Headlines
According to DefiLlama data, pump.funs revenue in the past 24 hours reached 1.99 million US dollars, surpassing Ethereum, Tron, and Solana, ranking first; the current cumulative revenue is 52.25 million US dollars.
At the same time, pump.fun also set a record for its highest single-day revenue in history, with the previous highest record being $1.48 million on May 30.
The Ethereum Foundation sold a total of 2,266 ETH this year, converting it into $6.56 million in DAI
According to Spot On Chain monitoring, the Ethereum Foundation has sold 2,266 ETH since January 2024, exchanging them for $6.56 million worth of DAI.
The address marked as the German government has transferred 7,828 Bitcoins since June 19
According to on-chain analyst Yu Jins monitoring, the address marked as the German government has transferred 7,828 bitcoins since June 19, worth approximately US$496.33 million, with an average transfer price of US$63,404. The address also holds 43,800 bitcoins, worth approximately US$2.75 billion. Based on the recent transfer frequency, it may take another 2 to 3 months to transfer all of them out.
PolkaWorld: Polkadot should not spend money on ineffective advertising and exposure
Polkadot Chinese community PolkaWorld posted on X that PolkaWorld opposed most of the so-called proposals to increase Polkadots exposure during its time as a DV in the first half of the year. Polkadot currently does not lack so-called advertising exposure, and money should not be spent on advertising exposure that does not have any conversion. Any advertising and exposure should be based on the product, otherwise it will be invalid exposure and invalid expenditure.
PolkaWorld added that there is an essential problem that has not been solved in the Polkadot ecosystem at present - how to fight against whales? Especially when the intentions of whales are inconsistent with the interests of the entire community, what can the community do... Why can a proposal worth millions of dollars without any detailed description, transparent budget and financial report be passed despite the strong opposition of the community? Why does a proposal that applies for tens of thousands of dollars and is very helpful to the community have to be opposed by tens of millions? In the past six months, how many drama proposals have been passed on Polkadot?
Currently, what the Polkadot community needs most is: 1. Empower teams that have already built great products, give them liquidity incentives, and attract users to use these great products; 2. Continuously cultivate and discover new teams, new products, and new applications; 3. Only when a user-friendly unicorn application comes out can it attract a large number of users to the Polkadot ecosystem and stay in the Polkadot ecosystem.
Fed Chairman Powell said the labor market remains strong, but considerable progress has been made in inflation, and the path of inflation decline is back on track. At the same time, Powell said that if the labor market unexpectedly weakens, this will also prompt us to take action. But he declined to comment on whether this means a rate cut in September. He said the Fed has the ability to take the time to make the right decision (rate cuts), although he is well aware of the risks of acting too slowly and too late. (Jinshi)
Industry News
Market News: Robinhood is considering launching cryptocurrency futures in the U.S. and Europe
According to market sources, Robinhood is considering launching cryptocurrency futures in the United States and Europe.
Lower network fees and reduced Bitcoin mining rewards are increasing the risk of miners being forced to sell their Bitcoin holdings, according to a report from Kaiko Research.
Previous halving events have put mining companies under pressure to reduce revenue. With expenses such as energy, wages and rent remaining basically unchanged, the profits generated by mining have declined, and the reduction in network fees has further reduced revenue. Data shows that the average Bitcoin network fee has dropped from around $45 in January to between $3 and $5.
Marathon Digital, one of the leading Bitcoin mining companies, sold 390 BTC in May and plans to sell more holdings to manage its finances. According to Kaiko, the risk of miners being forced to sell Bitcoin may continue in the coming months.
The company also said that the revenue crunch will lead miners to seek mergers to integrate assets and improve efficiencies. Consolidation is expected to continue as the impact of the halving reverberates across the industry.
For example, Riot Platforms Inc. attempted to acquire Bitfarms Ltd., and CleanSpark Inc. agreed last month to acquire Griid Infrastructure Inc. in an all-stock deal worth $155 million. (Bloomberg)
Abraxas Capital Mgmt has repaid all loans to Spark Protocol and withdrawn 70,153 ETH
According to on-chain analyst @ai_ 9684 xtpa, Abraxas Capital Mgmt has repaid all loans to Spark Protocol and withdrawn 70,153 ETH worth $244 million. 52,200 ETH have been deposited into Bitfinex, and 17,957 ETH remain in the wallet.
Project News
ZKsync announces Elastic Chain
According to official news, ZKsync announced the launch of Elastic Chain on the X platform. The ZKsync 3.0 protocol upgrade released on June 7, 2024 marks a historic transformation for ZKsync. It is reported that ZKsync 3.0 Elastic Chain is a ZK Rollup network that supports local interoperability under a unified and intuitive user experience. Its elastic architecture allows the blockchain to expand capacity infinitely by adding new instances to meet usage capacity.
Jupiter: Approximately $60 million worth of active staking rewards will be distributed this week
Jupiter announced on the X platform that it will issue active staking rewards (ASR) worth about $60 million this week. If you have voted on any JUP DAO proposal in the past 3 months, you will be eligible to receive ASR commensurate with your staked JUP and voting activities. The total pool will include: 50 million JUP, 7.5 billion WEN, 7.5 million ZEUS, 7.5 million UPT and 750,000 SHARK. It should be noted that if you are currently in the process of completely unstaking, you will need to wait until JUP is unstaked or unstaken before you can claim JUP ASR.
Jupiter will launch a new ASR page with a summary of voting activity and allocated rewards.
