KrypitalGroup July Review
👉 News | 👉 Projects updates👉 Events Updates
👉 Market Recap | 👉 About Krypital Group
👉 News
- Crypto exchange KuCoin is introducing mandatory KYC for all users
Crypto exchange KuCoin is set to mandate know-your-customer (KYC) procedures for all clients starting July 15.
Users must complete KYC to fully access KuCoin’s products and services, or they will face limitations, the exchange operator said Wednesday. If KYC procedures are not completed, users will only be able to use services such as spot trading sell orders, futures trading deleveraging, margin trading deleveraging, “earn” product redemptions and ETF redemptions, KuCoin said. They will not be able to make deposits to the exchange but they can withdraw.
- Tens of millions of dollars withdrawn from Multichain on Fantom in possible exploit
Tens of millions of dollars of tokens have been withdrawn from the Multichain bridge on the Fantom network, with security firms speculating that it may be a security breach.
The tokens moved include $58 million of the stablecoin USDC, 1,020 wrapped bitcoin ($30.9 million), 7,200 wrapped ether ($13.7 million) and $4 million of the stablecoin DAI. It also included further tokens like Chainlink, Curve DAO, YFI, Wootrade Network and nearly a quarter of the total supply of UniDex.
Assets also appear to be moving on Multichain’s Moonriver bridge, including $4.8 million of USDC and $1 million of USDT.
- Uniswap has launched a new AMM protocol called “UniswapX”
Aimed at facilitating trading between Automated Market Makers (AMMs) and other liquidity sources. Uniswap is introducing the UniswapX on the Uniswap Labs interface of the Ethereum main network with an option to join the testing version. The company plans to expand UniswapX to other chains and Uniswap wallets in the near future, although they have not disclosed the exact release date for the final version.
UniswapX claims to offer improved pricing by aggregating liquidity sources, providing gas-free swaps, and implementing safeguards against “Maximum Extractable Value (MEV).” In the coming months, UniswapX intends to expand to offer gas-free cross-chain transactions.
- FTX has filed its plan of reorganisation.
1. All non-customer claims (such as IRS) will be subordinated
2. FTT claims are zeroed
3. Offshore exchange restart to compensate customer shortfalls
- Curve Finance has suffered a loss of $52 million due to the attack
PANews reported on July 31st that according to security firm PeckShield’s monitoring, the ongoing hack of the stablecoin pool in Curve Finance has led to cumulative losses of $52 million for projects including Alchemix, JPEG’d, MetronomeDAO, deBridge, Ellipsis, and the CRV/ETH pool. Market data indicates that the native token of Curve DAO, CRV, is currently priced at $0.624647, experiencing a 15.4% decrease in the last 24 hours.
CoinDesk’s analysis suggests that the downward trend in CRV’s price due to the attack might potentially lead to the liquidation of the $70 million borrowing position that Curve’s founders hold on Aave.
👉Projects updates
deBridge
1. deBridge integrates Linea for efficient interoperability without liquidity pools, deBridge has now integrated Linea, the zkEVM rollup network launched by Consensys, into the deBridge generic messaging infrastructure and the DLN cross-chain exchange protocol. This venture marks another step towards enhancing the user experience and scalability for Ethereum’s ever-growing ecosystem, while unlocking a range of new opportunities for building on Linea.
2. deBrdige live on Base now, Bringing high performance interoperability to Base, deBridge now offers a solution for creating high performance cross-chain apps that can operate with Base without the bottlenecks of traditional bridging infrastructures. DLN enables native cross-chain trades to and from Base with a number of performance advantages:
Faster transactions, Higher capital efficiency, Guaranteed rates, No possibility of stuck or reverted transfers, No AMM slippageMEV protection.
https://shorturl.at/dHTX1
Karmaverse
1. Karmaverse announced that that Karmaverse has entered into a partnership with playdapp, PlayDapp wants to turn Web2 users into Web3 users through the PlayDapp service platform.
