Today's news tips:
President Biden’s re-election campaign has begun reaching out to key cryptocurrency industry figures
Hashdex has withdrawn its application for a spot Ethereum ETF from the US SEC
BlackRock submits revised S-1 filing for Ethereum ETF, disclosing information related to seed fund
Fetch.AI, SingularityNET and Ocean Protocol token merger will be completed on June 13
TAP Protocol has launched a token public offering on the CoinList platform, which will last until the early hours of June 6
Gemini: Earn users received $2.18 billion worth of digital assets in physical form
One address of Singapore's DBS Bank holds 173,700 ETH, and its ETH holdings have made a profit of more than US$200 million
NYSE President: Will Consider Offering Crypto Trading If Regulation Is Clearer
Regulatory News
President Biden’s re-election campaign has begun reaching out to key cryptocurrency industry figures
According to The Block, US President Biden's campaign team is adjusting its stance on cryptocurrencies and actively interacting with the cryptocurrency industry in anticipation of the 2024 presidential election. The team plans to attract support from cryptocurrency voters by promoting innovation. The Biden campaign team has begun contacting people in the cryptocurrency industry in the past two weeks, seeking guidance on "crypto communities and policies." Sources said they have noticed a clear "shift" in the Biden administration and campaign team's attitude toward cryptocurrencies, and are more willing to understand digital assets and their communities.
This new outreach effort comes shortly after the Biden administration signaled it would veto an alleged anti-crypto bill in the face of opposition. This shift in attitude shows a sharp difference from the previous cold attitude towards digital assets. In addition, the Biden administration's fiscal 2024 budget proposal includes changes to cryptocurrency tax rules, such as the "wash sale rule," which would eliminate tax deductions for losses generated by quickly buying and selling the same or similar crypto investments. The move is expected to increase revenue by about $31.6 billion over a decade.
AI&NFT
OpenAI: All ChatGPT free users can now use file upload and GPTs features
According to OpenAI's official tweet, all ChatGPT free users can now use the browse, vision, data analysis, file upload and GPTs functions.
Former OpenAI director reveals inside story of last year’s “coup”: Altman was fired for repeatedly hiding information from the board of directors
According to Cailian Press, last fall, OpenAI CEO Sam Altman was first removed by the board of directors, and then won back his position dramatically, which led to a major change in the company's board of directors. On Tuesday, Helen Toner, a former member of the OpenAI board, finally revealed the tip of the iceberg. In an interview, the artificial intelligence researcher severely criticized Altman for his lack of transparency, which resulted in the board of directors being unaware of OpenAI's key decisions, which was why the board members ultimately decided to fire him. Toner revealed that Altman repeatedly concealed information from the board of directors, distorted the company's ongoing business, and in some cases blatantly lied to the board of directors.
Toner cited an example in the interview that when OpenAI's flagship product ChatGPT debuted in November 2022, the board members knew almost nothing about it, and she only learned about it through Twitter. In addition, she pointed out that Altman has always claimed to be an independent board member of OpenAI and has no financial interest in the company, but in fact he has been hiding the fact that he owns OpenAI's startup fund. What made Toner even more uneasy was that Altman provided inaccurate information to the board on the AI safety process and began to lie in an attempt to get her out of the board, which was the real reason for the board's collective concern, and it was from then on that the board began to discuss the removal of Altman. Toner emphasized that all four directors came to the conclusion that they simply could not believe anything Altman told them. This is completely unworkable for a board that should be responsible for independently overseeing the company, and the point of the board is not to help the CEO raise more money.
OpenAI founder discusses Worldcoin investment with Argentine president
According to The Block, Tools for Humanity co-founders Sam Altman and Alex Blania met with Argentine President Javier Milei in San Francisco to discuss Worldcoin's investment in Argentina and other issues. Tools for Humanity is the main developer of the Worldcoin project and was co-founded by Blania and OpenAI CEO Altman. According to a statement, during the meeting, the Worldcoin team discussed the advancement of artificial intelligence (AI), how to prepare humans for AI, and its potential investment in Argentina. Although Worldcoin faces scrutiny from governments, the project has recently been working to improve its image in terms of personal data protection. Last month, Altman and Blania met with government leaders in Malaysia.
