Golden Weekly is a weekly blockchain industry summary column launched by Jinse Finance, covering the week's key news, mining information, project dynamics, technological progress and other industry dynamics. This article is one of the news weekly, taking you through this week's blockchain industry events.
Headlines
SBF appeals against 25-year prison sentence
SBF, founder of cryptocurrency trading platform FTX, appealed his 25-year prison sentence on April 11 local time. Last November, a Manhattan federal court jury found SBF guilty of seven counts of fraud and conspiracy caused by the collapse of FTX in 2022. Prosecutors said the case was one of the largest financial frauds in U.S. history. Previously, federal prosecutors had proposed a sentencing recommendation that SBF should be sentenced to 40 to 50 years in prison. U.S. District Judge Lewis Kaplan sentenced SBF to 25 years in prison on March 28 this year.
▌There is only about 1 week left until the Bitcoin block reward is halved
Data shows that there are 1,070 blocks left before the Bitcoin block reward is halved, which is about 7 days, 10 hours and 16 minutes.
▌Binance Chief Compliance Officer: Working with Nigeria to ensure the release of imprisoned executives
Binance Chief Compliance Officer Noah Perlman said Binance is doing its best to "work with" the Nigerian government to secure the release of imprisoned financial crime investigation chief Tigran Gambaryan. He is "optimistic" that Binance can reach a solution with the Nigerian government to release Tigran Gambaryan, but declined to disclose specific details.
policy
▌US Congressman: Cryptocurrency will become an important issue in the Senate election
U.S. Republican Senator Cynthia Lummis said the Republican Party is working to secure seats on the Senate Banking Committee from the Democrats while advocating for cryptocurrencies. She called on cryptocurrency enthusiasts to participate in the election open forum and urged candidates to answer questions about their positions on digital assets.
Lummis pointed out that the important elections in Ohio will determine the majority status of the Senate and the leadership of the Banking Committee, and predicted that cryptocurrency issues will become a focus. Sherrod Brown, a Democrat who currently dominates the Senate, is skeptical of digital assets, while his Republican challenger Bernie Moreno is a cryptocurrency enthusiast. Lummis suggested that industry insiders actively participate in public forums to ensure that candidates express their views on cryptocurrency issues.
▌ Uniswap received a notice from the US SEC Wells, and the founder responded that he would fight to the end
Uniswap founder Hayden Adams said on the X platform, “Uniswap Labs received a Wells Notice from the U.S. Securities and Exchange Commission (SEC) today. I am not surprised, but annoyed, disappointed, and ready to fight back. I believe that the products we provide are legal and our work is correct from a historical perspective. But it is clear that the SEC has not worked hard to formulate clear and sensible rules for so long, but has decided to focus on attacking long-term builders such as Uniswap and Coinbase.
▌Lawyer : The US SEC’s lawsuit against Uniswap is foreseeable, indicating that DeFi will face more problems
Legal experts say the U.S. Securities and Exchange Commission’s (SEC) move to sue Uniswap was predictable, but they see the agency’s action as a sign of more problems to come for DeFi. The SEC’s Wells notice to DeFi exchanges comes as the agency weighs a rule proposal that would bring these companies under the umbrella.
Coinbase files interlocutory appeal in its case against SEC
Coinbase is claiming good cause for a disagreement by filing an interlocutory appeal, according to a person familiar with the matter. Coinbase filed a motion last month to appeal a judge's decision that allowed the lawsuit involving the U.S. Securities and Exchange Commission (SEC) and the exchange to proceed rather than be dismissed. In the motion, the exchange will hear whether the SEC has the authority to treat digital asset transactions as investment contracts even if there is no contract between the issuer and the investor. Last year, Coinbase was sued by the SEC for allegedly acting as an unregistered exchange, broker-dealer and clearing agency. The regulator also questioned Coinbase's staking and wallet services.
Blockchain Applications
▌Report: Ethereum L2 scalability has increased more than 11 times since the Dencun upgrade
According to a report from Inter Brazil, the introduction of “blobs” in Ethereum’s recent Dencun upgrade has enabled layer 2 (L2) blockchains to increase network scalability by more than 11 times. Blobs are spaces within Ethereum blocks that are dedicated to receiving data from L2 chains such as Arbitrum, Optimism, and Base.
