Daily Report | BlackRock submits an updated version of the S-1 application for the Ethereum spot ETF; OKX Jumpstart will launch ULTI (Ultiverse); Biden's campaign team shifts stance and begins to engage with key figures in the crypto industry
May 30 News OverviewOrganizer: Fairy, ChainCatcher
Important News:
- BlackRock submits updated version of Ethereum spot ETF S-1 application
- Fidelity Ethereum spot ETF has been listed on the DTCC website, with stock code FETH
- OKX Jumpstart will launch ULTI (Ultiverse)
- Foreign media: BlackRock may purchase $10 million worth of ETH to fund its Ethereum ETF
- Insiders: Biden's campaign team shifts stance and begins engaging key figures in the crypto industry
- Market news: CME has no plans to launch Solana futures
- Hong Kong Cyberport establishes "Web3.0 Investment Circle" to support Web3.0 community financing needs
- Data: BlackRock's IBIT breaks records, becoming the fastest ETF to reach $20 billion in assets
- Cross-chain liquidity aggregator Chainge Finance has completed $13 million in funding, with participation from GEM Digital and others
- RWA tokenization platform Fortunafi completes $9.51 million strategic seed round funding, with participation from Shima Capital and others
"What important events happened in the past 24 hours"
RWA tokenization platform Fortunafi completes $9.51 million strategic seed round funding, with participation from Shima Capital and others
According to The Block, RWA tokenization platform Fortunafi announced the completion of a $9.51 million strategic seed round funding at a valuation of $48 million, with participation from Shima Capital, Manifold, Jordan Fish (also known as Cobie), Ari Litan from LayerZero Labs, Austin Green from Llama, Evanss6, and Scott Lewis.
It is reported that Fortunafi announced the launch of a new stablecoin protocol called Reservoir, which is expected to go live next month, and will collaborate with Index Coop to launch a real-world asset index token.
BlackRock submits updated version of Ethereum spot ETF S-1 application
BlackRock has submitted an updated version of its spot Ethereum ETF S-1 application to the SEC. Bloomberg ETF analyst Eric Balchunas stated that this is a "good sign," and launching the Ethereum ETF by the end of June is a reasonable possibility, although some analysts still believe the Ethereum ETF will launch on July 4.
Fidelity Ethereum spot ETF has been listed on the DTCC website, with stock code FETH
According to data from the DTCC website, the Fidelity Ethereum spot ETF (FIDELITY ETHEREUM FDBENEFICIAL INT) has been listed on the DTCC website, with the creation/redemption column showing D.
Market news: CME has no plans to launch Solana futures
According to Jin10, market news indicates that the Chicago Mercantile Exchange (CME) has no plans to launch Solana futures.
Gemini: Earn users have received $2.18 billion worth of digital assets
Gemini stated on social media that Earn users have received $2.18 billion worth of digital assets, representing 97% of the unpaid digital assets of Earn users; $1 billion more than when Genesis paused withdrawals; and a 232% recovery compared to when Genesis paused withdrawals.
"This represents an unprecedented recovery in cryptocurrency bankruptcy cases and aligns with our previous announcement of reaching a principled settlement with Genesis and other creditors of the Genesis bankruptcy case, which will allow all Earn users to recover 100% of their digital assets in kind."
Insiders: Biden's campaign team shifts stance and begins engaging key figures in the crypto industry
According to The Block, insiders revealed that U.S. President Joe Biden's re-election campaign has begun engaging key figures in the cryptocurrency industry to seek guidance on "moving forward with the crypto community and crypto policy." Insiders noted that this marks a significant "shift" from the government's previously lukewarm attitude toward the industry.
The outreach, which began about two weeks ago, signifies a major change in Biden's campaign team's attitude toward digital asset leaders. Due to the sensitivity of the discussions, these insiders requested anonymity. According to one insider, as part of this new initiative, Biden's re-election team has reached out to crypto industry leaders who were previously rejected by Democratic candidates. The Biden campaign did not immediately respond to requests for comment.
