Compiled by: Nianqing, ChainCatcher
“What important events have occurred in the past 24 hours?”
1. Vitalik: Now is not the best time to launch a crypto ETF, the ecosystem needs time to mature
Ethereum founder Vitalik Buterin believes that now is not the best time to launch a crypto ETF. In response to the US Securities and Exchange Commission's delay in approving a spot-traded Bitcoin ETF, he is glad that US regulators have so far blocked all attempts to launch such products. Vitalik firmly believes that the cryptocurrency ecosystem must become more mature before this becomes possible. (u.today)
2. People familiar with the matter: Genesis’ disclosed total debt has reached US$1.8 billion and may continue to grow
According to CoinDesk, citing sources, in addition to the previous $900 million debt to Gemini, cryptocurrency brokerage firm Genesis has another group of creditors represented by the law firm Proskauer Rose, with a total debt of $900 million, bringing its total disclosed debt to $1.8 billion, and this figure may continue to grow.
As ChainCatcher previously reported, Genesis and its parent company Digital Currency Group (DCG) owe Gemini $900 million. Gemini has set up a creditors committee to recover funds from Genesis and its parent company DCG. (Source link)
3. SBF will participate in relevant hearings of the U.S. House of Representatives, but has not committed to a specific date.
Sam Bankman-Fried (SBF), former CEO of FTX, tweeted, “Once I’m done learning and reviewing what happened, I’ll feel it’s my responsibility to appear before the House Finance Committee and explain. I’m not sure that will happen on the 13th, but when it happens, I’ll be testifying.”
As ChainCatcher previously reported, the U.S. House Financial Services Committee will hold a hearing titled "Investigating the Collapse of FTX, Part I" on December 13, which is expected to include specific details on how the FTX collapse affects the broader digital asset industry. (Source link)
4. Binance Custody will host Wemade’s token WEMIX
Game publisher Wemade announced yesterday that Binance's institutional custody service Binance Custody will custody its platform token WEMIX and verify its circulation as early as this week. According to Wemade, approximately 70% of the total supply of WEMIX, or 92% of the uncirculated cryptocurrency, will be managed by Binance Custody, while the rest may be bound to smart contracts and external entities.
As previously reported, four exchanges of the Korean Digital Asset Exchange Alliance (DAXA) announced that they would delist Wemade’s cryptocurrency on the grounds that the circulation data report was inaccurate. Currently, a Seoul court has begun to review a preliminary injunction applied by Wemade, which requires the revocation of the delisting decision of WEMIX by the five major cryptocurrency trading platforms in South Korea. (Source link)
5. Uniswap will open on-chain voting for the “fee switch” proposal within 14 days
Uniswap will open on-chain voting for the "fee switch" proposal in 14 days, and is currently conducting technical investigations to ensure that the proposal itself is formatted correctly. After voting opens, UNI token holders will have 7 days to vote. The proposal plans to provide Uniswap with an opportunity to test the parameters of selected liquidity pools, including 0.05% DAI-ETH, 0.3% ETH-USDT, and 1% USDC-ETH. The Uniswap treasury will charge a 10% fee on these 3 liquidity pools.
It is reported that on August 10, Uniswap's "fee switch" proposal passed the consensus check vote, and had previously passed the temperature check vote. The Alsator team released the "Uniswap Fee Switch Report" earlier this month. The main content of the report is that the fee switch should aim to increase the transaction volume and market share of the Uniswap protocol. (Source link)
6. Starting today, Bitget will airdrop Seed NFT to addresses holding more than 10 FTT on the chain.
Cryptocurrency exchange Bitget launched the Seed NFT series of activities, which will airdrop NFTs to eligible FTT holders from 3 pm on December 5 to 3 pm on December 12, Beijing time. Users who receive the NFT airdrop will receive a variety of rewards and benefits. Bitget said the move is aimed at helping affected investors and rebuilding their confidence in the crypto market. The FTT holder snapshot was recorded at Ethereum block height 15914421. (Source link)
"What are the interesting articles worth reading in the past 24 hours?"
1. "ByteTrade Lab: Taking GMX as an example, the innovative approach of on-chain perpetual contract protocol is explained in detail (Part 2)"
The aftermath of the FTX crash is still lingering, and decentralization and transparency are gaining more and more attention. The migration of trading activities from CeFi to DeFi is not a question of "if", but a question of "when".
In the past few months, perpetual contract protocols like GMX have attracted much attention. Based on the unique design of GMX, an independent ecosystem has been developed. ByteTrade Lab uses GMX as an example to explain the innovation of on-chain perpetual contract protocols.
2. A comprehensive analysis of zkEVM: contestants, current status, challenges and future
This report aims to familiarize readers with the general concept of zkEVM and understand its various implementations in Ethereum development. Since zkEVM is a relatively abstract topic, this report first briefly outlines the current status of the Ethereum network and lays the foundation for understanding zkEVM by introducing core concepts such as block production, EVM, and Rullups.
We will then summarize the different types of zkEVM that can exist on Ethereum and compare the 5 main zkEVM implementations currently in production. We will highlight the challenges facing implementation of this emerging technology and our outlook on the competitive landscape for zkEVM over time. Overall, zkEVM is still in the early stages of development and adoption on Ethereum.
3. "Variant co-founder: How does the FTX incident affect our view of user ownership?"
The FTX collapse has created a crisis of confidence in the cryptocurrency industry. Excessively negative media coverage has also obscured the potential of cryptocurrency as a tool to have a positive impact on the world, causing external sentiment to be out of touch with the actual progress and fundamentals of Web3. The author of this article analyzes the impact of the FTX incident from the perspective of user ownership, and believes that FTX is a failure of traditional financial institutions, reminding people why web3, especially DeFi, needs to be pushed forward, and also reminding people to refocus on the core principles of web3.
