Mars Finance Crypto Daily January 16, 2024
1. Today's News
Maker: Native DAI on Starknet will be deactivated after Regenesis upgrade
MakerDAO posted on the X platform that the native DAI on Starknet is not upgradeable, so this version of DAI will stop running after the future "Regenesis" network upgrade. The old version of DAI on Starknet will be replaced by the new version of DAI bridged through the Starknet standard. MakerDAO recommends that all DAI users on Starknet transfer or migrate DAI before Regenesis is deployed.
Finschia and Klaytn propose mainnet merger, will issue new tokens
Finschia, a blockchain project launched by instant messaging app LINE, and Klaytn, a Korean public chain, jointly initiated FGP-23, proposing a mainnet merger. The integrated chain will combine Ethereum (EVM) and Cosmos (CosmWasm) technologies to provide a compatible and high-performance network. According to the proposal, a new integrated token (temporarily named PDT) will be issued. Holders of FNSA and KLAY will be able to claim the new token. The merger proposes a new token economic model. About 24% of the existing issuance will be destroyed, and the unissued supply will be permanently removed. The inflation rate after the integration will be reduced to 5.2%, and a new 3-Layer destruction model will be introduced to maintain growth. The governance vote will be held from 13:00 on January 26 to 13:00 on February 2, Beijing time. If the proposal is approved, the two parties plan to establish an integrated foundation, launch a new token exchange, complete governance integration, and launch new business plans for the integrated mainnet within the second quarter.
BlackRock Bitcoin Spot ETF holds about 11,500 BTC, and multiple ETFs hold 3.9% of the total supply
HashKey Exchange posted on the X platform that the iShares Bitcoin Spot ETF under BlackRock, the world's largest asset management company, currently holds 11,439.2198 bitcoins. Currently, the number of bitcoins held by multiple ETFs accounts for 3.9% of the total supply of bitcoins.
Jupiter Lianchuang: JTO's TGE time has been confirmed as January 31
Jupiter co-founder Meow announced on the X platform that the TGE time of JTO has been officially confirmed as 10:00 a.m. EST on January 31 (23:00 Beijing time).
The MetisDAO community has voted to approve the proposal to decentralize the testnet sequencer and launch community testing
The Snapshot page shows that the MetisDAO community has voted to approve the proposal to “decentralize the testnet sequencer and launch community testing.” The proposal aims to decentralize the sequencer infrastructure deployed on the testnet and launch community testing to help Metis developers stress test the new architecture.
MakerDAO RWA assets have shrunk to $2.1 billion, and related income accounts for only 44% of the protocol's annual revenue
Dune data shows that MakerDAO's total annual revenue is expected to reach $243 million, of which cryptocurrency-backed loan-related revenue accounts for more than 50% (crypto loans issued amounted to $2.4 billion, generating revenue of more than $122 million); while RWA assets have shrunk to $2.1 billion, and related revenue (more than $100 million) accounts for only 44% of MakerDAO's annual revenue. In contrast, in November 2023, MakerDAO's RWA assets once exceeded $3.5 billion, and related revenue accounted for two-thirds of MakerDAO's revenue.
Sam MacPherson, CEO of Phoenix Labs and founder of MakerDAO lending app Spark Lend, said: “Maker earns more revenue on DeFi native loans because it attracts more on-chain users who want to leverage (profit) in a bull market.”
Vitalik: Becoming Validium is the right choice for most blockchain apps. A good distributed DA guarantee system can improve its security.
Ethereum co-founder Vitalik Buterin published an article on the X platform to affirm the view put forward by Taiko CEO Daniel Wang that "Rollup using other data chain DA can be regarded as Ethereum Validium". At the same time, Vitalik pointed out that the core of Rollup is unconditional security guarantee. If DA depends on systems outside Ethereum, this cannot be done. But becoming Validium is a more correct choice for many blockchain applications, and using a good distributed DA guarantee system can be a good way to improve the actual security of Validium.
Data: Binance spot market has seen capital outflow of nearly 5,000 BTC since Thursday
According to Kaiko tracking data cited by CoinDesk, the market selling pressure is mainly concentrated on cryptocurrency exchanges Binance, OKX and Upbit. Data tracked by Kaiko shows that Binance's spot market turned positive last Thursday and has been declining since then, equivalent to nearly 5,000 BTC capital outflows. South Korea's Upbit ranked second in net capital outflows.