▌ Chainlink launches cross-chain application Transporter, which will connect to 8 networks in the first round
Chainlink announced the official launch of Transporter, a highly secure token cross-chain application built on the cross-chain interoperability standard Chainlink CCIP.
Transporter is co-developed by the Chainlink Foundation and supported by Chainlink Labs. Chainlink’s mature infrastructure provides Transporter with a deep defense security model so that users can transfer tokens across different blockchains. The first batch of blockchains connected include Arbitrum, Avalanche, Base, BNB Chain, Ethereum, Optimism, Polygon, and WEMIX.
▌ EigenLayer founder: Missing features will be launched in "phases"
According to market news, the key functions of the crypto project EigenLayer have not been perfected. The "re-mortgage" protocol with $15 billion in deposits has not paid depositor rewards and lacks the key "punishment" function. Although the project has attracted $12 billion in user deposits on the Ethereum mainnet, most of the core functions have not yet been launched, including the reward system and the "punishment" mechanism. Despite attracting widespread market attention, EigenLayer has not yet achieved the expected level, and market expectations are rising.
EigenLayer founder and chief architect Sreeram Kannan acknowledged in an interview that the project will move forward without some key features, instead rolling out in a “phased” manner under an unspecified timeline.
▌ NEAR will hire AI engineers as part of its roadmap
NEAR will hire artificial intelligence (AI) engineers as part of its AI roadmap, and NEAR will start its AI program in the next 3-6 months. The company said that NEAR will use near ai to present AI information and will make an external announcement in May.
Cryptocurrency
▌ VanEck CEO: On-chain transaction fees are more worthy of attention than spot ETFs
VanEck CEO said that on-chain transaction fees outside of Bitcoin and Ethereum ETFs are more worthy of attention. He pointed out that the SEC did not respond to the application, suggesting that the Ethereum ETF may not be approved before the May deadline. Van Eck believes that the cryptocurrency industry should pay more attention to transaction fees rather than Bitcoin or Ethereum and their related ETFs. He emphasized that new solutions such as Solana and Layer 2 provide lower and predictable fees, which are expected to promote the development of applications.
▌ Portal announces plans to integrate Stacks into Portal DEX
Portal DeFi announced plans to integrate Stacks into Portal DEX and enable cross-chain sBTC trading. This move will be implemented in the months after the launch of Nakamoto, followed by the release of sBTC. Portal's Stacks integration will unlock Bitcoin as a fully programmable, productive asset. Portal DeFi is the first trust-minimized, Layer 2 cross-chain platform without the need for bridging, custody or wrapping.
▌ The total transaction volume of Optimism and Base network on Synthetix platform last week was US$526.6 million
Synthetix released its perpetual contract data for the past week (April 1 to April 8) on the X platform, with total trading volume: US$526.6 million (Optimism: US$445 million, Base: US$81.6 million); average daily trading volume: US$75.2 million (Optimism: US$63.6 million, Base: US$11.7 million); cumulative trading volume: US$53.42 billion (Optimism: US$52.98 billion, Base: US$411 million); cumulative transaction fees: US$40.67 million (Optimism: US$40.49 million, Base: US$171,000).
▌Fidelity : FBTC's outstanding shares exceed 172 million, and its net assets rise to US$10.17 billion
According to official data, Fidelity updated the net asset information of its spot Bitcoin exchange-traded fund Fidelity Wise Origin Bitcoin (FBTC), showing that the current net assets of FBTC have reached approximately US$10.17 billion, an increase of approximately US$3.74 billion from the previous net assets of US$6.43 billion as of March 7. The current total number of outstanding shares has increased to 172,175,000.
▌Spot Bitcoin ETF had a net outflow of approximately $187.7 million on April 10
According to Lookonchain data, on April 10, 9 Bitcoin spot ETFs (including Grayscale) reduced their holdings by 2,714 BTC, with a net outflow of approximately $187.7 million. Among them, Grayscale reduced its holdings by 4,245 BTC, with a net outflow of approximately $293.6 million, and currently holds 318,452 BTC, equivalent to approximately $22 billion. BlackRock increased its holdings by 1,868 BTC, with a net inflow of approximately $129.2 million, and currently holds 266,102 BTC, equivalent to approximately $18.4 billion.
