Blockchain Morning Post| Biden sign crypto administrative decree; OpenSea daily trading volume fell by more than 70%

Today's Highlights:

1. The White House releases a fact sheet on the crypto executive decree that Biden will sign

2. Cosmos EVM network Evmos blockchain or will be reset to restart

3. The U.S. Treasury Department will launch a crypto education program to publicize the potential risks of investing in cryptocurrencies

4.Ledger will launch a limited edition hardware wallet focused on NFTs

5. The Avalanche Foundation launches the $290 million "Avalanche Multiverse" program

6.Cake DeFi launches a $100 million venture capital division that will focus on areas such as Web3

7. Crypto exchange Kraken will distribute more than $10 million in aid to Ukrainian users

8. Data: OpenSea's daily trading volume fell by more than 70% from its highest point

Regulatory messages

The White House has issued a Crypto Executive Order Fact Sheet that will develop a national digital asset policy for 6 key priorities

The White House released a fact sheet that Biden will sign the crypto executive order, referring for the first time to requiring the "whole of government" to assess the risks and pros and cons of crypto assets and technologies. The Executive Decree sets out a national digital asset policy for six key priorities: consumer and investor protection, financial stability, illicit financial activity, U.S. leadership in the global financial system and economic competition, financial inclusion, and responsible innovation.

The Executive Decree emphasizes that by directing the U.S. government to take concrete steps to research and support technological advances in the responsible development, design, and implementation of digital asset systems while prioritizing privacy, security, and combating illegal exploitation, and to reduce negative climate impacts. At the same time, it said it will explore the US central bank digital currency (CBDC), focusing on the development of potential US CBDCs.

Previously reported, the U.S. Treasury Department briefly issued and removed Yellen's statement on the executive order on crypto assets.

The U.S. Treasury Department will launch a crypto education program to publicize the potential risks of investing in cryptocurrencies

According to CoinDesk, the U.S. Treasury Department's Financial Literacy Education Commission will launch a program focused on educating the public about the potential risks of investing in cryptocurrencies.

U.S. Treasury Secretary Nellie Liang said educational materials and outreach activities will include information about how cryptocurrencies work and how they differ from traditional payment methods, and that cryptocurrencies can offer potential benefits, such as improved financial inclusion and cross-border payments, an initiative designed to educate without trying to stifle new technologies and innovations.

The U.S. Treasury Department's education division includes 20 different agencies, including the Securities and Exchange Commission, whose chairman Gary Gensler previously referred to cryptocurrencies as the "Wild West."

The U.S. Stablecoin Regulation Act may be introduced to Congress this month

A competitive bill on the regulation of stablecoins and their reserves could be filed with Congress this month, Cryptobriefing reported. In February, Rep. Josh Gottheimer introduced an early draft of the bill aimed at regulating the reserve. The bill aims to be related to the President's Financial Markets Task Force (PWG) and past Tether controversies.

The working group recommended that stablecoin issuers should be regulated by the Federal Deposit Insurance Corporation (FDIC), just as banks are currently regulated.

NFT

Ledger will launch a limited edition hardware wallet focused on NFTs

Hardware wallet company Ledger announced Tuesday that it will release a new, limited-edition hardware wallet, ledger Nano S Plus, with only 10,000 devices available for pre-order and $79 each, Cointelegraph reported.

In addition, Ledger announced a global partnership with the Ethereum-based Proof of Attendance Protocol (POP). In January, Ethereum co-founder V God highlighted the potential importance of making NFTs soul-bound to achieve proof of achievement. The Genesis version of Ledger Nano S Plus will have a special engraving. Each pack will also include a card that can be redeemed for Genesis POAP NFT, allowing users to carry proof of this exclusive hardware wallet in their digital wallet. POAP will also cast a special version of the NFT for the Ledger event in the future.

Baidu will distribute more than 20,000 digital collection avatars to netizens for free

According to China Youth Network, Baidu announced that it will distribute more than 20,000 digital collection avatars to netizens for free, which will be completed in three rounds. On March 10 and March 12 at 10:00 a.m., Baidu will issue 8,888 "Talking Tom Cat" series badges, which can also be used directly as avatars after receiving them On March 16, on the occasion of the 16th birthday of the well-known cartoon and anime image A Beaver, Baidu will launch 3160 copies of the 16th birthday limited avatar of A Beaver for free. Users can search for digital collections, Baidu digital collections, Baidu super chain digital collections, and Baidu super chain wallets through the Baidu APP, and can quickly enter the relevant mini programs to receive digital collections.

It is understood that Baidu will also launch the Super Chain Digital Collection Trading Platform at the end of March, with the help of Baidu mobile ecology and technical support at the bottom of the Super Chain, to launch a variety of digital collections.