2. Selected articles
Arthur Hayes: Market Impact and Arbitrage Opportunities of Spot Bitcoin ETFs
This article discusses the impact of healthcare and the global economic crisis on life, pointing out the importance of Bitcoin as an escape valve. It predicts that Bitcoin will face a test in 2022, and the Federal Reserve's tightening of financial conditions will lead to the collapse of US banks.
Vitalik: Why I built Zuzalu
In this post, Vitalik discusses from a first-person perspective an experimental community called Zuzalu that aims to translate online culture and tribes into physical places, and explores the ideas and practices behind it.
Deep brain-burning interpretation: the potential of TIA
Celestia is the first modular blockchain that combines the advantages of Ethereum and Cosmos and aims to provide shared security for a multi-chain world. It improves scalability by decoupling execution and consensus, and stands out through unique advantages such as trust-minimized bridges, sovereign chains, efficient resource pricing, simple governance, easy chain deployment, and flexible virtual machines. The mainnet is expected to be launched in 2023 and can serve as an off-chain DA solution to provide liquidity for DeFi and other fields.
3. Project Interpretation
Sei is rising rapidly, what other catalysts besides parallel EVM are worth watching?
Sei is a fast blockchain designed for trading digital assets with multiple use cases. It solves the scalability problem of exchanges and generates revenue in multiple ways. Sei has strong competitiveness and a rapidly growing ecosystem, attracting a lot of attention. Although there are risks, there are multiple upcoming catalysts. After comprehensive evaluation, I give Sei a score of 7.7.
Flash Protocol: An asset minting, circulation and transaction protocol born in the Bitcoin ecosystem
The Bitcoin ETF has been approved, and digital currency has entered the stage of mass popularization. Taproot Asset and Flash Protocol are the latest technological breakthroughs that improve the efficiency and security of the Bitcoin network and bring more possibilities to users and developers.
LD Capital: Interpretation of Sui, a new public chain that has accumulated a lot of experience
Sui is a new public chain, the first bottom-up designed Layer1 blockchain and smart contract platform, designed to make digital asset ownership fast, private, secure, and accessible to everyone. Sui's name is inspired by the water element in Japanese philosophy. The power of water comes from its fluidity - it can easily adapt and change any environment.
IV. Investment and Financing
Web3 data analysis company 0xScope completes $4 million financing, led by Hashkey Capital
Web3 data analysis company 0xScope has completed a $4 million Pre-Series A round of financing, led by Haskey Capital, with participation from Redpoint China, OKX Ventures, GSR Markets, Amber, Antalpha and DHVC, as well as existing shareholders Mask Network, Hash Global and XIN Family.
HashKey Group Completes Nearly $100 Million Series A Financing, with Pre-Investment Valuation Exceeding $1.2 Billion
HashKey Group, a digital asset financial services group, announced that it has completed nearly $100 million in Series A financing with a pre-investment valuation of more than $1.2 billion. In addition to the active subscription and support from existing shareholders, this round of financing also received new investors including large institutional investors, leading Web3 institutions and strategic partners.
The funds from this round of financing will be used to deepen HashKey's full ecological layout in the virtual asset industry, accelerate the diversification of Hong Kong's licensed business products, and promote the group's compliant and innovative development on a global scale.
Ethereum restaking protocol Renzo completes seed round at $250 million valuation
Renzo, an Ethereum restaking protocol based on EigenLayer, has raised $3.2 million in a seed funding round. Maven11 Capital led the round, with participation from Figment Capital, SevenX Ventures, IOSG Ventures, and several other investors. Renzo founder contributor Lucas Kozinski said the startup was founded in August, began raising funds in November, and completed the round in December. Kozinski said it was a 1:1 round of equity and token warrants, which raised Renzo's post-money valuation to $25 million.
ArkStream Capital's second fund has made a strategic investment in Manta Network
ArkStream Capital tweeted that its second fund completed a strategic investment in Manta Network in the fourth quarter of 2023. In August 2021, ArkStream Capital's first fund invested in Manta Network.
