Mars 财经加密Crypto Daily December 28, 2023
1. Today's news
According to Coingecko, BNB's total market capitalization (about $51.28 billion) surpassed SOL (about $45.19 billion) and returned to the fourth place in the crypto market capitalization list.
According to DeBank data, the total value of assets held by the Blast contract address, a Layer 2 network launched by Blur founder Pacman, exceeded $1.13 billion, of which $1.03 billion worth of ETH was deposited into the Lido protocol and more than 100 million DAI was deposited into the Maker protocol.
According to on-chain analyst @ai_9684xtpa monitoring, the 15 whale addresses participating in Bounce's latest IDO received a total of 122 million AMMX, and the sales situation is as follows:
- 5 addresses have sold all AMMX, totaling 42.04 million pieces, or about $390,000; - 5 addresses have not been transferred/sold after collection;
- 1 address is sold and then open a position again;
- 1 address sold 90% of the position;
- 1 address is not sold and continues to increase positions;
- 2 addresses not yet to be picked up.
Previously, 15 giant whales received a total of 122 million AMMX, accounting for 25.8% of the total amount issued by the AUCTION staking pool (not counting the two unclaimed addresses), and these giant whales invested a total of 709,000 AUCTION to participate in the new market, and a total of 394,000 tokens have been deposited into Binance by 9 addresses.
According to CoinGecko Research data, in 2023, AI, Web3 games, and MEME will occupy the top three crypto narratives, respectively, with the Solana ecosystem, BRC20, RWA, and public chains ranking fourth to seventh, and DeFi, Ethereum ecosystems, and NFTs ranking lower.
PancakeSwap launched a proposal to reduce the maximum supply of CAKE tokens from 750 million to 450 million to better fit the current circulating supply. Voting proposals will take place within 24 hours, close at 16:00 on December 29, and if approved, will take effect on January 4, 2024.
According to The Block, Levana Protocol, a Cosmos eco-perpetual trading platform, was hacked and lost more than $1.1 million. Post-mortem reports provided by his team revealed that between December 13 and December 26, the attackers managed to withdraw 10% of Levana's liquidity pool. Levana said it is working to fix the issue and existing trading positions and profits have not been impacted. In the future, it is planned to compensate the affected liquidity providers through airdrops and the distribution of protocol fees collected during the attack.
CoinGecko statistics show that the first airdrops of Arbitrum, Celestia, and Blur together accounted for 69.9% of the total crypto airdrops distributed in 2023, or $4.56 billion worth of tokens.
According to the Hong Kong Monetary Authority's Consultation Paper on Stablecoins, it is a criminal offence to issue stablecoins in Hong Kong without a licence and to advertise stablecoins from non-licensed issuers.
For those institutions that are eligible to issue stablecoins even if they are licensed, the paper also proposes that the regulatory regime should introduce a series of civil and regulatory sanctions, and the HKMA may consider imposing appropriate penalties depending on the severity and duration of the breach, including temporary or permanent revocation of licenses, revocation of licences, and a fine of not more than $10 million, or a fine equivalent to three times the amount of profits made or losses avoided as a result of the breach, whichever is higher.
In the case of a licensee, if the issuer breaches the proposed legal provisions or misbehaves, the document proposal empowers the HKMA to compel all officers of the suspected non-compliant institution to produce evidence, including any records or documents, and, if necessary, to apply to a magistrate for a search warrant and conduct seizures.
The HKMA proposes that issuers must have sufficient financial resources and a minimum share capital requirement of $25 million, and that in the event of a default or failure of an institution that may have a potential impact on the financial system, the HKMA may, if necessary, intervene in the operations of the licensee and require the licensee's affairs, business and property to be managed by an administrator appointed by the HKMA.
As of December 25, the total losses caused by hacking, phishing scams and Rug Pull in the Web3 field in 2023 reached $2.02 billion, according to the EagleEye platform, a subsidiary of blockchain security audit firm Beosin. Among them, there were 191 attacks with a total loss of about US$1.397 billion, 267 Rug Pull incidents with a total loss of about US$388 million, and a total loss of about US$238 million from phishing fraud.
