Regulation & ETF
1. Kraken refutes the US SEC: No investment contracts have been found to be traded, brokered or settled on any exchange
According to The Block, Kraken's lawyers said in the latest court documents that the U.S. Securities and Exchange Commission's (SEC) arguments were unconvincing and that the agency "did not find any investment partnerships that were (or could be) traded, brokered, or settled on Kraken." At the same time, the lawyer said Kraken failed to meet the elements of the Howey test. The hearing to discuss Kraken's dismissal of the SEC lawsuit will be held at 03:00 Beijing time on June 13.
2. Harvest Global and China Asset Management are promoting the collateralization of ETF products in Hong Kong
According to the South China Morning Post, at the Bitcoin Asia conference held in Hong Kong, managers of Harvest Global and China Asset Management both stated that they are promoting the pledge of ETF products in Hong Kong to allow investors to use ETF shares as loan collateral.
According to earlier news, Han Tongli, CEO of Harvest Global , recently stated that the company is considering allowing mainland investors to directly invest in its Bitcoin and Ethereum ETF products through the Shanghai-Hong Kong Stock Connect program in the future, provided that "everything goes well" in the next two years.
3. Ripple CEO: The next US government enforcement target is Tether
According to Crypto Daily, Ripple CEO Brad Garlinghouse recently said that the next law enforcement target of the US government is Tether. Tether is an important part of the crypto market system and it is uncertain what impact this will have on the industry. Previously, reports from some government agencies listed Tether (USDT) as a payment option for terrorist organizations, illegal funds and money laundering.
Earlier news, the U.S. Securities and Exchange Commission (SEC) described Ripple's proposed stablecoin as an "unregistered crypto asset" in its latest court filing against Ripple, and further proved that without a permanent ban against the company, the company will continue to engage in unregulated activities.
Industry Hotspots
1.io.net has updated Final Worker Season 1 final points
Solana Ecosystem DePIN Protocol io.net tweeted that it has updated the Final Worker Season 1 final points. Users can check on the IO Worker page, and no other changes will be made to the Season 1 points.
2. Tokens such as STRK, CYBER and AEVO will be unlocked in large amounts this week
According to Token Unlocks data, this week STRK, CYBER and AEVO will have a one-time large-scale token unlocking, with a total release value of over US$1 billion, including:
Starknet (STRK) will unlock 64 million STRK at 8:00 on May 15, worth approximately US$77 million, accounting for 8.79% of the circulation;
CyberConnect (CYBER) will unlock 886,000 CYBER at 14:00 on May 15, worth approximately $6.84 million, accounting for 4.13% of the circulation;
Aevo (AEVO) will unlock approximately 827 million AEVO at 15:59 on May 15, worth approximately $1 billion, accounting for 752.36% of the circulation;
Arbitrum (ARB) will unlock approximately 92.65 million ARB at 21:00 on May 16, worth approximately US$92.57 million, accounting for 3.49% of the circulation;
ApeCoin (APE) will unlock about 15.6 million APE at 8:00 on May 17, worth about 19 million US dollars, accounting for 2.48% of the circulation;
Immutable (IMX) will unlock approximately 25.53 million IMX at 8:00 on May 17, worth approximately US$57.95 million, accounting for 1.75% of the circulation.
3. The number of EIGEN token claiming addresses has exceeded 110,000, and more than 47.77 million tokens have been claimed
According to Dune data, since the EIGEN airdrop claim portal was opened, more than 47.77 million EIGEN tokens have been claimed, and the number of token claim addresses has exceeded 110,000, currently reported at 115,266.
4.Layer3: The protocol governance and utility token L3 will be launched in early summer this year, with 51% for community distribution
Web3 bounty platform Layer3 tweeted that it will launch the protocol governance and utility token L3 in early summer this year, with a total supply of 300 million, 51% for community allocation, and the details of token economics will be announced in June. The first airdrop will allocate 5% of the total supply of tokens to early adopters and CUBE miners, and multiple airdrops will be conducted. The first batch of community supply claimants can verify their qualifications on the Layer3 Foundation website, and the qualification review and claiming tools have not yet been launched.
