Weekly Report | Suspect in Trump shooting case shot dead, participants shot dead at the rally; Binance List Token competition heats up, with over 30 large projects expected to conduct TGE in Q3; The Russian Ministry of Finance's draft considers cryptocurrency as a commodity
Deep Dive | Web2 and Web3 developers flock to the TON ecosystem in search of new growth, how to capture Telegram's 900 million users; the booming TON ecosystem, why are most VCs currently just watching and not investing?; with the Labour Party in power, how will the UK's crypto policy change?Organizer: Luan Peng, ChainCatcher
"What Important Events Happened This Week (July 8-14)"
1. Suspect in Trump Shooting Incident Shot Dead, Attendee Shot at Rally
According to ChainCatcher, citing reports from Caixin, gunfire erupted during a campaign rally held by former U.S. President Donald Trump in Pennsylvania. Local prosecutors in Butler, Pennsylvania, confirmed that the suspect was shot dead, and another attendee was shot, with the exact number of casualties still uncertain.
Trump's campaign team stated that after being checked by local medical facilities, Trump is currently safe and stable. U.S. media quoted law enforcement officials saying that the shooting incident at the former president's rally is being investigated as an assassination case.
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2. Biden Suspends All Campaign Activities and Will Withdraw All TV Ads
According to ChainCatcher, the Biden campaign team announced the suspension of all upcoming campaign activities and will withdraw all television campaign ads as soon as possible, according to NBC News.
Additionally, Biden stated, "Political violence is unacceptable. Trump seems to be doing well, and I hope to reach out to him tonight."
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3. Matrixport: South Korean Exchange Trading Volume Closely Related to Bitcoin Annualized Funding Rate
ChainCatcher reports that Matrixport released a report indicating that an analysis of Bitcoin's performance across different time zones shows that most of Bitcoin's decline in the past 30 days occurred during Asian trading hours, accounting for -13% of the total decline of -15%. This trend may be significantly influenced by the market activities of South Korean retail traders during these hours.
In analyzing retail activity, South Korea stands out. The trading volume on South Korean exchanges is closely related to Bitcoin's annualized funding rate, which is a key indicator for determining the profitability of basis trading (spot vs. futures) and market trends. South Korean traders have played a crucial role in driving the surge in the altcoin market. Due to the lack of a futures market for South Korean retail investors, their interest in altcoins has led to numerous leveraged opportunities.
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4. UK Legal Body: No Need for Specific Legislation on DAOs at Present
According to ChainCatcher, Coindesk reports that the Law Commission for England and Wales stated that decentralized autonomous organizations (DAOs) do not currently require specific legislation, as they appear to be governed by existing laws.
The independent statutory body wrote in a paper published on Thursday that if DAOs engage in "specific activities" related to "specific investments," they may fall under the jurisdiction of the Financial Services and Markets Act 2000. When governance tokens resemble stocks, granting voting rights and issued in exchange for investments in the DAO, they are considered specific investments.
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5. Israeli Central Bank Deputy Governor: Israel's Central Bank Will Not Decide on CBDC Before ECB
According to ChainCatcher, Israeli Central Bank Deputy Governor Andrew Abir stated in an interview with Reuters that Israel's central bank will not decide whether to launch a central bank digital currency (CBDC) before the European Central Bank makes a decision.
Andrew Abir said, "We are all waiting for the first Western central bank to take action, which will almost certainly be the European Central Bank. Then you might see a wave of countries following suit."
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6. Malaysian Energy Ministry Deputy Minister: Illegal Crypto Miners Have Stolen $722 Million Worth of Electricity Over 6 Years
According to ChainCatcher, Protos reports that the Deputy Minister of Energy Transition and Water Resources of Malaysia stated that illegal crypto miners in Malaysia have stolen $722 million worth of electricity from 2018 to 2023.
According to The Malay Mail, Akmal Nasrullah Mohd Nasir revealed this figure while handling the seizure of 2,022 items, including Bitcoin mining equipment.
Akmal Nasrullah stated, "Cryptocurrency miners steal electricity because their locations do not have meters, making it undetectable. However, energy supply companies have various methods to detect abnormal energy consumption in an area."
Additionally, he claimed that preventing cryptocurrency miners from stealing electricity is a top priority for the Malaysian government.
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7. FTX Lawyers Request Court to Dismiss Jump Trading's $264 Million Damages Claim
According to ChainCatcher, The Block reports that the FTX-Alameda bankruptcy court questioned a $264 million claim made by Jump Trading's subsidiary Tai Mo Shan regarding a loan transaction from Alameda Research, with FTX lawyers arguing that the claim is invalid because they assert that the loan never commenced.
According to court documents, Jump Trading stated that it calculated losses based on an options model that used the market price of SRM on the bankruptcy filing date, the implied volatility of the token, repayment option prices, and other factors.