Former Universe

Xiaopeng Automobile's application for the meta-universe trademark was rejected

According to interface news reports, recently, Guangdong Xiaopeng Automobile Technology Co., Ltd. applied for registration of a number of "Xiaopeng Yuan Universe" trademarks, the process status changed to "notice of refusal issued", the international classification includes means of transport, advertising sales, etc., the above trademarks are applied for registration in November 2021.

It is worth mentioning that previously, the meta-universe related trademarks applied for by Ideal Automobile and WEILAI Automobile were also rejected.

Baidu signed an agreement with Geely Holding Group to deepen cooperation in meta-universe and other aspects

According to the Shanghai Securities News, Geely Holding Group and Baidu formally signed an agreement to deepen strategic cooperation in Hangzhou. According to the strategic cooperation framework agreement, the two sides will further deepen cooperation in information security, intelligent driving cloud, artificial intelligence big model, meta-universe, ecological travel technology co-construction, and data production management system. At the same time, the two sides will jointly set up AI innovation centers and AI joint laboratories to carry out forward-looking research on new technologies and pilot business cooperation.

CCTV launched a super imitation Allah broadcast, and live people and virtual people broadcast news on the same screen

According to Guangming Network, in this year's report on the two sessions of the National People's Congress, the "AI Crown" was officially put into use. CCTV also launched a new AI program "Crown" inspection and inspection of the two sessions, injecting scientific and technological "innovation" into the reports of the two sessions, and fully demonstrating the cutting-edge achievements of AI technology application in the field of news. "AI Crown" is the first super imitation Allah broadcast of the main station with supernatural voice and supernatural expressions based on the "CCTV" platform based on the "CCTV" platform based on the "CCTV" platform. The same-screen broadcast of real people and virtual people realizes the sense of hierarchy and gradient of the angle in the content, so that the different advantages of real people and virtual people can complement each other.

Project dynamics

The Avalanche Foundation launched the $290 million "Avalanche Multiverse" initiative to drive subnet growth

The Avalanche Foundation on Tuesday announced the multi-billion dollar incentive program "Avalanche Multiverse" to spur new types of development of the Avalanche blockchain. The Avalanche Multiverse program is funded by 4 million AVAX tokens (worth about $290 million at current prices) – designed to encourage the growth of subnetworks on the network. These subnets are blockchains linked to Avalanche that share similar tools and features, but can be customized to meet the requirements of specific applications, and subnets can also use tokens of their own design in place of AVAX.

The first subnet to receive a reward through the Multiverse program was the NFT game project DeFi Kingdoms, which has set aside a $15 million reward. Another key sub-project focuses on creating regulatory-compliant DeFi access for institutional investors. Ava Labs, which helped drive Avalanche' growth, has partnered with Aave, GoldenTree Asset Management, Wintermute, Jump Crypto, Valkyrie, Securitize, and others to build subnets, and participants will be required to undergo KYC inspections.

Goldman Sachs is offering Ethereum funds to clients through Galaxy Digital

According to CoinDesk's regulatory filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday, Goldman Sachs is offering interested clients the opportunity to offer a Galaxy Digital-issued Ethereum fund.

Sources from the institutional crypto trading space confirmed that Goldman Sachs is a supplier of Galaxy funds.

It is reported that this is not the first cooperation between Goldman Sachs and Galaxy Digital. Previously, Galaxy agreed to provide liquidity for Goldman Sachs' Bitcoin futures.

The EGL team announced the termination of the EGL project and will return all pledged ETH

According to official sources, the EGL team announced the termination of the EGL project. The EGL team said that after nearly 2 years of design, modeling, implementation, deployment, testing and management, the team believes that it is in the best interest of the community to terminate the EGL project and return all pledged ETH, because "many members of the community strongly believe that the use of tokens to manage ETH is inherently flawed".

It is reported that EGL is a public offering project of Coinlist in 2021.

Cosmos EVM network Evmos blockchain or will be reset to restart

According to official sources, Cosmos EVM Network Evmos released a network upgrade failure incident report. The report said the Evmos Core team was responsible for the error because of a serious security flaw and the Evmos Core team rolled out the upgrade too quickly. Double signatures are the symptoms, not the root cause. The validation node should not be responsible. The official will decide whether the chain continues from block 58700 or resets to 0. Before finalizing, some final data points need to be collected. The team is also working on engineering to smooth the restart with either option.

Previously, Cosmos EVM Network Evmos announced that the network upgrade failed and could not be recovered for the time being.

Cake DeFi launches a $100 million venture capital division that will focus on Web3, Metaversity, NFT and more

Singapore-based fintech platform Cake DeFi launches Cake DeFi Ventures (CDV), whose venture capital arm has $100 million in earmarking. Cake DeFi Ventures (CDV) is looking to invest in technology startups in the Web3, gaming, and fintech space, particularly in the metaverse, NFT, blockchain, and esports industries.