5. Former CEO of Crypto Exchange ShapeShift Launches Privacy-focused AI Platform Venice
According to The Block, Erik Voorhee, former CEO of the crypto exchange ShapeShift, launched Venice, a privacy-focused AI platform that provides services such as conversation generation and image creation, but does not save user data. Voorhees serves as the company's CEO, and Teana Baker-Taylor, former vice president of Intel, serves as COO.
6. Jupiter will hold the third round of LFG voting on May 22
Jupiter tweeted that the third round of LFG will be launched and voting will be held on May 22. This LFG will learn from past voting and community feedback, including: (1) 1 vote 1 winner, the project with the most votes in each round of voting will be launched on LFG; (2) Blind voting: The team has conducted multiple experiments on displaying results and believes that hiding the results in this vote is worth trying; (3) Meteora has also made significant progress in anti-bot functions, which may be launched together with the launch of UpRock this month.
7. Web3 music startup Star Nest completes $6 million Pre-A round of financing
According to Ta Kung Pao, Hong Kong Web3 music startup Star Nest completed a US$6 million Pre-A round of financing, led by Chuangqi International Limited, a wholly-owned subsidiary of Hong Kong Stock Exchange-listed Chuangqi Innovations Limited.
8. Star Nest will work with Armonia Meta Chain to develop Star Nest SpaceStar, a metaverse game that includes music, role-playing and social functions. In addition, Star Nest token NEST will be listed in the third quarter with a total of 2.1 billion. The token can be used to purchase performance tickets, chain game cooperation, metaverse consumption, governance voting and other aspects.
9. Holograph announces token economics, native token HLG will be released within 48 months
Holograph, a full-chain NFT protocol, announced its token economics. Its native composable full-chain token is HLG, which can be transmitted across chains and has complete data persistence. HLG has features such as native composability, trusted neutrality, and minimized cross-chain bridge risks. The total supply of HLG is 10 billion, and the initial circulation is 1.525 billion (accounting for 15.25%). 25% of the total supply is allocated to the ecosystem and incubator, 23.4% to the core development team, 21.18% to strategic network participants, 15% to the foundation treasury, 10% to the community and Launch, and 5.42% to long-term consultants. HLG will be released within 48 months.
As previously reported on April 30, Holograph completed a new round of strategic financing of US$3 million, led by Mechanism Capital and Selini Capital, with participation from Hal Press's Northrock Capital, Arca, Courtside Ventures and Hartmann Capital, bringing Holograph's total financing to US$11 million.
10. Puffer Finance: Users can pledge EIGEN to Puffer official nodes
Puffer Finance tweeted that users can re-stake the pledged EIGEN to the Puffer official node on the EigenLayer re-staking page. Puffer reminds users to carefully check the contract address to ensure that it is delegated to the official node.
11. JPMorgan Chase will open its permissioned blockchain Onyx to third-party applications
According to Ledger Insights, JPMorgan Chase plans to open its permissioned blockchain Onyx to allow third parties to deploy applications, allowing others to tokenize assets on the JPMorgan Chase blockchain. The blockchain-based account solution JPM Coin Systems team is focusing on building Onyx Digital Assets and working with third parties in this area.
12. Bloomberg: Polychain Capital will pay investors in its two funds
According to Bloomberg, Polychain Capital will pay investors in two of its funds. Polychain Capital has a total of four venture capital funds. Polychain Capital this week began distributing 44% of the shares of the Polychain Ventures II fund to investors. The fund originally raised about $300 million in 2019, and the current value of the related assets may be higher, according to people familiar with the matter.
