Golden Morning Post | Uniswap burns 99.99% of HayCoin supply creditors accused Genesis of cheating

Headlines

▌Uniswap founder burns 99.99% of HayCoin supply, HayCoin skyrockets 307%

HayCoin, a test token deployed by Uniswap founder Hayden Adams, soared in value by 307% to $2.5 million after it burned 99.99% of the token supply, Golden Finance reported. Adams wrote on social media that he burned the token supply after feeling uncomfortable owning "almost all of it." According to cryptocurrency price tracker DexTools, as of 3:38 p.m. ET on October 20, the price of one HayCoin has exceeded $2.5 million. Adams said he will not be involved in trading the token in the future because he has burned all supplies.

▌****Genesis Creditors: NYAG lawsuit proves that Genesis willfully committed deception at the direction of its parent company, DCG

A direct creditor of Genesis and a member of the Fair Deal Group wrote to a bankruptcy judge on Friday drawing his attention to a lawsuit filed yesterday against Genesis by the New York attorney general. The lawsuit details how Genesis knowingly defrauded creditors on the instructions of its parent company, DCG, the letter said. Creditors told media outlet DL News that NYAG "did all the hard work for us." Most Genesis creditors are reported to oppose the proposed bankruptcy plan.

Quotes

As of press time, according to CoinMarketCap:

BTC recently traded at $29,611.13, up or down +3.38 % during the day;

ETH recently traded at $1,604.57, up or down +0.11% during the day;

BNB recently traded at $212.11, up or down +0.58% during the day;

XRP recently traded at $0.5145, up or down -0.22% during the day;

DOGE recently traded at $0.0599, a daily increase of +1.94%;

ADA recently traded at $0.251, a daily increase of +1.95%;

SOL recently traded at $26.78, a daily gain or loss of +7.84 %.

Policy

▌CSRC: Promote the healthy development of regional equity market norms and strengthen blockchain construction and operation security

Golden Finance reported that on October 20, in order to improve the multi-level capital market system and promote the healthy development of regional equity market norms, the CSRC drafted the "Regional Equity Market Supervision Guide No. 1 - Registration and Settlement (Draft for Comments)", "Regional Equity Market Supervision Guide No. 2 - Blockchain Construction (Draft for Comments)" and "Regional Equity Market Supervision Guide No. 3 - Data Governance and Information Reporting (Draft for Comments)", and opened it to the public for comments. According to the key work arrangements of the CSRC in 2020, the regional equity market has launched the pilot work of blockchain construction and gradually expanded the pilot areas, and 25 regions have been included in the pilot list. In October 2021, the Cyberspace Administration of China and 16 ministries and commissions jointly organized the pilot of national blockchain innovation and application, with the CSRC leading the pilot work in the characteristic field of "blockchain + equity market", and 10 regional equity markets were included in the national blockchain innovation application pilot list.

▌SFC updates cryptocurrency market regulation in light of new market developments

Golden Finance reported that the Hong Kong Securities and Futures Commission announced that it plans to update its cryptocurrency sales and requirements framework as the digital asset industry continues to evolve in the market. In the regulator's revised notice issued on October 20, five main parts of the crypto industry are covered. These include the distribution of virtual asset (VA)-related products as well as the provision of cryptocurrency trading services, asset management platforms, consulting services, and implementation steps. The SFC stressed that while the spread of VAs has expanded to other regions and is growing in popularity, the global regulatory landscape remains uneven. Risks associated with investing in digital assets, such as anti-money laundering (AML) and counter-terrorism financing (CFT), remain. However, due to the rapidly evolving cryptocurrency regulatory environment, the SFC and Hong Kong authorities have prioritized investor protection. This will be followed by updated stringent measures and requirements to curb the risks associated with these assets. The comprehensive amendment notice states that restrictions will be placed on the sale of some assets. For example, complex VA-related products, such as cryptocurrency exchange-traded funds and those outside Hong Kong, will only be available to professional investors. In addition, intermediaries related to the cryptocurrency space will assess whether investors have adequate knowledge of virtual asset trading before executing any transaction.

