Evening News | Coinbase emphasizes to the U.S. SEC that crypto staking assets are not securities; ParaSpace will restart the protocol in phases

整理：饼干，ChainCatcher

"What Important Events Happened in the Last 24 Hours"

1. Coinbase Submits Petition to the U.S. SEC, Emphasizing That Crypto Staking Services Should Not Be Treated as Securities

Coinbase submitted a petition to the U.S. Securities and Exchange Commission (SEC) in response to the SEC's crackdown on Kraken's staking program in February. The petition focuses on the treatment of services related to proof-of-stake (PoS) protocol validation under securities law, stating that staking is not a singular operational concept. While some existing models may fall under the definition of investment contracts, others clearly do not, emphasizing that core staking services do not meet the Howey test criteria, meaning that crypto asset staking does not fall under the category of securities.

It is reported that Coinbase's Chief Legal Officer Paul Grewal reiterated on Twitter this morning that the SEC should clarify that staking services are not securities and that there needs to be communication with the public before enforcement. (Source link)

2. Multiple Crypto Platforms, Including Binance and Coinbase, Announce Listing of ARB Token

Binance is set to list Arbitrum (ARB) at 1:00 AM Beijing time on March 24, opening trading pairs ARB/BTC and ARB/USDT. Coinbase Assets announced that it has included Arbitrum (ARB) in its listing roadmap.

The decentralized trading platform Clober has launched ARB put options. The Arbitrum stablecoin protocol Vesta is discussing a proposal to use ARB as collateral. (Source link)

3. Immutable to Upgrade IMX Token with Polygon zkEVM

Immutable announced today a strategic partnership with Polygon to accelerate the development and adoption of web3 games. Polygon will support Immutable zkEVM, and with zkEVM, Immutable will make a "significant upgrade" to the utility of the IMX token, expanding IMX from an exchange utility token to the native gas token of Immutable zkEVM.

Additionally, Immutable stated that further upgrades to the IMX infrastructure are underway, with more changes to be announced in collaboration with the Digital World Foundation over the next two months.

It is reported that Immutable and Polygon invested nearly $2 billion in web3 games last year. The Immutable zkEVM introduced by this partnership will provide key solutions, greater EVM compatibility, and an improved gaming experience. (Source link)

4. ParaSpace to Gradually Restart Protocol, Offering NFT Compensation for Affected Users Redeemable for Future ParaSpace Tokens

The NFT lending protocol ParaSpace disclosed progress on its attack response, stating that it will gradually reopen the protocol. BlockSec and 12 other security experts in the field have completed security patch reviews and testing. ParaSpace is currently undergoing security reviews and testing to enhance the security of withdrawal time locks. ParaSpace has launched a repayment feature and will restore supply functionality later today, resume automatic compounding and cAPE automatic repayment features on Tuesday, and restore liquidation functionality on Wednesday, with borrowing and withdrawal features enhanced by Timlock security improvements over the weekend.

ParaSpace stated that all affected users will receive an NFT that can be redeemed for future ParaSpace tokens. Additionally, users who provided funds to the ParaSpace lending pool will receive extra tokens to compensate for missed earning opportunities during the protocol's suspension. All users affected by the protocol freeze will receive this NFT, regardless of whether they continue to use the platform. Furthermore, ParaSpace will introduce an incentive program. (Source link)

5. DeFiLlama: No Plans to Issue LLAMA Tokens for Now, Any Airdrop Plans Will Be Discussed with the Community

The official Twitter of the on-chain data analysis site DeFiLlama stated: Due to communication issues and misunderstandings within the team, the DeFiLlama team apologizes for the events that occurred. There are currently no plans for LLAMA tokens, and any airdrop will be discussed with the community, as every significant decision is made this way. We will take steps to operate more transparently to ensure that such situations do not happen again.

Previous report, the DeFiLlama team faced a split over token issuance, and developers have launched a forked version of the new site Llama.Fi. (Source link)

6. Coinbase Provided Circle with $3 Billion Instant Credit Line After SVB Bankruptcy to Stabilize USDC

According to a report by Fortune citing informed sources, Coinbase provided Circle with approximately $3 billion in an instant credit line after the bankruptcy of SVB to ensure the full liquidity of USDC reserves and to ensure that the stablecoin could be redeemed for dollars on the Monday morning following SVB's bankruptcy. Coinbase initially planned to disclose this credit line, but the crisis was quickly resolved. Circle declined to comment on the matter but did not deny it.

