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Andrew Kang, co-founder and partner of crypto venture capital firm Mechanism Capital, said in a social media response to top trader Eugene NgAh Sio, "I don't think SUI's market value will reach the level of SOL, but its current market value is only 3.5% of SOL, which sounds like the arguments given by the .eth community before or during SOL's outperformance."
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Friend.Tech, the Web3 social network that saw users trade tokens for 'keys' to the feeds of influential individuals, has been effectively shuttered barely one year after its initial and successful launch.
Friend.Tech's developers called a function on the platform's smart contracts early on September 8 which transferred their control to Ethereum's null address, effectively locking the current system in place and preventing further changes. "No fees from either smart contracts or [the website] currently go to the friend.tech dev team multisig," the team clarified in its announcement post on X. While the platform will seemingly continue to function, the revocation of control makes the implementation of new features unlikely, if not impossible.
Launched on the Coinbase-backed Layer 2 network Base last August, Friend.Tech was a quick hit with the crypto community. By September 15, 2023, the protocol's daily earnings exceeded that of Ethereum itself and its top key, which unlocks the feed of Friend.Tech's pseudonymous co-founder Racer, sold for 8.9 eth, or $14,500, at the time. The protocol raised a seed round from crypto VC firm Paradigm, though the amount was undisclosed.

However, after the initial surge died down (and after the platform's developers raked in at least $20 million in fees), the platform struggled to maintain trading activity, according to data from The Block.
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Following its launch last May alongside Version 2 (v2) of the protocol, the price of Friend.Tech's native token dropped sharply after Racer publicly expressed their desire to leave the Base blockchain, though plans for a FriendChain were later axed when the protocol's developers decided to stay on Base.

While V2's launch and the token airdrop brought a few users back to the platform, protocol fees began to stagnate shortly after; the protocol has only made about $60,000 in protocol fees since June, according to The Block's data. A revival of the platform now seems unlikely as the contract ownership revocation prevents its takeover by a new team interested in adding features to the social platform.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Ave data shows that the number of GOOFY on-chain currency holding addresses has increased rapidly, exceeding 3,300. GOOFY has increased by more than 70% in the past 24 hours, temporarily reporting $0.00757. It is reported that GOOFY is a zoo-themed MEME coin released by the Solana chain. #binancepizza

Fintech company DeFi Technologies announced that its subsidiary Valour’s assets under management (AUM) had grown to 837 million Canadian dollars (about 609 million U.S. dollars) as of July 31, 2024, a year-to-date increase of 64%. Net inflows in July were 9.3 million Canadian dollars (about 6.75 million U.S. dollars).
The company currently has a cash and USDT balance of approximately 56.2 million CAD (40.9 million USD) and loans of approximately 17.9 million CAD (13 million USD).
As of August 7, the company held 204.34 bitcoins, 12,775 SOL tokens, and 1,484,148 CORE tokens, with a total value of $20.7 million CAD ($15.1 million USD).

Arthur Hayes delves into the complexities of global financial markets, focusing on the potential unwinding of the USD/JPY carry trade and its potential impact on the cryptocurrency market, predicting severe consequences for global financial stability if the trade collapses.

A U.S. Department of Labor spokesman said a technical glitch delayed the release of employment data on August 21. The Bureau of Labor Statistics has put in place new safeguards to ensure equal access to data. (Jinshi)
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Episode 54 of Season 6 of The Scoop was recorded with The Block's Frank Chaparro, FalconX Global Head of Revenue & Business Austin Reid, and US Senator Tim Scott.
Listen below, and subscribe to The Scoop on YouTube, Apple, Spotify, Google Podcasts, Stitcher, or wherever you listen to podcasts. Please send feedback and revision requests to [email protected]

This episode of The Scoop was recorded with US Senator Tim Scott (R-SC) and Falcon X Global's Head of Revenue and Business Austin Reid live at the SALT Conference in Jackson Hole.
Senator Scott and Reid discuss the growing political interest in crypto and digital assets in the United States, and the need for better education that clearly conveys the value proposition of this new form of technology.
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happening across the digital asset ecosystem.
OUTLINE
00:00 Introduction
00:40 Crypto's Political
03:05 Trump's Crypto Shift
04:23 US Regulatory Landscape
08:06 Crypto's 'Branding'
16:23 Bipartisan Crypto Support
18:23 Harris' Crypto Policy
19:48 SEC Leadership Change
This episode is brought to you by our sponsor Polkadot
Polkadot is the blockspace ecosystem for boundless innovation. To discover more, head to polkadot.network
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The Block Newsletters
The Block's newsletters bring you the latest news and analysis of the fast-moving crypto and DeFi markets. To subscribe, visit theblock.co/newsletters
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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According to SoSoValue data, the total net inflow of Bitcoin spot ETFs yesterday (August 12, Eastern Time) was US$27.8689 million.
Yesterday, Grayscale ETF GBTC had a single-day net outflow of US$11.7743 million. The current historical net outflow of GBTC is US$19.463 billion.
Grayscale Bitcoin Mini Trust ETF BTC had a single-day net inflow of US$7.8537 million. Currently, the total historical net inflow of Grayscale Bitcoin Mini Trust BTC is US$274 million.
The Bitcoin spot ETF with the largest single-day net inflow yesterday was the ARKB ETF from Ark Invest and 21Shares, with a single-day net inflow of US$35.4019 million. Currently, the total net inflow of ARKB in history has reached US$2.446 billion.

