Daily Report | Trump claims that if re-elected, he will ensure a large amount of cryptocurrency activity in Florida; the total financing amount of the cryptocurrency industry over the past decade has exceeded $100 billion; the Australian Securities Exchange (ASX) has approved its first spot Bitcoin ETF
June 17 News OverviewOrganizer: Luan Peng, ChainCatcher
Important News:
- Vitalik: Off-chain ZK applications underestimate the potential of using STARK
- Trump claims he will ensure a lot of cryptocurrency activity in Florida if re-elected
- Sun Yuchen: Although I do not fully agree with the decision to launch ZK on HTX, project quality and other factors must be considered
- Zksync: Current network load is too high, and some RPC performance has declined
- TokenTerminal: Funds deposited in staking and re-staking protocols have reached $70 billion
- Australian Securities Exchange ASX approves its first spot Bitcoin ETF
- Total TPS of Ethereum scaling ecosystem hits a historical high
- Data: Total funding in the cryptocurrency industry has exceeded $100 billion over the past decade
"What important events have occurred in the past 24 hours"
Vitalik: Off-chain ZK applications underestimate the potential of using STARK
Ethereum co-founder Vitalik Buterin stated on social media that he believes off-chain ZK applications indeed underestimate the potential of using STARK, including use cases with high privacy requirements. Currently, STARK is less than 100 kB, and for off-chain use cases, this bandwidth is negligible compared to the client proof time saved by using STARK.
Trump claims he will ensure a lot of cryptocurrency activity in Florida if re-elected
Trump stated that if he wins a second term, he will ensure that Florida has a lot of cryptocurrency activity.
Sun Yuchen mentioned that he has seen some feedback from the community regarding the launch of ZK and believes that the community's voice is very important. Although he personally does not fully agree with the decision to launch on HTX, the decision to launch is diversified and needs to consider project quality, overall scale, and the situation of competitors. He stated that he will continue to investigate and listen to the community's voice.
Zksync: Current network load is too high, and some RPC performance has declined
Zksync stated on platform X that the current network load is too high, and some RPC performance has declined, with the team working hard to increase RPC capacity.
TokenTerminal: Funds deposited in staking and re-staking protocols have reached $70 billion
TokenTerminal pointed out on platform X that funds deposited in staking and re-staking protocols have reached around $70 billion, with the top five protocols, including Lido Finance, Eigenlayer, Coinbase Wrapped Staked Ether, Rocket Pool, and Marinade, accounting for about 90% of the market share.
Australian Securities Exchange ASX approves its first spot Bitcoin ETF
According to Bitcoin Magazine, Australia's largest securities exchange ASX has approved its first spot Bitcoin ETF.
Total TPS of Ethereum scaling ecosystem hits a historical high
According to Cointelegraph, due to a sudden surge in TPS of Ethereum Layer 3, the transaction volume per second (TPS) of the Ethereum ecosystem has skyrocketed to a historical high. Data from L2BEAT shows that on June 16, the Ethereum scaling network, including Layer 2 and Layer 3 blockchains, recorded a total of 246.18 TPS, equivalent to about 21.2 million transactions throughout the day. Over 41% of the transactions occurred on Xai, a new Ethereum Layer 3 scaling solution focused on gaming applications. Before June 10, Xai's TPS hovered around 1 per day, but it has been rising almost daily, reaching a peak of 101.72 TPS on June 16.
Data: Total funding in the cryptocurrency industry has exceeded $100 billion over the past decade
According to Cointelegraph, cryptocurrency startups have raised over $100 billion since the end of May 2014. According to DefiLlama data, as of June 16, 2024, the total funding in the cryptocurrency industry reached $101.35 billion. Back in May 2014, the first month's funding for industry startups was only $17.14 million. By May 2024, ten years later, the monthly funding amount increased to $280.25 million. In October 2021, funding for cryptocurrency startups peaked at over $7 billion, with the second peak occurring in February 2022 at $3.67 billion. Research shows that nearly half of the cryptocurrency funding comes from U.S. investors, with the UK and Singapore ranking second and third.
Salvadoran government proposes a bill to allow private investment banks to lend Bitcoin services
The Salvadoran government has proposed an initiative to reform the current banking law, introducing a new type of bank that can lend Bitcoin and provide crypto services. This initiative will allow private investors to establish banks that offer Bitcoin and stablecoin services to mature investors. If passed, the plan will allow the creation of these banks, which can provide various services, including economic risk management, purchasing financial products, investment management, hedging, and other financial derivatives. These services will support any legal currency in El Salvador, such as the U.S. dollar and Bitcoin.
CME FedWatch: Probability of the Fed maintaining interest rates in August is 87.6%
According to CME's "FedWatch" data, the probability of the Fed maintaining interest rates in August is 87.6%, while the probability of a 25 basis point rate cut is 12.4%.
"What interesting articles are worth reading in the past 24 hours"
Data Unraveled: ETFs are Delaying the Real Bull Market
Since the cryptocurrency market turned bullish this year, the emergence of ETFs has been seen by many as an important sign of mainstream financial markets accepting digital assets. The approval of Bitcoin ETFs and other cryptocurrency-related ETFs undoubtedly opens the door for traditional investors to enter this emerging market, bringing unprecedented liquidity and exposure.
However, these seemingly positive developments may hide potential risks to the health of early-stage crypto projects and the small cryptocurrency market. As a large amount of retail funds flow into these widely promoted financial products, funds that could have flowed into primary and secondary markets are being absorbed, potentially leading to a lack of attention for new projects or a lack of follow-up. This article will explore the "double-edged sword effect" of cryptocurrency ETFs and how it affects the capital distribution and market dynamics of the entire crypto ecosystem.
In short, is the popularity of Bitcoin and Ethereum ETFs at the cost of siphoning off funds that would have flowed into new projects, thereby stifling the future vitality of the cryptocurrency market? Is the bull market we are facing a true bull market?
Overview of Novel Products in the Base Ecosystem: Onchain Summer Wave Approaches
As an L2 network with the grand vision of "leading 1 billion users into the on-chain society," the Base ecosystem's inclusivity for various application products is undoubtedly in the first tier of the industry.
On June 14, at midnight Beijing time, Base's official announcement hinted at a collaboration with world-class sports brand Adidas, making speculation about a new round of Base Onchain Summer the focus of market attention once again. Odaily Planet Daily will briefly introduce some representative products of the Base ecosystem in this article for readers' reference.
Coinbase Summit Meeting Notes: Why Are Institutional Investors Confident in Cryptocurrency?
Spent a day at the Coinbase State of Crypto summit.
Many pension funds, endowment funds, brokerage firms, asset management companies, and banks attended the meeting, and attendees left feeling very optimistic.
I took notes during some discussions and would like to share them here:
In-depth Study: The Subtle Relationship Between BTC Spot ETF and CME's Massive Short Positions
It is no exaggeration to say that the current BTC futures market is not controlled by traditional cryptocurrency exchanges and retail investors, but has already fallen into the hands of professional institutional traders in the U.S.
Can Bitcoin Become a Productive Asset?
As the Bitcoin market matures and various yield products emerge, people are beginning to think about how to promote its financialization while maintaining Bitcoin's native characteristics. This article discusses different categories of Bitcoin yield products from the perspective of Bitcoin's native consensus, assets, and yields, emphasizing the importance of localized design in reducing trust dependency and counterparty risk.
