Today's Headlines:
- Robinhood Receives Wells Notice from US SEC for Cryptocurrency Business
- Kenyan Government Appoints Marathon Digital to Review Country's Cryptocurrency System
- Hong Kong Monetary Authority Establishes Ensemble Project Architecture Working Group to Support Tokenized Market Development
- Mode to Launch Airdrop Claim for Governance Token at 19:00 Today
- LayerZero CEO: Employees Prohibited from Participating in Airdrop Claims, Violators Will Be Dismissed
- Tabi Chain to Distribute 800 Million TABI Tokens in First Quarter Airdrop
- MetaMask Introduces 'Smart Transactions' Feature to Counter MEV Attacks
- Data: US Bitcoin Spot ETF Saw Net Inflows of Approximately $217 Million Yesterday
Regulatory News:
Robinhood Receives Wells Notice from US SEC for Cryptocurrency Business
According to the official blog, Robinhood Markets Inc announced that Robinhood Crypto (RHC) has received a Wells notice from the staff of the US Securities and Exchange Commission (SEC), indicating that they will recommend enforcement action by the commission. Robinhood expressed disappointment with the SEC's decision to issue a Wells notice regarding its cryptocurrency business in the United States. Note: A "Wells notice" is an informal reminder issued to a publicly traded company before civil litigation.
US CFTC Chairman: A Wave of Cryptocurrency Enforcement Actions Will Occur in the Next Two Years
According to The Block, Rostin Behnam, chairman of the US Commodity Futures Trading Commission, stated at the 27th Annual Global Conference of the Milken Institute that with the increasing interest of retail investors and the rising value of the cryptocurrency market, enforcement actions will also increase. He expects the next "enforcement action cycle" to occur within the next six months to two years. Behnam said, "From my regulatory perspective, in the next six to eighteen months or six to twenty-four months, we may see another cycle of enforcement actions because of this cycle of asset appreciation and retail investor interest. Without a regulatory framework, without transparency, without the tools we as regulators typically use, you will continue to see this kind of fraud and manipulation." Behnam was asked about the likelihood of completing the stablecoin bill. Behnam said, "If we start giving a percentage, I still think it's quite low." He mentioned the reduction in legislative days between the election season and the holidays. He added, "There is a lot of momentum, there is a lot of desire, I think both members and leadership on both sides will make an effort, but it is very difficult to complete legislation today."
According to The Block, the US Securities and Exchange Commission (SEC) stated in a document released on Monday that the time for making a decision on the Invesco Galaxy Ethereum Spot ETF has been postponed to July 5, 2024. The SEC stated, "The Commission believes that designating a longer period to issue an order approving or disapproving the proposed rule change is appropriate to provide sufficient time to consider the proposed rule change and the issues raised therein." In recent weeks, the SEC has also delayed decisions on other Ethereum spot ETFs, including Grayscale, Franklin Templeton, VanEck, and BlackRock.
Kenyan Government Appoints Marathon Digital to Review Country's Cryptocurrency System
According to Bitcoin.com, Kenyan President William Ruto recently revealed that the Kenyan government has appointed Bitcoin miner Marathon Digital as an advisor to review the country's cryptocurrency system. Ruto stated that Marathon Digital will also discuss the electricity needs for cryptocurrency mining with the Kenyan Ministry of Energy.
The Hong Kong Monetary Authority announced today on its official website the establishment of the Ensemble Project Architecture Working Group to jointly establish standards and make recommendations to support the development of tokenized markets in Hong Kong. The working group will promote the formulation of industry standards to support interoperability between wholesale central bank digital currencies (wCBDC), tokenized currencies, and tokenized assets. The working group will make recommendations on specific issues, initially focusing on establishing mechanisms for trading tokenized assets and facilitating interbank settlement of tokenized deposits through wCBDC. The working group will also assist in designing and building a sandbox for the Ensemble project, which is planned to be launched in the middle of this year for further research and testing of tokenized use cases. The working group consists of representatives from various fields, including regulatory agencies, international organizations, academia, local and multinational banks, major participants in the digital asset industry, and technology companies. Initial members include the Monetary Authority, the Securities and Futures Commission, the Hong Kong Center under the Innovation Hub of the Bank for International Settlements, CBDC Expert Group 2, and seven private institutions, namely Bank of China (Hong Kong), Hang Seng Bank, HSBC, Standard Chartered Bank (Hong Kong), HashKey Group, Ant Group, and Microsoft Hong Kong.
AI
- The Wall Street Journal: Apple is Developing AI Chips for Data Centers
- According to The Wall Street Journal, Apple is developing chips that can run artificial intelligence software on data center servers, which could give the company an advantage in the field of artificial intelligence. According to sources, the internal codename for this project is ACDC (Apple Chips in Data Center). The ACDC project has been in progress for several years, and it is currently uncertain when the new chips will be launched. According to previous reports, Apple announced that the 35th Worldwide Developers Conference (WWDC) will be held online from June 10 to 14. Sources indicated that the conference will focus on artificial intelligence. The company is expected to announce its long-awaited artificial intelligence strategy at that time.