Fetch.AI, SingularityNET and Ocean Protocol token merger will be completed on June 13
According to official news, decentralized AI entities Fetch.ai, SingularityNET and Ocean Protocol announced that they will complete the merger of the Alliance of Artificial Super Intelligence (ASI) on June 13. From June 11, 2024, FET will be renamed ASI and the merger will be completed on June 13. The specific arrangement is: From June 11, ERC20 tokens will be available for users to exchange FET for ASI tokens through the token migration contract, and then AGIX and OCEAN will be exchanged for ASI tokens on June 13.
With the completion of the token merger on June 13, 2024. FET was renamed ASI, with a total supply of 2.63055 billion; the migration bridge from ERC20 FET tokens to ASI was opened at a 1:1 exchange rate; the migration bridge from ERC20 AGIX tokens to ASI was opened at a 0.433350:1 exchange rate; the migration bridge from ERC20 OCEAN tokens to ASI was opened at a 0.433226:1 exchange rate; As of May 28, 2024, ASI's fully diluted market value is US$6 billion.
OpenSea adds support for NFTs on the Sei Network
According to OpenSea's official tweet, the NFT market OpenSea has added support for NFTs on the Sei network. Users can now buy, sell or quote NFTs on the Sei network.
Project News
Fidelity Ethereum Spot ETF Now Listed on DTCC Website
Fidelity Ethereum Spot ETF has been listed on the DTCC website with the code FETH. It is reported that the "standard process" listed on the DTCC website to prepare for the launch of a new ETF does not mean that the ETF has obtained any regulatory approval or other approval process results.
Hashdex has withdrawn its application for a spot Ethereum ETF from the US SEC
According to The Block, SEC documents show that Hashdex withdrew its spot Ethereum ETF application.
Market News: CME has no plans to launch cryptocurrency Solana futures
According to Jinshi, market sources said: CME has no plans to launch cryptocurrency Solana futures.
NYSE President: Will Consider Offering Crypto Trading If Regulation Is Clearer
According to CoinDesk, Lynn Martin, president of the New York Stock Exchange (NYSE), said at the 2024 Consensus Conference that the NYSE would consider offering cryptocurrency trading services if the regulatory environment is clearer. Martin and Tom Farley, CEO of the crypto exchange Bullish, discussed cryptocurrency regulation, changing U.S. politics, and the opportunities and limitations of blockchain technology to improve traditional markets. Martin said that the U.S. Bitcoin spot ETF has accumulated $58 billion in assets, showing the strong market demand for regulated crypto products. The NYSE is willing to offer cryptocurrency trading, but the lack of clear regulatory guidance is an obstacle. Farley predicts that the regulatory environment in the United States will improve in the coming years regardless of the outcome of the election. Farley also mentioned that the U.S. attitude towards cryptocurrencies is changing rapidly, including the removal of the anti-cryptocurrency chairman of the Federal Deposit Insurance Corporation (FDIC), the passage of the 21st Century Financial Innovation and Technology Act (FIT21) in the House of Representatives, and Republican presidential candidate Trump's support for cryptocurrencies. According to previous news, the Chicago Mercantile Exchange (CME), a U.S. competitor of the NYSE, is planning to launch spot crypto trading to customers.
New York Stock Exchange announces it will launch index options tracking Bitcoin spot price
According to Tree News, the New York Stock Exchange announced a partnership with CoinDesk Index to launch a financial product that tracks the spot price of Bitcoin.
TAP Protocol has launched a token public offering on the CoinList platform, which will last until the early hours of June 6
According to the announcement on Coinlist's official website, TAP Protocol has launched the issuance of its TAP tokens on the Coinlist platform. TAP Protocol is an OrdFi protocol designed to support Bitcoin Ordinals. The token purchase period starts at 01:00 (Beijing time) on May 30, 2024 and ends at 01:00 (Beijing time) on June 6, 2024. The specific arrangements for this token issuance are as follows:
Supply: 1,575,000 TAP tokens, accounting for 7.5% of the total supply; Price: $3.57 per token; Lock-up and release: Initial 10% unlocked at TGE, followed by linear release over 12 months. The token is expected to be listed on exchanges around June 28, 2024; Initial purchase limit: The minimum purchase limit is $100.00 and the maximum purchase limit is $2,500.00 (only USDT/USDC is supported).
