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In addition to Optimism, Uniswap has also recently been deployed on the Arbitrum network. This deployment has enablsolana beach school district maped Uniswap to gain greater usage. In the past 4 days, the agreement has locked a total of 37 million U.S. dollars in value on the Arbitrum network, and generated more than 20 million U.S. dollars in transaction volume every day.

EOS recently traded at US$5.45, an intraday increase or decrease of +2.12%;solana ecosystem airdropsLTC recently traded at US$180.9, with an intraday increase or decrease of -0.58%;

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LINK recently traded at US$28.33, an intraday increase or decrease of -1.26%;DOT recently traded at US$20.44, an intraday increase or decrease of -1.82%.On September 18th, South Korea’s Minister of Strategy and Finance Hong Namki stated at the National Assembly meeting on September 15 that the planned cryptocurrency taxation law will take effect early next year. The ruling Democratic Party and the opposition party have agreed to take legislative action against crypto. Currency taxation, there is no reason to delay the implementation of the law. Earlier news, South Korean parliament representatives proposed in 2020 to impose a 20% capital gains tax and a 2% local income tax on cryptocurrency transactions with an annual income of more than 2.5 million won (approximately US$2,100). The law was originally scheduled to take effect in October 2021, but has since been revised and its implementation has been postponed until January 1, 2022.On September 18, the government is paying close attention to the cryptocurrency circulating in foreign markets, because the agency responsible for checking financial fraud is paying attention to a company called Hyper Fund. According to sources, Hyper Fund, a subsidiary of Hyper Tech Group, has recently received attention. Hyper Tech Group said that the establishment of Hyper Fund is to provide a decentralized financial infrastructure. Hyper Fund was announced in mid-2020. According to the company’s website, it is led by Ryan Xu, but Hyper Fund with a multi-level marketing (MLM) model has been attracting investors with higher returns, and such issuance is a common practice under the Ponzi scheme, which first aroused the authorities Attention. According to sources, complaints against such funds have begun to emerge in multiple states.Biquan News reported that on September 18, the Governor of the People’s Bank of China, Yi Gang, said in the opening speech of the Sino-German "Fintech and Global Payments Panorama-Exploring Xinjiang Region" video conference, saying that in recent years, financial technology has been growing rapidly in China. develop. Technologies such as artificial intelligence, big data, cloud storage, and blockchain continue to promote the digital transformation of financial institutions. The application of products and tools is becoming more abundant, and the efficiency and inclusiveness of financial services have been greatly improved. The development of financial technology has also effectively contributed to the rural revitalization strategy. The use of satellite remote sensing, electronic fence, blockchain and other technologies can dynamically monitor the production and operation of agricultural products such as agriculture, forestry, animal husbandry and fishery, promote the in-depth integration of capital flow, logistics, and business flow, improve the availability of financing for the agricultural industry and upstream and downstream enterprises, and help the agricultural industry modernization. In response to the lack of farmers’ “digital footprint” and other issues, digital means can also be used to improve the rural credit information system, which will help expand credit coverage.

At present, Tencent continues to promote the establishment of technical standards for landmark agricultural products brand traceability, brand marketing and protection, brand image design and other sections, and makes full use of big data, Internet of Things, blockchain and other technologies to fully assist landmark agricultural products brands in areas with weak digitalization across the country. Accelerate growth.On September 15, the Maritime-Shutu Lingang Blockchain Technology Research Institute, co-built by Shanghai Maritime University and Shanghai Conflux Blockchain Research Institute, was established. It is reported that after the institute has landed in Lingang, it plans to carry out research and application in the following four aspects: Relying on the openness of Lingang and the tree map public chain, the exploration and application of "the construction of offshore RMB international payment channels based on the tree map public chain" will be carried out. Practice; combined with its own exploration and technological advantages, lead or participate in the construction of the port trade and financial blockchain standard system; create shipping blockchain technical standards and shape a new shipping ecology; develop a technological ecology and fully empower the industry.According to data from Coingecko, on September 18, 2021, the price of MX on the Matcha Exchange (MEXC) platform rose 28% from yesterday, reaching a maximum of 1.93 USDT. This is the second time that MX has recorded an intraday increase of more than 20% since the 15th.

This is all related to a rumor circulating in the community.Matcha was acquired by Bybit?On September 15, there was a rumor that "Matcha was acquired by Bybit" from the community, and the price of MX quickly rose from 1.3 SUDT to 1.6 USDT.On September 16th, in response to the rumors of matcha being acquired, the relevant person in charge of MEXC responded that "the rumors are untrue" and said, "At present, MEXC is increasing its global layout and making positive progress in overseas business. In the future, it will continue to adhere to the user-centered approach. Principle layout of the global market".

After MEXC rejected the rumors, the price of MX retreated below 1.5 USDT on September 17.After MX fell below 1.5 USDT, MX began to break again strongly, rising to 1.93 USDT around 13:00 on September 18, an increase of more than 28%.

