积分 · 2175

Millions of dollars are rushing into the market, but some are in a hurry to exit: Pharos's high-interest treasury causes a “view of time” collision

Article: Sanqing, Foresight NewsSharos Network joined forces with Vault infrastructure agreement R25 and credit asset management agency Axil to launch Axil Prime Credit Vault (APC), an institutional consumer credit RWA wealth management product issued by Pharos on July 15. The products were launched simultaneously with Binance Wallet, TopNod, OKX Wallet, Bitget Wallet, and KuCoin Wallet, with a total fundraising limit of 100 million USDC, with a target annualization of about 14.3%. As of the closing of the deposit window, a total of $45.39 million had been deposited. This year, there have been frequent security explosions in Web3 on-chain strategies. User funds are looking for new stable income sources, and project parties are also there. Binance Wallet is now offering an additional $300,000 PROS as an incentive to explore RWA Vault's market space, causing the Vault to generate a lot of discussion in the market. The launch time coincided with the redemption period of the Pharos TGE pre-deposit campaign. The previous treasury required the submission of a redemption application about half a month before the end of the lockdown period, stop accruing interest on July 20, and complete the redemption within 7 days. Users accustomed to DeFi T+0 looked back and found that they couldn't help but missed the redemption period and began to question the redemption time and asset safety. R25 and Axil then held an AMA at Binance Square. Well-known KOLs such as Haotian and Tianqing participated in discussions, detailing the differences between RWA assets and DeFi Vault, the role of fund managers (Curators), why consumer credit is worth allocating, and risk management methods from pre-investment to post-investment. In complex asset logic and mixed social media discussions, some users put in one million funds on the last day, while others sought early redemptions from the project party. On July 23, Pharos issued an announcement: Users who submitted applications on time in the previous issue have received all principal and interest, breaking the “financial security” concerns; funds that missed the window will automatically be carried forward to the next three-month cycle according to the treasury's preset rules, and interest will continue to be accrued at 14% USDC per annum. The controversy revealed more important issues than the redemption itself. Although the RWA TVL has exceeded $38 billion, non-institutional chain users are clearly dissatisfied when investing in RWA products. Institution-driven, stable, and high interest rates, but often require longer lockdown periods and complex understanding costs. From DeFi to RWA, is the market really ready? High yield, low threshold, and high liquidity. BlackRock's “impossible triangle” of RWA's BUIDL threshold is $5 million. It is only open to qualified buyers, yet it can be redeemed almost instantly through the stablecoin channel; the APC threshold is so low that ordinary users can buy it at will; instead, it must be locked for three months. Liquidity has never been determined by how high or low the threshold is, but rather how quickly the underlying assets can be realized. The bottom layer of BUIDL is US treasury bonds, and the world's deepest secondary market can take over at any time; the bottom layer of APC is hundreds of thousands of emerging market consumer loans, and few people are ready to buy large amounts of capital at any time. This has formed a triangle that RWA cannot bypass at this stage: high yield, low threshold, and high liquidity; the three can only take two. For example, Franklin Templeton's BENJI starts at $20 (low threshold) and supports daily redemption (high liquidity), and the annualization is only 3% to 5%; if you want double-digit returns, you have to accept non-standard assets and a lock-up period. This is the liquidity premium. A significant portion of the excess income is the consideration for abandoning liquidity. APC, on the other hand, is a combination of high returns and a low threshold, and the cost is liquidity. There is nothing wrong with this trade-off itself; it also explains the full source of this controversy. Retail investors have obtained assets that were originally only open to institutions, and they have also taken over the agency's time rules that focus on long-term matching. The period of use of institutional funds is scheduled before investment, and the lockdown period is a predictable cost; private equity credit and closed-end funds already have redemption restrictions. However, most ordinary users on the chain are not the same; most of the latter's first appeal is to go in and out. So the current “retail” RWA is mostly just distribution-side retailing, to be precise. Web3 wallets and low initial investment amounts have contributed to a low threshold, but the liquidity structure is still designed according to institutional logic. Having understood this triangle, the remaining questions became specific: why must the liquidity side be sacrificed, a high income of 14.3%...

