ProShares Files S-1 Registration Statement for Ethereum Spot ETF

According to CryptoSlate, ProShares submitted the S-1 registration statement for the Ethereum spot ETF on June 11. According to the document, Coinbase Credit will serve as the company's trading credit lender, allowing it to borrow Ethereum (ETH) and cash in certain transactions that exceed the trading balance. Bank of New York Mellon will serve as a transfer agent, processing subscription and redemption orders and keeping records of fund ownership. In addition, Bank of New York Mellon (BNY Mellon) will serve as an administrator and cash custodian, Coinbase Custody will serve as an Ethereum custodian, Coinbase Inc. will serve as the main execution agency, Delaware Trust Company will serve as a trustee, and ProShare Capital Management will serve as an issuer.

Musk drops lawsuit against OpenAI and Sam Altman

Elon Musk withdrew his lawsuit against OpenAI and its two co-founders, Sam Altman and Greg Brockman, in a California state court on Tuesday, CNBC reported. In February, Musk filed a lawsuit against OpenAI, Altman and Brockman, accusing them of breach of contract and fiduciary duties. A hearing is scheduled for Wednesday in San Francisco, when the judge will consider whether the case should be dismissed as requested by the defendants. In March, experts told CNBC that the legal basis of the case was problematic because the contract at the heart of the lawsuit was not a formal written agreement signed by all parties involved. Musk claimed that the early OpenAI team was developing general artificial intelligence (AGI) for the "benefit of humanity," but the project has since transformed into a for-profit entity controlled by major shareholder Microsoft.

Lido Partners with Symbiotic and Mellow Finance to Launch “Re-Pledge Vault”

According to CoinDesk, a new initiative of Lido DAO will see Lido launch “Restaking Vaults” in partnership with Mellow Finance and Symbiotic, a platform that allows users to earn returns by depositing re-pledged “vaults”, and Symbiotic, a permissionless re-pledge protocol. Under this new initiative, traders will be able to use re-pledge tools, which can help Lido stETH regain market dominance.

Lido DAO officially supports Mellow Finance, a DeFi protocol that provides liquidity re-hypothecation "vaults"; Mellow Finance uses EigenLayer competitor Symbiotic to build its re-hypothecation vaults. Users can deposit assets such as stETH into vaults, and "curators" (similar to cryptocurrency underwriters) will deploy these assets to different active verification services or AVS (protocols secured by re-hypothecation assets) to help users earn additional interest on their funds. Lido Alliance members Steakhouse, P2P Validator, Re7 Labs, and MEV Capital will each launch vaults that accept stETH in conjunction with an announcement on Tuesday. For now, rewards for users depositing into Mellow vaults will come in the form of "points," which may eventually be tied to future token airdrops.

Polygon launches 1 billion POL community grant program for developers only, and applications are open for the first quarter

According to the official blog, Polygon Labs announced the launch of the 1 billion POL community grant program CGP, which is only for developers. In the first season, 35 million MATIC will be allocated to projects built on Polygon. Applications are open today and the application deadline is August 31, 2024. Polygon Labs said that according to the community consensus, a community treasury was created, which will unlock 1 billion POL in the next 10 years, about 100 million POL per year, all of which will belong to the builders.

Fetch.AI, SingularityNET and Ocean Protocol token merger date has been postponed to July 15

According to official news, the final date for the merger of Fetch.AI, SingularityNET and Ocean Protocol tokens has been postponed from June 13, 2024 to July 15, 2024. Officials said that this schedule adjustment is necessary to accommodate the logistical needs and technical dependencies of exchanges, validators and wider ecosystem collaborators. The preparation stage for the token merger includes managing complex integrations, careful coordination and attention to numerous moving parts. These third-party dependencies are critical to the smooth execution of the token merger process and ensuring that the needs of all stakeholders are fully met. Existing FET, AGIX and OCEAN tokens will continue to be traded independently on the exchange. Once the third-party integration is completed, the ASI token will be launched, and FET, AGIX and OCEAN will stop independent trading and merge into the ASI token.

SushiSwap Replaces DAO with ‘Sushi Labs’, Introduces Multi-Token Ecosystem

According to Cointelegraph, after months of heated debate, decentralized exchange SushiSwap has introduced a new brand and business model for its ecosystem. The new stage replaces the decentralized autonomous organization (DAO) with a "council structure" under the name of Sushi Labs. According to reports, Sushi Labs is an autonomous administrative, technical and operational company responsible for managing the Sushi ecosystem. The revision was first proposed in March in response to "market needs and user requirements", including the slow response of the protocol to market changes due to "cumbersome governance". The new Labs model will operate under a council structure similar to that of the derivatives protocol Synthetix, which consists of four councils: Sushi High Kitchen, the Financial Council, the Grants Council, and the Ambassadors Council. High Kitchen, composed of six to eight members, is the central management body of the protocol, responsible for overseeing the multi-signature settings of transactions.

Sushi Labs will take over the DAO's multi-million dollar budget, which includes 25 million Sushi tokens. Token holders will still have the power to decide on fund allocations, but will not be involved in operational details. Another change is a multi-token product suite. According to Sushi, it will help spread product costs while providing more reward opportunities for token holders. "The multi-token ecosystem reduces the risk of Sushi token inflation and alleviates the financial pressure to fund DAO initiatives when products are unprofitable," the statement reads.

In recent months, the new model has sparked controversy and criticism for its centralized nature. Community members have previously accused the protocol's proposal of being a hostile takeover. A member of Sushi said on its governance forum: "It looks like Sushi DAO has reached the end of its rope."

