Crypto Guides, Knowledge & Insights

Coinbase Announces Equity Stake in Circle, Plans to Deploy USDC on 6 New Blockchains

On August 22nd, according to official sources, Coinbase officially announced on social media that it has taken an equity stake in Circle. This move is intended to continue its long-standing commitment and investment in stablecoins, particularly USDC. The specific details of the equity acquisition have not been disclosed at this time.　　Coinbase further elaborated that it has streamlined the operations and governance of Circle. As the issuer of USDC, Circle will assume full responsibility and obligations. For Coinbase customers, there will be no changes to the USDC on Coinbase. Coinbase will continue to support USDC across all its platforms. Both Coinbase and Circle will continue to earn revenue from interest on USDC reserves, and USDC is also planning to launch on 6 new blockchains.　　

2023-08-22Deep Dive

Binance Labs Announces Investment in zkWASM Infrastructure Provider Delphinus Lab

According to official sources, Binance Labs has announced an investment in Delphinus Lab, a zkWASM infrastructure provider. This funding will be utilized for the ongoing development of Delphinus Labs zkWASM Hub, an application rollup platform based on zkWASM, which offers automated verification and batch processing services for Web3 application development.　　It is reported that Delphinus Lab has already achieved the first known open-source zkWASM virtual machine, which supports trustless computation and application SDK. The zkWASM technology enables developers to create ZK applications using their preferred programming languages and deploy them within environments that support WebAssembly (WASM). The incorporation of zero-knowledge proof technology with WASM enhances the security and privacy of applications, further advancing a trustless and decentralized digital environment.　　

2023-08-22Deep Dive

Band Protocol Price Feeds Go Live on Arbitrum: Enhancing Smart Contract Functionality with Real-Time

According to official sources, Band Protocols oracle price feed functionality has been expanded to support Arbitrum.　　Band Protocol operates on its own BandChain, which is a native version within the Cosmos ecosystem. It supports IBC and is EVM-compatible, enabling seamless cross-chain communication. This allows dApps on Arbitrum to interact with Band oracle solutions on various compatible chains across different ecosystems. This fosters a more interconnected and collaborative network within the blockchain ecosystem.　　In addition to token prices, Band Protocol also provides a range of data including staked assets, forex, commodities, securities, and other customized price information, seamlessly integrated into dApps on Arbitrum.　　

2023-08-22Deep Dive

Thailand Takes On Facebook’s Cryptocurrency Scam Epidemic

Key Points:　　Thailand plans legal action against Facebook after over 200,000 people fell for cryptocurrency scams.　　Scammers used celebrity endorsements and false promises of high returns.　　Thailand seeks Facebook‘s shutdown within a week, citing the platform’s responsibility for allowing scams.　　Thailands Ministry of Digital Economy and Society (MDES) has declared its intent to take legal action against Facebook unless the social media giant addresses the proliferation of investment and cryptocurrency scam advertisements on its platform.　　The MDES revealed that more than 200,000 individuals had fallen victim to deceptive ads on Facebook, promoting fraudulent cryptocurrency schemes, sham businesses, and counterfeit government institutions like the Securities and Exchange Commission.　　The ministry accused the scammers of employing various tactics, including crypto investment and trading deceptions. Some ads exploited images of celebrities and prominent financial figures, enticing unsuspecting users with promises of daily returns reaching up to 30%, ultimately luring them into these scams.　　Chaiwut Thanakamanusorn, the Minister of MDES, disclosed that despite ongoing communication and a formal letter to the platforms owner, Meta, Facebook has failed to scrutinize its advertisers, allowing fraudulent content to persist effectively.　　The ministry underscored the imperative of public vigilance, cautioning against the proliferation of these sophisticated cyber scams that leverage various strategies, from trading digital currencies

2023-08-22Deep Dive

Coinbase Prime’s Mega Haul: 1.17M UNI and 1.15M LDO Shifted by Whales!

Key Points:　　9 hours ago, a significant entity moved 1,168,596 UNIs (approx. $5.59M) and 1,149,453 LDOs (approx. $1.85M) to Coinbase Prime.　　UNIs and LDOs originated from Coinbase Primes first two months, facing potential $3.19M loss.　　According to Ember, 9 hours ago, a giant whale/organization address transferred 1,168,596 UNIs and 1,149,453 LDOs to Coinbase Prime.　　This transaction involved the transfer of a staggering 1,168,596 UNI tokens, equivalent to around 5.59 million USD, along with 1,149,453 LDO tokens, amounting to roughly 1.85 million USD. The recipient of this significant transfer was none other than Coinbase Prime, a well-known name in the world of cryptocurrencies.　　An intriguing aspect to consider is the origin of these UNI and LDO tokens. These tokens had initially emanated from Coinbase Prime during the initial two months following their launch. During this period, the average valuation of each UNI token was approximately $6.26, while the average price of LDO tokens stood at 2.38 USD. Utilizing this valuation, it becomes evident that the originating address of this transaction potentially faces a substantial loss amounting to approximately $3.19 million in terms of the market value of these tokens.　　This transaction serves as a notable event within the cryptocurrency ecosystem, indicating the movement of considerable digital assets

