KrypitalGroup September Review
👉 News | 👉 Projects updates👉 Events Updates
👉 Market Recap | 👉 About Krypital Group
👉 News
- Current laws sufficient to charge Sam Bankman-Fried for alleged fraud: DOJ
U.S. prosecutors reiterated Wednesday that the existing legal framework is sufficient to charge Sam Bankman-Fried for fraud-related violations.
In a Wednesday filing, the Department of Justice dismissed Bankman-Fried’s claims that “the apparent absence of relevant law or guidance bears directly on whether the alleged use of customer deposits would constitute misappropriation as opposed to a permissible business practice.”
The prosecutors argued that there are prohibitions on misappropriating customer assets — “they are the very laws that the defendant has been charged for violating.”
- Hong Kong MPs responded to Vitalik: Hong Kong policies and laws will not change overnight. Welcome to come to Hong Kong to learn about the situation.
PANews reported on September 15th that Hong Kong Legislative Council member Wu Jiezhuang said on the I do not understand or recognize the situation in Hong Kong. I sincerely invite Mr. Vitalik to come to Hong Kong to understand the situation. I am willing to coordinate with relevant institutions and enterprises to share the situation in Hong Kong with them. Hong Kong is a special administrative region with complete procedures for formulating policies and laws.
In Under ‘One Country, Two Systems’, Hong Kong has legislative power. As a member of the Legislative Council of the Hong Kong Special Administrative Region, I would like to share with you that every policy or legislation in Hong Kong requires a period of discussion, including government policy writing, public consultation, Legislative Council and more. Committees and conference discussions, etc., so I hope Vitalik understands the actual situation. The country and Hong Kong do not have the complicated situation Vitalik said. The central government has always expressed support for the development of “one country, two systems” in Hong Kong, so Hong Kong has room to formulate policies on virtual assets and welcomes global cooperation regulated enterprises to develop in Hong Kong.”
- The monthly trading volume of NFTs experienced a sharp 81% decline from January to July this year
On September 1st, PANews reported, citing data from DappRadar, that the monthly trading volume of NFTs saw a drastic 81% decline from January 2022 to July 2023. During the same period, NFT monthly sales decreased by 61%. Nicolas Lallement, co-founder of NFT Price Floor, stated, “We may be at the worst moment since the beginning of the NFT frenzy.”
DappRadar’s data also revealed that the average selling price of NFTs on Base, a blockchain incubated by Coinbase was $9.
- Google advertising unit permits promotion of NFT games, if gamble free
From Sept. 15, advertisers can promote NFT games using Google’s ad services as long as they do not hawk gambling-related content.
In July, Google began allowing Android users to download games from the Google Play store that allow players to buy, sell and earn in-game digital assets.
- Digital Euro at Least 2 Years Away, ECB’s Lagarde Says
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 have teamed up with Solflare to power high performance cross-chain exchange for Solana directly in MetaMask, Solfare, a leading wallet for the Solana ecosystem, has integrated the DLN high performance cross-chain trading infrastructure to bring high-speed, native cross-chain transfers to/from Solana in MetaMask. As of today, MetaMask users can now manage their Solana portfolio via their MetaMask wallet through Solana Snaps, and move between EVM and Solana in seconds.
- Karmaverse
1. Karmaverse announced that that Karmaverse has entered into a partnership with TrantorDAO, a unified #Web3 portal promoting interconnectivity among communities and brands.
https://shorturl.at/diWY2
2.Karmaverse announced that Karmaverse has entered into a partnership with 2040World, a play&earn gaming universe based on a real world economic model. Explore the mysterious space station with your own avatar.
https://shorturl.at/sBMR2
- Tap Fantasy
1. Explore Tap Fantasy: The Power of $MC Tokens, MC tokens are not just the digital currency of Tap Fantasy, they are the essence of the game. With acquisition methods that align with MC tokenomics and a wide range of application scenarios, MC tokens are the most important economic node in Tap Fantasy. MC promotes the game’s ecosystem and provides players with investment opportunities with stable returns. In the magical world of Tap Fantasy, MC tokens are the link between virtuality and reality, creating endless possibilities for players.
