Headlines

Trump: Positive and open attitude towards cryptocurrency companies and related industries

Donald Trump made clear his support for cryptocurrency on Truth Social. Trump said: "Be positive and open to cryptocurrency companies and related industries. Our country must be a leader in this field and never be second." He also criticized Biden for wanting the crypto industry to "die slowly and painfully." (The Block)

Trump: Will ensure the future of cryptocurrency and Bitcoin is created in the United States, will never allow the creation of CBDC

Former US President Donald Trump said: "We will ensure that the future of cryptocurrency and Bitcoin is created in the USA (Made in the USA)... We will support the self-custody rights of 50 million cryptocurrency holders across the United States." In addition, Trump said that he would keep Elizabeth Warren and her supporters, congressmen who oppose cryptocurrency, away from Bitcoin. He also said: "I will never allow the creation of a central bank digital currency (CBDC)." (WatcherGuru)

Trump promises to pardon Silk Road founder if elected, supports cryptocurrency and protests Biden's crackdown on the industry

Former US President Donald Trump promised at the Libertarian National Convention in Washington, DC, that if he is re-elected as president, he will commute the sentence of Silk Road founder Ross Ulbricht on the first day. Trump said that Ulbricht has served 11 years in prison and "we are going to get him home." Many people in the audience held signs that read "Free Ross" and cheered Trump's promise. Ross Ulbricht was sentenced to two life sentences plus 40 years in 2015 for creating and operating the dark web market Silk Road, which is actually a life sentence without the possibility of parole. Silk Road operated from 2011 to 2013 and was mainly used for anonymous drug buying and selling. It is widely regarded as the first real use case of Bitcoin. Before the speech that day, Trump wrote on Truth Social praising the cryptocurrency industry and emphasizing that the United States must maintain its leading position in the field, while Biden hopes that the crypto industry will "slowly die", but Trump said that (if re-elected) he would never allow this to happen during his term. Trump said he would stop Biden's crackdown on cryptocurrencies and ensure that the future of crypto and Bitcoin is created in the United States, rather than being driven overseas. He promised to support users' self-custody rights, saying to the 50 million cryptocurrency holders in the United States: "I will keep Elizabeth Warren and her minions away from your Bitcoin; never allow the creation of a central bank digital currency." In recent months, Trump's attitude towards crypto has clearly warmed up, he has publicly expressed support for it many times, and became the first major party presidential candidate to accept cryptocurrency donations. (CoinDesk)

Rune market value exceeds 1.5 billion US dollars, setting a new record

Ord.io posted on the X platform that the market value of Runes exceeded $1.5 billion for the first time, setting a new record. Odaily Note: A fake X account left a comment under this tweet and posted a phishing link. Users need to identify the authenticity and be wary of phishing scams.

Industry News

The weekly trading volume of DEX on the Ethereum chain exceeded 18.8 billion US dollars, a 7-day increase of 89.85%.

DeFiLlama data shows that the transaction volume of DEX on the Ethereum chain in the past 7 days was 18.808 billion US dollars, ranking first, with a 7-day increase of 89.85%. The transaction volume of DEX on the Solana chain in the past 7 days was 8.241 billion US dollars, with a 7-day increase of 9.18%. The transaction volume of DEX on the Arbitrum chain in the past 7 days was 6.456 billion US dollars, with a 7-day increase of 130%. The transaction volume of DEX on the BSC chain in the past 7 days was 5.54 billion US dollars, with a 7-day increase of 24.03%. The transaction volume of DEX on the Base chain in the past 7 days was 3.922 billion US dollars, with a 7-day increase of 59.80%.

Former Chairman of the Hong Kong Computer Industry Association: High costs lead to international virtual asset service platforms withdrawing their license applications

The transition period for the issuance of licenses for virtual asset service providers (VASPs) in Hong Kong will end at the end of this month. The Securities and Futures Commission will decide whether existing service providers can continue to operate after June. Recently, several platforms have withdrawn their applications for Hong Kong licenses. Xu Jiansheng, former chairman of the Hong Kong Computer Industry Association, believes that the cost of operating a trading platform in Hong Kong is relatively high, such as license fees and hiring responsible personnel. There has been no significant increase in transactions on existing platforms in Hong Kong, and liquidity is not as good as that of overseas platforms, which has failed to attract overseas customers. In addition, the market may not be able to accommodate many license applicants. Large international platforms have mature overseas businesses, or may withdraw their applications due to profitability issues in the local market. (Ming Pao)

Project News

Normie responds to flash loan attack: Deployer wallet balance exceeds 500 ETH and will be used for compensation

In response to the flash loan attack, Normie, the Meme coin of Base Ecosystem, posted on the X platform that the deployer wallet still has a balance of more than 500 ETH, and all of these funds will be used to compensate and repair the incident. Normie apologized for the delayed response and said that it is currently actively solving the problem and maintaining communication with key partners to find a solution as soon as possible. However, Normie is still unsure whether it needs to redeploy or fork the project. Normie reminded that before further confirmation, do not buy related tokens because the attacker is still continuing to mint or obtain tokens. CoinGecko data shows that NORMIE is now reported at $0.002004, a 24-hour drop of 94.9%. Odaily Note: There are fake X accounts that leave comments and post phishing links under this tweet. Users need to identify the authenticity and be wary of phishing scams. Earlier news, X user Freedom posted that there is 0.63% of the token supply remaining in the NORMIE contract, but the tax has been turned off. When the tax reaches 1%, (even if the tax is 0/0) the contract will be triggered to autodump the tax. Therefore, the attacker made a flash loan, sent the difference (about 0.37% of the supply) to the contract, and repeatedly bought and sold in the same transaction to drain 1% of the tokens from the contract (causing more than 1% of the supply to be sold). The attacker then bought a large amount at 0 in the same block, making a huge profit. It is worth noting that the project also made considerable profits from this tax autodump and will have enough funds to buy back the tokens.

