[Link to FM] Do Kwon proposes "Ecological Revival Plan 2", and the FEG project is attacked again

【Data Intelligence】

Terra (LUNA) Market Cap Falls Below $1 Billion

According to data from CoinMarketCap (CMC), the market cap of Terra (LUNA) fell below $1 billion and is currently $991,521,998.

Listed mining company Bitfarms dug up 961 bitcoins in the first quarter, with revenue of $40.33 million

According to news on May 16, the listed mining company Bitfarms announced its financial report for the first quarter of fiscal year 2022. In this quarter, 961 bitcoins were dug out at an average cost of US$8,700 per bitcoin, and the revenue was US$40.33 million, a year-on-year increase of 43%. In addition, Bitfarms President and Chief Operating Officer Geoff Morphy stated that Bitfarms’ computing power at the end of the first quarter was 2.7EH/s, an increase of 22% from December 31, 2021. As of now, Bitfarms’ computing power is 3.4EH/s , accounting for about 1.5% of the market share.

【 Regulatory News 】

German Regulator Calls for New DeFi Regulations

Germany’s financial watchdog says DeFi needs to comply with new regulations, citing the risk of hacking and fraud. Birgit Rodolphe, an anti-money laundering officer at the German financial regulator BaFin, said, "If DeFi is to become a real competitor to traditional financial markets, it will not work without specific new regulations." “Ideally, of course, these regulations would be consistent across the EU to prevent market fragmentation and increase Europe’s collective innovation potential, including DeFi applications, as well as insurance, lending and securities,” she added.

S&P Global Ratings Launches DeFi Group to Build Crypto Framework

S&P Global Ratings has created a DeFi strategy group to help build the company's decentralized marketplace framework for investors. According to Monday’s announcement, Chuck Mounts will lead the group as chief DeFi officer and will work with newly appointed head of DeFi transformation Charles Jansen. The team seeks to build out S&P's analytics and risk assessment capabilities for traditional finance and DeFi clients.

【Industry Trends】

The FEG project was attacked again, and the attack lost about $1.9 million

On May 17th, according to Twitter user Spreek’s tweet, the FEG project was attacked again, and the new attacker has made a profit of about 1.9 million U.S. dollars (about 600,000 U.S. dollars on the Ethereum chain and about $1.3 million). Pie Dun responded to this tweet: We are actively working with FEG to suspend and save funds. It was previously reported that the FEG project suffered a flash loan attack on Ethereum and BNB Chain, and lost $1.3 million.

Brazil's central bank chief to hold private meeting with Binance and Coinbase execs

On May 17th, the official agenda showed that Roberto Campos Neto, governor of the Central Bank of Brazil, and the executives of Binance and Coinbase were scheduled to hold a video conference on Friday afternoon. Matt Schroder, vice president of global expansion, will attend the conference, which is closed to the media. In addition, Coinbase CEO Brian Armstrong and two other company executives will hold a video conference with Campos Neto today, which is also closed to the public. According to the agenda, participants will present their "macroeconomic vision." Both Binance and Coinbase have reportedly expressed interest in acquiring Brazilian companies and have been expanding in the region. Coinbase has been in talks with Mercado Bitcoin parent 2TM about a possible expansion deal, but Bloomberg reported earlier this month that the talks fell through. On the other hand, Binance announced in mid-March that it would "explore" the acquisition of Sim;paul Investimentos, a Brazilian securities brokerage company, but the current progress is unknown.

Coinbase Adds Extension to Allow Some Users to Access Ethereum-Based Dapps

Coinbase Global (COIN) will begin allowing a "small subset" of its app users to access Ethereum-based decentralized applications (dapps) directly from the Coinbase app. The addition will help users buy NFTs on a variety of marketplaces, including OpenSea and Coinbase’s own NFT platform; trade on decentralized exchanges like Uniswap and Sushiswap; and through DeFi platforms including Curve and Compound Platform lending. These features will be powered by Coinbase's new dapp wallet and browser. The company said it will roll out the new Android-based service to a limited number of users in the United States first, with plans to expand to all users and platforms soon.

LooksRare Open Source Exchange V1 Smart Contract

On May 16th, the NFT market LooksRare announced the open source of its Exchange V1 smart contracts, including core transaction contracts, Librarie, current manager contracts, executive manager and strategy contracts, and royalty-related contracts. LooksRare said that LooksRare will be completely open source in the future.

Encryption broker Voyager Digital completes $60 million private placement, led by Alameda Research

According to news on May 16, Voyager Digital, an encrypted asset brokerage, raised $60 million through a private placement, led by Alameda Research. In addition, Galaxy Digital, Blockdaemon, and Digital Currency Group also participated in the placement. Voyager Digital said that when the offering is complete, the company will have more than $225 million in liquidity, including about $175 million in cash and another $50 million in cryptocurrencies. In addition, as of March 31, 2022, VoyagerDigital’s revenue in the first quarter was US$102.7 million, a year-on-year increase of 70%.

【Elite Viewpoint】

Morgan Stanley: UST crash will lead to reassessment of other cryptocurrencies, NFT prices

News on May 17, according to Fortune magazine, Morgan Stanley said in a report released last week that the sharp declines in Bitcoin, Ethereum and other tokens had nothing to do with the decline in the stock market. Instead, the higher price is due to "investor speculation and limited actual user demand." With the collapse of Terra's stablecoin UST, the market will also undergo a broader re-evaluation of the prices of other digital assets including cryptocurrencies, NFTs, digital real estate, etc. Investors should remain vigilant because it may be the next drop of.

Jack Dorsey: Block may provide liquidity for lightning network payment channels in the future

In response to American cryptographer Matthew Daniel Green, Twitter founder Jack Dorsey said that his encrypted payment company Block (formerly known as Square) is studying to provide enough liquidity for payment channels based on the Lightning Network. Green previously tweeted that it was unclear whether the Lightning Network would provide enough liquidity to enable real-world payments at scale, and asked if Square would.

【What to watch today】

Do Kwon proposes "Ecological Revival Plan 2"

According to the Terra community website, Do Kwon has proposed a new "rejuvenation plan". Specifically, 1. Fork the Terra chain into a new chain without an algorithmic stable currency. The old chain is called Terra Classic (token Luna Classic–LUNC), and the new chain is called Terra (token Luna–LUNA); 2. Luna will be airdropped among Luna Classic stakers, Luna Classic holders, remaining UST holders, and important application developers of Terra Classic; 3. TFL’s wallet (terra1dp0taj85ruc299rkdvzp4z5pfg6z6swaed74e6) will be removed from the airdrop whitelist, making Terra becomes a fully community-owned chain; 4. Incentivize network security through token inflation, with a target staking return rate of 7% per year. Kwon said that the plan is still being negotiated with the community, the details may change, and the proposal will become effective after token holders vote. Kwon promised that voting would begin on May 18.

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