2d agoForesight News#WEB3

Will compliant ICOs be revived? New SEC regulations open up a financing channel for the cryptocurrency industry

Source: ChainCatcher Author: 0xFACAI Original title: The biggest benefit for the coin industry, is compliant token financing coming back? Public coin sales and financing have once again gained a legal path in the US. On August 18, the US Securities and Exchange Commission released a draft “Regulation Crypto Assets”. According to this draft, startups can raise $5 million in up to four years, and larger projects can raise $20 million or $75 million in 12 months. Without completing a complete set of securities registration, the project can also sell tokens to investors to raise money for network development. The biggest benefit for the coin industry, is compliant token financing coming back? Sounds like ICOs are back. But the SEC gave far more than three funding lines. It wants to establish a set of rules for tokens from birth to “graduation”: projects can be sold to finance first, but it is necessary to clearly explain what to do with this money; if the key work promised by the team is not completed, the token continues to carry the regulatory responsibility for investment terms; only after fulfilling the promise, the token has a chance to exit this level of relationship. “Promises” are the core of the entire draft, and devs must “work” until the token “graduates” before they can “sell”. The draft rules gave the project parties two options. The first type is suitable for startup teams. Assuming a project required $3 million to develop, common choices in the past were to seek venture capital, limit buyers and issue coins outside of the US, or incur the high cost of registering securities. The new draft allows it to use the “startup exemption,” raise no more than $5 million over a maximum period of four years, and file with the SEC when the funding starts and ends. The second type is suitable for projects with greater funding requirements. The first tier raised up to $20 million every 12 months, and the second tier raised up to $75 million. Compared to the $5 million startup exemption, this path can be used over and over again, but the rules are more stringent. Projects can't just hand in a white paper and start selling coins. Both exemptions require the team to disclose how the network is being managed, how the product is being prepared and developed, what security risks the code has, what the company's financial situation is, and who is managing the project. The two larger funding levels also require financial statements to be provided and continuously updated, and the $75 million tranche requires an audit. The SEC didn't remove the original fence either. Issuers and insiders with a record of serious violations cannot use these exemptions, and anti-fraud and anti-manipulation responsibilities remain in effect. If the project uses other securities exemptions at the same time, it must also comply with existing consolidated financial calculation rules. The most important aspect of how to define “graduation” in the entire draft is to treat tokens separately from the investment relationships formed around tokens. A project sells coins to raise money to build a network. Buyers often buy more than just a digital asset that can already be used. They are also expecting the team to create products, attract users, increase token demand, and profit from these efforts. This relationship, which depends on the team's future work, is what the SEC calls an “investment clause.” The token itself can be just a digital asset, but how the project sells it and what it promises to the buyer makes it covered by a layer of investment terms. What the SEC really regulates is this level of relationship between issuers and buyers. The draft designs an exit path for the token. The token can only enter a “safe harbor” after the issuer has completed or permanently ceased all key management tasks of its promises, no new related commitments, and then submitted public certification and analytical instructions to the SEC. As a result, tokens have the concept of “graduation.” When the project is sold and financed, construction is promised to the market. After the project is completed and key tasks are completed, the buyer can no longer rely on the team to fulfill the old promises before the token can “graduate” and the project party can withdraw. The new regulations don't focus on whether tokens are considered securities. In the past, the market judged when a token was no longer subject to securities laws, and often questioned whether the network was “decentralized enough.” As long as the foundation, development company, or founding team continues to work, many people will understand this as the token still relies on a central entity. The SEC draft changed the question: what promises did the project rely on to sell the tokens, and are those promises fulfilled now? Take an example. When Project A sells coins, it tells investors that the team will develop the main network, launch transfer and pledge functions, and then leave the network to a decentralized validator to operate. The main network was later launched, and the features were also available, but the validators were still controlled by the team. Since “decentralizing the network” was also a promise at the time of financing, the token is still unable to “graduate” at this point. When Project B sells coins, it only promises to create a network that can function properly, without “the team must disappear” or “the network...

2d ago22#ICO #SEC

SK Hynix Labor and Management reached an interim agreement: 60% performance bonus was transferred to shares

Comparatively, SK Hynix labor and management have reached an agreement on the 2026 wage and group agreement (provisional). The biggest point of dispute is the Performance Bonus (PS, excess profit distribution) to be distributed in the form of 40% cash and 60% of its own shares. According to reports, the SK Hynix trade union has held an emergency temporary congress to explain the 2026 temporary labor agreement plan to employees. According to the plan, 40% of the performance bonus will be paid in cash in the current year, the remaining 60% will be paid in own shares, 40% of the owned shares can be sold in the current year, and the other 20% will be deferred. The SK Hynix Union is expected to hold a representative vote in the near future to finalize the provisional agreement. The interim agreement also includes a 6.3% increase in wages and an increase in company benefit points. Recently, through centralized negotiations and representative negotiations, the two sides gradually narrowed their differences on major issues such as performance bonus payment methods and wage increases. Earlier, SK Hynix labor and management agreed to abolish the upper limit of the performance bonus based on 10% operating profit and maintain the system for 10 years. At the time, it was agreed that 80% of the performance bonus would be paid in cash for the current year, and the remaining 20% would be deferred for 2 years, 10% per year. (Chosun)