Solana Ecosystem Game Studio Unagi Announces Token Economics and Will Launch UNA on June 12

Unagi, the Web3 game studio of Solana Ecosystem, announced on Twitter that it will launch UNA tokens on June 12, and also announced the UNA token economics, of which 22% of the tokens will be allocated to games and community rewards, 20% will be allocated to the ecosystem, and 17% will be allocated to the team. According to previous news, Unagi completed a $5 million seed round of financing in February last year, led by Sisu Game Ventures, with participation from Sfermion, Signum Capital and 2B Ventures.

Multiple Sybil accounts found in ZKSync airdrop qualification list will receive more than 2 million ZK tokens in total

According to a post by witch hunter Artemis on the X platform, it was found from the ZKSync airdrop qualification list that multiple Sybil accounts obtained more than 2 million ZK tokens by depositing the same Ethereum funds on the same day, with each wallet receiving an average of 15,000 ZK tokens. Almost all accounts are marked on LayerZero's witch list.

IO.NET's IO tokens are now available for claiming

According to official news, the IO tokens of the decentralized artificial intelligence computing and cloud platform IO.NET were opened for application at 19:00 on the 11th and will end at 19:00 on June 18th.

Binance will launch IO 1-50x U-standard perpetual contracts

Binance will launch IO 1-50x U-margin perpetual contracts at 22:00 (ET) on June 11, 2024. In addition, Binance Finance, One-Click Buy and Flash Exchange trading platforms have launched new IO.NET (IO) assets.

Tether's investment arm plans to invest over $1 billion in the next 12 months

According to Bloomberg, Paolo Ardoino, CEO of Tether Holdings Ltd., revealed that its investment department expects to invest more than $1 billion in transactions in the next 12 months. Ardoino said in an interview that Tether Investments has a growing team, which currently has 15 employees, who evaluate up to hundreds of projects per month, most of which come directly from start-ups. He said the company focuses on alternative financial infrastructure, artificial intelligence and biotechnology in emerging markets-in the past two years, the company has invested about $2 billion in these areas.

Ardoino said that while Tether plans to continue to keep 100% of its reserves and extract an additional 6% buffer from profits to ensure smooth redemption of USDT, Tether expects to invest part of the remaining profits into trading. To help expand its distribution network, the company is investing in infrastructure in emerging markets. The company has also invested more than $1 billion in artificial intelligence, such as supporting data center operator Northern Data Group.

French AI startup Mistral AI completes €600 million Series B financing, with a16z participating

French artificial intelligence startup Mistral AI has completed a 600 million euro (about 640 million US dollars) Series B financing, led by General Catalyst. Other investors include Lightspeed Venture Partners, a16z, Nvidia, Samsung Ventures, Salesforce Ventures, Belfius, Bertelsmann Investments, BNP Paribas, Bpifrance, Cisco, Eurazeo, Headline, Hanwha Asset Management Venture Fund, IBM, Korelya Capital, Latitude, Millennium New Horizons, Sanabil Investments, ServiceNow and SV Angel. Mistral AI was founded by former DeepMind and Meta researchers and competes with OpenAI and Google to develop generative artificial intelligence infrastructure. In December last year, Mistral AI announced the completion of a 385 million euro (415 million US dollars) financing, led by a16z and Lightspeed Ventures, bringing the company's valuation to US$2 billion.

Ava Protocol has completed a $10 million seed round of financing, with participation from Electric Capital and others

According to CoinDesk, Ava Protocol (formerly OAK Network) has completed a $10 million seed round of financing to develop its Eigenlayer AVS on Ethereum to enable private autonomous transactions. This round of financing includes an initial investment of $5.5 million and an additional seed round of $4.5 million. Investors include Electric Capital, Taisu Ventures and Polygon founder Sandeep Nailwal. The funds will be used to support core Web3 infrastructure and promote cross-chain smart contract automation applications, such as limit orders on decentralized exchanges. Ava's test network already has more than 10,000 wallets and more than 1,000 transactions per day, and is working with more than 30 partners including Polkadot and Moonbeam to simplify the deployment of Web3 applications.

CryptoQuant CEO: Marathon Digital sold 1,200 bitcoins yesterday, setting a record for the highest single-day OTC trading volume since the end of March

CryptoQuant CEO Ki Young Ju tweeted that Marathon Digital, the largest bitcoin mining company in the United States, sold 1,200 bitcoins yesterday, the highest single-day record of over-the-counter (OTC) trading volume since the end of March. The sale may be to cover operating expenses.

A new whale address withdrew 36,000 ETH from Coinabase, worth about $127 million

According to Scopescan monitoring, a new whale address withdrew 36,000 ETH from Coinabase today, worth approximately US$127 million.

The total value of Trump's cryptocurrency holdings has halved to $13.84 million since June 5

According to Arkham monitoring, the crypto assets held by former US President Trump's address fell across the board, with the total value halved to $13.84 million, down about 55% from June 5 (over $31 million). Mainly including: 210.345 billion TROG, worth $2.66 million; 579,290 TRUMP, worth $7.4 million; 475.37 ETH, worth $1.68 million.

A dormant wallet for 5.5 years transferred 8,000 BTC to Binance 40 minutes ago, worth more than $530 million

According to Lookonchain monitoring, a wallet that has been dormant for 5.5 years transferred 8,000 BTC (US$535.64 million) to Binance 40 minutes ago. When the wallet received these bitcoins, the price of each coin was US$3,810.

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