Planet Daily | The Alpha version of the Linea mainnet is open; the US SEC began to review the Bitcoin spot ETF application this week, and the review period can be up to 240 days (July 20)


Headlines

The Alpha version of Linea mainnet is open

Linea tweeted that it has opened access to the alpha version of the mainnet to the community. Developers and RPC endpoints can access the Rollup and ETH bridge UI. A cross-chain bridge supporting ERC 20 will be launched in the next few weeks.


Cryptocurrency

The 8-year ETH ICO participating address transferred more than 61,216 ETH to Kraken

According to the monitoring of Ember, an analyst on the chain, an ETH ICO participant address transferred 61,216.6 ETH (about 116 million U.S. dollars) to Kraken. This address is the address that obtained 61,216.6 ETH from the Ethereum genesis block on July 30, 2015, which was worth $19,038 at that time (the ICO unit price was $0.311). Moved for the first time after eight years, transferred to Kraken and is currently worth $116 million.

According to data from Glassnode, the number of 1INCH held in wallets related to centralized exchanges rose to 184.28 million (worth $65 million) on Tuesday, a record high. 1INCH’s exchange balance increased by 50% in three days, accounting for 18.65% of the circulating supply of 987.6 million coins and 12.2% of the total supply of 1.5 billion coins. Ouyi OKX market shows that 1INCH is temporarily reported at 0.3454 USDT, a 24-hour drop of 9.11%. Prithvir Jhaveri, co-founder and CEO of Loch Research, said that profit-taking by whales was one of the factors driving the price of 1INCH down. (CoinDesk)

Bloomberg: Former FTX COO Constance Wang joins Sino Global Capital

Former FTX chief operating officer Zhe “Constance” Wang has joined crypto venture capital firm Sino Global Capital, according to people familiar with the matter. Wang previously served as Chief Operating Officer of FTX and Co-CEO of FTX Digital Markets, where his responsibilities included leading the exchange's global business expansion, overseeing token listings, and public relations and marketing. Sino Global disclosed after the collapse of FTX that it was an early investor in FTX. According to his LinkedIn profile, Constance Wang previously worked as a business development manager at Huobi Global and an analyst at Credit Suisse. (Bloomberg)

Project Highlights

Dune releases new features designed to improve team collaboration

Dune releases new features aimed at improving team collaboration. New features include team private folders, external link data upload and integration, real-time data scheduling, and data scheduling API.

Telegram issued about $270 million in bonds this week, with founder Pavel Durov buying a quarter of the new bonds

Telegram this week issued bonds worth about $270 million. Telegram has more than 2.5 million new user registrations every day, and the number of monthly active users exceeded 800 million earlier this year. Telegram founder Pavel Durov said that apart from focusing on Telegram work and holding some Bitcoin and Toncoin, he is unwilling to "own" other things. Pavel Durov said he personally bought about a quarter of new Telegram bonds, investing tens of millions of dollars in its development. Telegram raised $210 million through a bond offering, TechCrunch reported.

MakerDAO repurchases open, with an average repurchase of about $5,000 in MKR every 27 minutes

MakerDAO's smart destruction engine has been activated, and the current treasury surplus is 69.6 million US dollars, of which more than 50 million US dollars (19.6 million US dollars) will be used to repurchase MKR and form an LP with DAI to add to Uniswap V2. The information on the chain shows that the current average repurchase is about 27 minutes, and the average repurchase amount is about 5,000 US dollars. According to the news on July 17, the MakerDAO community has voted to approve the proposal of "Introduction to Smart Destruction Engine and Initial Parameters", which can be implemented after 3:44 on July 19, 2023, Beijing time. It is reported that the Smart Burn Engine (Smart Burn Engine) is a new smart contract system designed to allocate excess Dai from the Surplus Buffer (surplus buffer) that Maker does not use as an emergency reserve. The difference between the smart burn engine and the previous burn design is that MKR tokens will be accumulated in the form of Uniswap V2 LP tokens instead of being acquired and burned. Under the proposal, the Dai Savings Rate (DSR) would also be reduced by 0.30% from 3.49% to 3.19%. The liquidation ratio (mat) and stable fee rate of each pool will also be reduced and reduced simultaneously.

