Compiled by: Mars Finance
1. Today's News
deBridge will launch the governance token DBR, 20% of which will be allocated to the community
Cross-chain interoperability protocol deBridge has unveiled its DBR governance token ahead of its launch on the Jupiter LFG platform. With a total supply of 10 billion tokens, deBridge says its Solana-based token is designed to decentralize governance to the community and hand over control to the DAO. deBridgeâs token distribution plan allocates 20% of the supply to Launch and its community, with a circulating supply of 1.8 billion DBR at launch. Of the remaining supply, 26% is allocated for ecosystem support, 20% to core contributors, 17% to strategic partners, 15% to the deBridge Foundation, and 2% to validators. The team says the goal is to ensure that no single party can dominate or make decisions based on their own interests rather than those of the DAO as a whole. deBridge token holders will be able to stake their DBR tokens to participate in governance votes on the DAO protocol, including the election of active validators, setting minimum consensus thresholds, and the deployment and upgradability of smart contracts. The DAO will also manage the projectâs treasury and ecosystem reserves, and its responsibilities will gradually increase over time.
Polyhedra Network Releases Roadmap for its Proof-of-Stake System Expander
Polyhedra announced the latest development roadmap of Expander. After zkBridge achieves trustless interoperability, Polyhedra will further promote the development of zkVM and zkML. Through distributed computing, GPU and hardware implementation, Expander will take performance to a new level, greatly improving the speed and efficiency of proof generation. In addition, Expander's roadmap highlights the characteristics of complex circuit compilers and efficient witness generation, integrating Proof Cloud to provide full-stack ZK proof services. In the roadmap, DExpander will bring an additional 100 times acceleration to Expander through distributed computing in the future. Polyhedra also demonstrated the completion of the ZK proof of Ethereum's full consensus within 10 seconds through distributed proofs, opening up the possibility of Ethereum SSF (Single Slot Finality). Single Slot Finality is the next important milestone of Ethereum that the Ethereum community, including Ethereum founder Vitalik Buterin, has long been committed to achieving, and it is of great significance to Ethereum consensus technology. Expander has brought important breakthroughs to the realization of this milestone.
Lido discloses security vulnerability incident of Ethereum node operator Numic, which did not affect user funds
Lido Finance posted on the X platform that on May 14, Lido DAO contributors learned of a security vulnerability that affected active node operators using Lido on the Ethereum protocol (Numic). The incident has been resolved and did not result in any impact on validator operations or any loss of funds. As a precautionary measure, the keys associated with the node operator have been voluntarily withdrawn and reinjected into the protocol.
Standard Chartered Bank expects Ethereum ETF to be approved and reiterates ETH's year-end target of $8,000
Standard Chartered expects the SEC to approve an Ethereum ETF this week. The deadlines for the first round of spot Ethereum ETFs are approaching, with VanEck's application resolution deadline on May 23 and Ark Invest/21Shares' deadline on May 24. Geoff Kendrick, head of foreign exchange research and digital asset research at Standard Chartered, said that if the ETF is approved, 2.39-9.15 million ETH are expected to enter the market in the first 12 months, equivalent to about $15 billion to $45 billion. Kendrick said this would be similar to the inflows of Bitcoin ETFs. In addition, if the Ethereum ETF is approved this week, Ethereum is expected to maintain its price exchange rate with Bitcoin and reach $8,000 by the end of 2024.
The bond issuance amount of SIX Digital Exchange in cooperation with the World Bank and others will exceed 1 billion Swiss francs
Last week, the World Bank announced that it would issue a 200 million Swiss franc digital bond on the SIX Digital Exchange (SDX). With the issuance of the latest bond, the bond issuance on the first regulated digital stock exchange SDX will exceed 1 billion Swiss francs (about 1.1 billion US dollars), and its partners include SIX Group, UBS, the city of Lugano, etc. (Ledgerinsights) Earlier, the World Bank announced the pricing of a 200 million Swiss franc digital bond, which will be issued on the SIX Digital Exchange (SDX) on June 11 and settled using the Swiss franc wholesale central bank digital currency (wholesale CBDC). As part of Project Helvetia, the Swiss National Bank (SNB) is currently piloting its wholesale CBDC on the SDX DLT platform. Some digital bonds have already been settled using it.
