Headline
▌On-chain data shows a16z is selling $7 million worth of MKR tokens at a high price
Blockchain data shows that as the price of MakerDAO’s MKR governance token soared to a nearly one-year high, Andreessen Horowitz (a16z) is selling a portion of its MKR token holdings at a high price. Ethereum blockchain monitoring website Etherscan shows that about $7 million worth of MKR has been transferred from a16z’s cryptocurrency wallet to a newly created address last Thursday. The new wallet started depositing 1,380 tokens (worth about $1.5 million) into the cryptocurrency exchange Coinbase every day, which typically indicates an intention to sell. As of Tuesday, the total amount deposited into Coinbase from this wallet was $6.1 million, with the latest transaction occurring at 10:18 PM on Tuesday Beijing time.
These transactions occurred as MKR briefly surged to over $1,200, its highest level in nearly a year, following the launch of a new token buyback program that reduced the token’s supply. The token is currently trading at $1,140.
a16z’s cryptocurrency wallet still holds 12,395 MKR (1.3% of its circulating supply), worth $14 million.
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Market Data
As of press time, according to coinmarketcap data:
BTC recently traded at $29,238.2, with a +0.20% change within the day;
ETH recently traded at $1,858.09, with a +0.01% change within the day;
BNB recently traded at $237.83, with a +0.22% change within the day;
XRP recently traded at $0.7090, with a +1.28% change within the day;
DOGE recently traded at $0.0817, with a +5.88% change within the day;
ADA recently traded at $0.3038, with a -0.19% change within the day;
MATIC recently traded at $0.7081, with a -1.31% change within the day.
WLD recently traded at $2.2744, with a -0.08% change within the day.
Policy
▌US Government Accountability Office: Recommends regulatory agencies establish legal framework for redemption rights related to stablecoins
The US Government Accountability Office (GAO) stated in a report titled “Blockchain in Finance” that blockchain technology has brought significant improvements to the financial system, such as cheaper and faster transactions. However, recent events like the collapse of FTX indicate that the industry urgently needs regulation. Congress must focus on enacting new legislation to address consumer protection and financial stability issues caused by the lack of regulation in the cryptocurrency industry.
The report suggests that a formal coordination mechanism to address blockchain-related risks can establish processes or timeframes for addressing risks, helping federal financial regulatory agencies collectively identify risks and develop timely and appropriate countermeasures. Platforms that trade securities-backed digital assets currently have to comply with securities laws for registration and regulation, which is sufficient to combat fraud and manipulation in these markets. Platforms facilitating the trading of non-securities digital assets should be treated similarly and incorporated into the regulatory framework through new legislation.
The U.S. Government Accountability Office (GAO) stated that stablecoins have become an important part of the cryptocurrency ecosystem and may pose risks to financial stability if not regulated. Stablecoins should be backed by reserve assets to maintain a peg to the U.S. dollar. However, regulatory agencies have indicated that there are no “uniform standards” for reserve levels, risk, or disclosure, and many issuers share varying degrees of reserve information. The report stated that as stablecoins become more integrated into the financial system, they must adhere to standardized rules for reserve levels and public disclosure. In addition, regulatory agencies are advised to establish a legal framework for redemption rights related to stablecoins.
▌American Bankers Association: Stablecoin ecosystem must be strongly regulated like banks
The American Bankers Association (ABA) issued an open letter stating that in order to ensure effective consumer protection and financial stability, the stablecoin ecosystem must be strongly regulated, similar to the banking ecosystem. The association added that they hope the regulatory level for state-licensed stablecoin issuers is the same as the current level of regulation for state-chartered banks.
In another letter from the ABA, concerns similar to those of 49 state banking associations, consumer bankers associations, and bankers from Puerto Rico were raised, calling for stablecoin issuers to be subject to the same federal regulation as banks and credit unions.
▌SEC accuses Quantstamp’s ICO of unregistered securities offering
According to a cease and desist order on July 21, the U.S. Securities and Exchange Commission (SEC) accused Quantstamp of conducting an unregistered securities offering during its initial coin offering (ICO) in 2017. According to legal documents, Quantstamp allegedly raised over $28 million by selling QSP tokens to approximately 5,000 investors. It added that the company planned to use the proceeds from the ICO to develop a protocol on the Ethereum blockchain that would provide automated security audits for smart contracts.
According to the documents, the automated smart contract security auditing platform built by the company in June 2019 is no longer operational. Quantstamp agreed to settle the charges without admitting or denying the SEC’s findings, and besides a civil penalty of $1 million, it also agreed to pay nearly $2.5 million in disgorgement and prejudgment interest.
Blockchain Applications
▌Deloitte and Chainalysis collaborate to achieve crypto compliance
Deloitte and blockchain data platform Chainalysis announced a new strategic alliance to help clients address compliance challenges in the digital asset ecosystem. Through this alliance, clients will be able to leverage Chainalysis’ proprietary blockchain data sets, analysis software, and training programs, as well as Deloitte’s services, to assist with forensic investigations, investigations, and compliance planning.
The announcement stated that with the clear expectations of regulatory agencies for digital assets, the establishment of blockchain tracking capabilities by law enforcement agencies, and the formulation of digital asset strategies by financial institutions, Deloitte and Chainalysis are meeting the market’s demand for risk management technology solutions and services. The two parties will jointly help their mutual clients implement advanced forensic, investigative, and compliance plans.
