Headlines
Market News: US CFTC is investigating Jump Crypto
Odaily Planet Daily News According to market news, the U.S. Commodity Futures Trading Commission (CFTC) is investigating Jump Crypto. Jump has always been known as one of the leading players in the field of high-frequency trading. In September 2021, the company announced the establishment of its encryption department Jump Crypto. It is not clear whether the U.S. Commodity Futures Trading Commission is considering bringing any charges against the company. (Fortune)
3 iQ files for North America’s first Solana ETF
Odaily Planet Daily News According to Bloomberg analyst James Seyffart, 3 iQ has just submitted documents to launch the first Solana ETF in Canada (that is, North America). It plans to use the code $QSOL for listing.
LayerZero: Users need to donate $0.1 for each ZRO to receive it
Odaily Planet Daily reported that LayerZero published an article on the X platform stating that LayerZero has launched a new Claim mechanism called "Proof of Donation" and will donate approximately $18.5 million to the Ethereum developer funding mechanism ProtocolGuild. To claim ZRO, users must donate $0.10 USDC, USDT, or native ETH for each ZRO. This small donation will be donated directly to ProtocolGuild. The LayerZero Foundation will match all donations (donate an amount equal to the user's donation), up to a maximum of $10 million.
LayerZero announces token economic model, with investors and team accounting for 57.7% of the shares
Odaily Planet Daily News LayerZero has officially announced the token economic model of ZRO. The total supply of ZRO is 1 billion, and the specific distribution is as follows: 1. 38.3% will be allocated to the LayerZero community. Among them, 8.5% of the airdrop will be released in today's TGE; 15.3% will be retained and allocated to users, protocols, developers or community members in the future; 14.5% will be managed by the LayerZero Foundation, and 5% will be released at the beginning of TGE for ecological growth, donation plans and liquidity supply. 2. 32.2% will be allocated to strategic partners, including investors and consultants. This part of the share will be locked for 1 year and then unlocked monthly within 2 years; 3. 25.5% will be allocated to core contributors, including existing and future team members. This part of the share will be locked for 1 year and then unlocked monthly within 2 years; 4. 4% of the supply has been repurchased by LayerZero Labs and will be invested in the community share.
Industry News
Miners' Bitcoin balances fall to 14-year low
According to IntoTheBlock, the Bitcoin balance of miners has dropped to the lowest level in 14 years, from 1.95 million at the beginning of the year to 1.9 million. Lucas Outumuro, head of research at IntoTheBlock, said that over time, due to the profit pressure brought by halving, the Bitcoin held by miners is expected to continue to decrease, making them more likely to sell their reserve Bitcoin. (Cointelegraph)
MicroStrategy Completes $800 Million Convertible Notes Offering
Odaily Planet Daily reported that according to official news, MicroStrategy completed the issuance of $800 million convertible notes at a coupon rate of 2.25% and a conversion premium of 35%, including $100 million in notes issued pursuant to the purchase agreement under which the initial purchaser had a purchase option granted. The purchase option was granted to the initial purchaser within 13 days from the date of the first issuance of the notes, and the initial purchaser exercised all of them on June 17, 2024. The additional purchase was completed on June 18, 2024.
MicroStrategy has purchased an additional 11,931 BTC worth approximately $786 million
Odaily Planet Daily reported that MicroStrategy has purchased an additional 11,931 BTC, worth approximately US$786 million. As of June 20, 2024, MicroStrategy holds 226,331 BTC, with an average price of US$36,798 per Bitcoin, worth approximately US$8.33 billion.
Bitwise publishes Ethereum advertisement, possibly hinting at launching a related ETF
Odaily Planet Daily News: According to Bloomberg ETF analyst James Seyffart’s disclosure on the X platform, Bitwise released a funny Ethereum advertisement, which may hint at the launch of related ETFs. It is reported that the advertisement said: Unlike large financial institutions, Ethereum will not go off work at 4 pm.