▌ IBIT may surpass GBTC to become the largest spot Bitcoin ETF
As of Tuesday, BlackRock's spot Bitcoin ETF IBIT managed $18.2 billion in assets, while Grayscale GBTC managed $23.2 billion, according to data from The Block. IBIT appears poised to surpass GBTC as the largest spot Bitcoin ETF by assets under management. GBTC charges higher fees than many competitors and has lost billions of dollars in assets under management since it began trading in January.
▌JPMorgan Chase: Cryptocurrency venture capital "slump" poses downside risk
JPMorgan analysts warned that despite the market rebound, cryptocurrency venture capital funding remains "sluggish" this year, so there is potential downside risk. In addition, analysts reiterated that they believe the U.S. SEC will eventually approve a spot Ethereum ETF.
▌Thailand 's crypto exchage Bitkub to go public next year, valuation could reach $3 billion
The owner of Thai cryptocurrency exchange Bitkub Online is planning an IPO next year that could value it at as much as $3 billion, according to Jirayut Srupsrisopa, CEO of Bitkub Capital Group.
▌CEO of e -sports club RNG team: Will issue NFT to reverse financial crisis
Li Jieming, CEO of e-sports club RNG, said in an interview with Zhiwei that RNG has run out of money and could even be disbanded immediately and declared bankruptcy.
Li Jieming said, "We hope to get a short-term recovery by issuing cards, NFTs, and interesting digital people, which are interesting but related to fans. We will give real rights to fans. For example, if you buy cards or NFTs, you have a certain level of right to know and participate. We hope to let fans participate in the operation and decision-making of the club... We are designing how to protect such rights and interests, and setting up a path to make this matter legal and compliant in China. Roughly speaking, the money raised from the short-term goal can pay off part of the debt, and strive for half a year to cultivate our medium-term goal: to make a game version of "Eastern Selection"... Within three months, we will issue NFTs, and fans will participate together to make short-term goals. In half a year, we will gradually make the game version of Eastern Selection, so it will be about 8 months, and RNG's financial situation will improve."
Important economic developments
▌Bostic of the Federal Reserve: The outlook for 2024 is to cut interest rates once before the end of the year
Fed's Bostic said that the outlook for 2024 is to cut interest rates once before the end of the year, and I am not in a hurry to cut interest rates; pay attention at all times and adjust the outlook as needed; inflation will continue to fall, but the pace of slowdown will be much slower.
▌The three major U.S. stock indexes closed down collectively
The three major U.S. stock indexes closed lower, with the Dow Jones Industrial Average down 1.24%, the Nasdaq down 1.62%, and the S&P 500 down 1.45%. Popular technology stocks fell across the board, with Nvidia, Tesla, and Meta falling more than 2%, and Microsoft and Google falling more than 1%.
▌Fed's Daly: There is no urgency to cut interest rates
Fed's Daly said there is no urgency to cut interest rates; it is necessary to wait until there is full confidence that inflation is moving towards 2% before cutting interest rates; there is no reason to be surprised by the bumpy road of falling inflation; we are moving towards our goal of reducing inflation to 2% as moderately as possible.
▌Fed 's Bostic reiterates expectation of one rate cut this year
Federal Reserve Chairman Bostic reiterated his expectation for one rate cut this year, but added that he was open to delaying or further rate cuts if economic conditions change. Bostic highlighted the continued strength of the U.S. economy and labor market, but said signs of weakness in the job market would prompt him to consider earlier and more rate cuts than currently expected. Previously, he said he expected the Fed to cut interest rates in the fourth quarter. He said: "I do think the risks are balanced, given that the U.S. economy has been so strong and strong and resilient - I can't rule out the possibility that we may even have to delay rate cuts further." But he also said: "If I start to get different signals that there is going to be a lot of pain in the labor market, then I would be willing to change our policy stance and maybe cut rates sooner."
▌The probability of the Federal Reserve keeping interest rates unchanged in May is 97.4%
According to CME's "Fed Watch", the probability of the Fed keeping interest rates unchanged in May is 97.4%, and the probability of a cumulative 25 basis point rate cut is 2.6%. The probability of the Fed keeping interest rates unchanged in June is 42.2%, the probability of a cumulative 25 basis point rate cut is 56.3%, and the probability of a cumulative 50 basis point rate cut is 1.5%.
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