Arkham announced that it has marked the address of Canadian ETF issuer 3IQ, which currently holds more than $500 million worth of BTC, including:
-QBTC Bitcoin fund address holds 324 million USD;
-BTCQ Bitcoin ETF address holds $215 million worth of coins. #binancepizza

The number of global cryptocurrency millionaires has surged 95% in the past year as Bitcoin ETFs and other crypto assets climb, according to a new report. According to a report by New World Wealth and Henley & Partners, 172,300 individuals worldwide currently hold more than $1 million in crypto assets, a significant increase from 88,200 last year. The number of pure-player Bitcoin millionaires has more than doubled to 85,400.
There are now 325 crypto deca-millionaires (those holding $100 million or more in crypto assets), and 28 crypto billionaires, the report shows. The surge reflects the rapid growth of the Bitcoin ETF, which has surpassed $50 billion in assets since its launch in January and has sparked a wave of institutional participation. Bitcoin prices have risen 45% this year to about $64,000. As the value of other cryptocurrencies has risen, the market capitalization of crypto assets has grown to $2.3 trillion, up from $1.2 trillion last summer. (CNBC) #binancepizza

Cryptocurrency prices in the non-fungible token (NFT) market fell on Wednesday morning in the United States on news that OpenSea may face U.S. regulatory action. In addition to the decline in the entire cryptocurrency market that began on Tuesday evening U.S. time, Blur (BLUR) fell 5% in the minutes after the news was announced, and then rebounded slightly. It has fallen 10% in the past 24 hours. Tensor (TNSR), a Solana-based NFT market aggregator, also fell 3%. The price of this token has fallen by nearly 9% in the past 24 hours. In the same time frame, the CoinDesk 20 Index fell by 4%.

During an official visit to Argentina, Salvadoran President Nayib Bukele met with Argentine Vice President Victoria Villarruel to discuss cryptocurrencies and El Salvador's experience with Bitcoin. Victoria Villarruel reportedly said: "I personally want to use these few minutes to talk to you about Bitcoin, which is something I am very interested in." In addition, Villarruel also showed interest in the so-called Volcano Bonds, which have been shelved for several years. Nayib Bukele proposed these bonds as part of the financing plan for Bitcoin City, a Bitcoin-centric metropolis announced in 2021, but has not yet been built. (Bitcoin.com) #binancepizza

This article introduces the trading experience and mental journey of Raymond, a partner of Mossfire Capital. He entered the field of Bitcoin and cryptocurrency from investment banking, experienced hesitation and doubt about the industry, and finally reinvested time and money after DeFi Summer and found his passion and methodology in the field of cryptocurrency. #binancepizza

FTX estate's bankruptcy plan was approved by a judge, allowing the company to move closer to liquidation despite disputes surrounding the distribution of funds to creditors based on the price of cryptocurrency assets starting in November 2022. #binancepizza

Dr. Xiao Feng, Chairman and CEO of HashKey Group, delivered a keynote speech entitled "On-Chain" and "In-Chain" at SmartCon 2024 today, stating that traditional and crypto financial markets will achieve interoperability through stablecoins (Payfi, which is a fiat-tokenized stablecoin), ETFs (off-chain securitization of crypto assets), RWA (on-chain tokenization of traditional assets), and STO (tokenization of on-chain Web3 business), all of which will be carried out by licensed and compliant institutions (on-chain storage, lending, and trading).
Dr. Xiao stated that "On-Chain" mainly involves three ways: Web2 (data on-chain), DePIN (device on-chain), and DeFi (asset on-chain). On-chain is a path for users to embrace greater value rather than a goal. HashKey's recently released Ethereum L2 public chain, HashKey Chain, will build a compliant-friendly and innovation-encouraging ecosystem, allowing traditional finance and Web3 users to share the infinite possibilities and values brought by blockchain technology and applications.
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According to CME's "Fed Watch" data, the probability of the Fed cutting interest rates by 25 basis points by November is 76.1%, and the probability of maintaining the current interest rate is 23.9%. The probability of a cumulative interest rate cut of 50 basis points by December is 75.1%, the probability of a cumulative interest rate cut of 75 basis points is 0%, and the probability of a cumulative interest rate cut of 100 basis points is 0%. (Jinshi) #binancepizza

According to informed sources, Elon Musk's artificial intelligence startup xAI is negotiating a round of financing with investors, with a valuation expected to reach around $40 billion. A few months ago, xAI's last valuation was $24 billion when it raised $6 billion in the spring. One informed source stated that xAI hopes to raise several billion dollars in the new round of financing. The cash raised will be counted towards the $40 billion valuation. Musk stated on Monday that xAI plans to increase the number of graphic processing units at its Memphis data center from 100,000 to 200,000. NVIDIA's CEO praised the speed at which xAI is establishing the data center in Memphis, referring to it as 'the fastest supercomputer on Earth' in a recent podcast. (Golden Ten) #binancepizza

Robinhood Markets reported in its submitted third-quarter report that the company's revenue and net deposits have significantly increased, indicating that despite facing previous challenges and regulatory pressures, the company is still expected to turn a profit. #binancepizza

According to Arkham monitoring, 4 minutes ago, Binance institutional custody platform Ceffu deposited 1,279,959,528,068 PEPE to Binance, approximately 11.49 million dollars. #binancepizza

Jito posted on X stating that the restaking deposit limit has been reached (25 million USD), please continue to follow for the second phase, during which the global deposit limit will be increased.
Yesterday's news, Jito officially announced that restaking deposits are now open, with an initial deposit limit of 147,000 SOL. #binancepizza