- Boba Network
1. Teahouse Finance deploys on Boba Network, through its integration with Boba Network, Teahouse Finance has substantially improved the efficiency and cost-effectiveness of its asset management solutions. This collaboration is not just in line with Teahouse Finance’s core mission, but it also elevates the user experience on multiple fronts. Leveraging Boba’s layer 2 capabilities, Teahouse Finance aspires to offer a seamless user experience with a deposit-and-hold methodology. The team at Teahouse Finance is extremely enthusiastic about this new venture and is highly optimistic about the future benefits for its user community.
- Injective
1. Injective Integrates Korea’s Leading Layer 1 Klaytn to Massively Scale Cross-Chain Interoperability, This integration will allow native assets from both Klaytn and Injective to be seamlessly utilized for various cross-chain initiatives, creating a far more composable ecosystem for these two communities.
https://shorturl.at/bpvD9
2. 1RPC Integrates Injective to Bring Enhanced Privacy Protection to Web3, bringing privacy-focused data infrastructure to Web3. This integration will add an extra layer of privacy protection to transactions on Injective while also increasing data capabilities for dApps on Injective.
https://rb.gy/7131c
3. Injective Unveils inEVM: A Groundbreaking Ethereum Rollup for Hyperscaling Multi VM Development, the first-ever Ethereum Virtual Machine capable of achieving true composability across Cosmos and Solana. The inEVM network was developed in collaboration with Caldera, a L2 rollup infrastructure platform backed by Sequoia.
With inEVM, Ethereum developers gain unprecedented access to Injective’s global network and user base, offering a new realm of opportunities to expand the reach of their protocols.
👉Event 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 September Insight
On September 9th, the number of new Bitcoin addresses in a single day reached nearly 720,000, hitting the highest level in five years.
On September 11th, according to Ali Charts monitoring, the number of new Bitcoin addresses on September 9th reached 717,331, reaching the highest level in five years. The last peak of daily new Bitcoin addresses was observed on December 14, 2017, when 800,180 new Bitcoin addresses were added.
Creator of Ordinals, Casey Rodarmor, introduces “Runes,” a Bitcoin-based alternative token protocol.
On September 26th, according to Cointelegraph, Casey Rodarmor, the creator of the Bitcoin protocol Ordinals, proposed a new Bitcoin-based alternative token protocol called “Runes” as a potential replacement for the BRC-20 token standard. He believes that alternative token protocols like Runes will not leave as much “junk” on the Bitcoin network as BRC-20 tokens do. The issue with BRC-20 tokens is that they use “junk” Unspent Transaction Outputs (UTXOs) to send spam on the Bitcoin network.
Coinbase CEO reiterates: Decided to integrate the Bitcoin Lightning Network, but it will take some time.
On September 13th, Coinbase CEO Brian Armstrong responded to a user on the X platform, stating, “We have decided to integrate the Lightning Network. Bitcoin is the most important asset in the cryptocurrency world, and we are excited to contribute to faster/cheaper Bitcoin transactions. The integration will take some time, please be patient.”
Animoca Brands subsidiary Darewise Entertainment to launch a Bitcoin-based metaverse ecosystem token.
On September 15th, according to the official blog of Animoca Brands, Darewise Entertainment, a game subsidiary of Animoca Brands, announced a strategic partnership with Web3 tool developer Horizen Labs, offering technical tokens, development, and consulting services. Horizen Labs previously provided smart contract and token strategy advice for the launch of ApeCoin (APE), and will assist Darewise Entertainment in launching the first metaverse token for the Bitcoin ecosystem. Horizen Labs will provide technical services, token economics consulting, and the building of essential tools and applications to further develop the Ordinals ecosystem.
The upcoming token by Darewise Entertainment will power the ecosystem of games, brands, and real-life (IRL) experiences, and the game “Life Beyond” will be the first to use this token for in-game assets, virtual land, and other purposes within the game’s metaverse.
Yat Siu, Co-founder and Chairman of Animoca Brands, commented on this strategic partnership: “With the emergence of the Ordinals protocol, we are witnessing a critical moment for Bitcoin, as it broadens its influence and introduces cultural concepts. High-quality games are one of the keys to achieving widespread adoption.”
