Headlines
Harris supports policies that promote the development of the crypto industry
Harris supports policies that promote the development of the crypto industry. Harris' senior policy advisor Brian Nelson revealed at a Bloomberg News roundtable during the Democratic National Convention that Harris is committed to supporting the growth of emerging technologies and the cryptocurrency industry.
Nelson emphasized that Harris’ policy goal is to ensure the continued development of emerging technologies and related industries, marking her efforts to expand the political influence of the crypto industry.
As the cryptocurrency industry’s political influence grows, Harris’s support could have important implications for the future of the space.
▌Latin American e-commerce giant Mercado Libre launches Meli Dollar, a stablecoin pegged to the US dollar
Mercado Pago, the digital banking arm of Latin American e-commerce giant Mercado Libre (MELI), said on Wednesday it will launch a dollar-pegged stablecoin in Brazil.
The company said that Mercado Pago users in Brazil will be able to buy and sell Meli Dollar stablecoins using their account balances in Brazilian reals, without paying any fees. The company said the product "is designed to provide a practical and stable option for financial management." The company said that Latin American cryptocurrency company Ripio will serve as a market maker for Mercado Pago transactions. Ripio operates a trading platform and a wallet in the region, among other services, and has worked with Mercado Pago to develop Mercado Coin.
Quotes
As of press time, according to Coingecko data:
BTC's latest transaction price is $61,172.97, with a daily change of +3.5% ;
ETH's latest transaction price is 2,632.75 yuan, with a daily change of + 2.2% ;
BNB's latest trading price is $570.00, with a daily change of +0.1% ;
SOL's latest trading price is $142.80, with a daily change of +0.1% ;
DOGE's latest trading price is $0.1062, with a daily change of +3.0% ;
XPR recently traded at $0.6007, with a daily change of +0.9% .
policy
▌US Senate Republican Candidate Curtis Bashaw Begins Accepting Bitcoin Donations
Bitcoin News on the X platform said that US Senate Republican candidate Curtis Bashaw has begun accepting Bitcoin donations.
Blockchain Applications
Nym’s privacy -focused ‘NymVPN’ app enters public beta
Nym Technologies, a company focused on decentralized privacy infrastructure, has announced the launch of the NymVPN app into public beta. According to the team: "NymVPN combines zero-knowledge proofs enabled by zk-nyms, 'noise generation technology' and mixnets to ensure that any digital communications and activities remain confidential, even in a world where sophisticated AI-driven surveillance systems are deployed to discover hidden patterns. Users can now sign up to test the world's most private VPN to help achieve true unlinkability and privacy to resist AI-driven pattern recognition."
Cryptocurrency
▌Franklin Templeton CEO criticizes traditional finance for underestimating the scale of Bitcoin
Franklin Templeton CEO Jenny Johnson criticized traditional finance for underestimating the size of Bitcoin at the Wyoming Blockchain Symposium. She pointed out that Bitcoin processed more than $36.6 trillion in transactions in 2023, twice the amount of Mastercard and Visa combined. Johnson believes that the traditional financial sector knows almost nothing about Bitcoin and its huge transaction volume.
Johnson said she spends 30% of her time every day researching disruptive technologies, especially digital assets and artificial intelligence. She stressed that although Mastercard and Visa are actively exploring blockchain technology, they still do not fully realize the scale of the Bitcoin ecosystem.
Under Johnson's leadership, Franklin Templeton has quickly become a leader in traditional financial asset management. In 2021, the company launched the OnChain US Government Money Market Fund (FOBXX), the first fund to use a public blockchain to record transactions. Recently, Franklin Templeton submitted a proposal to the U.S. Securities and Exchange Commission to launch a new exchange-traded fund (EZPZ) that will expose investors to a variety of digital assets, and Coinbase will be responsible for the custody of the fund.
▌ FTX: All classes of creditors have voted to approve the restructuring plan
Bankrupt cryptocurrency exchange FTX has announced that all classes of creditors have voted to approve the reorganization plan, including classes of FTX US and FTX Dotcom customers. Unofficial voting reports indicate that over 95% of voting creditors voted in favor of the plan, representing 99% of the value of the claims voted. More than 2/3 of all solicited claims, by vote value, participated in the debtor's solicitation process. Based on these results, the plan is expected to exceed the acceptance thresholds set forth in the Bankruptcy Code.
“The plan’s innovative structure provides for non-government creditors to receive 100% of bankruptcy claim amounts plus interest and resolves complex disputes with dozens of government and private stakeholders,” said John J.Ray III, CEO and Chief Restructuring Officer of FTX. “We will continue to work constructively with creditors and the court in the coming weeks leading up to the confirmation hearing.”
FTX will submit its final vote results to the U.S. Bankruptcy Court for the District of Delaware ahead of a confirmation hearing scheduled to begin on October 7, 2024.