Justin Sun: We are ordinary participants in Ethereum, and we donât hold as much Ethereum as the Ethereum Foundation
Justin Sun, founder of TRON, said in a post on the X platform that we do not think we hold more Ethereum than the Ethereum Foundation. In fact, Ethereum is completely decentralized, and no one currently holds more Ethereum than the community. Ethereum is a decentralized protocol, and we are also ordinary participants in Ethereum. Justin Sun said that we have enough capital to provide TVL and node verification services for Ethereum, TRON, and all other types of L2 projects to ensure the security of all blockchains. We will be committed to the construction of this field for a long time.
Vitalik: The decentralized protocol association mentioned earlier needs to be supplemented by the "Infrastructure Association"
Vitalik Buterin said on X Platform: "I think we need to supplement the 'Protocol Guild/Guild' (referring to the previously proposed open, decentralized protocol for transferring assets between various L2s) with the 'Basic Infrastructure Guild'. This may cover: high-level languages, cross-L2 token bridge protocols, ZK-EVM, light clients, portal networks and extensions. Anything without tokens, without operators, without governance, is not 'part of L1' but has value for the entire ecosystem. Setting standards for these things is an ecosystem-wide public product, not the product of individual companies - although, like Linux, individual companies should absolutely be welcome to participate and even take the initiative. The Infrastructure Guild will serve as a funder and legitimizer of the entire ecosystem. It is good not to legitimize individual solutions. But I do want to legitimize the category of 'tokenless/no governance/no operator' infrastructure and insist that things in this category are superior to centralized or token-governed 'infrastructure'."
QCP Capital: If the spot ETF is approved, it will push ETH to $5,000 this year, and if it is rejected, it will fall back to $3,000
QCP Capital said in a statement that regarding the rumors that the U.S. Securities and Exchange Commission (SEC) may (for Ethereum spot ETF), the companyâs view is that the spot price is unlikely to stabilize here; if approved, the Ethereum price will be closer to the short-term target of $4,000, or $5,000 later this year; if it is not approved, the Ethereum price will fall back to $3,000. This uncertainty leads to higher volatility, but the better trade may be the spot futures basis, which now yields more than 10% again.
Binance Japan will add support for MASK and CYBER spot trading
Binance Japan, a subsidiary of Binance, announced that Mask Network (MASK) and CyberConnect (CYBER) spot trading will be added to the crypto asset spot trading starting from May 22, and trading will be open at 17:00 local time on May 22. It is worth mentioning that CyberConnect (CYBER) will be the first to be listed on a Japanese exchange. At this point, the types of trading assets of Binance Japan will increase from the current 50 to 52.
Ripple launches Brazil fund to support local projects based on XRPL
Ripple recently launched a fund for Brazil to support local projects using XRPL as a tool to enhance their capabilities. Julia Heitner, program manager for XRPL grants, said Brazil is the first country to implement this local program due to different factors supporting blockchain initiatives. The country's advantages include "cash's developer ecosystem, a sophisticated digital payment infrastructure, and forward-looking public policies on the tokenization of capital markets." While the company did not specify the amount allocated to this pilot fund, typically projects that apply for XRPL grants can receive funding between $10,000 and $200,000. The XRPL grants website clearly states that awards of $100,000 and above are usually destined for developers who have previously completed similar projects.
India's Finance Minister: Cryptocurrency regulation requires global consensus
In an interview with Businessline on Monday, Indian Finance Minister Nirmala Sitharaman stressed the need for a global consensus on cryptocurrency regulation. Sitharaman stressed the importance of international cooperation, especially within the Group of Twenty (G20), to address the challenges of cryptocurrency regulation. "We have discussed this issue at the Ministry of Finance even before the G20 summit and since 2020," Sitharaman explained, adding that the Reserve Bank of India (RBI) also has its own views on this. "We are very clear that there should be a global consensus on how cryptocurrencies should be regulated," Sitharaman stressed. Last week, the Securities and Exchange Board of India (SEBI) provided recommendations to a government panel on the regulation of crypto assets, advocating for different regulators to oversee various aspects of cryptocurrency trading. Meanwhile, the Reserve Bank of India also submitted its views on cryptocurrencies, expressing its concerns, highlighting the macroeconomic risks associated with cryptocurrencies, and highlighting issues related to tax evasion and fiscal stability.
