Weekly Summary
- Circle freezes smart contract addresses linked to blacklisted Tornado Cash
- Reddit partners with FTX to enable ETH gas fees for community points
- Circle freezes blacklisted Tornado Cash smart contract addresses
- ETH Goerli testnet merged is live
- Overall markets gain as US CPI Inflation cools to 8.5% in July beating Forecasts
Industry Stories
Reddit taps Arbitrum and FTX for Community Token: Reddit, the social media and community platform with around 400 million monthly users, will enable its communities to issue ERC20 tokens known as “Community Points” to encourage increased user engagement. It will be built on the L2 blockchain, Arbitrum Nova which will enable Community Points to be used to buy community tokens or special membership perks, and reward creators or even use as gifts. Reddit users are able to purchase ETH from supported Reddit apps via FTX’s payment platform, FTX pay to cover any gas fees for transactions.
Circle freezes blacklisted wallet addresses: Circle has frozen over 75,000 USDC worth of funds linked to 44 Tornado Cash addresses sanctioned by the U.S. Office of Foreign Assets Control’s Specially Designated Nationals and Blocked Persons (SDN) list. This is the first time an open-source protocol has been sanctioned prompting fears that this is the first of many in the future. MakerDAO is making contingency plans to execute an emergency shutdown if the sanctions hit DAI, its stablecoin that is partially collateralized by USDC.
US Inflation beats estimates: US Inflation for the month of July increased to 8.5%, year-on-year, 0.2% below the market’s estimation of 8.7%. This is the first month-to-month drop since April 2022 and markets are rejoicing, with many claiming that the market might have hit peak inflation already. Bitcoin hurtled towards $24k jumping 7% and ETH spiked to $1,900 making a 14% gain.
Ethereum’s final proof-of-stake testnet transition went live on Goerli successfully: Ethereum just pulled off its final test run ahead of the highly anticipated POS mainnet upgrade. The final test took place on Wednesday around 9.45 pm ET, with the expected Mainnet PoS transition to occur around September 15th or 16th. Ansgar Dietrichs, a researcher with the Ethereum Foundation, highlighted that the most relevant metric for success during this dry run is time-to-finalisation. Goerli finalised with some minor hiccups and a research associate from Galaxy Digital also brought up some issues with the clients. Nevertheless, both researchers concluded that the Merge was a successful one, but hinted that more of such minor issues will surface as we transition towards the beacon POS Mainnet.
Matrixport Stories
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Matrixport News
In an interview with TechCrunch, John GE, CEO of Matrixport talked about the importance of true transparency in the industry, given that the recent crypto market crash is largely attributed to the existing “black box”model being used by most other crypto lending platforms. Even the most conservative investment strategies come with their own risks and may result in losses, but the core principle is to be transparent and communicate with stakeholders. To understand where the industry might be going after the market turmoil, read more on our earned media coverage here.
Matrixport now supports the Klaytn Foundation ecosystem with Cactus Custody™, as the world’s first institutional-grade custodian to serving #Klaytn users.
Matrixport’s Ross Gan wrote an article on Vulcan Post about how crypto, DeFi, and GameFi are impacting Singapore’s economy. Ross envisions DeFi as a complementary role to TradFi where sending money from Singapore to US could be as simple as using a Paynow.
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