Foreign media: BlackRock may purchase $10 million worth of ETH to fund its Ethereum ETF
According to Trustnodes, BlackRock may purchase $10 million worth of ETH to fund its Ethereum ETF. In documents submitted to the SEC, BlackRock stated, "On May 21, 2024, the seed capital investors of the sponsor's affiliated company conditionally purchased Seed Creation Baskets containing 400,000 shares at a price of $25 per share, with total proceeds from the sale of Seed Creation Baskets amounting to $10,000,000." The trust fund intends to use the proceeds from the Seed Creation Baskets to purchase ETH at some point, which may not have been executed yet.
OKX Jumpstart will launch ULTI (Ultiverse)
OKX Jumpstart will launch Ultiverse (ULTI) mining, with the event running from June 3, 14:00 to June 6, 14:00 (Beijing time). BTC and ETH holders can stake BTC and ETH to mine ULTI tokens, with a total of 150 million tokens available in each staking pool. The maximum staking amount per person for BTC is 0.3 Bitcoin, and for ETH is 3.5 Ether.
Vanguard: Will not offer Ethereum spot ETF on its platform
According to Blockworks, Vanguard has stated that they will not offer an Ethereum spot exchange-traded fund (ETF) on their platform. Despite regulators approving the proposals for spot Ethereum funds submitted by exchanges, Vanguard maintains its position. It is reported that the company believes cryptocurrency products do not align with the asset classes it focuses on and insists it will not offer such products. Meanwhile, the approved registration statements from regulators will take time, and industry observers expect this process may take weeks or even months.
Vitalik reveals regrets about Ethereum's initial design, including EVM development, smart contracts, and consensus mechanisms
According to DL News, last week at this year's ETH Berlin event, Ethereum co-founder Vitalik Buterin described some of his regrets regarding Ethereum's initial design. These range from the development of the Ethereum Virtual Machine to smart contracts and proof-of-stake consensus mechanisms. He also stated that even as Ethereum becomes more mainstream, it is still misunderstood.
Vitalik stated, "The original EVM design for Ethereum chose 256-bit processing instead of 64-bit or 32-bit, and the initial design was overly complex for 256 bits, which is very inefficient and can generate a lot of redundant data on the blockchain even when executing simple tasks. Ethereum should have switched from proof-of-work to proof-of-stake consensus earlier; we ultimately wasted a lot of time trying to perfect proof-of-stake."
Data: BlackRock's IBIT breaks records, becoming the fastest ETF to reach $20 billion in assets
According to BitcoinMagazine, BlackRock's IBIT has become the fastest ETF to reach $20 billion in assets, taking only 137 days. The previous record holder was JPMorgan's actively managed fund JEPI, which took 985 days to reach $20 billion.
NYSE President: If regulation becomes clearer, NYSE will consider offering cryptocurrency trading services
According to CoinDesk, at the Consensus 2024 conference, NYSE President Lynn Martin stated that if the regulatory environment for cryptocurrency trading becomes clearer, the NYSE will consider offering cryptocurrency trading services. She pointed out that the spot Bitcoin ETF listed in the U.S. has accumulated $58 billion in assets, indicating strong market demand for regulated crypto products.
Hong Kong Cyberport establishes "Web3.0 Investment Circle" to support Web3.0 community financing needs
Hong Kong Cyberport announced the establishment of the "Web3.0 Investment Circle" (W3IC) under the "Cyberport Investor Network," aiming to create a dedicated investor network for the Web3.0 field to facilitate investments related to Web3.0 projects.
Cyberport will promote the investor network for Web3.0 through W3IC and its synergies, providing market analysis for Web3.0 and other innovative technologies, assisting investors in understanding the market, and engaging with startups to seize opportunities in emerging markets. Since the establishment of the "Cyberport Web3 Base," it has gathered approximately 230 companies engaged in Web3.0 from over 15 countries and regions worldwide.
