Headline
Probability of the Federal Reserve maintaining interest rates in June is 99.8%
According to CME’s “Federal Reserve Watch,” there is a 99.8% probability that the Federal Reserve will keep interest rates unchanged in June, with a 0.2% probability of a 25 basis point hike. The probability of the Federal Reserve maintaining interest rates in August is 82.3%, with a 17.5% probability of a cumulative 25 basis point cut and a 0.1% probability of a 25 basis point hike.
ERC-6900 Official Website Resources Released, Co-Written by Ethereum Foundation, Alchemy, Circle, and Quantstamp
The official website resources for ERC-6900 have been released, co-written by the Ethereum Foundation, Alchemy, Circle, and Quantstamp, providing a comprehensive guide to ERC-6900. ERC-6900 is a groundbreaking proposal aimed at standardizing the interface of composable smart accounts. The core idea behind ERC-6900 is to facilitate permissionless innovation by making it easier for developers to build secure, interoperable, and composable modular smart accounts and plugins. The website provides resources on the motivation and design of ERC-6900, community involvement, compatible smart account implementations, and plugin development. It also offers benefits for ERC-6900 ecosystem developers and a roadmap for future focus areas. (Bitcoin.com)
In previous news in February, Alchemy announced the launch of “Modular Account” for Ethereum L2 developers, enabling wider access to the Web3 ecosystem for non-technical users. The Modular Account is a new contract account implementation designed specifically for ERC-4337 and ERC-6900 compatibility. It provides enterprise-grade security, low costs, and powerful account scalability for Ethereum L2 developers.
Sotheby’s to Auction “Golden Ape” NFT from Bored Ape Yacht Club (BAYC) Series
Sotheby’s is set to auction a Golden Ape NFT created by Yuga Labs, along with other rare digital artworks. This auction will test the enduring power of ape-themed assets in the art world. The auction includes an NFT from the Bored Ape Yacht Club (BAYC), as well as other rare digital artworks.
Industry News
Global X to Reduce Fees for Bitcoin and Ethereum ETPs in Europe to Zero
US ETF provider Global X ETFs has announced that its Global X Bitcoin and Ethereum ETPs will have no fees until January 3, 2025, after which the fee rate will be 0.29%. These two products were initially listed on the Xetra exchange in Frankfurt and the Swiss Stock Exchange in Zurich in March 2022 with a total fee rate of 0.65%. According to Global X’s website, as of May 24, its Bitcoin investment product has approximately $4.3 million in assets under management, while its Ethereum product has approximately $5.7 million in assets under management. (Financial Times)
Australian Court Exempts Block Earner from Fines in Lawsuit for Unauthorized Provision of Crypto Income Product
The Federal Court of Australia has exempted financial technology company Block Earner from fines after ruling that the company provided a cryptocurrency income product without a financial services license. On June 4, Judge Ian Jackman ruled that Block Earner acted honestly and did consider obtaining a license when launching its income product “Earner,” but its research and legal advice indicated that it was not required to obtain a license. Block Earner’s founder and CEO Charlie Karaboga stated that they obtained legal advice before launching the product, “demonstrating that we acted honestly and did everything we could as a startup company.” The judge dismissed the Australian Securities and Investments Commission’s (ASIC) request for a fine of AUD 234,000 (USD 150,000). ASIC stated in a press conference on June 4 that it is reviewing this decision. (Cointelegraph)
Earlier in February, the Australian court ruled that cryptocurrency company Block Earner provided the Earner product without authorization.
Thai SEC Approves First Bitcoin Spot ETF Application in the Country
The Thai SEC has approved the launch of the country’s first Bitcoin spot ETF, “ONE-BTCETFOF-UI,” by local asset management company One Asset Management (ONEAM). The ETF is scheduled to be issued between May 31 and June 6, with an investment risk level of eight and targeting high-net-worth individuals and institutional investors. Meanwhile, MFC Asset Management will continue to await SEC approval for its Bitcoin ETF, which will also be limited to high-net-worth individuals and institutional investors. (Bangkok Post)
Volatility Shares’ Leveraged Ethereum ETF Begins Trading, Future Launch of Ethereum Spot ETF Possible
Fox Business reporter Eleanor Terrett announced on the X platform that Volatility Shares’ Leveraged Ethereum ETF (ETHU) has started trading today. Stuart Barton, co-founder of Volatility Shares, stated: “We are pleased that the US SEC is starting to embrace cryptocurrencies. Volatility Shares continues to work with the SEC to ensure that this innovative new investment exposure enters the market. Like our 2x Bitcoin ETF (BITX), ETHU may pave the way for a 1x (Ethereum) spot ETF in the near future.” It is reported that Volatility Shares previously launched the Volatility Shares 2x Bitcoin ETF in June 2023.
