Headlines
▌Vitalik: Blockchain can be used as a "truth machine", but other tools are still needed to assist in further truth discovery
On July 20, Vitalik Buterin responded to a question on social media about "what is a universal blockchain" and said that blockchain is a 'truth machine'. In a specific sense, it provides a consensus approximate truth about when a message was sent, but it will not tell you whether the moon landing was true. This greatly reduces the attack surface of the blockchain, but it does mean that we need other tools to actually perform (or assist) the latter truth discovery.
▌South Korean crypto exchange Gopax signs virtual asset commercial liability insurance
With the implementation of the Virtual Asset User Protection Act, South Korean crypto exchange Gopax has signed a virtual asset commercial liability insurance with Samsung Fire, which covers accidents such as hacker attacks. According to the Virtual Asset User Protection Act, exchanges must store more than 80% of their coins in cold wallets. For virtual assets stored in hot wallets connected to the Internet, if the value exceeds 5%, insurance must be registered or a portion of retained earnings must be kept as a reserve.
Quotes
As of press time, according to Coingecko data:
The latest transaction price of BTC is $67,347.04, with a daily change of +1.48%;
ETH's latest transaction price is $3518.46, with a daily change of +0.99%;
BNB's latest transaction price is 596.5 USD, with a daily change of +1.52%;
SOL's latest trading price is $174.29, with a daily change of +2.54%;
DOGE’s latest trading price is $0.1336, with a daily change of +6.99%;
XPR’s most recent trading price is $0.5967, with a daily change of +3.14%.
policy
▌If Trump wins the election, the crypto industry expects the US SEC's enforcement to become milder
The cryptocurrency industry hopes the upcoming U.S. presidential election will bring someone with a softer approach to enforcement to the White House, ending a long battle with the Securities and Exchange Commission. While Trump criticized cryptocurrencies during the last U.S. presidential term, some industry lawyers expect the SEC to stop aggressive enforcement of digital asset markets if Trump wins.
Blockchain Applications
▌Polygon Lianchuang: The value of RWA on Polygon PoS is second only to the Ethereum mainnet
Polygon co-founder Sandeep posted on social media that it is very encouraging to see so many RWA assets launched naturally on Polygon. In terms of the value of RWA created, PolygonPoS is second only to the Ethereum mainnet. It is worth mentioning that major Italian banks participated in the ECB's 25 million euro digital bond trial on Polygon, and CDP has issued 25 million euros of digital bonds on Polygon, which will mature in four months.
▌Ripple CEO: Expects to resolve lawsuit with SEC "soon"
According to a recent interview with Bloomberg, Ripple CEO Brad Garlinghouse expects the company to resolve its years-long lawsuit with the U.S. Securities and Exchange Commission "soon." XRP's price has risen in recent weeks on speculation that a settlement will be announced following a closed-door meeting with the U.S. Securities and Exchange Commission (SEC), possibly next week. Activity on the Ripple ledger and the creation of new addresses have also reached their highest levels since March, according to data from analytics firm Santiment.
▌Aptos node v1.16.3 version has been updated
On July 21, Aptos node v1.16.3 has been updated. Users need to upgrade to the latest version within the next 5 days. This update aims to improve system stability and security and ensure smooth network operation. It includes adding a procedural macro bytecode_spec so that inline specifications for Move bytecode instructions can be defined in Rust; adding a runtime environment outside of the VM. This environment can be used for caching and may be shared between VM instances.
Cryptocurrency
▌JPMorgan Chase: The cryptocurrency rebound is unlikely to continue, and Trump's presidency will benefit Bitcoin and gold
According to The Block, JPMorgan analysts said that any rebound in cryptocurrency prices is likely to be tactical (temporary and strategic) rather than the beginning of a lasting uptrend. They pointed out that Bitcoin is currently priced at about $67,500, which is higher than its production cost of about $43,000 and the volatility-adjusted gold price of about $53,000. The difference between the price of Bitcoin and JPMorgan's volatility-adjusted gold price "suggests a mean reversion to near the zero line, limiting the potential for long-term gains in Bitcoin prices," JPMorgan analysts wrote in a report on Thursday. Analysts reiterated that cryptocurrencies are expected to rebound from August as liquidations decrease after July. They pointed out that Bitcoin futures have recently been weak due to the liquidation of Gemini and Mt. Gox creditors and the sale of seized Bitcoin by the German government. Analysts said that these liquidations may subside after July and expect Bitcoin futures to rebound from August, in line with the recent rise in gold futures. "We believe momentum traders such as commodity trading advisors have played a major role in driving gold futures. Gold's momentum signal surged in July to overbought territory last April," the analysts said. Gold is expected to benefit from the potential re-election of Donald Trump, according to JPMorgan analysts. Analysts said some investors see Trump as more favorable to cryptocurrency companies and regulation than the current Biden administration. They added that Trump's potential trade policies could lead to more diversification into gold by emerging market central banks, especially China's central bank.
▌Open interest in Bitcoin contracts across the network exceeds $36.5 billion
According to Coinglass data, the total open interest of Bitcoin futures contracts on the entire network is 547,920 BTC (about 36.51 billion US dollars). Among them, the open interest of CME Bitcoin contracts is 171,150 BTC (about 11.38 billion US dollars), ranking first; the open interest of Binance Bitcoin contracts is 118,920 BTC (about 7.92 billion US dollars), ranking second.
▌Glassnode: CEX Bitcoin deposits remain the largest and most persistent source of selling pressure
Glassnode disclosed data showing that miners have historically been the main source of selling pressure, however, each halving event reduces their supply relevance. Net flows of miners over the past 12 months show that the general change in total weekly balances is about ±500 BTC. Net deposits/withdrawals of centralized exchanges and net flows into ETF on-chain wallets usually fluctuate by ±4000 BTC. Data analysis results show that: 1. High selling pressure from miners often occurs during price fluctuations. 2. After the market hit a new high in March, outflows from ETFs dominated, which was mainly led by GBTC products. 3. The selling pressure from the German government in the past few weeks has been huge, however, most of the outflows occurred after the price fell to $54,000, indicating that the market effectively preempted the news, and Bitcoin deposits on centralized exchanges remain the largest and most persistent source of selling pressure.
Important economic developments
▌High-level consumption of new energy needs to be solved through multiple paths
According to Jinshi Data on July 21, under the situation of rapid growth of new energy, how to do a good job in new energy consumption and maintain the reasonable level of new energy utilization has become the focus of attention in the industry. In the view of industry insiders, under the background of rapid development of new energy in my country, the problem of new energy consumption is imminent. All parties need to coordinate and solve the relationship between large-scale development of new energy and high-level consumption, as well as ensuring the safe and reliable supply of electricity, and scientifically arrange the layout of new energy development, production sequence, and consumption direction in combination with the consumption capacity, escort the high-quality development of the new energy industry, and help build a new power system. (China Energy News) (Jinshi Data APP)
Golden Encyclopedia
▌What is an infinite coin minting attack?
An infinite minting attack is when an attacker manipulates the contract code to continuously mint new tokens beyond the authorized supply limit. This hack is most common in decentralized finance (DeFi) protocols. This attack compromises the integrity and value of a cryptocurrency or token by creating an unlimited number of tokens.
Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.
