Coin Circle Daily 2022.09.08｜Five minutes to master the global blockchain

Dear Reader:

Coinbase, the largest cryptocurrency exchange in the United States, proposed a proposal in MakerDAO to manage 33% of MakerDAO's funds, causing heated discussions in the community.

Today’s headline news in the currency circle also includes:

• The Russian government is working with allies to create a cross-border stablecoin platform.
• Mt.Gox, which was once the world's largest exchange, has continued to delay the reparation event.
• Funding from VCs is slowing, showing a decline compared to 2021.

The big guy's point of view is particularly concerned with Jeremy Allaire, the co-founder of USDC issuer Circle, who believes that Binance's automatic conversion of USDC into BUSD is a good thing for the development of USDC.

✨ The latest news in the currency circle

≣ Coinbase Proposal to Host 33% of Funds in MakerDAO

Coinbase, the largest cryptocurrency exchange in the United States, recently proposed to MakerDAO , a decentralized autonomous organization that issues the largest decentralized stablecoin DAI by market value. It hopes to escrow 33% of its funds in Coinbase, which will also bring MakerDAO an annualized 1.5% return.

The community’s response was polarized, with one group of people who believed that this would hand over the survival of MakerDAO to a centralized exchange. Others see it as a win-win situation for both parties. At present, this proposal has not yet opened for voting, but it deserves attention.

≣ The Russian government is working with allies to create a cross-border stablecoin platform

Russia is currently working with friendly countries to try to create a stablecoin cross-border payment platform to avoid the use of dollars and euros. "Stablecoins will be able to be tied to consensus assets like gold," said Alexey Moiseyev, Russia's deputy finance minister.

≣ Mt.Gox hacker compensation incident, compensation details are still delayed

In 2014, Mt. Gox, the world's largest exchange, was involved in a lengthy lawsuit due to hacking incidents. At present, up to 140,000 bitcoins will be compensated to creditors, making the market worried about the bitcoin sell-off. This event that has been discussed for a long time in the currency circle, the original official announcement stated that there will be further news at the end of August. Now creditor Eric Wall pointed out that the details of the compensation have not been clarified at present, and it is impossible to know whether it will be a one-time compensation.

Further reading: Mt.Gox compensation incident IG graphic .

≣ Funding from VCs is slowing, down from 2021

The report of KPMG, the top four accounting firms in the world, shows that due to the impact of war and inflation, although the funds invested by venture capital institutions in the cryptocurrency industry in the first half of 2022 are as high as 14 billion US dollars, exceeding the sum of 2020 and 2019, but still Growth is slowing, down from $32 billion for the 2021 total.

≣ Three Arrows withdraws $33 million from Curve

On-chain data platform Nansen pointed out that in the early morning of September 6, Three Arrows Capital (3AC) withdrew $33 million in stETH from Curve, the second largest decentralized exchange. In addition, Three Arrows Capital also withdraws a total of $12 million in wETH, wBTC and USDT from Convex. Foreign media speculate that this move is related to the need for Three Arrows Capital to pay creditors.

≣ South Korea will release "Security Token Guidelines" by the end of the year

The South Korean financial regulator will release the " Guidelines for Security Tokens " at the end of the year, laying the foundation for future regulatory policies for cryptocurrencies. In the future, South Korea will also review the listing of tokens in addition to the possibility of controlling the application of the exchange.

There has been a lot of news about the South Korean cryptocurrency industry recently. Including Samsung Group (Samsung) applying for a cryptocurrency exchange last month, and speculation that South Korea will charge a 10-50% gift tax for airdrops.

≣ Web3 game company Sorare will create NBA NFT games

Sorare is a blockchain gaming platform founded in Europe, with a market value of more than 60 million US dollars recently. It has previously created MLB NFT games of Major League Baseball and has rich experience in creating sports NFT games. This time, the NBA's NFT game is planned to be launched in mid-October, and it is expected to adopt a free experience system like the previous works.

😎 The opinion of the big guy in the currency circle

≣ Jeremy Allaire, co-founder of USDC developer Circle: “ It’s a good thing that Binance will force the conversion of USDC to BUSD .”

This response is in response to yesterday’s announcement by Binance that USDC, USDP, and TUSD will be automatically converted into BUSD on September 29, and there has been a “bad” discussion in the community. Today's co-founder Jeremy Allaire said that this combination of USD stablecoins will increase the liquidity of USDC.

≣ US Patent Office Attorney Mike Kondoudis: " As of the end of August, the number of cryptocurrency-related patent cases in 2022 has exceeded the total for the whole year of last year . "

≣Samson Mow, former strategic officer of Blockstream, a well-known blockchain company: " Ethereum 2.0 merger...complex camouflage is to cover up centralization . "

In response, Ethereum founder Vitalik Buterin seemed to disagree, responding below the same post: " (If so) what are you waiting for... "

Further reading: Samson Mow's interview with Brain Brother .

📈 On-chain data analysis

≣ CryptoSlam! : The number of Boring Ape BAYC purchases continues to decline.

According to the NFT on-chain data platform CryptoSlam! It shows that the number of buyers of NFT leader BAYC in August was only 263 , which was the second-lowest monthly number of buyers in history.

≣ Dune Analysis: stETH/ETH decoupled briefly.

According to data from Dune Analysis, the exchange rate of stETH/ETH briefly plummeted to 0.95 at 8 p.m. on September 6. Additionally, stETH/ETH has never recovered to a 1:1 ratio since May.

🐶 Daily currency circle memes / memes

The total number of hours I check Bitcoin price in a day.

📝 Daily Crypto Terms

≣ What is MakerDAO?

MakerDAO is the largest decentralized lending platform in total value locked (TVL) on Ethereum, running on Ethereum (ETH). They issue the stable currency DAI through over-collateralization, allowing us to use DAI for savings, leverage and other operations on MakerDAO.

Over-collateralization means that when we want to generate stable currency DAI, we must use other cryptocurrencies as collateral, and users can only generate DAI that is less than the collateral . And when the collateral depreciates, it will be auctioned off as compensation to maintain overcollateralization.

DAI is the fourth-largest stablecoin by market capitalization, as well as the largest decentralized collateralized stablecoin (CDP) by market capitalization.

📈 Cryptocurrency prices rise and fall

≣ Crypto Fear and Greed Index at 20 (Extreme Fear)

≣ Cryptocurrency price performance

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