Previous reports indicated that Circle announced it had $3.3 billion in deposits at Silicon Valley Bank, which, although only a small portion of its total assets of $40 billion, caused USDC to briefly depeg to below $0.90 due to panic. (Fortune)

7. G-Dragon's Team to Launch NFT Series "Archive of PEACEMINUSONE" on OpenSea Tomorrow

According to an official announcement, K-pop superstar G-Dragon's brand PEACEMINUSONE will publicly release the "Archive of PEACEMINUSONE" NFT series on March 22.

It is reported that this NFT series is inspired by G-Dragon's original work "|ARCHIVE 2016|," with whitelist sales starting at 9 AM Beijing time on March 22 and public sales starting at 11 AM the same day, priced at 0.27 BNB. (Source link)

8. Zilliqa to Launch First Fully EVM-Compatible Version on Mainnet on April 25

Layer1 blockchain Zilliqa announced in a blog post that it will launch its first fully EVM-compatible version on the mainnet on April 25. Users will be able to transfer native ZIL using wallets like MetaMask and deploy Solidity smart contracts using tools like Truffle and Hardhat.

It is reported that Zilliqa launched its EVM compatibility testnet in December 2022, aiming to introduce a broader blockchain developer community to Zilliqa. (Source link)

9. Starknet Foundation Appoints Five Committees, Including One to Ensure Decentralization and Transparent Distribution of STRK Tokens

The L2 scaling solution Starknet Foundation announced the appointment of five committees to achieve full decentralization of the Starknet ecosystem. These include the Provisions Committee, Early Adopters Grant Committee, Developer Collaboration Committee, Governance Committee, and Ecosystem Access Committee.

The Provisions Committee is responsible for planning, overseeing, and executing the supply of the Starknet ecosystem token STRK, which will serve as the staking token for participating in the Starknet consensus mechanism, as well as the governance token for the network and the gas token for paying network transaction fees;

The Early Adopters Grant Committee is dedicated to promoting the development of the Starknet ecosystem by providing funding to innovative teams building on-chain applications on Starknet;

The Developer Collaboration Committee will introduce the Starknet ecosystem by nurturing and overseeing new strategic developer partnerships;

The Governance Committee's task is to play a key role in the ongoing decentralization of the Starknet ecosystem, responsible for researching, planning, and executing the initial stages of Starknet governance, which has already launched the first phase of Starknet governance;

The Ecosystem Access Committee is responsible for authorizing new developers and community members and integrating them into the Starknet ecosystem. (Source link)

10. Gala Announces Lawsuit Against pNetwork on Behalf of pGala Victims, Claiming Over $27 Million in Damages

Blockchain gaming platform Gala Games announced it is suing pNetwork on behalf of pGala victims. Gala Games stated that pNetwork caused further damage due to negligence leading to security vulnerabilities and intentionally executing a failed recovery plan, negatively impacting market perceptions of Gala and the GALA Token, damaging Gala's reputation and its relationships with trading platforms.

As a result, Gala is seeking $27,671,934.80 from pNetwork to cover self-funded costs incurred due to breach of contract, additional damages, punitive damages, and other fees deemed fair and just by the court. (Source link)

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

1. "ABCDE Capital: 9 Directions for the Future of NFTs from 19 EIPs"

ERC-721 was created in January 2018, when some NFT experiments had already appeared on-chain. But no one could predict that it would lead to the birth of the NFT ecosystem and unleash the potential of NFT applications. Increasingly, innovations and standardization measures are further driving NFTs. In this article, we will analyze the latest EIPs (Ethereum Improvement Proposals) and distill 9 future directions for NFTs.

2. "How Will FVM Unlock Filecoin's Innovative Use Cases?"

Protocol Labs mentioned their three-phase plan for a decentralized internet: to establish the world's largest decentralized storage network; to introduce and protect human data; and to bring retrieval and computing capabilities to the data to build scalable applications. Filecoin has already achieved the first step; what innovative use cases will be unlocked next?

3. "Reviewing the Stablecoin Market After USDC's Depeg: Purchasing Power Drops to Short-Term Lows"

Although the USDC depeg crisis was resolved on March 13, this depeg still brought many changes and reflections to the stablecoin market. Did the depeg provide "opportunities" for other types of stablecoins? Has liquidity in the stablecoin market decreased or increased? Where did stablecoins primarily flow during the crisis?