South Korean New Law Requires Payment of Interest on Crypto Deposits
A new law in South Korea will require banks to pay interest on deposits from cryptocurrency exchanges, which could significantly impact KBank’s profits. KBank currently has $3.6 billion in deposits from major cryptocurrency exchange Upbit, accounting for over 20% of its customer balances. Under the new law, if the interest rate is set at 1%, KBank will need to pay approximately KRW 50 billion ($36 million) in interest, which is equivalent to its current profits. The law will take effect in July 2024 and poses a disadvantageous timing for KBank, which is preparing for an IPO. Upbit is the largest cryptocurrency exchange in South Korea, and other Korean banks do not have significant exposure to cryptocurrency deposits.
Project News
DAR Open Network to Launch DAR ID and Task System, 2% of Token Supply to be Distributed Annually to Active Users
Web3 gaming infrastructure DAR Open Network has announced the upcoming launch of DAR ID and the task system, which supports one account login to manage all games. It also announced an update to the token economy design, with 2% (16,000,000 DAR) of the total supply to be distributed annually to active users. The distribution breakdown is as follows: 1. DAR ID Tasks (45%): Thrilling tasks suitable for all levels of participation, with zero cost to participate; 2. DAR Staking (40%): Staked tokens will generate additional DAR rewards over time, with the reward amount determined by the staked amount and lock-up period; 3. LAND Staking (5%): The higher the LAND level and the longer the lock-up period, the greater the rewards; 4. Ape Tasks (10%): Extended Ape task duration.
Mina Announces Completion of Berkeley Upgrade
Mina Protocol announced on the X platform that the Berkeley upgrade has been completed. Mina will become a ZK chain with universal ZK programmability on the mainnet. In yesterday’s news, lightweight blockchain network Mina Protocol announced on the X platform that the protocol will undergo an upgrade from June 4, 17:00 to June 5, 8:00, during which the network will be shut down for 15 hours. The Berkeley upgrade aims to enhance the ZK programmability of the Mina network.
DTX Launches on Taiko Mainnet, Providing Decentralized Trading, Perpetual Contracts, and Liquidity Services
Decentralized trading and liquidity protocol DTX.trade has announced its official launch on the Taiko mainnet, along with the addition of spot Swap functionality on Taiko, providing spot trading and decentralized perpetual contracts with up to 50x leverage for Taiko network users. DTX also announced the upcoming launch of Launchpad, which aims to become the trading and liquidity hub for Taiko and serve as the growth engine for the Taiko ecosystem. Users can earn DTX Fuel tokens by trading on DTX. Additionally, DTX will participate in the upcoming Trailblazers: Call of Taiko series of incentive activities hosted by Taiko.
Binance Spot to Add PEOPLE/FDUSD Trading Pair and Trading Bot Service
According to an official announcement, Binance will launch the HIGH/TRY, PEOPLE/FDUSD, and TNSR/USDC spot trading pairs on June 5, 2024, 16:00 (GMT+8), providing users with more spot trading options. Additionally, Binance will open trading bot services for the following trading pairs on June 5, 2024, 16:00 (GMT+8): Spot Algorithmic Orders: HIGH/TRY, PEOPLE/FDUSD, TNSR/USDC.
Loopring: TAIKO Airdrop Released to the Community
Loopring announced on the X platform that the TAIKO airdrop for the Loopring community has been released. Users need to visit the claim page, link their Loopring L2 activated wallet, and check if they are eligible. If eligible, they need to bind their Taiko mainnet activated wallet to receive the tokens.
Gitcoin and Sei Foundation Launch Sei Creator Fund with Initial Funding Pool of $250,000
Gitcoin and the Sei Foundation have announced the launch of the Sei Creator Fund, with a total size of $10 million and an initial funding pool of $250,000. The fund is open to experienced and emerging contributors and provides support for projects in the Sei ecosystem. Applications are now open.
Worldcoin: World APP Still Available in Spain, Tools for Humanity Initiates Lawsuit
Following the announcement by the Spanish Data Protection Agency (AEPD) that Worldcoin has agreed to cease its operations in Spain by the end of this year, Worldcoin responded in a blog post, stating that Tools for Humanity has initiated legal action against the AEPD’s decision.Humanity has announced that it has filed a lawsuit against AEPD. As a result, all World ID verification services in Spain have been suspended. However, the World App, the first wallet of the Worldcoin project, can still be used.
Uniswap Labs has stated on the X platform that it is preparing to release important information. The community speculates that this may be related to a settlement with the U.S. Securities and Exchange Commission (SEC) or the launch of UNI empowerment or new features.
UniSat has announced on the X platform that the engraving progress of the pizza inscription has reached 93.2%. It is expected to be completed in the next 2-3 days. After that, the pizza inscriptions will be distributed within 48 hours. Previously, UniSat announced on the X platform that the pizza distribution event had ended, with a total of 21 million pizzas being claimed by 200,738 addresses.
According to 8marketcap data, BNB’s market cap has reached $101.75 billion with a 24-hour growth rate of 10.04%. It ranks 170th in global asset market value, surpassing Starbucks (with a market cap of approximately $93.77 billion, ranking 188th).
