Part 1 In-depth topics of the week
No.1 Bye, See you.
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A complete ban on mining in China is a foregone conclusion. On June 19, all mines in Sichuan were closed. A small video was widely circulated in the industry. In the video, rows of green lights dimmed one by one with the sound of a switch.
Sichuan has always been a gathering place for Bitcoin computing power. Affected by this, the average computing power of the entire Bitcoin network fell to 102 E, a drop of about 43% from the high point of 181 E. According to the data on June 20, the computing power of China’s top mining pools F2Pool, AntPool, and Poolin have all dropped sharply. parent company). This is a strong stroke in the process of de-sinicization of bitcoin computing power brought about by regulation.
In terms of public opinion, the issue of carbon emissions from Bitcoin mining has aroused a lot of criticism from outside the industry. In fact, this issue has been criticized by the outside world for a long time, and encrypted people have refuted it, such as:
* From a data point of view, Galaxy Digital released a quantitative research report stating that the energy consumed by the traditional banking system is more than twice that of Bitcoin;
* From the perspective of efficiency, Coinbase issued an article that the rationality of energy use depends on the value obtained from it, and the resource use efficiency of Bitcoin is much higher than that of many industries;
* From a value perspective, encryption researcher Gianmarco Guazzo wrote that the energy consumed by Bitcoin is necessary to protect cryptocurrencies from cyberattacks and tampering with data within the protocol.
However, most of these views are based on the recognition of the value of the Bitcoin network, which is difficult for those who originally doubted the value of Bitcoin. This time, being forced to face up to environmental protection issues, mining companies and organizations expressed their attitudes or took corresponding actions:
* Musk and Michael Saylor led the formation of the Bitcoin Mining Committee with a number of major North American Bitcoin mining companies, agreeing to increase the transparency of energy use on a global scale and accelerate sustainable development plans.
* Many mining companies have tried to use renewable energy such as water energy, solar energy, wind energy, and natural gas to mine in the past.
If it is said that environmental protection issues have always been the resistance to the promotion of Bitcoin to the mainstream society, then these adjustments have played a certain role in promoting the sustainable development of the Bitcoin mining industry and the mainstreaming of Bitcoin.
If it is said that environmental protection issues have always been the resistance to the promotion of Bitcoin to the mainstream society, then these adjustments have played a certain role in promoting the sustainable development of the Bitcoin mining industry and the mainstreaming of Bitcoin.
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No.2 Enlightenment from the most important Fed meeting in five years
Under the unprecedented stimulus policy, the inflation rate in the United States reached 5% in May, a record high since 2008; but at the same time, the average monthly increase in non-agricultural jobs was only 460,000, and the overall new jobs only recovered to A quarter of what was lost at the end of last year. As we all know, it is the responsibility of the central bank to ensure employment, economic growth and inflation, and these three are an impossible triangle. Today, inflation is exploding, employment is slow, and the dual goals are deviated. In this context, interest rate hike expectations and QE policies affect the performance of the financial market, and the same is true for the encryption market.
On June 15-16, the Federal Open Market Committee (FOMC) held a monetary policy meeting, which announced:
* The loan interest rate is maintained at the range of 0%-0.25%, and the benchmark interest rate will be raised before the end of 2023, a year earlier than originally planned. Bitcoin and U.S. stocks plummeted on the news. Previously, Bitcoin jumped from $3,858 in March 2020 to nearly $65,000 in April 2021 as the Federal Reserve kept lending rates in the 0%-0.25% range, while the SP 500 rose more than 95% over the same period.
* On-chain analyst Willy Woo said on Friday that a stock market crash coupled with a rising U.S. dollar could strengthen Bitcoins bearish outlook. He explained: If the stock market falls, there will be some downside risk for Bitcoin, and the US dollar index (the strength of the US dollar) will rebound sharply, which is a typical performance of funds turning to safe-haven assets.https://mp.weixin.qq.com/ s/GQP-WHzbUD7jrS6OS5Ei3Q.
