Headlines
ETF Store President: Spot Ethereum ETF S-1 revision is expected to be due tomorrow
ETF Store President Nate Geraci posted on the X platform that the S-1 amendment for the spot Ethereum ETF is expected to be due tomorrow, and it is unclear how quickly the U.S. Securities and Exchange Commission will process it. Nate Geraci said he is more concerned about the fees. According to his previous prediction, the spot Ethereum ETF may be launched next week or within two weeks.
The German government address has transferred 13,466 BTC since June 19 and still holds 39,826 BTC
According to Lookonchain monitoring, the German government address has transferred 13,466 BTC (US$819.3 million) since June 19, and currently still holds 39,826 BTC (US$2.29 billion).
Solana Q2 network fees and revenue increased by more than 42 times year-on-year, and TVL increased by 10 times year-on-year
According to the Solana Q2 financial report released by Coin 98 Analytics, Solana network fees and revenue experienced significant growth during the quarter, increasing by more than 42 times year-on-year; SOL’s total transaction volume reached $292 billion, an increase of nearly 7 times compared with the same period last year.
In addition, Solana Q2 network and ecological indicators are as follows: - More than 15.3 billion transactions (including voting and non-voting); - TVL reached US$3.4 billion, a year-on-year increase of 10 times; - Newly minted NFTs exceeded 98 million, a year-on-year increase of 54 times; - The on-chain USDC market value reached US$2.15 billion (approximately 70% of the total USDC market value).
Binance Research: Total cryptocurrency market value fell 11.4% in June, and EigenLayer's market share fell to a low of 92.2%
Binance Research recently released its June market analysis, which states:
1. The crypto market experienced a clear downward momentum in June, ultimately leading to a 11.4% drop in total market value. In July, Mt.Gox announced that it would repay more than 140,000 BTC, after which BTC fell sharply. It is worth noting that the US and German governments are simultaneously transferring large amounts of BTC to centralized exchanges, which has exacerbated the negative sentiment in the market; 2. Miners have been net sellers of Bitcoin since November 2023, the longest consecutive period of net selling since 2017. This has led to miners' Bitcoin balances reaching a 14-year low, with one important driver being the Bitcoin halving event in April. Given that block rewards account for the majority of miners' income, many miners are forced to sell their Bitcoin holdings in order to survive. In addition, the industry has also seen a wave of transactions and mergers and acquisitions, including transactions with Hut 8, CleanSpark, and Core Scientific; 3. Over the past month, the activity of the TON ecosystem has continued to increase, with the number of daily active addresses on June 14 reaching a record high of nearly 578,000. Notable drivers and developments include the continued success of The Open League, Binance's integration of USDT on the network, and Pantera Capital's announcement of a new financing plan to increase its investment in TON; 4. BNB is one of the strongest performing exchange-related tokens this year, up 86.4% year-to-date. In addition to benefiting from the overall market improvement, BNB's performance has also been boosted by the additional utility brought by multiple Binance Launchpool activities and new initiatives such as Binance's Megadrop and HODLer Airdrops; 5. EigenLayer's market share fell to a low of 92.2%, indicating intensified competition in the re-staking track. Although smaller in scale, Symbiotic, supported by Karak and Paradigm, has achieved significant growth: Symbiotic reached its initial deposit limit of $200 million in one day, and Karak's TVL exceeded $1 billion for the first time. Still, EigenLayer’s first-mover advantage suggests that Karak and Symbiotic still have a long way to go to advance further in this fast-growing subfield.
Industry News
Coin Metrics: Mining profits are under pressure after halving, and Bitcoin mining companies are about to enter an era of consolidation
Coin Metrics released a report analyzing the current state of the Bitcoin mining market, which pointed out that Bitcoin mining profit margins have been under pressure since the Bitcoin halving in April due to stagnant BTC prices and a sluggish fee market, although short-term on-chain congestion has eased some revenue pressure. On April 20, the Bitcoin block reward dropped from 6.25 BTC to 3.125 BTC, and the rune hype gradually subsided in the following weeks. May and June were very difficult months for miners. The Coin Metrics report also mentioned that Bitcoin mining companies are about to enter an era of consolidation, and well-funded miners will acquire the assets of less efficient operators. Coin Metrics concluded: "To survive the impact of efficiency improvements and competitive pressures, miners must look to the future, and the long-term trend of BTC prices remains an unpredictable input for highly capital-intensive business models."
AssangeDAO members: 12,161 ETH were used for Assange's legal defense and activities, more than 4,431 ETH were unused
AssangeDAO member Silke Noa posted on X that the Wau Holland Foundation (WH) released a "preliminary transparency report" that disclosed the expenditure of 16,593 ETH raised by AssangeDAO to rescue Assange.
According to the report, 12,161 ETH has been spent so far on legal fees and PR work, including certain advances paid by WH before The Clock raised funds.
