Headlines
▌Trump ’s latest post on X platform: Make America great again
Former US President Trump said in his latest post on the X (original Twitter) platform, "Are you better off now than when I was President of the United States? Our economy is in tatters. Our borders have disappeared. Our country is in decline. Make the American dream feasible again. Make America safe again. Make America great again."
DOJ and SEC close investigation into short seller Carson Block without taking action
The U.S. Department of Justice and the Securities and Exchange Commission (SEC) closed their investigation into short seller Carson Block without taking action, sources said.
Quotes
As of press time, according to Coingecko data:
BTC's latest transaction price is $59,342.50, with a daily change of +1.1% ;
ETH's latest transaction price is 59,342.50 yuan, with a daily increase or decrease of +6.7% ;
BNB's latest trading price is $518.78, with a daily change of +3.2% ;
SOL's latest trading price is $146.47, with a daily change of +3.7% ;
DOGE's latest transaction price is 0.1077 yuan, with a daily increase or decrease of +7.2% ;
XPR recently traded at $0.5684, with a daily change of +3.0% .
policy
▌El Salvador receives $1.62 billion investment from Turkey’s Yilport to support the construction of a “Bitcoin city”
Turkish holding company Yilport will invest $1.62 billion in two seaports in El Salvador, the largest private investment in the country's history, which is expected to support the construction of its "Bitcoin City", the government said on Sunday.
"It will be a company jointly owned by Yilport and El Salvador that will operate the two seaports for the next 50 years," the government said in a video statement shared by Salvadoran President Nayib Bukele on Monday. The agreement is the product of Bukele's visit to Turkey in 2022. One of the ports is Acajutla, which handles most of the country's exports of coffee, sugar and Peruvian balsamic vinegar. The other is La Union, an idle and abandoned seaport located on the site where the Bitcoin City is planned to be built.
▌US Congressman Vivek Ramaswamy predicts Harris will embrace Bitcoin and the crypto industry
U.S. Senator Vivek Ramaswamy predicts Kamala Harris will embrace Bitcoin and the crypto industry. Ramaswamy said, “I think it’s a good thing for the country… It shouldn’t be a partisan issue.”
Blockchain Applications
▌ Trac Systems’ Tap Protocol Launches “Bitcoin Native Smart Contracts”
Trac Systems’ Tap Protocol has launched “Bitcoin native smart contracts,” which the team claims are the first Bitcoin native smart contracts and DeFi tools that run directly on Bitcoin’s Layer 1, relying on the Ordinals meta-protocol.
According to the team: “This breakthrough allows smart contracts, exchanges, and liquidity pools to operate independently of Layer 2 solutions. Tap integrates with systems like ICP to enable decentralized operations, enhancing the utility and security of Bitcoin for DeFi activities directly on the mainnet without the need for a complex Layer 2 setup.”
▌German state-owned bank KfW will launch blockchain-based digital bonds
German state-owned bank KfW will launch a blockchain-based digital bond. The bank has selected Stuttgart Digital Exchange (BSD) as an infrastructure provider partner to prepare for the upcoming blockchain-based digital bond issuance.
It is reported that KfW plans to issue bonds under the German Electronic Securities Act (eWpG) in the coming weeks. BSD will supervise the crypto wallets and protect private keys during the issuance and redemption process. The upcoming service will be part of the ECB's trial of using central bank currency to settle blockchain transactions.
Optimism is developing a native interoperable system for Layer 2 blockchains
Optimism developers plan to introduce interoperability between various Layer 2 blockchains in the ecosystem, including OP Mainnet, Zora, Base, etc., including providing a messaging protocol, a universal token standard (Superchain ERC20), and an error-proofing system for secure asset transfers.
Cryptocurrency
▌In the past week, Solana ecosystem DEX transaction volume fell by more than 10%, while Ethereum DEX increased by 12%
According to DeFiLlama data, trading volume on Solana-based decentralized exchanges (DEXs) has fallen by more than 10% in the past week. In contrast, trading volumes on Ethereum, Base, and Sui blockchains have increased by about 12%, 11%, and 77%, respectively, during the same period. In terms of network transaction volume in US dollars over the past week, Ethereum leads with $16.5 billion. Solana's DEX activity ranks second at just over $11 billion, while DEX trading volume on Base totaled $5.4 billion during the same period.