To participate in the TAP Protocol token issuance, the following conditions must be met: visit the designated website using a desktop computer; use the Google Chrome browser; install the Xverse extension (Xverse Wallet). All custodial and exchange wallets are strictly prohibited. The total supply of TAP tokens is 21 million.
PayPal Expands PYUSD to Solana, Targeting Payment Use Cases
According to Cointelegraph, PayPal chose the Solana blockchain to expand its stablecoin PayPal USD (PYUSD), marking its first expansion outside the Ethereum ecosystem. According to the announcement, PYUSD has been added to the Solana network, allowing users to trade at a lower cost. The move is intended to expand the use of the PYUSD stablecoin as a payment method for small and daily purchases.
Ethena is launched on the Layer2 network Blast and realizes USDe native income
USDe and sUSDe are both stablecoin developers Ethena Labs said on the X platform that from today, Ethena will be launched on the Layer2 network Blast and realize native returns.
USDe and sUSDe will be listed on the Thruster LP pool and form a trading pair with USDB. Both pools will receive the highest Ethena allocation, including 30x Sats as well as Blast Gold and Thruster Credits. Users who subsequently stake in Hyperlock Finance will receive an additional 5x Sats.
BlackRock submits revised S-1 filing for Ethereum ETF, disclosing information related to seed fund
According to The Block, BlackRock has filed an amended S-1 registration statement for the proposed Ethereum ETF, disclosing information about seed fund investors. In the amended document, BlackRock stated: "On May 21, 2024, seed relief fund investors conditionally purchased 400,000 shares of the seed creation basket at a price equivalent to $25 per share." BlackRock also stated that the shares will be listed and traded under the symbol "ETHA". The U.S. Securities and Exchange Commission (SEC) recently began a dialogue with issuers on the S-1 form. Some analysts speculate that the process may take weeks. Bloomberg ETF analyst Eric Balchunas tweeted on Wednesday that BlackRock's revised S-1 is a "good sign." The launch of the Ethereum ETF at the end of June is a reasonable possibility, but analysts still believe that the Ethereum ETF will be launched on July 4.
Fantom: Opera's upgrade to Sonic has officially started, and will achieve 2,000 TPS at sub-second speeds
Fantom officially announced that the upgrade of the existing Opera chain has reached the necessary 66% consensus level, marking its official launch. The release date is consistent with the expectations set at the beginning of the Sonic testnet phase last October, and the project is progressing smoothly without any delays. Opera is now expected to achieve the following goals: variable/hybrid/complex transactions achieve about 2,000 TPS (about 1 second finality), token swap transactions achieve about 4,000 TPS (about 1.3 seconds completion), token transfers achieve about 10,000 TPS (about 1.6 seconds completion), validator node storage requirements are reduced by about 66%, and archive nodes reduce operating costs by about 95%.
Additionally, Fantom will share more details on its upcoming chain’s technology, token economics, audience engagement initiatives, partnerships, branding, and strategic direction in the coming weeks and months.
The Sandbox Launches The Sandbox DAO, First Sandbox Improvement Proposals (SIPs) Now Live
According to The Sandbox official tweet, The Sandbox recently announced the launch of The Sandbox DAO (decentralized autonomous organization), which aims to provide a bridge for the future development of the gaming platform, covering games, entertainment, music, art and other fields. Users can now participate in governance through The Sandbox DAO and help decide matters that affect their land ownership, such as game aesthetics and interactivity.
The first batch of Sandbox Improvement Proposals (SIPs) are now live and users can visit sandboxdao.com to vote. Participants only need to have 5 $SAND or one LAND block to vote on the platform's creative narrative, Game Jam themes, Game Maker Funds, and award distribution.
Vitalik: “DAO” means “project” and “official” means “scam”
Vitalik Buterin said in a warpcast that an important part of cultural awareness is to understand the different meanings of the same words in different cultural contexts. For example, in most European languages, "actual" means "current" and "concurrency" means "competition". In the field of cryptocurrency, "DAO" means "project" and "official" means "scam".