Messari: Will no longer engage with the SEC until it reforms and changes leadership, plans to launch a legal battle against it
Messari CEO and co-founder Ryan Selkis issued a statement on X that it will no longer engage with the U.S. SEC and its chairman Gary Gensler in any formal or informal capacity until the SEC reforms and changes its leadership. Messari now regards the agency as a hostile opponent, competitor, and redundant federal regulator.
In the coming months, Messari will wage a legal battle against this illegal and corrupt agency. The draft will be polished, improved, and then submitted to the SEC and Congress.
Project News
Rune EPIC•EPIC•EPIC•EPIC Airdrop is about to start
The Bitcoin NFT Blob team engraved the rune EPIC•EPIC•EPIC•EPIC on the fourth halving block Epic Satoshi. The official X platform announced that the airdrop will start on July 8. According to previous news, the non-pre-mined part of the rune project in May has been fully engraved, with a total of 1 billion and 950 million pre-mined.
Immutable: Illuvium to be officially launched at the end of July
According to official news, the Web3 gaming platform Immutable released its June development report, which disclosed:
1. More than 150 games have been signed in the first half of 2024 alone, breaking the total number of signed games in 2023. The total number of games under its ecosystem currently reaches more than 380; 2. After the launch of Immutable zkEVM at the beginning of the year, Token Terminal data showed that the number of monthly active users has reached nearly 2 million; 3. The highly anticipated Illuvium will be officially launched at the end of July; 4. The Main Quest will add more games.
Solana Client Firedancer Plans to Launch $1 Million Bug Bounty Program on July 10
The blockchain built by Jump Crypto is about to launch its first bug bounty program, with the six-week bug bounty program for Firedancer v 0.1 (“Frankendancer”) starting on July 10, announced by anonymous developer Cantelope Peel and supported by Immunefi, with a size of $1 million.
UniSat: Most of the development work of L1 Swap has been completed, and Fractal Swap is planned to be launched in September and introduce an incentive mechanism
According to official news, UniSat released important updates related to its Swap product. Over the past six months, the team has been committed to working with L1 F to promote the standardization of L1 (Bitcoin mainnet) brc 20-swap, making it part of the brc-20 standard upgrade. Due to the need for coordination between multiple teams, the standardization process of swap has been longer than expected. The team is actively seeking ways to improve this situation and increase delivery certainty.
After extensive testing over the past year and a half, the team has preliminarily verified that the product can run normally on the Bitcoin mainnet. Most of the engineering work for the swap module has been completed, and the remaining work mainly includes: - Assisting indexers other than UniSat Indexer to effectively identify and calculate inscriptions related to the swap module; - Ensuring that the calculations submitted by UniSat match those of other teams through hash verification to avoid accounting differences. These tasks are progressing in an orderly manner, and it is expected that this feature will be launched on the mainnet soon. The official will coordinate and communicate with L1 F to finally determine the time for going online on the Bitcoin mainnet. In addition to advancing the standardization of swaps, the team has also made progress in systematically scaling Bitcoin through a method called Fractal Bitcoin. Given the current progress, the team is very confident that Fractal Bitcoin will be delivered in September.
Degen will start Airdrop 2 Season 6 on July 11th
Degen announced on X that Airdrop 2 Season 6 will start on July 11th.
Farcaster's contracted revenue as of July 6 exceeds $2.05 million
Dune data shows that as of July 6, the total revenue of the decentralized social protocol Farcaster exceeded US$2.05 million, reaching US$2,056,057, and the total number of users reached 593,008.
pump.fun’s official Twitter account seems to be a joke, saying that the platform will be shut down soon
Solana Ecosystem Meme Coin issuance platform pump.fun posted on the X platform, "That's it, friends. Thank you for joining our bull market. We had a lot of fun, and I hope you did too. In order to save costs, pump.fun will be closed at UTC 00:00 until market conditions improve. Make sure to set your alarm for 18 months later! See you then."
Investment and Financing
DefiLlama: Total crypto market financing in June dropped by about 53% compared to March
DefiLlama disclosed data on the X platform showing that the total amount of cryptocurrency financing has been on a downward trend in the past few months. The total amount of financing in the crypto market in June 2024 fell by about 53% compared to March 2024. The larger financing transactions in June included:
1. Avail: $43 million in Series A financing; 2. Nexus Labs: $25 million in Series A financing; 3. M^0: $35 million in Series A financing; 4. The Sandbox: $20 million in strategic round financing; 5. Ora: $20 million in Series A financing.
Regulatory trends
Bithumb: Actively responding to South Korea's Virtual Asset User Protection Act, plans to set up a reward of up to 300 million won for reporting unfair transactions
Bithumb issued an announcement announcing that in order to protect investors and establish a sound market order, Bithumb is actively responding to unfair trading practices such as the use of undisclosed information, market manipulation, and illegal transactions before the implementation of the "Virtual Asset User Protection Act" (July 2024), and plans to establish a maximum reward of 300 million won for reporting unfair transactions. It is reported that the payment recipient is when the relevant behavior is subject to disciplinary sanctions or the court confirms that the report is true (first report).
