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Sui Blockchain Signs Multiyear Deal With Red Bull Racing

Sui will roll out a series of digital experience for racing fans over the coming months.

Sui, whose blockchain went live less than a month ago, has signed a multiyear deal to become the blockchain partner of Formula One’s Oracle Red Bull Racing team. The blockchain’s native token (SUI) rose by 1.7% before receding on the news.

This is not Red Bull’s first foray into the crypto industry. Last year it signed a $150 million deal with derivatives exchange Bybit. The team said Sui will roll out a series of digital experiences for racing fans over the coming months.

Sui’s token was issued on May 3 and debuted at $1.35 after earlier being sold at between $0.03 and $0.10. It is currently trading at $0.97.

“Oracle Red Bull Racing was an early adopter of Blockchain technology in Formula 1,” Oracle Red Bull Racing Team Principal and CEO Christian Horner said. “Partnering with Sui will elevate that experience, making access easier, more secure and engaging.”

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MakerDAO Votes to Ditch $500M in Paxos Dollar Stablecoin From Reserve Assets

The result is a significant blow for Paxos as MakerDAO currently holds roughly half of USDP’s total supply.

Decentralized finance (DeFi) lending protocol MakerDAO’s community has voted to ditch $500 million Paxos Dollar (USDP) stablecoin from its reserves, impacting half of the token’s supply.

Voters unanimously favored to decrease the debt ceiling for USDP to zero from $500 million, according to a vote concluded Thursday.

The decision has a significant impact on embattled stablecoin issuer Paxos, as Maker’s treasury holds roughly half of USDP’s $1 billion supply. This comes after New York state regulators forced the company in February to halt minting Binance USD (BUSD), another Paxos-helmed stablecoin. The market capitalization of BUSD has cratered to $5 billion from $16 billion since then, according to CoinGecko data.

MakerDAO, issuer of the $5 billion DAI stablecoin and one of the largest lending protocols in DeFi, is aiming to boost its revenues by investing its vast reserves in yield-generating strategies.

Gemini, issuer of the GUSD stablecoin, pays an incentive to MakerDAO for holding its stablecoin, while MakerDAO will soon earn a 2.6% yield on as much as $500 million of USDC from Coinbase Prime. The protocol also increasingly invests in real-world assets (RWA) such as tokenized short-term U.S. Treasury bonds via investment management firms.

The proposal for booting USDP argued that holding the stablecoin does not accrue revenues for MakerDAO, hurting its capital efficiency as the protocol prepares to hike rewards rate for its own stablecoin, DAI.

“While Paxos has raised the possibility of a marketing fee scheme, to date there has not been concrete progress towards implementing this,” per the proposal. “If marketing payments are eventually implemented, Maker would be able to increase USDP debt ceilings in response.”

On Heels of First Losing Month of 2023, Bitcoin and Ether Flash Differing Signals.

While bitcoin appears positioned to trade flat, ether shows indications of being in an uptrend.

Bitcoin (BTC) and ether (ETH) started June with losses after closing out their first losing months of 2023 in May. Despite similarities in performance, the CoinDesk Indices Trend Indicator for both assets implies differences in their near term direction.

While the Bitcoin Trend Indicator (BTI) is flashing a “neutral” signal, the Ether Trend Indicator (ETI) implies that token is in a “significant uptrend.”

The gauges are designed to convey the direction of price and strength of momentum for the assets. Daily signals are generated with BTC and ETH being associated with one of five distinct categories, ranging from “Significant Downtrend” to “Significant Uptrend”.

The methodology underpinning signal generation involves moving averages of different lengths, and the extent to which shorter duration averages cross above or below longer duration ones.

Ether’s trend is relatively young, having moved from neutral to significant uptrend three days ago. Bitcoin, meanwhile, flipped from downtrend to neutral just four days ago.

A longer look at ETH’s chart shows a general uptrend since November 2022 and a gain of 55% so far in 2023. Bitcoin’s 62% advance this year continues to outperform, but the gap has narrowed over the past month as bitcoin dipped nearly 8% in May while ether was roughly flat. That relative bitcoin weakness led to an 8.2% increase in the ETH/BTC ratio since April 30.

Ether bulls would also likely point to the 274,000 ETH contraction in supply since September, as an indication of value and beginning to show effect..

On-chain data suggests that investors remain bullish on ETH. The funding rate for ether futures has been positive since April 7, with the exception of just two days. Funding rates represent payments made between holders of perpetual futures contracts, and when funding rates are positive, it implies that investor sentiment is bullish; when negative, bearish..

Funding rates for bitcoin remain positive as well, a sign that bullish sentiment remains despite recent weakness in price.

