1.CoinShares: Last week, digital asset investment products had a net outflow of $88 million, marking the eighth consecutive week of capital outflow
According to CoinShares weekly data, digital asset investment products had a net outflow of $88 million last week, the eighth consecutive week of capital outflow, and the total outflow in the past eight weeks was $417 million. Among them, the total outflow of Bitcoin was $51.6 million, and the total outflow in these eight weeks was $254 million, accounting for 1.2% of the total assets under management (AuM). Ethereum's capital outflow was $35.6 million, which was the largest single-week capital outflow since the merger in September last year.
2. Reddit crypto community decides to temporarily go private to protest API tool policy changes
According to Cointelegraph, many sub-communities on Reddit, including the cryptocurrency community, unanimously decided to set their content to private or read-only mode for 48 hours between June 12 and June 14 to protest Reddit's upcoming new policy that will prevent users from freely accessing APIs and tools. The crypto communities protesting the change include r/Bitcoin, r/CryptoCurrency/ and r/cardano. Reddit has also been strongly opposed for introducing paid access to its data API. Earlier in April, Reddit announced plans to modify the way users interact with the Reddit Data API, a 7-year-old application that enables developers to create tools and utilities for auditing and other activities. Most subreddits retaliated against the move because Reddit's intention to build local moderator tools directly affects the community's ability to create and use third-party tools-mainly for moderating content and interactions. In addition, in order to eliminate the widespread use of third-party moderator tools, Reddit plans to launch mobile moderator tools for Reddit's iOS and Android apps in the coming months.
3.SignalPlus: The current market forecast for the probability of a rate hike in June is about 30%
A series of economic data and central bank meetings this week are expected to bring some stimulus and activity to the market before the summer vacation officially begins. The UK unemployment rate and US CPI will be released on Tuesday. The FOMC meeting will debut on Wednesday, with the People's Bank of China and the European Central Bank interest rate decisions. The week will end on Thursday, followed by the Bank of Japan's interest rate decision on Friday. The FOMC's decision will be the most difficult. The current market forecast of a rate hike in June is about 30%. Therefore, whether it is a 0 or 25 basis point interest rate change, it should cause some market fluctuations, especially depending on the press conference after the statement is released. Message from the Fed.
4. Bitcoin protocol Ordinals has launched "recursive inscriptions", which can break the 4MB limit on inscription size
Raph, the new chief maintainer of the Bitcoin protocol Ordinals, recently merged the "recursive inscription" 2167 update proposed by Casey Rodarmor, the creator of the Bitcoin protocol Ordinals, into the Ordinals code on Github. According to the interpretation of developer Leonidas.og, inscriptions can now use the special "/-/content/:inscription_id" syntax to request the content of other inscriptions. This simple change unlocks many powerful use cases. For example, instead of inscribing 10,000 JPEG files for a PFP collection alone (which would be very expensive), it is better to inscribe 200 features from the collection, and then make 10,000 inscriptions, each of which uses a small amount of code to request features and present the image programmatically. Artworks are simply stored on the chain in a more efficient way, which in the case of Bitcoin Apes can save more than $1 million in transaction fees. In addition, it is possible to completely burn many code packages on the Bitcoin chain, because the code (in text form) is called, so the size is very small, which allows the size of the inscription to break through the 4MB limit of the Bitcoin block size, and complex 3D video games can be completely chained to Bitcoin.
5. Tether Treasury mints 1 billion USDT on the Ethereum network
Whale Alert data shows that stablecoin issuer Tether Treasury minted 1 billion USDT on the Ethereum network at 15:56 Beijing time on June 12. Tether Chief Technology Officer Paolo Ardoino said that this was an authorized but unissued transaction, which means that the amount will be used as inventory for the next issuance request and chain exchange.