* Michael Burry, head of Scion Asset Management, also sounded the alarm about an imminent crash in bitcoin and the stock market.
https://mp.weixin.qq.com/s/JwrtIMlBn-V8ZBcEpSkG3Q
* PlanB, creator of the Stock-to-Flow Bitcoin price prediction model, made a prediction based on the S2F model: Even in a worst case scenario, Bitcoin will still trade at $47,000 in August. A small September backtest puts a minimum September price target of $43,000 and an October minimum price target of $63,000, which is close to the current all-time high. Then the market will heat up, reaching $98,000 in November and reaching a target of $135,000 by the end of the year.
* Fed conducts asset purchases at $120 billion a month. FOMC members believe that the current pace of purchases helps keep financial conditions loose.
* It did not explicitly talk about the withdrawal of QE and other matters. This meeting can be regarded as a watershed. The easing has not come to an end, but the theme of the second half of the year must be gradually withdrawing from the easing.
>Hedge fund tycoon Paul Tudor told CNBC in an interview before the FOMC meeting that the recent inflation data is significant and that if the Fed continues to ignore inflation, it will buy anti-inflation assets. Paul Tudor Jones once predicted the 1987 US stock market crash.
Source: Wall Street Newshttps://wallstreetcn.com/articles/3632878
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No.3 API Economy and Composability
If the current Internet is the Internet of Information, the blockchain is the Internet of Value.
The Internet has spawned a concept called API Economy. An API is an interface that encapsulates an application and opens it to the outside world so that it can be accessed by other applications or clients. Backed by around 16,000 open APIs, developers can implement an idea in a matter of days. Almost every popular mobile app is creating functions through the leverage brought by APIs. Developers do not need to create their own maps, communication services, data services, etc., they focus on creating value and innovation on top of APIs .
On the blockchain, the counterpart to the API economy is composable rows. Traditionally, it took weeks and a lot of paperwork for banks to verify a persons assets and then issue a loan. With smart contracts, using a piece of code, loans can be automatically issued based on the collateral provided by the individual.https://mp.weixin.qq.com/s/rF8tsWTcH1awEt1W7TMh0g
Regarding the powerful effects of composability, Linda Xie explained through some typical projects:
NFT mortgage application
Use NFT as collateral for loans (such as NFTfi), rent out or earn interest on NFT (such as RenFT, Charged Particles), etc.
Mirror+Zora
By combining Mirror (a decentralized publishing platform) and Zora (a protocol for creating and trading NFTs), Mirror authors are allowed to convert their posts into NFTs, and can embed auction links for NFTs in their posts .
flash loan
A flash loan allows someone to borrow money and repay the loan in the same transaction; if it is not repaid in the same transaction, the transaction will fail.
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No.4 An indicator closely related to the price of DeFi tokens
Through the correlation analysis of DeFi fundamental indicators and token price performance https://mp.weixin.qq.com/s/gNfWH73zmcGTvnzjyQmU2A, Messari draws the following conclusions:
1. The number of active users. Fundamentals and operational statistics have a significant impact on token prices. The active users metric is a valuable price-linked signal as it shows a meaningful correlation.
2. DEX trading volume. The price performance of DEXs is correlated with trading volume, which is consistent with the assumption that fundamental and operational metrics matter.
4. Total Value Locked (TVL). TVL is not a reliable price action indicator as capital is temporary and hired due to factors such as liquidity mining incentives, attacks or deleveraging.
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sudden and progressive
sudden and progressive
Bitcoin and other mining machines were collectively cut off, and all mines in Sichuan were closed. Bye, See you.
Security Experts: Hackers Are Turning to Privacy Coin XMR After FBI Recovers Part of Colonial Pipeline Ransom
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Regulation and Policy
Regulation and Policy
At 2 pm EST on June 16, the US Federal Open Market Committee (FOMC) announced interest rate resolutions, policy statements and quarterly economic expectations (SEP). Maintain the benchmark interest rate in the range of 0-0.25% and the US$120 billion bond purchase plan, and strive to achieve full employment and an inflation rate of 2% over a longer period of time. Did not explicitly talk about withdrawing from QE and other matters. It hinted that two rate hikes are expected by the end of 2023.
The U.S. House of Representatives requires companies to disclose ESG indicators, which may help miners switch to clean energy.
