Weekly Report | Trump: Developing a plan to make the U.S. a global Bitcoin superpower; JD.com to issue a stablecoin in Hong Kong pegged 1:1 to the Hong Kong dollar based on public blockchain; Tesla announces Q2 financial report, its $640 million worth of Bitcoin remains unsold

Organizer: Luan Peng, ChainCatcher

"What Important Events Happened This Week (7.22-7.28)"

1、Toyota Explores Building "MOA" Based on Account Abstraction Standard ERC-4337 in the Ethereum Ecosystem
According to ChainCatcher, Toyota's blockchain lab published a blog post stating that it is researching how to introduce mobility into public blockchains. It is exploring the construction of "MOA" (Mobility-Oriented Account) based on the account abstraction standard ERC-4337 in the Ethereum ecosystem.

The MOA account abstraction separates the authentication process from key management, ensuring that even if the private key is lost, the account itself can still be retained. This makes account management more secure and flexible. By saving a state available for external reference, information related to vehicles (such as usage history and maintenance records) can be managed more transparently and efficiently.

Additionally, the MOA allows operations to be executed with the approval of multiple entities (rather than just one). This enables various stakeholders, including vehicle users, owners, manufacturers, dealers, and regulatory agencies, to participate in the approval process for vehicle-related transactions.

It is reported that the Toyota Blockchain Lab was established internally within the Toyota Group in 2019 to promote the use of blockchain. Initially, the focus was on corporate projects related to material and information traceability. In recent years, its activities have expanded to include public chain-related topics such as web3 and innovative finance.
(Source Link)
2、Tesla Releases Q2 Financial Report, $640 Million Worth of Bitcoin Remains Unsold
According to ChainCatcher, Tesla has released its Q2 financial report, revealing that its $640 million worth of Bitcoin has not been sold, as disclosed by Watcher.Guru.

Additionally, Tesla (TSLA.O) reported Q2 revenue of $25.5 billion, exceeding market expectations of $24.8 billion and up from $24.927 billion in the same period last year.
(Source Link)
3、JD.com to Issue Stablecoin Pegged 1:1 to Hong Kong Dollar on Public Blockchain
According to ChainCatcher, JD.com Coinlink Technology (Hong Kong), a subsidiary of JD Technology Group, announced that JD.com will issue a cryptocurrency stablecoin pegged 1:1 to the Hong Kong dollar.

The JD stablecoin will be issued on a public blockchain, with reserves consisting of highly liquid and trustworthy assets securely stored in independent accounts at licensed financial institutions, with strict verification of reserve integrity through regular disclosures and audit reports.
(Source Link)
4、Roxom Completes $4.3 Million Seed Round Financing, Led by Draper Associates Founder Tim Draper
According to ChainCatcher, Bitcoin-priced trading platform Roxom announced on X that it has completed a $4.3 million seed round financing, led by Tim Draper, founder of Draper Associates, with participation from Kingsway Capital, Borderless, Cadenza Ventures, NewtopiaVC, and individuals such as Sebastián Serrano, David Marcus, and Daniel Rabinovich.

Additionally, Web3 asset data platform RootData shows that Roxom is a stock, commodity, and futures exchange priced and traded in Bitcoin, allowing users to view and trade global markets using Bitcoin.
(Source Link)
5、U.S. State Department Acknowledges Positive Impact of Bitcoin on El Salvador's Tourism, but Economic Impact is "Minimal"
According to ChainCatcher, the U.S. State Department has acknowledged that El Salvador's adoption of Bitcoin has had a positive impact on the country's booming tourism industry. In its 2024 investment environment statement report on El Salvador, the department recognized that adopting Bitcoin as legal tender in 2021 helped the country gain international attention.