In terms of DEX total locked value (TVL), Ethereum is still ahead of Solana, with a TVL of over $6.44 billion compared to Solana’s $1.74 billion.
▌Binance : Platform access restricted for Venezuelan users
Binance said in a post on X that its Venezuelan users had difficulty accessing the site. Binance said: "Like many company websites in different fields such as Venezuelan social media, Binance's pages also face access restrictions." The company said it is "closely monitoring developments to resolve this issue in the best and fastest way possible" and that users' funds have been protected by "SAFU" (User Security Asset Fund).
According to human rights group VE sin Filtro, the country's state-run telephone and internet service provider CANTV is blocking Amazon CloudFront's services, causing massive network congestion. The restrictions come after Venezuelan President Nicolas Maduro announced on Thursday that he would block System X for 10 days to "put an end to the spread of violence, hatred and plans to attack Venezuela from abroad on the Internet."
Three Arrows Capital’s liquidators are seeking at least $1.3 billion in damages from Terraform Labs
Liquidators for bankrupt cryptocurrency hedge fund Three Arrows Capital are seeking at least $1.3 billion in compensation from bankrupt Terraform Labs to cover losses the fund suffered following the 2022 collapse of its TerraUSD and Luna tokens.
▌ DeFi market capitalization has dropped to its lowest level in three years
According to data from The Block, DeFi dominance (a measure of the percentage of DeFi market capitalization in the global cryptocurrency market capitalization) has fallen to its lowest level in three years, from 3.82% on Monday to a low of 2.84% on Friday. This is the lowest point of the index since early January 2021, just before the sharp appreciation before the "Summer of DeFi" in 2021.
Since September 2022, when DeFi dominance was around 4.8%, this figure has been gradually trending downward, with occasional small rebounds. By early 2024, this proportion had dropped to 4.47%.
In 2024, sectors such as memecoin outperformed the market, and the launch of ETFs for BTC and ETH also attracted institutional interest in these assets. As a result, most DeFi tokens are in limbo. This has led to a 29% drop in DeFi dominance so far this year, with market participants showing little interest in the performance of most DeFi tokens.
▌Deputy Minister of Finance of Brazil: There is no clear understanding of the motivation for the demand for crypto assets
Brazil's Deputy Finance Minister Galipolo said that crypto assets have been growing and have reached high values, but there is no clear understanding of the motivation for this demand.
Important economic developments
▌The probability of the Federal Reserve cutting interest rates by 50 basis points in September is 48%
According to CME's "Fed Watch", the probability of the Fed cutting interest rates by 25 basis points in September is 52%, and the probability of cutting interest rates by 50 basis points is 48%. The probability of the Fed cutting interest rates by 50 basis points by November is 35.6%, the probability of cutting interest rates by 75 basis points is 49.3%, and the probability of cutting interest rates by 100 basis points is 15.1%.
▌Goldman Sachs technical experts expect a window to buy low in US stocks at the end of the month
Goldman Sachs Group technology expert Scott Rubner pointed out that as the selling pressure from systematic funds eases and listed companies increase stock buybacks, investors will usher in a short window of bargain hunting in U.S. stocks at the end of August. Rubner said that this is his last bearish stock market in August because the most serious mismatch between supply and demand in the stock market in August is about to end, and he will turn tactically bullish on the stock market on August 30. Previously, Rubner had suggested at the end of June to reduce U.S. stock market exposure after July 4. Sure enough, the index has fallen about 6% since it closed at a record high on July 16. Rubner also reminded investors that after reaching a certain point in September, the outlook for the stock market will deteriorate, and the market will not show a clear trend line rise in the fourth quarter and before the U.S. election in November.
Golden Encyclopedia
What is Zero-Knowledge Proof ?
Zero-knowledge proof (ZKP) is a cryptographic method that allows multiple parties to verify the authenticity of a statement without revealing information other than the statement itself. Many blockchains utilize ZKP to improve the security of interactions involving sensitive data. As a result, participants in a blockchain with ZKP can interact with greater confidence because private information is less likely to be leaked or exploited by malicious actors.
Disclaimer: As a blockchain information platform, Jinse Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.