FTX's lawyers requested the court to dismiss the claim, stating that primarily Alameda Research never delivered the loan.
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8. Russian Finance Ministry's Draft Treats Cryptocurrency as a Commodity
According to ChainCatcher, BeInCrypto reports that the Finance Ministry's draft involves two proposed laws that will regulate cryptocurrency mining and digital currency settlements under an experimental legal framework. The ministry suggests allowing all foreign economic activity (FEA) participants to use digital assets for settlements under general regulations, which would require treating them as monetary value.
As an experimental measure, the proposal only allows cryptocurrency trading on exchanges and platforms listed in the official registry, treating them as commodities. The document does not specify criteria for classifying these investors. Essentially, the ministry hopes authorities will approve all FEA participants for digital currency settlements.
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9. RootData: Binance List Token Competition Heats Up, Over 30 Major Projects Expected for TGE in Q3
According to ChainCatcher, Web3 asset data platform RootData released the “Q2 2024 Web3 Industry Investment Research Report”, which predicts that over 30 major projects with significant financing and high FDV will be included in the TGE project list in Q3, with a high probability of launching on Binance.
Statistics from 288 investors' portfolios show that the average number of Binance Launchpool projects in their portfolios does not exceed 2%, with 21 out of nearly 30 Binance Launchpool projects receiving investment from Binance Labs, accounting for over 11% of their portfolios.
Due to Binance's trading depth and slippage advantages, as well as competitive contract rates, the highly competitive listing environment on Binance has a profound impact on the market. Projects choosing to conduct TGE on Binance can effectively leverage its market advantages and platform resources, laying a solid market foundation for long-term project development.
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10. Blockchain-Based Healthcare Platform XRP Healthcare Obtains Trademark Registration in UAE
According to ChainCatcher, CoinGape reports that the blockchain-based healthcare platform XRP Healthcare announced it has obtained trademark registration in the UAE. Prior to this, the company planned to expand its business into the Middle East in collaboration with Ripple.
The official website of XRP Healthcare outlines a roadmap for operations in 2024, which includes $3 million in funding to support mergers and acquisitions, international healthcare partnerships, business, service, and equipment upgrades (as mentioned), along with more funding in preparation.
It is reported that XRP Healthcare previously obtained trademark registrations in the UK and Uganda.
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"What Great Articles to Read This Week (July 8-14)"
"Over 500 people registered for the event, and the venue, which can accommodate around 200 people, was packed. The hallways were filled with attendees, and many users even organized sub-meetings on the grass outside, as well as in nearby Starbucks and KFC. The enthusiasm of users for the TON ecosystem's FOMO feels reminiscent of the ICO boom on Ethereum in 2017," described a crypto OG who returned from the TON developer event in Shenzhen on June 22 to ChainCatcher.
Not only are users focused on the development of the TON ecosystem, but several top crypto investment institutions have publicly expressed optimism and have already positioned themselves for TON tokens. Following Pantera Capital's announcement to raise a new fund to invest more in TON tokens, on June 30, Kingsway Capital's founder revealed that the largest token held by his institution is TON.
Pantera Capital investment partner Ryan Barney explained the investment in TON by stating that 99.9% of blockchain projects are trying to create community technology from scratch, which is a difficult path, while Telegram has 900 million daily active users, which is advantageous for TON to acquire users.
Driven by popular mini-games like Notcoin and Catizen, the "TG + TON ecosystem" has become a new mainstream narrative in the crypto market, with a large influx of Web2 and Web3 developers entering the TON ecosystem in search of new opportunities.
Vivi, head of research at the TON Foundation, revealed in an interview with ChainCatcher that there are now over 2000 projects scheduled in the TON mini-program store.
2. “The Booming TON Ecosystem: Why Most VCs Are Watching but Not Investing?”
Recently, Donald, founding partner of the FA firm D2 Capital, spoke with nearly 60 VCs and found that not a single one was not watching the TON ecosystem, "Even those who started late began researching it three to four weeks ago."
However, while they are watching, very few are actually investing. Most VCs that Donald contacted are still in a wait-and-see mode, and Bruce Lan, managing partner of Bing Ventures, has scanned nearly 100 projects but has yet to make a move.
RootData shows that the number of financing rounds in the TON ecosystem in the past six months is still in single digits. In contrast, the Bitcoin ecosystem, which has similar heat to TON, has seen almost weekly financing during its explosive three-month period.
Investment institutions interviewed by ChainCatcher firmly believe that the TON ecosystem is different from any past ecosystem or narrative and will not be a flash in the pan. However, the gameplay in the TON ecosystem, which has ready traffic, has also changed.
NotCoin, which has been listed on Binance and OKX, did not seek VC funding; Catizen achieved $12 million in revenue before launching its token. More than one investment institution stated, "In the future, it is not necessary for projects in the TON ecosystem to issue tokens."