Sei V2 mainnet upgrade will be carried out on May 27

Sei posted on the X platform that Proposal 55, "Upgrade to V2", has been voted through. The Sei V2 mainnet upgrade will be carried out on May 27. According to previous news, Sei will launch the V2 upgrade in three phases, which will realize a new high-performance parallel EVM. The three phases are governance, Alpha release and V2 readiness.

Character*Voice

Opinion: The approval of the US ETH spot ETF is far more important than the BTC spot ETF, which represents the authorities' complete acceptance of cryptocurrencies

Nate Geraci, president of The ETF Store, wrote on the X platform: “I actually think the approval of the (U.S.) ETH spot ETF is much more important than the approval of the BTC spot ETF… This is a complete capitulation of (U.S. regulators) to cryptocurrencies. There is no turning back now.

Coinbase Chief Legal Officer: SEC designates S-1 as Ethereum spot ETF registration option, indicating that it believes ETH is not a security

The U.S. SEC approved Form 19b-4 for multiple Ethereum spot ETFs this week, including those from BlackRock, Fidelity, and Grayscale. While the forms have been approved, ETF issuers need to make the S-1 registration statement effective before they can start trading. Legal experts have different views on whether the U.S. SEC's approval of Ethereum ETFs means everything has changed. Paul Grewal, chief legal officer of Coinbase, said in an interview: "I do think this is a watershed in the long-standing debate about the status of ETH. For a long time, the SEC has been evasive about its position and failed to indicate whether Ethereum is a security, a non-security, a commodity, or something else." Grewal claimed that because the issuer used the S-1 form, a certain percentage of the assets in the fund can be securities: "By specifying S-1 as a registration option, the SEC means that, by definition, these funds do not include assets that account for more than 40% of the portfolio as securities." He added: "There is no other conclusion that can prove this except that ETH is not a security." The SEC did not immediately respond to a request for comment. Others, including Coy Garrison, former legal counsel to SEC Commissioner Hester Peirce, have also said that ETH must become a commodity after the spot Ethereum ETF is approved. Garrison said in an email that the SEC's approval order confirms that ETH is a commodity. In its order approving the Ethereum products, the funds were referred to as "commodity-based trust shares," which stated that "if ETH were a security, approval would be inappropriate under these specific exchange rules." However, Grewal and others added that the SEC could still say that ETH is a security. "Even with an approval order, the SEC could argue that any particular facts and circumstances surrounding the offer and sale of ETH in a particular transaction constituted a securities offering," Garrison said. Ashley Ebersole, general counsel at 0x Labs, said the SEC's approval order does not mean the agency has decided how to classify ETH and could still claim that ETH is a security in the future. “I think they (the SEC) would say that just because we accept this description of ETH during the ETF process doesn’t mean we can later determine whether it’s a commodity or a security,” Ebersole said.（The Block）

ZhuSu: Ethereum is expected to dominate the market in the next 90 days

ZhuSu, the former founder of Three Arrows Capital, wrote, “This weekend is an important turning point. Reduce holdings of TAO and MKR, buy LDO ($2.48), BLUR ($0.467), sell SOL $165 / buy ETH $3,800 (exchange rate 0.0434), target below 0.03, sell BTC $69,200 / buy ETH $3,800 (exchange rate 0.055), target 0.07+ I think we will usher in a 90-day Ethereum-dominated market.”

Investment and Financing

Cryptocurrency governance consulting firm MetaLeX raises $2.75 million

MetaLeX, founded by cryptocurrency lawyer Gabriel Shapiro, announced the completion of a $2.75 million seed round of financing, with a company valuation of $27.5 million. This round of financing was led by Cyber ​​Fund. (Coindesk)

Web3 Entertainment Studio and Technology Company Feature.io Completes $1.9 Million in Funding

Wbe 3 entertainment studio and technology company Feature.io has completed a $1.9 million financing round, with participation from InterVest, 2 PunksCapital, Avalanche, Acme Innovation, and Sterling.VC. Feature uses its smart contract Smart Content™ technology to connect viewers with brands through interactive touchpoints that are seamlessly embedded in the content that viewers and users love, and each interaction generates automatic rewards, creating a source of revenue for users and brands. (ICO Analytics)

Option Agreement IVX Completes $1.2 Million Seed Round Financing, Led by Animoca Ventures and Others

IVX, a native options protocol based on Berachain, has completed a $1.2 million seed round on the X platform, led by Animoca Ventures and AVID 3, with participation from Big Brain Holdings, Web3Port, Cogitent Ventures, Forbole, SerDAO, Autistic Waterfowl Venture Capital, and a group of angel investors. The valuation data has not yet been disclosed. IVX is built on the Berachain Polaris EVM technology stack, providing zero-day expiration (0 DTE) options for crypto assets in a permissionless and secure manner, with no liquidation risk for buyers and allowing users to achieve high leverage exposure with minimal capital. Currently, its IVX Artio testnet is open.