https://rb.gy/d2g9w
2.Karmaverse announced that Karmaverse has entered into a partnership with metaproapp, a web3 ecosystem, who connect projects and create interoperability! KarmaverseZombie has been listed on MetaPro already.
https://rb.gy/bqno0
Tap Fantasy
1. Tap Fantasy S6 Change Preview
*Open World Change
*Boss Change
*MC Related Change
*Gameplay Change
2. Tap Fantasy: Cross-Chain to TON Network, Unveiling a New Chapter in Blockchain Gaming, As a blockchain powered by Telegram, the TON Network boasts a massive user base and robust technical support. This cross-chain move is set to attract a plethora of new users to Tap Fantasy, opening a new chapter in the future of blockchain gaming.
Boba Network
1. Boba Network’s Hybrid Compute Series, Creating a new landscape to house the next competitive scene for games, bets, and more with Hybrid Compute. You can set rules and parameters and decentralize the way rewards are distributed. Start your next project on Boba Network. https://docs.boba.network
Injective
1. Injective Teams Up With Espresso Systems to Support Rollup Infrastructure, This collaboration marks a significant step towards bringing decentralization to rollups built within Injective’s ecosystem, most notably Cascade, the first-ever Solana SVM rollup for Injective and the broader IBC ecosystem.
https://shorturl.at/btwI6
2. Warp Protocol Launches on Injective, Warp Protocol, the decentralized automation layer for the Cosmos ecosystem, is now live on Injective, empowering developers to create a variety of new DeFi experiences for users. Beginning with Astroport Limit Orders, Warp is set to empower Injective developers to create a variety of diverse new DeFi experiences for users.
https://shorturl.at/nvJMU
3. Galxe Integrates Injective, Creating New UA Opportunities for Developers, This integration empowers projects on Injective to launch reward-based loyalty programs, facilitating more immersive and enriching community campaigns. With Galxe’s on-chain transaction tracking capabilities, projects can now create in-depth campaigns that directly benefit users, ultimately driving unprecedented user acquisition and engagement for dApps built on Injective and the broader ecosystem.
INK Finance
1. Azeem Khan Joins Ink Finance Advisory Board, Azeem Khan, a respected crypto investor, serial entrepreneur, and Head of Impact at Gitcoin, has officially joined the Advisory Board of Ink Finance, the leading Web3 Financial SaaS.
👉Events Updates
Join us for these and other conferences in the coming months! Let us know if you’d like to meet or possibly co-host a side event, and we’d be more than happy to get in touch. In addition, we would love to attend more industry events to network through speaking or panelist opportunities. If you are organizing any event please get in touch with us at Contact@Krypital,com and we would like to discuss how we can provide support.
* Token 2049 Singapore Sep 13th
👉Market Recap
Bitcoin July Insight
CZ: Binance is researching the Lightning Network and may start with small-scale transactions.
Bitcoin July Insight
Coinbase CEO: Actively Exploring Lightning Network, Willing to Support Bitcoin Payment Development
In response to a question from Jack Dorsey about why Coinbase has seemingly overlooked the Bitcoin Lightning Network payment solution, Coinbase CEO Brian Armstrong responded, “We are actively researching how to best add the Lightning Network. It’s not straightforward, but we believe it’s worth it, and I fully support the development of Bitcoin payments.”
MicroStrategy Plans to Raise $750 Million Through Stock Sale for Bitcoin Acquisition
According to a report from CoinDesk, MicroStrategy plans to raise $750 million through the sale of additional stocks. The company intends to use the funds raised to purchase Bitcoin and for operational capital. The latest financial report released by MicroStrategy showed that the company recorded a $24.1 million impairment charge for Bitcoin in the second quarter of the year, which was higher than the $18.9 million in the first quarter. As of July 31, 2023, the company holds a total of 152,800 Bitcoins.