Crypto KOL: I oppose celebrities rashly launching Memecoin to make money. I suggest you first participate in the community to learn and understand the crypto culture.
Cryptocurrency analyst Cold Blooded Shiller said on Twitter that many celebrities have launched Memecoin in recent days, sparking a discussion on whether this behavior is beneficial to the crypto space. He believes that celebrities issue tokens mostly for quick arbitrage, and there are no successful cases in history, and calls for vigilance against these behaviors. He suggested that celebrities should participate in the community without pushing tokens, learn and understand crypto culture, rather than profiting by issuing tokens. In the current environment, the issuance of tokens by celebrities is harmful to the crypto community.
Cryptocurrency analyst Ansem retweeted that not everyone who intends to participate in the crypto space will issue tokens. Ansem disagrees with the view that those who issue tokens should leave the crypto space, believing that most of those who issue tokens are misled by the team and do care about their fans. If they realize that these actions are harmful to fans, they may not issue these short-sighted tokens. It is important to have these conversations, otherwise other celebrities may follow their example.
ZachXBT responded on Twitter that most D-level celebrities have promoted multiple scams before, such as RapDoge, Echoke, and Racksterli promoted by Davido. The return of these celebrities and posts does not mean that the PND token will be different this time, their only purpose is to make easy money.
Ansem later responded that participating in the Jenner token space discussion was not promotional, but found to be a scam. In the collaboration with Iggy Azalea, he believed that she had good intentions, but informed Davido that the crypto community does not trust celebrities, especially the behavior of selling tokens on the first day. He believes that while there is still value in talking to celebrities, it is better to guide them into the crypto community through the application.
OKX Jumpstart will launch ULTI (Ultiverse)
OKX Jumpstart will launch Ultiverse (ULTI) mining, the activity time is from 14:00 on June 3 to 14:00 on June 6 (Beijing time). BTC and ETH holders can stake BTC and ETH to mine ULTI tokens, and the number of mineable tokens in each staking pool is 150 million. The maximum BTC stake per person is 0.3 Bitcoin, and the maximum ETH stake per person is 3.5 Ethereum. Influenced by Upbit's launch, Stargate Finance (STG) soared 45%
It is reported that Ultiverse has revolutionized Web3 games through an AI-driven production and publishing platform, combining advanced AI with blockchain technology to lead the development of the industry.
Hong Kong Cyberport established the "Web3.0 Investment Circle" to support the financing needs of the Web3.0 community
According to official news, Hong Kong Cyberport announced the establishment of the "Web3.0 Investment Circle" (W3IC) under the "Cyberport Investor Network", aiming to establish an investor network exclusive to the Web3.0 field to promote investment in Web3.0 projects. Cyberport will promote the investor network for Web3.0 through W3IC and its synergy, provide market analysis of Web3.0 and other innovative technologies, help investors understand the market in a targeted manner, and communicate with start-ups to seize opportunities in emerging markets. Since the establishment of the "Cyberport Web3 Base", Cyberport has brought together about 230 companies engaged in Web3.0 from more than 15 countries and regions around the world.
Mr. Sin, Chairman of Cyberport Investor Network Strategy Group, said: “Web3.0 is a technological innovation with huge potential, and it has become the focus of many investors. The Cyberport Investor Network has always served as a compass to help start-ups and investors seize emerging opportunities. The SAR Government is committed to developing Hong Kong into a Web3.0 hub. Cyberport has the largest Web3.0 community in Hong Kong. As a strategic measure for Cyberport to promote the development of the Web3.0 ecosystem, I believe that the establishment of the ‘Web3.0 Investment Circle’ will be able to attract investment units more strategically, facilitate more investment matching, and discover more business opportunities. At the same time, it will promote the growth of decentralized and blockchain technology projects and expand the influence of Hong Kong start-ups.”