▌ ProvLabs will launch a platform that provides tokenization, management, listing and lending
Provenance Blockchain Labs (ProvLabs) announced the launch of a new platform that provides tokenization, management, listing and lending solutions. This move responds to the strong market demand for tokenized real-world assets. ProvLabs has reached a partnership with Figure Markets and NAV Lend. Using its platform, asset managers can list funds on Figure Markets' decentralized market and trade them on SEC-registered alternative trading systems. Investors can also use fund interests as loan collateral through NAV Lend. This collaboration aims to improve transparency and efficiency and promote the tokenization of funds. Provenance currently has financial assets on the chain worth more than US$12 billion and supports transactions of more than US$30 billion.
▌Former FTX executive Ryan Salame seeks to revoke plea agreement, saying the government violated the agreement and investigated his family
According to CNBC, former FTX executive Ryan Salame is seeking to rescind his plea agreement, saying the federal government reneged on an agreement to end its investigation of his partners. In a filing on Wednesday, Salame's lawyers asked to rescind the plea agreement and accused the government of violating a key part of the agreement by not investigating his partner Michelle Bond. "The government used the plea negotiation to threaten Salame's partners and their families," the motion said.
▌Opinion : The crypto loan market is beginning to show signs of recovery
In 2022, the crypto lending market experienced major events such as the LUNA/UST collapse, Three Arrows Capital bankruptcy, and FTX closure, which led to the closure of many major lenders. However, this period exposed problems in the market structure and provided a blueprint for building a healthier ecosystem in the future.
Craig Birchall, head of product at Membrane, noted that the market began to show signs of recovery in 2024. The launch of a Bitcoin ETF in the United States has driven the expansion of institutional lenders. For example, Coinbase Prime's loan volume increased by 75% month-on-month in the first quarter of 2024, Ledn reported a 400% increase in institutional loans, and Membrane's loan bookings were three times that of the whole of 2023.
Birchall stressed that risk management has become a top priority, and detailed due diligence and asset verification have become standard. Over-secured lending has become mainstream, and unsecured lending is limited to well-capitalized borrowers. New entrants such as Swiss banks and traditional financial institutions are driving market development, while custodians and innovative platforms are also expanding products and tools.
Birchall believes that the continued growth of the crypto lending market depends on balancing innovation with risk management to build a more robust and efficient market.
Important economic developments
▌The probability of the Federal Reserve cutting interest rates by 25 basis points in September is 64%
According to CME's "Fed Watch", the probability of the Fed cutting interest rates by 25 basis points in September is 64%, and the probability of cutting interest rates by 50 basis points is 36%. The probability of the Fed cutting interest rates by 50 basis points by November is 31.8%, the probability of cutting interest rates by 75 basis points is 50.1%, and the probability of cutting interest rates by 100 basis points is 18.1%.
▌Fed meeting minutes: Inflation made further progress towards target
The minutes of the Federal Reserve meeting showed that participants noted that inflation had eased over the past year but remained elevated. In recent months, inflation has made some further progress toward the Committee's 2 percent inflation objective. Participants noted that recent progress in disinflation was broad-based, involving major components of core inflation. Core goods prices were essentially flat in March through June of this year after rising in the first three months of the year. Housing services price inflation slowed noticeably in June, which participants had expected for some time. Regarding the inflation outlook, participants believed that recent data strengthened their confidence that inflation would continue to move toward 2 percent. Almost all participants noted that the factors that led to the recent pullback in inflation were likely to continue to put downward pressure on inflation in the coming months.
▌Fed meeting minutes: Most officials believe that the risks facing the job market have increased
The minutes noted that a "majority" of Fed officials saw risks to the job market as having increased, while risks to the inflation mandate had decreased. In a post-meeting press conference last month, Fed Chairman Jerome Powell offered a glimpse into the possible outlook, saying, "If we do get the data that we...hope we will get, then a reduction in the policy rate could be on the table at the September meeting." The current unemployment level is already higher than the 4% unemployment rate that Fed officials projected for this year in their June update of economic projections, and higher than the 4.2% unemployment rate that policymakers project for the end of next year. In addition, data released by the Labor Department on Wednesday showed that nonfarm payrolls fell by 818,000 jobs in March from the previously reported level, which could heighten the Fed's concerns about the job market.
Golden Encyclopedia
What is Delegated Proof of Stake (DPoS)?
DPoS is an evolution of the Proof of Stake (PoS) consensus mechanism, designed to provide enhanced scalability, efficiency, and democratic governance. Daniel Larimer proposed the concept of DPoS in 2014 as an enhancement to the traditional PoS consensus mechanism, designed to improve efficiency and scalability. Larimer first shared his vision in a Bitcointalk forum post, which led to the actual implementation of DPoS and the launch of BitShares in 2015. This marked the beginning of DPoS in blockchain technology, laying the foundation for its adoption in other projects such as Steem and Eos. Eos, in particular, used the consensus mechanism to conduct one of the largest initial coin offerings (ICOs) in the cryptocurrency industry in 2017, which attracted a lot of attention to DPoS and highlighted its potential in achieving high performance and decentralized governance.
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.