US Presidential Candidate Robert F. Kennedy Jr. Proposes Using Bitcoin to Support the Dollar and Waiving Capital Gains Tax
On July 19th, US Democratic Party presidential candidate Robert F. Kennedy Jr. stated during a PAC event aimed at bridging divisions, “My plan is to start on a very, very small scale, perhaps 1% of the Treasury bonds issued backed by hard currency, gold, silver, platinum, or Bitcoin.” Additionally, Kennedy announced that his government would “waive capital gains tax for exchanging Bitcoin into dollars.” He further stated that fiat currency was invented to fund wars and expressed a preference for base currency. He suggested that the US Treasury should acquire assets like Bitcoin and precious metals as insurance policies for the country’s increasing debt.
Vitalik Buterin: Ordinals Revive the “Builder Culture” of Bitcoin
According to a report from Cointelegraph, Ethereum co-founder Vitalik Buterin mentioned in a Twitter Space session on July 7th that projects like Ordinals are reviving the “builder culture” of Bitcoin. He praised Ordinals and the BRC20 standard, considering them a rejection of the “stagnation” politics within the Bitcoin ecosystem. Regarding the debate on the scalability of Bitcoin’s Lightning Network for future users, Buterin suggested that the best approach is to focus on implementing different types of Layer-2 solutions while also seeking ways to make the Bitcoin base layer more efficient.
BlackRock Resubmits Bitcoin Spot ETF Application, Designates Coinbase as Supervisory Partner
On July 4th, Bloomberg reported that BlackRock has resubmitted its application for a Bitcoin spot ETF to the US Securities and Exchange Commission (SEC), indicating that Coinbase Global Inc. will provide market surveillance. Previously, the SEC stated that the initial application documents submitted by institutions like BlackRock and Fidelity were “unclear and incomplete” as they did not specify the cooperating institutions for regulatory sharing agreements. Other firms like Fidelity, Invesco, VanEck, 21Shares, and WisdomTree also made amendments to their applications. Analysts believe that proper cryptocurrency market surveillance could be a key factor in SEC’s approval of Bitcoin spot ETFs, as it can significantly reduce fraud and market manipulation concerns.
US Presidential Candidate Robert F. Kennedy Jr. Holds Bitcoin
According to CNBC, US presidential candidate Robert F. Kennedy Jr. listed a brokerage account in his financial disclosure report on June 30th, showing ownership of Bitcoin worth between $100,000 and $250,000. The report noted that the earnings from holding Bitcoin were less than $201, without specifying when or by whom the Bitcoin was purchased, or the initial investment amount. In May of this year, Kennedy announced at the 2023 Bitcoin Conference in Miami that he would accept Bitcoin campaign donations, although he clarified that he is not an investor. Kennedy’s campaign manager, former Democratic congressman Dennis Kucinich, later stated that Kennedy had purchased Bitcoin after his speech in Miami, before June 30th.
Vitalik Buterin: Bitcoin Needs to Test More Scalability Solutions for Further Development
On July 10th, Decrypt reported that Ethereum founder Vitalik Buterin stated in a Twitter Space session that for Bitcoin to develop beyond just being a means of payment, it needs to adopt scalability solutions like Plasma or ZK Rollup. He noted that these solutions have already been tested on the Ethereum network. Buterin also mentioned that Optimism and Arbitrum are successful Rollup implementations that could serve as case studies for Bitcoin. He attempted to identify commonalities between the Ethereum and Bitcoin ecosystems, highlighting their immutability and the existence of L1 privacy issues. Over the years, Ethereum has been exploring various scalability solutions, with the latest proposal being EIP-4844, which introduces “blobs” that can handle up to 100,000 transactions per second.
ETH July Insight
Ethereum Network Q2 Revenue Down 33.3%, Daily Active Addresses Decreased by 6%
According to a Q2 2023 report by Bankless, Ethereum’s network revenue decreased by 33.3%, dropping from $1.27 billion to $847 million. The value of burned ETH decreased by 35% from $1.09 billion to $713 million. The average daily active addresses also reduced by 6%, going from 471,447 to 444,419. The average ETH inflation rate decreased by 213%, from 0.71% to -0.8%.
