Compiled by: Luan Peng ChainCatcher
Important Information:
Manta Co-founder: Polkadot is a "highly toxic" ecosystem that lacks real value for Web3
The Central Bank of the Bahamas is drafting regulations requiring commercial banks to provide central bank digital currency services
CME Fed Watch: The probability of the Fed keeping interest rates unchanged in August is 91.2%
1confirmation founder: Base will become the main hub for achieving breakthroughs in crypto consumer applications
Data: Today’s trading volume of 6 Hong Kong virtual asset ETFs is about HK$18.38 million
Matrixport: Bitcoin has broken out of the downtrend
Binance Japan to Delist NEM (XEM) on September 18
Shanghai releases first WEB3.0 industry report, experts suggest studying "Token Economics"
“What important events have occurred in the past 24 hours?”
Manta Co-founder: Polkadot is a "highly toxic" ecosystem that lacks real value for Web3
Manta Network co-founder Victorji.eth publicly criticized the Polkadot ecosystem on Twitter, calling it a "highly toxic" ecosystem that lacks real value for Web3 and does not focus on users or adoption. As the founder of the largest TVL and market value/FDV project in the former Polkadot ecosystem, he said the team has completely turned to the Manta Pacific project because the Polkadot ecosystem is basically "dead."
Victorji.eth also accused the Polkadot team of discriminating against Asian developers, pointing out that European and American projects receive far more funding than Asian projects. He encouraged developers to turn to more active ecosystems such as Solana, Ethereum, and Bitcoin.
The Central Bank of the Bahamas is drafting regulations requiring commercial banks to provide central bank digital currency services
The Central Bank of the Bahamas is developing regulations that would require commercial banks to provide access to its central bank digital currency, The Block reported.
The governor of the Central Bank of the Bahamas, John Rolle, said that the adoption of the Sand Dollar (the Bahamas’ CBDC launched in 2020) is still limited, so the government is developing regulations to effectively force commercial banks to issue central bank digital currencies to promote its popularity.
CME Fed Watch: The probability of the Fed keeping interest rates unchanged in August is 91.2%
According to CME's "Fed Watch" data, the probability that the Federal Reserve will keep interest rates unchanged in August is 91.2%, and the probability of a 25 basis point rate cut is 8.8%.
1confirmation founder: Base will become the main hub for achieving breakthroughs in crypto consumer applications
Nick Tomaino, founder of 1confirmation, said in a post on the X platform that Base will become the main hub for achieving breakthroughs in crypto consumer applications.
He pointed out that exchanges are the main entry point for consumers, and Coinbase, as a mainstream exchange, will guide hundreds of millions of people into Base. Referring to the Binance Chain in the last bull market, Binance promoted its large-scale development by guiding exchange users into the chain. Imagine what kind of network effect will be generated when Coinbase guides users to a chain with excellent applications.
Tomaino also mentioned that the best crypto developers are building high-throughput, low-cost consumer applications on Base. In addition, Base's culture is suitable for the mass market, there is no native token, so it will not be too indecisive in decision-making; no one will recruit celebrities to release Meme coins and then run away. What attracts outsiders is not only making money, but also rich Meme culture and art.
Data: Today’s trading volume of 6 Hong Kong virtual asset ETFs is about HK$18.38 million
Hong Kong stock market data shows that as of the close, the trading volume of today's 6 Hong Kong virtual asset ETFs was approximately HK$18.38 million, of which: Hua Xia Bitcoin ETF (3042.HK) had a trading volume of HK$10.6968 million; Hua Xia Ethereum ETF (3046.HK) had a trading volume of HK$1.0788 million; Harvest Bitcoin ETF (3439.HK) had a trading volume of HK$3.9921 million; Harvest Ethereum ETF (3179.HK) had a trading volume of HK$1.0948 million; Bosera HashKey Bitcoin ETF (3008.HK) had a trading volume of HK$1.1232 million; Bosera HashKey Ethereum ETF (3009.HK) had a trading volume of HK$397,800.
Matrixport: Bitcoin has broken out of the downtrend
Matrixport released today's chart saying that Bitcoin has broken out of the downtrend. The agency analyzed that the Greed and Fear Index chart on June 25 showed that Bitcoin has reached the "lowest possible level", which is usually associated with a price recovery. Previously, on June 26, Matrixport pointed out that Bitcoin was oversold. Last weekend, Bitcoin broke out of the short-term downtrend. Although a sustained rebound is still hindered, from a strategic point of view, the rebound has already occurred.
Binance Japan to Delist NEM (XEM) on September 18
According to CoinPost, Binance Japan announced that it will delist NEM (XEM) on September 18. This decision follows last month’s decision to delist NEM (XEM) from Binance Global.
It is reported that the crypto exchanges that currently support XEM transactions in Japan include bitFlyer, GMO Coin, BitTrade and Zaif.
Shanghai releases first WEB3.0 industry report, experts suggest studying "Token Economics"
According to China News Service Shanghai, under the guidance of the Shanghai Science and Technology Commission, the Liberation Daily and the School of Economics of Fudan University jointly released the first WEB3.0 industry report "2024 Shanghai WEB3.0 Innovation Ecosystem Construction Research Report". Experts suggested studying "Token Economics". Meng Yan, co-author of the ERC-3525 token standard, suggested that domestic government departments speed up the research and formulation of Token regulatory policies to provide security for the "Token economy" and digital assets.
