Acala attacker address aUSD destruction proposal passed, StarkWare releases recursive proof

【Data Intelligence】

Current Ethereum bridge TVL rises to $9.11 billion

Dune Analytics data shows that the current TVL of the Ethereum bridge is 9.11 billion US dollars. Among them, the five bridges with the highest lockup volume are PolygonBridges ($4.595 billion), ArbitrumBridges ($2.971 billion), OptimismBridges ($1.48 billion), NearRaibow ($865 million), and Fantom Anyswap Bridge ($487 million).

Total Stablecoin Circulating Supply Exceeds $150 Billion

According to CryptoRank data, the total circulating supply of stablecoins in the market exceeds $150 billion. Additionally, the stablecoin saw a 46.73% increase in volume in the last week of trading since Aug. 5. USDT has the greatest dominance of all products in the industry, accounting for 43.4% of the total supply, followed by USDC at 35%, and then BUSD rounding out the top three with 11.6%.

【 Regulatory News 】

Federal Reserve Issues Guidance for Fintech and Crypto Firms to Provide Access to “Master Deposit Accounts”

On August 15, local time, the Federal Reserve announced that it had finalized new guidelines for providing new types of financial institutions with master deposit account (Master Account) access. Master Accounts are a critical link in the U.S. (and international) financial chain; without them, financial service providers would rely on intermediary banks that own them, reports say, and the new guidelines effectively standardize the application for master accounts for companies with a "new trust license" Access considerations, such as crypto custodian banks and their industry associations. The guidance is broadly similar to guidance first proposed in 2021 and would create a multi-tiered system that would allow the Fed to tailor its evaluation process to grant access based on the type of financial institution applying. Each tier corresponds to a more stringent review process. According to the guidance, Tier 1 banks would be federally insured; Tier 2 banks would not be federally insured but would remain "subject to prudential supervision by the federal banking agencies"; and Tier 3 would be "not federally insured and not subject to prudential supervision by the federal banking agencies." , which is likely to apply to crypto banks in Wyoming.

The European Union is about to create a new anti-money laundering watchdog to oversee cryptocurrencies

Under a package of legislation aimed at anti-money laundering, the European Union is creating a new regulator that will directly oversee crypto businesses. At the heart of the new legislation is the creation of an EU-wide anti-money laundering watchdog.The regulator, known as the Anti-Money Laundering Authority, or AMLA, will at least directly monitor “high-risk” cryptocurrency firms that serve as financial service providers, according to a version from the committee and legal advisers. A lot of negotiations are still going on before the Anti-Money Laundering Authority, or AMLA, comes into force, but all signs point to negotiations on the way.

【Industry Trends】

StarkWare Releases Proof of Recursion, Supports Bundled NFT Minting Transactions

Blockchain scaling solutions provider StarkWare has announced the launch of recursive proofs that can bundle tens of millions of NFT minting transactions off-chain to help simplify transaction processing on the Ethereum chain. However, Eli Ben-Sasson, president and co-founder of StarkWare, said that there are currently no "tens of millions" of NFT coins put into a single recursive proof, but the technology is in place. Currently, StarkWare's StarkEx expansion engine and StarkNet have enabled recursive proofs. .

Crypto custody company BitGo plans to sue Galaxy Digital for withdrawing from the acquisition agreement and seeks $100 million in damages

Cryptocurrency custody firm BitGo has said it plans to sue Galaxy Digital for withdrawing from their $1.2 billion merger agreement and is seeking $100 million in damages from Galaxy. BitGo said Galaxy refused to pay the previously promised exit fee. R. Brian Timmons, a partner at Quinn Emanuel, a law firm hired by BitGo, said, “It is absurd that Mike Novogratz and Galaxy Digital blame BitGo for the termination of the agreement. Galaxy either pays BitGo a $100 million termination fee as promised, or It continues to act in bad faith and faces so much or more damage."

Digital asset financial services company Eqonex to close crypto trading business

Nasdaq-listed financial services company Eqonex Limited (EQOS) announced the closure of its cryptocurrency trading platform due to the high volatility and reduced trading volume of cryptocurrencies. It is reported that the trading platform was launched in 2020 and will close trading at 16:00 on August 22, 2022, and customers must withdraw funds before September 14.

Dragonfly Acquires Crypto Hedge Fund MetaStable Capital

On August 15, the cryptocurrency investment company Dragonfly announced the acquisition of MetaStable Capital, an encryption hedge fund. As of July 31, MetaStable Capital's assets under management exceeded $400 million. Founded in 2014 by Lucas Ryan, Josh Seims and AngelList CEO and co-founder Naval Ravikant, MetaStable Capital invests in mainstream cryptocurrencies.

Cosmos staking protocol Stride will issue Token airdrops to ATOM, OSMO and JUNO stakers

On August 16th, the Cosmos staking agreement Stride announced that it will airdrop TokenST to ATOM, OSMO and JUNO pledgers, the number of which is 2.2 million, 1 million and 200,000 respectively. The snapshot time is at 21:00 on August 14th, Beijing time . Stride said that after the start of the airdrop, unclaimed airdrop Tokens will be recovered and redistributed to all users who are eligible for airdrops every month until all airdrops are claimed. As previously reported, on August 4, the Cosmos pledge agreement Stride announced the completion of a $6.7 million seed round of financing, led by NorthIsland VC, Distributed Global and Pantera Capital, with participation from 1Confirmation, Cerulean Ventures, NodeV and Cosmos ecological validators Imperator, Cosmostation and Everstake. cast.

【Elite Viewpoint】

kadhim: Celsius burns $46m on average in next 3 months

Financial Times reporter Kadhim claimed on social media that there are new details on the finances of bankrupt cryptocurrency lender Celsius. 1/ The company burns an average of $46 million over the next 3 months, i.e. has a severely negative cash flow. 2 / The customer gave Celsius 100,000 BTC. It now only has 15,000 BTC and 23,000 WBTC. In this regard, lawyer wassie commented that Celsius predicted that there would be 33 million restructuring related expenses (possibly paid to legal and financial advisors) in the next 3 months. In bankruptcy protection, professional advisors always win.

Coinbase: Lightning Network Could Scale Bitcoin to 'Millions of Instant Transactions Per Second'

BitcoinMagazine tweeted that Coinbase said the Lightning Network could scale Bitcoin to "millions of instant transactions per second"

【What to watch today】

Acala attacker address aUSD destruction proposal has been passed, with a total of about 1.29 billion pieces

According to the news on August 16, the aUSD burning proposal of the Acala attacker’s address has been passed, and a total of 1,292,860,248 wrongly minted aUSD will be sent to the honzon protocol at block 1,652,829 and burned. Previously, Acala stated that the hacker attack was due to a misconfiguration of the iBTC/aUSD pool, and the transfer of related stolen assets has been prohibited.

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