BlockBeats will organize the key industry news content of the week (5.27-6.2) in this article, and recommend in-depth articles to help readers better understand the market and learn about industry trends.
This week's important news review
Former US President Trump supports cryptocurrency during the campaign, Biden team changes position and contacts key crypto figures
At the beginning of the US presidential election, on May 9, the campaign team of former US President Trump began to accept cryptocurrency donations, and in many speeches he expressed his acceptance and support for the development of cryptocurrency. Trump's positive attitude towards crypto ignited the emotions of the crypto community and also led to the rise of related meme coins. Almost every statement Trump made on the crypto industry affected the rise and fall of related tokens. On May 30, US President Joe Biden also began to change his position on cryptocurrencies and began to contact key figures in the cryptocurrency industry during the campaign. Sources said this marked a major "shift" in the government's previous cold attitude towards the industry. At the same time, celebrities who supported Trump in the presidential election also deployed meme coins on the chain, thus deriving "celebrity coins". Related reading: "From JENNER to MOTHER, is celebrity coin a new favorite or a new pit in crypto?"
On May 27, after a week of continuous rise, the price of Trump-related meme coins fell briefly and continued to rise. The price of MAGA (TRUMP) exceeded $15, setting a record high; the price of MAGA Hat reached $0.0005287, with a 24-hour increase of 160.6%, and the price of the coin also set a record high. Trump said that if he was re-elected president, he would consider pardoning Julian Assange, the founder of WikiLeaks. Influenced by this news, AssangeDAO (JUSTICE) rose by more than 108.4% in a short period of time. At the same time, the value of Donald Trump's crypto assets has increased significantly, and now exceeds $10.1 million, of which TRUMP accounts for 70%, ETH accounts for 20%, and USDC accounts for 10%.
Former US President Trump was found guilty of 34 felony charges
On May 31, a jury in a New York court responsible for the "hush money" case of former US President Trump made a ruling, pronouncing that all 34 felony charges of falsifying business records in this case were established. New York State prosecutors alleged that during Trump's 2016 campaign for the US presidency, he commissioned Cohen to pay $130,000 in "hush money" to porn star Daniels (real name Stephanie Clifford) to prevent the latter from claiming that she had an affair with Trump in 2006. The scandal affected the election. Trump subsequently falsified business records and returned the advance payment from Cohen in installments in the name of "lawyer fees" to cover up his violations of New York State and federal election regulations. Related reading: "Trump's 34 felony charges are all established, can the "crypto president" campaign journey continue? " A trader traded the "Trump is guilty" concept MEME coins FREE TRUMP (FREE) and NEVER SURRENDER (TRUMP), making a profit of nearly 1,000 SOL.
This week, meme coins saw a general rise, with Pepe performing the best
This week, the mainstream meme coins saw a general rise in prices, among which Pepe's increase on the 14th reached 50%, and the monthly increase reached 122%. Pepe's popularity has remained high. On May 27, according to Coingecko data, PEPE's market value rose to approximately US$6.9 billion, surpassing MATIC's market value, and its cryptocurrency market value ranking rose to 21st. On May 30, PEPE's market value was US$6.2 billion, slightly lower than the historical high of US$6.9 billion set on May 27, while the cumulative value of the top 30 NFT projects was slightly over US$4 billion. The price of Pepe has soared 10 times in a year. Related reading: "Behind the Memecoin Surge: The Game between Development Teams, Snipers and Whale"
The Mt. Gox wallet in Mentougou has transferred Bitcoin to new addresses several times in preparation for the creditor repayment deadline on October 31.
On May 28, the Mentougou address transferred Bitcoin to the address 1JbezDV many times. As of 14:00 p.m. on May 28, the address held 141,686.2 BTC (worth approximately US$9.6 billion). This large transfer of Bitcoin aroused suspicion in the community. The former CEO of Mentougou Mt. Gox said that Mt. Gox currently has no plans to sell Bitcoin, but is only preparing for the creditor repayment deadline on October 31. On May 28, according to an official announcement, Mentougou Mt. Gox stated that according to the rehabilitation plan, the rehabilitation trust trustee is preparing to repay the portion of the rehabilitation claim to which the cryptocurrency has been allocated. As the rehabilitation trust trustee is preparing for the above repayment, please wait patiently for the repayment to be completed. Related reading: "140,000 Bitcoins were transferred in 6 hours. Will Mt. Gox's compensation trigger a substantial selling pressure?"
