Evening News | Binance plans to convert USDC and other stablecoin balances to BUSD; Ethereum Bellatrix hard fork has been activated
The semi-homogeneous token standard ERC-3525 has been approved; 21Shares' parent company 21.co has completed a $25 million financing at a valuation of $2 billion.Organizer: Cookies, Chain Catcher
"What Important Events Happened in the Last 24 Hours"
1. Binance: User USDC and Other Stablecoin Balances Will Be Converted to BUSD
Binance announced that it plans to convert all user USDC, USDP, and TUSD stablecoin balances and new deposits to BUSD at 11 AM on September 29, to enhance user liquidity and capital efficiency. After this, users' BUSD balances will reflect the converted balances of these four stablecoins (BUSD, USDC, USDP, and TUSD).
Binance also stated that this will not affect users' withdrawal options, and users will continue to be able to withdraw USDC, USDP, and TUSD funds at a 1:1 ratio with their BUSD-denominated account balance.
Subsequently, Circle co-founder Jeremy Allaire stated that Binance's new stablecoin initiative is a good thing for USDC, adding new use cases for USDC (source link).
2. Ethereum Bellatrix Hard Fork Activated, Merge Scheduled in 8 Days
The Ethereum Bellatrix hard fork has been activated, with the mainnet merge scheduled to occur in 8 days. Bellatrix combines the beacon chain with the main blockchain and is the last upgrade before the mainnet merge.
It is reported that Bellatrix is the hard fork for the merge of Ethereum 1.0 and Ethereum 2.0, and is a necessary step before the official merge (source link).
3. Bitcoin Mining Pool Poolin Wallet Service PoolinWallet Suspends All Withdrawals Due to Liquidity Issues
Due to liquidity issues, the Bitcoin mining pool Poolin Wallet service PoolinWallet has suspended all withdrawal services, lightning transactions, and internal transfers starting Monday. On Sunday, the company's CEO and founder Kevin Pan stated that Poolin is facing liquidity issues but assured users that their assets are safe.
The official statement indicated that a "viable" solution will be provided within a week, which may include debt. On Monday, in another article on the Poolin website, the company announced that starting from September 8, it will waive Bitcoin and Ethereum mining fees until December 7, and waive fees for users with balances exceeding 1 BTC or 5 ETH for 12 months or in the pool account (CoinDesk).
4. Solv Protocol's Proposed Semi-Fungible Token Standard ERC-3525 Has Been Approved
The ERC-3525 (semi-fungible token standard) proposed by the financial NFT minting and trading platform Solv Protocol has been approved.
It is reported that ERC-3525 is a semi-fungible token standard fully compatible with ERC-721, where each ERC-3525 token can be represented as a unique ERC-721 entity with its own attributes. By adding a "unit" attribute, developers have managed to create semi-fungibility—distinct unique assets that can be split and merged at will. ERC-3525 is a perfect solution for gaming or financial applications (source link).
5. Aave's Proposal to Shut Down ETH Lending Market Before Ethereum Merge Has Been Approved
Aave's proposal to shut down the ETH lending market before the Ethereum merge has been approved and may be executed within a day. The proposal aims to mitigate potential market risks associated with the Ethereum merge. Additionally, this AIP will transfer a one-time payment of 60 AAVE from the Aave treasury to MakerDAO's pause agent (source link).
6. 21Shares Parent Company 21.co Completes $25 Million Financing at a $2 Billion Valuation, Led by Marshall Wace
21Shares' parent company, crypto investment product firm 21.co, announced the completion of a $25 million financing round at a $2 billion valuation, led by Marshall Wace, with participation from Collab+Currency, Quiet Ventures, ETFS Capital, and Valor Equity Partners.
It is reported that 21.co's largest subsidiary, 21Shares, is the world's largest issuer of cryptocurrency exchange-traded products (ETPs), using its proprietary platform Onyx to issue and operate crypto ETPs for companies and third parties (source link).
7. NFT Trading Platform Niftify Completes $7.86 Million Seed Round Financing, Led by Moonchain Capital and Audacia Capital
NFT trading platform Niftify has completed a $7.86 million seed round financing, led by Moonchain Capital and Audacia Capital.
It is reported that Niftify allows anyone to create and operate custom NFT stores and marketplaces, aiming to become a complete and compliant NFT solution. The platform currently operates on Ethereum and Polygon, supporting various fiat payment options, including credit cards, ApplePay, GPay, and Samsung Pay (source link).
"What Interesting Articles Are Worth Reading in the Last 24 Hours"
1. “From Theory to Experiment: How Can Web3-Based National Communities Achieve a Common Vision?”
When a country is not defined by a fixed territory and ethnicity, not established through revolution, referendum, or war, but based on shared values, visions, and goals, is this possible? Economic downturns, sliding into totalitarianism, and de-globalization are the current realities of the world, and people are exploring ways to change the existing political system. New technologies can bring about changes in organizational methods and production relationships, and blockchain technology enthusiasts place their hopes for revolution on this.
It has become a consensus among all investors and practitioners that the crypto market has entered a bear market. And winter is the time to prepare for the spring sowing. What fruits will be borne in the future? Of course, we must ask those who sow. Huobi Research interviewed over 20 representative global investment institutions, hoping to understand their judgments on the current state and trends of the industry, and to discover potential tracks.
3. “Interpreting Binance's Automatic Conversion to BUSD: A Joint Strike Against USDT”
Binance officially announced that to enhance user liquidity and capital efficiency, it will automatically convert existing user USDC, USDP, and TUSD stablecoin balances and new deposits to BUSD at a 1:1 ratio. Evgeny Gaevoy, CEO of crypto market maker Wintermute, believes that most news did not accurately reveal the impact of this event on USDC and made the following four clarifications, which this article translates and organizes.
4. “A Comprehensive Analysis: How Can DeFi Rebirth from Its Cocoon?”
Is DeFi dead? This is a difficult question to answer now. Saying "no" seems too hasty, as we have seen many moments where web3 maximalists have been "negated"; saying "yes" is also too hasty, as it would lead us to underestimate the true vitality and robustness of this space, how much it has endured to survive, and how much it can still grow and develop. This article is guided by past lessons, so this is where we should first focus comprehensively.
Risk warning
Risk warning