As part of the report, the department stated that Bitcoin has brought significant publicity to El Salvador and contributed to its popularity as a tourist destination, but beyond that, its economic impact is "minimal."
(Source Link)
6、Wu Jiezhuang: In Compliance, Bitcoin Could Be Considered for Strategic Financial Reserves in the Future
According to ChainCatcher, in response to Trump's speech at the Bitcoin conference, Hong Kong Legislative Council member Wu Jiezhuang expressed his views on social media:

• Bitcoin and Web3 are important nodes in global development and should be encouraged for joint global development;
• In the future, Bitcoin could be considered for inclusion in strategic financial reserves in compliance;
• I believe the Hong Kong government will responsibly and gradually open the market.
  (Source Link)
  7、Wall Street Bond Trading Giant Cantor Fitzgerald Announces $2 Billion Bitcoin Financing Business
  According to ChainCatcher, Cantor Fitzgerald CEO Howard Lutnick announced at the Bitcoin conference that the firm will launch a Bitcoin financing business, providing leverage for Bitcoin holders with a $2 billion loan offering.

He added, "The moral of the story is that we will welcome Bitcoin into the global financial market's financing family, and Cantor Fitzgerald will be your sponsor."

It is reported that Cantor Fitzgerald has already handled U.S. Treasury transactions with stablecoin issuer Tether.

Previous news reported that the Cantor Fitzgerald CEO stated at the 2024 Bitcoin conference that he owns a large amount of Bitcoin.
(Source Link)
8、Trump: Planning to Make the U.S. the World's Bitcoin Superpower
According to ChainCatcher, Trump stated during his speech at the 2024 Bitcoin conference that he will ensure the U.S. becomes the crypto capital of the Earth. He is formulating plans to ensure that the U.S. will become the crypto center of the world and a Bitcoin superpower, hoping that the U.S. can lead other countries. If Bitcoin is to go to the moon (meaning a price increase), he hopes it will be credited to the U.S.
9、Senator Cynthia Lummis to Propose Bill for U.S. Treasury to Purchase 1 Million Bitcoins
According to ChainCatcher, Senator Cynthia Lummis stated that she will introduce a bill next week directing the U.S. Treasury to purchase 1 million Bitcoins (worth approximately $69 billion) over five years. She stated that this move is intended to offset the impact of the dollar's depreciation.

She indicated that the bill will require the U.S. Treasury to securely store the Bitcoins in "multiple geographic locations." The government will hold these tokens for at least 20 years, unless they are sold to "reduce debt."
(Source Link)
10、Vitalik: The Key Goal of Validators is to Avoid Power Concentration, Especially in Consensus Rule Validation and Fork Choice
According to ChainCatcher, Ethereum co-founder Vitalik Buterin recently responded to concerns raised by Ethereum core developer Péter Szilágyi regarding network decentralization and validation mechanisms.

In response to how validators obtain 32MB of blob transaction data every 12 seconds, Buterin proposed two possible strategies: each validator only responsible for constructing 1/16 of the block, or validators only performing DAS checks without needing to fully download the data.

Regarding the issue of Verkle tree design not deleting storage slots, Buterin stated that the impact of deleting storage slots is currently quite small. He denied claims about abandoning the transaction pool, emphasizing that this is an outdated idea that does not align with the current research direction of Ethereum.

Buterin acknowledged that validation does not require an execution layer (EL), but emphasized that this does not mean making it difficult for most people to run an EL. He pointed out that using SNARKs technology could enable more users to achieve full validation.

Buterin stressed that the key goal of validators is to avoid power concentration, particularly in consensus rule validation, fork choice, and transaction inclusion. He believes that during periods of only witnessing, there is no need to re-execute the EVM cycle.
(Source Link)

"What Interesting Articles Are Worth Reading This Week (7.22-7.28)"

1、“Ethereum Spot ETF Begins Trading Today, What Are the Inflows and Selling Pressures?”

On Monday local time, the U.S. SEC officially approved the listing of several companies' Ethereum spot ETF applications, according to regulatory documents and related company announcements. The Ethereum spot ETF is officially effective, with 424(b) forms being released in succession, and now we are just waiting for the relevant ETFs to be listed at 9:30 AM Eastern Time (9:30 PM Beijing Time on July 23).