Bitcoin staking protocol Babylon completes $70 million financing, led by Paradigm
On May 30, Bitcoin staking protocol Babylon completed a $70 million financing round led by Paradigm, with participation from Polychain Capital and the venture capital arm of cryptocurrency trading platform Bullish.
OKX Jumpstart will launch ULTI (Ultiverse)
On May 30, according to the official announcement, OKX Jumpstart will launch ULTI (Ultiverse), and mining will start at 6:00 am (UTC) on June 3, 2024. BTC and ETH holders can stake BTC and ETH to mine ULTI tokens. Ultiverse posted on the X platform that the ULTI Token Generation Event (TGE) is coming soon. Users can now destroy Gold Chip NFTs to receive ULTI airdrops. In addition, the official will take a snapshot of ES holders at 20:00 Beijing time on June 3.
Binance Second Megadrop Project Lista (LISTA) Now Open
On May 28, Binance launched the second Megadrop project - Lista (LISTA), a liquidity staking and decentralized stablecoin protocol. Users can participate in the Lista Megadrop from 08:00:00 (ET) on May 30, 2024. Binance will list Lista (LISTA) at 18:00 (ET) on June 20, 2024.
DWF Partner: Negotiating with some MEME coins, willing to deploy funds to promote their growth
On May 28, DWF Labs partner Andrei Grachev wrote, “We are in talks with some MEME coins and are willing to deploy a lot of funds to promote their faster and more efficient growth. Stay tuned, more news will be released soon.”
Matter Labs filed a trademark application for "ZK", which was boycotted by Polygon, StarkWare and others
On May 30, zkSync developer Matter Labs filed trademark applications for "ZK" in nine countries, claiming that the term "zero-knowledge" is the company's exclusive intellectual property. This move has caused widespread dissatisfaction in the crypto industry. To this end, industry leaders including Polygon co-founders Sandeep Nailwal and Brendan Farmer, StarkWare CEO Eli Ben-Sasson, Polyhedra Network co-founder and zkBridge inventor Tiancheng Xie, and Turing Award winner and ZK-proofs co-inventor Shafi Goldwasser signed an open letter calling on Matter Labs to withdraw its trademark application.
On May 30, Matter Labs founder and CEO Alex responded that Matter Labs rejects the concept of "intellectual property". However, trademarks exist to protect users, not companies. All trademarks that Matter Labs has ever registered, including those related to ZK, are defensive to prevent dishonest actors from misleading customers and confusing their products and services with those provided by Matter Labs (unfortunately, this has been the case in the past). Polyhedra Network said that when it is listed on HashKey Global on Friday, its token code will be ZKJ, and their current listing code on other trading platforms is also ZKJ, in response to a week-long conflict with zkSync over its old code "ZK".
Arweave AO will issue AO tokens, and the token economics will be announced on June 13
On May 30, the hyperparallel computer project Arweave AO will issue the token AO, which will be 100% fair sale, zero pre-mining, zero pre-sale, zero discount, etc. Each token will be minted by bridging AO, holding AR or building. The total number is 21 million, with a 4-year halving cycle. The token economics and creation event will be announced at 11:00 EST on June 13.
Bloomberg: Musk advises Trump on cryptocurrency, Musk says this never happened
On May 30, Bloomberg reported that Musk provided advice to Trump on cryptocurrency. If Trump is able to return to the White House, he will consider Musk as his presidential administration adviser. Musk said he has never discussed cryptocurrency with Trump, but believes that cryptocurrency can transfer power to the people.
The popularity of Rune Tokens has gradually increased this week, with the total transaction volume last week exceeding 476 billion US dollars, a month-on-month increase of 92.3%
On May 29, Rune tokens generally rose, including: DOG•GO•TO•THE•MOON 24 hours rose by 38.83%; LOBO•THE•WOLF•PUP 24 hours rose by 27.41%; RSIC•GENESIS•RUNE 24 hours rose by 10.63%. On May 30, the total transaction volume of Rune reached 18.76 million US dollars, and the total market value of Rune reached 1.56 billion US dollars.
Modular execution layer Fuel announces launch of final testnet
On May 31, modular execution layer Fuel announced the launch of the final testnet on the Sepolia network and will launch the mainnet in the third quarter of 2024.
