that providing a longer period for approval is appropriate, allowing us sufficient time to consider the proposed rules and address any issues therein,” stated the SEC. Furthermore, the SEC did not specify the exact reasons for the delay.　　Previously, it was reported that the SEC was expected to respond to a series of Bitcoin spot ETF applications by the end of this week.　　In addition, FOX reporter Eleanor Terrett posted on the X platform that Bitwise has requested the withdrawal of its initial application for the Bitwise Bitcoin and Ether Equal Weight Strategy ETF, which was submitted on August 3rd. This fund aimed to provide investors with market-cap-weighted exposure to BTC and ETH futures contracts.　　

2023-09-01Deep Dive

In August, the BTC holdings on centralized exchanges dropped to their lowest levels since January 20

Data shows that as of the end of August, centralized exchanges held 2,010,346 Bitcoins, a decrease of 86,305 coins (a 4.1% drop) compared to the beginning of the month, marking the lowest level since January 2018. The reduction in the number of Bitcoins held by exchanges indicates investors confidence in the long-term prospects of Bitcoin and can also be interpreted as traders selling off while waiting for more favorable market conditions.　　Adam Mourad, data analyst at CryptoQuant, said, “The large number of bitcoins moving from trading platforms to secure cold wallets underscores the confidence of long-term investors.”　　

2023-09-01Deep Dive

HashKey Capital Launches Its First Secondary Crypto Asset Fund

HashKey Capital has launched its first secondary cryptocurrency asset fund, which will be operated by the investment department of Hashkey Group and primarily target high-net-worth individuals and affluent families in Asia. Its fund manager, Jupiter Zheng, stated that up to 50% of the funds will be allocated to BTC and ETH, with a certain allocation to altcoins.　　HashKey Capital is a globally-focused asset management institution specializing in blockchain and cryptocurrency investments, having invested in over 500 projects and managing assets exceeding $1 billion in total.　　

2023-09-01Deep Dive

52% Of Turkish Adults Are Now Investing In Crypto: KuCoin Report

KuCoins report shows that 52% of Turkish adults are now investing in crypto within the next 18 months. Rising interest is linked to the Turkish lira‘s 50% loss against the USD, signaling crypto’s appeal as an inflation hedge. The survey underscores diverse motivations and cryptographic applications across different age groups.　　KuCoin, a prominent cryptocurrency exchange, has launched its latest report, “Into The Cryptoverse: Understanding Crypto Users,” focusing on Turkish investors. This report provides a comprehensive overview of the crypto landscape in the country, delving into the behaviors, preferences, and trends among adult crypto investors.　　A notable surge in Turkish adult participation in crypto investment has emerged from the survey findings. More than half of Turkish adults, a significant 52%, have ventured into crypto investments.　　Source: KuCoin　　Impressively, this figure has escalated by 12% over the past 18 months, soaring from 40% in November 2021 to the current 52% as of May 2023, defying market challenges.　　This surge signifies a growing enthusiasm for cryptocurrencies as a hedge against inflation, especially with the Turkish liras depreciation of over 50% against the US dollar. The report serves as a valuable resource for crypto enthusiasts, investors, and businesses seeking insights into the Turkish crypto market.　　Of note, young women aged

2023-09-01Deep Dive

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