Crypto VCs may find that relying solely on the traditional token investment approach to view the TON ecosystem may no longer be effective.
3. “With the Labour Party in Power, How Will UK Crypto Policy Change?”
On July 4, the dust settled on the UK election, with the Labour Party winning a landslide victory in the House of Commons, securing 412 seats, and party leader Starmer taking residence at 10 Downing Street. This is the most one-sided electoral victory in Labour's history, ending 14 years of Conservative rule. This historic election result undoubtedly brings significant changes to the political landscape in the UK and leaves many questions for domestic and foreign observers.
Former UK Prime Minister Sunak had called for cryptocurrency to be part of his policy and promised that the UK would embrace crypto technology, aiming to make the UK a "global cryptocurrency hub." Will the new government continue the existing policies and promote innovation and growth in the crypto industry?
Currently, the Labour Party has remained tight-lipped about how Starmer's government will handle the regulation and growth of the industry, leaving the future of cryptocurrencies, blockchain, and related vertical industries full of uncertainties.
4. “Trump Injured in Pennsylvania Rally Shooting, Two Dead at Scene”
Donald Trump was reported to be "safe" after being shot at a rally in the swing state of Pennsylvania, an incident that resulted in one attendee's death and two others injured.
After hearing the gunfire, the Republican presidential candidate crouched down and was urgently escorted away from the podium by armed Secret Service agents, with blood on his fists and on his right ear and cheek.
Trump posted on his Truth Social platform that he was "hit by a bullet on the upper part of his right ear."
"It is currently unclear about the shooter's condition; he is deceased," the former president stated.
The U.S. Secret Service, responsible for protecting current and former presidents, reported that at 6:15 PM local time, a suspect fired multiple shots from a high point outside the rally venue toward the podium.
5. “Cycle Capital: Analysis of Selling Pressure from Mentougou Repayment”
Currently, only 1,545 tokens from Mentougou have actually transferred to exchanges, while the remaining tokens are still in Mentougou's accounts, suggesting that the actual selling pressure has not yet entered the market. When the BTC held by Mentougou is massively distributed to several exchange addresses, it may trigger significant panic selling, leading to a sharp drop.
This article is a transcript of an interview conducted on July 12, with minor edits and GPT processing, which may contain numerous errors. Interviewers include Wu Shuo, Planet Daily, Foresight, and Deep Tide. The content of the interview reflects the interviewee's personal views and does not represent the media's perspective.
7. “The Arrival of the Fed's 'Invisible Stimulus' Will Benefit Liquidity in the Crypto Market”
What will happen to net Fed liquidity in Q3 2024?
At a time when the TON ecosystem lacks representative MEMEs, the virus-spreading black and white dog seems poised to become a cultural symbol rapidly disseminated via Telegram.
After enduring "Five Poor and Six Dead," the crypto market in July did not welcome the anticipated turnaround; instead, the German government's sell-off and negative events like Mt. Gox repayments have heightened investor panic, leading to a sharp decline in the crypto market.
As investor confidence faces severe blows, a $16 billion repayment plan from FTX, rising expectations for interest rate cuts, and the results of the U.S. elections are seen as multiple positive factors that may lead to a turning point in the crypto market starting in Q4 2024.
Recently, the AI project Sentient, which has garnered massive funding solely based on its innovative open AI vision without launching any substantial products, has sparked market controversy, making one of its builders, Sandeep Nailwal, a hot topic.
Sandeep is the co-founder and executive chairman of Polygon Labs, and at the end of May this year, he announced his dual role as Chief Business Officer, overseeing strategies related to solutions developed by Polygon. At the same time, he is also a very active angel investor.
According to data from Web3 asset data platform RootData, Sandeep has invested in approximately 124 crypto projects to date. In terms of project types, infrastructure, DeFi, CeFi, L1, and AI sectors are more favored by Sandeep; regarding financing rounds, disclosed seed rounds and Series A rounds account for as much as 67.4%, with valuations typically ranging from several million to tens of millions of dollars; in terms of operational status, 91.9% of the projects have launched on the mainnet, and 7 projects have ceased operations.
This year, Sandeep has announced participation in the construction/investment of 18 crypto projects, mainly focusing on AI, ZK, DID, DEX, and infrastructure sectors, with AI projects accounting for over one-fifth. In terms of the number of investment institutions involved, the average number of participating investors is 18.9, with the highest reaching 38, and institutions like Polychain Capital, HashKey Capital, Sreeram Kannan, Animoca Brands, and OKX Ventures frequently co-investing; regarding investment rounds, 9 of these projects are primarily in seed rounds, and many projects have already shown high valuations at the seed round stage, with the highest seed round financing amount reaching $85 million and the highest disclosed valuation reaching $400 million. Additionally, many of these projects are either part of the Polygon ecosystem or have certain cooperative relationships.
