Daily Report | Ethereum Core Developer: Confirmed that the Dencun upgrade will not be implemented before the end of the year; He Yi: Binance Labs manages assets totaling 9 billion USD

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2023-10-27 19:11:04
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SBF: FTX's business actions are guided by lawyers, who are involved in key business decisions; dYdX Chain has officially launched on the mainnet.

整理:bayemon.eth, ChainCatcher


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

1. U.S. SEC Chair: SEC has received 8-10 filings regarding Bitcoin exchange-traded products

U.S. SEC Chair Gary Gensler stated that the Securities and Exchange Commission has received 8-10 filings regarding potential Bitcoin exchange-traded products. (Source link)


2. SBF: FTX's business actions were guided by lawyers, who participated in key business decisions

According to The Wall Street Journal, FTX founder SBF made a potential defense on Thursday, telling a federal judge that he relied on lawyers' support to make business decisions, which were guided by legal advice, such as deleting communications and issuing loans to himself.

Additionally, when asked to provide such records, SBF stated that he knew very little about some internal operations of the company he founded. The judge is expected to rule on the admissibility of SBF's testimony on Friday morning, but he seemed skeptical of the defendant's claims regarding lawyers' involvement in key business decisions. (Source link)


3. dYdX Chain has officially launched on the mainnet

According to official news, dYdX Chain has officially launched on the mainnet as an independent Cosmos Layer 1, with validators creating the genesis block of dYdX Chain at 1:00 AM today.

The public bridge front end of the dYdX Operations subDAO is expected to go live on October 30, 2023. The post-genesis phase includes Alpha and Beta, with the Alpha phase focusing on bridging, staking, and security, while the Beta phase will support trading without rewards. The transition from Alpha to Beta will be determined by governance votes and other factors. (Source link)


4. Ethereum core developers: Confirm that the Dencun upgrade will not be implemented before the end of the year

Ethereum client developers confirmed on Thursday that the anticipated Dencun upgrade will not be implemented in a network hard fork before the end of 2023.

Anonymous Prysm developer Potuz confirmed during the latest core developer call that it is impossible to fork the mainnet in 2023. He noted that there have been consensus issues with the 10 developer networks (devnets) initiated for testing the upgrade over the past few months, stating, "none have progressed smoothly."

Previous report indicated that in September, Ethereum core developers stated that due to the failure to launch the Holesky testnet, the Dencun mainnet activation is unlikely to occur this year. (Source link)


5. Bitcoin mining company Marathon Digital plans to issue stock for financing, with a maximum total offering price of $750 million

According to the S-3 registration statement submitted by Bitcoin mining company Marathon Digital to the U.S. SEC, it plans to raise funds through a mixed equity offering, with a maximum total offering price of $750 million.

Marathon Digital stated: "We may from time to time sell common stock, preferred stock, warrants, units, or a combination of these securities in one or more offerings, at prices and terms determined at the time of each offering, to raise up to $750 million in initial offering total." (Source link)


6. Data: FTX and Alameda addresses have currently transferred a total of $59 million in crypto assets

According to Lookonchain monitoring, as of October 27, FTX and Alameda addresses have transferred a total of $59 million in crypto assets, including: 787,000 SOL ($25.4 million), 4,858 ETH ($8.7 million), 532,000 LINK ($580,000), 7.8 million MATIC ($490,000), 1.09 million DYDX ($2.5 million), 974,000 RNDR ($200,000), 488,000 UNI ($200,000), 109,000 LDO ($200,000), 1,341 MKR ($190,000), and 160,000 AGLD ($130,000) among other assets.

The eight FTX and Alameda addresses that recently sold assets still hold approximately $619 million in crypto assets, including: 55,280 ETH ($99 million), 6.97 million FTT ($91.55 million), 2.5 million WLD ($44.6 million), and 5.3 million MATIC ($33 million) among other assets. (Source link)


7. He Yi: Binance Labs manages assets worth $9 billion, Binance Charity has donated over $30 million

Binance co-founder He Yi shared Binance's diversified investments and charitable efforts in an interview with Authority Magazine. She mentioned that the venture capital and incubator Binance Labs is dedicated to supporting and investing in strong projects and startups that drive long-term growth in the large crypto and Web3 ecosystems. Binance Labs manages over $9 billion in total assets, covering more than 250 portfolios across over 25 countries on six continents, and has incubated 50 projects.