▌ShelterZoom Co-founder: Blockchain technology can address security risks caused by artificial intelligence
Chao Cheng-Shorland, CEO and Co-founder of ShelterZoom, a provider of Web3 smart documents and network resilience SaaS, wrote that artificial intelligence (AI) has immense potential to improve people’s lives, but it also brings new attack vectors for hackers to exploit, such as ransomware attacks and data breaches that hospitals and healthcare institutions are vulnerable to. Blockchain technology can serve as a solution to this problem. By storing data in a decentralized and immutable manner, blockchain can reject unauthorized modifications or tampering of datasets used to train AI models. Blockchain applications can also prevent unauthorized content generation by AI. As enterprises involving AI often need to securely share information with each other, blockchain-based platforms can facilitate secure sharing among organizations. The inherent security and transparency of blockchain can even protect ownership through its immutable and traceable nature, helping combat deepfakes and other forged AI-generated content.
▌Researchers propose building an intelligent education system using blockchain, DAO, NFT, and AI
Mehmet Fırat, a researcher at Anadolu University in Turkey, recently published a study envisioning a multi-technology solution to address the challenges of the traditional education system, called the “Smart Open Education Ecosystem” (SOEE). The study combines blockchain, decentralized autonomous organizations (DAO), NFTs, multimodal learning analytics, and artificial intelligence (AI) to form an independent education ecosystem where systems like ChatGPT interact with students and personalize learning experiences. Courses, learning resources, and certificates will be created as NFTs, and the entire process will be managed by DAO. Fırat believes that the ultimate goal of open education is not only to democratize learning and make education accessible, but also to provide personalized learning experiences for everyone.
Cryptocurrency
▌Dogecoin sees a nearly 9% increase in 24 hours, reaching its highest price since April
According to data from CoinGecko, as of 4:50 AM Beijing time on July 25th, Dogecoin (DOGE) rose to $0.08, with a 24-hour increase of 8.9%. This is the highest price since April, with trading volume exceeding $1.7 billion. According to data from CoinMarketCap, the market value of Dogecoin is currently $11.4 billion, making it the cryptocurrency with the highest weekly increase among the tokens tracked by the platform, with a 18.9% increase in the past week.
LianGuai reported that earlier in the day, Musk retweeted a video tweet of Dogecoin and My Doge wallet UX/UI graphic designer DogeDesigner, and DOGE subsequently rose in response.
▌Cryptocurrency accounting and tax company Node40 to expand core business
Perry Woodin, founder and CEO of cryptocurrency accounting and tax company Node40, said that as the regulatory environment for cryptocurrencies becomes “increasingly clear,” Node40 is expanding its business beyond core cryptocurrency accounting. Cardone said that Node40 has been involved in many government contracts, and government agencies pay for the cost of cryptocurrency tracking work through RFPs. One area Node40 may expand into is fund management. Cardone pointed out that this could be a tricky issue for cryptocurrency asset management companies that trade DeFi products or engage in non-liquid venture capital equity and participate in private token sales.
▌Whales transfer nearly $60 million worth of Bitcoin in five days
On-chain data shows that whales have transferred nearly $60 million worth of Bitcoin in five days. On July 20, two wallets from 2011, each holding 10 BTC (worth $292,767 at the time of writing), transferred their holdings to new addresses. The next day, a wallet holding 5 BTC (worth $146,383) was transferred after 12 years of silence. In addition, a whale that had been dormant for 11 years transferred all 1,037.42 BTC (worth $37.8 million) to a new address. The original address received these BTC on April 11, 2012, when each Bitcoin was worth $4.92. On July 24, a wallet from 2010 transferred 50 BTC, equivalent to $1.4 million.
▌USDC market cap drops to $26.7 billion, only half of what it was a year ago
CoinGecko data shows that the current market cap of USDC is about $26.7 billion, a decrease of about 2.5% since early July and only half of what it was a year ago, and it is still declining. The data shows that the market cap of USDC reached a peak of about $55 billion in late July 2022, and then fell to about $44 billion in early March this year.
In contrast, USDC’s competitor USDT has a market cap of nearly $84 billion, second only to Bitcoin and Ethereum. Since July 2022, the market cap of USDT has grown by about 27% from $66 billion. Matteo Greco, a research analyst at Fineqia International, pointed out that USDC’s main market is the United States, and cryptocurrency participants in the country are facing legal challenges due to a lack of comprehensive regulation.
Important Economic News
▌Securities Times: Active capital markets need multi-party efforts, more measures to boost market confidence can be expected
The Central Political Bureau meeting held on the 24th explicitly proposed to “activate the capital market and boost investor confidence.” Yesterday, the A-share market welcomed the “rise” with major indices opening high and trading volume reaching nearly 950 billion yuan, an increase of more than 40% compared to the previous trading day. Many market participants expect that in the next stage, the basic system of the capital market will be further improved, policies to stimulate market activity are expected to be introduced intensively, and more measures to boost market confidence can be expected, which will help improve the attractiveness of the capital market and improve investor sentiment and trading activity. There is a greater possibility of the market returning to an upward cycle. (Jinshi Data APP)
LianGuai Encyclopedia
▌Cryptocurrency ATM
A cryptocurrency ATM, also known as a Bitcoin ATM or digital asset ATM, is a physical machine that allows users to buy or sell cryptocurrencies using cash or debit/credit cards. These ATMs serve as a bridge between the traditional banking system and the world of cryptocurrencies, making it easier for people to access and interact with digital assets.
Disclaimer: As a blockchain information platform, the articles published by LianGuai are for informational reference only and should not be considered as actual investment advice. Please establish the correct investment concept and be sure to increase risk awareness.
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