Daily Report | Shanghai releases the first WEB3.0 industry report; The trading volume of 6 Hong Kong virtual asset ETFs today is approximately 18.38 million HKD; Crypto mining company Iris Energy raised approximately 714 million USD in the first half of this year
July 2 News OverviewOrganizer: Luan Peng ChainCatcher
Important News:
- Manta Co-founder: Polkadot is a "highly toxic" ecosystem, lacking true value for Web3
- The Central Bank of the Bahamas is drafting regulations requiring commercial banks to provide central bank digital currency services
- CME FedWatch: The probability of the Fed maintaining interest rates in August is 91.2%
- 1confirmation Founder: Base will become a major hub for breakthroughs in crypto consumer applications
- Data: The trading volume of 6 Hong Kong virtual asset ETFs today is approximately HKD 18.38 million
- Matrixport: Bitcoin has broken the downward trend
- Binance Japan will delist NEM (XEM) on September 18
- Shanghai releases the first WEB3.0 industry report, experts suggest studying "Token Economics"
"What important events happened in the past 24 hours"
Manta Co-founder: Polkadot is a "highly toxic" ecosystem, lacking true value for Web3
Manta Network co-founder Victorji.eth publicly criticized the Polkadot ecosystem on Twitter, calling it a "highly toxic" ecosystem that lacks true value for Web3 and does not focus on users or adoption rates. As the founder of the largest TVL and market cap/FDV project in the former Polkadot ecosystem, he stated that the team has completely shifted to the Manta Pacific project, as the Polkadot ecosystem is essentially "dead."
Victorji.eth also accused the Polkadot team of discrimination against Asian developers, pointing out that projects from Europe and the United States receive far more funding than Asian projects. He encouraged developers to turn to more active ecosystems such as Solana, Ethereum, and Bitcoin.
According to The Block, the Central Bank of the Bahamas is drafting regulations requiring commercial banks to provide access to its central bank digital currency.
Central Bank Governor John Rolle stated that the adoption of the Sand Dollar (the CBDC launched by the Bahamas in 2020) remains limited, so the government is formulating regulations to effectively compel commercial banks to issue the central bank digital currency to promote its adoption.
CME FedWatch: The probability of the Fed maintaining interest rates in August is 91.2%
According to CME's "FedWatch" data, the probability of the Fed maintaining interest rates in August is 91.2%, while the probability of a 25 basis point rate cut is 8.8%.
1confirmation founder Nick Tomaino posted on X platform that Base will become a major hub for breakthroughs in crypto consumer applications.
He pointed out that exchanges are the main entry point for consumers, and Coinbase, as a mainstream exchange, will guide hundreds of millions of people into Base. Referring to Binance Chain during the last bull market, Binance promoted its large-scale development by guiding exchange users onto that chain. Imagine the network effects when Coinbase directs users to a chain with excellent applications.
Tomaino also mentioned that the best crypto developers are building high-throughput, low-cost consumer applications on Base. Additionally, Base's culture is suitable for the mass market, with no native token, so decision-making won't be overly indecisive; no one will recruit celebrities to launch meme coins and then run away. What attracts outsiders is not only the potential for profit but also the rich meme culture and art.
Data: The trading volume of 6 Hong Kong virtual asset ETFs today is approximately HKD 18.38 million
Hong Kong stock market data shows that as of the market close, the trading volume of 6 Hong Kong virtual asset ETFs today is approximately HKD 18.38 million, including: Huaxia Bitcoin ETF (3042.HK) with a trading volume of HKD 10.6968 million; Huaxia Ethereum ETF (3046.HK) with a trading volume of HKD 1.0788 million; Harvest Bitcoin ETF (3439.HK) with a trading volume of HKD 3.9921 million; Harvest Ethereum ETF (3179.HK) with a trading volume of HKD 1.0948 million; Bosera HashKey Bitcoin ETF (3008.HK) with a trading volume of HKD 1.1232 million; Bosera HashKey Ethereum ETF (3009.HK) with a trading volume of HKD 397,800.
Matrixport: Bitcoin has broken the downward trend
Matrixport released a chart today stating that Bitcoin has broken the downward trend. The institution analyzed that the Greed and Fear Index chart from June 25 shows that Bitcoin has reached a "possible lowest level," which is usually associated with price rebounds. Previously, on June 26, Matrixport pointed out that Bitcoin was oversold. Over the past weekend, Bitcoin broke through the short-term downward trend. Although the ongoing rebound is still hindered, strategically, a rebound has occurred.
Binance Japan will delist NEM (XEM) on September 18
According to CoinPost, Binance Japan announced that it will delist NEM (XEM) on September 18. This decision was made following last month's decision to delist NEM (XEM) from Binance Global.
Currently, crypto exchanges in Japan that support XEM trading include bitFlyer, GMO Coin, BitTrade, and Zaif.