MakerDAO Paves Way for Additional $1.28B U.S. Treasury Purchase

The protocol’s community voted for onboarding a new real-world asset vault that would invest up to the additional amount in U.S. Treasury bonds.

The community governing MakerDAO, the decentralized autonomous organization (DAO) behind stablecoin DAI, has paved the way to purchase up to an additional $1.28 billion in U.S. government bonds via crypto asset manager BlockTower Capital.

Voters unanimously favored opening a new real-world asset (RWA) vault named BlockTower Andromeda, according to a vote concluded on Thursday. The vault is dedicated to investing a maximum of $1.28 billion in short-dated U.S. Treasury bonds funded by Maker’s overcollateralized DAI stablecoin, according to the proposal.

Maker will pay a 0.15% arranger fee to BlockTower. Celadon Financial Group will act as a broker and Wedbush Securities will custody assets.

Maker has already purchased $1.1 billion of government and corporate bonds via a vault helmed by asset manager Monetalis Clysdale. It also made loans to banks such as Huntingdon Valley Bank and Societe Generale-Forge, the French banking giant’s crypto-focused subsidiary.

The latest decision fits into Maker’s ambitions to diversify reserve assets backing its $5 billion stablecoin DAI and boost protocol revenues by investing in yield-generating strategies. Maker earns a yield on storing $500 million USDC at Coinbase Prime, while Gemini pays rewards to Maker for holding Gemini Dollar (GUSD) among the reserve assets.

The platform’s investment plan also underscores the growing demand for traditional financial instruments among crypto native entities such as DAOs as a means to earn a stable yield on their treasury.

BlockTower already manages multiple Maker vaults, which currently invest some $90 million in structured credit products on blockchain-based credit protocol Centrifuge.

U.S. Commodities Agency May Change Risk Rules to Consider Crypto

The CFTC has proposed an overhaul of risk-management requirements, and one commissioner says it should factor in emerging crypto dangers.

The U.S. Commodity Futures Trading Commission (CFTC) has proposed an overhaul of its rules for risk management, and Commissioner Christy Goldsmith Romero said the changes should insist firms prepare themselves for crypto volatility and the risks from holding customers’ digital assets.

The CFTC issued a proposal Thursday to invite comments on possible changes to the agency’s risk management program, and Romero said in a statement that “technologies like digital assets, artificial intelligence, and cloud services, also have emerged as areas that can carry significant risk.”

“These technological advancements, with their accompanying risks, necessitate the commission revisiting our regulatory oversight, including our risk management requirements,” Goldsmith Romero said. “Integration of digital assets with banks and brokers, and the risks that could be posed, could continue to evolve.”

She also flagged the ongoing issues regarding the industry’s custody practices, saying “brokers may explore holding customer property in the form of stablecoins or other digital assets that could result in unknown and unique risks.”

The CFTC will take public comments for 60 days on its “advance notice of proposed rulemaking” – the preliminary stage of a rule process that would have to be followed by a formal, proposed rule and then a vote on a final version.

Olive-Oil Producer Issues First Euro-Stablecoin-Denominated Bond on Obligate’s DeFi Platform

The debt sale was the first of its kind for the French sustainable agriculture business.

Lamar Olive Oil has issued an on-chain bond using Obligate in a first for the sustainable-agriculture industry, the Switzerland-based decentralized finance (DeFi) platform said Thursday.

The French company’s bond is the first issuance to be denominated in Membrane Finance’s EUROe, which the company says is the only EU-regulated crypto stablecoin.

The underwriting and structuring process, including credit evaluation and ongoing risk monitoring was conducted by Obligate’s credit rating partner Credora, the company said.

Obligate, which is built on the Polygon blockchain, helps small and medium-sized enterprises by providing a safe and transparent way of issuing, tracking and settling debt, and with the thresholds to issue bonds lowered, companies in developing and emerging markets can gain increased access to funding.

Smart contracts replace the role of the issuer and paying agent in the settlement layer of a traditional bond issuance.

Synthetix Community Approves Plan to Nudge Positions Off Soon-to-Shut Version One of Its Perpetuals Market

The market, which was replaced by a new version, has been in close-only mode for months, but about $150,000 remains on the original platform.

Community members of Synthetix, a liquidity and derivatives trading protocol built on Ethereum, approved a plan intended to get customer money still on the soon-to-shut version one (v1) of its perpetuals market moved over to version two (v2).

Though v1 has been winding down for the past three months, roughly $150,000 worth of positions remain outstanding. The approved plan will gradually increase the margin requirements on existing positions to eventually liquidate all remaining positions on v1.