Xu Xiaoyu, managing partner of Amino Capital from Silicon Valley, said that "Token Economics" is on the rise, and governments, universities and research institutions can conduct in-depth research on this economics to provide academic support for the prosperity of the next generation of the Internet and the construction of an innovative regulatory system.
Crypto mining company Iris Energy raised approximately $714 million in the first half of this year
According to MinerMag, Australian crypto mining company Iris Energy announced that it has raised $413.4 million through stock issuance since mid-May. The funds will be used to fully support the company's 2024 expansion plan after the Bitcoin halving event, aiming to achieve the 2024 growth plan (including a hash rate of 30 EH/s and a data center capacity of 510MW). The financing was completed through the company's market offering (ATM) program between May 15 and June 28, with a total of 39.8 million shares sold.
Combined with previously raised funds, Iris Energy has raised a total of about $714 million in the first half of the year, including $257 million in equity financing in the first quarter and an additional $44.8 million between March 31 and May 15.
Deribit executive: Based on 2% custody fee, Coinbase may help the U.S. Department of Justice to custody $1.6 billion in confiscated proceeds
Lin Chen, head of Asia-Pacific business at Deribit, said on X that the U.S. Department of Justice (DOJ) chose Coinbase Prime to custody the confiscated crypto assets and paid Coinbase $32.25 million for the custody and processing contract. Based on the custody fee of 2%, the DOJ may have 1.6 billion in crypto assets to process. The scale of this crypto asset can also be called a top asset management company in the crypto field. The largest revenues of the U.S. Department of Justice this year also came from the crypto field.
Earlier news, the U.S. Marshals Service selected Coinbase as its digital asset custody and trading service provider.
"What are the interesting articles worth reading in the past 24 hours?"
The Ultimate Guide to Trading: How to Follow the Smart Money Smartly?
In the cryptocurrency space, working smart often works better than working hard. This year, I dedicated a portion of my funds to copying the biggest traders, and I studied their strategies, automated trading bots, and secret tools.
I grew my capital from $300 to over $300,000 by copy trading, and it was so easy.
Here is the ultimate guide in detail.
Arthur Hayes' new article: The global economy is at the turning point of the inflation cycle, holding cryptocurrency is the best way to preserve value
Devaluation through the expansion of the banking system and the centralization of credit allocation is coming.
VC perspective: How to solve the chronic poison of “high FDV, low circulation”?
In the current market cycle, the "high FDV, low circulation" token issuance method has gradually become a mainstream trend, which has caused investors to worry about the sustainable investment potential of the market. It is expected that a large number of tokens will be gradually unlocked in the cryptocurrency market by 2030, and unless the demand is significantly increased, the market will surely withstand these potential selling pressures.
Historically, network/protocol contributors (including teams and early investors) have typically received a percentage of tokens as rewards, which are locked up for a specific time frame. As the primary development force in the early stages of a network/protocol, contributors should be compensated appropriately, but they should also be careful to balance the interests of other stakeholders, especially the interests of token investors in the public market after the TGE.
The ratio design here is crucial. If the proportion of locked tokens is too large, it will affect the available liquidity of the tokens, which will have an adverse impact on the price of the tokens, thereby harming the interests of all holders; conversely, if contributors are not properly compensated, they may lose the motivation to continue building, which will ultimately harm the interests of all holders.
The classic parameters of token lock-up include: allocation ratio, lock-up time, unlocking time and delivery frequency, all of which only work in the time dimension. Considering the current situation, only using the above classic parameters limits our imagination of solutions, so we need to add some new parameters to explore some new possibilities.
In the following, I propose to add dimensions based on “liquidity” and/or “milestones” to improve the most common token lock-up models currently on the market.
Is Blast a flash in the pan? Or is it the next entry point for mass adoption?
Is it possible for Blast to become the next blockchain product to achieve mass adoption? Or is it just a flash in the pan that will go downhill after the airdrop?
On June 26, 2024, Blast issued an airdrop and listed tokens on exchanges such as Coinbase and Upbit, but has not yet been listed on Binance and OKX. As of July 1, Blast's market value was approximately US$380 million, second only to Arbitrum ($2.6 billion), OP ($2 billion), Starknet ($900 million), and ZK ($650 million) in the same track; TVL reached US$1.45 billion, second only to Arbitrum ($2.8 billion) and Base ($1.57 billion).
As the "youngest" Ethereum L2, Blast has ranked among the top five in the track in just half a year, with remarkable performance in terms of TVL and number of users. The founder Pacman, born in 1999, is a Web3 serial entrepreneur. At the age of 22, he founded Blur, the world's largest NFT exchange (with a market share of 65%), and then founded Blast. The two tracks chosen by Pacman are the most promising tracks in the crypto industry in the last two cycles, which also makes users look forward to Blast.
Polkadot's first half financial report caused controversy: nearly half of the $87 million in expenditure was promotional expenses, and the revenue was only $1.1 million
Polkadot’s financial report releases have always sparked controversy, and this time is no exception. Recently, Polkadot’s Treasury financial report for the first half of 2024 released on the official governance forum has caused complaints from investors. Although the official claimed that the treasury’s funds are sufficient to support two years, the large expenditure of up to $87 million still aroused doubts in the community.