2023-08-22Deep Dive

Upbit Introduces CYBER Listing, Transforming Crypto Investment Landscape

Key Points:　　Aug 22, 15:00 local time: CYBER listing on Upbits BTC market.　　Immediate CYBER deposit support in 3 hours, exclusively from the Ethereum network.　　Upbit revolutionizes the crypto landscape, offering fresh investment avenues for enthusiasts.　　Upbit has excitedly revealed plans to introduce CyberConnect (CYBER) to its BTC market.　　The announcement comes as a significant development within the crypto sphere, presenting traders and enthusiasts with fresh investment prospects.　　The trading of CYBER is slated to commence at 15:00 local time on August 22, setting the stage for an eagerly anticipated launch. This unveiling holds the promise of injecting newfound vitality into the cryptocurrency market, as traders gear up to explore the potential presented by CYBER‘s arrival on Upbit’s trading platform.　　Upbit has also outlined its plan to enable CYBER deposit support within a mere three hours following the release of this announcement. This proactive measure aligns with the exchanges dedication to providing seamless experiences for its user base.　　CYBER only accommodates deposits originating from the Ethereum network. This specification establishes a clear framework for traders and investors seeking to engage with CYBER on platform, ensuring compatibility and security in their transactions.　　UB‘s decision to include CYBER on its trading roster signifies the exchange’s ongoing commitment to enhancing its cryptocurrency

2023-08-22Deep Dive

Exactly Protocol Lending Update: Protocol Suspension Lifted, No Liquidations Occurred

On August 18, 2023, Exactly Protocol suffered a cross-chain bridge attack due to insufficiently validated input parameters, resulting in a loss of $12.04 million. Exactly Protocol took to Twitter to announce that they are actively investigating the security issue within the protocol. In order to ensure user safety, the protocol has been temporarily paused (users can still withdraw their assets). The team is currently addressing the situation and will share more detailed information as soon as possible.　　On August 21st, Exactly Protocol announced that the protocols suspension has been lifted, and users are now able to perform all operations without any issues. No liquidations occurred during the incident. Exactly Protocol further clarified that the hacker attack only impacted users who utilized the peripheral contract (DebtManager), while unaffected users remain unharmed. The protocol is still operating normally.　　Regarding the hacker incident and fund recovery efforts, the team is actively engaged in multi-faceted work, with ongoing updates being communicated and decided upon through DAO voting. Currently, the team is in the process of compiling a post-mortem report, which will be shared with the community in the coming days.　　According to Defillama data, Exactlys TVL has decreased from its peak of 39.5 million USD to 8

2023-08-21Deep Dive

friend.tech Trading Volume Surpasses 30,000 ETH, Protocol Revenue Exceeds 1,300 ETH

As a decentralized social platform, friend.tech enables users to purchase shares of any user on the platform through a strong integration with Twitter (now renamed X). This is achieved by leveraging the Ethereum blockchain on the Base network. By acquiring these shares, users gain the privilege of engaging in direct conversations with the individuals they hold shares in. Additionally, theres also the potential to profit from these interactions.　　According to data from Dune Analytics, since its launch on August 10th, the total trading volume on friend.tech has reached 30,425.5 ETH, with protocol fees amounting to 1,383 ETH.　　Based on the combined available information, friend.tech announced on August 15th that it would commence airdropping reward points to application testing users starting from August 18th. These points will be collected off-chain during the testing phase and are expected to serve a specific purpose upon the official launch of the application. On August 19th, friend.tech announced the successful completion of its seed funding round, with investment participation from Paradigm.　　The convergence of these two factors has contributed to the protocols strong data performance.　　

2023-08-21Deep Dive

HashKey will launch a retail-investor trading platform on August 28th, limiting investments to no mo

HashKey has issued an announcement stating that they will launch a trading platform tailored for retail investors on the 28th (next Monday). During an interview, Chief Operating Officer of HashKey Group, Livio Weng, mentioned that initially, retail investors will have the option to purchase BTC and ETH, with a restriction on virtual asset investments not exceeding 30% of their total assets.　　Livio Weng explained that a tiered system will be established for retail investors. Through a KYC process, the investors investment experience and risk tolerance will be evaluated. Additionally, a questionnaire will be used to assess the understanding of virtual assets, keeping novice investors participation relatively limited. In the initial phase, the first batch of retail investors will only be able to purchase BTC and ETH. Currently, the regulatory authorities have not granted approval for margin and derivative tools. However, once regulatory permissions are granted, various products will be introduced and categorized for different user segments.　　HashKey will collaborate with multiple commercial banks to provide fiat currency deposit and withdrawal services to users. Initially, transactions will support USD and will not include HKD support for the time being. Only bank card transactions will be accepted temporarily, and credit card transactions will not

2023-08-21Deep Dive

Ripple’s Lawsuit: SEC Granted Appeal Opportunity In Battle Over XRP’s Regulatory Status

U.S. District Judge Analisa Torres has given the green light for the U.S. Securities and Exchange Commission (SEC) to pursue an interlocutory appeal in its ongoing case against Ripple Labs.　　The development comes as the SEC seeks to challenge the courts ruling that Ripple did not violate securities laws when making XRP available to retail traders via exchanges.　　The decision by Judge Torres, who presides over the U.S. District Court for the Southern District of New York, allows the SEC to file an appeal, which must be submitted by August 18.　　Ripple Labs, along with its CEO Brad Garlinghouse and co-founder Christian Larsen, had opposed the SECs appeal request, contending that no new legal matters were at play.　　The case, a pivotal testing ground for the SEC‘s regulatory purview over cryptocurrencies, could potentially reshape how the agency oversees the digital asset market. The dispute revolves around whether Ripple’s XRP sales required registration with the SEC, as the agency argued in a lawsuit initiated in 2020.　　In her initial judgment, Judge Torres deemed that only Ripples sales of XRP to institutional investors were subject to securities laws, a finding that excluded the approximately $757 million in XRP sales to retail investors on crypto exchanges from the

2023-08-21Deep Dive

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