Evening News ｜ Digital Asset Market EDX Markets Launches Trading Services; Global Cryptocurrency Users Exceed 420 Million
Invesco has submitted a Bitcoin ETF application again; stablecoins and DeFi may become the next focal point for the SEC's crackdown on cryptocurrencies.Organizer: bayemon.eth, ChainCatcher
"What Important Events Happened in the Last 24 Hours"
1. Data: $154 million in liquidations across the network in the past 24 hours
According to ChainCatcher, Coinglass data shows that $154 million in liquidations occurred across the network in the past 24 hours, affecting a total of 42,334 people. Among these, the liquidation amount for long positions was $33.54 million, while the liquidation amount for short positions was approximately $120 million. Bitcoin liquidations amounted to about $72.77 million, and Ethereum liquidations were around $25.65 million. (Source link)
2. Uniswap Foundation launches third round of grant program, allocating a total of $990,000 to 21 projects
According to ChainCatcher, the Uniswap Foundation announced the third round of grant projects, distributing a total of $990,000 to 21 projects. This round of grants covers four categories: protocol growth, research and development, community development, and governance management.
The Uniswap Foundation specifically mentioned three funded projects: a checkpoint-free TWAP oracle, a rewrite of the Uniswap v3 SDK, and LP University: a Uniswap v3 course from beginner to intermediate. (Source link)
3. Data: Global cryptocurrency user base exceeds 420 million, with 260 million in Asia
According to ChainCatcher, Triple data shows that as of 2023, the estimated global cryptocurrency ownership rate is 4.2%, with the global cryptocurrency user base exceeding 420 million, most of whom are in Asia (260 million), followed by North America (54 million), Africa (38 million), and South America (33 million). (Source link)
4. Invesco re-applies for Bitcoin ETF
According to ChainCatcher, asset management giant Invesco (IVZ) has re-applied for a Bitcoin ETF, aiming to advocate for more cryptocurrency investment products. In its application documents, Invesco argues that the lack of a spot Bitcoin ETF pushes investors toward riskier alternatives. It is reported that Invesco currently manages assets totaling $1.4 trillion.
Previous report noted that Invesco first applied for a Bitcoin ETF in collaboration with Galaxy Digital in 2021 but abandoned the effort in October of the same year. (Coindesk)
5. Investment bank Berenberg: Stablecoins and DeFi may be the SEC's next targets in cryptocurrency crackdown
According to ChainCatcher, investment bank Berenberg stated in its latest report that the U.S. Securities and Exchange Commission (SEC) may now focus on regulating stablecoins, including Tether (USDT) and USD Coin (USDC), as well as DeFi protocols.
Berenberg believes that by taking action against stablecoins, the SEC may weaken the entire DeFi ecosystem. Additionally, the analysis report points out that if the SEC defines Bitcoin as a commodity rather than a security, Bitcoin is likely to be the ultimate beneficiary of the crackdown on stablecoins. (CoinDesk)
6. X-Spot controlled by Li Lin sues Huobi Global for trademark infringement
According to ChainCatcher, Wu Shuo reports that X-Spot Limited, controlled by Li Lin, has filed a trademark infringement lawsuit against Huobi Global Limited in the High Court of the Hong Kong Special Administrative Region. The lawsuit claims that X-Spot Limited has retained exclusive rights to the "Huobi" trademark, which Huobi has been using without authorization from X-Spot.
It is reported that when the original shareholders transferred their shares in Huobi Global to About Capital Management, they explicitly agreed to retain exclusive rights to the "Huobi" trademark and ensured that these rights would not be transferred to the buyer or Huobi. The equity transfer and asset delivery agreement between the parties explicitly prohibits the buyer from using the "Huobi" trademark and brand. (Source link)
7. Digital asset market EDX Markets launches trading services and completes new funding round
According to ChainCatcher, the digital asset market EDX Markets, supported by Citadel Securities, Fidelity Investments, and Charles Schwab, has officially launched trading services and completed a new funding round, with investors including Miami International Holdings, DV Crypto, GTS, GSR Markets LTD, and HRT Technology.
Products available for trading on EDX include BTC, ETH, LTC, and BCH. EDX plans to launch EDX Clearing later this year to settle trades matched on EDX Markets. (Source link)
8. Vitalik Buterin: A key factor in achieving cross-chain social recovery wallets is cross-chain proof
According to ChainCatcher, Ethereum co-founder Vitalik Buterin pointed out in his latest article "A Deeper Dive into Cross-L2 Reads for Wallets and Other Use Cases" that a feasible solution for achieving cross-chain social recovery wallets is to maintain a key vault stored in a specific location, along with multiple wallets in different locations that can read from the key vault. Cross-chain proof is key to achieving this functionality and requires deep optimization, with feasible solutions including zero-knowledge proofs (ZK-SNARK), waiting for Verkle proofs, or custom KZG solutions.
In the long run, we need to implement aggregation protocols that package all user-submitted operations by generating aggregate proofs to reduce costs. This may require integration into the ERC-4337 ecosystem, possibly necessitating some modifications to ERC-4337. At the same time, to reduce the latency of reading L1 state from L2, L2 should be optimized.
Wallets can not only be placed on L2 but also on systems with lower connectivity to Ethereum, such as L3 or independent chains that only agree to include the Ethereum state root. However, the key vault should be placed on L1 or a high-security ZK-rollup L2. Although this increases complexity, in the long run, setting up the key vault on L2 may be a more cost-effective solution. Throughout this process, we also need to focus on protecting privacy. (Source link)
"What Exciting Articles Are Worth Reading in the Last 24 Hours"
1. “What’s Behind EDX Markets, the New Crypto Trading Platform Backed by Wall Street Consortium?”
EDX Markets is an attempt by Wall Street's new forces to replicate traditional financial market structures in the crypto world to meet regulatory requirements, potentially evolving into a small and alternative crypto Nasdaq.
On the positive side, it provides a seemingly compliant channel for traditional funds to enter the market; however, on the other hand, it is not attractive and does not represent the "future exchange" that the crypto world anticipates. The future developments are worth looking forward to.
The "abnormal" entry of traditional financial giants closely connected with regulators at a special time has raised concerns about the potential "collusion" manipulation of cryptocurrencies. What does BlackRock's application for a spot Bitcoin ETF really mean? What details are worth exploring behind this? This article attempts to provide some analysis.
3. “What New Opportunities Can the Cancun Upgrade Bring to L2?”
How will the Cancun upgrade accelerate Ethereum's scalability and bring new development opportunities for Layer 2? Through the Cancun upgrade, Layer 2 will better integrate into the Ethereum ecosystem, providing users with a faster and lower-cost trading experience. Whether it is Optimistic Rollup or ZK Rollup, they will benefit from this upgrade and jointly promote the development of the Ethereum ecosystem.
4. “What’s Behind Connext, Valued at $250 Million and Having Raised Over $20 Million?”
According to official data, Connext currently has a locked TVL of $33.41 million, with a trading volume of $24.55 million in the past 30 days and a total of 81,800 completed transactions.
What makes Connext different as a cross-chain facility? Why has it repeatedly attracted the attention of well-known capital?
