Regulation & ETF

1. Coinbase faces class action lawsuit for allegedly defrauding investors

According to Cointelegraph, Coinbase is facing a class action lawsuit for allegedly deceiving investors. The lawsuit comes from customers and claims that the company's business model is illegal and that SOL, MATIC, NEAR, MANA, ALGO, UNI, XTZ, and XLM offered by Coinbase are securities. The plaintiff stated that Coinbase admitted in its user agreement that it is a "securities broker" and regards digital asset securities sold on the exchange as investment contracts or other securities.

Earlier news, Coinbase filed an interlocutory appeal against the judge's decision in the SEC case, which allowed the lawsuit between the U.S. Securities and Exchange Commission (SEC) and Coinbase to continue. Coinbase stated in the appeal that SEC commissioners, lawmakers and the court itself disagreed on how the Howey test should be applied to transactions.

Industry Hotspots

1. Bitcoin breaks through 64,000 USDT

According to OKX market data, Bitcoin broke through 64,000 USDT and is currently trading at 63,800.50 USDT, with a daily drop of 0.85%.

2. The number of Bitcoin network transactions has exceeded 1 billion

According to Clark Moody’s data, the number of Bitcoin network transactions has exceeded 1 billion, and the transaction was generated at block height 842,241 at 5:34:43 Beijing time on May 6. It has been 15 years, 4 months and 4 days since Satoshi Nakamoto mined the first block on the network on January 3, 2009.

Note that this number of transactions does not include transactions on the Bitcoin Lightning Network, which is Bitcoin’s L2 network.

3. AI concept tokens generally rose, ARKM, RNDR and RSS3 rose by more than 11% in 24 hours

According to the OKX market, AI concept tokens generally rose, among which ARKM was quoted at 2.7 USDT, with a 24-hour increase of 20.54%; WLD was quoted at 5.86 USDT, with a 24-hour increase of 17.61%; AGIX was quoted at 1 USDT, with a 24-hour increase of 13.93%; FET was quoted at 2.41 USDT, with a 24-hour increase of 13.59%; RNDR was quoted at 9.93 USDT, with a 24-hour increase of 11.76%; RSS3 was quoted at 0.39 USDT, with a 24-hour increase of 11.72%.

4. ZeroLend will open the ZERO airdrop claim on Linea at 15:30 on May 6th, and will take a snapshot when TGE is approaching

The decentralized lending protocol ZeroLend announced that it will open ZERO airdrop claims on Linea at 15:30 on May 6, and open ZERO trading at 16:00. Users' accumulated Zero Gravity points and earlyZERO (1 earlyZERO = 1 ZERO) will be automatically converted to ZERO and displayed on the rewards page. In terms of airdrop distribution, ZeroLend will allocate 18% of the token supply to the community, of which 5% of the supply will be allocated to Zero Gravity participants and 13% will be allocated to earlyZERO holders. ZeroLend stated that it will take a snapshot when TGE is approaching.

ZERO stakers receive voting rights, staking rewards, and potential future airdrops from other protocols based on their voting power. If the staking period exceeds 1 year, a staking bonus of 5%-20% can be obtained.

5. Tokens such as MAVIA, HFT and APT will be unlocked in large amounts this week

According to Token Unlocks data, this week MAVIA, HFT and APT will have a one-time large-scale token unlock, with a total value of over $100 million, including:

Heroes of Mavia (MAVIA) will unlock approximately 7.66 million tokens at 8:00 on May 6, worth approximately $31.48 million, accounting for 24.29% of the circulation;

Hashflow (HFT) will unlock approximately 13.62 million tokens at 8:00 on May 7, worth approximately US$4.3 million, accounting for 3.46% of the circulation;

Aptos (APT) will unlock approximately 11.31 million tokens at 2:00 on May 13, worth approximately $103 million, accounting for 2.64% of the circulation;

Moonbeam (GLMR) will unlock approximately 3.04 million tokens at 8:00 on May 11, worth approximately $920,000, accounting for 0.35% of the circulation.

6. Jupiter: Approved the budget requested by 3 pilot working groups

Solana Ecosystem DEX Jupiter tweeted that the voting for the three experimental working groups has ended, and the DAO has approved the budgets requested by all three experimental working groups and will receive funding for a three-month trial period. After the trial period, each working group will have the opportunity to submit a complete proposal of USDC + JUP to the DAO for voting to decide whether to continue operating for a year or more.

7. Aave launches v2 community proposal to deprecate small-cap stablecoins on Ethereum

Aave initiated the v2 version of the community proposal to deprecate small-cap stablecoins on Ethereum, intending to deprecate USDP, GUSD, LUSD, FRAX and sUSD, which includes increasing the annualized interest rate for borrowers to encourage borrowers to repay their loans, and proposing a freeze to prevent new supply and borrowing, among other steps.