Vitalik: An open decentralized protocol is needed to transfer assets between L2
Vitalik Buterin said in a reply to netizens on the X platform that we need an open decentralized (no operator, no management) protocol for quickly transferring assets from one L2 to another L2, and integrate it into the default sending interface of the wallet. But we need to do the basic work first. The biggest user experience problem at present is that L2 projects do not feel "like a unified Ethereum" enough. It is much better than a year ago, but there is still a long way to go before perfection. A simple algorithm: What feels easy on L1 but is difficult to do on L2? Find out the cross-L2 standards/infrastructure. For example: * Token transfer; * ENS; * Key changes in smart contract wallets (individuals and organizations). The above algorithm also applies to security/decentralization. What is good on L1 but far behind on L2? For example: * Light client (if you have an L1 light client, you can prove the L2 state); * Basic reliability (the chain will not stop or have a strange reversal: Ethereum has only had one serious problem in its 9-year history); * Proof system (we need more first-phase rollups).
Bitcoin hits all-time highs against Japanese, Argentinian and Philippine fiat currencies
CMC data shows that Bitcoin hit a record high against the fiat currencies of Japan, Argentina and the Philippines today. Thomas Fahrer, an industry insider, wrote on X that other countries where Bitcoin has reached or is very close to its mid-March peak against local fiat currencies include the United Kingdom, Australia, Canada, Chile, Colombia, Egypt, Israel, Norway, India, South Korea and Turkey.
U.S. FDIC Chairman to Resign, Pushes for Action to Block Banks from Providing Banking Services to Crypto Companies
Martin Gruenberg, chairman of the Federal Deposit Insurance Corporation (FDIC), will resign due to the recent scandal at the FDIC. "In light of recent events, I am prepared to step down once my successor is confirmed," he said in an email to employees. "Until then, I will continue to perform my duties as chairman of the FDIC, including transforming the FDIC's workplace culture." During his tenure, Gruenberg pushed for an action to prevent banks from holding crypto deposits or providing banking services to crypto companies.
Aergo: Neither vault nor bridge was hacked, and bridge service will be restored after a comprehensive inspection is completed
Hybrid blockchain project Aergo releases progress on investigation into suspicious activity on Aergo Bridge: 7.7 million Aergo tokens were withdrawn through the Aergo Bridge service. All transactions were processed normally, with exact amounts transferred between Aergo and ERC vault. Due to unusually high transaction volumes, the official threat detection system temporarily stopped the bridge service. The team is conducting a comprehensive check of all systems and will resume service once everything is verified. Note: Neither the vault nor the bridge has been attacked by any hackers, so stay safe. Earlier today, Aergo posted on the X platform that the Aergo Swap (bridge) service was temporarily suspended due to recent suspicious activity. The team will reopen this service once the problem is resolved and update the schedule as soon as possible.
Arthur Hayes: USD/JPY swap agreement may trigger a new round of rise in the crypto market, Bitcoin is expected to hit $1 million
Arthur Hayes, founder of BitMEX, said in a post that in order to curb the depreciation of the yen, the Federal Reserve may reach an unlimited dollar-yen swap agreement with the Bank of Japan, which is consistent with the implementation of the yield curve control policy (YCC), that is, the yield of US Treasury bonds is lower than it should be. In addition, as supply increases, the US dollar will also depreciate. He also said that the pace of yen depreciation will accelerate in the fall, which will force the US and Japanese governments to take action.
Hayes predicts that if his theoretical predictions come true, it will trigger a new round of cryptocurrency appreciation, and Bitcoin is even expected to hit the $1 million mark. He also recommends that cryptocurrency traders pay close attention to future changes in the USD/JPY exchange rate.
Foreign media: Potential TikTok US buyers plan to decentralize it or use Polkadot parachain Frequency
American billionaire Frank McCourt is leading a consortium to acquire TikTok and decentralize it using Project Libertyâs Decentralized Social Network Protocol (DSNP).
McCourtâs initiative, dubbed âpeopleâs bid,â represents one of several U.S. corporate interests on the platform. He is working with investment bank Guggenheim Securities and law firm Kirkland & Ellis on the venture.
McCourt emphasized in a press statement that the bid aims to empower users by migrating TikTok to an open source protocol. The move is intended to restore control over digital identity and data, giving Americans a significant voice and stake in the future of the network. McCourt plans to rebuild TikTok with DSNP, which will utilize the Polkadot parachain social platform Frequency.
