Breaking: PayPal said it will launch a U.S. dollar stablecoin, PayPal USD (PYUSD), issued by Paxos Trust Co. Backed by U.S. dollar deposits, short-term Treasury bills, and cash equivalents. PYUSD will gradually become available to PayPal's U.S.-based customers. BBG

PayPal's $pyUSD has freeze and wipe functions.
https://twitter.com/ChainLinkGod/status/1688683031345917952

Ian's thoughts:
- great step towards mainstream adoption of crypto, likely see more pySTABLES moving forward
- centralized functions are necessary for regulators to approve - USDC, USDT, etc all have centralized functions but is used widely in DeFi
- regulation is inevitable and vital for adoption
- decentralized finance won't die, will see inflow from centralized users as UX gets better

Dune Dashboard tracking $pyUSD
https://dune.com/0xkhmer/paypal-usd

$5M Loan Defaulted on Goldfinch

https://twitter.com/thiccythot_/status/1688718608052948992?s=20

-Source

Mantle Network
Seeing some questions about Mantle so here's some info.

$MNT contract address on Ethereum: 0x3c3a81e81dc49a522a592e7622a7e711c06bf354

Bridges
- bridge.mantle.xyz
- orbiter.finance

OR

Buy MNT on Bybit and send directly to your Mantle address (cheapest route)
- Bybit ref link


Things you can do on Mantle:

Trade & LP
- FusionX: stake LP to earn $RSFX
- Agni
- iZUMi Finance

Lend & Borrow
- Lendle: lend or borrow to earn $LEND rewards
- Reax: lend or borrow to earn $veREAX

Other Protocols
https://defillama.com/chain/Mantle


The above list is for information purposes only and is not an endorsement on my part. NFA, DYOR.

MKR large transactions :
A new smart money token transfer (Etherscan).
🏦 Binance sent 249.083 MKR ($303,822) to 🤓 Spartan Group: Fund

Mode: OP Stack L2

https://www.mode.network/

Update on the chap that burned 2500 ETH

Burned Tokens

Ethereum
- 1 BAYC, 1 MAYC, and 1 BAKC
- 10K APE
- 2500 ETH

Polygon
- 5K W$C

Arbitrum
- 600 GNS
- 35 GMX
- 1.578 ETH

Source

SEI

- Token is listing in 5 days on Tues, 15th Aug 2023, on Binance

Tokenomics
- 10B SEI Max Supply
- Private Investors (20%)
- Team (20%)
- Foundation (9%)
- Ecosystem Reserve (48%)
- Binance Launchpool Allocation (3%)

Full Report


Other Intel
From an OTC broker - at least one private investor is looking to sell their SEI tokens:
- Tranche: "Large Volume"
- Valuation: $1B (Last round valuation - $800M)

FYI, SEI Investors include: Jump Crypto, Distributed Global, Multicoin Capital, Asymmetric Capital Partners, Flow Traders, Hypersphere Ventures, Bixin Ventures, Coinbase Ventures and GSR (Source: 1, 2)

Fireblocks Uncover Vulnerabilities in Over 15 Major Wallet Providers

- The vulnerabilities (named BitForge) affect any wallet providers that utilize GG-18, GG-20, and Lindell17 protocols
- Full list of affected providers can't be confirmed due to Fireblocks gatekeeping it
- You can find out if your MPC provider is affected by directly contacting them or Fireblocks

Source

The United States announced that the CPI annual rate in July was 3.2%, which was lower than the expected 3.3% and the previous was 3%. The core CPI annual rate in July was 4.7%, expected 4.8%, and the previous was 4.8%.

According to CME, there is a 90.5% probability that the Fed will not raise interest rates at the FOMC meeting on September 20. — link

Ian's Intel #17
We're a weekly newsletter now…


🗞Weekly Roundups

- MilkRoadDaily
- Artemis


⛓ L1/L2

Things to do on Base
https://twitter.com/sandraaleow/status/1689257371129057280

Things to do on Mantle
https://news.1rj.ru/str/iansintel/425

ve(3,3) Protocols on Linea, Base, Mantle
https://twitter.com/stacy_muur/status/1688893640607948800

MEV Discussion
https://twitter.com/joshuagunnn/status/1689434414785122304

Rollup Profits - JULY
https://twitter.com/JRossTreacher/status/1689315972811825155

Fuel Network: FuelProver
https://twitter.com/WinterSoldierxz/status/1689593262594473984

Fluent: The zkWASM Execution Layer for Ethereum
https://twitter.com/expctchaos/status/1689334911897915392


🤑 DeFi

Fiskantes on DeFi
https://twitter.com/Fiskantes/status/1689136604093579265

Lido x Mantle
https://twitter.com/MacroMate8/status/1688479255942905856

How to find yield
https://twitter.com/Flowslikeosmo/status/1689631388507451392

UniswapX
https://twitter.com/Delphi_Digital/status/1689345527492554753


🖼NFTs

y00ts Migrate (AGAIN)
https://twitter.com/y00tsNFT/status/1689404417072889867

Thread on MadLads
https://twitter.com/DegenCorpLad/status/1689336879328514048


📚Reads

Endgame: Proof of Governance - Jon Charb
https://twitter.com/jon_charb/status/1688421266678521856

Rise of the Telegram Bots: Fad or Future?
https://blockcrunch.substack.com/p/the-rise-of-crypto-telegram-bots


⚛️ Cosmos

MantaDAO new UI
https://twitter.com/Manta_DAO/status/1688526726278840321

Nolus: 6% on USDC
https://twitter.com/MilanaStake/status/1689308426390679552

Inter Protocol Farms
https://twitter.com/inter_protocol/status/1689623465924366338

Secret x Ethereum
https://twitter.com/SecretNetwork/status/1689608390480117760


📰Full Newsletter:
https://cryptoian.substack.com/p/ians-intel-17

Breaking: Binance Labs announced that it committed a $5M investment in Curve DAO Token (CRV). As part of the collaboration, Curve will explore deployment to BNB Chain. — link

The guy who burned 2,500 $ETH($4.58M) transferred 36,188 $GMX($1.78M) and 311,003 $GNX($1.52M) to a dead address again an hour ago.

https://twitter.com/lookonchain/status/1688474075054886912

- Sei is trading at $1.8B FDV (futures contract) on Bitmex
- Expiry: Aug 25, 2023, 8:00:00 PM, subject to Early Settlement.
- Maximum Initial Leverage: 20x
- Maximum Maintenance Leverage: 40x

https://www.bitmex.com/app/trade/SEIUSDTQ23