Crypto Morning News: Friend.Tech team relinquishes control of smart contract; OKX to list CATI (Catizen)
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Crypto Morning News: Friend.Tech team relinquishes control of smart contract; OKX to list CATI (Catizen)
Thoma Bravo, the private equity firm that once invested in FTX, will permanently exit the cryptocurrency market.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Friend.Tech Team Relinquishes Smart Contract Control
According to The Block, the development team behind the Web3 social network Friend.Tech relinquished control of its smart contracts in the early hours of September 8. The developers called a function in the smart contract to transfer ownership to an empty Ethereum address, effectively locking the system and preventing further changes—marking the platform’s de facto shutdown.
The team announced on X: "No fees generated by the smart contract or website will now go to the friend.tech development team's multisig wallet." While the platform may continue operating, the loss of control makes implementing new features nearly impossible.
Mempool Founder: Fractal Bitcoin Appears to Be a Hasty Clone of Bitcoin Core v24.0.1
Mononaut, founder of Mempool, posted on social media that Fractal Bitcoin, which recently launched its mainnet, appears to be a hastily cloned version of Bitcoin Core v24.0.1. The project includes minor consensus changes and has borrowed code from Namecoin and BCash.
Key modifications include: hybrid standard PoW with merged mining, 30-second block times, continuous difficulty adjustment, a maximum supply of 210 million coins, an initial block reward of 25 coins, halving every 2.1 million blocks, and activation of OP_CAT.
OKX to List CATI (Catizen) on September 20
Per an official announcement, OKX will list CATI (Catizen) for spot trading on September 20, 2024, at 7:00 PM (UTC+8). Deposit functionality for CATI will open on September 9 at 9:00 PM, followed by a batch auction from 6:00 PM to 7:00 PM on September 20. Withdrawals will be enabled on September 21 at 6:00 PM.
CATI is the token of Catizen, a Telegram-based gaming hub that combines Launchpool functionality with short-form video and e-commerce, attracting users through an innovative Play-to-Airdrop mechanism.
Thoma Bravo, Former FTX Investor, Announces Permanent Exit from Crypto Market
Orlando Bravo, head of private equity firm Thoma Bravo—which manages approximately $160 billion in assets—told CNBC the firm will permanently exit the cryptocurrency market. This decision follows its failed investment in FTX, where Thoma Bravo participated in a $900 million funding round in 2021.
After FTX’s collapse, Thoma Bravo and other investors faced massive losses and became involved in litigation alleging they made misleading statements while promoting FTX.
Despite this, Bravo stated he personally still believes in the potential of blockchain technology. Meanwhile, the FTX bankruptcy case is nearing conclusion, having already recovered around $16 billion, potentially enabling full repayment to customers.
A hearing to confirm FTX’s Chapter 11 reorganization plan will take place on October 7 in Delaware Bankruptcy Court. If approved, over 98% of customers and unsecured creditors will receive full repayment.
Pantera Capital and Others Acquire Large Amounts of Metaplex (MPLX) from FTX Bankruptcy Estate
According to The Block, citing sources familiar with the matter, several crypto investment funds—including Pantera Capital and ParaFi Capital—have recently purchased large quantities of Metaplex (MPLX) tokens from Wave Digital Assets. These tokens were originally part of FTX’s bankruptcy estate. FTX initially held 72.6 million MPLX tokens, of which 62.6 million have been sold via private transactions over the past five months—representing all unlocked MPLX tokens previously held by FTX.
Last month, another 2.5 million tokens were transferred out of FTX wallets. Only 7.5 million tokens remain unsold and are set to fully unlock on September 19 (Beijing time). Metaplex is a Solana-based protocol supporting the creation of digital assets including NFTs. Since launching in 2021, Metaplex claims to have facilitated the minting of over 550 million assets across 55 million unique wallets.
Multiple participating funds expressed strong confidence in Metaplex’s future, viewing it as critical to the Solana digital asset ecosystem.
Bitfinex Alpha: If BTC Dominance Has Peaked Locally, Altcoins May Outperform in Coming Months
A Bitfinex Alpha report shows that Bitcoin declined 10.7% during the first week of September, continuing a downward trend from late August and breaking below the key support level of $56,711 reached on May 1. This sell-off reduced leveraged positions, suggesting the market may be approaching a local bottom. U.S. equities performance—especially the S&P 500, which recorded its worst weekly performance since March 2023—remains crucial for Bitcoin’s near-term trajectory.
Bitcoin continues to show correlation with traditional financial markets. Over the past week, Bitcoin ETFs saw significant outflows, with a net outflow of $706.1 million since August 27. In contrast, the altcoin market showed resilience. Bitcoin’s market cap share dropped by 1.3% last week, while the market cap of cryptocurrencies outside the top 10 grew by 4.4%. This shift suggests investors may be seeking value in smaller-cap coins. However, altcoin open interest has also declined 55% from historical highs, indicating weakened speculative sentiment.
Analysts suggest that if Bitcoin dominance has indeed reached a local peak, altcoins could outperform the broader market in the coming months, potentially laying the foundation for a bullish Q4 rally.
Eclipse Launches First Unified Restaking Token $tETH
Eclipse, a customizable modular rollups project, has announced the launch of $tETH, its first Unified Restaking Token (URT), integrating multiple major yield-generating protocols on Ethereum.
Powered by Nucleus, the token aims to simplify the process of earning restaking rewards without the complexity of managing fragmented liquidity.
Participating protocols include Nucleus, Ether.fi, Renzo, Swell Network, Dinero, and Puffer Finance.
Eclipse stated this marks the first step in its LRT hub, with plans to further streamline reward acquisition for users in the future.
DeBox Releases Tokenomics: 35% Allocated to Ecosystem Rewards
DeBox has unveiled the tokenomics for its native token BOX, which has a total supply of 1 billion.
Allocation breakdown: 35% to ecosystem rewards; 20% to the foundation; 20% to investors and advisors (vested over two years); 17% to core contributors (vested over four years), including current and future team members; 5% to airdrops, already distributed in a one-time drop to community participants; 3% to liquidity and marketing. Its ecosystem points, vDBX, can be exchanged 1:1 for BOX, with redemption opening soon.
Market Performance Update
Suggested Reading
Crypto Insights from Korea: A Feast Seeking Liquidity Exit
From Paradigm Investment to Soft Rug: The Turbulent Year of friend.tech
Was friend.tech a Soft Rug? Where Is Web3 Social?
DeFi Decline: As L2s Eat Away Market Share, What’s the Cure for a Struggling Ethereum?
The Key to Web3 Isn’t Code—Interoperability Through Community
Top KOL Ansem’s Latest Interview: This Is the Best Cycle I’ve Seen Since Entering Crypto
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