[Chain to FM] MtGox began to register information or will repay BTC to creditors, Aave community issued a proposal to create a mortgage stable currency GHO

【Data Intelligence】

Total cryptocurrency market capitalization rises above $1 trillion

As the price of BTC rebounded, the total market value of the cryptocurrency market rose above $1 trillion. According to Coingecko data, it was 1,000,917,974,718 at the time of writing, a 24-hour increase of 3.8%, of which Bitcoin market value accounted for 41.39%.

Hive Blockchain Mined 278.5 BTC in June and Currently Holds 3,239 Bitcoins

Bitcoin and Ethereum miner Hive Blockchain mined 278.5BTC and 2,542ETH last month. The company plans to fund its future expansion by selling the bitcoin and ether it currently produces. The company currently holds 3,239 bitcoin and 7,667 ether, according to a statement Thursday. Hive increased its Bitcoin mining hash rate from 2.17 exahash per second (EH/s) to 2.24 EH/s. According to the statement, the mining capacity of Ethereum has increased from 6.26 (TH/s) at the beginning of the month to 6.0TH/s. Because of the high temperature in summer, some miners temporarily went offline for layout optimization.

【 Regulatory News 】

The U.S. Department of the Treasury released a fact sheet on the "Framework for International Engagement in Digital Assets": promoting technical and regulatory standards that "reflect American values"

According to the official website of the U.S. Department of the Treasury, the agency has released a fact sheet on the "International Engagement Framework for Digital Assets" on July 7, in which the U.S. Department of the Treasury, in consultation with the country's Secretary of State and Secretary of Commerce, decided to promote technical and regulatory standards that "reflect American values" , protect U.S. and global consumers, investors, and businesses and ensure financial stability and reduce systemic risk. It is reported that the "Framework for Engagement" also called on Biden to cooperate with G7 international partners to regulate cryptocurrencies, saying that "the United States must continue to work with international partners to develop standards for digital payment architecture and CBDC to reduce payment inefficiencies and ensure Any new payment system is consistent with U.S. values and legal requirements.” On central bank digital currencies, the agencies recommend that the U.S. explore opportunities for technical trials with other countries, which would provide opportunities for U.S. companies to contribute to global and Local central bank digital currency infrastructure and technology development.

Russian State Duma Passes Law Banning Digital Financial Assets for Payments

A majority in the State Duma, the lower house of Russia's federal parliament, has backed the passage of a bill banning the use of digital financial assets (DFA) to pay for goods and serviceswithin the Russian Federation . According to current Russian legislation, DFA is the only legal term that can be applied to cryptocurrencies until lawmakers review and pass a special draft law “Digital Currencies” aimed at more comprehensively regulating the crypto space. The ban also affects utility digital rights or tokens. However, the report noted that these restrictions may not apply to certain payments using utility tokens regulated by other federal laws, or if certain transactions were envisioned in the original agreement to acquire corresponding digital rights. The new legislation also classifies DFA platform operators as subjects of the Russian national payment system. This means they must be added to a special register maintained by the Central Bank of Russia (CBR).

【Industry Trends】

Currency mixer protocolTornado Cash officially open source UI code

On July 8th, the coin mixer protocol Tornado Cash officially open-sourced the UI interface code to fulfill the mission of complete decentralization and transparency.

HidedRoad, a global credit service provider, completes US$50 million in Series A financing, with participation from FTX and Coinbase

On July 8th, HidedRoad Partners, a global credit service provider, announced the completion of a US$50 million Series A financing, led by Castle Island Ventures, Citadel Securities, FTX Ventures, Uncorrelated Ventures, Greycroft, XBTO Humla Ventures, Wintermute, SLN Capital, Profluent Trading , Coinbase Ventures and others participated in the investment. It is reported that HidedRoad's quantitative platform spans venues, products and asset classes, providing real-time risk management and seamless credit. For traditional and digital assets, the firm provides prime brokerage, clearing and financing services.

Investment Firm KeyFi Files Lawsuit Against Celsius in New York State Supreme Court

Jason Stone, the founder and CEO of the investment company KeyFi, revealed on social media that the company had formally filed a lawsuit against Celsius in the New York State Supreme Court on July 7, accusing Celsius of failing to fulfill its contractual obligation to pay KeyFi “a One million U.S. dollars". It is reported that KeyFi has previously signed a customer fund management agreement with Celsius. KeyFi invests funds in decentralized financial agreements, pledges, NFT and other strategies. The two parties also jointly established a new company called "Celsius KeyFi".

Aave Community Publishes Proposal to Create Collateralized Stablecoin GHO

On July 7th, official news, the Aave community released a request for comments (ARC) proposal, proposing to the DAO to introduce a local decentralized, mortgage-backed stablecoin GHO linked to the US dollar to allow users to use the collateral they provide to mint GHO. GHO will be backed by a diverse range of crypto assets of the user's choice, while borrowers continue to earn interest on their underlying collateral. Aave Governance is responsible for decisions related to the GHO. 100% interest payments on GHO borrows are sent to the DAO, generating additional income for the Aave DAO.

Gucci cooperates with SuperRare to launch the NFT series The Next 100 Years of Gucci

According to news on July 7, the luxury goods giant Gucci and the NFT market SuperRare cooperated to launch the NFT series The Next 100 Years of Gucci. Gucci will invite 11 NFT artists to integrate their century-old brand traditions into the NFT series, which will be auctioned on the Vault website starting today. As previously reported, Gucci purchased the SuperRare token RARE in the NFT market for $25,000.

【Elite Viewpoint】

Fed Governor Waller: The decline in cryptocurrencies has no impact on the financial system

News on July 8, Federal Reserve Governor Waller: Still do not believe that the central bank needs a digital currency. The decline in cryptocurrencies has had no impact on the financial system, and in the current environment, it is reasonable for investors to lose patience with products such as cryptocurrencies that do not have a clear business case.

Serbian Prince: Arab Countries May Adopt Bitcoin Soon

Filip Karadjordjevic, the hereditary prince of Serbia and Yugoslavia and a cryptocurrency proponent, said on the Bitcoin Reserve podcast on July 6 that countries in the Middle East such as Jordan and the United Arab Emirates (UAE) ), etc., may soon adopt Bitcoin. According to him, most of these monarchies use Sharia law, which includes a specific financial system that does not recognize the concept of debt. Therefore, they may be willing to accept the pitch of Bitcoin as the perfect currency to fit the system. According to their reading of the Qur'an, Bitcoin is actually the perfect currency for them. It's just a matter of time until someone sells them, or they sell themselves, and they say yes. Maybe you will see some Arab monarchy or some Arab country adopt Bitcoin faster than you think.

【What to watch today】

MtGox began to register information or will repay BTC to creditors, with a total of more than 140,000 BTC

On July 8th, Mt Gox sent an email to creditors about repayment information. Mt. Gox lawyer Nobuaki Kobayashi confirmed that they are "preparing to repay" BTC to account holders, and creditors can confirm, register and choose relevant information , such as whether you want to make a one-time repayment in advance, accept bitcoin payment or cash payment. The document also stipulates that the transfer period will start at the end of August and continue until full or partial repayment is completed. While stipulating that new claims will not be considered as the transfer period begins, the document did not specify an exact date, figure or amount of funds planned to be returned. Many MtGox creditors believe that the repayment plan may start at the end of August this year, and will not be until the first half of 2023 at the latest. According to previous documents, as of September 2019, the trustee held 141,686 BTC and BCH.

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