This week in review | Worldcoin unveils token economics; Binance launches new stablecoin FDUSD.

BlockBeats will compile industry news highlights for the week of 7.24-7.30 in this article, and recommend in-depth articles to help readers better understand the market and stay informed of industry trends.

This Week's Important News Review

Worldcoin Announces Token Economics, 75% Allocated to Worldcoin Community

On July 24th, according to the official white paper, the initial supply limit of governance token WLD of Worldcoin is 10 billion, of which 75% is allocated to the Worldcoin community. Most of the tokens will be distributed to users, and some will be allocated to the ecological fund and network operation. 9.8% is allocated to the initial development team, 13.5% is allocated to Tools for Humanity investors, and the remaining 1.7% will be reserved for Tools for Humanity. In addition, the maximum circulating supply of WLD at launch is 143 million. Among them, 43 million WLD will be distributed to users who have been verified through Orb during the pre-launch phase of the project, and 100 million WLD will be loaned to market makers outside the United States. In addition, many exchanges such as Binance, Okx, Bybit, Huobi, and Bitget have launched Worldcoin (WLD) on July 24th. Related reading: "Worldcoin Controversy: Evil Product or Utopia into Reality?", "Detailed Explanation of Worldcoin White Paper: How WLD Tokens are Allocated and Released?", "Worldcoin, Hard to Talk About Fairness?"

zkSync ecosystem lending protocol EraLend may have been attacked and lending has been suspended

On July 25th, according to multiple user reports, the zkSync ecosystem lending protocol EraLend may have been subjected to price manipulation attacks, resulting in the liquidation of some users' loans. Some users suspect that the attacker may have used flash loans to manipulate the price of the liquidity pool (LP), triggering the liquidation. EraLend has temporarily suspended lending services. On July 26th, EraLend officially released a hacker event review, stating that the attacker obtained approximately $2.76 million from the USDC pool by manipulating the price of the oracle, and other fund pools are still safe and unaffected.

Flashbots Completes $60 Million Funding Round at $1 Billion Valuation

On July 25th, Ethereum infrastructure service Flashbots completed a $60 million Series B funding round at a $1 billion valuation. The funds will be used to develop the Suave platform, which allows users to "trade more cheaply and privately on the blockchain."

Binance Launches First Digital USD (FDUSD)

Binance has announced the launch of a new stablecoin, First Digital USD (FDUSD), and opened trading for a new spot trading pair. According to information on the FDUSD website, FDUSD (First Digital USD) is a stablecoin issued by FD121 Limited that is pegged 1:1 to the US dollar. It is a programmable stablecoin that can execute financial contracts, custody services, and insurance without intermediaries. It is supported by high-quality reserves (cash and cash equivalents), and its reserve accounts are audited by independent third parties such as Prescient Assurance. FDUSD can be used on Ethereum and BNB Chain, and plans to support more blockchains in the future. Related reading: "What is the background of Binance's new stablecoin FDUSD?"

Sui Foundation announces termination of cooperation with MovEx

On July 27th, Sui's ecological DEX MovEx, which had received a grant of 2.5 million SUI from the Sui Foundation for the development of DeepBook, was found to have transferred 625,000 SUI to three wallets through three transactions, violating the token lock-up agreement. MovEx did not inform the Sui Foundation of these three transactions that violated the contract lock-up, nor did the Sui Foundation agree to them. At the request of the Sui Foundation, MovEx has transferred all 2.5 million SUI to a third-party custodial wallet to enforce the contract lock-up restrictions. Based on this, the Sui Foundation has terminated its cooperation with MovEx. MovEx will not receive any more SUI and will no longer be the main developer of DeepBook.

OPNX Launches Second Launchpad Project: Gameplan, a Metaverse Platform for Sports

On July 26th, OPNX, a cryptocurrency claims and trading platform, will launch its second Launchpad project: Gameplan, a metaverse platform for sports founded by UFC champion Khabib Nurmagomedov and Magomed Kurbaitaev. The project aims to provide sports fans with a one-stop platform for activities, games, shopping, and interacting with their sports idols. Gameplan is led by Three Arrows Capital and OX token holders can receive a portion of Gameplan platform tokens, GPLAN.