Astar Network will destroy 350 million ASTR, accounting for 5% of the total supply
After a governance vote, 5% of the total supply of the multi-chain smart contract network ASTR will be destroyed, totaling 350 million tokens, and another 70 million tokens will be transferred to the community treasury. Token destruction is generally seen as a bullish event, and ASTR has risen by more than 7% in the past 24 hours. (Coindesk)
Investment and Financing
Bitcoin re-pledge protocol Lombard has completed a $16 million seed round of financing, led by Polychain Capital, with participation from BabylonChain, Inc., dao 5, Franklin Templeton, Foresight Ventures, Mirana Ventures, Mantle EcoFund and Nomad Capital. Lombard will use this financing to develop the Bitcoin re-pledge ecosystem and promote the subsequent development of the Bitcoin pledge protocol Babylon. Once a user pledges Bitcoin through Babylon, Lombard will use the token LBTC to issue liquidity and revenue representation of the pledged Bitcoin to unlock liquidity. According to official news, Lombard intends to integrate LBTC into the Ethereum DeFi protocol later this year.
Blockchain oracle service RedStone has completed a $15 million Series A financing round, led by Arrington Capital, with participation from Kraken Ventures, SevenX Ventures, White Star Capital, Spartan Group, Amber Group and IOSG Ventures, as well as angel investors such as Smokey the Bera and Homme Bera of Berachain, Mike Silagadze, Jozef Vogel and Rok Kopp of Ether.Fi , and Amir Forouzani, Jason Vranek and Christina Chen of Puffer Finance. RedStone is a blockchain oracle similar to popular oracles such as Chainlink and Pyth Network, but based on a modular design. (Theblock)
Distributed GPU network Prodia completes $15 million financing, led by Dragonfly Capital
Prodia, a distributed GPU network for AI reasoning solutions, has raised $15 million, led by Dragonfly Capital, with participation from HashKey, Web3.com , Index Ventures, Symbolic Capital, OKX Ventures, and angel investors Balaji Srinivasan, Sandeep Nailwal (Polygon founder), and Matthew Roszak (Bloq co-founder). Prodia builds more scalable and affordable AI solutions powered by Web3, making it easy to add AI to any application. (Coindesk)
Pi Squared, a ZK technology verification company, has completed a $12.5 million seed round of financing, led by Polychain Capital, with participation from ABCDE, Bloccelerate, Generative Ventures, Robot Ventures and Samsung Next, as well as angel investors including Justin Drake of the Ethereum Foundation and Sreeram Kanaan, founder of EigenLayer. The new round of financing will be used to expand the companys planned products. Pi Squared CEO Grigore Rosu said that Pi Squareds first product is a universal settlement layer that can settle blockchain transactions in any programming language. (Coindesk)
Blockchain company OpenLedger announced the completion of an $8 million seed round of financing, led by Polychain Capital and Borderless Capital, with participation from HashKey Capital, Finality Capital, Hash 3, STIX, MH Ventures, Sreeram Kannan of EigenLayer, Sandeep Nailwal of Polygon, Kenny Li of Manta, etc. OpenLedger has built a permissionless, data-centric infrastructure for artificial intelligence development, and the new funds will be used to expand the team and strengthen its data pipeline infrastructure. (Theblock)
Regulatory trends
Circle officially stated in a post on X that ultimately, a coordinated approach between the United States, the European Union and other major jurisdictions will be crucial to pave the way for future regulatory recognition and ensure that the emerging Internet financial system is built on rules. In addition, according to an article on the Bretton Woods Committee blog, stablecoins that do not comply with MiCA regulations will disappear from the EU market in the short to medium term. Circle previously became the first global stablecoin issuer to be licensed in the European Union. Patrick Hansen, Circles EU Strategy and Policy Director, and Dante Disparte, Chief Strategy Officer, said that with the entry into force of the MiCA provisions, there is reason to expect changes in the coming year. In short, MiCA is to crypto assets as GDPR is to privacy data.
Character Voice
In response to the controversial news that Polkadot Treasury spent $87 million in half a year, Manta Network co-founder Victor Ji said in a post: As the founder of the project with the largest TVL and market value/fully diluted market value (non-DOT) in the former Polkadot ecosystem, I have to say that we have absolutely no desire to engage with the Polkadot ecosystem and its team anymore.
This ecosystem is highly toxic, adds no real value to Web3, and has no focus on users or adoption. We are too busy to shine a light on the discrimination we as Asian founders experience in this ecosystem (a sentiment shared by all Asian founders).”
Jeffrey Kendrick, head of foreign exchange and digital asset research at Standard Chartered Bank, said that Bitcoin prices are likely to hit new highs in August and will exceed $100,000 by the US election day. Kendricks prediction depends on whether Joe Biden continues to participate in the US presidential election - a situation that the market believes favors Trumps victory. Standard Chartered analysts believe that Trump is positive for Bitcoin and pointed out that the former presidents chances of being elected are positively correlated with Bitcoin prices. The logic here is that under Trumps leadership, both regulation and mining will be treated more favorably, Kendrick added. (TheBlock)
Justin Sun transferred 20 million USDT to Binance and 10 million USDT to Bitfinex
According to @ai_9684 xtpa monitoring, in the past 2 minutes, Justin Sun transferred 20 million USDT to Binance and 10 million USDT to Bitfinex. Today, 50 million stablecoins have been transferred to the exchange through three addresses.
Vitalik: Prediction markets and Community Notes are actually very complementary
Ethereum co-founder Vitalik Buterin wrote that he actually believes that prediction markets and community notes are very complementary. The biggest criticism of community notes at the moment is that notes appear too slowly, and prediction markets incentivize people to predict signals that will appear later and reveal them as quickly as possible.
