Headlines
ETH briefly touched 3700 USDT, with a 24-hour increase of 19.95%
OKX market data shows that ETH briefly touched 3700 USDT and is currently trading at 3675.81 USDT, with a 24-hour increase of 19.95%.
US Congress may pass anti-CBDC bill this week
According to Bitcoin Magazine, U.S. Congressman Emmer revealed that the U.S. Congress intends to pass his anti-CBDC bill this week. Emmer said that the idea of CBDC is not only shocking, but also completely un-American.
Dragonfly Partner: The general poor performance of low circulation/high FDV tokens is a process of market self-correction
Haseeb Qureshi, managing partner of Dragonfly, published an article on the X platform titled "Why are all these low float / high FDV coins down bad?", which is about the poor performance of the "low circulation / high FDV" tokens recently launched on Binance, which triggered discussions on whether the market structure is broken, whether VCs are too greedy, and whether retail investors are targeted. Haseeb believes that the current market decline is mainly due to the market's reduced risk appetite for new tokens, rather than the above reasons. Theories such as "VCs and KOLs are dumping the market", "retail investors are turning to Meme coin trading", and "insufficient circulation" do not hold up in data. Haseeb suggested that market participants better adjust their expectations and strategies. He believes that the free market will adjust the price problem by itself. If the price of a token falls, other tokens will be repriced at a lower price, exchanges will push project teams to launch tokens at a lower FDV, and traders who are stuck will only buy at a lower price, and VCs will pass this information to founders. The pricing of the B round will be lowered due to the decline in public market expectations, and investors in the A round will begin to be alert, which will eventually affect seed investors. Price signals are always transmitted continuously. When there is a true market failure, some clever market intervention may be needed. But the free market knows how to fix pricing errors - just change the price. Those who lost money have learned their lesson and are willing to buy these tokens at a lower price. This is why all of these tokens are trading at a lower FDV, and future token transactions will be priced accordingly. Haseeb believes that the main reason for the decline in token prices was the overall decline in market sentiment caused by geopolitical tensions in the Middle East in mid-April. The market's risk appetite for new tokens has decreased, and such tokens have been categorized as "high-risk new tokens" and sold off.
Industry News
SEC asks exchanges to speed up updates on 19B-4 filings for spot Ethereum ETFs
According to CoinDesk, the SEC asked exchanges to speed up the update of 19 B-4 documents regarding spot Ethereum ETFs. 19 b-4 documents are documents submitted by exchanges. This type of document is usually related to changes in the rules of exchange operations, such as the introduction of new products, modification of trading mechanisms or other related exchange policies.
Grayscale appoints Goldman Sachs' Peter Mintzberg as CEO
According to the Wall Street Journal, crypto asset management company Grayscale has announced the appointment of Peter Mintzberg, head of global strategy at Goldman Sachs Asset Management, as CEO. Former CEO Michael Sonnenshein has stepped down.
Brazil’s central bank plans to develop stablecoin and cryptocurrency rules this year
The Central Bank of Brazil has announced plans to regulate crypto assets, including stablecoins. This year, it will consider developing rules for stablecoins for payments and foreign exchange, but it described the work as "internal planning." The central bank will launch a second consultation around virtual asset service providers (VASPs), including the rules and authorizations they must follow. In addition, it plans to provide a supplementary framework that includes prudential supervision and VASP reporting. The regulatory proposal will be finalized in 2024, with the main goal of protecting investors from fraud and scams. The Central Bank of Brazil is also keen to ensure that VASPs comply with anti-money laundering (AML) and similar compliance procedures. Prior to this, the central bank had concluded its first consultation in January and explored a variety of cryptocurrency-related topics. These included asset segregation, risk management, cybersecurity, and disclosures reflecting the comprehensive nature of the consultation.
Project News
io.net: Grant eligibility checker now live on the IOG Foundation website
Solana Ecosystem DePIN Protocol io.net posted on the X platform that the reward eligibility checker is now online on the IOG Foundation website. Users can enter a Solana address to verify whether their wallet address is eligible for Season 1 rewards.
Gearbox: GEAR has almost entered a state of full circulation
The decentralized leveraged protocol Gearbox published a statement on X stating that GEAR has almost entered a state of actual full circulation, and the freely tradable amount has reached its maximum value, because 40% of the token shares are within the DAO and do not belong to anyone. They will only be used for various donations and funding programs at a rate of 3% per year, which is even lower than the general staking inflation rate of Layer 1.
