Headlines
▌US presidential candidate: Cryptocurrency is a symbol of freedom and transparency
U.S. presidential candidate Robert F. Kennedy Jr. said a guilty verdict for Trump could boost his chances in November. Kennedy is running as an independent candidate against both Trump and Biden. He said more than half of his supporters would switch to Trump if he dropped out of the race. At a cryptocurrency conference, Kennedy agreed on the importance of technology and supported Trump's new cryptocurrency stance. He believes that cryptocurrency is a symbol of freedom and transparency. Kennedy stressed the need for cryptocurrency regulation to protect consumers from deception.
▌ETC network has completed the reduction of production, and the block reward has dropped from 2.56 ETC to 2.048 ETC
On May 31, 2024, the Ethereum Classic (ETC) network has successfully completed the production reduction ("Fifthening"), and the block reward has dropped from 2.56ETC to 2.048ETC. The halving occurred at a block height of 20000001, which was packaged by K1Pool; the last block before the halving was packaged by F2Pool. At present, the ETC network's computing power is about 180T, and it has continued to rise steadily by about 50% in the past year.
Quotes
As of press time, according to Coingecko data:
The latest transaction price of BTC is $67,271.29, with a daily change of -1.47%;
ETH's latest transaction price is $3764.44, with a daily change of +0.77%;
BNB's latest transaction price is $593.90, with a daily change of -0.38%;
SOL's latest trading price is $166.66, with a daily change of -0.7%;
DOGE’s latest trading price is $0.1578, with a daily change of -0.25%;
XPR’s most recent trading price is $0.5189, with a daily change of -0.23%.
policy
▌Hong Kong Acting Financial Secretary: We will make every effort to promote financial innovation in key areas including Web3-related DeFi, virtual assets, etc.
In his keynote speech at the 2024 Caixin Summer Summit held today, the Acting Financial Secretary of the Hong Kong Special Administrative Region Government, Michael Wong Wai-lun, said that Hong Kong will continue to fully promote financial innovation, with key areas including DeFi (decentralized finance) and virtual assets related to financial technology, green finance, Web3 (third-generation Internet). The SAR government will ensure that financial risks are stabilized at a controllable level. On the other hand, it will continue to expand the interconnection between Hong Kong and mainland China's financial markets.
Coinbase Chief Legal Officer: Questioning the SEC’s rejection of our rulemaking application
Paul Grewal, Chief Legal Officer of Coinbase, wrote that today, we filed closing arguments with the Third Circuit, challenging the SEC’s rejection of our rulemaking application. The heart of this case lies in an assertion in the SEC’s order of rehearing. “Disagreeing” that the SEC’s rules are not applicable to digital asset companies—this sentence does not provide any rational decision; it provides no reason at all. For this basic reason alone, the SEC’s order must be revoked. Without proper authorization from Congress and without clear rules, the SEC cannot claim broad jurisdiction over a new industry. It is worth noting that the SEC has repeatedly stated that it does not matter whether the industry can comply with the rules. The SEC is determined to strangle the digital asset industry by the throat and refuses to provide the necessary rules requested by the industry to tighten the squeeze. We thank the Third Circuit for its careful consideration of this matter. At the same time, we will continue to fight for clear rules for the entire industry on every possible occasion.
Blockchain Applications
▌Uniswap Foundation postpones token staking and delegation reward voting
The Uniswap Foundation postponed the UNI token staking and delegation rewards vote originally scheduled for Friday due to an issue raised by a stakeholder that required more attention. The foundation said on social media platform X that they decided to postpone the vote due to the immutability and sensitivity of the proposed upgrade. The news caused UNI prices to fall 8.7% and are currently trading at $10.20. The proposal, which aims to compensate Uniswap stakers and delegators for high-quality participation, was originally scheduled for a vote on May 31. The foundation said it would keep the community informed of any major changes and update once it has a clearer grasp on future timelines.