The first batch of Ethereum spot ETF applicants includes:

• BlackRock Spot Ethereum ETF with a fee of 0.25% (0.12% for the first $2.5 billion or the first 12 months), code ETHA;
• Fidelity Spot Ethereum ETF with a fee of 0.25% (no management fee for the entire year of 2024), code FETH;
• Bitwise Spot Ethereum ETF with a fee of 0.2% (0% for the first $500 million or the first 6 months), code ETHW;
• 21Shares Spot Ethereum ETF with a fee of 0.21% (0% for the first $500 million or the first 12 months), code GETH;
• VanEck Spot Ethereum ETF with a fee of 0.2% (0% for the first $1.5 billion or the first 12 months), code ETHV;
• Invesco Galaxy Spot Ethereum ETF with a fee of 0.25%, code QETH;
• Franklin Spot Ethereum ETF with a fee of 0.19% (0% before January 31, 2025, or for the first $10 billion), code EZET;
• Grayscale Spot Ethereum ETF with a fee of 2.5%, code ETHE;
• Grayscale Ethereum Mini Trust ETF with a fee of 0.15%, code ETH.

It is worth mentioning that, similar to Grayscale's GBTC, Grayscale will convert its existing Grayscale Ethereum Trust ETHE into an ETF, maintaining the previous fee rate of 2.5%. Last October, Grayscale applied jointly with NYSE Arca to convert its Ethereum Trust Fund into an Ethereum spot ETF.

According to data from Grayscale's official website, the ETHE trust was established in December 2017, listed in June 2019, and the date for ETF listing is July 23. Currently, ETHE holds 2.63 million ETH, and due to its early establishment, Grayscale's average cost of holding ETH is only a few hundred dollars. Additionally, since the ETHE's fee rate remains at 2.5% after converting to an ETF, some opinions suggest that due to ETHE's previous status as a trust with no redemption allowed during its existence and a 6-month lock-up period, combined with ETHE's high fee rate being ten times higher than competitors, this will lead to significant outflows.

2、“Biden Withdraws, Is the Crypto Industry 'Saved'?”

Last Sunday, 81-year-old U.S. President Biden announced he would not seek re-election, and Vice President Kamala Harris immediately stated that she would seek the Democratic nomination to replace Biden. After Biden's full support for her, many Democrats quickly expressed their support for her.

Although Biden's support adds strong backing to Harris's candidacy, the outcome remains uncertain. Previously, four of the most influential figures in the Democratic Party praised Biden but remained silent on their support for Harris, including former President Barack Obama, who is reportedly taking a neutral stance, just as he did in the 2020 primaries.

Today, California Congressman and former House Speaker Nancy Pelosi officially expressed her support for Harris. While many Democrats on Capitol Hill support Harris, Senate Majority Leader Chuck Schumer and Congressman Hakeem Jeffries from New York have yet to express their support for her.

So, besides Harris, who else might become the Democratic candidate? What cryptocurrency policies will they bring?

In recent weeks, California Governor Gavin Newsom and Michigan Governor Gretchen Whitmer have become prominent candidates. Newsom has gained national attention due to his public debates with Republican governors, while Whitmer has been a representative of national abortion rights supporters, an issue widely seen as key for the Democrats in the November elections. Notably, Whitmer has previously stated that she would not seek the nomination even if Biden withdrew.

Additionally, Pennsylvania Governor Josh Shapiro is also under scrutiny, with The Wall Street Journal predicting that Pennsylvania will be a key battleground state for both parties in the coming months.

Illinois Governor J.B. Pritzker has also become an attractive candidate with a net worth of $3.5 billion.

3、“Selling V3 Trading Software, Hacked: What Moves is DeFi Derivatives Leader dYdX Making?”

On July 24, ChainCatcher reported that decentralized derivatives trading leader dYdX is planning to sell its dYdX V3 trading software.

However, less than an hour after the news broke, the dYdX V3 website (dydx.exchange) was attacked by hackers, who first took over the site and then implanted phishing links. If users authorize their information, they risk having their assets or information stolen.

Once the plan to sell V3 was exposed, its domain was attacked by hackers, leading the community to speculate whether this was purely coincidental or a premeditated action.