▌HKMA Establishes Central Bank Digital Currency Expert Panel in collaboration with 5 local universities

Golden Finance reported that the Hong Kong Monetary Authority today set up a central bank digital currency (CBDC) expert group and signed memorandums of understanding with five local universities. Academics from the five universities will participate in the research work of the panel and members will participate in their individual capacities. The Panel also brings together experts in a wide range of disciplines related to the HKMA's CBDC research work, including business, computer science, economics, finance and law. The HKMA said it hopes to facilitate collaboration and knowledge exchange with academia in CBDC research through the establishment of an expert panel that will assist the HKMA in researching major policy and technical issues, as well as provide advice and training to the HKMA on fintech-related issues and organise seminars. The five local universities participating in the panel included Chinese University, City University, Polytechnic University, University of Science and Technology and The University of Hong Kong. The HKMA said it would consider inviting overseas university scholars to participate in the future. The panel has begun working on two research papers, the first on privacy issues in CBDCs and the second on CBDC interoperability. Mr Lee Tat-chee, Deputy Managing Director of the HKMA, said that the collaboration would discuss key policy and technical issues for CBDCs at wholesale and retail levels, and the expert panel would play an important role in helping Hong Kong consolidate its position in CBDC research.

▌U.S. Treasury Financial Crimes Enforcement Network: Virtual asset service providers should report suspicious Hamas-related transactions as soon as possible

The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) issued a warning on Friday that Hamas relies on "fundraising activities involving virtual currencies and fictitious charities to raise fiat and virtual currencies" and that virtual asset service providers should report suspicious transactions related to Hamas as soon as possible.

▌Singapore court approves a financial investigation firm to use legal documents NFT to tag hacked accounts

Singapore's High Court has allowed financial investigation firm Intelligent Sanctuary (iSanctuary) to attach NFTs containing legal documents to cold wallets linked to a hacking incident that will not block transactions with these wallets but will serve as a warning to counterparties and exchanges that the wallets were involved in hacking. In addition, iSanctuary claims that they have devised a way to track funds leaving these wallets, again through this NFT, which will be permanently attached to these wallets.

Blockchain Application

▌****New Ethereum proposal EIP-7540 will improve RWA's tokenized vault standard

The new Ethereum Improvement Proposal (EIP), EIP-7540, aims to introduce asynchronous deposit and redemption processes as an extension of the existing ERC-4626 tokenized vault standard, Golden Finance reported. ERC-4626 itself is a standard designed to introduce profitable vault parameters. These vaults are smart contract platforms that execute strategies, offering rewards to token depositors. Centrifuge contributor Asad Khan said that EIP-7540 will ensure that asynchronous deposit and redemption processes are possible, and that EIP has the potential to benefit protocols that handle real-world assets (RWA), cross-chain lending and liquid staking. EIP-7540 is still in its early stages, and the proposal must first be discussed on the Ethereum Forum before moving on to the next phase.

▌Applied Digital opens 200 MW data center in Texas, USA

Blockchain and artificial intelligence (AI) infrastructure provider Applied Digital announced the opening of a new 200-megawatt (MW) data center in Garden City, Texas, marking the company's third blockchain colocation facility online in North America, Golden Finance reported. Applied Digital said that once the center is fully powered on, the site will bring the total colocation capacity of Applied Digital colocation facilities to 480MW.

▌Base Launches 8-Week Training Course for Blockchain Developers

Gold Finance reported that Ethereum Layer 2 network Base announced the launch of an eight-week training course to transform traditional software developers into blockchain developers. This new program is called "Base Bootcamp" and you can participate without paying anything. It is designed for "intermediate to advanced software engineering individual contributors" who must fill out an application form and be accepted in order to register. Each cohort will accept fewer than 20 members and will stop accepting applications on Oct. 27, the announcement said.

▌dYdX: The dYdX Chain interface will be open source so that anyone can deploy the frontend**

According to Golden Finance, dYdX said on its X account that the dYdX Chain interface will be open source, meaning that anyone can fork and deploy it under the v4 terms of use. While this is a big step towards decentralization, traders are advised to do more research before using the deployed dYdX Chain frontend, so it can become a target for bad actors to gain access to traders' wallets and funds.