According to legal documents on June 3rd, FTX plans to pay $200 million in priority tax payments and $685 million in secondary tax claims to the U.S. Internal Revenue Service (IRS). Priority tax claims, such as taxes, must be paid before other debts, while secondary tax claims are only paid after fulfilling the priority obligations. FTX argued in bankruptcy court that the amount owed is much lower than the $24 billion claimed by the IRS. The IRS initially claimed that FTX owed $44 billion in taxes but later reduced the amount to $24 billion. The FTX debtors responsible for managing the company’s bankruptcy believe that the IRS incorrectly included funds misappropriated by Sam Bankman-Fried and other tax liabilities in their calculations. The IRS disagrees with the debtors’ argument and plans to seek a substantial tax liability if a settlement cannot be reached. The deadline for objections in this case is June 17, 2024, and the hearing date is June 25, 2024.
Hayden Adams, the founder of Uniswap, participated in a debate organized by Bankless between Justin Ðrake, a well-known Ethereum developer, and Anatoly Yakovenko, co-founder of Solana. Regarding the viewpoints of the two sides, Hayden Adams agreed with Justin’s opinion that future trading demand will far exceed our current imagination. He also agreed with Anatoly’s view that the biggest problem Ethereum faces is the uncertainty of the long-term value of decentralized applications (DA) and the uncertainty of the “sound money” vision of ETH. The concept of “sound money” is a meme in the Ethereum ecosystem, mainly emphasizing the deflationary nature of ETH.
Brian Armstrong, the founder of Coinbase, revealed on the X platform that the price of purchasing the coinbase.com domain name was $1,795. After confirming the availability of the trademark, he made the decision to purchase it.
According to Glassnode data, the number of active Bitcoin addresses has reached a five-year low. After the halving in April 2024, the number of active addresses has significantly decreased due to the surge in transaction fees and network congestion. The increase in fees is partly due to the emergence of new protocols like Runes, which have affected the utility of Bitcoin in daily transactions, leading to a significant decline in network activity. Historically, active addresses have been a reliable indicator of market phases. For example, data from 2022 shows that active addresses remained stagnant, consistent with the typical bear market pattern observed in previous cycles. The market strength of Bitcoin is cyclical, with periods of reduced activity followed by a resurgence as market conditions improve. However, it is worth noting that although the current number of active addresses has reached its lowest point since 2019, Bitcoin is close to its all-time high.
STEPN GO announced the results of the second round of its “Co-founder QA.” In response to the question about the number of Genesis Sneakers available in the STEPN GO application, Yawn Rong, co-founder of STEPN GO, stated that the total quantity of Genesis Sneakers for STEPN and STEPN GO is 20,000 pairs. The maximum number of Genesis Sneakers available in STEPN GO will be 8,000 pairs, subtracting the number already existing in STEPN.
DWF Labs, the co-founder of STEPN GO, announced on the X platform that it plans to invest more funds in the Meme token project. This is the third project after LADYS and FLOKI.
Michael Novogratz, the CEO of Galaxy Digital, stated that Bitcoin could reach $100,000 or higher by the end of the year.
Paolo Ardoino, the CEO of Tether, expressed concerns about certain requirements in the European Union’s Markets in Crypto-Assets (MiCA) regulation. He mentioned that these requirements could make the work of stablecoin issuers extremely complex and increase operational risks. Ardoino emphasized the importance of further discussions on technical implementation standards to clarify certain provisions in the market, as well as the need for a clean internet browser and the avoidance of third-party plugins.
DWF Labs announced that it will purchase $12 million worth of FLOKI tokens to support its ecosystem development. Some tokens will be acquired from the market, while others will come from the FLOKI treasury.
Polygon Labs has announced the acquisition of ZK engineering startup Toposware. The specific acquisition amount has not been disclosed. The Toposware team is being integrated with the existing Polygon ZK development team to further advance Hong Kong technology, including AggLayer, Polygon CDK, Polygon zkEVM, and the eventual upgrade of Polygon PoS (subject to community approval) to ZK validium.
Avail, a blockchain scaling service provider, has completed a $43 million Series A funding round. The round was led by Founders Fund, with participation from Dragonfly and Cyber Fund, among others. Avail focuses on Layer-2 solutions, such as Base, Polygon, Arbritrum, or Opitmism, helping L2 batch transactions and write them to the main chain or Layer-1.
Fhenix, an Ethereum Layer-2 solution, has raised $15 million in a Series A funding round led by Hack VC. Other participants include Dao 5, Amber Group, Primitive Ventures, GSR, Collider Ventures, and Stake Capital. Fhenix has announced the launch of its open testnet called Helium, allowing developers to deploy “confidential” smart contracts on the Fhenix Layer 2 network.
Renzo’s official X platform was suspected to have been hacked but has now been restored. The token message was released, and the comment section has been closed. The related tweets have been deleted.
Binance has released an update regarding the incident where assets were compromised due to a browser extension. The user has clarified misunderstandings, stating that Binance was not aware of the extension in advance, and the KOL was not a “mole” for Binance. Binance’s risk control and security teams will continue to investigate such incidents. They plan to implement additional reminders for users during plugin operation and cookie authorization, and consider increasing verification frequency. Binance also advises users to remain vigilant, use clean internet browsers, avoid installing any third-party plugins, and log out after use.