Bloomberg Analyst: Hashdex’s BTC and ETH Dual ETF Application Could Add Other Cryptocurrencies
Odaily Planet Daily News: James Seyffart, ETF analyst at Bloomberg Industry Research, said that Hashdex's application for a dual ETF of BTC and ETH is "very meaningful". If the US SEC decides to approve it, the terms contained in the application will also allow Hashdex to add other cryptocurrencies to the fund in the future, which will turn the fund into a crypto index. Hashdex already has a DeFi index fund, a Web3 index fund, and a metaverse index fund, each of which contains at least a dozen cryptocurrencies. According to the relevant process, the SEC must respond to the dual fund application by March 2025. (DL News)
The first Bitcoin ETF approved by the Australian Stock Exchange has a trading volume of $1.3 million on the first day
Odaily Planet Daily News: The first approved Bitcoin ETF on Australia's main stock exchange, the Australian Securities Exchange, had a first-day trading volume of $1.3 million, far less than the first-day trading volume of the US Bitcoin spot ETF. VanEck, the issuer of the VanEck Bitcoin ETF (VBTC), previously told Cointelegraph that despite the different market sizes, the product will maintain similar growth to the US spot Bitcoin exchange-traded funds, which is optimistic. (Cointelegraph)
Gemini: Final distribution of funds to Earn users has been received, and equivalent assets have been fully returned in kind
Odaily Planet Daily News Crypto exchange Gemini Trust released an update for Earn users on the X platform. The final distribution of funds for the Earn product has now arrived, and the last batch of funds accounts for approximately 3% of the remaining digital assets owed by Genesis to Earn users (as of the withdrawal suspension date of November 16, 2022). With this final distribution, Earn users will receive 100% of the owed assets in kind, which represents Gemini’s asset value recovery of up to 237% (an increase of $1 billion in value) since Genesis suspended withdrawals. This process has officially ended.
CertiK: All funds have been returned but it is inconsistent with Kraken’s requirements and no bug bounty has been requested
Odaily Planet Daily News CertiK responded to the recent dispute with Kraken on the X platform: 1. Did any real users lose funds? No. Cryptocurrencies are minted out of thin air, and no real Kraken users' assets are directly involved in our research activities; 2. Did CertiK refuse to refund? No. In our communication with Kraken (via email and video conference), we always assured them that we would return the funds. 3. Did CertiK really return the funds, and how much was the total amount? Yes, we returned all the funds, but the total amount was different from what Kraken requested. We returned the funds based on records. 4. Did the returned funds match Kraken's requirements? The returned amount did not match what Kraken requested. We returned 734.19215 ETH, 29,001 USDT, and 1021.1 XMR, while Kraken requested a refund of 155818.4468 MATIC, 907400.1803 USDT, 475.5557871 ETH, and 1089.794737 XMR. 5. Why did CertiK conduct multiple large-scale tests? a. We wanted to test the limits of Kraken's protection and risk control; b. After multiple tests over multiple days, involving nearly 3 million worth of cryptocurrencies, but without triggering an alarm, we still have not determined the upper limit; 6. Did CertiK disclose the details of the vulnerability to Kraken? Yes. We sent a detailed report to Kraken via email, and Kraken claimed to have resolved the issue 47 minutes later based on our report. 7. Did CertiK notify Kraken in a timely manner? Yes. Our testing lasted for five days, and after we got the test results, we contacted Kraken in various ways and sent a detailed report. 8. Is CertiK participating in the Kraken bounty program? No. We contacted Kraken Official and CSO Nick through X, LinkedIn, and finally sent a detailed report via email. 9. Did CertiK ask for a bounty? No. We did not ask for a bounty. It was Kraken who first mentioned their bounty to us, and we responded that the bounty was not a priority topic and we wanted to make sure this issue was resolved. 10. Why didn't CertiK submit a complete list of transactions to Kraken? a. We reported a large number of deposit addresses to Kraken from day one.Using the information we provided, Kraken was able to identify all transactions and indeed locked all related accounts. b. We have disclosed all deposit transactions to the public.
Kraken Chief Security Officer: Confirmed that the funds withdrawn due to the previous vulnerability have been returned
Odaily Planet Daily News: Nick Percoco, Chief Security Officer of Kraken Exchange, posted an update on the X platform, saying that it can now be confirmed that the funds withdrawn due to the previous vulnerability have been returned (excluding a small amount of fee losses).
OpenAI co-founder Ilya Sutskever launches new AI company Safe Superintelligence
Odaily Planet Daily News: Ilya Sutskever, one of the co-founders of OpenAI, has founded a new artificial intelligence company, Safe Superintelligence. The company said on its website: "Our single focus means that we will not be distracted by overhead or product cycles, and our business model means that safety, security and progress are not affected by short-term commercial pressures." Sutskever co-founded Safe Superintelligence with Daniel Gross, former Apple artificial intelligence director and co-founder of social application Cue, and Daniel Levy, a former OpenAI researcher. The company has offices in Palo Alto and Tel Aviv. (TechinAsia)
Project News
Fantom Foundation Establishes Sonic Labs Innovator Fund, to Invest Up to 200 Million FTM
Odaily Planet Daily reported that according to official news from the Fantom Foundation, the Fantom Foundation announced the establishment of the Sonic Labs Innovator Fund, which will invest up to 200 million FTMs to attract more innovative mainstream dApp applications to migrate to the Sonic network.
