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According to Blockworks, the settlement agreement reached between the U.S. Securities and Exchange Commission (SEC) and Genesis was approved by the court at Monday's hearing. Judge Sean Lane deemed it a "reasonable settlement" as no objections were raised. Earlier this month, Genesis submitted a settlement agreement with the SEC to the court. As part of the agreement, the company may pay a $21 million fine, but the exact amount depends on the amount creditors recover. The judge stated that the court scheduled a three-day hearing, but time could be extended if necessary.
A key issue is DCG's opposition to the bankruptcy plan proposed by Genesis creditors. DCG previously argued that the plan "favored" some creditors and "deprived" the company of "other valuable economic and governance rights." Genesis lawyer Sean O'Neill stated at Monday's hearing that DCG should not intervene and take a share of client assets. Genesis previously stated that under its plan, creditors could expect a recovery rate of up to 77%, depending on whether the plan receives approval from the judge.
NFT
Yuga Labs: Magic Eden Ethereum market will go live tomorrow, and will cease cooperation with NFT markets that do not support royalties for all creators
Yuga Labs announced on Twitter that the Magic Eden Ethereum market will go live tomorrow, marking the first major market to collaborate with creators. Additionally, cooperation with NFT markets that do not support royalties for all creators will cease starting tomorrow, meaning Yuga Labs' collections with royalty filters can only be traded on markets that respect all creators' royalties at the protocol level. The Block Research analyst Steven Cheng commented, "The vast majority of royalty-generating NFTs in Yuga Labs' collections belong to the Bored Ape Yacht Club and Mutant Ape Yacht Club brands, which are unaffected by this change. Therefore, in terms of royalty income, this update does not have a significant impact on Yuga Labs, but it does incentivize the team to build its Otherside series and provide value for it."
Later, Yuga Lab co-founder announced that to celebrate the launch of Magic Eden Ethereum market, royalties would be reduced for 69 days.
JPEG'd Community's new proposal suggests using treasury funds for airdrop mining
The NFT lending protocol JPEG'd Community initiated a proposal vote for "using treasury funds for airdrop mining" on the Snapshot page, allowing project teams to use a portion of the funds in the treasury for airdrop mining strategies, such as Eigenlayer and Blast, to allow project teams to use up to 50% of Ethereum (worth nearly $19 million) from the treasury for airdrop mining strategies, with the voting deadline set for March 1.
Project Updates
Jae Kwon's company, founder of Cosmos, will introduce a new blockchain called GovGen before AtomOne
According to The Block, All in Bits, the developer of Cosmos, will introduce a new blockchain network called GovGen before AtomOne, a controversial fork chain proposed by Cosmos Hub. GovGen is scheduled to go live at 17:00 Beijing time on February 27 and will be led by All in Bits, the company owned by Cosmos co-founder Jae Kwon. In recent years, Kwon has had significant disagreements with the wider Cosmos community. GovGen will shape the design of the upcoming AtomOne fork through a decentralized decision-making process. A spokesperson said, "GovGen intends to vote on the appearance and launch of AtomOne."
The native token GovGen of this network will be distributed to ATOM holders who voted "against" proposal 848 in the Cosmos Hub, or to ATOM holders who were automatically assigned "against" votes due to delegation status. This particular proposal aims to limit the highest inflation rate to 10%. Despite opposition from Jae Kwon, it was approved, contrasting sharply with the positions of many other contributors in the ecosystem. Kwon played a key role in developing the Cosmos Tendermint consensus algorithm and co-founding Cosmos Hub, and he had earlier expressed concerns about the impact of proposal 848 on network security.
Cosmos Hub was launched in 2019, and over time, the founders have taken different paths. Despite being through different entities, both remain active in the Cosmos ecosystem; Kwon leads AiB, while Buchman leads Informal Systems, which supports proposal 848. Kwon's efforts with GovGen and the subsequent AtomOne project represent an attempt to rebuild centrality under a governance model that aligns with his and his followers' vision. GovGen's main goal is to assess the community's views on various proposals related to the AtomOne constitution.
Blast Mainnet to launch on February 29
Layer2 network Blast tweeted that the mainnet will launch on February 29.
Analysis: Worldcoin Foundation may intervene to suppress the current overvalued price, and new "hidden" emissions have begun to increase
DeFi researcher @DefiSquared posted an analysis on X platform stating that the current fully diluted valuation (FDV) of Worldcoin (WLD) is as high as $90 billion, surpassing the valuation of OpenAI itself. However, this situation may change soon. Most buyers at the current price are not aware that new "hidden" emissions have begun to increase exponentially, with over 10 million WLD (approximately $92 million at the current price) set to be airdropped directly to retail wallets over the next few weeks, with the distribution rate increasing every two weeks. Compared to the VC/internal unlocking date in July that many investors are focusing on, the actual circulating supply of WLD is rapidly increasing every week.
The researcher also stated that the Worldcoin Foundation has full control over the unlocked foundation treasury liquidity and may conduct over-the-counter (OTC) trading at the current overvalued price. Worldcoin's co-founder stated last August that the purpose of the liquidity protocol was to "prevent prices from skyrocketing to something like $10," so the foundation may intervene to suppress price volatility at any time, potentially keeping the price permanently at its peak. WLD's current market cap has reached $1.4 billion, far exceeding its previous $2 million market cap, and unlike the expectation of no unlock before July, the circulating supply of WLD will expand rapidly every week. Therefore, buying at this stage may mean a very high risk of entering at historical highs, and as time goes on, this risk increases.
The researcher cautioned that based on past bull market data, about 97% of the top 200 meme coins eventually experienced a decline of 90% or more, and WLD, as a meme coin with a valuation higher than OpenAI, would be no exception. He sees this as a generational shorting opportunity, but he also emphasizes that such coins often push prices higher than expected and there is a high possibility of further upside before forming a permanent peak. Most people may not have the patience, margin, or willpower to remain short when it first rises. But at least, given the potential for rapid changes in this scenario, holding spot positions carries significant risks.
PancakeSwap burns approximately 8.91 million CAKE, worth about $28 million
Multi-chain decentralized exchange PancakeSwap announced today that it has burned 8,908,216 CAKE, worth about $28 million. |
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Post time 8-3-2024 20:39:24