Coinbase Derivatives Trading Platform Plans to Launch Oil and Gold Futures in June
Coinbase Derivatives is expanding its futures products to include oil and gold. On June 3, 2024, the platform will launch retail-scale "oil and gold" futures contracts to help traders further diversify their investment strategies. The new products will complement the "existing CFTC-regulated BTC, ETH, BCH, LTC and DOGE crypto futures series."
Glassnode analyst: BTC breaking through a new ATH value historically represents a transition point from "enthusiastic bull" to "excited bull"
Checkmatey, an analyst at the on-chain data analysis company Glassnode, wrote that Bitcoin's breakthrough of a new ATH value historically represents a transition point from "enthusiastic bull" to "excited bull". This also coincides with the MVRV ratio exceeding 1 standard deviation, but we rarely break through it on the first try.
Former Florida Congressman Joins Coinbase Advisory Board
Kendrick Meek, who once served as a representative in the U.S. House of Representatives from Florida, has joined the board of directors of cryptocurrency exchange Coinbase to address digital asset regulation issues. In addition, Stephanie Murphy, Tim Ryan, and Pat Toomey, all former U.S. congressmen, are members of the committee that advises Coinbase on regulatory matters.
Bloomberg analyst: 75% approval probability only for 19b-4, and also requires approval of S-1 documents
Bloomberg analyst James Seyffart wrote on X platform: "On a quick note, Eric Balchunas raised the odds of spot Ethereum ETF approval to 75%. But this is for the May 23 deadline of 19b-4 (VanEck's deadline). We also need S-1 approval. It may take weeks to months before we see S-1 approval and an actual Ethereum ETF goes live. That being said, if we are correct and we see these theoretical approvals later this week, it should mean that the question of S-1 approval is "when" rather than "if."
It is reported that the 19b-4 document is a document submitted by an exchange. This type of document is usually related to changes in the rules of exchange operations, such as the introduction of new products, modification of trading mechanisms or other related exchange policies. Once submitted, the SEC will review the proposal and solicit public comments before deciding whether to approve it.
The S-1 document is a registration statement that a company must submit before publicly issuing its shares. This document discloses in detail key information such as the issuing company's financial status, operating conditions, market environment, preliminary stock pricing, and risk factors.
Brazilâs central bank plans to develop stablecoin and cryptocurrency rules this year
Today, the Central Bank of Brazil announced plans to regulate crypto assets, including stablecoins. This year, it will consider developing rules for stablecoins for payments and foreign exchange, but it described the work as "internal planning." The central bank will launch a second consultation around virtual asset service providers (VASPs), including the rules and authorizations they must follow. In addition, it plans to provide a supplementary framework that includes prudential supervision and VASP reporting. The regulatory proposal will be finalized in 2024, with the main goal of protecting investors from fraud and scams. The Central Bank of Brazil is also keen to ensure that VASPs comply with anti-money laundering (AML) and similar compliance procedures. Prior to this, the central bank had concluded its first consultation in January and explored a variety of cryptocurrency-related topics. These included asset segregation, risk management, cybersecurity, and disclosures reflecting the comprehensive nature of the consultation.
Kaiko Research: ETH may experience unstable price trends before the end of May
Kaiko Researchâs market report published this week observed that ETH options traders are buying both call and put options, suggesting that ETH could see some volatility before the end of May. Analysts say ETHâs price action could become increasingly volatile ahead of this weekâs deadline for the spot Ethereum exchange-traded fund to submit its decision. Presto research analyst Peter Chung believes that the current flat implied volatility of Bitcoin and Ethereum suggests that the market has not yet digested the expected volatility changes in Ethereum.
Crypto lender Genesis reaches $2 billion settlement with New York regulators
New York Attorney General Letitia James announced a $2 billion settlement with cryptocurrency lender Genesis to compensate defrauded investors. Genesis was once one of the core businesses of Digital Currency Group (DCG), and filed for Chapter 11 bankruptcy protection in January 2023 due to the industry chain reaction caused by the collapse of FTX.
Letitia James filed a lawsuit against DCG, its subsidiary Genesis and Gemini Trust in October last year, accusing them of misleading investors on the Gemini Earn project, resulting in more than $1 billion in losses. It is reported that the settlement agreement will prohibit Genesis from operating in New York and establish a victim fund, the beneficiaries of which include more than 29,000 New York residents who invested in Genesis through the Gemini Earn product.