Vitalik describes some of his regrets about Ethereum’s initial design
Last week, at this year's ETHBerlin event, Ethereum co-founder Vitalik Buterin described some of his regrets on the initial design of Ethereum, according to DL News. Vitalik said he had a list of things he could have done differently. These things range from the development of the Ethereum virtual machine to smart contracts to the proof-of-stake consensus mechanism. He also said that even though Ethereum is becoming more mainstream, it is still misunderstood.
ETHBerlin organizer Afri Schoeden asked: "Based on everything you know and learned in the past 10 years, if you could start from scratch today, how would you build Ethereum differently?" Vitalik said that Ethereum's original EVM design chose 256-bit processing instead of 64 or 32 bits. The original design was too complex for 256 bits, which is very inefficient and can generate a lot of redundant data on the blockchain even when performing simple tasks. In addition, Vitalik said that Ethereum's switch from the proof-of-work consensus mechanism to the proof-of-stake consensus mechanism in 2022 should have been done earlier. "We ended up wasting a lot of time trying to make the proof-of-stake perfect. If we had a simpler proof-of-stake mechanism as early as 2018, we could have saved a lot of trees." Vitalik also mentioned: "The automatic log of Ethereum transfers should have existed from the beginning. It only took us 30 minutes to code it, but it became an EIP." EIP-7708, submitted by Vitalik on May 17, will make this exact change. Vitalik also said that if he had to choose again, he would use SHA-2 to encrypt Ethereum instead of the current encryption algorithm called Keccak.
Despite a series of small design mistakes, Vitalik said that any project is bound to have such situations. He said: "I am really happy that I feel that our core developers and their execution capabilities seem to be getting better every year. We are now able to effectively and safely correct some of these mistakes."
Financing News
RWA tokenization platform Fortunafi completes $9.51 million in financing and will launch stablecoin protocol Reservoir
According to The Block, Fortunafi, a real-world asset (RWA) tokenization platform, announced that it has completed $9.51 million in strategic and seed rounds of financing. Investors include Shima Capital, Manifold, Jordan Fish (aka Cobie), Ari Litan of LayerZero Labs, Austin Green of Llama, Evanss6 and Scott Lewis. Nick Garcia, founder and CEO of Fortunafi, said that the latest strategic round of financing was worth $3.16 million and ended in December last year, and the seed round of financing was worth $6.35 million and ended in October 2021. The latest round of financing brings Fortunafi's valuation to $48.165 million. In addition, Fortunafi also announced that it expects to launch a new stablecoin protocol called Reservoir next month. Fortunafi was founded in 2020. Through cooperation with MakerDAO, Aave and other companies, Fortunafi has tokenized more than $15 million in private debt and institutional loans.
Important data
Gemini: Earn users received $2.18 billion worth of digital assets in physical form
Crypto exchange Gemini announced on X that Earn users received $2.18 billion worth of digital assets in kind today. These initial distributions represent: 97% of the digital assets that Earn users were entitled to; $1 billion more than when Genesis withdrawals were suspended; and a 232% recovery from when Genesis withdrawals were suspended.
BTC and ETH options with a total notional value of approximately $8.12 billion will expire this Friday
Deribit data shows that BTC options and ETH options with a total notional value of approximately $8.12 billion will expire this Friday. Among them, the notional value of BTC options that are about to expire is $4.65 billion, the Put Call Ratio is 0.6, and the maximum pain point is $65,000; the notional value of ETH options that are about to expire is $3.47 billion, the Put Call Ratio is 0.85, and the maximum pain point is $3,300.
One address of Singapore's DBS Bank holds 173,700 ETH, and its ETH holdings have made a profit of more than US$200 million
Nansen said on the X platform that it has been confirmed that the ETH whale starting with "0x9e92" is Singapore's largest bank, DBS Bank. The address holds 173,700 ETH (worth $650 million), and it has earned more than $200 million by holding ETH. It is reported that as of December 31, 2023, DBS Bank's total assets reached 739 billion Singapore dollars.
BlackRock IBIT becomes fastest ETF to reach $20 billion in just 137 days
According to Bitcoin Magazine, BlackRock’s IBIT became the fastest ETF to reach $20 billion, taking only 137 days, shocking Wall Street. The previous record holder was JEPI, an actively managed fund issued by JPMorgan Chase, which took 985 days to reach $20 billion.
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