Daily Report | BlackRock Resubmits Spot Bitcoin ETF Application; Meta May Launch Twitter Competitor App "Threads"
The founder of Three Arrows Capital will donate OPNX "future earnings" to creditors; U.S. interest rate cuts may not happen until 2026.Organizer: Nianqing, ChainCatcher
"What Important Events Happened in the Last 24 Hours"
1. BlackRock Resubmits Spot Bitcoin ETF Application, Market Supervision to be Provided by Coinbase
According to Bloomberg, BlackRock has resubmitted its spot Bitcoin ETF application to the U.S. Securities and Exchange Commission (SEC) through Nasdaq, adding new details for its ETF that directly invests in Bitcoin, including market supervision provided by Coinbase. Previously, reports indicated that the SEC stated that the application documents submitted by asset management companies like BlackRock and Fidelity Investments for spot Bitcoin ETFs were insufficient. (Source link)
2. Programmable Privacy Solution Ola Completes $3 Million Seed Round Financing, Led by Web3.com Ventures and Foresight Ventures
According to The Block, the programmable privacy and scalability solution Ola has completed a $3 million seed round financing, co-led by Web3.com Ventures and Foresight Ventures, with participation from Token Metrics Ventures, J17 Capital, Skyland Ventures, LD Capital, CatcherVC, and others. It is reported that Ola plans to launch a beta testnet in the third quarter and release a public testnet by the end of 2023. (Source link)
3. Founders of Three Arrows Capital to Donate OPNX "Future Earnings" to Creditors
According to CoinDesk, Kyle Davies, co-founder of Three Arrows Capital (3AC), stated on Twitter Spaces hosted by Mario Nafwal that the two founders of Three Arrows Capital will donate "future earnings" from the bankruptcy claims trading platform OPNX to creditors who suffered losses due to the fund's bankruptcy last year.
Davies mentioned that the two co-founders believe in "karma," and these additional donations will supplement the compensation creditors receive through formal liquidation processes. He noted that, in fact, some early creditors have already been compensated. (Source link)
4. WSJ: Meta May Launch Twitter Competitor App "Threads" on Thursday
According to sources cited by The Wall Street Journal, Meta plans to launch a Twitter competitor app called "Threads," which is expected to be released this Thursday and will likely be developed based on Instagram user data. (Source link)
5. ParaSpace: Suspends Recharge, Withdrawal, and Liquidation Functions for Azuki Pool Due to Price Volatility
The NFT lending protocol ParaSpace announced that due to severe price fluctuations of Azuki, the team has decided to suspend functions related to the Azuki pool, including recharge, withdrawal, and liquidation. This measure aims to give users more time to replenish liquidity, repay loans, and improve health status. Regarding the liquidation of Azuki, any shortfall at the end of the suspension will be covered by ParaSpace's reserve funds, and related functions will be restored once the market stabilizes.
Previous report indicated that ParaSpace has currently suspended the liquidation of 12 Azuki-related collateral loans. Currently, the number of suspended liquidations for Azuki has reached 20. (Source link)
6. Federal Reserve Economists' Paper: U.S. Rate Cuts May Not Happen Until 2026
According to The Wall Street Journal, a paper written by two economists from the Kansas City Federal Reserve has drawn market attention, stating that U.S. interest rates may remain above 5% for a much longer time than investors expect, possibly until 2026.
These economists noted that while the Federal Reserve has tightened policy at perhaps the fastest pace since the 1980s over the past year, rapidly rising inflation has pushed the equilibrium interest rate level in the U.S. economy to rise more quickly. Given that economic growth remains strong (according to the latest estimates, the annualized growth rate of U.S. GDP in the first quarter was 2%), the Fed may need to keep interest rates at or above current levels for more than three years to bring its preferred inflation measure, the PCE index, back to the central bank's 2% target. (Source link)
7. Polygon to Release Bor v0.4.0 Mainnet, Including Indore Fork Hard Fork
Polygon announced the release of Bor v0.4.0 mainnet, which includes a hard fork named Indore. Nodes must upgrade the mainnet before block height 44,934,656 (expected date is July 12 at 3:35 AM Beijing time). (Source link)
"What Exciting Articles Are Worth Reading in the Last 24 Hours"
Recently, the trading volume of the crypto debt trading platform OPNX (Open Exchange), founded by Three Arrows Capital founders Su Zhu and others, has surged, and the platform token OX has skyrocketed, successfully attracting the attention of the crypto community. However, due to the unique nature of the founding team, users have always been skeptical about the platform. On June 22, a community user raised concerns that the BTC asset trading pair on OPNX had inconsistent volume and price fluctuations, suggesting "fake trading," which sparked widespread discussion in the crypto community. Additionally, this platform, initially positioned as a crypto debt trading platform, has seen its debt tokens become a sensational product, while its real business is actually contract trading. The combination of "discredited founders + failed platform" continues to linger around OPNX, making it hard to shake off.
Currently, there are 11 funds in Hong Kong that can invest in virtual currencies. Tencent News' "Perspective" interviewed the only company among these 11 funds that outperformed the market: Frontier. Ye Yizhou told Tencent News' "Perspective" that during the busiest week in Hong Kong's crypto scene in April this year, he hosted over 50 groups of people coming to Hong Kong "seeking crypto opportunities," who traveled from the U.S., U.K., mainland China, as well as Singapore and Dubai, hoping that Hong Kong could become a haven for them as "digital nomads." However, Ye Yizhou believes that Hong Kong is not suitable for all crypto enthusiasts, nor is it suitable for some traditional finance individuals looking to enter the crypto space; it is more suitable for savvy traditional finance professionals.