2d ago

“Graduation rules” under SEC's new rules: token financing is legal, but too many promises make it impossible to get away

Author: 0xFACAI Original title: The SEC threw a bombshell, is the spring of compliant token financing finally here? Public coin sales and financing have once again gained a legal path in the US. On August 18, the US Securities and Exchange Commission released a draft “Regulation Crypto Assets”. According to this draft, startups can raise $5 million in up to four years, and larger projects can raise $20 million or $75 million in 12 months. Without completing a complete set of securities registration, the project can also sell tokens to investors to raise money for network development. Sounds like IC0 is back. But the SEC gave far more than three funding lines. It wants to establish a set of rules for tokens from birth to “graduation”: projects can be sold to finance first, but it is necessary to clearly explain what to do with this money; if the key work promised by the team is not completed, the token continues to carry the regulatory responsibility for investment terms; only after fulfilling the promise, the token has a chance to exit this level of relationship. “Promises” are the core of the entire draft, and devs must “work” until the token “graduates” before they can “sell”. The draft rules gave the project parties two options. The first type is suitable for startup teams. Assuming a project required $3 million to develop, common choices in the past were to seek venture capital, limit buyers and issue coins outside of the US, or incur the high cost of registering securities. The new draft allows it to use the “startup exemption,” raise no more than $5 million over a maximum period of four years, and file with the SEC when the funding starts and ends. The second type is suitable for projects with greater funding requirements. The first tier raised up to $20 million every 12 months, and the second tier raised up to $75 million. Compared to the $5 million startup exemption, this path can be used over and over again, but the rules are more stringent. Projects can't just hand in a white paper and start selling coins. Both exemptions require the team to disclose how the network is being managed, how the product is being prepared and developed, what security risks the code has, what the company's financial situation is, and who is managing the project. The two larger funding levels also require financial statements to be provided and continuously updated, and the $75 million tranche requires an audit. The SEC didn't remove the original fence either. Issuers and insiders with a record of serious violations cannot use these exemptions, and anti-fraud and anti-manipulation responsibilities remain in effect. If the project uses other securities exemptions at the same time, it must also comply with existing consolidated financial calculation rules. The most important aspect of how to define “graduation” in the entire draft is to treat tokens separately from the investment relationships formed around tokens. A project sells coins to raise money to build a network. Buyers often buy more than just a digital asset that can already be used. They are also expecting the team to create products, attract users, increase token demand, and profit from these efforts. This relationship, which depends on the team's future work, is what the SEC calls an “investment clause.” The token itself can be just a digital asset, but how the project sells it and what it promises to the buyer makes it covered by a layer of investment terms. What the SEC really regulates is this level of relationship between issuers and buyers. The draft designs an exit path for the token. The token can only enter a “safe harbor” after the issuer has completed or permanently ceased all key management tasks of its promises, no new related commitments, and then submitted public certification and analytical instructions to the SEC. As a result, tokens have the concept of “graduation.” When the project is sold and financed, construction is promised to the market. After the project is completed and key tasks are completed, the buyer can no longer rely on the team to fulfill the old promises before the token can “graduate” and the project party can withdraw. The new regulations don't focus on whether tokens are considered securities. In the past, the market judged when a token was no longer subject to securities laws, and often questioned whether the network was “decentralized enough.” As long as the foundation, development company, or founding team continues to work, many people will understand this as the token still relies on a central entity. The SEC draft changed the question: what promises did the project rely on to sell the tokens, and are those promises fulfilled now? Take an example. When Project A sells coins, it tells investors that the team will develop the main network, launch transfer and pledge functions, and then leave the network to a decentralized validator to operate. The main network was later launched, and the features were also available, but the validators were still controlled by the team. Since “decentralizing the network” was also a promise at the time of financing, the token is still unable to “graduate” at this point. When Project B sells coins, it only promises to make a network that works properly; it does not include “the team must disappear” or “the network must reach a certain degree of decentralization” in the financing promise. Wait until the Internet is online and produced...

