James' Crypto Weekly - September 27, 2021
đ°Â News
China declares all crypto activities illegal and overseas cryptocurrency exchanges providing services in mainland China are also illegal. The notice clarifies that virtual currencies do not have the same legal status as legal currency in China. It also reiterates what has been in place for years, namely, that cryptocurrency trading is against the law. Link
Huobi and Binance have stopped letting traders use mainland China mobile numbers to register new accounts and Huobi also said it will suspend all China-based user accounts later this year. Link Link2
Sparkpool, the world's largest Ethereum mining pool, has said it will stop providing services to miners based in mainland China. Link
Chris Banbury, head of global operations at permissionless blockchain project Conflux, said that the firm will provide its technology to launch an offshore renminbi (RMB) stablecoin pegged to Chinaâs central bank digital currency (CBDC), the digital yuan. The new stablecoin project will facilitate international trade in Shanghaiâs Lin-gang Special Area after the Chinese government granted the free economic zone permission to explore free trade with an offshore RMB stablecoin in July. Link
Coinbase has canceled plans to launch Lend, a product that would provide 4% interest on USDC holdings. Coinbase said that the SEC threatened to sue the firm if it launched the product. Link
Binance to abandon decentralized HQ concept after some regulators think itâs âdodgyâ. In a TV interview with the South China Morning Post on Thursday,Binance co-founder and CEO Changpeng Zhao acknowledged that Binance's pitch over the past several years that it is a global, decentralized operation with no headquarters does not go down well with regulators. "Four years ago when we started it, we wanted to embrace the decentralized model so we wanted to have decentralized teams everywhere. But we do run one centralized exchange, which is the biggest part of our business. Now we have come to realize that for the regulators, we need to be centralized," he said, during the interview. Link
The official DAI Token Bridge is now live on Arbitrum One. Link
The 1inch Aggregation Protocol and 1inch Limit Order Protocol have been deployed on the Arbitrum One mainnet. Link
Magic Integrates with Moonbeam, the Ethereum-compatible smart contract platform on Polkadot. Link
Snoop Dogg is selling 1,000 NFT passes for private Ethereum metaverse party. Link
Twitter rolls out Bitcoin and Ethereum tipping worldwide, Twitter users can now send each other Bitcoin as tips. The company's announcement also included plans to "explore NFTs for authentication," but provided few details about what exactly the company intends to do with them. Link
A beta version of Robinhood's iOS app shows code and a waitlist page related to an unannounced cryptocurrency wallet feature. Link (Bloomberg $)
The infamous WallStreetBets launches new subreddit WallStreetBetsCrypto dedicated for cryptocurrency discussions. Link
The IRS is working on cracking crypto wallets. Link
đ Market Data
The Flow team have pre-announced there will be a Mainnet Spork on Oct. 6, 2021. Additional details relevant to the spork will be given closer to the date. The first phase of transaction fees will go live on Flow Mainnet on Oct. 7, 2021. A flat fee of 0.00001 FLOW will be applied to every transaction submitted to the network. This will be implemented a day after the upcoming Mainnet Spork. Link
Dapper Labs has raised $250 million in a new funding round led by Coatue Ventures, bringing Dapper Labs' valuation to $7.6 billion. Other VC participants included a16z, GV, Version One Ventures, BOND, and GIC (Singaporean sovereign wealth fund). Link
A proposal to launch a new 1inch Treasury has been drafted by the core team. The Treasuryâs central component is the Trading Strategy which is a 1inch USDC-USDT liquidity pool that will be integrated as a liquidity source to the Pathfinder algorithm with an expected 5-10% APY. The Trading Strategy is executed as a newly-created fund subsidized exclusively by the 1inch protocolsâ current revenue streams. Link
inch launches a new liquidity mining program in collaboration with Lido. Providers of liquidity to the stETH-DAI pool will collect 200,000 LDO and 200,000 1INCH tokens in rewards, on top of LP rewards in the poolâs tokens. The farming program kicks off on September 24 at 11:00 AM CET and will run for a period of 4 weeks. Link
A discussion on completely detaching RAI from Fiat. Link
Interesting read on summarizing the staking industry and highlighting future outlooks and potential risks. Link
Innovation in polkadot video recap. Link
Interesting video on the bottom up approach for funding public good developments, think SPAC for the crypto world. Link
đď¸ Dates of Note
Upcoming dates of note (new/changes in bold):
September 30 - NFT Fest Australia
October 3 - Deadline to register for Polkadot hackathon
October 13 -14 - Sub0 online â the substrate developer conference
November 1 - 4 - NFT.NYC
TBA -Â Devcon (DEVCON has been postponed to 2022)
Kusamaâs second batch of parachain slot auctions:
Kilt protocol won the 6th parachain slot on Kusama. Link
Calamari Network won the 7th parachain slot on Kusama. Link
Basilisk Finance won Kusama's 8th parachain auction on Sep. 22, 2021. It will lease its new parachain slot for the next 48 weeks. Kusama will hold two more auctions before taking a break to evaluate overall network performance before looking to launch the third batch of auctions. Link
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Permalink for this weekâs issue: https://jamescryptoweekly.substack.com/p/september-27-2021
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