Cross-chain liquidity aggregator Chainge Finance has completed $13 million in funding, with participation from GEM Digital and others
Cross-chain liquidity aggregator Chainge Finance announced on X that it has completed $13 million in funding, with participation from GEM Digital, Alpha Token Capital, and others. Chainge Finance stated that smart AI trading and cross-chain trading for any token on any chain are coming soon.
Cathie Wood: Approval of Ethereum spot ETF application may be due to cryptocurrency being an election issue
According to CoinDesk, ARK Invest CEO and Chief Investment Officer Cathie Wood stated at the Consensus conference that the approval of the Ethereum spot ETF application may be due to cryptocurrency being an election issue. "The interpretation at the time was that it would not be approved, absolutely not. If it were to be approved in the usual way, we would be questioned by the SEC. But before that, no one received inquiries from the SEC."
She noted that the sentiment in the House around the Financial Innovation and Technology Act (FIT21) is changing, as the bill was passed last week with bipartisan support, indicating that this could be an election year issue. Additionally, she stated that ARK Invest will allocate a portion of its private fund income to support Bitcoin developers, ensuring they receive ongoing support regardless of whether the ETF is profitable.
10x Research: If inflation rate is 3.3% or lower, Bitcoin may reach an all-time high
10x Research stated in its latest market analysis report that as the market generally expects disappointing inflation data on May 15, our model predicts a slight decline in inflation data. When modeling inflation for the next two months, inflation may hover at similar levels and soon show a downward trend. If the inflation data is 3.3% or lower, Bitcoin should reach an all-time high.
This should continue to provide "fuel" for Bitcoin spot ETF investors to allocate funds and support prices. According to our model, inflation is no longer a concern. It is not only transitioning into a moderately strong favorable factor but may become a stronger driving force as we approach late summer, as our model predicts inflation will decline.
Crypto analyst Shiller: Calls for celebrities to stay away from the crypto space by cashing in on meme coins
Cryptocurrency analyst Cold Blooded Shiller stated that several celebrities have launched memecoins in the past four days. Historically, crypto projects involving celebrities often fail, leading to a loss of value. Shiller believes that if celebrities immediately launch tokens, regardless of who they are, they should be told to go away. If they launch tokens and say some empty words about their love for cryptocurrency, they should also be told to go away. He views celebrities cashing in on the "meme coin" buzzword as predatory behavior, and people have reason to feel angry about it.
Shiller suggested that celebrities should spend time understanding and participating in the crypto space without promoting tokens; otherwise, they cannot be trusted. He pointed out that the current environment does not have a positive effect; it merely provides a platform for people to profit from their fame.
U.S. Congressman Tom Emmer: Cryptocurrency is not a partisan issue, opposition is fading
At the Consensus 2024 conference, U.S. Congressman Tom Emmer stated that cryptocurrency is not a partisan issue but rather a question of supporting the administrative state versus individuals. While both parties are moving toward supporting cryptocurrency, the pace differs.
Emmer mentioned that Senate Majority Leader Chuck Schumer and 70 other Democrats support overturning the SEC's SAB 121 crypto rules, indicating that the opposition from Senator Elizabeth Warren, SEC Chair Gary Gensler, and the White House may be waning. Emmer repeatedly complained that Warren "has made many decisions in the White House."
Data: Vitalik donates 30 ETH to Juicebox: Free Alexey & Roman
On-chain data shows that Ethereum co-founder Vitalik Buterin transferred 30 ETH, worth approximately $113,000, to Juicebox: Free Alexey & Roman 30 minutes ago. Currently, Juicebox: Free Alexey & Roman has raised approximately 423 ETH, and the funds will be used for the legal defense fund supporting Tornado Cash developers Alexey Pertsev and Roman Storm.
