Top10 News

1. Uniswap V3’s weekly summary

a. a16z voted 15 million UNI against the final proposal to deploy Uniswap V3 on BNB Chain link

a16z voted 15 million UNI against the final proposal to deploy Uniswap V3 on BNB Chain proposed by 0xPlasma Labs. The proposal uses Wormhole as a cross-chain bridge. a16z opposes the use of Wormhole and supports the use of LayerZero.

b. Compound Labs founder voted for the deployment of Uniswap V3 on BNB Chain link

Compound Labs founder Robert Leshner, who owns 5.76 million UNI tokens, voted for the deployment of Uniswap V3 on the BNB Chain, with 58.45% of the votes in favor of the proposal on Feb 6. The total number of votes still has not reached the 40 million UNI.

c. ConsenSys was delegated a 7 million UNI vote in favor of the deployment on BSC link

ConsenSys, the parent company of MetaMask, voted in favor of 7 million UNI in the proposal to deploy UniSwap to BSC. The 7 million Uni is delegated to ConsenSys by other people.

2. Kraken’s weekly summary

a. Crypto exchange Kraken faces SEC probe over unregistered securities link

The Securities and Exchange Commission probe into whether Kraken offered unregistered securities is at an advanced stage and could lead to a settlement in coming days. It wasn’t immediately clear which tokens or offerings are drawing scrutiny.

b. Kraken pays $30M to settle SEC charges of offering unregistered securities link

The U.S. SEC charged Kraken with failing to register the offer and sale of their crypto asset staking-as-a-service program and advertise annual investment returns of as much as 21 percent. Kraken agreed to immediately cease staking products and pay $30 million penalties. The U.S. Internal Revenue Service has filed a court document seeking permission to enforce a summons for information against the Kraken crypto exchange and its subsidiaries. Kraken stated that it will automatically unstake any assets other than Ethereum staked by US users, and Ethereum will not be unstaked before the Shanghai upgrade.

c. Kraken ranks third in market share of ETH staking link

Data shows that there are 1,233,696 ETH staked through Kraken, accounting for 7.42% of the total, ranking third in market share, second only to Lido (29%) and Coinbase (12%). Kraken said it would unstake users’ ETH after the Shanghai upgrade.

3. DCG’s weekly summary

a. Gemini announces agreement in principle with Genesis DCG link

Gemini announces agreement in principle with Genesis DCG and other creditors on a plan that provides a path for Earn users to recover their assets. As part of this initiative, Gemini will also donate up to an additional $100 million to Earn users. Under the terms of the agreement, DCG would exchange its existing $1.1 billion note due in 2032 for convertible preferred stock to be issued by DCG as part of Genesis’s Chapter 11 plan. An undetermined information is at what valuation the preferred shares will be transferred to DCG equity. DCG was valued at $10 billion in its last round of financing. But Messari states that DCG’s valuation is currently only $1.2 billion before.

b. Donut: the new DCG package is expected to recover more than 80% of the funds link

Donut said the new DCG package is expected to recover more than 80% of the funds, but still depends on a convertible preferred equity note, realized liquidation prices, and considers the unknown costs associated with the remainder of this bankruptcy.

c. DCG has begun selling its stake in its subsidiary Grayscale Trust link

DCG has begun selling its stake in its subsidiary Grayscale Trust at a discounted price to raise funds to repay Genesis creditors. Since Jan. 24, DCG has sold a quarter of its Ethereum Trust at around $8 per share, raising $22m.

4. Visa is testing how to accept USDC settlements for large payments link

VISA: We’ve been testing how to actually accept settlement payments from issuers in USDC starting on Ethereum and paying out in USDC on Ethereum. And these are large value settlement payments.

5. Binance’s weekly summary

a. Binance to implement Ray Dalio’s instant scoring mechanism DOTS link

CZ said he will implement Ray Dalio’s instant scoring mechanism DOTS in Binance. Employees rate each other across over 100 attributes on a 1–10 scale in an iPad app called “Dots”, according to the principles of “radical truth” and “radical transparency”.

b. Binance has announced the launch of Binance Tax link

Binance has announced the launch of a new crypto tax calculator — Binance Tax, which lets users understand their crypto tax liabilities on up to 100,000 transactions with no extra cost. It is currently only available to users based in Canada and France.

6. FTX’s weekly summary

a. Huobi to list FUD (FTX Users’ Debt) link

Huobi is scheduled to list FUD (FTX Users’ Debt) on February 5, 2023. The early bird issuance phase will sell FTX the debt at a discount. 1 FUD = $1, FUD initial issuance and liquidity is 20m. DebtDAO will publish the contract or notarized proof of the debt at an appropriate time. The lawyer @wassielawyer pointed out that this is in breach of securities regulations.

b. FTX debtors ask politicians who received donations to return funds by Feb 28 link

FTX debtors are sending letters to politicians and groups who have received FTX donations, asking them to return the funds received by February 28. FTX-related political donations topped $93m, some said they would donate to charitable organizations.

7. Decentralized social protocol Nostr had more than 720,000 accounts link

According to nostr band data, on Feb 5, the decentralized social protocol Nostr had more than 720,000 accounts, of which 368,000 accounts had posted. After a short period of activity on Damus, daily active users and posting users are declining rapidly.

8. Sandbox had started to be unlocked on a large scale link

On Feb 5, Sandbox had started to be unlocked on a large scale. A total of 170m SAND had been transferred from the multi-signature address, of which 78m ($60M) was directly transferred to the Binance deposit address.

9. SEC’s weekly summary

a. The U.S. SEC Examinations Division lists crypto assets and other emerging technologies as a priority for 2023 link

Examinations of registrars on the will offer, sale, recommendation of, or advice regarding trading in crypto or crypto-related assets and include whether the firm (1) met and followed their respective standards of care when making recommendations, referrals, or providing investment advice; and (2) routinely reviewed, updated, and enhanced their compliance, disclosure, and risk management practices.

b. US SEC rumored to ban cryptocurrency staking for retail customers link

Coinbase CEO said that they’re hearing rumors that the SEC would like to get rid of crypto staking such as ETH2.0 in the U.S. for retail customers. After ETH is converted to POS, there are also disputes about whether it is a security.

10. Bitcoin NFTs explode in popularity as BitMEX research shows 13,000 Ordinals link

Recently usage of “Ordinals”, a system where one can embed image data into the Bitcoin blockchain has increased. Up until 7 February 2023, over 13,000 of these transactions, which take up 526MB of Bitcoin blockspace. The first occurred on the 14 December 2022. The total spend is 6.77 BTC.

Fundraising

• Blockchain startup Super Block closes 9 billion won (~$7.23 million) in Series A funding link

• Blockchain consulting firm Elementus has announced a $10 million Series A-2 led by ParaFi Capital link

• SPACE ID, a decentralized domain name protocol, announced the closing of a $10 million strategic funding round led by Polychain Capital and dao5 link

• SALT Lending has closed a $64.4 million Series A funding round from a share sale to accredited investors link

• Digital assets protection firm Coincover has raised $30 million in a round led by Foundation Capital link

• ManesLAB, the parent company of NFT project WeirdoGhostGang, announced the completion of a $1.8 million seed funding round led by YZB Investment link

• Game developer Mino Games secures $15M Series B led by Standard Crypto link

• First-of-its-kind fintech platform Fierce announced $10M in seed funding link

Learn more, check out crypto-fundraising.info.

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