Cryptocurrency

▌**Cayman Islands judge ordered liquidation of crypto lender Freeway's parent company AuBit

A judge at the Grand Court of the Cayman Islands this week ordered the liquidation of AuBit, the parent company of troubled cryptocurrency lender Freeway, in a ruling that appears to put an end to Freeway's efforts to survive. According to the petition filed by AuBit, Judge David Doyle ruled that a thorough independent investigation into the affairs of the company and its management was urgently needed and rejected AuBit's request to restructure Freeway. Formerly known as Aubit Prime, Freeway is a centralized cryptocurrency lending platform that has attracted users with the promise of high yields. In October 2022, Freeway stopped withdrawing money on the grounds of trading losses. About 5,000 retail investors deposited more than $160 million in the Supercharger program but were unable to withdraw the funds.

▌**Coinbase to suspend CRPT, MXC, QSP, REN, TONE trading on November 4

Coinbase Assets announced that the platform regularly monitors exchange assets to ensure they meet listing criteria, Golden Finance reported. According to the recent review, the platform will suspend trading on Crypterium (CRPT), MXC (MXC), Quantstamp (QSP), Ren (REN), TE-FOOD (TONE) around 2:00PM EST on November 3, 2023 (around 3:00AM Beijing time).

▌**HODLers hold about 69% of BTC circulating supply, near all-time highs

According to IntoTheBlock data, the BTC balance held by Bitcoin HODLers hovered near an all-time high, reaching 13.45 million bitcoins, accounting for about 69% of the circulating supply. HODLers are individuals who hold Bitcoin for more than a year and accumulate over time. IntoTheBlock analyst Slim Daddy said this is a potential reason why bitcoin has been able to maintain a strong price position despite market turmoil.

▌****Uniswap front-end transaction fees have exceeded $130,000, and annualized revenue has exceeded $22 million

Blockworks data shows that since Uniswap began collecting front-end fees around 1 p.m. ET on October 17, Uniswap Labs has earned more than $133,000, with an average daily income of about $60,000 and annualized total revenue of more than $22 million. Most of the revenue comes from the Ethereum base layer. An earlier report from Blockworks Research estimated that despite relatively limited parameters, the fee has the potential to generate more than $33 million a year in revenue for Uniswap Labs based on year-to-date trading volumes.

▌Data: Uniswap on-chain activity is still surge

Uniswap's recently introduced charges have sparked speculation about the reaction to "sell-off news," and Uniswap's on-chain activity is still growing despite a 5% drop in UNI's price since its initial release. According to Santiment's latest insights, there is a clear difference between a decrease in UNI prices and an increase in on-chain activity. The cryptocurrency analytics platform said that a negative MVRV indicates that short-term UNI holders may feel some pain. But two indicators, active addresses and network growth, have surged to their highest levels since July this year. Interestingly, despite the downward trend in terms of price, this trend has been rising. Gold Finance previously reported that Uniswap Labs began levying a 0.15% fee on transactions involving ETH, USDC and other tokens on Tuesday. Only swaps performed through the Uniswap Labs frontend will be taxed.

Important Economic Dynamics

▌Fed Bostic: The end of 2024 may be the time for the Fed to cut interest rates

Gold Finance Report, Fed Bostic: I don't think the Fed will cut interest rates until the middle of next year. Inflation is still just above the 2 per cent target and must be brought under control. The end of 2024 could be the time for the Fed to cut interest rates.

▌**** Bitcoin pro-Bitcoin U.S. congressman Byron Donalds announces candidacy for Speaker of the House of Representatives**

Golden Finance reported that U.S. Congressman Byron Donalds, who supports bitcoin, announced his candidacy for Speaker of the House of Representatives. Gold Finance previously reported that US Congressmen Byron Donalds, Warren Davidson, Young Kim, David Schweikert, Tom Emmer jointly submitted a new bill "The House Companion of the Financial Freedom Act of 2022", which aims to protect US investors from adding cryptocurrencies such as Bitcoin to 401(k) Competencies in retirement planning.

Golden Encyclopedia

▌Reid's Law****

Reed's Law expands the concept of network effects to emphasize the importance of communities and subgroups within networks. It states that the value of the network grows exponentially with the number of potential subgroups that users can build within the network.

Ethereum's smart contracts support DApps, embodying Reed's Law. As these applications increase, the value of the network grows exponentially. Reed's Law emphasizes that value increases exponentially as diverse communities and applications within the Ethereum network expand, underscoring the power of decentralized ecosystems.

**Disclaimer: As a blockchain information platform, Golden Finance publishes article content for informational reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness. **

Source: Golden Finance