The sale of dYdX and the security incident triggered a series of chain reactions, with users and investors showing significant concern. The price of the DYDX token quickly dropped in response to the news, falling from $1.45 to a low of $1.23, with a daily decline of over 15%. At the time of writing, the price was fluctuating around $1.27.

Why sell V3? Is the dYdX team looking to cash out? Why did hackers choose this timing to attack? Can DYDX tokens still be held? A series of questions flooded the community chat pages.

4、“Besides Trump, Which Politicians Will Attend This Year's Bitcoin Conference?”
Bitcoin Magazine CEO David Bailey confirmed today that U.S. Vice President Harris will not be speaking at the Bitcoin 2024 conference. Despite Harris's absence, this year's Bitcoin conference is not lacking in the presence of U.S. politicians. The conference has invited ten political guests from the U.S., including Trump, with eight being Republicans, one Democrat, and one independent (former Democrat).
This is not surprising. On one hand, Tennessee, where the conference is held, is a traditional "red state" and a stronghold of the Republican Party, with both of Tennessee's senators attending. On the other hand, compared to the Democrats' conservatism, most Republicans hold an optimistic view of cryptocurrencies. A recent Paradigm poll showed that 28% of Republicans own or have purchased cryptocurrencies, exceeding the national average, and 60% of Republicans favor clear cryptocurrency regulations from Congress. A more intuitive data point is that in May, the Republicans led and pushed through the FIT21 bill, which is visually reflected in the voting results and attitudes toward digital asset regulation between the two parties. Recently, the Republican National Convention also approved a new platform proposed by Trump, which includes support for innovative cryptocurrency policies.

5、“Summary of Trump's Bitcoin Conference Speech: Including Bitcoin in National Reserves Will Prevent World War III”

Trump delivered his speech as promised at the 2024 Bitcoin conference held in Nashville, outlining his grand vision and policy ideas regarding Bitcoin, which can be summarized as follows:

I am awesome: During my term, Bitcoin soared 3900%, from $898 when I took office to $35,900, with low inflation and rising middle-class incomes… the people are prosperous and the country is strong;

The Biden administration is bad: extreme leftists, a large influx of refugees, political persecution of Bitcoin and industry companies; if I (Trump) do not win this race, this country will be finished;

I want to do something big: first, fire the current SEC chairman Gary Gensler, promise not to sell the Bitcoin held by the U.S. government, and include it in national reserves, develop the energy industry, and support Bitcoin mining;

Flattering the crypto industry: Bitcoin enthusiasts, you are the modern Edisons, Wright brothers, and Henry Fords.

Finally, Trump solemnly promised to become the president who most supports innovation and Bitcoin in the U.S.

6、“From 'Dark Web Drug Lord' to Cryptocurrency Entrepreneur: Blake Benthall's Decade of Redemption”

In May of this year, at a cryptocurrency conference in Austin, Blake Emerson Benthall, like dozens of other entrepreneurs, actively mingled among potential investors, trying to raise funds from them. Certainly, none of them could showcase their experience as a leader of a multimillion-dollar drug crime network like Benthall.

In the conference's "Deal Flow" area, the 1.62-meter-tall Benthall, clean-shaven, wearing a gray T-shirt with his startup's logo, turned his laptop around on the table and began introducing himself to a bespectacled potential investor.

"I am a lifelong entrepreneur," Benthall said while scrolling through his PPT, detailing how he operated Silk Road 2.0 (the second iteration of the dark web Silk Road, where 1.7 million anonymous registered users purchased methamphetamine, heroin, and other drugs using Bitcoin). He then recounted his arrest by the FBI and the experiences that followed. After the presentation, Benthall closed his laptop and secured a $150,000 "partnership" with the investor on the spot.

Now, having completed his sentence and with probation over, the 36-year-old Benthall is promoting his two-year-old new company Fathom (x). The company aims to provide software for tracking cryptocurrency transactions for businesses and government agencies to ensure legality and compliance.