BitForest assists police in capturing "KTV steals private key" criminal gang

On July 27th, according to official sources, the first case of digital asset theft using "KTV steals private key" was successfully cracked with the assistance of the security company BitForest. It is reported that the suspect deceived the victim into going to KTV for trading under the guise of buying USDT. In the KTV room, the suspect used games and other means to make the victim's phone out of control, thus obtaining the private key. After obtaining the private key, the suspect induced the victim to transfer the assets to a designated address under the pretext of completing the transaction, and then quickly transferred the assets. The criminal gang has committed two crimes and has turned the stolen assets into cash to buy million-dollar luxury cars. The police arrested the entire criminal gang on July 26, 2023.

This Week's Popular Articles

"From Losing Hope to Amazon's Bestseller, What Did the 'Fat Penguin' Brand Do Right?"

Unknowingly, "Pudgy Penguins" has risen to the 8th place in the market value ranking of head PFP. The current market value has doubled compared to the low point in December last year. In this year, the market value of Pudge Penguins has surpassed old blue chips such as BAKC, Doodles, Clone X, and Meebits. Currently, Azuki, which is ranked ahead, has not yet emerged from the difficulties brought by Azuki Elemetals, and its market value is still in a downward trend. It is not impossible for Pudgy Penguins to go further.

"Bybit payroll manager accused of abusing power to secretly transfer USDT and facing lawsuit, interpretation of Singapore court judgment"

Cryptocurrency exchange Bybit sued Ms. Ho, who is responsible for paying salaries within the company, for abusing her power and transferring a large amount of USDT to an address secretly owned and controlled by her. The Singapore High Court upheld the ruling on July 25th, stating that cryptocurrency is generally recognized as property, and holders of cryptocurrency have intangible property rights recognized by common law. As an item in the lawsuit, it can be enforced in court. The court ruled that Ms. Ho must immediately pay all transferred funds and interest to Bybit.

"Worldcoin Controversy: Evil Product or Utopia into Reality?"

Worldcoin, a cryptocurrency company founded by OpenAI CEO Sam Altman, announced the launch of its WLD token. Worldcoin focuses on helping people verify their credentials through iris scanning and proving their identity online. According to data, approximately 2 million people have completed iris verification so far, and WLD will be distributed to these users. Cryptocurrency KOLs have expressed their opinions on controversial topics such as the vision of Worldcoin, token issuance, and privacy leaks. BlockBeats has compiled this information.

"Detailed Explanation of Worldcoin Whitepaper: How are WLD Tokens Distributed and Released?"

Worldcoin (WLD) is an ERC-20 token on the Ethereum mainnet. Individuals can receive user grants on the Optimism mainnet. The initial supply limit for Worldcoin is 10 billion tokens (enforced by the WLD smart contract) within 15 years of the token's launch. After 15 years, users can decide through governance whether to activate inflation mode, with a maximum annual inflation rate of 1.5%. The maximum circulating supply at launch will be 143 million WLD, with 43 million WLD allocated to users who verified using Orb during the project's Pre-Launch phase, and 100 million WLD loaned to market makers operating outside the United States (with the loan due after 3 months).

"Vitalik In-Depth Analysis: The Impact and Prospects of Worldcoin and Personhood Proof"

On July 25th, WorldCoin, a Web3 encryption project co-founded by OpenAI founder Sam Altman, was officially launched. The team has designed a biometric identity verification system called World ID. On the same day, Ethereum founder Vitalik Buterin published an article explaining his views on biometric proof.

"I help Chinese people do Worldcoin KYC in Africa and earn 20,000 yuan per day"

This article is about a middleman who works as a Worldcoin KYC agent in Africa, and he shares his experience of doing KYC for the past few years. The product that users see on Xianyu, which claims to have completed Worldcoin KYC, is actually provided by third parties like Zhao Zhao in Africa. However, business is not good now that Worldcoin has officially launched and the coin price has become transparent, leaving no gray area. In addition, due to the unstable political situation in a certain country in East Africa, the business of doing KYC has been suspended for more than three months. At its peak, in a location where iris verification was possible, one could earn up to 20,000 yuan a day. However, the most profitable days only lasted for two weeks, which was in May when Worldcoin was most popular in China. At that time, the growth of new local users exceeded expectations, and soon the operators discovered something fishy.