In 2023, hacking, phishing scams, and Rug Pull incidents all decreased significantly compared to 2022, with a total decrease of 53.9%. Among them, the number of hacking incidents decreased the most, from $3.6 billion in 2022 to $1.397 billion in 2023, a decrease of about 61.2%. Phishing scam losses decreased by 33.2% compared to 2022, and Rug Pull losses decreased by 8.8% compared to 2022.
In 2023, there will be 4 attacks with losses of more than 100 million US dollars, and 17 attacks with losses in the range of 10 million US dollars to 100 million US dollars. The top 10 security incidents total about $1 billion, accounting for 71.5% of the total annual attack incidents.
The types of projects attacked in 2023 are more extensive than those in 2022, including DeFi, CEX, DEX, public chains, cross-chain bridges, wallets, payment platforms, gambling platforms, crypto brokers, infrastructure, password managers, development tools, MEV bots, TG bots and other types. DeFi is the type of project with the highest frequency of attacks and loss amounts, with a total loss of about $408 million caused by 130 DeFi attacks.
In 2023, the types of public chains with attacks will be more frequent, and there will be multiple security incidents stolen on multiple chains. Ethereum remained the most loss-making public chain, with 71 Ethereum attacks causing $766 million in losses, accounting for 54.9% of the total losses for the year.
From the perspective of attack methods, 30 private key leaks caused a total of about 627 million US dollars, accounting for 44.9% of the total losses, which is the attack method that caused the most losses. Contract vulnerability exploits are the most frequent attack methods, with 99 of the 191 attacks coming from contract vulnerabilities, accounting for 51.8%.
About $295 million of stolen funds were recovered for the year, accounting for about 21.1%, a significant increase from 2022. Approximately $330 million of stolen funds were transferred to mixers throughout the year, accounting for 23.6% of the total stolen funds.
Unlike on-chain hacking, phishing scams, and a significant drop in the amount of Rug Pull, the off-chain crypto field will see a significant increase in crime data in 2023. In 2023, the amount of crime in the global crypto industry reached a staggering $65.688 billion, an increase of about 377% from $13.76 billion in 2022. The top three types of crimes involving money are online gambling, money laundering and fraud.
Ethereum co-founder Vitalik said in a Warpcast post: "It's great to see that one rollup has entered Phase 1 this year (and several projects are very close to Phase 1). This is true decentralization progress, and hopefully next year will see ten rollups enter the first phase and achieve some degree of sequencer decentralization. ”
From the screenshot posted by Vitalik, it can be seen that the rollup that has entered the first stage is Arbitrum.
According to Vitalik's initial proposal on the Ethereum Magicians forum, L2beat's subsequent definition of the phased development of a rollup must meet five conditions compared to Phase 0:
1. A complete and fully functional attestation system is deployed;
2. At least 5 external participants can submit proof of fraud;
3. The user can withdraw without the help of an authorized operator;
4. Users have at least 7 days to quit if an actor more centralized than the Security Council implements an unnecessary upgrade;
5. The Security Council was properly established.
Ethereum co-founder Vitalik Buterin proposed three solutions to address what he described as the underlying system complexity at the heart of Ethereum's proof-of-stake consensus mechanism. The first solution focuses on decentralized staking pools. This will involve setting the minimum amount of ETH required to run a validator higher, forcing the people running the validator to join forces and share resources. The second way is to use two tiers of stakers, one with higher requirements and the other with lighter requirements. The two tiers will be used differently in the block finalization process. The third approach is to employ a rotating set of participants, which means that each slot chooses a random set of validators. This will share the workload and reduce the total number of signatures, but as Buterin points out, this will add complexity.
As of mid-December, Pantera Capital's liquid token fund is up nearly 80% this year after falling 80% in 2022, according to Bloomberg, citing people familiar with the matter. Pantera Capital's liquid token fund hopes to leverage altcoins (tokens other than Bitcoin and Ether) to rise next year. Pantera portfolio manager Cosmo Jiang said in an interview that altcoins have historically outperformed the broader market in the second phase of the market rally following Bitcoin's rally, and what token you choose actually matters. Its limited partners approached us for the release of assets other than Bitcoin. And the core argument of Pantera is that if the industry is believed to grow, it must focus on agreements that can actually generate revenue. One of Pantera Capital's largest positions is dYdX at the moment, with Bitcoin and Ethereum together accounting for less than 40% of the fund.