North Carolina governor vetoes CBDC ban bill
North Carolina Governor Roy Cooper has vetoed a bill that would have prohibited the state from implementing a central bank digital currency issued by the Federal Reserve, despite the bill having near-unanimous support in both the House and Senate. Criticized for making a politically motivated decision, Roy Cooper explained in a statement on June 5 that House Bill 690 was “premature, vague, and reactionary” and not fit to be signed into law.
U.S. House of Representatives plans to hold a key vote this week on Biden's veto of SAB 121
The U.S. House of Representatives plans to hold a crucial vote this week on whether to override President Biden’s veto of Staff Accounting Bulletin 121 (SAB 121). SAB 121 has sparked controversy in the crypto industry over concerns that it could affect banks’ custody of digital assets.
The rule is currently on the House's list of "legislation for possible consideration," according to the weekly schedule released by House Majority Leader Steve Scalise. Voting to override or sustain a presidential veto is the House's constitutional obligation, so it must vote again. The vote could come on Tuesday or Wednesday. Although the House passed the resolution in May by a vote of 228-182, a two-thirds majority in both chambers is still required to override the veto. Political experts have mixed opinions on this vote. Alexander Grieve, head of government affairs at Paradigm, said that perhaps it is not impossible. Others believe that successfully overturning a veto is difficult.
Character Voice
Jack Dorsey: BTC is a potential alternative to the US dollar
Jack Dorsey, co-founder of Twitter (now X) and CEO of Block (formerly Square), explained at a recent event in Italy that over time, people will gradually recognize the value and power of BTC, which he sees as a possible alternative to the US dollar. Jack Dorsey added: “It will take some time, but people will gradually recognize the value of the (Bitcoin) system and why it is so powerful and why it can be a complement to the US dollar or a substitute for the US dollar.”
Tether CEO: Locally executable AI models are the only way to protect user privacy and ensure independence
Tether CEO Paolo Ardoino said in a post on X: "OpenAI seems to have been hacked not long ago, which is a terrible thing. Locally executable AI models are the only way to protect user privacy and ensure resilience/independence. The new generation of smartphones and laptops are powerful enough to fine-tune general LLMs based on users' own data and keep the enhancements in a localized way on the device."
Glassnode: The current real market value of Bitcoin is $50,000, representing the average cost basis of each active investor
Glassnode published an analysis that the current Bitcoin price is still in the enthusiastic bull market stage. After entering the frenzy range, it quickly fell back. The real market average is $50,000, representing the average cost basis of each active investor. If the macro bull market is expected to continue, this level is still the key price level that the market needs to stay above. Bitcoin's unrealized profits indicate that the market may be overheated. The current value is $92,000. The break-even level for the short-term holder group is $64,000. The current spot price is below this level, but it is trying to recover. It is worth noting that only 7% of trading days record spot prices below the -1 standard deviation band, making it a relatively rare situation.
Gold advocate Peter Schiff: BTC institutional demand may be a myth
Gold advocate and economist Peter Schiff said on the X platform this week that the Bitcoin bear market still has a long way to go and is currently "at a critical support level" and if the support level is not stable, the price may fall sharply. Peter Schiff attributed the decline of Bitcoin in part to the repayment of related sales by Mt. Gox, but he argued that this also exposed that "institutional demand may be a myth."
Peter Schiff said: "If the demand was real, buyers would jump at the chance to buy Mt. Gox Bitcoin OTC. Based on trading activity, it looks like Bitcoin ETF buyers are still holding on. So far, there are no signs of panic. Bitcoin may need to fall significantly before they finally capitulate. This could happen as early as next week, especially after another massive sell-off this weekend. Ethereum is about to fall to $1,500, and it looks like those who bought into the Ethereum ETF rumors can't wait to sell."
Pudgy Penguins CEO: NFT is to Ethereum what Meme Coin is to Solana
Pudgy Penguins CEO Luca Netz posted on the X platform that NFT has done for the Ethereum ecosystem just as Meme coins have contributed to the Solana ecosystem. Don't underestimate the impact of culture on blockchain networks.
Cyber Capital Founder: The top ten L2s by market value are a centralized dystopian nightmare
Justin Bons, founder of Cyber Capital, said on the X platform that the top 10 L2s by market capitalization are a centralized dystopian nightmare.
GSR Lianchuang: BTC still has enough time to reach new highs before the end of the year
Despite a broad sell-off in crypto markets following Mt. Gox’s move to repay creditors, which resulted in more than $665 million in liquidations in a single day, some market makers and investors remain optimistic about Bitcoin’s medium-term prospects.
Rich Rosenblum, co-CEO and co-founder of GSR, said that the amount expected to be paid by (Mt. Gox) will become a "burden in the third quarter" of the market. "This is almost as much as the number of bitcoins mined in the first year after the halving. However, once it is digested, (the price of Bitcoin) will still have enough time to reach a new record high before the end of the year."
