Evening News | Hong Kong Stock Exchange plans to establish a digital asset trading platform Diamond; cross-chain bridge protocol Stargate has a serious vulnerability that has been fixed

Organizer: Biscuit, Chain Catcher

1. HKEX plans to establish a pilot digital asset trading platform "Diamond" this year, which can operate 24 hours

According to Hong Kong 01, HKEX held a corporate day event today, where CEO Nicolas Aguzin stated that HKEX plans to establish a new pilot digital asset trading platform called "Diamond" this year. Aguzin pointed out that the current market value of digital assets is about $3 trillion, and it is expected to grow to $100 trillion in ten years, which is a project that excites the exchange.

HKEX Co-Head of Markets Su Yingying stated that the new digital asset trading platform Diamond will utilize smart contracts, blockchain, cloud technology, and a large user base, allowing it to operate 24 hours. The platform will accept trading of different asset classes and aims to become a one-stop platform for data, trading, settlement, and wallet management, initially focusing on ESG (Note: Environmental, Social, and Governance) products, with plans to launch within this year. (Source link)

2. Ripple Executive Chairman initiates "Change the Code, Not the Climate" campaign to push Bitcoin to reduce energy consumption

Ripple Executive Chairman and Co-Founder Chris Larsen, along with several climate activist groups including Greenpeace, is launching a "Change the Code, Not the Climate" campaign aimed at pressuring the Bitcoin community to change its energy-intensive mining practices. The campaign will purchase advertisements in major publications next month.

Larsen stated that he plans to invest $5 million to fund the campaign, partly because he believes that unless Bitcoin changes, it will not continue to gain support from investors. He also mentioned that the electricity consumption issue of Bitcoin can be addressed through soft forks or hard forks, stating, "With Ethereum's changes, Bitcoin has become an outlier."

However, CoinShares Bitcoin researcher Chris Bendiksen stated, "I think the likelihood of Bitcoin transitioning to PoS is 0%. The Bitcoin community has no interest in compromising the protocol's security by taking such actions." (Source link)

3. Cross-chain bridge protocol Stargate experiences serious vulnerability, now fixed

In response to criticism from some Twitter users regarding the cross-chain bridge protocol Stargate replacing its source code verification library with an unverified contract without public disclosure, LayerZero Labs Co-Founder @ryanzarick tweeted that they received a warning from the Optimism team last week, notifying them that a suspicious wallet began attempting unusual attacks on Stargate. After in-depth research by @samczsun, a potential threat was discovered in the verification library, but there was no direct risk. Last week, the team deployed an updated verification library, which has now been updated and verified.

@samczsun tweeted that this update was to address a serious vulnerability he disclosed a few days ago, so it was better not to announce it to the world, especially since the source code has always been available on GitHub. (Source link)

4. Public chain Waves' total locked value exceeds $4.1 billion, token price hits all-time high

According to DefiLlama data, the total locked value of the public chain Waves has exceeded $4.1 billion, with a 24-hour increase of over 66%, of which the locked value of the algorithmic stablecoin protocol Neutrino (NSBT) accounts for 68.04%. Additionally, the WAVES token has reached an all-time high, peaking at $54 today.

Previously, Waves established Waves Labs in Miami, USA, aiming to execute international expansion plans, including establishing an ecosystem fund and recruiting and marketing, and supporting projects built on Waves through funding and guidance. (Source link)

5. Bybit plans to move global headquarters from Singapore to Dubai, UAE

According to UAE media khaleejtimes, Bybit announced at the World Government Summit held locally that it will move its global headquarters from Singapore to the UAE. Bybit Co-Founder and CEO Ben Zhou stated that the company has received in-principle approval to conduct comprehensive virtual asset business in Dubai.

At the same time, Crypto.com also announced that it will establish its Middle East and Africa headquarters in Dubai and plans to hire about 100 to 200 employees. (Source link)

6. Cashio attacker: will refund victims with funds below $100,000

The attacker of the Solana algorithmic stablecoin project Cashio stated tonight through on-chain transaction messages that they will refund accounts holding CASH, saber CASH/usdc LP, and saber CASH/ust LP with values below $100,000, stating, "My goal is just to take money from those who don't need it, not from those who do."

The attacker expressed hope that Discord accounts jimthereaper#6550 and The Saint Eclectic#1238 would lead the refund process and require victims to provide ETH addresses, original Solana wallet addresses, proof of actual losses, explanations of the source of funds, and reasons for needing the funds, all compiled in one document. The attacker will choose who can be refunded next week and will manually refund in ETH. Users applying for refunds may receive full, partial, or no recovery.

Previously, on March 23, Cashio experienced an infinite minting vulnerability, resulting in losses of about $50 million. Afterward, the project stated that if the hacker returned the funds, they would be willing to offer $1 million USDC as a bounty. (Source link)

7. Binance US CEO: plans for IPO in 2-3 years

Binance US CEO Brian Shroder stated at the Binance Blockchain Week event that the exchange plans to conduct an initial public offering (IPO) within two to three years and announced hundreds of millions in financing in April. Brian Shroder also emphasized that the exchange is not a subsidiary or affiliate of Binance. (Source link)

8. Polygon releases PoS chain outage analysis report: incorrect software release order during Heimdall chain repair caused outage

Polygon's official account released an analysis report on the recent outage of the Polygon PoS chain, stating that Polygon PoS consists of two main components. The Heimdall chain is the proof-of-stake validator layer based on staking, while the Bor chain is the block producer layer based on geth. There were issues with the state synchronization mechanism of the Heimdall chain, and during the repair process, the incorrect order of software releases and a second error caused both services to go offline. However, user funds and data were not lost.

Additionally, the team announced improvement plans, stating that they are making Heimdall more secure by adding dynamic transaction gas limits, increasing block gas limits, and adding batch state synchronization transactions, and will further redesign the Heimdall/Bor architecture. Furthermore, the team has hired new employees with expertise in technical emergency management to quickly address network status. (Source link)

"What articles are the editors of Chain Catcher reading?"

1. "GameFi 2.0: Designing Self-Evolving P2E Game Economies"

For Crypto games, this industry is just getting started, and PMF has not yet emerged. Founders will inevitably make mistakes in their pursuit of success. It is almost impossible for any team to perfect the token economy in a game on the first attempt, yet most games only have one chance to iterate. In fact, games like Axie Infinity and Thetan Arena have already encountered the aforementioned issues. Taking SLP as an example, the original design intention of this token was to explore new cold-start customer acquisition channels. After the rise of the P2E narrative, the SLP token economy has proven to be unsustainable in the face of a large user base.

2. "The Evolution of Web3 Thinking: From Minimum Viable Product to Minimum Viable DAO"

A project or product generated by a well-functioning DAO can produce a positive-sum outcome compared to MVPs from the Web2 era. The flow of funds for MVPs often goes from the community to the creating team, and this circulation is often accompanied by losses.

In contrast, under the operation of a DAO, the community and the creating team continuously attract people from outside the community to join, with the flow of funds moving from outside the community to within, rather than being concentrated from many to a few within the community.