The state of Colorado in the United States intends to research technologies such as blockchain for water resource management.
Thailands SEC prohibits exchanges from handling four types of tokens, including NFT and Dogecoin.
Quotes and Trading
Quotes and Trading
【overall】
【overall】
The Federal Reserves balance sheet exceeded $8 trillion (6/12) for the first time, nearly doubling compared to March 2020 when the epidemic broke out.
bitcoin
【Bitcoin】
bitcoinlightning networklightning network
The number of bitcoins in the account exceeded 1500 (6/15), a record high.
In the past week, about 20,000 residents of El Salvador have traded Bitcoin through the Lightning Network, with a total transaction fee of less than $5.
Santiment data shows (6/16) that addresses holding 100 to 10,000 BTC have increased their holdings by 90,000 BTC in the past 25 days.
【Ethereum】
【NFT】
Goldman Sachs plans to offer ethereum futures and options to clients.Decentraland virtual reality
Sir Tim Berners-Lee will auction off the original code he used to create the World Wide Web at Sothebys on 6/23.
【other】
【other】
The US SEC has delayed the deadline for a decision on the Kryptoin Bitcoin ETF application.
MicroStrategy may sell $1 billion in stock to buy Bitcoin.
This week, Coinbase Pro listed SOL, CHZ, KEEP (6/17), and DOT (6/16). (Shib was originally planned to be launched on 6/17, but was later postponed.)
On June 14, the ARK fund bought 28,416 shares of Coinbase.1inch, Bancor, Curve, Kava, Kyber Network, Loopring, Polygon, Ren, Universal Market Access, 0x, etc.。
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Investment and Financing
【DeFi】
Investment and Financing
dYdX completed a $65 million Series C round led by Paradigm. In January of this year, dYdX received US$10 million in Series B investment, led by Three Arrows Capital and DeFiance Capital.
Decentralized derivatives exchange SynFutures completed a $14 million Series A round led by Polychain.Decentralized lending protocol Goldfinch has raised $11 million in Series A funding,
a16z led the round.
DeFi middleware protocol InstaDApp raises $10 million through token sale.
Umee Protocol, a cross-chain DeFi protocol, completed a $6.3 million seed round of financing, led by Polychain.
Multiple, the Uniswap V3 liquidity strategy income platform, completed the seed round of financing.Parallel FinancePolkadot Ecological Lending Agreement
Completed $2 million in financing.
Integritee, Polkadots ecological privacy computing protocol, completed a $2 million seed round of financing.
【NFT】
Yield Guild Games, a NFT decentralized autonomous organization, completed a $4 million Series A round of financing, led by BITKRAFT Ventures.
【tool】
【tool】
TRM Labs, a blockchain security analysis company, has completed a $14 million Series A round of financing.
Encrypted payment infrastructure company Ramp has completed a $9 million seed round led by NFX and Galaxy Digital.
【other】
【other】
Bitwise, an encrypted asset management company, completed a US$70 million Series B financing, with executives from Blackstone Group and Bridgewater Fund participating in the investment.
Bitcoin mining company Hut 8 Mining will be listed on Nasdaq on June 15, planning to raise 100 million Canadian dollars.
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Public Offering/Liquidity Mining
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Project Progress
Project Progress
【Ethereum】
V God released the Verkle tree and the detailed plan for state expiration. Compared with the Merkle tree, the Verkle tree can reduce the proof size by 6-8 times.
The Raiden network client version 2.0 of the Ethereum state channel solution is officially launched.
The test version of the two-layer expansion solution StarkNet has been launched on Ropsten, the Ethereum test network.
Cream Finance has announced that it will launch its money market on Arbitrum, the Ethereum scaling network.
The testnet deploying EIP-1559 has destroyed about 700 ETH.
【New public chain】
【New public chain】
Kusamas first parachain slot auction has launched.
The Cosmos proposal to activate the Ethereum Cosmos cross-chain bridge has opened for voting and will end at 0629.
【DeFi 】
Layer 1 privacy public chain Secret Network announced that the Secret BSC Bridge will be launched on the mainnet.
SushiSwap will be deployed on Celo as soon as next week, and liquidity mining will start.