Additionally, He Yi mentioned Binance Charity, the first non-profit organization to utilize blockchain technology, which has donated over $30 million to support global sustainable development efforts and assist over 2 million beneficiaries. Binance Charity has launched several charitable initiatives, such as providing lunches for children, Web3 scholarships, and the Pink Care Project (a social impact project aimed at addressing menstrual poverty). (Source link)


8. CoinDesk: Due to currency devaluation and overall economic instability, Bitcoin trading volume reaches all-time highs in Turkey and Nigeria

Due to the devaluation of local fiat currencies and overall economic instability, the recent rise in Bitcoin prices has led to all-time highs in Bitcoin trading in Turkey and Nigeria. As of Friday morning, the price of Bitcoin in the Turkish market reached 9.6 million lira, while in the Nigerian market, it reached 27.4 million naira. In local currency terms, Bitcoin's monthly increase has reached as high as 30%. According to CoinGecko data, local crypto exchanges recorded a Bitcoin trading volume of $40 million in the past 24 hours, a figure that may not include local users trading on global exchanges like Binance or Coinbase. (Source link)

"What are some great articles worth reading in the past 24 hours"

1. 《SBF takes the stand for the 'final battle', perhaps you need to read these stories

This week, SBF's trial has temporarily quieted in the media due to a one-week interruption, with the trial expected to resume on October 26, U.S. local time. The defense team revealed that SBF will take the stand, possibly making a "desperate final battle" for himself.

In recent weeks, SBF's friends, lovers, and colleagues have taken turns revealing explosive details during the trial, accusing SBF of deliberately deceiving investors, lenders, and clients. While this is part of the normal trial process, the revelations between former friends and lovers remain poignant.

We may find some answers and background stories of characters outside the trial in Michael Lewis's new book, "Going Infinite."


2. 《How do crypto companies compete with Wall Street giants? Starting with fund management

The U.S. Securities and Exchange Commission has accepted BlackRock's application to issue a Bitcoin ETF in July 2023. Although the application has not been fully approved, this move marks an increasing recognition of cryptocurrency as a legitimate asset class (even if temporarily).

This emerging trend illustrates the growing acceptance of cryptocurrencies in mainstream finance. If these relatively new crypto-native institutions wish to maintain momentum and continue to grow, they must be prepared to compete with traditional finance. At this moment, crypto companies should learn from Wall Street practices and implement sound management of company funds.


3. 《Is Eths a Layer 2? Understanding Ethscriptions Virtual Machine and its positioning

Ethscriptions is a protocol aimed at allowing users to share information and execute computations on Ethereum L1 at a lower cost. It bypasses the need for smart contracts to store and execute by applying deterministic protocol rules to Ethereum call data to compute state.

The philosophy represented by Ethscriptions is that without forming decentralized consensus on non-deterministic issues (such as block inclusion and transaction ordering), a blockchain can never be considered secure. The goal of using ESC - VM is to combine decentralization and security with functionality close to EVM capabilities.


4. 《Hong Kong brokers "rushing into" the crypto space

This year, with Hong Kong's support for the cryptocurrency market, more and more Hong Kong brokers are expanding into crypto business, including Futu Securities, Tiger Brokers, Victory Securities, Interactive Brokers, Nan Hua Securities, ChangQiao Securities, Fuqiang Securities, and Huafu Jianye Securities. These brokers are becoming the first institutions to offer cryptocurrency services to users. They are not only targeting the over 4 million active Hong Kong stock investors and the less than 10 million Hong Kong citizens, but behind this, the vast market of over 4 billion people in Asia may be their true desired goal.

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