13.Scroll Ecosystem Project PenPad is renamed Pencils Protocol
Scroll ecosystem project PenPad tweeted that it has changed its name to Pencils Protocol and will further expand its product functions and service scope. In the future, Pencils Protocol will continue to optimize its original Launchpad product and will launch two new major functions in May, including "Staking and Liquidity Staking" and "Liquidity Treasury".
14.Ola: Initial Coin Offering Snapshot Completed
The second-layer modular ZKVM project Ola tweeted that the first token issuance snapshot has been completed. At the same time, Massive S1 has officially ended and Massive S2 is in progress.
15. Masa and CoinList cooperate to launch a staking plan, and rewards can be obtained for staking for different periods of time
Decentralized "AI Data Chain" Masa tweeted that it has launched a staking plan in cooperation with CoinList, where users can stake MASA tokens on Ethereum or Base to get more token rewards. The staking plan offers 3-month, 6-month or 9-month term options, with corresponding APYs of 15%, 20% and 25% respectively. Staking rewards are only available for a limited time, and the upper limit of the staking pool is 60 million MASA tokens. Officials said that by participating in MASA staking, users can also play an important role in enhancing the security, stability and decentralization of the Masa network.
16. Push Protocol reaches a cooperation with QuickSwap and will provide infrastructure for the latter
Web3 communication protocol Push Protocol has reached a cooperation with Polygon ecosystem DEX QuickSwap. Push Protocol will provide infrastructure for QuickSwap and provide convenience to users by reminding users of transaction events and token price changes as well as V3 liquidity alerts.
17. Data: Ethena reserves increased to $38.7 million
According to data from Ethena's official website, as of May 12, the stablecoin protocol Ethena's reserves reached 38.7 million US dollars. In the past month, the reserves increased by 6 million US dollars.
18.opBNB testnet nodes must be upgraded to the latest version before the hard fork on May 15
BNB Chain tweeted that the opBNB testnet nodes need to be upgraded to the latest version before the hard fork on May 15. This upgrade will reduce the gas fee of the opBNB testnet by 10 times. In addition, this upgrade also includes the transition of DA data from calldata to blob format, as well as changes to multiple op-node configurations.
Inscription & Bitcoin L2
1. BounceBit will launch the mainnet today and release a specific timeline
The release timeline of Bitcoin re-staking infrastructure BounceBit. The Binance Megadrop will end at 8:00 on May 13; the new portal page will be launched at 10:30, where users can check the airdrop amount and open the yield income, support staking and unstaking; BB token airdrop distribution will be carried out at 16:30; Binance will open trading at 18:00, and the Bounce Club mainnet will be launched and the IST Club lottery will be opened.
Ethereum L2
1.Morph completes $300,000 in financing from angel investment platform Echo
Ethereum L2 Morph has raised $300,000 from Echo, an angel investment platform founded by crypto trader Cobie. The angel investors on the Echo platform who participated in this round of financing followed the same terms as previous venture capital rounds to ensure fair investment opportunities.
2. zkSync will postpone the v24 mainnet upgrade, and the Sepolia testnet is expected to resume in a few hours
zkSync Developers tweeted that it will postpone the v24 mainnet upgrade to later next week to give the team more time to evaluate the stability of the testnet. In addition, the Sepolia testnet is expected to be restored within a few hours.
According to zkSync Developers, there were two issues (since resolved) that impacted the testnet: First, due to instability issues with the eth_sender service (responsible for submitting transactions to the L1 zkSync smart contract), no L1 commit blocks were submitted for about 1 day. This was caused by different gas markets for Blob pricing on Sepolia. Second, the team found that no proofs were submitted for more than two days, causing withdrawal delays. This was caused by a logical divergence between the in-circuit VM (ZK circuits used to generate proofs) and the out-of-circuit VM (the VM on the server side, which is executed immediately when a transaction is submitted).
3. Data: Mode Network TVL reached 677 million US dollars, an increase of 10.66% in 7 days
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