Shanghai releases the first WEB3.0 industry report, experts suggest studying "Token Economics"
According to China News Network in Shanghai, guided by the Shanghai Municipal Science and Technology Commission, the Liberation Daily and Fudan University School of Economics jointly released the first WEB3.0 industry report titled "2024 Shanghai WEB3.0 Innovation Ecosystem Construction Research Report." Experts suggest studying "Token Economics." Meng Yan, a co-author of the ERC-3525 token standard, recommends that domestic government departments accelerate the research and formulation of token regulatory policies to provide security for the "Token Economy" and digital assets.
Xu Xiaoyu, managing partner of Amino Capital from Silicon Valley, stated that "Token Economics" is on the rise, and governments, universities, and research institutions can conduct in-depth research on this field to provide academic support for the prosperity of the next generation of the internet and the construction of innovative regulatory systems.
Crypto mining company Iris Energy raised approximately $714 million in the first half of this year
According to MinerMag, Australian crypto mining company Iris Energy announced that it has raised $413.4 million through stock issuance since mid-May. This funding will fully support the company's expansion plans after the Bitcoin halving event in 2024, aiming to achieve a growth plan for 2024 (including a hash rate of 30 EH/s and a data center capacity of 510MW). This financing was completed through the company's market offering (ATM) plan from May 15 to June 28, selling a total of 39.8 million shares.
Including previously raised funds, Iris Energy has raised approximately $714 million in the first half of this year, which includes $257 million in equity financing in the first quarter and an additional $44.8 million from March 31 to May 15.
Lin Chen, Deribit's Asia-Pacific business head, stated on X that the U.S. Department of Justice (DOJ) chose Coinbase Prime to custody the seized crypto assets, paying Coinbase $32.25 million for the custody and processing contract. Based on a custody fee of 2%, the DOJ may have $1.6 billion in crypto assets to manage. This scale of crypto assets can also be referred to as a leading asset management company in the crypto field. Several of the DOJ's largest revenues this year have also come from the crypto sector.
Previous news reported that the U.S. Marshals Service chose Coinbase as its digital asset custody and trading service provider.
"What are the must-read articles from the past 24 hours"
The Ultimate Trading Guide: How to Smartly Track Smart Money?
In the cryptocurrency field, working smart is often more effective than working hard. This year, I specifically set aside a portion of funds to follow the trading strategies of large players; I studied their strategies, automated trading bots, and secret tools.
Through following their trades, my funds grew from $300 to over $300,000, and the process was surprisingly simple.
Here is the detailed ultimate guide.
Depreciation caused by the expansion of the banking system and centralized credit allocation is imminent.
VC Perspective: How to Decode "High FDV, Low Circulation" Slow Poison?
In the current market cycle, the "high FDV, low circulation" token issuance method has gradually become a mainstream trend, raising concerns among investors about the sustainable investment potential of the market. It is expected that by 2030, a large number of tokens in the cryptocurrency market will gradually unlock; unless demand sees significant growth, the market will inevitably bear the potential selling pressure.
Historically, contributors to networks/protocols (including teams and early investors) typically receive a certain proportion of tokens as compensation, which are locked according to specific time structures. As the main development force in the early stages of the network/protocol, contributors should indeed receive appropriate compensation, but they should also balance the interests of other stakeholders, especially those of token investors in the public market after the TGE.
The design of the proportion here is crucial. If the proportion of locked tokens is too large, affecting the token's available liquidity, it will adversely impact the token's price, thus harming the interests of all holders; conversely, if contributors do not receive appropriate compensation, they may lose the motivation to continue building, ultimately harming the interests of all holders.
Classic parameters for token locking include: allocation ratio, lock-up time, unlocking duration, and delivery frequency, all of which only function in the time dimension. Given the current situation, relying solely on these classic parameters limits our imagination for solutions, so new parameters need to be added to explore new possibilities.
In the following text, I suggest adding dimensions based on "liquidity" and/or "milestones" to improve the most common token locking models in the current market.
Blast: A Flash in the Pan? Or the Next Mass Adoption Entry Point?
Could Blast become the next blockchain product to achieve mass adoption? Or is it just a flash in the pan, starting to decline after the airdrop?
On June 26, 2024, Blast issued an airdrop and launched its token on exchanges like Coinbase and Upbit, but has not yet launched on Binance or OKX. As of July 1, Blast's market cap is approximately $380 million, second only to Arbitrum ($2.6 billion), OP ($2 billion), Starknet ($900 million), and ZK ($650 million) in the same sector; its TVL reached $1.45 billion, only behind Arbitrum ($2.8 billion) and Base ($1.57 billion).
As the "youngest" Ethereum L2, Blast has entered the top five in its sector in just six months, showing impressive performance in both TVL and user numbers. The founder, Pacman, born in 1999, is a Web3 serial entrepreneur who founded Blur, currently the world's largest NFT exchange (with a market share of 65%), before establishing Blast. The two sectors Pacman chose are among the most promising in the crypto industry in recent cycles, which has led to high expectations from users for Blast.
Polkadot's financial reports have historically sparked controversy, and this time is no exception. Recently, the Polkadot Treasury's financial report for the first half of 2024 released on the official governance forum has drawn complaints from investors. Although the official claims that the treasury's funds are sufficient to support two years, the substantial expenditure of $87 million has raised questions within the community.