This week's hot articles
"Game intensifies, a comprehensive explanation of why this round of bull market is very different"
This article uses a large amount of data to show and analyze the obvious differences between this round of bull market and the previous round, which are mainly manifested in: insufficient wealth effect, no general rise in the market, the trend of value coins cannot compare with Memecoin, the sector is seriously divided, and the competition for airdrops is fierce. The author believes that the fundamentals of this round of market have changed, and the endogenous logic of many tracks has also changed dramatically. What we can and must do is to "adjust our cognition" to adapt to the "new pattern of industry development." As the industry gradually matures, the degree of game will further intensify. It is meaningless to be complacent and complain. Considering more from the opposite side of the game, perhaps we can find that "balance point."
"140,000 Bitcoins transferred in 6 hours, will Mt.Gox's compensation trigger a massive sell-off?"
On the morning of May 28, Mt.Gox, a bankrupt exchange for ten years, suddenly transferred out 141,000 bitcoins, worth about $9.8 billion. This was the first move of the cold wallet in five years, which attracted great attention from the community. The transfer indicated that Mt.Gox's ten-year compensation process was nearing its end, and creditors may receive reimbursed bitcoins in the next two months. However, the market is concerned that the release of a large amount of bitcoin may trigger price fluctuations. Although the community has mixed reactions to this incident, it is generally believed that the long-term impact on the market is limited. Mt.Gox's repayment process is expected to be completed by October 31, 2024.
"io.net goes viral, who is paying for AI narrative?"
Three months ago, in the first phase of io.net's points incentive event, its founder and CEO Ahmad Shadid said that the token is expected to be launched on April 28. But on April 25, the io.net team suddenly announced that the trading platform required the TGE of io.net tokens to be postponed until after April 28. Now a month has passed since the initial time, and the time for io.net to issue coins has not yet been determined. Since the start of the mining incentive plan, io.net has gone from being popular and regarded as a star project in this round of bull market, to project data repeatedly questioned for falsification and the founder's history of being exposed. A large number of users have established rights protection groups to "denounce". Although the token has not yet been launched, many users believe that the expectation of high returns has been dashed. But "generally speaking, io.net is a good project." An early user said, "The reason why io.net's narrative expectations are so high may not be because of how good the project itself is, but because the Web3 market is too eager for this narrative." All Web3 projects will encounter doubts about their technical level and product logic. The real problem that io.net needs to solve is that in the community's reputation, io seems to have changed from a "top narrative this year" project to a "VC-based high FDV" project.
Currently, the third phase of io.net's mining activity has been launched on June 1. In the world of Web3, how to control the hot trend is a question that every project needs to think about. Whether it is "embracing the bubble" or "looking for the sword on the boat", only time can give the answer.
"LayerZero is finally going to airdrop. How can I check if I have been "witched"?"
The LayerZero witch screening activity, which has lasted for nearly a month, is about to come to an end. At 8:00 am on May 30th, Beijing time, the second round of the "bounty" activity (Bounty Hunt 2) will close the reporting window. Considering that LayerZero has previously determined that May 31st will be the final date of the screening activity, it is difficult to open another round of "bounty" activities in the last two days. This also means that if your address (provided that it has not been "exposed" or "arrested" in the first two stages) is not included in the "bounty" list before 8:00 am tomorrow morning, it is likely that you will "successfully escape the poison and win the game."
《From BRC20 to RUNES, Bitcoin’s Casino Migration》
RUNES wants to be the "Las Vegas" of the Bitcoin network, but BRC20 does not want to be "Atlantic City". Casey honestly admitted that the RUNES he built is a casino, and he hopes that users can get the best experience here. "For each of us, it is honest and practical to view the construction of Ordinals, inscriptions and runes from the perspective of building social, gambling and entertainment products. We don't need to hide anything, so that your users can experience the fairest and most interesting products." While RUNES is rising across the board, many community friends also remembered the first MEME casino in the Bitcoin ecosystem. Is BRC20, like "Atlantic City", declining?
"160 times in 8 hours, did Kardashian's transgender stepfather issue a coin?"
This week, an attractive token called jenner appeared on the Solana meme token generation platform Pump.fun. Its development team is from Caitlyn Jenner, a transgender woman with 33 million Twitter followers, a member of the American Internet celebrity family, Kardashian's father, and a member of the Kardashian family. Caitlyn Jenner also posted a photo of shaking hands with former US President Trump on Twitter with the caption "make america great again!!! and we love crypto!", and then attached a link to purchase jenner tokens on pump.fun. To the community's surprise, Caitlyn Jenner not only used Pump.fun, but also mentioned a series of crypto community meme OGs such as Ansem and Paul in the comment section to warm up the token.