MetaMask Plans to Launch Snaps Protocol for Cross-Chain
Interaction:MetaMask plans to introduce the Snaps protocol by the end of 2023, allowing wallet users to access new applications and execute cross-chain protocol interactions. Snaps is an independent JavaScript program that enables anyone to safely extend and customize MetaMask functionality. MetaMask will not charge any fees to Snaps users. The protocol is expected to launch in the fourth quarter.
CME Ethereum Options Open Interest Reaches Historic High
Chicago Mercantile Exchange (CME) Ethereum options reached a record high with $254 million in open interest. At the same time, CME’s Bitcoin options open interest is also near an all-time high at $1.59 billion. Ethereum options trading volume decreased in June, while Bitcoin options trading volume has been rising for the third consecutive month, although it remains below its March peak.
Curve Faces Vyper Compiler Vulnerability
On July 30th, certain versions of the Vyper programming language, used for smart contracts, were found to have a serious vulnerability. The Curve team reported that due to the malfunction of the reentrancy lock function, some stable pools using Vyper version 0.2.15, such as alETH, msETH, and pETH, were subjected to network attacks. A white hat attacker returned 2,879 ETH (about $5.4 million) to the Curve deployer.
Ethereum Community Proposes ERC-7265 Standard to Mitigate DeFi Hacks
Ethereum community members have proposed a new standard, ERC-7265, aimed at enhancing the security of decentralized finance (DeFi) protocols. This standard would enable a “circuit breaker,” allowing DeFi protocols to easily add contingency plans to their smart contracts to prevent tokens from leaving the contract in the event of a hack. The proposal is still pending acceptance and implementation by the Ethereum core team.
NFT July Insight
Swiss Credit Suisse to Collaborate with Swiss Football Association on Ethereum NFT
As per a report by The Block, Swiss Credit Suisse is collaborating with the Swiss Football Association to launch an Ethereum-based NFT collection in support of Swiss women’s football. According to information on the Credit Suisse website, this NFT collection includes 756 digital art portraits of Swiss women’s national football team players and will be available for sale from July 11th to August 31st. The NFTs have been deployed on the Ethereum blockchain network and will be exclusively sold through Credit Suisse’s CSX application. This move marks Credit Suisse’s entry into the NFT space. In February this year, Credit Suisse led a $65 million Series B funding round for Swiss digital asset company Taurus. In March, the Swiss bank acquired Credit Suisse in a CHF 3 billion ($3.3 billion) all-stock deal.
Global Convenience Store 7-Eleven Introduces Free Slurpee NFT on Polygon Network
According to Decrypt, global convenience store chain 7-Eleven has launched a free Slurpee NFT on the Polygon network. This collectible game can be played via mobile devices and includes virtual 7-Eleven Slurpee cups and four flavors: cherry, blue raspberry, piña colada, and summer citrus. After filling the cup, users can acquire their “Slurpee Vibe digital collectible.” This collection cannot be sold or transferred to third parties.
Christie’s Collaborates with Luxury Brand Gucci to Launch NFT Collection
According to CoinDesk, the 256-year-old auction house Christie’s is collaborating with luxury fashion brand Gucci to launch a digital art NFT collection. The collection, titled “Future Frequencies: An Exploration of Art and Fashion in the Metaverse,” draws inspiration from Gucci textiles, color palettes, and its Bamboo 1947 collection. It includes 21 NFTs created by AI artist Claire Silver, generative artist Emily Xie, decentralized autonomous artist Botto, and others. The auction will take place on Christie’s 3.0 digital art platform, starting on July 18th and ending on July 25th.
👉About Krypital Group
Founded in 2017, Krypital Group is a leading global venture capital firm and blockchain incubator with active arms in North America, Asia and Latin America. Vested in a complete blockchain ecosystem, the company has specific investment funds for both primary and secondary markets, as well as providing end-to-end services such as project incubation, brand management and technical advisory. To date, Krypital Group has invested and incubated more than 100 projects so far.
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