Positive sentiment is building in the Bitcoin market, with the three-month annualized basis increasing by more than 10% last weekend
Zerocap analysts said Bitcoin's three-month annualized basis surged to over 10% over the weekend, indicating that positive sentiment is building in the market.
It is reported that the futures basis is the price difference between the spot price of a certain commodity or asset at a specific location and the price of a specific futures contract of the same commodity or asset. The size and changes of the basis are very important to investors and traders because it not only reflects the fluctuation range between the spot price and the futures price, but also affects the hedging strategy and effect.
Greeks.live: IV downward trend in May may turn to sideways
Adam, a macro researcher at Greeks.live, posted on the The meme trend in the U.S. stock market is booming, and Bitcoin has rebounded with the inflow of ETFs. However, the entire cryptocurrency market is still experiencing a deep correction. After April became the month with the deepest correction in the past year, May may also end in a bear market. The market The volatility is expected to be lower, and the IV downward trend turns sideways.
Digital Asset Platform Prometheum Launches Ethereum Custody Service
Last Friday, compliant digital asset platform Prometheum launched Ethereum custody services. It is worth mentioning that Prometheum operates in a way that classifies the token as a security and is subject to supervision by the U.S. Securities and Exchange Commission (SEC). The launch of this custody service seems to verify the position of Gary Gensler, chairman of the U.S. SEC, who refuted the broader crypto industry's view that the existing regulatory system is sufficient and effective, eliminating many arguments that it is not feasible under current laws.
Blockchange's first fund has allocated more than $530 million to investors
According to a limited partner (LP) of crypto venture capital firm Blockchange who disclosed to Fortune magazine, the venture capital firm's first fund completed the allocation of a total of more than US$530 million to investors in March this year. The fund has allocated a total of more than US$860 million since its establishment.
Earlier, Bloomberg revealed that the crypto venture capital firm Polychain Capital is paying large sums of money to investors of its two funds. People familiar with the matter revealed that the institution began to distribute 44% of the Polychain Ventures II fund to investors at the beginning of this month. Polychain initially raised about US$300 million for the fund in 2019, and the current value of its funds may be higher.
Kraken: Will accelerate the listing of new assets and simplify applications
Kraken officially announced that it will speed up the process of listing new assets and has updated the new coin listing page to make the listing process more standardized and provide greater transparency for the asset listing roadmap of the crypto community. In addition, Kraken also said that it has simplified the application form, allowing project teams to easily explain the main features of their projects and do their best to be listed on Kraken.
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2. Selected Articles
Arthur Hayes: Easy Button - Monetary policies of the East and the West will inevitably bring BTC to $1 million
The author believes that the global elites use policy tools to maintain the status quo, but it may bring pain. Elected and unelected bureaucrats, whose only goal is to remain in power, will choose easy solutions. The dollar-yen exchange rate is the most important global economic variable. The Bank of Japan and the Federal Reserve can manipulate the exchange rate through unlimited currency swaps, affecting China's export competitiveness. China needs to create inflation by printing money to deal with deflation brought about by the bursting of the real estate bubble. China uses Mexico and Vietnam as transit points for goods to evade tariffs, and Biden must win these states to keep the Orange Man at bay. The Bank of Japan holds a large amount of Japanese government bonds, which may force domestic regulatory capital purchases, leading to the Japanese private sector selling a large amount of US Treasury bonds and stocks. The author predicts that the price of Bitcoin may reach $1 million.
Binance Research: Low Circulation and High FDV â How Did We Get Here?
The crypto community discusses the popular trend of high-valuation and low-circulating supply tokens, which may lead to selling pressure after a large amount of unlocking. Private market activities and optimism are the main reasons. Investors and project teams need to consider token economics, valuation and products, and work with VCs to ensure fair supply and reasonable valuation. In recent years, tokens with low circulating supply have helped increase prices and valuations, but also increased selling pressure. Private market capital has poured into the crypto space, driving the prevalence of low circulation and high valuation tokens. Investors should pay attention to fundamentals and avoid blindly chasing high-valuation tokens. When deciding token economics, you need to consider the supply, unlocking and vesting schedule. It is best to have a minimum viable product before the TGE. Token economics is the most important consideration for investors and project teams, and they need to ensure fair supply and reasonable valuation.