8. LayerZero Co-founder: The list of self-reported Sybil addresses will not be published

Bryan Pellegrino, co-founder and CEO of LayerZero, responded, “If you can ensure that the witch addresses are not shared with other projects, I believe many people will voluntarily prove that they are witches.” He said that the list of self-reported witch addresses will not be published, “All addresses will be included in our own filtered witch list (ie, ineligible for bounties), but will not be listed as self-reports.”

It was reported the day before yesterday that LayerZero launched "Self-reporting of witch activities", and witches who self-report can receive 15% of the expected airdrop allocation.

9.LayerZero: Using Merkly does not mean that the airdrop is 0, and there is no problem for real users

LayerZero’s official Discord released an announcement saying, “Using Merkly does not mean that the airdrop will automatically be 0. If you only use Merkly, then you are likely a puppet. If you are a real user doing real things, then there is no problem.”

Note: NFT cross-chain service Merkly is one of the ecosystem projects included in LayerZero’s official website, but LayerZero’s self-report regards Merkly, L2Pass, L2Marathon, etc. as “sybil mining” applications; Merkly consultant and KOL CC2 then tweeted that he felt the (LayerZero) airdrop was a scam.

10. CyberConnect announces winners of Cyber ​​Ecosystem Grant Pilot Round, offering $170,000 in grants

The decentralized social network protocol CyberConnect announced the winners of the Cyber ​​Ecosystem Grants Pilot Round, which will provide a total of up to $170,000 in CYBER grants. The winners include: Bitmon, a gamified Web3 entry project based on AI verification, CharacterX, a decentralized synthetic social network, Element, an NFT trading platform, JiffyScan, a block browser for account abstraction (based on EIP-4337), snAAp, a MetaMask-based ERC4377 wallet, XO, a Web3 dating app, and Ecosapiens, a startup-funded RWA project, Nomis, a Web3 reputation project, Plato, an Eat2Earn project, and SuperSquad, a token-gated community.

11. Marathon Digital produced 850 bitcoins in April and sold 600 bitcoins

Nasdaq-listed mining company Marathon Digital produced 850 BTC in April, up 21% year-on-year, and sold 600 BTC to support monthly operations, manage finances, and general corporate purposes. As of April 30, it held 17,631 BTC, and the total balance of unrestricted cash and cash equivalents and Bitcoin fell from $1.5634 billion to $1.2141 billion.

12.Shinoji Research: Bitfinex suffered a data breach involving 2.5 TB and 400,000 customer data

ZOOMER tweeted that Shinoji Research confirmed that Bitfinex had a data leak, with a total of 2.5 TB of data and 400,000 customer data leaked.

13.Bitfinex: Database leak is fake news, no vulnerabilities have been found so far

Bitfinex Chief Technology Officer Paolo Ardoino tweeted that the Bitfinex database leak was fake news. From the information available, hackers collected email/password databases that may have come from different crypto-intrusion incidents. "Unfortunately, most users use the same email/password on multiple websites." He also said that the official is currently conducting an in-depth analysis of the system and no vulnerabilities have been found. In addition, the KYC platform has strict rate limits and does not allow batch downloads.

14. Microcosm Labs established the "Move to TON" ecological incubation fund

Microcosm Labs launched the "Move to TON" ecological incubation fund program, which aims to provide all-round support to project teams that intend to enter the TON ecosystem, including funding of US$5,000 to US$50,000, as well as a full range of incubation consulting services such as marketing, business planning, and model design.

15.io.net: Worker credits for the April 25 snapshot are now in effect, and those that have not appeared are undergoing witch audit

io.net tweeted that Worker points for the April 25 snapshot are now effective, and points for Workers that did not appear in the April 25 snapshot are undergoing witch audit and will be available within the next 72 hours.

16. UneMeta and Berachain reach in-depth cooperation to jointly promote the development of Web3 intellectual property

UneMeta and Berachain are jointly promoting the innovation of intellectual property (IP) in the Web3 field. The two parties will change the model of the traditional entertainment industry by combining Une's rich top IP resources with a cultural community layer and Berachain's high-performance EVM-compatible blockchain built on liquidity proof consensus, redefine the creation, value and sharing model of IP in the Web3 ecosystem with innovative narrative methods, enabling users to express themselves freely and participate in the evolving digital environment.

17. DEAR, a dark-style full-chain mobile game incubated by ARPA, will be launched on Redstone Chain in May

DEAR, a dark-style global development game produced by the ARPA team, will be one of the first projects to be launched on Redstone Chain in mid-May. Players can interact with lifeforms through simple operations such as Feed, Abuse, Stay or Transfer, and the form of lifeforms will change according to the behavior of global players. DEAR is a finite game, and lifeforms can exist in a finite number of blocks at most. In addition, DEAR contains clever game rules and is visually designed by artists Poppel and Ellwood.

Previously, DEAR was publicly tested on the Redstone testnet in March, with more than 1,500 users participating. Redstone is an Optimistic Rollup L2 project created by the Lattice team, whose previous works include Dark Forest and Mud game engines.

DEAR is a dark-style global development game based on the MUD game engine, which aims to explore the human nature game in intimate relationships and the boundaries of complex smart contracts.

