Headline:
SEC Delays Decision on Franklin Ethereum ETF Application
The U.S. Securities and Exchange Commission (SEC) has announced that it will take more time to make a decision on the listing proposal for the Franklin Ethereum ETF, submitted by Cboe BZX Exchange. (Phoenix News)
Binance Launches New Coin Mining for Renzo (EZ), Accepting BNB and FDUSD
According to an official announcement, Binance has launched the 53rd phase of its coin mining program, featuring the Renzo (EZ) liquidity re-staking protocol. Users can deposit BNB and FDUSD into the EZ mining pool on the Launchpool website starting from 8:00 am on April 24th (GMT+8) to earn EZ rewards. The mining activity is expected to open within approximately five hours of this announcement. Renzo (EZ) will be listed on Binance on April 30th at 8:00 pm (GMT+8), and trading pairs including EZ/BTC, EZ/USDT, EZ/BNB, EZ/FDUSD, and EZ/TRY will be available, following the seed tag trading rules.
Industry News:
Fidelity: Bitcoin Mid-Term Outlook Revised from “Positive” to “Neutral” Due to Potential Selling Pressure
After the first quarter, Fidelity Digital Assets has revised the mid-term outlook for Bitcoin from “positive” to “neutral” due to indicators suggesting that Bitcoin is no longer considered “cheap” in the face of potential selling pressure. In their latest Signals report released on April 22nd, Fidelity Digital Assets referenced the Bitcoin Yardstick or Hashrate Yardstick, which functions similarly to the Price-to-earnings ratio in stocks and is used to determine if Bitcoin is undervalued. Fidelity noted that the indicator deviated between negative one and zero from the first quarter’s mean of 51%, indicating that “Bitcoin was not considered ‘cheap’ during the first quarter.” Fidelity stated that this indicates the current trading price of Bitcoin is at “fair value” and adjusted the mid-term outlook to neutral. Other indicators referenced by the company also contribute to this neutral outlook as long-term holders increase selling pressure and 99% of addresses are in profit, which “may stimulate selling.”
Brazilian Digital Bank Nubank Allows Customers to Deposit and Withdraw BTC, ETH, and Solana
According to Bitcoin Magazine, Brazil’s largest digital bank, Nubank, has announced that it will allow its customers to send and receive cryptocurrencies using the Nubank wallet, and facilitate sending and receiving of BTC, ETH, and Solana through new withdrawal and deposit options.
Grayscale Submits Application to SEC to Register Ethereum Mini Trust ETF
Grayscale has submitted a filing to the U.S. SEC to register the Grayscale Ethereum Mini Trust fund (proposed ticker: ETH). The fund will be created by splitting and distributing assets from the Grayscale Ethereum Trust fund (OTCQX: ETHE), and plans to be listed on NYSE Arca, pending regulatory approval. Craig Salm, Grayscale’s Chief Legal Officer, stated that if approved, the new Grayscale Ethereum Mini Trust will be launched as a low-fee spot Ethereum ETF. Meanwhile, a portion of Ethereum from ETHE will be used to “seed” the new fund, and ETHE shareholders will receive proportional shares of the new ETF. This split is not expected to result in a taxable event for ETHE and its shareholders.
Crypto.com Delays Launch of Services in South Korea
Cryptocurrency exchange Crypto.com announced on Tuesday that it will delay the launch of its services in South Korea (originally planned for April 29th) in order to further communicate with local regulatory authorities. The company did not disclose a new release date. A spokesperson for Crypto.com stated, “We are delaying the launch and taking this opportunity to ensure that Korean regulators understand our policies, procedures, systems, and controls. Korea is a difficult market for international exchanges to enter, but we are committed to working with regulatory authorities to responsibly advance the industry for Koreans.” Earlier reports stated that the Korean Financial Intelligence Unit conducted an on-site inspection of Crypto.com’s office in Korea on Tuesday after finding issues with the anti-money laundering documents submitted by Crypto.com. (The Block)
Project News:
X Payments to Introduce In-App Wallet for Storing and Sending Funds to Other X Users
Christopher Stanley, Chief Information Security Officer of X Payments, announced on the X platform that the payment feature of X will not only be limited to tipping, but will include an in-app wallet for storing and sending funds to any other X user, providing similar functionality to Venmo and Apple Pay. Stanley added that the “ultimate goal” of X Payments is to create a fully-featured financial ecosystem where users can perform typical transactions without the need to withdraw funds. X users will eventually be able to use the expected payment feature of the app to send money to other users, shop at stores, and even earn interest from their accounts. (Cointelegraph) In previous news, the X platform has obtained payment and remittance service licenses in 25 U.S. states.
Safe Announces Transfer Support for SAFE Tokens
Safe announced on the X platform that Proposal SEP 22 has been executed, and SAFE tokens now support transfers. Previously, SafeDAO voted to enable the transferability of SAFE tokens through Proposal SEP 22. According to the proposal, the SAFE tokens will call the unpause function of the token contract using the SafeSnap module, making them transferable. Unlocked SAFE tokens will still remain in the lock contract and will be non-transferable after the transferability of SAFE tokens is enabled. In addition, Safe disclosed the details of the SAFE token economy, including a maximum supply of 1 billion tokens and an initial circulating supply of 427,000,000 tokens.
