Headlines
▌Julian Assange to be released after reaching plea deal with US
WikiLeaks founder Julian Assange is expected to be released after reaching a plea deal with US authorities that will equal the time he served in a UK prison. Assange will plead guilty to one charge brought by the US of conspiracy to obtain and disclose national defence information. In return, he will serve a 62-month sentence, the same time he has served in Belmarsh Prison in London. Assange is an Australian citizen and will be free to return to Australia upon his release.
▌ECB releases first CBDC progress report
The European Central Bank (ECB) released its first Central Bank Digital Currency (CBDC) progress report on June 24, with a focus on privacy protection. The ECB promises to prevent individual transactions from being tracked through pseudonymization, hashing functions and encryption, and payment service providers are not allowed to use consumer financial data without individual consent. The report also introduces methods to support offline transactions. The newly established "Rulemaking Group" will submit a draft CBDC technical and regulatory framework by the end of 2024. Privacy issues remain a major concern for CBDC, and opposition continues to grow in the crypto community.
Quotes
As of press time, according to Coingecko data:
The latest transaction price of BTC is $60,370.9, with a daily change of -4.4%;
ETH's latest transaction price is $3,357.35, with a daily change of -1.9%;
BNB's latest transaction price is $567.90, with a daily change of -1.6%;
SOL's latest trading price is $132.26, with a daily change of +3.9%;
DOGE’s latest trading price is $0.119, with a daily change of -2.6%;
XPR’s most recent trading price was $0.474, with a daily change of -1.1%.
policy
▌The Biden administration rehired its former cryptocurrency adviser Carole House
The Biden administration announced that Carole House, a key official who advised and co-wrote President Biden’s 2022 executive order on cryptocurrencies and digital assets, has returned to the government. House will serve as a special adviser to the White House National Security Council, focusing on “critical infrastructure policy” and cybersecurity. She said: “It is an honor to serve again to shape the future of a secure and trusted digital economy.”
House’s return to the White House comes as Biden works to bolster his credentials in cryptocurrency in response to former President Trump’s enthusiastic embrace of the digital asset industry. House most recently served as a “executive in residence” at Terranet Ventures, a cryptocurrency-focused venture capital firm. She has extensive government experience, having served as an adviser to the Commodity Futures Trading Commission and the National Security Council.
Dave Grimaldi, executive vice president of the Blockchain Association, a cryptocurrency lobbying group, described House as a "pragmatic expert" and believed that her pragmatic approach would have a positive impact on the Biden team. House has always been moderately supportive of cryptocurrencies, emphasizing their potential for international economic applications while also not forgetting to emphasize the need for strengthened law enforcement.
Iranian officials slam blockchain game Hamster Fight as a soft power tool
Iranian government officials and hardliners have strongly criticized the popularity of the blockchain game Hamster Fight, arguing that the simple play-to-earn click game is a soft power tool used by Western countries. Iran's military deputy chief of staff Habibollah Sayaria and religious leader Ayatollah Nasser Makarem Shirazi accused the game of attempting to divert Iranians' attention from the upcoming presidential election. In addition, they view the entire cryptocurrency field as rife with fraud. Despite Iran's severe economic difficulties, including Western sanctions and high inflation, blockchain games like Axie Infinity have quickly taken off in the developing world, providing residents with a significant source of economic income.
Blockchain Applications
Blockchain developers warn of centralization risks in crypto AI race
In an interview, Julian Peh, CEO of Kip Protocol, warned that the risk of centralization has emerged in the field of AI as Fetch.ai, AGIX and Ocean Protocol merged into the $7.5 billion Alliance for Artificial Super Intelligence (ASI). He pointed out that companies like OpenAI are training giant models with collective data and have full control over the regulatory process, which may lead to individuals losing their economic participation rights in the future. Peh emphasized that if you want to have a say in the AI-driven future, you must take back the ownership of data and knowledge. He introduced that Kip Protocol aims to provide decentralized AI infrastructure for blockchain developers to promote fair competition and resource sharing. In addition, Fetch.ai CEO Humayun Sheikh said that the protocol is ready to generate revenue in the short term by deploying proxy networks and commercial products.
▌Report: DePIN and SwanChain will disrupt the cloud computing industry
According to a Cointelegraph Research report, the DePIN network and SwanChain ecosystem are expected to disrupt the cloud computing market. The cloud computing market is expected to reach $2.3 billion by 2032, but it is currently dominated by a few companies and is high risk. DePIN and DeREN can reduce these risks, improve data processing security and transparency, and reduce costs. SwanChain's decentralized platform meets computing and storage needs through a bidding market, with costs 40-50% lower than AWS and others. The report also pointed out that the application of zero-knowledge computing technology on the SwanChain platform demonstrated its large-scale processing capabilities.