6. Head of Hong Kong Investment Promotion Agency: Web3-related policies have been going through the process in the Legislative Council and it will take about 1 year
According to Jiemian News, on June 10, Liang Hanjing, head of finance, finance and financial technology at Invest Hong Kong, said at a closed-door meeting of Jiemian News on Web3 that from the perspective of the Hong Kong government, asset tokenization is a business opportunity of hundreds of trillions of dollars. Blockchain trading platforms can speed up the liquidity of traffic and lower the threshold for listing, which is a very large market. In response to mainland practitioners pointing out that the current extension policy for Web3 inbound talents is still unclear, Liang Hanjing said: This is not something that can be solved by simply giving a visa. "The highest point is how to build an ecosystem, and supporting facilities must also be considered. I am also communicating with some real estate developers, such as finding an office with cheaper rent." In addition, if Web3 industry talents form a family, other living or educational needs will arise. "We are now also contacting partners in private enterprises to provide better services for the talents introduced to Hong Kong." In terms of introducing enterprises, Hong Kong has also attracted leading enterprises through the policy of introducing key market enterprise offices (OASES). He revealed that the process of launching Web3-related policies has been going through the legislative process, "It will take about a year." He has been frequently communicating with regulators in major markets around the world since March, and has visited San Francisco, London, Toronto, Tokyo, New York, etc. "The conclusion is that what Hong Kong is doing now is likely to be done by other markets, and they have reached a consensus." For Hong Kong, the proposal to build a Web3 center or a virtual asset center is not essentially about the securitization of virtual product assets, but about the future economic and social transformation of Hong Kong. Liang Hanjing mentioned that the four tracks that have been identified cover financial technology (including virtual assets, Web3), biotechnology, artificial intelligence big data, and high-end manufacturing. This does not mean that there are only four tracks, and there may be more in the future.
7. Venus Protocol Update: BNB Chain will exclusively take over the positions of BNB Bridge attackers
Venus Protocol, a lending protocol on BNB Chain, has just deleted the tweet "If BNB reaches the liquidation threshold, BNB Chain will take over the platform's BNB position" and modified the wording, saying: "In November 2022, BNB Chain submitted a governance proposal passed by the community to liquidate the BNB Bridge attacker's position exclusively to the BNB Chain core team, with the aim of ensuring the safety of the misappropriated assets and preventing any further impact and liquidation sales. The whitelisted wallets were initially funded with $30 million in USDT to ensure that Venus is protected from losses and provide additional support through this Venus governance approval mechanism." Previously, HashDit stated that the BNB Bridge attacker's 924,821 BNB (about $249 million) deposits on the Venus platform were facing liquidation, with a liquidation price of about $220. The update released by Venus Protocol this time is a response to this statement.
8. Aave has implemented the “BUSD delisting plan part 2” to incentivize inactive borrowers to exit
The governance page shows that Aave has passed the on-chain vote of the "BUSD Delisting Plan Part 2" proposal last Friday and has executed it. The second part of the delisting plan involves modifying BUSD risk parameters and removing POL BUSD liquidity, aiming to create unsustainable positions for inactive vBUSD debt holders to incentivize them to repay sufficiently or reach the liquidation threshold. Previously, Aave had implemented the first part of the BUSD delisting plan in March, which was to change the interest rate strategy of BUSD reserves in the Aave V2 Ethereum pool and increase the ReserveFactor, remove liquidity and incentivize active users to repay their debts and transfer their positions to other stablecoins.
9. Cardano Co-founder responds to Robinhood's removal of ADA: It is not surprising that some entities leave the market due to unclear regulation
According to a tweet by Fox Business reporter Eleanor Terrett, in response to Robinhood's announcement that it would delist ADA, MATIC, and SOL, Cardano co-founder Charles Hoskinson said: "It is not surprising that when there is a lack of clear, contradictory guidance, and a culture of fear rather than cooperation with regulators, some entities will choose to leave the market entirely. The legislature needs to lead with common-sense, consumer-oriented legislation to restore clarity and integrity to the U.S. cryptocurrency market and return the United States to backward global standards. In any case, protocols are protocols. They all continue to operate as expected, and millions of users around the world use them to build a new global financial operating system that is fair to the billions of unbanked people around the world."
10. In May, the DEX market share hit a record high, accounting for more than 20%
Blockchain analysis company IntoTheBlock tweeted that the market share of decentralized exchanges (DEX) hit a record high in May, with transactions on DEX accounting for more than 20% of all cryptocurrency transactions. Considering the recent restrictive conditions of US exchanges, this trend is likely to continue.
11. Someone on Twitter proposed to fork Solana to avoid being listed as a security by the SEC
Capsjpeg, co-founder of the NFT project Degen Picks, recently launched a vote on Twitter on whether to fork Solana (SOL) to get rid of the SEC's listing of it as a security. A total of 2,050 people participated in the vote, of which 39.9% supported the fork. HGE.ABC, founder of ABC (abracadabra) NFT, expressed support for this. He said: "Although this idea is bold, it is actually not a bad idea. The community forking Solana will get rid of the SEC problem." The voices in the comment area of the two were mixed. There has been no discussion about any forks in the Solana developer forum, and no supporters have provided specific implementation plans.