Blast announces airdrop will start in a week
Odaily Planet Daily News Blast announced on X that there is still 1 week left before the airdrop starts. DApps must allocate all Gold and Points to users before 20:00 on June 25 to be counted in the airdrop. The specific requirements are as follows: Points and Gold must be in the user's EOA to be counted in the airdrop; Points and Gold that remain in the smart contract before the airdrop date will be excluded from the calculation. Any suspicious or internal DApp allocation will be reviewed and may result in it being blacklisted in future collaborations. If a user has Points or Gold in their EOA account, they must have logged in to the Blast dashboard with that EOA at least once (by accepting an invitation or linking it to an existing account) to be included in the airdrop. Don't forget to link an embedded wallet (such as Privy) either.
Analysis: LayerZero market makers include GSR, Wintermute, Amber and six others
Odaily Planet Daily News: According to the monitoring of on-chain data analyst @Noah_nftn, there are six LayerZero market makers, namely: @GSR_io, which received 11 million ZROs; @wintermute_t, which received 6.5 million ZROs; @ambergroup_io, which received 5.69 million ZROs; @Auros_global, which received 360,000 ZROs; @animocabrands, which received 800,000 ZROs; the sixth is an unknown institution, which received 500,000 ZROs.
The ether.fi community launched its first proposal to increase ETHFI on-chain liquidity and increase treasury holdings
Odaily Planet Daily News Ethereum liquidity pledge protocol ether.fi Foundation announced on X that its first community proposal has been launched, aiming to increase ETHFI on-chain liquidity and increase treasury holdings. The proposal proposes to purchase ETHFI with 50% of the protocol's revenue. Initially, 5% of monthly revenue will be used, and future growth will be determined by community voting. Revenue comes from Staking and Liquid vault. Any future product revenue for this purpose will be processed in subsequent votes. The purchased ETHFI will be used to establish a treasury and establish a liquidity pool on Curve to increase ETHF's on-chain TVL.
Solana Ecosystem Re-staking Protocol Solayer Will Reopen Epoch 2
Odaily Planet Daily News: Solana Ecosystem Re-staking Protocol Solayer published a post on X stating that Epoch 2 will reopen at 0:00 on June 21. The details are as follows: Epoch 2 will be open for 24 hours (no upper limit); native SOL deposits are prioritized; withdrawals will be open at Epoch 3.
Jupiter: Details of proposal to reduce JUP token supply to be disclosed
Odaily Planet Daily News: Jupiter posted on the X platform that yesterday its co-founder Meow released a draft of the J 4 J plan, which proposed three core ideas: 1. Reduction of total supply (proposal) 2. Expansion of Jupuary and ASR (proposal) 3. Community first (CEF philosophy) These contents will be elaborated in more detail and presented to the community later.
Zeta Markets opens airdrop query, snapshot date is June 7
Odaily Planet Daily reported that Zeta Markets opened airdrop inquiries. The snapshot date was June 7. The initial ZEX airdrop accounted for 8% of the total supply, 7% was allocated based on the user's total Z score at the time of the snapshot, and the remaining 1% was allocated to community partners' event participants.
Ethereum Domain Name Service ENS Launches ENS v2 Project Plan
Odaily Planet Daily News: Ethereum domain name service ENS announced on the X platform that it will launch the ENS v2 project plan, which aims to expand ENS to Layer 2. The relevant plan includes redesigning the protocol architecture from scratch until the final implementation. It is reported that ENS v2 is divided into 5 phases, and ENS also launched a very detailed technical design document and FAQ.
Pacmoon V3 is now online
Odaily Planet Daily News Blast Ecosystem Meme Project Pacmoon announced on X that Pacmoon V3 has been launched. In addition, the official plans to extend the airdrop period. V2 points have been recorded, and PAC airdrops will be carried out at the end of July. V3 points are currently being tracked.