▌Aave community member proposes to add dlcBTC to Aave V3 on Ethereum and Arbitrum
Aave’s official governance forum shows that community member akibalogh initiated a proposal to add dlcBTC to Aave V3 on Ethereum and Arbitrum. dlcBTC is a decentralized wrapped Bitcoin on Ethereum.
Cryptocurrency
▌In the past 24 hours, the entire network has liquidated $375 million
Data shows that in the past 24 hours, the entire network has a liquidation of 375 million US dollars, of which long orders have a liquidation of 317 million US dollars, short orders have a liquidation of 58.4219 million US dollars, mainly long orders. Among them, BTC liquidation of 181 million US dollars, ETH liquidation of 80.1076 million US dollars.
▌Since the start of the UEFA Euro 2024, the market value of fan tokens has fallen by 13%
The 2024 European Football Championship kicks off on June 15, and on the surface, one might think that football-related cryptocurrency tokens, especially those related to soccer, would perform very well during the quadrennial event. However, the reality is quite the opposite. The Block’s Sports Token Index, which tracks the performance of fan tokens of prominent European soccer teams, was one of the worst performing baskets of assets on the market this week.
The index has fallen sharply since the tournament began on June 15, with the cumulative market capitalization of these tokens down by about 12.8% at the time of publication. Over the same period, the price of Bitcoin has fallen by 3%, while the price of Ethereum has risen by about 1%.
▌ZK token valuation drops to $3.4 billion, down 40% from launch
Data shows that the ZKsync Era token ZK currently has a market value of approximately US$600 million, with a fully diluted valuation of US$3.4 billion as of press time, a 40% drop from its valuation when it was launched on June 17.
The Block analysts pointed out that this may be due to the continued selling pressure from airdrop recipients and poor overall market conditions. The 7-day moving average of active addresses on Zync Era hit an all-time high of nearly 675,000 on the day of the ZK token launch, but just three days after the token launch, the number of active addresses was halved.
▌Kansas City Fed studies stablecoin insurance costs
A study by the Federal Reserve Bank of Kansas City found that the cost of stablecoin insurance is higher than bank deposit insurance. Since 2019, the average annual insurance cost of four unnamed stablecoins has been 3.2%, but it has fallen below 1% in the past year, while the cost of bank FDIC insurance is 2.5 to 42 basis points. Stablecoin prices and issuance are more volatile, and capital buffers are smaller, averaging only 0.9%. Despite this, the insurance cost can be covered by the interest on stablecoin reserves.
Important economic developments
▌The probability of the Federal Reserve keeping interest rates unchanged in August is 89.7%
According to CME's "Fed Watch", the probability of the Fed keeping interest rates unchanged in August is 89.7%, and the probability of a 25 basis point rate cut is 10.3%. The probability of the Fed keeping interest rates unchanged in September is 32.3%, the probability of a cumulative 25 basis point rate cut is 61.1%, and the probability of a cumulative 50 basis point rate cut is 6.6%.
▌The Federal Reserve proposes a more relaxed version of the bank capital reform plan
The Federal Reserve has shown other regulators a document with possible changes to bank capital reforms that would significantly reduce the burden on Wall Street banks, according to people familiar with the matter. The revised bill would withdraw key parts of the landmark proposal, the people said. The Fed's document did not include updated estimates of how much additional capital large banks must hold to cushion financial shocks. But preliminary calculations show that the proposed changes could result in a minimum increase of 5% of total capital, the people said. The initial version called for an overall increase of 16%. The major revision of the plan is more likely to meet Federal Reserve Chairman Jerome Powell's goal of attracting broad support from the Fed's board of directors.
▌Fed's Daly: If inflation falls rapidly or the job market weakens beyond expectations, it is necessary to cut interest rates
Fed's Daly said that if inflation falls slower than expected, the policy interest rate must remain at a high level for a longer time; if inflation falls gradually and the labor market rebalances slowly, then the Fed can gradually adjust its policy; if inflation falls rapidly or the labor market weakens more than expected, it will be necessary to lower the policy interest rate.
Golden Encyclopedia
▌What is an infinite coin minting attack?
Infinite minting attacks occur when an attacker manipulates the contract code to continuously mint new tokens beyond the authorized supply limit. Malicious actors may profit from such attacks by selling illegally created tokens or interfering with the normal operation of the affected blockchain network. The prevalence of infinite minting attacks highlights the importance of conducting thorough code audits and incorporating security measures into smart contract development to prevent such vulnerabilities.
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.