18. Uniswap Explore adds K-line chart feature to track real-time prices

Uniswap tweeted that a new candlestick chart feature has been added to its exploration section to track real-time prices.

19.Sui: Tokens are locked by a third-party custodian, cannot be traded and are kept safe

In response to recent social media questions about the SUI token model and founder control of tokens, Sui tweeted that its unlocked tokens are locked by a third-party custodian, cannot be traded and are kept safely. The Mysten Labs founders (Sui development team) do not control the Sui Foundation's treasury, community reserves, staking subsidies or any tokens allocated to investors.

The Sui Foundation is the largest holder of locked tokens, which will be unlocked according to the public issuance plan to support developers, advance the Move programming language, improve network security, and develop the ecosystem through programs such as developer funding, hackathons, bug bounties, academic research, etc. In addition, staking rewards are already in circulation, consisting of staking subsidies and network fees. 100% of the staking rewards received by the Sui Foundation are returned to the community and included in the public issuance plan.

20.Avail: The first phase of airdrop claims has ended, and information on the second phase of claims will be announced next week.

Polygon modular blockchain project Avail tweeted that the first phase of its AVAIL token airdrop has ended and the official claim window has been closed. Information about the second phase of claims will be announced next week, including expanding the scope of rewards and rewards for Polygon PoS validators and LST holders.

21.Backpack has completed the third phase of io.net airdrop snapshot

Crypto exchange Backpack tweeted that Backpack has completed the snapshot of the third phase of io.net, and more details about the io.net airdrop will be released next week.

Previously, Backpack tweeted that the airdrop snapshot for io.net will be taken between 15:00 on April 23 and 15:00 on May 5.

22. Cardano founder: Cardano is planning to integrate with the BCH network, and voting is open

Cardano founder Charles Hoskinson launched a vote on Twitter yesterday on "Integrating Cardano with the BCH network", which will end in 6 days. He said that the integration will include several new upgrade features, leaning towards Proof of Work (PoW) related technologies. As of press time, about 65.7% of the votes were in favor and 34.3% were against.

23. DeFi protocol Amphor completes $4 million seed round of financing

DeFi protocol Amphor has completed a $4 million seed round of financing with over 80 angel investors. The funds raised will be used to expand the team, build its technology stack, and expand other blockchain networks.

Amphor aims to simplify investing in the DeFi space for ordinary investors using algorithms and on-chain technology solutions.

24. Messari report: NEAR TVL in the first quarter of 2024 is US$335 million, a month-on-month increase of 163%

Messari released the NEAR Q1 2024 status report. NEAR's TVL in the first quarter was $335 million, up 163% from the previous quarter and 547% from the previous six months. The number of daily active addresses on the network was 1.2 million, up 42% from the previous quarter and 377% from the previous six months. The market value of NEAR stablecoins increased by 176% from the previous quarter to $214 million, including USDT, which increased by 1155% from the previous quarter to $88 million, and USDC, which increased by 189% from the previous quarter to $85 million.

Inscription & Bitcoin L2

1. BounceBit will launch the mainnet on May 13 and issue BB token airdrops

BounceBit, the Bitcoin re-staking infrastructure, will release a timeline. Starting from May 6, Premium Yield Generation will be suspended until the mainnet is launched, and users will not be able to stake more assets, but the existing principal will continue to earn income through the selected strategy; from May 6 to 12, the official will add the first batch of node operators on BounceBit Chain; from May 12 to 13, the official will complete the LCT distribution to early users on BounceBit Chain, BNB Smart Chain and Ethereum; on May 13, the mainnet will be launched and BB tokens will be airdropped. The airdrop will be issued on BounceBit Chain and completed before Binance trading begins. Premium Yield Generation will be reopened to stakers.

Ethereum L2

1. Data: Mode Network TVL reached US$585 million, up 32.58% in 7 days

According to L2BEAT data, Mode Network's TVL reached US$585 million, a 32.58% increase in 7 days.

2. Mode: Season 2 will last until September 6 and will distribute 500 million MODE tokens

Mode, an L2 network built on OP Stack, has launched Season 2 yesterday and will last until September 6, 2024. Season 2 airdrops have allocated 500 million MODE tokens (5% of the total supply), and will provide up to 1 million OP tokens through various incentive activities. In addition, the official will introduce new assets including Velodrome, Balancer and other applications, Ethena's USDe and sUSDe, and MODE staking, and users can participate in obtaining point multipliers and ecosystem airdrops.

Earlier news, Mode will launch the governance token MODE on May 7. The total supply is 10 billion, of which 5.5% is dedicated to the first of two user airdrops. The second airdrop will last from May 5 to September 6, when another 500 million tokens will be issued.

Base

1. Proofs.Money, an open banking solution on the blockchain, will be launched on Base

According to The Block, Proofs.Money, an on-chain open banking solution jointly launched by Plaid and Sign Protocol, will be launched on a pilot basis on Base. This cooperation introduces the innovative concept of "unified financial identity", allowing on-chain users to generate unified financial reports and details, which can be used in both on-chain and off-chain environments.