ETH September Insight
Vitalik: Ethereum Urgently Needs to Improve Scalability, Perfect Solution to Node Centralization Issue May Require Another 10–20 Years
On September 5th, according to Cointelegraph, Vitalik Buterin, co-founder of Ethereum, stated at the 2023 Korean Blockchain Week that node centralization is one of the main challenges facing Ethereum. He suggested that this issue should be addressed by reducing and simplifying the operating costs of nodes. However, achieving the perfect solution may take another 10 to 20 years. Vitalik believes that the most pressing issue for Ethereum overall is achieving a higher level of scalability.
Linea Leader: Ethereum EIP-4844 Expected to Reduce Rollup Costs by 10 Times
On September 9th, according to Cointelegraph, Nicolas Liochon, the head of zkEVM Linea at Consensys, stated that danksharding (EIP-4844) is expected to further reduce Rollup costs by 10 times. Proto-danksharding, also known as Ethereum Improvement Proposal (EIP) identifier EIP-4844, aims to lower Rollup costs. Rollups typically batch process off-chain transactions and data and submit computational proofs to the Ethereum blockchain. The Ethereum Foundation has not yet determined the expected release date for the danksharding prototype, but development and testing are ongoing.
Ethereum Developers Propose ERC-7512 Proposed Standard to On-Chain Verify Smart Contract Audit Information
On September 19th, according to The Block, Ethereum developers proposed a new proposed standard, ERC-7512, aiming to enhance the security of Ethereum decentralized applications by allowing anyone to use and verify smart contract audit information on-chain (instead of off-chain). The proposal was jointly made by developers from projects such as Safe, Ackee Blockchain, OtterSec, ChainSecurity, OpenZeppelin, and Hats Finance. The goal of ERC-7512 is to ensure that audit details, such as who conducted the audit and their findings, can be parsed by contracts to verify their authenticity. Currently, audits are manually provided by teams without on-chain representation of their authenticity. This standard’s requirement stems from losses caused by issues found in smart contracts.
Ethereum Relay Count Drops to 4, Decentralization Questioned
On September 28th, according to Blockworks, after Blocknative decided to stop its MEV-boost relayer, there are currently only 4 active relayers on the Ethereum network. Over 90% of Ethereum transactions are now handled by four block builders, raising concerns about centralization. Relayers play a crucial role in Ethereum transaction settlement. They ensure timely and efficient processing by bridging the gap between users and the blockchain through transaction batching and broadcasting. With Blocknative’s exit, the pattern of relayers has become increasingly centralized.
Ethereum Researcher: Consider Using the Term “Data Publishing” Instead of “Data Availability”
On September 13th, according to CoinDesk, Dankrad Feist, a researcher at the Ethereum Foundation, stated during a panel discussion at the Permissionless conference held in Austin, Texas, that the industry should consider using “data publishing” as an alternative label for “data availability.” Data availability refers to the ability to work faster on the blockchain when storing data functionality is separated from transaction processing and confirmation. Data can then be independently verified or downloaded when needed by users. The concept of data availability is the basis for several blockchain projects, including Avail and Celestia, and is central to discussions on how to scale the Ethereum and its subnetwork ecosystem to handle more transactions.
Vitalik: Ethereum’s Future is to Create an Independent Open Technology Stack to Compete with Companies like Google and Twitter
On September 14th, according to Blockworks, Vitalik Buterin, co-founder of Ethereum, stated during the Permissionless conference that future development trends can be seen in today’s application landscape, but even the latest applications are not imaginative enough. Vitalik said, “DeFi and NFT are intended to adapt to independent parts of the same ecosystem as before, but what excites him is the decentralized social network Farcaster. Let’s see how far we can push in that direction.”
Vitalik also stated that crypto-based solutions have the potential to be more decentralized, privacy-focused, and secure than the current Web2 environment. He cited building blocks such as ENS and POAP and expressed that Ethereum’s grand vision is to truly create an independent open technology stack that can compete with companies like Google and Twitter without relying on closed, centralized systems.
👉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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