Evening News | Binance Innovation Zone launches MAGIC today; USDD unpegs to 0.969 USD

Organizer: Nianqing, ChainCatcher

"What Important Events Happened in the Last 24 Hours"

1. Insider: Do Kwon is in Serbia, South Korean Justice Ministry has collaborated with Serbian government for investigation

According to reports from the Chosun Ilbo citing South Korean investigators, Terra founder Do Kwon is currently in Serbia, and the South Korean Justice Ministry is collaborating with the Serbian government on the investigation, including whether there are any special accomplices within Serbia.

ChainCatcher reported that in October, South Korean prosecutors stated that Do Kwon flew from Dubai to an unknown location and requested assistance from neighboring countries to track him. (Source link)

2. SushiSwap CEO: Will increase financial transparency, new tokenomics will redesign liquidity guidance
SushiSwap's new CEO Jared Grey stated on Twitter that various measures are being taken to address the long-standing issues of Sushi and its business model breakdown, aiming for improvements in the first quarter of 2023. Additionally, Jared Grey will provide complete financial transparency by releasing a public dashboard of DAO and treasury activities.

Specifically, the temporary solution Kanpai will redirect 100% of fees to Sushi's treasury, allowing the protocol to rebuild its cash reserves to continue paying competitive salaries, cover key infrastructure costs, and diversify its treasury through funds collected in core asset pairs (such as ETH, stablecoins, etc.).

The upcoming tokenomics of Sushi focuses on readjusting its most actionable asset TVL with LP, which redesigns the way SushiSwap guides liquidity, no longer fully subsidizing liquidity through emissions, but through a fairer mechanism. Sushi aims to diversify its business model by innovating its DEX technology stack.

xSushi remains in the new tokenomics but has readjusted its position in the protocol's value chain. Jared Grey will provide Sushi's financial budget and public snapshot next week.

According to previous reports by ChainCatcher, SushiSwap's treasury funds are about to run out, and Jared Grey proposed reallocating fees paid to xSushi holders to the treasury, but the proposal was later withdrawn, and Jared Grey will reissue a new version of the proposal for discussion. (Source link)

3. Binance Innovation Zone will launch TreasureDAO token MAGIC today, price rises 48% to $0.8
Binance will launch the TreasureDAO token MAGIC, part of the NFT ecosystem on Arbitrum, in the Innovation Zone, with trading for MAGIC/BTC, MAGIC/BUSD, and MAGIC/USDT spot pairs opening at 16:00 Beijing time on December 12.

According to CoinmarketCap data, the current price of MAGIC is $0.8, with a 24-hour increase of approximately 48%. (Source link)

4. Waves ecosystem stablecoin USDN significantly depegs to $0.787

According to Chainlink data, the price of Waves ecosystem stablecoin USDN has dropped to $0.787, showing a significant depeg, with CoinGecko data indicating a nearly 7% drop today. (Source link)

5. Data: USDD has depegged to $0.969

The skew of the USDD/3Crv pool on Curve continues to intensify, with USDD accounting for 86.10% (30,510,857 tokens), and the current exchange rate of USDD to USDC is 1:0.969392.

Previous report indicated that the actual value of USDD collateral is less than $1.2 billion, with over 40% being TRX. (Source link)

6. Nansen CEO: Due to financing difficulties, 2023 may see a "bloodbath" for crypto startups

Nansen CEO Alex Svanevik stated on Twitter that 2023 will be a "bloodbath" for crypto startups for the following reasons: 1. Most seed startups born in 2021 or 2022 have no money; 2. Some have been acquired; 3. A few can secure new rounds of financing (over 80% of companies have to raise funds at valuations lower than the previous round); 4. Salaries for tech workers are declining; 5. Tech positions are shrinking; 6. Venture capital is investing in other fields (such as AI). (Source link)

"What Interesting Articles Are Worth Reading in the Last 24 Hours"

1. "APE Launches Staking, What Participation Options Do Investors Have?"
Yuga Labs, in collaboration with Horizen Labs, officially launched the ApeStake.io website on December 5, initiating a one-week pre-staking phase for Ape Staking. The official Ape token staking incentives will begin distribution on December 12. For investors and NFT collectors, Ape Staking is an investment opportunity not to be missed.

This article will detail the official rules of Ape Staking and the risks of participation, comparing the staking rules and expected returns of three third-party Ape Staking platforms (ParaSpace, BendDAO, Binance NFT) to help you make the most rational decision based on your situation.

2. "Ethereum Shanghai Upgrade Will Launch Withdrawal Function, How Will Validators' ETH Be Unlocked?"
The withdrawal time for staked ETH on the Beacon Chain has finally been confirmed. On December 8, Ethereum core developers set the Ethereum Shanghai upgrade date for March 2023 and confirmed the release of ETH withdrawals staked on the Beacon Chain. So, after the redemption path is opened, can validators exit immediately? Will the liquidity pressure of staked ETH be relieved?