Coinlive Morning Post - August 30

headlines

▌SBF: No plan to acquire Huobi

FTX founder and CEO Sam Bankman-Fried (SBF) tweeted to clarify the recent market rumors about "FTX acquiring Huobi" and said that he "does not intend to acquire Huobi". Jinse Finance previously reported that on August 12, Li Lin, the founder of Huobi, was seeking to sell his majority stake in the trading platform at a valuation of US$3 billion, and SBF and Justin Sun had made preliminary contacts with him. Justin Sun then denied the acquisition.

policy

▌Iran has approved the use of Bitcoin or cryptocurrency for transactions, mining and payment of import fees

Iran has approved regulations for using bitcoin or cryptocurrencies for trading, mining and paying for imports. Iran’s trade minister said that the regulation regulates all issues related to cryptocurrencies, including how to provide fuel and energy for mining them and how to grant licenses.”

cryptocurrency

▌The trading volume of encrypted investment products hit a two-year low

Trading volumes in crypto investment products hit their lowest level since October 2020 last week, as outflows continued in August, according to CoinShares. Volumes in these products reached $901 million last week, well below the year-to-date weekly average of $2.4 billion as of Aug. 8. Digital asset investment products also saw a net outflow of US$27 million last week, slightly higher than the US$9 million in the previous week, the data showed. The head of research at CoinShares said the outflows from bitcoin products were partly due to hawkish rhetoric from the Federal Reserve.

▌The merger of ETH may affect applications based on stablecoins and DeFi

In a report titled "DeFi's Stablecoin War" on August 27, DappRadar emphasized that Ethereum's imminent merger is one of the most anticipated events in the crypto industry, but DappRadar and other stakeholders expressed concern because It may adversely affect or destabilize several decentralized applications on the ETH blockchain network during the upgrade process. Grayscale also tweeted that the ETH merger could affect native tokens on the Ethereum blockchain. Grayscale data shows that stablecoins like USDT account for 28% of the total market capitalization of Ethereum. Additionally, the value locked in various Ethereum-based DeFi smart contracts is around $40 billion, according to crypto market data provider Coinmetrics.

▌JPMorgan's head of blockchain: most cryptocurrencies will disappear

Umar Farooq, chief executive of JPMorgan's blockchain division, told the Monetary Authority of Singapore's Green Shoots seminar on Monday that all but a few dozen tokens are bound to disappear. The financial industry has been slow to catch up with tokenized deposits as regulation has not caught up and there are not many use cases and most of the money in the Web3 ecosystem is spent on speculation. Regulatory conditions need to clarify the risks involved in large transactions of tokenized deposits.

▌Meta has supported the display of personal digital collections on Facebook and Instagram

Meta announced that it has supported the display of NFT on Facebook, and users can display their personal NFT after connecting their personal digital wallets to the App. Meta first opened up the function of sharing NFTs held by Instagram to a small number of creators and collectors in May, and then announced support for CoinbaseWallet and Dapper wallet connections in early August to display NFTs held by individuals.

▌Arbitrum is expected to be upgraded to Nitro on August 31 at 10:30 am EST

Arbitrum, Ethereum’s Layer 2 scaling solution, has announced that the migration to Nitro will take place on August 31 at 10:30AM ET. As an upgraded version of Arbitrum One, Nitro is expected to bring faster transactions and lower fees. Arbitrum will replace its current custom-built EVM (Ethereum Virtual Machine) emulator with Geth, the most popular and supported Ethereum client. It will improve the EVM compatibility of the network, potentially resulting in 20-50x faster Layer 2 execution. Arbitrum Odyssey is expected to recover over the next few weeks as Nitro approaches. The campaign was abruptly suspended just a week after it launched on June 21 due to unusually high fees due to network congestion.