Benthall knows that it is quite strange for someone with a criminal record to teach others about compliance. However, in this industry full of scammers, Benthall believes his experience can help expose fraud and prevent scams like FTX from reoccurring.

Although Fathom (x) has yet to gain market attention, Benthall's attendance at the Consensus conference indicates that his decade-long path to legitimacy is nearing its end. Along the way, Benthall has faced many challenges, such as his childhood upbringing in a Christian family and running a website with monthly illegal drug sales of $8 million. To atone, he spent nearly ten years secretly helping the government combat cryptocurrency abuse.

This is a journey tracing Bitcoin's evolution from a speculative digital currency associated with dark web crime to an investment asset recognized by Wall Street. Even some skeptical government investigators involved in the Silk Road case have become enthusiastic cryptocurrency advocates. One former FBI agent named Vincent D'Agostino even invested in Benthall's startup.

7、“Decoding Musk's Views on Cryptocurrency: It's Not Just Play”

On July 22, Musk changed his profile picture to a laser eyes avatar at the request of X platform user @Chriswinig.

Due to the existence of the #LaserRayUntil100K meme (which refers to keeping the laser eyes avatar until Bitcoin's price breaks $100,000), this move is seen as Musk's renewed support for the cryptocurrency industry (although he has since changed back to his original avatar).

For a moment, Musk became the "focus of cryptocurrency" again, and it had been three years since he last changed his avatar to "laser eyes girl." Odaily Planet Daily will summarize Musk's related actions and views on the cryptocurrency industry in this article, allowing readers to understand this "tech fanatic" behind SpaceX and Tesla from more angles.

8、“Current State of Web3 in Hong Kong: Compliance Challenges, Profitability Issues, Globalization as the Only Direction”

Since the release of the "Policy Declaration on the Development of Virtual Assets in Hong Kong" in November 2022, compliant Web3 has developed for a year and a half.

During this year and a half, compliant exchanges have opened to retail investors, Bitcoin and Ethereum spot ETFs have been approved for listing, and some crypto-native projects have chosen to establish branches in Hong Kong. On July 18, the Hong Kong government officially announced the list of institutions entering the Hong Kong dollar stablecoin regulatory sandbox, which can now issue Hong Kong dollar stablecoins on a trial basis.

More subtle changes have integrated into residents' daily lives, allowing retail investors to participate in compliant investments in Bitcoin and Ethereum at street-side securities firms, and more top-tier Web3 events are flourishing, with blockchain knowledge being incorporated into elementary school curricula…

The development of Hong Kong's Web3 industry is steadily advancing according to plan, and Hong Kong citizens are gradually accepting Web3 in subtle ways. However, from the perspective of practitioners, overall, the development of Web3 in Hong Kong has shifted from an initially aggressive approach to a more cautious one.

With the tightening of Web3 policies by the Hong Kong government and the withdrawal of foreign capital, the primary challenge for these compliant Web3 enterprises in Hong Kong is how to establish a foothold in Hong Kong and then open up larger markets.

9、“Biden Withdraws, Is the Crypto Industry 'Saved'?”

At 2 AM today, Biden announced his withdrawal from the 2024 U.S. election, which may have influenced the crypto market, causing a "flash crash," with Bitcoin dropping to around $65,700 and Ethereum to around $3,400, but it quickly rebounded. For details, see the market analysis "3-Minute Overview of Future Market Trends: Is the Bottoming Out Over, and Is an Uptrend Inevitable?" Subsequently, Biden supported Vice President Harris as the Democratic presidential candidate.

This article interprets and analyzes the impact of this event on the crypto industry.

10、“From zkSync to LayerZero: Witch Attacks Erode Projects, No One Wants to See a Fake Community”

Token issuance is a critical moment in a project's history. If the token issuance is mishandled, the project may come to an end.

Nothing can destroy the credibility of a token issuance faster than a witch attack. In such attacks, malicious actors create multiple fake identities to try to gain disproportionate influence and token distribution within the network.

No one wants to see a fake community.

Next, we will explore how witch attacks affect token issuance through two recent airdrop cases: zkSync and LayerZero.