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After the head of MEXC dispelled the rumors that MEXC was acquired on September 16, why did MX rise sharply again? It is still related to the rumors of MEXC being acquired.According to internal sources, the rumors of MEXC being acquired by Bybit should be true. Some investors also said in the community that they bought MX from 1.1 USDT.Who is Bybit? According to data from Coingecko, Bybit ranks third in derivatives exchanges based on open positions; Bybit ranks sixth in terms of 24-hour trading volume.Why the rumored object is Bybit? Some analysts said that firstly, Bybit is the world's top five derivatives exchange, with an annual profit of billions of dollars; secondly, after Bybit completely withdraws from China and moves overseas in 2020 and recently launched BitDAO, the Bybit ecosystem needs to be domestically and centralized. The spot market is complementary; again, Bybit is created for the domestic team, and there are no obstacles in language and culture.

And Bybit has been moving frequently recently.Bybit announced on June 6 the launch of BitDAO, a decentralized autonomous organization aimed at promoting the development of open finance, and completed $230 million in financing. Peter Thiel, Founders Fund, Pantera Capital, and Dragonfly Capital led the investment.On August 10, BitDAO launched the first step of the DeFi ecosystem, auctioning 200 million BIT tokens on the Sushi MISO platform in the Netherlands, raising nearly 350 million U.S. dollars. As of press time, the market value of BIT is 410 million USDT and the market value of MX is 180 million USDT.In the future, BitDAO intends to launch various DeFi products, including an encrypted futures exchange and a decentralized version of Bybit.

After layout, Bybit has formed a centralized derivatives exchange and a decentralized DeFi ecosystem, and there is still a lack of a centralized spot exchange.MEXC is Bybit's choice? The crypto community will wait and see.

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Arbitrum will continue to absorb the most advanced technology and actively promote the development of the expansion field.After the Ethereum expansion network Arbitrum One was officially launched and publicly tested, it has become the network with the largest amount of asset lock-ups in the Ethereum L2, even an order of magnitude higher than the second place. But in fact, this is only the first expansion network launched by Offchain Labs, and a parallel expansion technology with Arbitrum One will be launched in the future.

For example, in the previous cooperation with social media and online forum Reddit, Arbitrum has stood out among dozens of expansion plans, and Reddit will use Arbitrum to expand its community points system (Community Points). The Arbitrum team told Lianwen, "According to our current expectations, there will be various industry-specific and company-specific Rollup solutions in the future. Multiple Rollups can run in parallel to increase the total capacity."At that time, Reddit conducted research and in-depth review of multiple Ethereum scalability solutions, and found that Arbitrum's Optimistic Rollups were the most promising expansion technology for the community points system, so it decided to adopt the Arbitrum solution, which will be launched on the Rinkeby testnet first. , And then migrate to the Ethereum mainnet.As for the current expansion effect of Arbitrum One, the team said that there is still some room for improvement in the short term, but in the long run, it still needs to rely on the data sharding technology of Ethereum 2.0 in order to reduce transaction costs more significantly.In addition, we also chatted with the Arbitrum team about "the centralization risk of a single Sequencer", "views on other expansion technologies" and other topics.What are the components of Arbitrum's complete solution?In fact, we are very curious about what components Arbitrum is built of as a novel and complex expansion technology, and what role AVM and ArbOS, which are often heard in the community, play in this agreement.

The Arbitrum team stated that Arbitrum consists of four parts, namely: smart contract of the agreement, AVM (virtual machine), ArbOS and asset bridge.Smart contract of the protocol: Sometimes called EthBridge, it refers to the smart contract of the Arbitrum Rollup protocol on Ethereum. It ensures that the business above this layer can run correctly, and provides mediation if there is a dispute in the Arbitrum protocol. "Logic. (Chain note: The term Arbitrum comes from Arbitrium, which means arbitration, that is, "dispute resolution").

Arbitrum Virtual Machine (AVM): AVM virtual machine is similar to EVM (Ethereum Virtual Machine), it will execute computer programs, read input and produce output.ArbOS: ArbOS is an operating system (OS) running on the second-tier network that provides a compatibility layer that fully supports EVM. It will also serve as the recorder, supervisor and enforcer of smart contract execution on the Arbitrum chain. (Official documents on the introduction of AVM and ArbOS: https://developer.offchainlabs.com/docs/avm_design)

Asset Bridge: Allow users to send Ethereum and other tokens between Arbitrum One and the Ethereum mainnet.Is there still room for Arbitrum One's transaction costs to drop?