Has the policy direction changed? In addition to ETFs, these two major events reveal a new attitude towards crypto regulation
This week, the Biden administration will have three opportunities to express its new attitude towards cryptocurrency regulation, including clarifying the cryptocurrency regulatory framework through the FIT 21 Act. If the spot ETH ETF is approved, it will mean a major shift in US cryptocurrency regulatory policy. Biden may choose to sign and overturn the SAB 121 regulation requiring companies that custody cryptocurrencies to record customer-held cryptocurrencies as liabilities. Trump has also expressed support for cryptocurrencies and hinted that the Biden administration may change its attitude.
Big reversal! Spot ETF approval is possible, ETH surges 18%
Crypto markets rebounded as Bloomberg ETF analysts said the SEC may approve a spot Ethereum ETF, raising hopes. Ethereum prices surged 18%, Bitcoin broke through $70,000, and altcoins rose across the board. Several companies are waiting for the SEC's decision, but the outcome is unknown. The SEC will decide whether to approve VanEck's Ethereum ETF application by May 23, and other companies are also waiting for a decision. Bitcoin is at $69,672, and Ethereum is still rising. Later this week, the Federal Reserve will release the FOMC meeting minutes, and market trends remain to be seen.
The probability of Ethereum spot ETF approval has increased to 75%. Cryptocurrency has become a political bargaining chip in the election year.
Eric Balchunas, ETF analyst at Bloomberg, believes that the probability of approval of the spot ETH ETF has increased from 25% to 75%. According to Coindesk, the SEC may approve the 19b-4 application on May 23/24 to allow the issuance of Ethereum spot ETFs. Analysts believe that political factors may be the reason for the SEC's change of position. The bill passed by the Senate may mean a change in the attitude of the Democratic government in the field of cryptocurrency. The SEC will make a decision on May 23 and 24, and more ETF applications may be approved in August.
The US SEC made a 180-degree turn, and the approval of Ethereum spot ETF ushered in a critical moment
The SEC has asked exchanges to expedite the update of 19b-4 applications, which may be approved by May 23. Ethereum prices rose 19%, but still need to wait for the S-1 application to be approved and actually launched. The review decisions of multiple Ethereum spot ETFs have been postponed, with the final deadline being May 23. Analysts believe that the SEC may change its attitude towards Ethereum spot ETFs due to political factors. Ethereum spot ETFs of many institutions in Hong Kong have been approved and listed, which provides reference for the approval of Ethereum spot ETFs in the United States.
Can RWA become one of the leading factors in the bull market in 2024?
This article explores one of the possible narratives that could emerge in 2024: RWA. RWA refers to real-world assets that can be used in the cryptocurrency space through tokenization. It has the potential to drive the development of DeFi and attract people from the traditional financial field to participate. The current market value is about US$6.5 billion, and the main types include real estate, art, carbon credits, etc. The RWA protocol provides investors with the opportunity to enter the traditional financial market without intermediaries and at lower costs. More tokenized assets may appear in the future. Join AirdropHunter to get distributions of major projects that may introduce tokenization in the future.
Bankless: Ethereum ETF approval imminent?
The SEC may have reversed its decision to reject a spot ETH ETF at the last minute, causing issuers to rush to complete applications by May 23. Political pressure and market volatility may be the reasons for this sudden turnaround. Although the lack of communication was previously considered a red flag for rejection, Ethereum's status as a non-security may solidify the decision to approve the spot product. Experts and crypto market participants are confident that the ETH ETF will be approved this Thursday.
Long push: If the United States passes the Ethereum spot ETF, will it usher in the second half of the crypto-native bull market?
ăOrb Landă is a crypto-economic experiment that tokenizes personal consulting services into NFTs. Holders can ask questions to the creator and resell this right, and the ownership is managed through the Harberger tax system. Orb has different functions, and the holder can receive text replies during the cooling time. There are currently four Orbs, each belonging to a different expert in the field of cryptocurrency. The article also excerpts some experts' views on cryptocurrency, and finally mentions an incident about the Orb auction.
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3. Project Interpretation
Binance Coin Listing Project Open Recruitment Plan
Binance is committed to creating a healthy and sustainable market environment. We have recently discovered a trend of token issuance with high valuations and low circulation, and will give priority to supporting small and medium-sized cryptocurrency projects. Binance welcomes high-quality teams and projects to apply for listing, and attaches importance to fundamentals, community foundation, business model and compliance. This will help reduce market risks and promote sustainable development. Please fill in the application form if you meet the requirements. Binance reserves the right to decide whether to list the currency. Thank you for your support! Binance Team May 20, 2024.
