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On August 12th, Alibaba Clouds Lingjun Zhenwu M890 supernode instance officially launched, with the first batch available for sale in the Ulanqab region. This is also the first supernode computing power in China to successfully run a large model with over 2 trillion parameters. Kimi K3 and Qwen3.8 Max are already providing services through this instance. It is reported that the Lingjun Zhenwu M890 supernode instance supports FP8/FP4 low-precision computing. Through the ICN Switch 1.0 chip scale-up interconnect, the interconnect scale has been increased from 16 cards to 64 cards, and the inter-card interconnect speed has been improved to 800GB/s. In training scenarios such as intelligent driving and embodied intelligence, the training performance is three times better than the previous generation Zhenwu 810E.On August 12th, Anthropic announced that it had signed Article 50 of the EUs Artificial Intelligence Act regarding transparency in AI-generated content. Starting August 2nd, the Claude model will embed invisible watermarks in generated text, and digitally signed metadata will be attached to images and other documents for traceability. Anthropic stated that the tagging mechanism will cover all major Claude products and access channels, including the Claude Platform (API), Claude, Claude Code, Claude Cowork, and Claude Tag, and will also apply to cloud partners accessing the platform through AWS, Google Cloud, and Microsoft Foundry. Furthermore, the tagging mechanism will be applicable globally, covering all Claude product lines and partner cloud platforms, not just within the EU.August 12th - According to Google I/O Shanghai, the Google Gemma 4 model has surpassed 300 million downloads. Released in April this year, Googles Gemma 4 series of models is designed specifically for advanced reasoning and agentic workflows.August 12 – “This year marks the start of the nation’s 15th Five-Year Plan. The development of the Guangdong-Hong Kong-Macao Greater Bay Area is a crucial entry point for Hong Kong to integrate into and serve the overall development of the nation. The Hong Kong SAR government will continue to leverage Hong Kong’s advantages in connecting domestic and international markets under the ‘One Country, Two Systems’ framework, actively serving the high-quality development of the Greater Bay Area, supporting enterprises from mainland cities and other provinces and municipalities in the Greater Bay Area to ‘go global,’ and simultaneously attracting international high-end talent and capital to ‘come in,’ injecting momentum into development,” said Hong Kong Chief Executive John Lee on August 11. The public consultation on Hong Kong’s first five-year plan will conclude on August 14, with specific details planned for release next month. Lee stated that Hong Kong is proactively aligning with national development strategies, outlining its vision and goals for the next five years from a macro and forward-looking perspective, seizing the enormous opportunities brought by the nation’s 15th Five-Year Plan, and promoting Hong Kong’s better integration into and service to the overall development of the nation.The yield on Japans 30-year government bonds rose 3.0 basis points to 3.980%.

Celsius Network Close to Zeroing Outstanding Debt With $59 Million Aave Payment

Jimmy Khan

Jul 13, 2022 15:46

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Celsius (CEL-USD) doesn't want to commit the bankruptcy trap, as several of its contemporaries have recently done. It has been perilously close to falling over a cliff because of its substantial market obligations. But as of right now, the Celsius network is one step closer to paying off these loans. After making a sizable contribution to the Aave (AAVE-USD) network, it is almost financially independent of the platform. Additionally, it's enabling Celsius to reclaim a substantial stockpile of staked Ethereum (ETH-USD) tokens.


One of the most well-known crypto fund managers and DeFi platforms available is Celsius. Through its trading, lending, and staking platforms, the platform at its height was in charge of managing $20 billion in assets. But it has been falling sharply since the most recent crypto meltdown.


Since the bitcoin market crashed, Celsius has become heavily indebted to other DeFi service providers. The business owes Aave and sister DeFi platform Compound a combined $258 million (COMP-USD). The ecosystem of MakerDAO (MKR-USD) owes another $223 million.


With these obligations close at reach, bankruptcy was a very real prospect for Celsius. Both Three Arrows Capital and Voyager Digital, fellow asset managers, announced their own bankruptcy filings in late June of last year.


This forced the business to use some less-than-ideal asset protection strategies, according to investors. This includes a withdrawal stop that was implemented in order to maintain the liquidity of the network. Although efficient, it infuriated the 500,000 customers who were unable to remove their assets off the blockchain during the market meltdown.

Celsius Network is still able to stay out of bankruptcy.

The Celsius network was able to cobble together the cash necessary last week to settle its $223 million debt to Maker. It got the $450 million it had pledged as collateral in return. The business immediately used the money to deposit a $950 million collateral with Aave and Compound. This week, the business has been actively attempting to get rid of those debts.


This week, Celsius is making progress on its debt to Aave and Compound in addition to bringing on a new legal team to help it escape bankruptcy at all costs. The business paid off $20 million of its debt to Aave yesterday. It is now paying down an additional $81 million. Following the start of this payment, Celsius' total debt to Aave was only $8.5 million. A further $410 million in collateralized staked ETH tokens were also made available.


Between Aave and Compound, Celsius only owes a total of $59 million more in debt. But a setback is unfortunately on the horizon for the business. KeyFi, a DeFi startup, is suing Celsius for allegedly refusing to uphold an agreement between the two.


KeyFi has been using the money from Celsius to make risky, leveraged bets. KeyFi claims Celsius failed to adhere to the agreed-upon proportion of earnings that it was understood the two would share with KeyFi. The business is now suing Celsius in court. It is making strong assertions that Celsius is a Ponzi scheme, which will provide the business with additional challenges in the future.

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