9th Rune LOBO Airdrop Snapshot to Occur at Block Height 840,574
Buoyant Capital announced on the X platform that the 9th Rune LOBO•THE•WOLF•PUP will be airdropped to Rune Door and Runestone holders, with the snapshot occurring at block height 840,574. Each Rune Door will receive an airdrop of 367,500 LOBO tokens, each Runestone will receive an airdrop of 102,772 LOBO tokens, and each Pair will receive an airdrop of 206,084 LOBO tokens. It is reported that all 9th Rune LOBO•THE•WOLF•PUP tokens will be airdropped to Runestone and Rune Door holders deployed by Buoyant Capital.
Gitcoin Grants Stack Launches Strategic Funding Program, Applications Open Until May 7th
According to official news, Gitcoin Grants Stack has announced a strategic funding program, the AaveGHO Ecosystem Advancement QF Round, in collaboration with Aave Grants DAO (AGD). The program will distribute a matching pool of $50,000 to support impactful projects contributing to the development of the blockchain ecosystem. The application period is open until May 7th.
Renzo Announces REZ Token Claim Details: Claims Open on May 2nd, Linear Distribution of 500 Million REZ based on ezPoints
According to official news, Renzo has announced that the protocol will begin its decentralization process on April 30th, 2024, with the launch of the native token REZ. The Renzo Season 1 incentive will end on April 26th, and users who sell their ezETH holdings before this date may not be eligible for the airdrop. Users can claim REZ on May 2nd through the official claim website. The official will distribute 500 million REZ tokens linearly based on users’ accumulated ezPoints, accounting for 5% of the total supply. The top 5% of addresses will have 50% of the tokens unlocked immediately at TGE (Token Generation Event), with the remaining portion released linearly over 6 months. In addition, 2% of the 5% airdrop for the first season (equivalent to 0.1% of the total token supply) has been allocated to the following NFT communities: Milady Maker and SchizoPosters. The second season incentive will start on April 26th. Unclaimed REZ within one month from the opening of eligibility will be used for activities in the second season.
People * Voices:
Yujin: Justin Sun’s On-Chain Addresses Hold Approximately $4.165 Billion Worth of Tokens
Data disclosed by on-chain analyst Yujin on the X platform shows that Justin Sun’s on-chain operations since this bull market include: 1) burning 1 billion TUSD and minting 2.1 billion USDT; 2) transferring 2.525 billion USDT to Binance; 3) purchasing 323,799 ETH (approximately $1.0248 billion) at an average price of $2,942; 4) Justin Sun’s on-chain addresses hold approximately $4.165 billion worth of tokens, primarily including 598,900 ETH ($1.902 billion), 53.64 billion TRX ($602 million), 458 million USDD, 315 million TUSD, 300 million USDT, and 158.9 trillion BTT ($209 million), among others.
Arthur Hayes: Bull Market Will Continue, Coming Months Present Buying Opportunities
Arthur Hayes, co-founder of BitMEX, stated in his latest article that with the passing of the U.S. tax season on April 15th and the end of the market’s weak period caused by Bitcoin’s halving, the bull market will continue and prices will only become more outrageous during the upward trend. Arthur also mentioned, “The coming months will be the best time to gradually increase positions by taking advantage of recent pullbacks. I have a list of alt-coins that have been hit hard recently, and I will discuss them in upcoming articles. There will also be many new tokens soon to be launched, which may not experience as much growth as expected when they were launched in the first quarter, but it will provide a good entry point for secondary investors. Regardless of which cryptocurrency you are interested in, the next few months will offer a golden opportunity to increase positions.”
Investment and Financing:
Crypto Wallet Startup Turnkey Raises $15 Million in Series A Funding, Led by Lightspeed Faction and Galaxy Ventures
Crypto wallet startup Turnkey has announced the completion of a $15 million Series A funding round, led by Lightspeed Faction and Galaxy Ventures. Other participants include Sequoia Capital, Coinbase Ventures, Alchemy, Figment Capital, and Mirana Ventures. (CoinDesk)
Decentralized AI Platform Prime Intellect Raises $5.5 Million in Seed Funding, Led by CoinFund
Decentralized AI platform and protocol Prime Intellect has announced the completion of a $5.5 million seed funding round, led by Distributed Global and CoinFund. Compound, Collab+Currency, Juan Benet, and Protocol Labs also participated. The new funds will be used to build a computational platform for decentralized training across instances and achieve shared ownership of AI models through contributions of computing power, code, data, capital, or expertise. (Prnewswire)
Security Risks:
Magpie Protocol: Vulnerabilities Found in Contract, Users Urged to Revoke Authorization
Cross-chain infrastructure Magpie Protocol announced on the X platform that vulnerabilities have been found in its contract and urged users who have authorized its contract and still hold funds in their wallets to revoke relevant contract authorizations on various chains.
