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Tencent Halts Sales on NFT Platform Huanhe Due to Regulatory Uncertainty

Daily Market Wrap

  • Crypto market cap: 1.15 trillion, down 0.51%

  • BTC price stands at USD 23,931, down 0.93%

  • ETH price stands at USD 1,884, down 1.01%

  • Top gainer: EOS (EOS), up 15.18%

  • Top loser: Celsius (CEL), down 14.91%

News of the Day

Why it matters:

  • Chinese internet giant Tencent Holdings’ NFT platform, Huanhe, will no longer release digital collectibles to the public, as regulatory scrutiny regarding NFTs has escalated in China

  • Huanhe used to be one of the biggest NFT platforms in China; the potential shutdown of Huanhe was first reported by Chinese media last month

  • In July, the Tencent News app stopped selling digital collectibles and the relevant section was renamed “digital orders”

  • Other tech giants in China, such as Alibaba Group Holdings, have also been careful with their NFT platforms, avoiding using the word “NFT” and using “digital collectibles” instead

Crypto Daily Spotlight

Brief introduction: Acala is a decentralised finance network offering a blockchain platform secured by Polkadot, as well as a suite of apps that let users trade, issue self-serviced loans, become liquidity providers, and earn high-interest APY on their digital assets. Acala features a multi-collateral-backed stablecoin dubbed the Acala Dollar Stablecoin (aUSD), pegged to the US dollar in a 1:1 ratio.

Why it matters:

  • The Polkadot-based Acala network suffered an exploit over the weekend that led its stablecoin aUSD to de-peg by 99% as hacker issued 1.3 billion tokens

  • On August 15, a governance proposal was submitted to “effectively burn” $1.29 billion aUSD following the release of an on-chain report from the Acala Council

  • Acala is not the first stablecoin to experience a de-pegging crisis this year –Terra, which saw its TerraUSD stablecoin also rapidly devalued in May, proposed a similar token burn proposal as a response

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