3d ago律动BlockBeats#SEC #financing

Ali released HappyShrimp 1.0: write a complete song in one sentence, and also made an AI version of shrimp music

Comparative news, according to monitoring, Alibaba officially released the AI music model HappyShrimp 1.0, the Chinese name happy shrimp. Users only need to describe an emotion, story, or musical idea, and the model can directly write, compose, arrange, and sing to generate a complete song. HappyShrimp focuses on natural language understanding and doesn't require users to learn to write a bunch of music labels first. For example, if you enter a song written for yourself who just graduated or is suitable for playing in a coffee shop, the model will decide the style, arrangement, vocals, and song structure herself. Complex cues can also control BPM, tonality, instrument, vocal gender, vocal sex, and mood progression. The model is generated using an end-to-end complete song. The lyrics, melody, arrangement, and vocals are not generated separately and then put together, but the entire song is planned in a unified manner, focusing on solving common problems in AI music such as vocal mechanics, poor lyrics, and loose front and back structures. Ali also launched HappyShrimp, an AI music platform of the same name. In addition to directly generating songs, users can also post, listen to, and share other people's AI music works. Currently, domestic and overseas websites have been opened, and independent apps are still being prepared for launch. HappyShrimp launched and announced a partnership with Taihe Music Group. New users can now receive a free credit experience.

5d ago

B.AI officially launched the ability to recharge on behalf of others, supporting multiple chain addresses and multiple payment methods

According to Twitter, the B.AI platform officially launched the “recharge for others” function on August 12. Users can add platform points to team members or friends with one click, and support entering each other's email or on-chain address (compatible with TRON, EVM and Solana networks) to complete accurate positioning and real-time payment. In terms of payment channels, the function is fully integrated into fiat channels such as WeChat, Alipay, UnionPay, Visa, Mastercard, Google Pay, and Apple Pay, and simultaneously supports mainstream cryptocurrency payments. In order to motivate users to use it, the platform simultaneously launched a recharge rebate campaign: recharge through BNB Chain to enjoy 1:1 equal points, 1:0.5 rebates for other payment methods, and a single user can receive up to $100 in additional rewards.

10d ago

Zhi ZCode has been fully upgraded: Goal+ sub-agent is online, and complex tasks can be completed by yourself

Comparative news, according to monitoring, Zhi Spectrum has fully upgraded zCode, the official Harness tool, and launched the four functions of Goal, Subagents, Remote Control, and Idle Time Tasks, focusing on making agents more autonomous to complete complex tasks. Goal mode can revolve around a clear goal and automatically dismantle tasks, change code, run commands, and tests. If you don't meet the requirements, continue to the next round until the mission is completed. Subagents support division of labor and collaboration between multiple sub-agents. The built-in Explore is responsible for finding the code and analyzing the call chain, and General-purpose is responsible for modifying the code, fixing bugs, and running commands. Users can also create their own sub-agents. Remote Control allows you to remotely control zCode on your computer with your phone. WeChat, Feishu, and Lark can check the progress of the task and continue issuing instructions. The code still runs in the original computer environment. Idle time tasks are automatically executed during low peak hours, suitable for tasks that are not urgent but take a long time, and GLM Coding Plan credits are not deducted. zCode has also optimized cache reuse. According to officials, the effective amount of tokens in the GLM Coding Plan has increased by about 30%; with the 1.5 times time limit before August 31, the overall usage amount is close to 1.8 times the regular amount.

11d ago

OpenAI revealed that the test codex was reset for a fee, Pro was up to $80 at a time

Comparative news, according to monitoring, OpenAI revealed that the test Codex payment limit was reset. Developer Tibor Blaho discovered relevant fields from public checkout configurations and ChatGPT web resources. The screenshot shows that Plus's low/high levels are $5 and $8. The Pro Lite is $25 and $40. The Pro is $50 and $80. The specific grade differences have not been disclosed, and none of the prices include tax. OpenAI now allows Plus and Pro users to buy additional credits when their credits are exhausted. Some events also give away a number of resets that can be saved. A full reset will restore the 5-hour and weekly quota at the same time, and delay the next weekly quota reset by about 7 days.