Researcher @doganeth_en posted on the X platform that the EIP-7212 proposal proposed six months ago became the first Rollup Improvement Proposal (RIP) and will be implemented on multiple blockchains. The proposal is intended to enable secure and cost-effective verification of secp256r1 (P256) curves.
The decision to use this proposal for Rollups was due to its significant impact on account abstraction in L2, as well as the large number of pass-through keys and SE-based AA wallets already present on L2. The introduction of the new Rollup Improvement Standard enables researchers to propose improvements specifically for Layer 2 and sidechains, ensuring compatibility across various Rollup frameworks. In addition, EIP-7212 becomes the first RIP to be merged into the main repository, and RIP will exist as a proposal format in addition to EIP and ERC.
2. Selected Articles
Ethereum tries to be decentralized, but there are problems with technical sacrifices and unfulfilled goals. This paper proposes three solutions to get the maximum return, the largest validator will own 262144 ETH, and the attack cost is about 9 million ETH. The advantage of this approach is that the recognizable form retains a separate stake, which can be increased by a hard fork in the future.
2023 is a year of change for Binance, and the new CEO Richard Teng said that Binance will be committed to building excellent products, ensuring the security of user assets and user experience, and promoting the growth and adoption of Web3. Binance Labs has successfully helped crack a large-scale pig killing scam, and Binance is accelerating the popularization of crypto payment products to more users outside the circle, launching Proof of Reserves, Emergency Insurance Fund SAFU, Project Launchpool, Binance Academy, Binance Pay, Binance Card, and Web3 Wallet to help users seamlessly cut into the Web3 world.
In 2023, the crypto industry is recovering from the cold winter, doubling its market capitalization. AI+Crypto decentralized blockchain can reduce costs, Bitcoin DeFi total value locked (TVL) may rise, DePIN sub-track includes decentralized storage, decentralized database, decentralized wireless network and decentralized AI machine, Coinbase Research found that modular blockchain is gaining traction from the crypto community, DeSci can enable fair credit distribution, simplify transactions, allow global resource sharing, and overcome economic barriers.
This year, there has been positive progress in decentralized social media apps, with FriendTech, an open social finance platform, gaining a significant boost in popularity, providing a space where users can purchase keys that can access the influencer's closed group chat. Since its launch in August, 843,000 users have spent a total of $267 million in ETH across 120 million transactions. Blockchain can reward users across the globe without requiring platforms to leverage user data or run ads, and the core concept of social networks compensating users for the content they post does have value.
3. Project interpretation
Today, Ethereum broke above $2,400, up 8.47% in 24 hours, while Solana fell 15% from $123 to $104. The reason for the "resurrection" of the Ethereum ecosystem can be seen, and the return of funds from the Solana ecosystem is another factor that cannot be ignored. Vitalik posted on Warpcast that it hopes to see ten rollups enter the first phase next year, and the MetisDAO Foundation announced the creation of a fund of about $100 million to accelerate the growth of its ecosystem, with native token prices such as HUM and VMUM all increasing to varying degrees. Bankless founder Ryan Sean Adams noted that Ethereum has not yet entered the bull coin, but its fundamentals are strong.
Founded in 2013 by Muneeb Ali and Ryan Shea, Stacks has completed 5 rounds of funding with a total amount of $88 million, and will launch the "Nakamoto" version in the first quarter of 2024, with transaction speed increasing from 10-30 minutes to 5 seconds for block production. The STXS inscription project exploded, and the price of the currency rose from $1 to $1.5, an increase of 50%. Hiro Wallet is a desktop wallet app that supports Chrome, Firefox, Brave browser extensions, MacOS, Windows, and Linux systems, allowing you to connect to apps, buy STX, mint and buy NFTs, and more. If the "Nakamoto" version can be successfully launched, Stacks is likely to usher in an explosion under the BTC Layer 2 narrative.
MetisDAO announced the establishment of the Metis Ecosystem Development Fund (EDF), with 4.6 million METIS funds, to drive project deployment, product development, and builder rewards, increase the value of the Metis token, and attract a new wave of capital. EDF's narrative could mean that attention will be focused on Metis, with Netswap and Tethys Finance being among the main beneficiaries, and Revenant is developing a decentralized gaming ecosystem powered by $GAMEFI.