"Interpreting the FIT21 Act: Is the gray era of Crypto over?"
On May 22, the U.S. House of Representatives passed the 21st Century Financial Innovation and Technology Act (FIT21), which established a regulatory framework for digital assets and may become one of the most far-reaching bills on cryptocurrencies. The bill clarifies the definition and regulatory division of digital assets, with the Commodity Futures Trading Commission (CFTC) regulating digital commodities and the Securities and Exchange Commission (SEC) regulating digital assets that are considered securities. The bill distinguishes whether digital assets are commodities or securities through factors such as investment contracts, use and consumption, and degree of decentralization, providing guidance for future crypto asset compliance and spot ETF applications.
This article is a summary of the conversation between Jasmine, one of the founders of the Runes Chinese community, and DUDU of PukeCastCN, and Casey, the developer of the Ordinals protocol. Casey talked about the lively scene of Hong Kong Bitcoin Week and the differences between Eastern and Western players, and shared his experience of the one-month release of the Rune protocol. He appreciated the purity of the market. The Rune protocol is currently in a stable operation state. He believes that the simplicity and efficiency of technology are the advantages of Runes, and there may be more interesting developments in the future. He also discussed the different types of stablecoins and their potential in the Rune ecosystem. Casey emphasized the value of Bitcoin as an investment, suggested that Bitcoin should still be held mainly outside of speculation, and remained optimistic about future developments.
"The conflict further intensifies. Is FT going to "break up" with Base?"
On May 27, friend.tech protocol co-founder Racer offered a $200,000 reward on a social platform to solicit ways to migrate friend.tech from Base, sparking heated discussions in the crypto community. But then Racer's Twitter account became inaccessible, and friend.tech officials did not respond. This news caused the FRIEND token to plummet by 34%. Racer revealed that the team had an unstable relationship with Base and had mutual ridicule with the Farcaster community. Farcaster's token DEGEN performed well, while friend.tech's token economic model, although pioneering, failed to attract users in the long run. Racer's migration plan sparked speculation and concern about the future of friend.tech and Base.
《A look at the price performance of 11 airdropped tokens after they were launched this year》
In 2024, major projects launched airdrops one after another. This article consolidates the price performance of 11 tokens after this year's TGE (token generation event). Overall, JTO, ENA, and JUP performed outstandingly, rising by 149%, 73%, and 51%, respectively.
"In-depth analysis of Bittensor: a panoramic view of 34 subnets and future prospects"
Bittensor (TAO) is the first AI coin listed on Binance this year. Since its launch on April 11, the price of TAO has plummeted, and there has been no sign of recovery so far. Following the decline in the price of the coin, the community has increasingly heated debates on the effectiveness of the project. It all started on March 30 when Eric Wall, co-founder of Taproot Wizards, raised a series of sharp questions about Bittensor (TAO) on social media. Although these questions point directly to some of Bittensor's pain points, they are also biased and blinded by one aspect. As of now, Bittensor has 34 subnets. This article introduces these subnets one by one from six areas: content generation, data collection and processing, LLM ecosystem, decentralized infrastructure, DeFi and other applications.
Behind the Memecoin surge: the game between the development team, snipers and whale
This article discusses the key elements in Memecoin's launch: the development team, "snipers", and whales. Each element is critical to the development of a token, especially without venture capital backing. The organization of the development team, the marketing budget, and the future development plan are key to the long-term success of the token. At the same time, the behavior of "snipers" and the involvement of whales will also have a significant impact on the market value and liquidity of the token. The degree of interweaving and duplication of these three factors varies from token to token, but a good combination of the three is needed to keep the performance of the token healthy in the long run.
"Vitalik donates again, will Juicebox bring new memes?"
Recently, Vitalik Buterin donated 30 ETH to the "Free Alexey & Roman" project on Juicebox. Together with his donation in January, the total amount reached 42.6 ETH. Tornado Cash has been involved in regulatory crises many times due to its currency mixing function. Alexey was found guilty and Roman will be tried in September. The Juicebox platform is famous for projects such as ConstitutionDAO, showing the potential of decentralized crowdfunding. From PEOPLE to FREE to JUSTICE, every fundraising is accompanied by the hype of a meme coin. Perhaps the ETH raised this time to support Alexey and Roman will also bring the next new meme narrative.
