Evening News | SBF donates $16 million to U.S. Super PAC; Metaverse project BUD completes $36.8 million Series B funding

Organizer: Hsilung, Chain Catcher

"What important events have occurred in the past 24 hours?"

1. SBF donates $16 million to U.S. super PACs, becoming one of the largest donors to external political groups

According to Bloomberg, based on the latest filings with the Federal Election Commission, Sam Bankman-Fried (SBF), the founder of cryptocurrency exchange FTX, donated $16 million to super PACs in April, making him one of the largest donors to external political groups as the primary elections ramp up. SBF contributed $10 million to the super PAC "Protect Our Future," indicating it supports candidates who can help prevent the next pandemic.

Previously, in November 2020, SBF donated $5.2 million to the campaign of current Democratic President Joe Biden. (Source link)

2. Hang Seng Index announces the launch of the Hang Seng China Metaverse Index

The Hang Seng Index Company announced today the launch of the Hang Seng China Metaverse Index and the Hang Seng Shanghai-Shenzhen-Hong Kong Gene and Oncology Index, adding new members to its major trend index series and further enriching product diversification. (Source link)

3. THORChain: All THORFi work will cease

The decentralized cross-chain trading protocol THORChain tweeted that THORChain developers will focus solely on L1 DEX and stability and security from now until the planned phase-out. Currently, all THORFi work will stop. The community may have the opportunity to revisit it in the future. THORChain previously initiated a vote on Twitter, allowing users to choose whether THORChain should continue THORFi development or focus on the original Layer1 DEX. (Source link)

4. BSN to launch open-source international version "BSN Spartan Network" overseas in August

According to CNBC, the Blockchain Service Network (BSN) is planning its first major international expansion, with an open-source international version called "BSN Spartan Network" set to launch overseas in August.

The CEO of Red Date Technology, a founding member of BSN, stated that the Spartan Network will ultimately consist of six public blockchains that do not use cryptocurrency, one of which will be a non-crypto version of Ethereum at the project's launch in August, with fees paid in USD instead of ETH. (Source link)

5. Metaverse project BUD completes $36.8 million Series B funding, led by Sequoia India

The metaverse project app BUD announced the completion of $36.8 million in Series B funding, led by Sequoia Capital India, with participation from ClearVue Partners, NetEase, Northern Light Venture Capital, GGV Capital, Qiming Venture Partners, and Source Code Capital.

It is reported that BUD was founded in 2019 by former Snap engineers Risa Feng and Shawn Lin and is headquartered in Singapore. The app allows users to create spherical 3D characters through drag-and-drop without any coding skills and interact within their games. BUD plans to launch an NFT marketplace to further enhance user experience. (Source link)

6. Avalanche loses $60 million in UST crash
Emin Gün Sirer, CEO of Ava Labs and founder of the "Avalanche" protocol, stated in an interview with Forbes that the Avalanche Foundation indeed has a partnership with Terraform Labs. As part of the collaboration, the nonprofit Luna Foundation Guard (LFG), behind the Terra blockchain, purchased $100 million worth of AVAX to bolster its UST reserves, part of which was "paid" with Terra's native tokens UST and LUNA, which have now significantly depreciated, resulting in a loss of $60 million.

Sirer mentioned that the failure of TerraUST and the $60 million loss did not shake his confidence, as AVAX currently sees daily trading volumes of about $1 billion to $2 billion. He further noted that Terra continues to hold AVAX, and a significant proportion of AVAX is actually locked. Sirer admitted that if given another chance, he would still invest in Terra. (Source link)

"What interesting articles are worth reading in the past 24 hours?"

1. "How to Create a Fairer Internet Using Web3 from the 'Veil of Ignorance' Theory?"

Web3 represents an opportunity to reimagine the internet and rebuild platforms based on new principles. However, to achieve this, we need to reach a consensus on the content and reasons behind these principles. We have seen that neither the Web2 internet nor the early iterations of Web3 have ensured a free and fair competitive environment that benefits the most vulnerable. Rawls' principles of justice provide a useful starting point. Without fully understanding our position, our goal should be to design a new system rooted in fairness and consideration for all.

2. "In-depth Exploration of the Current State, Potential Limitations, and Future Prospects of the DeFi Under-Collateralized Lending Ecosystem"

Over-collateralized loans are one of the most popular lending methods in the crypto economy. For individuals needing to invest in new assets without selling their current positions, this is a great option. However, in a trustless financial system, under-collateralization only makes your liquidity providers poorer. So, what is the solution?

3. "How Web3 and Virtual Humans Will Reshape Social Experiences"

Virtual humans are entities or characters that exist entirely in the digital realm, interacting through social media, games, and internet-native spaces, as well as through holographic technology, bridging into our world. They include not only virtual avatars manipulated by humans using motion capture technology but also AI that fully virtualizes all perceptions.