Daily Quotes (May 11, 2024 20:30)
ChainDD's market data on May 11 shows that the combined DD index and CoinMarketCap quotes are:
BTC was at $60,986.30, up about 0.37% in 24 hours;
ETH was at $2,916.07, down about 0.58% in 24 hours;
BNB reported $591.37, up about 1.04% in 24 hours;
DOGE was at $0.1444, up about 0.23% in 24 hours;
DOT was trading at $6.74, down about 1.33% in 24 hours.
Chain Circle Dynamics
zkSync Developers: The team is investigating zkSync Sepolia testnet issues that may affect the release of mainnet v24
zkSync Developers X platform posted yesterday evening that the team is investigating an ongoing issue with the zkSync Sepolia testnet. While the investigation continues, withdrawing Sepolia funds from the zkSync Era Sepolia testnet is unavailable. This investigation (and its results) may affect the mainnet v24 version scheduled for release next Monday.
At around 3 am today, zkSync Developers released relevant progress and said that the investigation is still ongoing and will continue until tomorrow, when more updates will be released.
Aptos Q1 report: Aries Markets TVL increased by 714% month-on-month to US$249 million, becoming the protocol with the highest TVL on Aptos
Aptos released its 2024 Q1 report, and Aptos' DeFi TVL increased by 376% month-on-month to US$573 million. Driven by the incentive plan, the TVL of the lending protocol Aries Markets increased by 714% month-on-month to US$249 million, becoming the protocol with the highest TVL in Aptos.
APT’s circulating market capitalization increased by 127% quarter-on-quarter to $6.6 billion. Its growth rate exceeded that of companies with similar market capitalizations, and its market capitalization ranking rose from 33rd to 22nd quarter-on-quarter. As supply increased this quarter, APT’s price increase was lower than its market capitalization, but it was still up 76% from the previous quarter.
Aptos revenue, or all fees collected from the protocol, rose 37% to $475,000, but fell 10% when measured in APT terms. However, last year’s Q4 figures saw a spike near the end of December due to the inscription boom. Excluding that, APT’s Q1 revenue totals were higher.
APT inflation started at an annualized rate of 7% and then declined by 1.5% each year until it reached 3.5%. This annual change occurred in mid-October of last year, with inflation falling to just under 6.9% (this rate is based on an initial total supply of 1 billion APT). The Genesis Supply includes the initial 1 billion APT allocated, but does not include staking rewards. By the end of Q1, nearly 31% of the Genesis Supply had been allocated, a 32% increase from the previous quarter. An additional 4.7% of the APT Genesis Supply will be unlocked in Q2 2024.
Cryptocurrency News
USDC circulation decreased by $100 million in the past week, with a total circulation of $33 billion
According to official data, as of May 9, Circle has issued approximately US$2 billion in USDC and redeemed approximately US$2 billion in USDC in the past 7 days, with the circulation volume decreasing by approximately US$100 million.
The total circulation of USDC is US$33 billion, and the reserve is US$33.1 billion, of which approximately US$3.3 billion is in cash and the Circle Reserve Fund holds approximately US$29.8 billion.
A large amount of Hong Kong people’s information was auctioned on the “dark web” and required to pay USDT
Cyber hackers have recently launched frequent attacks on public and private institutions in Hong Kong. Recently, the Hong Kong College of Technology and Luk Fook Jewellery were attacked by hackers. About 450GB of files from the Hong Kong College of Technology were posted on the dark web and nearly 10,000 people have viewed the information. Some hackers claimed online that they had the information of 5 million Luk Fook members for sale.
A hacker recently posted on Telegram that Luk Fook's membership information is priced at 25,000 USDT (about 195,000 Hong Kong dollars). It is understood that the leaked information includes the members' names, dates of birth, addresses, ID numbers, emails, account passwords, mobile phone numbers and WeChat accounts, including personal information of mainland and local customers.
Coingecko: Low circulation cryptocurrencies account for 21.3% of the top 300 cryptocurrencies by market capitalization
According to Coingecko research, low-circulation cryptocurrencies currently account for 21.3% of the top 300 cryptocurrencies by market capitalization. The four cryptocurrencies with the lowest circulation are worldcoin (WLD), cheeee (CHEEL), starknet (STRK), and saga (SAGA), all of which were launched in 2023 or 2024.
However, 74 of the top 300 cryptocurrencies have a market cap fully diluted valuation (FDV) ratio of 1, meaning they are fully diluted with no upcoming token unlocks. Compared to low-circulation cryptocurrencies, less than half of them were launched in the past four years, with the majority (46 of 74) launched between 2014 and 2020.
Uniswap founder: Rogue attacks on encryption will increase the risk of Biden losing the election
Uniswap founder Hayden Adams posted on social media that the authorities are risking defeat in the general election by allowing rogue regulators to try to ban "Internet currency", not to mention that 40% of adults in the United States are already holders of this currency, and regulators will ultimately lose anyway.
Ethereum chain DEX transaction volume exceeded 1.4 billion US dollars yesterday, ranking first
DeFiLlama data shows that the transaction volume of Ethereum's on-chain DEX on May 10 was US$1.405 billion, ranking first.
In addition, Solana’s on-chain DEX had a trading volume of US$1.072 billion yesterday, ranking second; BSC’s on-chain DEX had a trading volume of US$701.35 million yesterday, ranking third.
Layer2’s share of Ethereum ecosystem transaction activities has risen to 82%
Sam Rosenblum, partner at Haun Ventures, shared data on the X platform and said that currently 82% of the activities in the Ethereum ecosystem occur on Layer 2 such as Arbitrum, Optimism, and Base.
JPMorgan holds multiple US spot Bitcoin ETFs
American financial giant JPMorgan Chase announced its Bitcoin spot ETF positions from Grayscale, ProShares, Bitwise, BlackRock, and Fidelity. According to documents filed with the U.S. Securities and Exchange Commission (SEC) on May 10, JPMorgan Chase holds approximately $760,000 worth of ProShares BITO, BlackRock IBIT, Fidelity FBTC, Grayscale GBTC, and Bitwise BITB.
Additionally, the bank holds 25,021 shares in Bitcoin ATM provider Bitcoin Depot, valued at approximately $47,000.
More than a third of US-listed ETFs may not be able to cover operating costs
According to data from Bloomberg Intelligence and industry insiders, the average expense ratio for new ETF development has risen to 0.63%, the highest since 2010, partly due to spot ETFs involving Bitcoin, reflecting that the industry's fee competition has reached its limit. Although cheap fees are good for investors, they are a challenge for issuers.
The latest data shows that about one-third to more than half of US listed ETFs may not be able to cover operating costs. The fee competition in the ETF market is evolving into demand for high-fee, high-margin products.
At the same time, the mutual fund industry faces the challenge of continued net closures as investors turn to more cost-effective ETFs. The mutual fund industry is trying to transform in many ways to adapt to this change, but mutual funds still have an advantage in the U.S. pension system.
Ethereum transaction fees hit lowest level since merger as L2 network activity increases
As more and more activity moves to the Ethereum chain's L2 network, the average transaction fee on Ethereum has reached an all-time low. Ultrasound.money data shows that the average Ethereum gas fee has dropped to 4.81 Gwei, the lowest level since the network completed a merger event in 2022. Market observers attributed the decline to increased activity on the L2 network after the completion of the Dencun upgrade. The Dencun upgrade significantly reduced fees on the L2 network.
Blockchain analysis platform IntoTheBlock reports that more and more transactions are now being settled on Ethereum L2. Last month, transactions on the three top L2s accounted for 82% of all Ethereum transactions, a record high.
