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- $WBTC ‘acquisition’ proposal: $35M incentives offer
$WBTC ‘acquisition’ proposal: $35M incentives offer
Alpha Team
August 30, 2024
🔗 Threshold Eyes $36M Token Boost
Threshold and BitGo Collaboration: Threshold Network proposes a merger with Wrapped Bitcoin (WBTC), aiming to make BitGo the largest holder of its T token. The plan involves transferring WBTC’s minting and burning controls to BitGo, securing the $9B asset's stability and protecting DeFi protocols. Threshold connects Bitcoin to DeFi via its tBTC and the cross-chain Wormhole protocol, which supports around 20 blockchains.
Crypto Industry's Concerns: This proposal follows criticism of BitGo's joint venture with Justin Sun's BiT Global, causing concern among crypto users about WBTC’s future. MakerDAO voted to disable WBTC borrowing, while Aave is monitoring the situation, reflecting widespread industry skepticism.
Token Expansion and Next Steps: If approved, Threshold will mint 1.65 billion T tokens, increasing supply by 15%, valued at $36M. BitGo would handle WBTC’s minting and freezing, while tBTC would be redeemable for WBTC 1:1. If rejected, Threshold may still mint tokens to support other assets like tBTC. Read More.
️ On today's Top Picks:
- 🐕 Elon Musk & Tesla win dismissal of $DOGE manipulation lawsuit.
- 🚀 Proof of Play launches Boss Chain.
- 🕵️ Linea incorporates OpenBlock's sybil detection model.
- 🔓 Sui $SUI token unlock worth ~$52M on September 1st.
Read time: ⏰ 5 minutes
Crypto News
• ⭐️ Threshold $T proposes $tBTC merger to 'save' $WBTC; proposal comes after BitGo announced plan to transfer control to BiT Global.
• Telegram $TON held ~$400M in digital assets at the end of 2023; $342.5M of revenue & $108M operating loss.
• Solana $SOL liquid staking tokens teased by Binance $bnSOL, Bybit $bbSOL, & Bitget $bgSOL.
• ⭐️ Elon Musk & Tesla win dismissal of lawsuit alleging manipulation of Dogecoin $DOGE.
• Bankrupt crypto miner Rhodium receives court approval for Bitcoin-based bankruptcy loan.
• Feixiaohao, a crypto market data website, suspected of being arrested by Chinese police,
Alpha
• Ebi Community-Centric Points Program by Mystri.
• Story Protocol Testnet by Earndrop.
• Story Protocol highlights Color & a free Color Commemorative Launch NFT.
• Aptos launches Aptos Connect Early Adopters commemorative NFT.
• ⭐️ Proof of Play launches Boss Chain; Pirate Nation now multichain.
Airdrops
• ⭐️ Linea incorporates OpenBlock's sybil detection model for its LXP program.
• Avantis roadmap reveals XP program ends December 11th; decentralization follows afterward.
• ICYMI Zyfi The Future Of Paymaster by Earndrop.
• ICYMI B3 Points Program Is Live by Earndrop.
• ICYMI Weekly Airdrop News by Earndrop.
Finance News
• 126 Nations to attend BRICS Municipal Conference & discuss ditching the US Dollar.
• US Federal Reserve sets capital cushions for large banks following June's annual stress tests.
• Nvidia $NVDA & Apple $AAPL in talks to invest in OpenAI; latest fundraising round valued OpenAI above $100B.
• Goldman Sachs $GS to lay off 1300 employees citing annual review process to cull low performers.
Security and Exploits
• US agencies identify Pioneer Kitten as hacking group behind wave of ransomware attacks.
• ICYMI SlowMist Weekly Security Report highlights an increase in compromised accounts.
Token Unlocks
• Yield Guild Games / 14.08M $YGG / ~$6M / AUG 27
• SingularityNET / 8.32M $AGIX / ~$5M / AUG 28
• Optimism / 31.34M $OP / ~$44M / AUG 31
• Manta Network / 1.87M $MANTA / ~$1M / AUG 31
• dYdX / 8.33M $DYDX / ~$8M / SEP 01
⭐️• Sui / 64.19M $SUI / ~$52M / SEP 01
• ZetaChain / 53.89M $ZETA / ~$27M / SEP 01
• Ethena / 14.89M $ENA / ~$4M / SEP 01
Funding
• ParaFi Capital raises $120M to acquire general-partner stakes in other crypto funds.
• Robot Ventures raises $75M for its venture-capital fund.
• Bridge raises $58M in funding.
• Edge Matrix Chain raises $20M in funding led by Amber Group & P2 Ventures.
• Quai Network raises $5M in Strategic funding.
• SnakeLite raises $4M in funding led by Redpoint.
• Level raises $3.6M in funding led by Dragonfly & Polychain Capital.
• TimeFun raises $3M in Seed funding led by Brevan Howard Digital.
• Kredete raises $2.25M in Seed funding.
• Oasys raises an undisclosed amount in funding from SBI Holdings.
• Odos raises an undisclosed amount in Series A funding.
• Adot raises an undisclosed amount in Strategic funding from Aptos Labs.
• Mereo raises an undisclosed amount in Strategic funding from Aptos Labs.
The Degen Farmer
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| PROTOCOL | ASSETS | APY |
|---|---|---|
 Storm Trade (Ton) | USDT | 50.66% |
 Merkl (Arbitrum) | USDEUSDT | 38.10% |
 Vaultka (Solana) | USDC | 25.02% |
 Anzen V2 (Ethereum) | SUSDZ | 24.69% |
 MIM Swap (Arbitrum) | MIMUSDC | 23.50% |
 Extra Finance (Base) | USDZUSDC | 21.18% |
 Aerodrome V1 (Base) | USDZUSDC | 19.22% |
 Avantis (Base) | USDC | 18.87% |
🔴 ebi.xyz: Unlocking Liquidity On All Tokens |  |
ebi.xyz: Ebi is a Perpetual DEX that styles its ecosystem for high-risk or "degen" assets. The platform offers deep liquidity, low trading fees, and access to the latest assets. All trades are settled on the Ebi chain powered by Arbitrum Orbit.
🧧 Ebi Points Program: Ebi recently launched their Points Program where users can earn Ebi Points through trading, referrals, social tasks, and more! Users can track accumulated points, trading volume, and successful referrals on the Ebi Points Dashboard.
Collaborations: Ebi plans to collaborate with leading projects and their respective communities to provide users with ample opportunities on pre-market listings. These partnerships will entitle community members to special benefits in Ebi's Points Program.
That’s it for today’s edition! See you soon.
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