ApeCoin launches several proposals to help creators publish content on ApeChain
ApeCoin lists recent community-initiated proposals on the X platform, including: AIP-401: This proposal will propose guidelines and clarify how ApeCoin DAO conducts proposal requests; AIP-418: This proposal aims to provide creators with technology and platforms to easily publish content on ApeChain. The technology will also enable players and developers to use ApeCoin as in-game currency; AIP-421: This proposal will allow working groups to submit funding requests for any period of their choice (not limited to 1 year) during the "funding window" of their choice; AIP-428: This proposal will enable the team to produce a series of short documentaries highlighting the MBA business and the network that connects apes, ApeCoin, DAO, and MBA. The official reminder said that community users are requested to vote for this round of proposals before 6 pm PST on May 29 (9 am Beijing time on May 30), and submit nomination applications for the current ApeCoin DAO election before May 22.
BounceBit 2024 Roadmap: Including BounceBit Portal, BounceBit Chain, and BounceClub
BounceBit released a 2024 roadmap, which includes three development pillars, each with a designated roadmap. The general direction of the project is to focus on CeDeFi Lego and build various CeDeFi products on the chain. Structurally, BounceBit can be divided into the following three main pillars: BounceBit Portal acts as an operating system, providing an interface for users to easily interact with the products provided by BounceBit; BounceBit Chain is the settlement layer and execution layer of the project; BounceClub is the Lego that builds CeDeFi into a service and ecosystem.
Kyber Network’s post may hint at the upcoming launch of a new chain
Kyber Network posted on the X platform: “New chain. Soon.” It is not clear whether the tweet implies the upcoming launch of a new chain or the upcoming support for other chains.
Manta Ecosystem L3 Network GullNetwork will be launched on the mainnet on May 21
According to official news, Manta Ecosystem L3 Network GullNetwork announced that it will launch the mainnet on May 21, and will launch a Trade-to-Earn, farming and zero transaction fee event in cooperation with Manta, Bifrost and Monroe. According to reports, GullNetwork will launch Gull Swap, Gull Pool, Gull Farm and other functions, and use the privacy function of the Manta network to enhance the user's trading experience. Transaction information will be protected, including user identity and transaction details, to create a safe and trustless environment for users to participate in DeFi activities. Earlier in April, GullNetwork announced the completion of a $1.6 million private round of financing, led by Morningstar Ventures and Ozaru Ventures, and participated by GBV, MH Ventures, Banter Capital, SkyVision Capital, Asteroid Capital, Andromeda Capital, Momentum 6 and others.
Spark: SPK token pre-mining season 2 is scheduled to start today, with a monthly distribution of 6.66 million
Spark, a lending protocol under MakerDAO, announced on X-Platform that the second season of SPK token pre-mining is about to start, with a monthly allocation of 6.66 million SPKs. The fixed SPK allocation for each block will be allocated to eligible SparkLend users on Ethereum. The specific conditions are: 1. The amount of ETH deposited by the user and the amount of DAI borrowed; 2. The term of the user's ETH deposit or DAI borrowing position. After the launch of SPK tokens, users will be able to claim the allocations they receive in the two seasons based on the total amount of SPK pre-mined. SPK token pre-mining season 2 is scheduled to start at 14:26 UTC on May 20 and end when SPK and Spark SubDAO are launched.
Character*Voice
Ordinals founder responds to Rune's market value not reaching $1 billion: Stay tuned for the next Hell Money podcast
Casey, founder of Ordinals, responded to the fact that the market value of Ordinals has not reached $1 billion by posting on X platform: "Please pay attention to the next Hell Money podcast. I will commit seppuku (in this episode) and Erin will be my scapegoat." (Note: Hell Money podcast is a Bitcoin-related podcast recorded by Casey and @realizingerin.)
Vitalik Buterin: Cryptoeconomic Experiment Orb Land is Cool
Ethereum co-founder Vitalik Buterin posted on social media that "the cryptoeconomic experiment Orb Land is really cool." Orb Land is a cryptoeconomic experiment launched by Eric Wall, the founder of Taproot Wizards, which aims to tokenize personal consulting services into NFTs. Holders who purchase Orb will gain the right to ask questions to the creator of Orb and resell this right. Technically speaking, Orb is an improved ERC-721 that supports the ERC-721 interface and all transfer-related functions are restored. Although Orb can be displayed on OpenSea, it cannot be listed for sale on NFT trading markets such as OpenSea, Sudoswap or Blur. In addition, Orb manages ownership functions through auctions and the Harberger tax system.