The change highlights Synthetix’s focus on its v2 perpetuals markets, which had $22 million in volume over the past day, data from a dashboard created by the Synthetix community shows. Synthetix’s v2 perpetuals markets, which launched in December, increases capital efficiency and improves risk management for market liquidity providers, representing a “significant upgrade” from v1, according to a blog post.

The motivation behind the recent governance proposal was to shut down Synthetix’s v1 perpetuals market “in the least intrusive manner,” allowing users to close their positions with enough time, as stated in a Synthetix’s governance discussion forum.

The price of SNX, the native token for Synthetix, has increased 1.7% in the past 24 hours to $2.36, per CoinGecko, while data from DefiLlama shows that the total value locked for Synthetix stands at $417.7 million, a 2% increase since May 1.

CoinDesk Apologizes to Alex Grebnev

On 25 May 2023 we published a story headed “Alameda-Backed ‘Samcoins’ CEO Alex Grebnev Sued by Coin Telegraph Owner Gregory Fishman. ” Those individuals are engaged in a lawsuit (a claim and counterclaim) in the High Court in London relating to the …

On 25 May 2023 we published a story headed “Alameda-Backed ‘Samcoins’ CEO Alex Grebnev Sued by Coin Telegraph Owner Gregory Fishman.” Those individuals are engaged in a lawsuit (a claim and counterclaim) in the High Court in London relating to the meaning and effect of a 2020 US$750,000 option agreement. Our account of Mr. Fishman’s claims in that lawsuit was incorrect, and we are happy to set the record straight and to confirm that the claims in the litigation do not allege the misconduct by Mr. Grebnev stated in our story. We apologize unequivocally for our error. We have taken down the article and shall not republish it.

Jimbos Protocol to Work With U.S. Homeland Security to Help Recover $7.5M From Flash Loan Exploit

The team is opening more cases in other jurisdictions and offering a roughly $800,000 bounty to the general public for information on the exploiter.

Developers of Jimbos Protocol, an Arbitrum-based application, said Wednesday they opened up a case with the New York branch of the Department of Homeland Security to arrest the attacker who exploited the protocol for millions of dollars this past weekend.

“We warned you. We’d prefer giving you the bounty so we can focus on our protocol. Instead, we will deal with law enforcement to find you,” the Jimbos team wrote to the attacker on Twitter, after giving them several days to return 90% of the stolen funds. “The door remains open for the hacker to return the funds until they are arrested, at which point the offer will be rescinded.”

The recent move to work with the Department of Homeland Security comes three days after Jimbos faced a $7.5 million flash loan exploit and about two weeks after the protocol’s official launch date.

In addition to collaborating with law enforcement in the United States, the team is currently opening more cases in other jurisdictions and is offering a 10% bounty worth about $800,000 to the general public for anyone who provides information that leads to catching the exploiter and funds being returned.

“We have a good idea who it is,” said blockchain sleuth Ogle, who is part of the recovery process and has helped with the Euler Finance exploit. “I think they end up speaking, keeping their 10%, and returning the rest — it’s a win for everybody and makes the most sense. Only an idiot would try to keep the rest, but risk prison for years and losing all of the money.”

First Digital Unveils USD Stablecoin as Hong Kong Crypto Rules Kick In

The stablecoin is issued by a registered trust owned by First Digital.

First Digital Group announced today that it’s launching a USD stablecoin, FDUSD.

The stablecoin is issued on Ethereum and BNB, a spokesperson told CoinDesk, saying that First Digital is in discussions with all major exchanges for a listing.

First Digital says FDUSD is backed by “high-quality reserves” of cash and cash equivalents in regulated financial institutions around Asia, and will be issued by First Digital Trust, a trust company registered under Hong Kong’s Trust Ordinance.

Part of the requirements of Hong Kong’s Trust Ordinance is to keep all reserves in segregated accounts, which prevents co-mingling of assets.

“The launch of this stablecoin represents a major stride forward in our mission to provide a secure and efficient digital currency that can be seamlessly integrated into everyday transactions,” Vincent Chok, CEO of First Digital, said in a release.

But as the stablecoin launches, it won’t be available to retail users in Hong Kong.

Regulators in Hong Kong have said that stablecoins should not be allowed for public trading by retail investors until the proposed rules for this asset class are officially implemented in the territory.

As CoinDesk reported in February, The Hong Kong Monetary Authority (HKMA), the special administrative region’s central bank, and one of its financial regulators are weighing new regulations for stablecoins, which could mandate local incorporation, require real-world asset backing (disallowing algorithmic stablecoins) and mandating separate operations for issuers and virtual asset exchanges.

It’s not yet clear when these regulations will kick in.