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- Polygon Zero Accuses zkSync Of Copying Source Code 👨💻 Google Cloud Strengthens Security of Celo Network As Validator 🔐
Polygon Zero Accuses zkSync Of Copying Source Code 👨💻 Google Cloud Strengthens Security of Celo Network As Validator 🔐
HashKey and OSL obtain Hong Kong crypto exchange licenses. Futureverse co-founders launch $50M venture fund.
Manan Vora
August 04, 2023
Snapshot Web3
August 4, 2023
Regulatory Updates
HashKey Exchange and OSL Digital Securities have become the first crypto exchanges to obtain licenses in Hong Kong that allow them to work with retail clients. Previously, they had licenses for professional investors, but now they can expand their operations to include retail customers as well. Both exchanges will offer trading pairs for Bitcoin and Ethereum. HashKey Group aims to raise funds at a $1 billion valuation to capitalize on Hong Kong's potential as a crypto hub and launch a regulated exchange for retail clients in the coming months.
Hong Kong lawmaker Johnny Ng hopes to explore the interconnectivity between digital asset platforms in Hong Kong and a Shanghai-based exchange. Hong Kong has been welcoming to crypto firms and aims to strengthen its position as a global financial center. HashKey and OSL recently obtained licenses for retail trading in Hong Kong.
Innovation and Launches
MIT's Digital Currency Initiative (DCI) launched the PArSEC platform, designed for central bank digital currencies (CBDCs). It outperformed public blockchains with 118,000 ERC-20 transactions per second. The platform supports ERC-20 tokens and automated market makers for CBDCs, bonds, and tokenized securities. Research is needed for security and key management. Programmability in CBDCs is a topic of debate. PArSEC was developed in partnership with the Federal Reserve Bank of Boston.
Animoca Brands' subsidiary, nWay, will launch the Web3 multiplayer fighting game Wreck League in September. Players can compete using their own assets, including NFTs from Yuga Labs collections, and win in-chain prizes. A Web2 free-to-play version will also be available, replicating core gameplay without NFTs and offering daily missions and Battle Passes.
Google Cloud is now a validator on the Celo network, boosting its security and stability. The partnership aims to streamline transactions using Google Cloud's Blockchain Node Engine. This collaboration showcases major players' interest in the blockchain industry and supports Celo 2.0's transition to Ethereum. The Celo ecosystem already hosts 1,000+ projects globally, including impactful dApps like GoodDollar and Grassroots Economics. Google Cloud also serves as a reliable cloud infrastructure provider for cLabs, helping startups build and scale Web3 applications on its platform.
Trending DApps
NFT and Metaverse
Shara Senderoff and Aaron McDonald, co-founders of Futureverse, have launched a $50 million venture fund called "Born Ready." It will invest in tech ventures collaborating with Futureverse or metaverse blockchain The Root Network. Futureverse previously raised $54 million in a Series A round for The Root Network. Web3 and crypto venture capital funding fell 79% YoY to $779 million, mostly going to blockchain infrastructure projects.
Interesting Reads
Solana's liquid staking derivative (LSD) protocol, Jito, has witnessed significant growth and activity after the Shapella upgrade. This surge has led to a remarkable increase in net deposits within the protocol, indicating a 195.6% spike in the last six months. Solana's Total Value Locked (TVL) has also grown substantially due to the success of LSDs on the platform. However, despite this positive trend, social activity and sentiment around Solana have declined, impacting its price, which currently stands at $22.77. If the bearish trend continues, SOL's price may test the $21.49 level.
In July, crypto venture capital funding declined by 14% compared to the previous month and 47% compared to last year. The total financing amount was $550 million, with infrastructure projects leading at 32% and NFT/GameFi projects at 17%. Notable rounds included Flashbots ($60M), Futureverse ($54M), and RISC Zero ($40M). Binance Labs pledged $15 million to Web3 gaming platform Xterio.
Optimism, a layer-2 scaling solution on Ethereum, has surpassed Arbitrum in daily transactions, driven by increased use from Coinbase and Worldcoin. The rise of layer-2 solutions has been significant, and Optimism's unique approach allows anyone to submit fraud proofs. Worldcoin's adoption and upcoming privacy features have contributed to Optimism's growth. However, Arbitrum still holds a larger total value locked (TVL). Optimism's success and potential opportunities lie in its continuous growth and privacy solutions.
Quick Links
Polygon Zero has accused zkSync of copying source code from the Plonky2 library in their proof system named Boojum without proper attribution. Matter Labs, the team behind zkSync, denies the allegations and claims the code includes a clear reference to the source. Open-source licenses in the blockchain industry require proper attribution when using code from others.
The SEC has received 11 Ether futures ETF applications in less than a week, including one from ProShares for an equal-weight Bitcoin and Ether ETF. The applications are for futures-based ETFs, and if approved, they could launch within 75 days from their filing dates, with the first one potentially launching on Oct. 12. The SEC has not yet approved any Ether futures ETFs, unlike Bitcoin futures ETFs, which have been available since 2021.
The SEC froze assets of DEBT Box and its principals, accusing them of a $50 million fraudulent crypto scheme. The firm allegedly sold unregistered "node licenses" for crypto mining, but the SEC claims it was a sham. DEBT token's value dropped 52% since the action. SEC seeks permanent injunctions and penalties against the firm.
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The information provided in this newsletter is for informational purposes only and should not be interpreted as investment advice, endorsement, or recommendation. Cryptocurrency investments carry significant risk due to their volatility. You should consider your financial situation, investment goals, and risk tolerance before making any investments. We strongly recommend consulting a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results.
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