A new proposal from the Aave community proposes a real-world asset-backed lending marketplace.
The Compound community initiates proposals to improve the oracle.
Yearn announced the list of yTeam multi-signature personnel, and will use yTeam to carry out decision-making governance on subdivided fields.
Kwenta, a derivatives trading platform based on the Synthetix protocol, plans to issue KWENTA tokens to spin off into an independent project.
Terras Mirror protocol is launched on the V2 test network, including new functions such as improving incentives to participate in governance.
UMA integrates the Polygon network, and will support multiple expansion solutions compatible with EVM in the future.
Algorithmic stablecoin Ampleforth has been launched on Binance Smart Chain.
【NFT】
NFT platform Binance Featured Featured By Binance has been officially launched.
【other】
【other】
NEAR Protocol released the roadmap, and the simple Nightshade will be divided into 8 shards to increase the total tps by 5-8 times.
Robo-advisory platform DAOventures launched Elons Ape strategy, driven by Musks remarks on Twitter.
Traditional Finance/Large Companies
【Institutional Services】
【Institutional Services】
Futu Securities has suspended the quotation and trading services of cryptocurrency futures contracts in response to regulatory requirements.
【NFT】
ForUsAll allows clients to invest 5% of their portfolio in cryptocurrencies.
Japanese Internet giant GMO Group announced that it will carry out NFT business, including establishing an NFT trading market, and creating attractive NFT content through creator resources.
CNN launched NFT of historical news moments, and users who register for CNN Vault can purchase NFT with a credit card.
Fox Entertainment will spend $100 million on its NFT project, likely centered on an animated series.
Porsche has teamed up with encryption company Forward 31 to launch the NFT platform Fanzone.
Porsche has teamed up with the German National Football Association to launch NFTs of football cards themed around the mens or womens football clubs.
Mattel wants to bring the Hot Wheels NFT to the market, and said that Barbie and American Girl may become NFT projects in the future.
【Mining】
Crusoe Energy, a North American mining company, has cut carbon emissions in half by mining with surplus natural gas energy.
【other】
【other】
Xiongan New District completed the first payment of digital RMB wages on the chain.
Paraguayan entertainment company Grupo Cinco will accept cryptocurrency payments next month.
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Academics, Institutions and Media
Academics, Institutions and Media
The official website of the United Nations published a document discussing blockchain and cryptocurrency, and believes that it can play an important role in sustainable development.
Governor of the Bank of England: Stablecoins may have intrinsic value, and the market should adapt to the introduction of new forms of digital currency.
Morgan Stanley analyst: The digital euro may take away 8% of euro zone bank customer deposits.
Registered Association of Financial Crime Professionals: El Salvadors Embrace of Bitcoin May Breed Financial Crime.
Fed Kashkari: Dogecoin is a Ponzi scheme.
Dean of the Bank of China Research Institute: The banking industry must seize opportunities such as digital currency pilot areas and trade finance blockchain platforms.
CNBC Millionaire Survey: Nearly Half of Millennials (47%) Have At Least a Quarter of Their Wealth in Cryptocurrencies, and Over a Third of Millennial Millionaires Invest At Least 50% of Their Wealth in Crypto currency. George Walper, president of Spectrem Group, which conducted the survey, said growing interest in crypto assets among young investors is triggering a shift in the financial industry.
KOL
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Encryption analyst PlanB: By the end of 2021, the price of Bitcoin may rise to $135,000.
MicroStrategy CEO: Ethereum will drive the dematerialization of banking institutions.
Legendary Wall Street trader Paul Tudor Jones wants to invest 5% of his portfolio in Bitcoin and says he is no longer concerned with price. Paul Tudor Jones once predicted the 1987 US stock market crash. Before the FOMO meeting this week (6/16), Paul told CNBC in an interview that if the FOMC this week, the Federal Reserve continues to ignore price increases, he will go all out for inflation trading.
Musk: If the proportion of clean energy in mining exceeds 50%, Tesla will return to bitcoin transactions.
_>>Jiang Zhuoer: The clean energy usage of Bitcoin miners has exceeded 50%.
