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🔥 Big 1st Week for The Uprising!🔥 We've seen a huge upsurge in activity on The Uprising in our first week, and the numbers keep growing: ⚡ 100,000+ Users 🐦 800,000+ Tweets 💥 80M+ Points awarded Well done to those who've joined in and climbed up the leaderboard! 🎉 Let's grow the KIP community and look forward to a bigger week ahead! *If you've yet to join The Uprising, start here* 👉

Stamina Gauge! Bitcoin Statement from Hong Kong's Top Executive. Hong Kong Securities and Futures Commission (SFC) chairman Julia Leung emphasized Bitcoin's durability as an alternative asset in her speech at the Greenwich Economic Forum. Leung noted Bitcoin's ability to survive despite multiple boom and bust cycles over the past 15 years. While central bankers and economists often argue that cryptocurrencies like Bitcoin and Ethereum lack intrinsic value, Leung noted that the durability of these assets and the Distributed Ledger Technology (DLT) behind them is undeniable. These statements by Leung coincide with the new licensing regime introduced by the SFC for cryptocurrency exchanges. These new regulations now require these platforms to obtain a license to serve individual investors in Hong Kong. However, these regulatory changes have drawn criticism from some quarters. Hong Kong lawmaker Duncan Chiu said the regulations were overly strict and discouraged major global exchanges from entering the Hong Kong market, negatively impacting market confidence. Julia Leung stated that although they support the development of the Web3 ecosystem in Hong Kong, this should not be misunderstood as an endorsement of the crypto asset (VA) class. Leung stated that cryptocurrencies are highly speculative and subject to extreme price volatility. To maintain and balance investor demand, #SFC has taken comprehensive measures to protect investors in this volatile market. Looking ahead, the SFC is preparing for legal regulations for stablecoins. Leung noted that the Hong Kong Monetary Authority (#HKMA ) recently completed a consultation on a proposed regime for stablecoin issuers. These new regulations will require issuers to provide full backing with high-quality, highly liquid reserve assets. The move is seen as part of a broader effort to bring stability and trust to the cryptocurrency landscape in Hong Kong. SFC also takes part in Project Ensemble, a tokenization initiative launched by the HKMA to explore the potential of a central bank digital currency (#CBDC ) $BTC

As Ethereum users increase, experts expect a price increase in ETH. The Ethereum ecosystem has nearly nine times more daily active users than just four years ago; Experts believe that increased demand will increase the price of ETH. Significant growth in daily active users Data collected by crypto #ETF issuer Bitwise shows that Ethereum and layer-2 scaling solutions Arbitrum and Polygon had an average daily active user base of more than 250,000 in the first quarter of 2020. Now, in the first quarter of 2024, the number of daily users has grown ninefold, exceeding approximately 2.25 million, adding new layer-2 networks such as Optimism, Base and zkSync. Moving transactions to L2s caused Ethereum's daily active users to decrease significantly. On June 4, the #Ethereum mainnet had 378,000 active users; Polygon logged 1.3 million active users and the other four L2s logged around 1.5 million total active users. Ethereum's scaling and future potential The end of 2021 brought optimism. ZkSync mainnet and Base go public in 2023. Although Ethereum's user numbers do not look good, co-founder Vitalik Buterin is focused on scaling the main blockchain through L2s. This is normal, although the number of users seems low as part of the plan. Buterin claimed that L2s are similar to the sharding idea of the previous Eth 2 design and that the layer could support several “subcultures” within the #Ethereum network. $BTC $ETH

New Altcoin Initiative from Franklin Templeton, whose Bitcoin and Ethereum ETF has been Approved! Named after founder Benjamin Franklin, 77-year-old trillion-dollar asset manager Franklin Templeton plans to launch a new crypto fund that will invest in other cryptocurrencies beyond Bitcoin and Ethereum. According to The Informationastion, people with direct knowledge of the matter said the company is exploring launching a new crypto fund that would invest in a number of altcoins beyond Bitcoin and Ethereum. While some traditional asset managers such as BlackRock and Fidelity have launched spot Bitcoin ETFs and are planning an #Ethereum ETF going forward, Franklin Templeton will take an unconventional approach in offering access to other altcoins in addition to #BTC and #ETH , sources said. . Sources said the new fund will be structured as a private fund that appeals to institutional investors. $BTC $ETH

Game-changing move from Paxos for the stablecoin market. Paxos announced in a statement that they have issued a new stablecoin called Lift Dollar (USDL) held in the United Arab Emirates (UAE). The stablecoin, which will have a yield feature, will be issued by the company's UAE-based subsidiary, Paxos International. The crypto asset is regulated by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). Tether and Circle, the largest companies in the stablecoin market, have begun to generate significant income from the treasury bills they hold as collateral in recent years. This approach paved the way for the development of yield-sharing stablecoins. Stating that Lift Dollar (USDL) is structured in the same way as Paxos' other stablecoins, Charles Cascarilla, the company's CEO, assured that its assets are pegged to the dollar at a one-to-one ratio and are supported by short-term treasury papers. Cascarilla also stated that the assets are regularly inspected to avoid the risk of possible bankruptcy. Cascarilla also said that with USDL, they went one step further in making the dollar accessible to everyone and democratized the possibility of risk-free returns. However, Paxos' new asset USDL will not be able to be traded in the USA due to lack of regulation. In the press release regarding the #USDL launch, the company stated that they will focus specifically on Argentina and that they are cooperating with 3 intermediary companies, Ripio, Buenbit and TiendaCrypto, in the distribution of the crypto asset. $BTC

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