Evening News | Tencent Huanhe announces the suspension of digital collectibles; Dali's "Summer of Wamao" Web3 conference cancels the scheduled venue activities
Three months later, Do Kwon reappears to discuss the Terra collapse; New York Magazine investigates the rise and fall of the two co-founders of Three Arrows Capital.Organizer: Cookies, Chain Catcher
"What important events have occurred in the past 24 hours"
1. Tencent Huanhe announces the suspension of digital collectibles, users can choose to hold or request a refund
According to the official announcement, Tencent Huanhe has decided to make business adjustments based on the company's focus on core strategies. Starting from August 16, 2022, Huanhe will stop issuing digital collectibles, and all users who have purchased digital collectibles through its platform can choose to continue holding or initiate a refund request. According to Tencent insiders, this adjustment does not involve layoffs of team members. (Source link)
2. Dragonfly acquires cryptocurrency hedge fund MetaStable Capital
According to Bloomberg, cryptocurrency venture capital firm Dragonfly has acquired cryptocurrency hedge fund MetaStable Capital. As of July 31, MetaStable Capital managed over $400 million in assets, and Dragonfly managing partner Haseeb Qureshi was also a general partner at MetaStable. Additionally, reports indicate that Dragonfly will adopt a new logo and drop "Capital" from its name. (Source link)
3. Bloomberg: Cryptocurrency lending platform Hodlnaut seeks creditor protection to suspend legal claims and lawsuits
According to Bloomberg, cryptocurrency lending platform Hodlnaut has submitted an application to the Singapore High Court seeking creditor protection to suspend legal claims and lawsuits, avoiding forced sale of tokens at low prices. The application aims to stabilize its financial situation and focus on restructuring and recovery plans.
Previous report, Hodlnaut announced the suspension of trading on August 8, stating that it was formulating a restructuring and recovery plan. (Bloomberg)
4. Latin American investment banking giant BTG Pactual launches crypto trading platform Mynt, Brazilian fintech company XP to launch crypto exchange
Latin American investment banking giant BTG Pactual has launched a crypto trading platform called Mynt, which is a standalone application that currently does not offer asset deposit and withdrawal services.
It is reported that countries in Latin America are facing extremely high inflation rates, with over 50% of residents claiming to have traded using cryptocurrencies. Pactual's competitor, Brazilian fintech company XP, announced this morning that it will launch a crypto exchange. (beincrypto)
5. Lido: Layer2 plans to prioritize support for Arbitrum and Optimism, wstETH bridging contracts are undergoing external audits
Liquid staking protocol Lido Finance updated its Layer2 plans, stating that it will first support Arbitrum and Optimism (allowing wstETH bridging). The bridging contracts for Optimism and Arbitrum have been developed by Lido's core development team and are undergoing external audits, with all smart contracts already deployed. After a public audit of the governance bridging contracts, a Snapshot vote will be initiated for DAO approval.
It is reported that Arbitrum and Optimism were selected by Lido based on various parameters, including DeFi activity, TVL, technical difficulty of bridging assets, network security track record, and Lido's long-term partnerships on the aforementioned networks. (Source link)
6. Acala to burn approximately 1.29 billion aUSD from improper issuance
The Acala community's proposal to return the improperly issued aUSD to the Honzon protocol and burn it has been approved, with plans to burn 1,292,860,248 aUSD at block height 1652829. Additionally, more tracking reports are underway to identify the incorrectly minted aUSD. The community can also collaboratively formulate proposals after each tracking report to address the issues of aUSD's incorrect minting and the status of liquidity pools, gradually restoring network operations. (Source link)
7. Vitalik: If validator nodes are subject to regulatory scrutiny, Ethereum will choose to destroy those nodes through consensus
Ethereum founder Vitalik Buterin participated in a Twitter discussion on how the Ethereum community would respond if regulators scrutinized validator nodes of certain protocols (such as Lido, Coinbase, etc.) at the protocol level. He stated that such scrutiny would be viewed as an attack on Ethereum, and the community would choose to destroy those nodes through broader consensus (social consensus). (Source link)
8. Dali "Summer of Cat" Web3 conference canceled due to force majeure
According to the organizing committee of the Summer of Cat, due to pandemic risks, the Yunnan provincial epidemic prevention command department has requested the suspension of all large-scale events, leading to the cancellation of the originally scheduled venue activities due to force majeure. The organizing committee is currently discussing other possibilities, and the follow-up Plan B will be communicated in a timely manner.
9. Crypto Punks: Intellectual Property (IP) agreement now in effect, Yuga Labs reserves the right to make changes
The NFT project Crypto Punks tweeted that the intellectual property (IP) agreement for the Crypto Punks NFT series is now in effect, believing that this agreement will bring endless creativity and possibilities to Crypto Punks holders.
Additionally, Yuga Labs retains the right to make changes to the agreement to ensure it can always provide the best service to the community. (Source link)
"What excellent articles are worth reading in the past 24 hours"
Three months later, as the UST narrative gradually crumbled, Do Kwon reappeared in the public eye. Now Do Kwon is starting to rebuild UST, but almost from scratch. For most people, when doubts about his past abound, it is natural to disregard his future. Therefore, Coinage member Zack flew to Singapore to conduct a two-day interview with Do Kwon at his office and home to see if the collapse of Terra was truly just a failure or a scam.
Su Zhu and Davies are two ambitious young men who built their social media reputation by playing the role of billionaire financial geniuses, converting it into actual financial credit, and then using billions of dollars in loans for speculative investments, which they could boost to success through their influential large platforms. Unbeknownst to them, the pretended billionaires grew into real billionaires with the financial power to buy super yachts. They stumbled forward, seemingly always able to execute their plans perfectly, until the day of reckoning suddenly arrived.
3. “Overview of new public chains based on Move language and the investment opportunities behind them”
The Move language is a programming language created by Meta (formerly Facebook) specifically for digital assets. Its features include treating assets as first-class citizens in programming, security, flexibility, and composability, providing excellent options for DeFi and NFT project developers and offering more imagination for project development. The Move language has gained favor among developers largely due to its technical characteristics. To attract users, public chains using the Move language must not only have new narratives but also do more in terms of value capture, ecosystem building, and user experience.