12. Circle CEO: If stablecoins are regulated, Circle will be in a leading position
According to Forbes, USDC stablecoin issuer Circle believes that if regulation eventually involves cryptocurrencies and stablecoins, its by-the-book approach will put it in a leading position. Circle CEO Jeremy Allaire said in an interview that if stablecoins become well-regulated and safe and secure investments, he is not worried that this will trigger competition because "the latest draft of the stablecoin bill submitted to the House of Representatives in April, we will eventually do more business with banks than we do now, and banks cannot participate because they are not authorized, there is no clear path, and they cannot hold stablecoins on their balance sheets because they have no way to do so under current rules. Therefore, this will actually increase banks' adoption of USDC." In response to Circle's small risk exposure in Silicon Valley Bank and Signature Bank, Allaire claimed that if it were up to him, he would not keep the funds in commercial banks at all. Under normal circumstances, the Federal Deposit Insurance Corporation only supports deposit accounts of $250,000, which is fine for most individuals, but not enough for businesses, especially those engaged in money transfer business. “We’ve been arguing for a long time that we don’t want exposure to the commercial banking system,” said Allaire, who wants Circle to be regulated like a bank so it doesn’t need to rely on them.
13. Ava Labs launches Avalanche Arcad3 to help Web2 gaming companies enter Web3
According to the official blog, Ava Labs launched Avalanche Arcad3, a program to help Web2 game companies enter blockchain games, with the first teams led by Japanese media giants GREE and Gumi. Arcad3 provides Web2 game companies with help including blockchain technology, marketing and token economics. The program connects Web2 publishers with game studios, guilds and other groups building Web3, as well as the Ava Labs team. Arcad3 partners can access Web3 brands, giving them access to expertise in NFTs, technical infrastructure, Web3 culture and blockchain game strategies. In addition, Arcad3 participants also benefit from a marketing engine that provides event activations, paid marketing campaigns, public relations, and a team of experts led by the Ava Labs game marketing team.
14. a16z will open an office in London and plans to launch a blockchain accelerator program
Silicon Valley venture capital firm a16z plans to open its first overseas office in London. The new office, established by the company's $7.6 billion crypto investment arm a16z Crypto, will begin operations later this year and will be led by Sriram Krishnan, one of the company's general partners. a16z said it has led a $43 million Series A investment in UK blockchain artificial intelligence project Gensyn and plans to launch an accelerator program for crypto companies in the British capital next year. a16z will apply for the necessary regulatory licenses in the UK and said it will work closely with local universities to support the development of blockchain technology. a16z's accelerator program, called "Crypto Startup School," provides funding and guidance to startups and has been held in California this year, with a total of 26 companies participating. The company said the next program will be launched in London in the spring of 2024, with the aim of attracting entrepreneurs to build more Web3 startups in the UK. In addition, according to The Block, the office of British Prime Minister Rishi Sunak issued a statement saying that Sunak is committed to providing regulatory clarity for crypto companies to register and operate in the UK. Sunak also said: “We must embrace new innovations like Web3, powered by blockchain technology, which will enable startups to thrive here and boost the economy, which is why I’m delighted that world-leading investor Andreessen Horowitz (a16z) has decided to open their first international office in the UK.”
15. Blockchain AI computing protocol Gensyn completes $43 million Series A financing, led by a16z
According to CoinDesk, the blockchain-based artificial intelligence (AI) computing protocol Gensyn has completed a $43 million Series A financing, led by a16z, with participation from investment companies CoinFund, Canonical Crypto, Protocol Labs, Eden Block, and several angel investors in the field of artificial intelligence and encryption. Gensyn said it will use the new financing to accelerate the launch of the protocol and expand its workforce to recruit machine learning engineers. So far, Gensyn has raised more than $50 million. In March last year, Gensyn completed a $6.5 million seed round of financing, led by Eden Block, with participation from Galaxy Digital, Maven 11, Coinfund, Hypersphere, and Zee Prime.
16. Vitalik: For long-term sustainable development, Ethereum needs to make three changes: "Layer2 expansion, wallet security and privacy"
Ethereum co-founder Vitalik Buterin pointed out in his latest blog post that Ethereum needs to undergo "three major technical changes" in order to be sustainable in the long term, namely Layer 2 expansion, wallet security and privacy. He said, "It's not just the functionality of the protocol that needs to be improved. In some cases, the way we interact with Ethereum needs to change fundamentally, and profound changes need to be made to applications and wallets." Buterin explained that due to the existence of multiple different expansion solutions on Ethereum, it is now difficult for users to have only one address, so it is necessary to build a cross-chain solution for Layer 2 blockchains. And this must be achieved while smart contract wallets and privacy are further developed.