Grayscale: Ethereum ETF has limited room for growth after approval, Solana may seize market share
The potential launch of a spot Ethereum ETF will expose more investors to the concepts of smart contracts and decentralized applications, thereby making them understand the potential of public blockchains to transform digital commerce. The demand for spot Ethereum ETFs in the United States is expected to be approximately 25%-30% of the demand for spot Bitcoin ETFs. A large portion of Ethereum's supply (such as staked ETH) is unlikely to be used for ETFs. Given the high initial valuation, there is limited room for ETH prices to rise further compared to a Bitcoin ETF launched in January 2024. Grayscale Research believes that Solana is currently most likely to take market share from Ethereum in the long run, and Grayscale Research is optimistic about the prospects of both assets.
《10x Research: BTC trend has entered a critical period, this indicator may help break new highs》
After the progress of the Ethereum spot ETF, market sentiment has warmed up, and whether the price of Bitcoin can break through the new high in March this year has become the focus. 10x Research pointed out that the key drivers of Bitcoin prices include retail trading volume, capital inflows, CPI data, etc. Changes in these factors will determine the direction of Bitcoin prices. In particular, when the next CPI data is released on June 12, the price of Bitcoin may hit a new historical high.
Mastering Narrative Trading: A Complete Guide from Trend Spotting to Profitable Strategies
Crypto researcher The DeFi Investor introduces the strategies and techniques of narrative trading in this article, from discovering new trends to profit-making strategies, and gradually explores how to trade effectively in the cryptocurrency market. He emphasizes the important role of psychology in market fluctuations, as well as the time and patience required to establish successful transactions. He also recommends that beginners start trading with small amounts of money and summarize lessons learned by constantly tracking investment performance.
"Meme coin's value consensus mechanism, future trends and investment logic"
BillyWen came into contact with meme coins in 2015, and sold Dogecoin because of his prejudice against meme coins. Later, the meme FOMO brought by PEPE made him realize that the fair launch mechanism of meme is the ultimate goal pursued by all fields. BillyWen predicts that the meme coin market will grow significantly in the next few years. At the same time, he believes that there is a clear generational stratification in the meme track, which is based on Bitcoin, Ethereum and Solana technology respectively. Its investment logic includes cultural influence, community cohesion and unique storytelling. Finally, he concluded that Bitcoin is the meme coin that best represents the native culture of encryption.
《TIA rose by more than 30%, Celestia founder wrote a sovereign chain declaration》
On Wednesday, Celestia's native token TIA rose from a bottom of $9 to nearly $12, an increase of more than 30%. Just the day before, Celestia founder Mustafa published an article on sovereign blockchains in the official forum, expounding on his views on blockchain technology empowering communities to achieve sovereignty through self-organization and collective action. This technological innovation has enabled the emergence of new social and economic models, and sovereign aggregation chains have further lowered the threshold for achieving community sovereignty, making it easier to deploy sovereign chains, thereby promoting the surge of millions of sovereign communities with their own top-level social contracts.
Former CFTC Chairman Christopher Giancarlo is optimistic about the prospects of cryptocurrencies in the United States. He believes that despite the current US government's repressive attitude towards cryptocurrencies, this situation is unsustainable. He is optimistic about future stablecoin legislation, believing that it will promote the development of US dollar stablecoins to meet global demand. Giancarlo also mentioned that the United States missed the opportunity to develop global cryptocurrency disclosure standards, but he believes that the United States will eventually recover and regain its leadership in the cryptocurrency field.
"In-depth discussion of Vitalik and the impact of various roadmaps on Ethereum governance"
This article is the opinion of ZeroDev CEO Derek Chiang on the matter after Vitalik proposed EIP-7702 to balance the contradiction between ERC-4337 and EIP-3074. Based on the personal experience of a project founder in the AA ecosystem, this article objectively points out the current governance model and pain points of Ethereum. It mentions that one of the various governance contradictions of Ethereum is that the roadmap determined by researchers is different from the views of client development teams such as Geth, and Vitalik has become the final decision-maker in a similar capacity as CTO. After giving a positive evaluation of Vitalik's role, Derek pointed out what improvements Ethereum should make in the governance model, which is of great reference significance to both the Ethereum community and the Bitcoin community.
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