Crypto Morning News: Vitalik's annual salary equivalent to $135,000, Maker rebrands as Sky
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Crypto Morning News: Vitalik's annual salary equivalent to $135,000, Maker rebrands as Sky
A unemployed college student was sentenced to six months in prison for participating in cryptocurrency money laundering and profiting over 5,000 yuan.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Developments
Vitalik Discloses Ethereum Foundation Spending and Personal Salary, Earning Approximately $135,000 Annually
Josh Stark, a member of the Ethereum Foundation (EF), recently revealed that EF will soon release its latest financial report covering 2022 and 2023, expected before the Devcon SEA conference. Ethereum co-founder Vitalik Buterin responded to the announcement and disclosed his own salary. According to a chart shared by Vitalik, EF expenditures are primarily divided into categories such as "New Institutions," "Ecosystem Support," and "Research & Development." When asked by a follower, Vitalik stated his annual salary is 182,000 Singapore dollars (approximately $135,000 USD).
Cyber Capital Founder: Ethereum Is Declining, L2 Networks Are Effectively Stealing Ethereum’s Users and Fees
Justin Bons, founder of Cyber Capital, posted on social media last night claiming that Ethereum is in decline while Layer 2 (L2) networks are "dancing on its grave." Bons pointed out that since the implementation of EIP-4844 (Proto-Danksharding), Ethereum's fee revenue has significantly dropped and cannot keep up with inflation. Meanwhile, L2 networks have seen record usage and fee income, and are lobbying to maintain low capacity on Ethereum. Bons described this as a "parasitic relationship," arguing that L2s are effectively stealing Ethereum’s users and fees by pretending to be "the same as Ethereum" to attract users. He predicts that eventually, L2 networks will either migrate or become independent L1s, leading Ethereum into gradual decline. Bons criticized Ethereum's leadership for sacrificing Ethereum's interests for the benefit of L2s, calling it a systemic governance failure. He warned that if Ethereum ever achieves a breakthrough in scaling its L1, it could cause the collapse of all L2 tokens and equity valuations—giving L2s strong incentives to block Ethereum’s expansion.
Ton Network Halts, No Blocks Produced for Nearly Three Hours
According to community reports, the Ton network experienced a halt, producing no blocks for nearly three hours. Binance is reported to have suspended withdrawals on the Ton network.
Bybit announced that due to network instability, it has paused all deposits and withdrawals via the Toncoin (TON) network. Any ongoing transactions will be delayed until the network stabilizes. Data from Tonscan shows the latest block was produced at 06:11:46 Beijing time.
Maker Protocol Rebrands as Sky Protocol and Launches Native Governance Token Sky (SKY)
DeFi lending protocol Maker has officially rebranded to Sky and unveiled the names of its upgraded stablecoin and native governance token. As part of the rebranding, Maker renamed DAI, the world's largest decentralized stablecoin, to USDS. The protocol also introduced Sky (SKY), a new native governance token designed as an upgrade to the existing MKR token. Sky Protocol will retain its core principles of decentralization, community governance, and non-custodial operation. To improve accessibility, MKR will be upgraded to SKY at a 1:24,000 ratio. Christensen explained that the larger supply of SKY improves user experience for those wishing to purchase more than just a small fraction of the token.
Phoenix Labs CEO Hints USDS Will Include Freeze Functionality, Sky Website May Restrict VPN Access
Sam MacPherson, CEO of Phoenix Labs and Spark Protocol, revealed that the upgraded stablecoin USDS from MakerDAO will include a freezing function, similar to centralized stablecoins like USDT and USDC. Additionally, the rebranded Sky website may restrict access from certain regions and block login attempts via VPNs. However, MacPherson deleted the post 30 minutes after publishing. Earlier reports confirmed that Maker officially rebranded to Sky and launched its upgraded stablecoin USDS and native governance token SKY.
Solana Restaking Protocol Solayer Raises $12 Million in Seed Round Led by Polychain Capital
Solana-based restaking protocol Solayer has raised $12 million in a seed funding round led by Polychain Capital, with participation from Big Brain Holdings, Hack VC, Nomad Capital, Race Capital, ABCDE, and Arthur Hayes’ family office Maelstrom. The project plans to expand its team, integrate new protocols, and prepare for the second phase of platform development. Its native token is currently "in design." The funding, completed in May, used a SAFE (Simple Agreement for Future Equity) structure with token warrants, valuing Solayer at $80 million. The previously announced investment from Binance Labs is also part of this round. Inspired by Ethereum’s EigenLayer, Solayer allows users to earn additional rewards by restaking already-staked assets. Unlike other platforms, Solayer intends to start with native Solana dApps, helping them reserve blockspace and prioritize transactions based on staked amounts delegated to them. Currently, Solayer claims over $186 million has been restaked by approximately 104,500 depositors.
Space and Time Raises $20 Million in Series A Round Led by Framework Ventures
According to Fortune, Microsoft-backed startup Space and Time has raised $20 million in a Series A funding round led by Framework Ventures, Lightspeed Faction, OKX Ventures, Arrington Capital, and Hivemind Capital. The company focuses on combining blockchain technology with artificial intelligence to ensure verifiability and transparency of AI-generated content. Space and Time previously raised $20 million in September 2022 from M12 Ventures, Microsoft’s venture fund. This latest funding will further accelerate its technological development, positioning it as a leader in the convergence of AI and blockchain.
Bybit’s 100 Million BIT and 3.36 Million FTT Swap with FTX Nears Vesting Expiry
According to monitoring by Yujin, Bybit and FTX swapped platform tokens in early November 2021, with Bybit exchanging 100 million BIT for 3.36 million FTT and committing not to sell for three years. With only two months remaining until the lock-up ends, a potential sell-off is expected.
The exchange was value-equivalent at the time, but the current valuation gap is stark: 100 million BIT is now worth $57.73 million, while 3.36 million FTT is valued at just $4.47 million. Notably, BitDAO (BIT) has since upgraded to Mantle (MNT).
Trump Releases Fourth Batch of NFT Trading Card Collection
According to CoinDesk, former President Donald Trump has released his fourth batch of NFT trading cards. This new series offers buyers a fragment of the suit Trump wore during his debate with Biden. Premium cards priced at $24,750 also include Trump-branded sneakers, cocktails, and a dinner opportunity at Trump National Golf Club. While this NFT series has generated significant personal revenue for Trump, the proceeds are unrelated to his political campaign and instead go directly into his personal account.
Unemployed College Graduate Sentenced to Six Months for Earning Over 5,000 Yuan in Crypto Money Laundering Scheme
On July 26, 2024, the Liyang People’s Court in Jiangsu Province ruled on a cryptocurrency money laundering case. An unemployed man referred to as Xiao Wu was sentenced to six months in prison, suspended for one year, and fined 2,000 RMB. In November 2023, Xiao Wu, seeking to repay credit card debts incurred from forex and crypto investments during university, contacted a "money laundering company" via Telegram. He purchased UST coins on the "OKX" platform and transferred and sold them through the "U-MATOU" app, profiting from price differences. Despite being warned about the illegality, he continued due to financial pressure. On December 22, 2023, Liyang police received a fraud report linked to Xiao Wu’s bank account. Investigations revealed 13 transactions totaling over 25,000 RMB in his account, with Xiao Wu personally earning over 5,000 RMB illegally. After arrest, Xiao Wu expressed remorse, admitting he might have gone deeper into crime had he not been caught.
Market Performance Update
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