Insider: Trump campaign has no connection with meme coin DJT
Odaily Planet Daily News: Recently, there have been rumors that the Meme coin DJT was issued with the support of Trump, which has attracted industry attention. The lack of communication from the Trump campaign on the matter has caused the public to question the authenticity of the relevant reports. A source revealed that the Trump campaign was not involved in the project. It is worth mentioning that Martin Shkreli, a former pharmaceutical executive, once advocated DJT as the "official Trump coin" and challenged members of the cryptocurrency community. Although his bet with the pseudonymous trader GCR was as high as $100 million, it was canceled due to disagreements on the terms. Currently, bettors on the Polymarket platform now believe that there is a 3% chance that Trump or his family members or employees will issue the token. The liquidity of the bet is nearly 2.5 million US dollars and reached a peak probability of 59% on June 17. (DL News)
Arkham Confirms ZachXBT Completes $150K “Who’s the DJT Creator” Bounty
Odaily Planet Daily News Arkham officially announced on X that the on-chain detective ZachXBT has completed the bounty on "Who is the real creator of DJT". After the bounty task was released, ZachXBT has submitted conclusive evidence to prove that Martin Shkreli is the creator of DJT. Earlier news, Arkham launched a task on X yesterday, announcing a bounty of $150,000 to find the creator of DJT.
Investment and Financing
Market News: Bitflyer will acquire FTX’s Japanese subsidiary, the acquisition price is expected to be billions of yen
Odaily Planet Daily News According to market news, cryptocurrency exchange Bitflyer will acquire FTX Japan, the Japanese subsidiary of the bankrupt FTX, and the acquisition price is expected to be billions of yen.
Modular blockchain Particle Network completes $15 million Series A financing, led by Spartan Group and others
Odaily Planet Daily News: Modular blockchain Particle Network announced the completion of a $15 million Series A financing round. Spartan Group and Gumi Cryptos Capital jointly led this round of financing, and SevenX Ventures, Morningstar Ventures, Flow Traders, HashKey Capital and others participated in the investment. It is reported that this round of financing was completed through the Simple Agreement for Future Tokens. Particle's main product is a "universal account" that allows users to use funds and transactions from different blockchains. (TheBlock)
Web3 gaming platform Farworld Labs completes $1.75 million in financing, led by Variant and others
Odaily Planet Daily News Web3 game platform Farworld Labs has completed a $1.75 million financing, led by Lemniscap and Variant, with participation from Base Ecosystem Fund and Coinbase Ventures. This round of financing will be used to release products in the third quarter and launch its decentralized Farcade platform for developers to build Web3 games. (venturebeat)
White label crypto cashback provider Bring completes $1.1 million SAFE round of financing, Starkware participates
Odaily Planet Daily News: Bring, a white label cryptocurrency cashback provider, announced the completion of a $1.1 million SAFE round of financing, with Starkware participating. It is reported that Bring currently supports cashback when purchasing fashion, electronics, health and beauty, travel services and other goods at 450 retailers. Web3 wallets and exchanges have integrated Bring's white label solution to provide users with cashback services. (chainwire)
Web3 and XR gaming company Saltwater Games completes new round of financing, Animoca Brands participates
Odaily Planet Daily News: Saltwater Games, a UK-based Web3 and XR game company, announced the completion of a new round of financing, with Animoca Brands participating. The specific amount has not been disclosed. This round of financing was carried out through a seed SAFT (Simple Agreement for Future Tokens). Animoca Brands' support is intended to promote the integration of Saltwater Games' Arbitrum Orbit L3 blockchain XR One with Animoca's membership network Mocaverse. (Blockchain Gamer)
CoinList launches Nillion Network token public offering, plans to distribute 35 million NIL
Odaily Planet Daily News According to the official announcement, Nillion Network has launched its NIL token issuance on the Coinlist platform, with a community round financing valuation of $400 million. It will provide exactly the same (or higher) token supply percentage as the A round, and the purchase time is from 1:00 on June 20, 2024 to 1:00 on June 27. The sale will provide 35 million NIL (3.5% of the total supply), and the TGE will be around late August 2024.