Although according to our previous estimates (https://www.chainnews.com/articles/115931150768.htm), Arbitrum's transaction cost can still be reduced by about an order of magnitude compared to the first layer of Ethereum, but according to the statistics of the L2 Fees website From a point of view, it is still several times higher than the cost of using some ZK Rollup networks.However, you can also see that the L2 Fees website has also made some notes for Arbitrum. Arbitrum One, which is in the Beta stage, is currently artificially restricted. The opening of this restriction on the official mainnet in the future may further reduce transaction costs.We also asked the Arbitrum team about this topic. They said, "In the short term, we are working hard to reduce the basic cost of each transaction, that is, the cost allocated to each transaction in the batch release transaction. We will soon see Transaction costs have fallen.”However, in the long run, the Arbitrum One solution requires that each transaction be stored on the Ethereum mainnet through calldata. As long as the capacity of Ethereum remains unchanged, there is still an upper limit. Therefore, the long-term expansion possibility of Arbitrum One still needs to rely on the data sharding technology of Ethereum 2.0.

The Arbitrum team stated, "ETH 2.0 data sharding will greatly reduce the cost of publishing data to Ethereum, which is crucial to Rollup's expansion technology. ETH 2.0 data sharding means cheaper calldata, and we are very happy to become Ethereum "Rollup as the center" part of the road map."Are there more expansion plans for Arbitrum?

The upper limit of Arbitrum One is restricted by Ethereum. Is it possible for other types of expansion technologies to open the ceiling of Rollup?Teams have already begun to explore more efficient expansion solutions than Rollup. Although a little security may be sacrificed, the results obtained are quite significant. For example, StarkWare's StarkEx solution, through cooperation with dYdX, provides a perpetual contract transaction experience without paying for Gas in the second-tier network. Matter Labs will also introduce zkPorter technology in zkSync 2.0 to reduce data availability, but the cost can be reduced even more.

Matter Labs' zkPorter off-chain data solutionIn this regard, the Optimistic Rollup camp has not disclosed more different expansion technologies, and the advantages of removing data availability may be similar to Plasma technology. However, Arbitrum has already admitted that there will be more expansion plans, which will later coexist with Arbitrum One.

The Arbitrum team stated, “Arbitrum One is our flagship Optimistic Rollup solution, but in fact we have other solutions that will coexist with Arbitrum One. According to our earliest published academic paper, Arbitrum is the first to explore the expansion solution of the mixed data model. We will continue to explore how these ideas coexist with Arbitrum One, so stay tuned.”Can the sequencer review transactions?In the L2 network, there is a role similar to a "miner" in the first-level network, which will be responsible for processing the order of transactions and is called a sequencer. For the early L2 networks, there is currently only one Sequencer, which is the node operated by the team itself.Therefore, the Ethereum community is also very concerned about whether this single Sequencer may have centralization or transaction review issues, for example, it can selectively confirm transactions. Regarding this issue, the team stated that although there is only one Sequencer responsible for transaction sequencing in the current version of Arbitrum One mainnet, Sequencer cannot review transactions, "because users can choose to bypass Sequencer and publish them directly on the blockchain. In this way, the transaction is forced to be written into the blockchain.”

In addition, in the official Arbitrum documentation (https://developer.offchainlabs.com/docs/inside_arbitrum), the team stated that it has not yet added a mechanism to punish Sequencer, because this node is officially maintained and will not perform malicious actions, but in the future Arbitrum One Will switch to a decentralized fair sorting service.In addition to the Sequencer, the network also needs more validators (Validators) to review each transaction in real time, making the security of the network more reliable. They said, "Although there is only one Sequencer, we hope to have more verifications. To ensure the correctness of the agreement, so we will announce in the short term the well-known institutions that will participate in this verification process.”

If ZK Rollup is a longer-term solution, how will Arbitrum stay competitive in the long-term?Many people in the Ethereum community believe that ZK Rollup is a longer-term trend. Although it is extremely difficult, Hermez acquired by StarkWare, Matter Labs, Aztec, and Polygon are all focused on programmable zero-knowledge proof breakthroughs in this field. Including the Ethereum Foundation also formed a team to develop zkEVM technology.

In this regard, the Arbitrum team said, "Today Arbitrum is the most advanced, user- and developer-friendly expansion platform. Arbitrum will continue to absorb the most advanced technology and actively promote the development of the expansion field."Interviewee: Offchain Labs (Arbitrum) CEO Steven Goldfeder and founding team

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Perspectives of a 2x entrepreneur turned VC at @UpfrontVC#

Mark Suster

Written by

2x entrepreneur. Sold both companies (last to salesforce.com). Turned VC looking to invest in passionate entrepreneurs 〞 I*m on Twitter at @msuster

Both Sides of the Table

Perspectives of a 2x entrepreneur turned VC at @UpfrontVC, the largest and most active early-stage fund in Southern California. Snapchat: msuster

Mark Suster

Written by

2x entrepreneur. Sold both companies (last to salesforce.com). Turned VC looking to invest in passionate entrepreneurs 〞 I*m on Twitter at @msuster

Both Sides of the Table

Perspectives of a 2x entrepreneur turned VC at @UpfrontVC, the largest and most active early-stage fund in Southern California. Snapchat: msuster