At the time of CDV's inception, the company was in early to late-stage negotiations with a number of global startups, including Southeast Asia, the United States and Europe. As a first-time strategic investment, Cake DeFi chose The Edge Of Company, a technology, media and events startup that has been building communities and ecosystems for NFT and Web3 spaces.

Crypto exchange Kraken will distribute more than $10 million in aid to Ukrainian users

Cryptocurrency exchange Kraken blogged that more than $10 million in aid will be distributed to Ukrainian users, from March 10 to July 1, in three batches. All Kraken users who create an account from Ukraine before March 9, 2022 will be eligible to receive $1,000 in Bitcoin, with immediate withdrawals and exemption from transaction fees of up to $1,000.

In addition, Kraken will donate to the aid program an amount equivalent to the total transaction fees paid by Russian customers in the first half of 2022, and additional assistance may also be announced in the future.

Financing messages

Crypto wallet WalletConnect completes $11 million Series A funding round, led by USV and 1kx

Crypto wallet WalletConnect announced the completion of a $11 million Series A round of funding, co-led by Union Square Ventures (USV) and 1kx, coinbase Ventures, Semantic Ventures, Zerion and others, as well as Alex Svanevik, Eric Conner, Arjun Bhuptani, Angel investors such as Viktor Bunin, Mara Schmiedt, Anna Rose and Ajit Tripathi participated. Total financing to date has reached $12.25 million.

The new funding will be used to scale up the team to make WalletConnect a decentralized web3 messaging layer. To this end, it is building two new protocols: the Direct Messaging Protocol and the Push Notification Protocol. WalletConnect also plans to issue tokens.

It is reported that WalletConnect was established in 2018 and has been integrated with more than 100 wallets and more than 200 applications.

Web3 infrastructure company EthSign completed a $12 million seed round, with participation from all three divisions of Sequoia Capital

According to The Block, Web3 infrastructure company EthSign completed a $12 million seed round, led by Sequoia Capital India and Mirana Ventures, sequoia Capital Headquarters, Sequoia Capital China, Amber Group, Circle Ventures, NGC Ventures, HashKey Group and Matrixport, IOSG Ventures and angel investors such as Balaji Srinivasan, Tegan Kline (The Graph), Sandeep Nailwal (Polygon), Sid Powell (Maple Finance) and Thomas Vu (Riot Games) participated. The total amount of financing to date has reached $12.65 million.

EthSign plans to use the new funds to expand the team and launched a smart protocol platform in the third quarter of this year, allowing users to execute signed agreements through smart contracts based on predetermined conditions. EthSign eventually intends to transform into a DAO and issue tokens.

A spokesperson for Sequoia Capital India said that this is not just in the crypto space, this is the first time that all three divisions of Sequoia Capital have been fully involved in the financing of the same project.

Bitcoin miner Blockmetrix completed a $43 million Series B round of financing

Blockmetrix, a Bitcoin miner based in Dallas, Texas, announced the completion of a $43 million Series B funding round, bringing the total funding to $50 million since June 2021. Blockmetrix said 1,000 miners have been put into operation after completing a $7 million Series A funding round last year. The latest round of funding was oversubscribed by investors from the United States, Australia and several Asian countries. Bannister also said Blockmetrix is currently negotiating a joint venture agreement that would secure a 100-megawatt joint site facility in Texas and potentially expand to 200 megawatts.

Mining news

VanEck launched an ETF for crypto miners, which opened for trading today

VanEck, which has launched a Bitcoin Futures ETF (XBTF), announced the launch of a Crypto Miner ETF (DAM) and opened trading today to provide targeted investments for crypto mining companies, which will invest more than 80% of its total assets in the securities of crypto miners, CoinDesk reported. It is understood that the fund will track the MVIS digital asset mining index, with a net expense ratio of 0.5%, and the main holdings include mining companies, mining machine manufacturers and a bank focused on blockchain, of which the largest weighted securities are Riot Blockchain, accounting for about 11%.

Important data

Stats: OpenSea's daily trading volume fell by more than 70% from its highest point

From the end of December 2021 to the beginning of February 2022, NFTs have seen significant growth in terms of traffic and Google search interest, with OpenSea's daily trading volume reaching around $250 million at one point, According to Finbold. According to research platform Delphi Digital, OpenSea's daily trading volume has recently dropped to $70 million, down 72% at its high point. Overall, there has been an even greater decline in searches for "NFTs" around the world, which has fallen to levels in early November last year.

According to a recent report by Finbold, the number of NFT trademark applications in the United States has reached 1,263.