Fed Vice Chairman Jefferson: Will evaluate the latest data to determine the appropriate policy interest rate stance
Federal Reserve Vice Chairman Jefferson said that the improvement in inflation data in April was encouraging, and it was too early to judge whether the slowdown in inflation would continue. The policy interest rate was in a restrictive range, and the Federal Reserve would evaluate the latest data, changes in economic outlook and risk balance to determine the appropriate policy interest rate stance. (Jinshi)
Fed Governor Barr: Regulators are reviewing deposits related to cryptocurrency businesses
Federal Reserve Governor Barr said regulators are reviewing the regulatory treatment of certain types of deposits, including those related to venture capital or cryptocurrency businesses. Inflation in the first quarter was "disappointing" and failed to provide the confidence needed to ease monetary policy. The Fed is in a good position to "keep it steady" and watch the economy. (Jinshi)
Investment and Financing
OKX Ventures announces strategic investment in Bitcoin Layer 2 network Bitlayer
OKX Ventures announced the completion of a strategic investment in Bitlayer. Bitlayer will build the first Bitcoin security equivalent and Turing-complete Bitcoin Layer 2 based on the BitVM paradigm, and is committed to becoming the computing layer of Bitcoin. At the end of April, Bitlayer launched a $50 million developer reward event, Ready Player One, which attracted more than 500 project parties to participate, from infrastructure, DeFi, inscriptions, SocialFi, cross-chain bridges and other tracks. Dora Yue, founder of OKX Ventures, said: "Bitcoin's native design ensures a decentralized, trustless and highly secure peer-to-peer trading system. OKX Ventures laid out Bitcoin's infrastructure in the early days, such as the application of Rollup and Stacks expansion solutions and Bitcoin's DeFi innovation. Bitlayer is positioned as the Bitcoin computing layer. Its characteristics are that it adopts the framework design of BitVM's verification on the off-chain computing chain, combined with DLC (Discreet Log Contract) to achieve a trustless two-way cross-chain bridge. Bitlayer inherits the high security advantage of the Bitcoin network and is also compatible with multiple virtual machine environments including EVM. The Bitlayer mainnet V1 version was launched in April, supporting EVM-compatible environments and two-way cross-chain of mainstream assets. We look forward to enriching the use scenarios of the Bitcoin network in Q3 this year on the premise of product security, innovation in the diversity of digital assets such as NFT, and protecting user privacy."
DePIN Network Blockless Completes $8 Million in Financing, Led by NGC Ventures and Others
DePIN network Blockless has completed $8 million in Pre-Seed and seed rounds of financing, of which NGC Ventures led a $3 million Pre-Seed round, M 31 Capital and Frachtis co-led a $5 million seed round, and other investors included No Limit Holdings, MH Ventures, Interop Ventures and Plassa Capital. It is reported that both rounds of financing are simple agreements for future equity (SAFE), and the ratio of token warrants is 1: 1. Co-founder Butian Li said the project plans to launch its testnet in the next few weeks, and the mainnet and native token BLESS are expected to be launched in the third quarter of this year. Blockless is using the Cosmos SDK to create its native network and tokens. Blockless's core team is located in Palo Alto, California, with a total of 10 employees, and Li plans to hire more employees in engineering, product and ecosystem functions. (The Block)
Security incidents
Gala officially confirmed that it was attacked, resulting in 600 million GALA unauthorized sales and 4.4 billion GALA being destroyed
The co-founder of Web3 gaming platform Gala Games posted on X platform confirming that the platform was hacked, resulting in the unauthorized sale of 600 million GALA tokens ($21 million) and the destruction of 4.4 billion tokens. The team found the vulnerability and removed unauthorized access to the GALA contract within 45 minutes. The GALA Ethereum contract is secure and protected by a multi-signature wallet, so it was not affected by the attack. The attack was related to internal control failures, and the team is taking steps to ensure that such incidents do not happen again. The team believes that the initiator has been found and is currently working with the FBI, the U.S. Department of Justice, and some international agencies. There are problems with daily distribution, and the official will vote on nodes on how to deal with this issue. In the early hours of this morning, abnormal data on the chain showed that the Gala platform was hacked and hackers minted tokens worth $200 million. It is reported that hackers are converting GALA tokens to Ethereum, and the situation is still under further investigation.