A quick look at the shortlisted projects for the 2024 ETH Beijing Hackathon
Beijing is still the city with the most programmers. This year's Ethereum hackathon projects are of high quality. The Centralized-PBS project worth further development analyzes the centralization issues and data on the Ethereum chain. Although Ethereum has not performed well, it still has challenging innovations, such as Scroll, Oklink and chainlink tools, which attract many developers. Therefore, Ethereum is optimistic in the long term. The Peking University Blockchain Association may be the last one, but it is still exciting for students to develop in different funds and projects.
If the ETH ETF is successfully passed, ecological projects worth hyping
The big positive lines of BTC and ETH brought sunshine and hope to the market. The news from the SEC caused ETH to surge. If the ETF is passed, ETH ecological projects will benefit. In the ETH ecosystem, layer2, LSD, Defi, ETH-collateralized stablecoins and Restaking are the key sectors and projects to focus on. Among them, layer2 is the sector with the highest market value, and arb, op, and strk are typical projects with FDV exceeding 10 billion US dollars. Defi has been popularized in daily life on the chain, and Pendle is a relatively innovative project. Stablecoins and Restaking based on ETH collateral are the most valued sectors, among which ethfi and rezon are new sectors with smaller circulating market value.
âHigh FDV + low circulationâ causes dissatisfaction in the community: Binance takes the lead in adjusting the listing strategy, what should project owners and retail investors do?
Recently, the cryptocurrency market has been affected by the "high FDV + low circulation" type of tokens, and has performed weakly, triggering a trend of anti-VC/value coins in the community. Binance and OKX adjusted their listing strategies to support small and medium-sized projects, sparking heated discussions in the market. Analysts pointed out that future token unlocking may bring pressure to the market, and the token allocation, unlocking and vesting time need to be considered. Exchanges should provide liquidity, and the community ecosystem should provide value support for tokens. Blockchain Tokenomics needs to build an ecosystem that can motivate all parties to participate in common contributions and benefits.
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IV. Investment and Financing
Environmentally friendly cryptocurrency mining project SolarX completes $3 million financing through Tenset Launchpad
SolarX, an environmentally friendly cryptocurrency mining project, announced that it has completed a $3 million financing through Tenset Launchpad and joined the Tenset incubator. It is reported that SolarX mainly promotes a decentralized mining model based on solar power supply. The new funds raised this time will promote its release of native tokens and launch corresponding services and products.
DePIN project Blockless raises $8 million in two rounds of early-stage financing
Blockless, a DePIN project focused on providing computing power support, announced that it has raised $8 million in two rounds of early financing. Its co-founder Butian Li said Blockless plans to launch a testnet in the coming weeks and launch the mainnet and native BLESS token in the third quarter. Blockless said NGC Ventures led the $3 million pre-seed round, and M31 Capital and Frachtis (a new fund formed by Xavier Meegan, chief investment officer of staking company Chorus One) co-led the $5 million seed round. Blockless said other investors in these two rounds include No Limit Holdings, MH Ventures, Interop Ventures and Plassa Capital.
Runes Launchpad project RunesTerminal completes a round of financing, with Waterdrip Capital and others participating
RunesTerminal announced the completion of a round of financing on the X platform. Investors include Cogitent Ventures, CMS Holdings, Waterdrip Capital, IAngels, Pentos Ventures, Zephyrus Capital, THE CMS, Ran Neuner (CNBC host), Laser Digital, GBV Capital, DuckDAO, Fusion7 Venture Capital, Pragma Ventures, Optic Capital, DEXTools, SEED THRIFT VENTURES, Acquire. Fi, Basics Capital, BlackEdge Capital, BlokHash Labs, Ghaf Capital Partners, YAY Network, Nabais Capital, NewTribe Capital, and X21 Digital. The specific amount of financing has not been disclosed yet.
62 crypto projects raised $474 million so far in May
The latest data shows that in the past 20 days of May, 62 blockchain or cryptocurrency projects have raised a total of $474 million. Entertainment-focused blockchain project Sophon received $60 million in funding in a node sale, followed by Securitize with $47 million.