16d ago

Former US CFTC Member: “Wall Street Journal” August 4 Editorial Fundamentally Misunderstood the Clarity Act

In comparison, according to CoinDesk, Summer Mersinger, CEO of the Blockchain Association and former member of the US Commodity Futures Trading Commission (CFTC), published an article in response to the “Wall Street Journal” editorial on August 4, accusing it of having fundamentally misinterpreted the Clarity Act. Mersinger said that the bill explicitly prohibits stablecoins from setting up holding rewards equivalent to interest on bank deposits, but allows reward mechanisms similar to credit card points based on user behavior. In terms of DeFi regulation, Section 10301 of the Act requires the SEC to introduce regulatory rules for “nominally decentralized and substantially controllable” agreements; Section 10201 includes digital commodity brokers in all reporting obligations under the Bank Secrecy Act and also allocates $3 billion for enforcement at the state level, not as the Wall Street Journal accuses of insufficient supervision of illegal finance. In response to concerns about the “shadow market” of tokenized securities, Mersinger emphasized that section 10505 of the Act makes it clear that securities are still subject to SEC supervision after blockchain settlement is completed. She believes that the Wall Street Journal essentially maintains the monopoly position of traditional financial institutions and conflicts with the free market principles that the newspaper has always promoted. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

16d agoburnking#Clarify the topic of the bill

He didn't understand the ball and relied on group chat. He became number one in the Moment prediction list

How complicated is it to predict a match? Research professional models, keep an eye on the game, invest money, or are you familiar with every player's data? For Asep Beton, the answer isn't that complicated. He's not usually a veteran soccer fan, and he doesn't track the news of all leagues and players every day. However, in the World Cup Call Challenge World Cup prediction event hosted by Moment, he checked the data, read game data, and discussed the team lineup and player status with his friends in the group. In the end, he won with the top score of the 11,412 event users and received the highest reward. There are no complicated trading operations, and there is no need to invest capital first. Users only need to choose between the two results based on their own judgment. This is where Moment's interest is most likely: turning predictions into something simple, intuitive, and judgmental. Not usually a die-hard fan, but was rewarded in World Cup predictions. In an interview with Moment, Asep honestly stated that he doesn't usually pay particularly close attention to soccer. What really gave him confidence to participate in the World Cup prediction campaign was a private chat group made up of friends. Before the game starts, everyone will discuss the team formation, players' recent performance, historical game data, and possible tactics in the group. Sometimes they share a piece of team news, sometimes they analyze whether a key player can play, and others make completely different game judgments. Asep then synthesizes this information to make its final choice. It doesn't sound mysterious, and it's not a professional strategy that's hard to replicate. Many regular fans usually talk to their friends about “who is more likely to win” and “whether there will be a certain result this time”. What Moment does is turn this everyday discussion into a predictive scenario you can actually participate in. Watch the data, talk about the competition, make choices, and wait for the results to be announced. It was through this method that Asep made correct judgments many times during the World Cup prediction campaign, and finally achieved first place in the standings. How to play Moment? In fact, it is a simple binary prediction. Many people have heard of “prediction platforms” for the first time. They may feel that the rules are complicated, or even think of professional trading. But Moment's core gameplay is pretty intuitive: binary predictions. Faced with a predictive event, the platform will give two clear options, and users will choose one of them based on their own judgment. You don't need to understand complicated K lines or master complicated trading tools. The engagement process can be simply summarized in three steps: read the prediction questions; choose what you think is more likely to happen; and wait for the event to end and complete the settlement. For users familiar with relevant events, it is possible to make judgments based on news, data, and experience; for new users new to forecasting, it is also possible to start experimenting with soccer, sports, or hot topics that interest them. There are only two choices, but the judging process can be very interesting. Some people rely on statistics, others focus on live lineups, some believe in long-term experience, and others, like Asep, first exchange different opinions with friends and then make their own decisions. There is no need to invest in the event, and you can participate in the competition by relying on judgment. Asep initially decided to participate in the World Cup Call Challenge. The most immediate reason is that the event rewards are attractive. But what really made him recognize Moment was that participating in the World Cup did not require a capital investment. Users don't have to deposit funds first, and they don't need to invest more to get higher rankings. Everyone can participate in predictions under relatively lightweight conditions, accumulate points through their own research, judgment, and prediction results, and compete for activity rewards. For those new to predictive gameplay, this model lowers the threshold of experience. Users can first familiarize themselves with the platform rules, observe the results of different events, and test their judgment ability without facing financial pressure from the beginning. This also brought the focus of the activity from “how much was invested” to “whether the judgment was accurate.” In an interview, Asep said that what he likes most is this: the event rewards analysis and predictive performance, rather than requiring users to invest a lot of money first. The rewards attracted him to participate. The simple gameplay made him willing to continue participating in Asep's experience with other prediction market platforms, but due to the relevant regulations in his country and region, he did not continue to use it later. In contrast, he thinks Moment's previous World Cup event experience was easier. You can participate in the competition by researching contests and making predictions without investing any capital. Throughout the process, what he enjoyed the most was not simply waiting for the lottery results,...

18d agoWendy#Moment