Investment and Financing

Manta development team p 0x labs completes USD 25 million Series A financing at a valuation of USD 500 million, co-led by Polychain Capital and Qiming Venture Partners

Manta Network development team p 0x labs completed a US$25 million Series A financing at a valuation of US$500 million, co-led by Polychain Capital and Qiming Venture Partners. The funds will be used to expand Manta Pacific and Manta Atlantic, the team said. (The Block) It is reported that Victor Ji, the founder of Manta Network, released a new vision this month. In the roadmap, Manta joins the OpStack and Celestia ecosystems, becoming the first Ethereum L2 to integrate with Celestia DA using OpStack. Previously, in 2021, Manta Network had completed a financing of US$5.5 million, led by ParaFi Capital and CoinFund, and more than 30 institutions including CMS Holdings, Divergence, Spartan Group, Longhash Ventures, Global Coin Ventures, SNZ, Zee Prime, and SkyVision Capital participated in the investment .

RISC Zero Completes $40M Series A Funding Led by Blockchain Capital

Zero-knowledge proof infrastructure company RISC Zero completed a $40 million Series A round of financing led by Blockchain Capital, with participation from GalaxyDigital, IOSG Ventures, RockawayX, Maven 11, FenbushiCapital, DelphiDigital, Algaé Ventures, IOBC, TributeLabs' ZeroDao, and Alchemy. Funding will help RISC Zero bring its Bonsai computing platform to market (CoinDesk)

Global Policy

The US SEC began reviewing Bitcoin spot ETF applications this week, with a review period of up to 240 days

The U.S. SEC this week began reviewing whether to approve or reject the listing applications of six bitcoin spot ETFs, including BlackRock. While the SEC released the document seeking public consultation last week, it will not officially launch the review until it is published in the Federal Register. The review period was initially set at 45 days, but could be extended to 240 days. While there is no guarantee that the SEC will approve any application, the crypto community speculates that BlackRock's application is more likely to be approved. The Bitcoin ETP Trust application filed by Bitwise was published in the Federal Register on Tuesday. The BlackRock iShares Bitcoin Trust, Fidelity Wise Origin Bitcoin Trust, WisdomTree Bitcoin Trust, VanEck Bitcoin Strategy ETF and Invesco Galaxy Bitcoin ETF will be published in the Federal Register on Wednesday. The ARK 21 Shares Bitcoin ETF was published in the Federal Register on May 15, and the SEC extended its review deadline in June. Valkyrie’s bitcoin spot ETF has not yet been published in the Federal Register, but its application was officially recognized by the SEC on Monday, a spokesperson for Valkyrie said. (CoinDesk)

U.S. Congressman Glenn Thompson plans to formally propose a digital asset market structure bill this week

Glenn Thompson (R-Pennsylvania), chairman of the U.S. House Agriculture Committee, said on Tuesday that he plans to formally introduce his cryptocurrency bill in the lower chamber this week along with Patrick McHenry (R-North Carolina), chairman of the House Financial Services Committee. According to Bloomberg, Thompson believes that the recent Ripple ruling will help garner Democratic support for the bill, as it demonstrates the need for clearer guidelines to protect consumers. The Digital Asset Market Structure Act was introduced by Thompson and Patrick McHenry and supported by Congressmen French Hill and Dusty Johnson. The bill first went to the House of Commons for preliminary scrutiny on June 2 before it is scheduled to go to a vote in July. The bill proposes a new regulatory framework to classify cryptocurrencies as securities or commodities, regulated by the U.S. Commodity Futures Trading Commission (CFTC) or the U.S. Securities and Exchange Commission (SEC). (Cryptoslate)

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Celsius Lawyer: XRP Ruling May Affect CEL Token Pricing, But Not Reorganization Plan

Lawyers for Celsius said the XRP ruling could affect the pricing of CEL tokens, but not its restructuring plans. Last week, a court ruled that institutional sales of XRP were securities, drawing the attention of Judge Martin Glenn, who is hearing Celsius' bankruptcy proceedings. Chris Koenig, an attorney at the law firm Kirkland & Ellis representing Celsius, told the court, “We do not think the XRP judgment will have any impact other than that it may have on the CEL token offering.” He added that the new company that is about to take over “ Not engaged in any securities offering, nor participated in any historical business conduct of Celsius." The Fahrenheit consortium, which recently won a bid for the Celsius asset, will focus on bitcoin mining and ethereum staking. But given that U.S. bankruptcy rules apply mandatory downgrades to customer claims related to securities, the XRP ruling could affect the repayment of funds for CEL holders. Koenig said the company previously judged the token to be worth $0.20, but it could also drop to zero, while some creditors argued that it should be valued at its apparent value of $0.81 at the time of bankruptcy. (CoinDesk)