Daily Quotes (July 1, 2024 10:15 AM)
ChainDD's market data on July 1 shows that the combined DD index and CoinMarketCap quotes are:
BTC was at $63,389.44, up about 4.28% in 24 hours;
ETH was at $3,501.09, up about 4.11% in 24 hours;
BNB was at $585.90, up about 3.02% in 24 hours;
DOT was at $6.28, up about 3.64% in 24 hours;
DOGE was trading at $0.1264, up about 4.68% in 24 hours.
Chain Circle Dynamics
Vitalik publishes article discussing ways to provide faster transaction confirmation times for Ethereum users
Vitalik Buterin published an article titled "A Deeper Look at the Slot-and-epoch Architecture to Provide Ethereum Users with Faster Transaction Confirmation Times". The article points out that although compared with five years ago, thanks to EIP-1559 and the merged stable block time, the transaction confirmation time on Ethereum L1 has been shortened to 5-20 seconds, which is comparable to the credit card payment experience, further reducing latency is still of great value, especially for applications that require latency of several hundred milliseconds or even less.
In the article, Vitalik introduces the practical options that Ethereum has explored to speed up transaction confirmation, focusing on single-slot finality in existing technologies. Currently, Ethereum's Gasper consensus mechanism adopts a slot-and-epoch architecture, but this mechanism is complex and the finality confirmation time is too long (12.8 minutes). SSF uses a mechanism similar to Tendermint to terminate the block before the next block is generated, while retaining the "inactive leakage" mechanism to ensure the stable operation and recovery ability of the chain. The main challenge of SSF is that it will bring a lot of load to the chain, but new proposals (such as Orbit SSF) are working to alleviate this problem. In addition, the article discusses Rollup pre-confirmation and pre-confirmation-based mechanisms.
Vitalik emphasized that the slot-and-epoch architecture is obviously correct, but not all slot-and-epoch architectures are equal. He advocated for a more comprehensive exploration of the design space, especially those options that have a stronger separation of concerns between the two mechanisms to reduce transaction confirmation times and improve user experience.
Vitalik said that L2 can currently adopt three strategies: first, it is based on Ethereum in both technical and spiritual aspects, optimizing itself to convey the technical characteristics and values of Ethereum; second, as a "server with blockchain Scaffold", by adding mechanisms such as validity proof and user rights protection, it can fully utilize the server efficiency while obtaining the benefits of the chain; third, a compromise strategy is adopted to build a fast chain consisting of one hundred nodes, with interoperability and security provided by Ethereum. In the slot-and-epoch architecture, "epochs" represent Ethereum's SSF, and the meaning of "slots" varies in different situations. The key question is to what extent we can optimize the slot-and-epoch architecture based on Ethereum's native, and whether this will affect the application space of other types of pre-confirmation mechanisms. At present, there is still uncertainty about the complexity of block proposers and the design space of the slot-and-epoch architecture. Having more options will help better serve L1 and L2 users and simplify the work of L2 developers.
Cryptocurrency News
In the past 24 hours, the entire network has liquidated $116 million, and the total market value of cryptocurrencies has risen to $2.464 trillion.
According to CoinGecko data, the total market value of cryptocurrencies is $2.464 trillion, with a 24-hour increase of 3.7%. In addition, BTC has a market share of 50.8% and ETH has a market share of 17.1%.
According to Coinglass data, the entire network had a liquidation of US$116 million in the past 24 hours, of which long positions had a liquidation of US$33.5115 million and short positions had a liquidation of US$82.4225 million.
Hong Kong Financial Services License Allows Cryptocurrency and STO Trading
HKbitEX co-founder and chief strategy officer Lu Tingkuang believes that Hong Kong’s cryptocurrency licensing system is more convenient than places like Singapore and the United States. According to Lu Tingkuang, Hong Kong’s crypto asset license allows holders to provide trading services for cryptocurrencies and security tokens (STOs).
At the same time, the fintech expert stressed that regulators in other countries offer licenses for only one asset class, rather than for both. As an example, he cited the US-listed Coinbase, whose license allows trading only crypto assets.
Beosin: In the first half of 2024, the total losses in the Web3 field due to hacker attacks and other reasons reached 1.54 billion US dollars
According to Beosin Alert monitoring and early warning, the total losses in the Web3 field due to hacker attacks, phishing scams and project party Rug Pulls reached 1.54 billion US dollars in the first half of 2024. Among them, there were 78 major attack incidents with a total loss of approximately 1.193 billion US dollars; 64 project party Rug Pull incidents with a total loss of approximately 119 million US dollars; the total loss of phishing scams was approximately 232 million US dollars.
There were 3 security incidents with losses exceeding US$100 million in the first half of 2024. The total loss in May reached US$450 million, making it the month with the highest loss in the first half of 2024.
In terms of the types of projects attacked, CEX suffered the highest losses. The four attacks on CEX caused a total loss of approximately US$392 million, accounting for 32.8% of the total loss from all attacks.
In terms of the amount of losses on each chain, Ethereum is still the chain with the highest amount of losses and the most attacks. 32 attacks on Ethereum caused a loss of $470 million, accounting for 39.4% of the total losses.
In terms of attack methods, there were 22 private key leakage incidents in the first half of the year, causing losses of US$894 million, accounting for about 75% of the total attack losses, making it the highest-proportioned attack type.
Judging from the flow of funds, approximately US$470 million (39.3%) of stolen funds have been frozen or recovered. This ratio has increased significantly compared with 2023.
Among the 78 attack incidents in the first half of the year, 43 were still caused by the exploitation of contract vulnerabilities. It is recommended that project parties seek audits from professional security companies before going online.
Kaiko: Bitcoin Weekend Volume Drops to 16% of Total Volume
The percentage of bitcoin traded on weekends has fallen to an all-time low of 16% this year, according to data from cryptocurrency research firm Kaiko. The drop follows the launch of a spot bitcoin ETF, which appears to have shifted bitcoin trading schedules to more closely align with those of traditional stock exchanges and reduced bitcoin price volatility.
Unlike stocks, cryptocurrencies can be traded around the clock, even on Saturdays and Sundays. In the past, Bitcoin trading was notorious for its "crazy weekends," but this phenomenon seems to be cooling down as Bitcoin weekend trading volume has continued to decline from its 2019 high of 28%. The launch of the Bitcoin ETF may be one of the important reasons.
Kaiko senior analyst Dessislava Aubert said the decline in weekend trading is "a trend that has been going on for years, but ETFs have exacerbated it.
In the past 7 days, the NFT transaction volume on the Polygon chain exceeded US$22.69 million, ranking second, an increase of 33.71% month-on-month.
CryptoSlam data shows that in the past 7 days, Polygon's on-chain NFT transaction volume exceeded US$22.69 million, ranking second, up 33.71% month-on-month.
In the past 7 days, the NFT transaction volume on the Ethereum chain exceeded 33.06 million US dollars, ranking first, a decrease of 10.37% month-on-month; in the past 7 days, the NFT transaction volume on the Bitcoin chain exceeded 18.23 million US dollars, ranking third, an increase of 8.35% month-on-month.
In the past 24 hours, Solana’s on-chain DEX transaction volume surpassed Ethereum, reaching US$736.6 billion
According to DeFiLlama data, in the past 24 hours, the transaction volume of Solana's on-chain DEX exceeded US$736.6 million, surpassing the US$736.4 million transaction volume of Ethereum's on-chain DEX.
