Crypto Morning News: Sui Foundation denies selling $400 million worth of SUI; Coinbase to list Degen

2024.10.15

Crypto Morning News: Sui Foundation denies selling $400 million worth of SUI; Coinbase to list Degen

Bluefin has partnered with Pyth Network in a new collaboration and will distribute 500,000 $PYTH tokens to the community.

2024.10.15 - 01:47:22

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Bluefin has partnered with Pyth Network in a new collaboration and will distribute 500,000 $PYTH tokens to the community.

Author: TechFlow

Yesterday's Market Developments

Sui Foundation: The Seller of $400 Million Worth of SUI Was Not an Insider, Possibly an Infrastructure Partner

Sui Network addressed accusations on X that "insiders sold $400 million worth of tokens during the recent price surge," with a direct response from the Sui Foundation:

1. No insiders, the Foundation, or employees or investors of Mysten Labs (including its founders) have individually or collectively sold $400 million worth of tokens during this period. Insiders did not engage in any preemptive selling or violate lock-up and circulating supply schedules.

2. Although the accuser did not provide wallet addresses, we believe the likely owner is an infrastructure partner who holds tokens under existing lock-up agreements. All lock-ups are enforced by qualified custodians and continuously monitored by the Sui Foundation, and this partner has complied with all regulations.

Coinbase to List Degen (DEGEN)

According to official announcement, Coinbase will add support for Degen (DEGEN) on the Base network. Coinbase warns users not to send the asset via other networks to avoid fund loss. DEGEN transfers will be available in regions where Coinbase and Coinbase Exchange support trading.

Per the announcement, DEGEN trading will begin at 00:00 UTC on October 16, 2024, or thereafter, subject to liquidity conditions. Trading will roll out gradually via the DEGEN-USD trading pair.

Bluefin Partners with Pyth Network in New Collaboration, Distributing 500,000 $PYTH Tokens to Community

Bluefin, a decentralized exchange in the Sui ecosystem, has entered a new partnership with Pyth Network and will distribute 500,000 $PYTH tokens as community incentives. Users who were included in snapshots conducted between July 16, 2024, and October 7, 2024, will receive wPYTH rewards based on their user tier.

Hyperliquid Announces Foundation Launch and Upcoming Native Token HYPE

Decentralized trading platform Hyperliquid announced the formation of the Hyper Foundation, aimed at supporting the development of the Hyperliquid blockchain and ecosystem. With the launch of HyperEVM, applications built on Hyperliquid will gain access to deep liquidity and other native financial primitives.

The next step for Hyperliquid is launching its native token HYPE, which is critical for the HyperBFT proof-of-stake consensus, HyperEVM, and future roadmap developments. As part of the genesis distribution, eligible users can choose to receive HYPE tokens and an optional Hypurr NFT to commemorate the upcoming mainnet launch of HyperEVM.

Users must review and accept the Genesis Event terms on the official website before November 11, 2024, 23:59 UTC to participate. Hyperliquid stated that further details about HYPE and the Genesis Event will be released later.

Trust Wallet Announces First Launchpool, Allowing TWT or slisBNB Staking

Multi-chain wallet provider Trust Wallet announced it will soon launch its first Launchpool project. The initiative offers two staking pools: a TWT (Trust Wallet Token) pool and an slisBNB (Lista Staked BNB) pool. Users can stake corresponding tokens in either pool to earn rewards.

Bitcoin Staking Platform Solv Protocol Raises $11 Million, Backed by Laser Digital and Others

According to CoinDesk, Bitcoin staking platform Solv Protocol has raised $11 million at a $200 million valuation. Investors include Laser Digital, a subsidiary of Nomura Securities, Blockchain Capital, and OKX Ventures. Solv’s SolvBTC product has deployed over 20,000 BTC (approximately $1.3 billion) across 10 major blockchain networks.

Ryan Chow, co-founder of Solv, said if Bitcoin reaches Ethereum’s current staking rate of 28%, it could unlock $330 billion in value. Currently, Babylon, a Bitcoin staking platform, has attracted over $1.5 billion in staked funds, indicating strong demand. However, this remains far below platforms like Lido on Ethereum ($23.7 billion) and EigenLayer ($10.9 billion).

Vitalik Publishes New Essay on Ethereum’s Future: Reducing Staking Requirement from 32 ETH to 1 ETH

Ethereum co-founder Vitalik Buterin published an article outlining potential future directions for the Ethereum protocol.

He noted that Ethereum has successfully operated its proof-of-stake (PoS) system for nearly two years with stable performance. Future improvements will focus on Single Slot Finality and democratizing staking—aiming to reduce block finalization time from 15 minutes to 12 seconds or less, and lowering the staking threshold from 32 ETH to just 1 ETH.

To achieve this, he proposed three potential solutions: improving signature aggregation protocols, introducing a beacon committee mechanism, and implementing a two-tier staking system. Vitalik emphasized these upgrades would help Ethereum compete with high-performance blockchains in speed and accessibility while preserving its unique security guarantees.

DeFi Report Founder: UNI Holders to Benefit from Unichain, ETH Holders May Lose Out

According to Cointelegraph, Michael Nadeau, founder of DeFi Report, posted on social media stating that Uniswap Labs and UNI token holders stand to benefit most from Unichain, while ETH holders may suffer the greatest losses, potentially missing out on nearly $500 million in annual revenue previously paid to the Ethereum network.

Nadeau added: “The launch of Unichain will redirect the $36.8 billion paid to Ethereum validators last year directly to Uniswap Labs and possibly to Uniswap itself. Uniswap Labs will also capture all Maximum Extractable Value (MEV) on Unichain since it controls all validators on the network, rather than allowing Ethereum validators to extract MEV. MEV is estimated to account for about 10% of total fees paid on Uniswap (around $100 million over the past year), and they may choose to share a portion with token holders. Additionally, Uniswap liquidity providers can benefit from the new blockchain by participating in settlement and MEV capture through staking.”

Previously, Uniswap launched Unichain on October 10, promising faster, cheaper transactions and improved cross-chain interoperability.

Bloomberg: China Begins Taxing Overseas Investment Gains of Ultra-Wealthy

According to Bloomberg citing sources familiar with the matter, China has started taxing overseas investment gains of its ultra-wealthy. Authorities in major Chinese cities are requiring some wealthy individuals to self-assess taxes or attend meetings with tax officials to evaluate potential liabilities, including back payments from previous years. Mainland investors may face a 20% tax on investment gains, with penalties for overdue amounts, though final figures may be negotiable.

The report notes that mainland China adopted the Common Reporting Standard (CRS) in 2018 to combat tax evasion. However, regulators have consistently emphasized that residents must pay taxes on global income, including investment returns. Those targeted reportedly include individuals with at least $10 million in overseas assets, particularly those holding listed companies in Hong Kong and the U.S.

Crypto Morning News: Sui Foundation denies selling $400 million worth of SUI; Coinbase to list Degen

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