Nansen: DBS Bank currently holds 173,700 ETH, with profits exceeding $200 million
On-chain analytics platform Nansen stated on X that it has confirmed that the "ETH whale" holding 173,700 ETH, valued at $650 million, is DBS Bank, the largest bank in Singapore. As of December 31, 2023, the total assets reached SGD 739 billion (approximately $546.86 billion). This address has earned over $200 million through holding ETH.
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BlackRock's Bitcoin spot ETF surpasses GBTC in funding size, BITI becomes a new indicator for judging BTC price fluctuations
On May 29, BlackRock's iShares Bitcoin spot ETF IBIT surpassed Grayscale's GBTC in asset size, becoming the largest Bitcoin spot ETF in the world by BTC holdings.
According to HODL15 Capital data, on May 28, BlackRock's Bitcoin spot ETF IBIT saw inflows of approximately $102 million (1,503 BTC), bringing its total BTC holdings to over 288,670, valued at approximately $19.795 billion.
On the same day, Grayscale's GBTC experienced outflows of over $105 million (approximately 1,543 BTC), marking the largest outflow day in the past two weeks, with GBTC holding approximately 287,450 BTC, valued at $19.758 billion.
IBIT's assets under management officially surpassed GBTC, leading by over $30 million, making it the largest Bitcoin spot ETF in terms of BTC holdings globally.
1kx: How to estimate the costs of DePIN projects to better create growth flywheels?
DePIN refers to a series of decentralized networks that provide hardware resources (physical infrastructure) suitable for a wide range of use cases such as computing, storage, wireless networking, or data measurement. DePINs utilize Web3 incentive models (i.e., token reward systems) to incentivize the construction of physical infrastructure networks. As of May 2024, the total market capitalization of all DePIN tokens is $29 billion.
DePINs contribute to both digital and physical resource networks, where contributors deploy location-related hardware to provide (non-fungible) services.
Interview with KIP Protocol co-founder Julian Peh: How to break the data monopoly and promote decentralized AI processes amid the closeAI crisis
As tech giants like OpenAI and Google achieve breakthroughs in AI, global attention to AI technology has reached unprecedented heights. However, amid this wave of innovation, we must also face a harsh reality: tech giants, with their substantial capital and advanced hardware, have almost monopolized the development of AI technology, leading to users becoming increasingly constrained by their power.
At the same time, the combination of AI and Web3 is seen as a potentially powerful new trend that could break the existing pattern and inject new vitality into the development of AI technology. However, how to ensure the safety of creators' digital property rights while continuously enhancing AI's deep learning capabilities remains an urgent issue to be addressed.
TVL surpasses $1.1 billion with approximately 40% growth in 3 days; how to participate in the Linea ecosystem incentive program?
Since the launch of the Linea Surge points incentive program on May 17, the TVL of the Linea mainnet has entered a rapid growth phase, surpassing $1.1 billion in just three days, with over 40% growth.
According to L2beat data, as of May 29, the TVL on the Linea chain is $1.13 billion, ranking sixth in the entire Layer 2 market. Linea, developed by Consensys, the parent company of MetaMask, is a zkEVM Layer 2 scaling solution that has attracted significant attention from the crypto community.
Although it is a star project representing Layer 2 networks, the development on the Linea chain has been unstable and unremarkable compared to zkEVM systems like StarkNet and zkSync, with no blockbuster applications emerging and no well-known native projects, maintaining a TVL of around $100 million for a long time, with average user interest. Recently, the points incentive activity has driven the TVL data to explode, prompting community users to reassess this Layer 2 network.
Vitalik's latest article: L2 is an extension of Ethereum's culture
In my recent article about the differences between L1 and L2 scaling, I ultimately concluded that the most important difference between these two approaches is not technical but organizational (using the term in a sense similar to "industrial organization"): it is not about what can be built, but about what will be built, as the boundaries between different parts of the ecosystem are defined and how this affects people's incentives and capabilities to act. In particular, L2-centric ecosystems are inherently more diverse and more naturally encourage a wider variety of approaches to scaling, EVM design, and other technical characteristics.