▌Bloomberg analyst: ARK will not promote Ethereum ETF at present
Bloomberg ETF analyst Eric Balchunas said that ARK issued a statement about not conducting Eth spot business. He said that ARK believes in the transformative potential of Ethereum and the long-term value of the Ethereum blockchain, but at present, ARK will not promote the Ethereum ETF: We will continue to evaluate effective methods to provide our investors with opportunities to access this innovative technology and fully unleash its advantages. Golden Finance previously reported that Bloomberg ETF analyst Eric Balchunas said that 21Shares is currently conducting a spot Ethereum ETF alone, and ARK has been removed from the file and name, but they are still partners in Bitcoin and futures ETFs.
Cryptocurrency
▌L1 blockchain Self Chain announces token economics, total supply is 360 million
L1 blockchain Self Chain announces token economics, with a total supply of 360 million SLF tokens. Distribution method: Migration allocation (25%): This allocation allows certain token holders to seamlessly migrate their tokens to SLF on the self-chain, ensuring a smooth transition. Equity investor allocation (10%): This allocation recognizes the early supporters of Self Chain and recognizes the role they played in the development of the project. Validator nodes/growth sales (28%): Self Chain seeks to expand its validator network and invite well-known people to enhance the decentralization of the network. Ecosystem (19%): Foster ecosystem programs through grants and incentives to promote meaningful contributions to the Self Chain project. Foundation nodes (10%): The Self Chain Foundation will run a set of foundation nodes to ensure the stability and functionality of the blockchain at birth. Team (8%): A portion of SLF tokens are allocated to the Self Chain team and core developers to support long-term research, development and ecosystem initiatives.
▌Hong Kong Monetary Authority: Some criminals use the Digital Hong Kong Dollar Pilot Program to carry out fraudulent activities
According to official news, the Hong Kong Monetary Authority (HKMA) has noticed that some criminals have used projects related to the Hong Kong Monetary Authority (HKMA), such as the Digital Hong Kong Dollar (e-HKD) Pilot Program and the Cross-Border Wealth Management Connect Mechanism, to carry out fraudulent activities. The HKMA solemnly reminds the general public that the public (whether mainland residents or Hong Kong residents) need to be vigilant and guard against being deceived. The HKMA has received inquiries from the public claiming that a certain company was selected for the Digital Hong Kong Dollar Pilot Program and would release digital Hong Kong dollars, equity and dividends to attract public investment. The HKMA has reported the incident to the Hong Kong police.
▌Bloomberg ETF Analyst: US Spot Ethereum ETF May Be Launched at the End of June
Bloomberg ETF analyst Eric Balchunas said it is reasonable that a U.S. spot Ethereum ETF could launch by the end of June after BlackRock and Grayscale updated their filings. A mid-June launch is unlikely, with the product expected to be listed on July 4 at the latest. Balchunas' expectations are influenced by the timing of the issuer's S-1 statement. He commented on BlackRock's May 29 S-1 amendment, which he noted did not include fees and other important data, making it a near-final version. Grayscale filed an S-3 amendment for its fund on May 30, updating the fund to explicitly prohibit staking. The two statements mark one of the last necessary steps before these funds begin trading.
Important economic developments
▌Interest rate swap market pricing remains stable, and the Federal Reserve is expected to cut interest rates at least once in 2024
After the release of the US PCE data, pricing in the interest rate swap market remained stable, and it is expected that the Federal Reserve will cut interest rates at least once in 2024.
▌The three major U.S. stock indexes closed with mixed gains and losses
Golden Finance reported that the Dow Jones Industrial Average closed up 1.52%, with a cumulative increase of 2.3% in May; the Nasdaq closed flat in a "V" shape, falling more than 1.7% during the session, with a cumulative increase of 6.88% in May; the S&P 500 index rose 0.81%, with a cumulative increase of 4.8% in May. Popular technology stocks rose and fell, with Amazon falling more than 1%, Nvidia falling less than 1%, and Microsoft, Apple, and Google rising less than 1%.
Golden Encyclopedia
What is ERC-404?
ERC-404 is an experimental token standard that combines elements of the ERC-20 and ERC-721 token standards to produce tokens with properties of both fungible and non-fungible tokens. Named after the famous webpage error code "Error 404", the ERC-404 token standard enables NFTs to be subdivided within the limits of the Ethereum network. This is achieved by linking NFTs to fungible tokens to implement fractional division.
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.