ChainCatcher news, according to the WeChat public account of the China Financial Forty Forum, Liu Xiaochun, Vice President of the Shanghai Institute of New Finance (SFI), and Xiao Lei, a young researcher at the Shanghai Jiao Tong University China Financial Research Institute and head of investment at Kaitai Vision Fund (Hong Kong), co-authored an article titled "Reconsidering the Modern Monetary System in the Wave of Cryptocurrencies."The article points out that there have been various analyses and expectations regarding cryptocurrencies like Bitcoin in the current market. The 2024 U.S. election has further brought cryptocurrencies like Bitcoin to the forefront. However, for cryptocurrencies to truly replace existing sovereign currencies, they still face institutional realities and challenges. The vast majority of innovative applications of cryptocurrencies like Bitcoin essentially belong to financial services.In dealing with cryptocurrencies, a more valuable approach is to explore their more feasible application paths in the financial sector based on the functions and systems of modern money, combined with the technical characteristics of cryptocurrencies. This can mainly be approached from two directions: first, exploring the financial assetization path that is not linked to fiat currencies; second, developing payment and settlement tools that are linked to fiat currencies.

ChainCatcher message, the divine fish shares its trading insights on its social platform, "Every 'buy more as it rises' trade is essentially not trading in the market, but trading self-worth. Increasing positions is not due to new insights about the market, but because we need greater profits to maintain a grander self-illusion. The market becomes a mirror; what we are obsessed with is not the profit itself, but that 'invincible' self in the mirror.This is why all advice about trading discipline and systems, while correct, is difficult to truly change behavior. Because you cannot fix an existential problem with technical solutions.The most ironic thing is: we think we are using money to exchange for wealth, but in reality, we are using wealth to exchange for an illusory self-identity.In this trade, we were destined to be losers from the very beginning."

ChainCatcher message, Federal Reserve Governor Waller stated that stablecoins are essentially a synthetic dollar, and stablecoins could bring benefits to the financial system but must be regulated to address the risk of runs.

ChainCatcher message, top trader Eugene stated that I posted about being bullish on ENA a month ago, with hopes and dreams for a bull market.Now ENA is at the $0.6 price level, and some participants have already realized the value brought by increased funding and stablecoin adoption. Now we just need to hold the spot and wait for the broader market to recognize that this is a must-have token in every portfolio.

ChainCatcher news, the intent-based blockchain infrastructure project Essential announced the completion of a $11 million Series A funding round, led by Archetype, with participation from IOSG, Spartan, Mirana, Amber Group, Maven 11, Bodhi Ventures, Big Brain Holdings, Heartcore Capital, Selini, DCLM, and PropellerHeads, as well as founders and angel investors from Celestia, Hashflow, Enso, Barter, LI.FI, Astaria, GlueX, Bebop, and Sorella.The new funding will be used to drive Essential towards its goal of redesigning blockchain interactions from a declarative, intent-based architecture from first principles, making blockchain technology more intuitive and accessible to developers and users worldwide.Meanwhile, Essential has launched the Pre-Alpha Devnet for early developers to deploy and test declarative applications on Essential without permission.In addition, Essential has introduced Pint, a constraint-based programmable intent language that allows developers to directly constrain the state on the Essential blockchain. In Web3, the open Essential tech stack provides developers with the opportunity to experiment in a declarative environment for the first time. The official developer documentation has been released, including Essential specifications, Pint documentation, and a quick start guide, inviting developers worldwide to test and build on Essential.

ChainCatcher news, according to the monitoring by Shield, noted that while analyzing today's LI.FI hack, it observed a similar early hack on the LI.FI protocol on March 20, 2022, where the vulnerabilities exploited were essentially the same.Previously, in March 2022, the cross-chain protocol Li.Finance was attacked, with the attacker executing 37 call injections, obtaining approximately $600,000 in assets (204 ETH) from multiple wallets.

ChainCatcher news, President Joe Biden has officially vetoed the SAB121 bill. In the veto message released on Friday evening, Biden stated that his administration will not support measures that jeopardize the welfare of consumers and investors. Proper safeguards to protect consumers and investors are essential to harnessing the potential benefits and opportunities of cryptocurrency innovation. Biden added in the statement that he looks forward to working with Congress to ensure the establishment of a comprehensive and balanced regulatory framework for digital assets.

ChainCatcher message, Ethereum co-founder Vitalik Buterin stated that Layer 2 and sharding are often described as two opposing strategies for blockchain scalability in public discussions. However, when you delve into the underlying technology, a puzzle emerges: the actual scaling methods are completely the same. Both have some form of data sharding, both have fraud proofs or ZK-SNARK proofs, and both have methods to solve cross {rollup, shard} communication. The main difference lies in who is responsible for building and updating these components, and how much autonomy they possess.A Layer 2-centric ecosystem technically realizes sharding very effectively, but it is a sharding that can create its own rules. This is very powerful and can inspire a great deal of creativity and independent innovation. However, it also presents key challenges, especially in terms of coordination. For a Layer 2-centric ecosystem like Ethereum to succeed, it needs to understand these challenges and address them head-on to gain as many advantages as possible from a Layer 1-centric ecosystem while getting as close as possible to having the best features of both.

ChainCatcher news, Uniswap founder Hayden Adams tweeted that the U.S. House of Representatives plans to vote on the FIT21 bill this week, a bipartisan bill aimed at regulating CeFi to prevent another FTX. The bill's stance on DeFi is that "in terms of decentralized finance, no one is bound by this act," while also proposing research on DeFi, similar to Europe's study on MiCA. Congress acknowledges the essential differences between CeFi and DeFi, which need to be studied and treated differently; this is a significant development and a clear step in the right direction for the U.S.