Regulatory trends
Fed's Kashkari: It may take a year or two to get inflation back to 2%
Odaily Planet Daily News: Fed Chairman Kashkari said it may take one or two years for inflation to fall back to 2%. Inflation cannot return to 2% at present. It is not ideal for the economy to have only 5-6 large banks in the United States. The interest rate outlook depends on the economic path. (Jinshi)
Kenyan police drop Worldcoin investigation
Odaily Planet Daily News According to an official statement from the National Police Department's Criminal Investigation Department (DCI), the Kenyan police have abandoned their investigation into Worldcoin. The statement, dated June 14, 2024, responded to a request from Worldcoin lawyers for an update on the status of the investigation submitted in May 2024. According to the DCI, the Kenyan Public Prosecution Department agreed and ordered the closure of the Worldcoin case, and the police did not need to take further action. The agency stated: "DCI quickly and objectively investigated a series of allegations of Worldcoin's activities in Kenya in March 2022, involving allegations of illegal collection and transfer of sensitive personal data." (Cointelegraph)
Character*Voice
Arthur Hayes: Bank of Japan's selling of US debt triggers speculation on US dollar liquidity, and cryptocurrencies are expected to usher in a new round of bull market
Odaily Planet Daily News BitMEX co-founder Arthur Hayes published an analysis in his personal blog that Japan's fifth largest bank, Norinchukin Bank, recently announced that it would sell US$63 billion worth of US and European bonds. This indicates that other Japanese banks may follow suit and sell up to US$450 billion in US bonds in total. Hayes pointed out that the reason why Japanese banks sold US bonds in large quantities is that the US-Japan interest rate differential has widened sharply, resulting in a sharp increase in the foreign exchange hedging cost of holding US bonds, and holding these bonds has begun to lose money. In the election year, US Treasury Secretary Yellen is likely to ask the Bank of Japan to absorb these sold bonds through the Federal Reserve's FIMA repurchase tool to avoid a sharp rise in US bond yields and trigger financial market turmoil. Hayes believes that if the Federal Reserve prints money on a large scale to buy back the US bonds sold by Japan, it will bring a new round of US dollar liquidity to the cryptocurrency market and boost a new round of cryptocurrency bull market. Hayes said that in order to maintain the current US dollar-based financial system, the supply of US dollars must increase, which will undoubtedly push up the prices of crypto assets including Bitcoin.
Greeks.live: This week, the volume of forward options has increased significantly. The end of the third quarter is generally the time when the market picks up.
Odaily Planet Daily News Greeks.live Macro Researcher Adam posted on the X platform that the quarterly delivery will begin at the end of June. This week, the forward option trading volume has increased significantly, mainly in the form of large call option combinations. From the option data, although the RV fluctuates greatly, the IV has been relatively stable in the past two weeks, both in absolute value and in terms of change level. According to past experience, there is often no big market before the quarterly delivery. The trend in the second quarter of this year is relatively weak, which is also in line with the historical experience of previous years. The trend in the third quarter is generally struggling, and the end of the third quarter is generally the node for the market to pick up.
Andrew Kang: Bitcoin will not fall below $50,000, and Ethereum's upward limit this year is around $4,000
Odaily Planet Daily News Mechanism Capital co-founder Andrew Kang wrote on X: "Some market views currently show that experts suggest that the time for seeking approval/ETFs to be added to wealth management platforms has been postponed from the originally planned end of May to the fourth quarter. Although the market momentum has turned from up to down due to the lack of a large amount of ETF inflows, I firmly believe that Bitcoin is still strong and will not fall below $50,000. Although the weekly chart may indicate a double top, I think the market structure has changed significantly compared with previous cycles. More DCA buyers have created a higher bottom and equilibrium point for Bitcoin, while large momentum players (such as 3AC, Alameda, Celsius, etc.) have relatively less leverage. For Ethereum, I predict that its price may remain stable until the ETF is listed, but the upper limit of this year's increase is expected to be around $4,000. However, if the fund flow performance is disappointing or there is a large amount of ETHE selling, its price may fall to between $2,000 and $3,000. I noticed that the publicity and familiarity about Ethereum are unusually high in the market, which also makes investors more interested in ETFs. “Solana has performed well in this cycle, but it has also seen a reflexive effect on the demand for meme coin transactions, which has had an impact in both directions. If meme coin transactions are suspended in the next few months, then SOL could fall to $80 again.”
The ETF Store President: Still Believes Ethereum Spot ETF Will Be Launched Before July 4
Odaily Planet Daily News: Nate Geraci, president of The ETF Store, said on X: "Will there be a series of Ethereum spot ETF S-1 amendments on Thursday and Friday? In my opinion, based on the documents submitted by Bitwise yesterday, there seems to be nothing worthy of attention/comment from the US SEC. I still expect (Ethereum spot ETF) to be launched before July 4. In addition, I would not be surprised if another one or two issuers apply for a Bitcoin and Ethereum combined spot ETF in the next week or so."
LayerZero CEO: There is no mandatory donation. If you don’t want to donate, don’t apply for tokens.
Odaily Planet Daily reported that LayerZero CEO posted on the X platform that there is no forced donation. If you don’t want to donate, don’t apply for tokens. This is not something you own, but something provided by others.
Yearn core developer: LayerZero’s mandatory donations are like a glorified ICO
Odaily Planet Daily News: In response to LayerZero's mandatory donations, Yearn core developer banteg posted on the X platform that mandatory donations are more like a glorified ICO. At the same time, he called for an end to the bulk funding of Protocol Guild because it has been very successful in attracting funds and should look for other smaller initiatives to support.