"What is the background of Binance's newly launched FDUSD stablecoin?"

Binance announced in a statement that it will launch a new stablecoin, First Digital USD (FDUSD), on July 26 at 16:00. The stablecoin will be available for trading with new spot trading pairs. Stablecoins are an important asset type in the crypto industry and have been making headlines this year. Binance's own stablecoin, BUSD, has been regulated, USDC has been abandoned, and TUSD has often been embroiled in controversy. What is FDUSD all about?

"Binance Research: Overview of the RWA Ecosystem"

1. The tokenization of real-world assets (RWAs) continues to gain traction as user adoption rates increase and large institutions enter the market.

2. Combined with the relatively low DeFi yield, the continuously rising interest rates have prompted people's interest in tokenized national debt.

4. It is expected that by 2030, the market size of tokenized assets will reach 16 trillion US dollars, with significant growth potential, far exceeding the 310 billion US dollars in 2022.

5. Many protocols have integrated RWAs or participated in their growth. This article briefly introduces MakerDAO, Maple Finance, and Ondo Finance, among others.

"CZ Resends Old Article from 6 Years Ago: Disliking Large ICO Projects, Obtaining Large Amounts of Funds at Once May Not Be Correct"

On July 24th, Binance founder CZ tweeted a long article he wrote 6 years ago, mentioning large-scale ICOs. He mentioned a project that aimed to raise $100 million through ICOs, but now has a market value of less than $1 million. CZ explained in detail that raising a large amount of money through overvalued financing at the beginning of a cryptocurrency project is not a good thing in the long run. Binance also does not like such projects, and CZ's thoughts on Binance's coin selection can be seen from the article.

《世界币，难谈公平？》
translates to:

"World Coin, Hard to Talk About Fairness?"

Unlike Sam Altman's other product ChatGPT, Worldcoin is truly difficult to get started with due to its "no admission" policy. Moreover, with Sam's shift from UBI to a preference for Proof of Personhood (PROOF OF PERSONHOOD), it may take some time to see Worldcoin's AI-driven UBI have a significant impact on the physical world like ChatGPT. Despite Worldcoin's frequent participation in various crypto conferences and integration with many mainstream protocols, it did not receive much attention from the crypto community on the first day of token listing - although this is currently its main supporter.

《ETHCC 小作文梳理：Crypto 整体向好，Infra 层正迎来夏天》
Translation:

"ETHCC Summary: Crypto is improving overall, and the infrastructure layer is welcoming summer"

This article collects the on-site review experiences of multiple practitioners in the encryption industry, including Mippo from Blockworks, David Hoffman from Bankless, and davidev.eth, the Vice President of Product at Polygon Labs. By summarizing the activities of this year's ETHCC in Paris, even encrypted users who did not attend the event can experience the optimistic mood of the surging undercurrents in the bear market. According to the on-site experiences of multiple participants in the encryption industry, ETHCC presented an overall optimistic mood of "improvement".

《LSDfi 后，Logarithm 和 LPDfi 会掀起下波 DeFi 叙事吗》
Translation:

"After LSDfi, will Logarithm and LPDfi trigger the next wave of DeFi narrative?"

LSDfi's explosive popularity, in addition to catching up with Ethereum's upgrade, is more about solving the practical problem of encrypted user income, making it an important part of the DeFi narrative. Today, we will explain in detail a new narrative - LPDfi (Liquidity Providing Derivatives - liquidity providing derivatives), this article will mainly introduce the existing problem of poor liquidity in the DeFi field and what practical problems LPDfi's appearance has solved. Can it become the next major narrative of DeFi?

"Dialogue with Uniswap Founder: The Rise of UniswapX and the Future of Decentralized Markets"

On July 17th, Uniswapx launched a mainnet test version, which is only an early version and is only open to some tokens and transactions. During the trial, you will see new features such as no gas fees, signature instead of transaction, etc. This is a gradual release process. There are still many issues to consider, such as parameterization, and it will take some time to start integrating cross-chain, etc. This article interviewed Hayden Adams, the founder of Uniswap, to gain a deeper understanding of how Uniswap changes MEV attacks and how UniswapX operates.

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