Project Updates
UXLINK Airdrop NFT Voucher Goes Live, Expected to Cover Over 500,000 High-Quality Users
The "social monster" UXLINK has issued the "IN UXLINK WE TRUST" series of NFTs as airdrop vouchers. Based on users' community contributions, on-chain interactions, and asset situations, they are divided into four levels: "MOON," "TRUST," "FRENS," and "LINK," corresponding to different rights and the amount of $UXLINK tokens airdropped. NFT holders have substantial benefits, including: 1. 100% receipt of the first season airdrop of $UXLINK native tokens 2. Priority participation in the second and third season $UXLINK airdrops 3. Eligibility for joint airdrops of UXLINK ecosystem projects 4. Community governance voting rights. Currently, UXLINK has over 5 million registered users, with approximately 800,000 DApp daily active users and around 180,000 on-chain daily active users. This NFT issuance is expected to cover approximately 10% of the highest-quality users, exceeding 500,000 in scale. Recommended reading: "Relying on Familiar Social, Trust, and Assets, How Did UXLINK Evolve into a 'Social Monster'?"
AILayer: Official X Account Suspended, Communicating with Platform to Restore Account
The official account of the Bitcoin L2 network AILayer currently has its profile picture, bio, and tweets cleared. According to Odaily, after verification with AILayer's official team, the project's X platform account @AILayer_xyz has been temporarily suspended, and the reason is currently unknown. AILayer stated, "We are actively communicating with the platform to address this issue and will restore the account's normal use as soon as possible. Community members, please rest assured that this suspension does not affect the project's progress, and we will provide timely updates after resolving this matter."
Mode to Launch Airdrop Claim for Governance Token at 19:00 Today
According to The Block, Mode, a Layer 2 network built on OP Stack, will launch the claim for its governance token at 19:00 on May 7th, Beijing time. In this initial stage, Mode will distribute 5.5 billion Mode tokens, accounting for 5.5% of its total token supply of 10 billion. The distribution is based on user-held Mode points, which were initially distributed during the "Mode Sunrise" event in January. Shortly after the claim starts, Mode tokens are expected to be listed for trading on various decentralized and centralized exchanges. Following this initial stage, Mode plans to continue its token distribution, with an additional 5 billion tokens to be distributed from May 5th to September 6th in the second stage. Of the total supply of 10 billion tokens, investors and core contributors will receive 38% of the Mode token supply. The foundation treasury will hold 27%, with the remaining 35% specifically allocated for community and developer airdrops.
Vitalik: Plasma Can Prevent Double Spending of Assets in a Self-Consistent Manner
Ethereum co-founder Vitalik Buterin stated on the X platform that the purpose of Plasma is not to prevent invalid/unavailable state transitions, but to allow users with valuable assets to exit to a previously (valid and available) state in a self-consistent manner to prevent double spending of any assets. Previously in November last year, Vitalik Buterin wrote "The Exit Game of EVM Verification: The Return of Plasma," stating that Plasma is an underestimated design space, and validity proofs can address the challenges it faces.
SlowMist: Mac Users Beware of New Malware Cuckoo, Preventing Theft of Encrypted Wallet Data
SlowMist's Chief Information Security Officer 23pds posted a warning on the X platform, advising Mac users to beware of a new malware called Cuckoo, which targets Intel and ARM-based Macs and steals data from encrypted wallets and messaging apps, spreading through music streaming channels.
LayerZero CEO Bryan Pellegrino stated on the X platform that every employee of LayerZero Labs is prohibited from participating in airdrop claims and is not eligible. This rule has been in effect for some time and will result in dismissal for violators.
Multi-Signature Wallet Deposits Approximately $10.56 Million Worth of PEPE into Binance
According to The Data Nerd's monitoring, a multi-signature wallet deposited 1.238 trillion PEPE tokens (approximately $10.56 million) into Binance. (Typically, multi-signature wallets belong to whales/institutions.)
Tabi Chain to Distribute 800 Million TABI Tokens in First Quarter Airdrop
The gaming blockchain Tabi Chain announced the launch of the first-quarter airdrop, distributing 800 million TABI tokens to participants in the Voyager event, GG holders, public sale participants, Captain node holders, ecosystem project builders, and contributors to the test network. More information about the airdrop and eligible groups will be released later.
friend.tech to Introduce Keydrops, Memeclubs, and More Features
The decentralized social media platform friend.tech announced on the X platform that it will soon introduce new features such as Keydrops, Memeclubs, and Pinned Rooms.
Cryptocurrency Super PAC Raises Over $100 Million for 2024 US Elections
According to PUBLIC CITIZEN, based on data from Opensecrets.org, the Cryptocurrency Super Political Action Committee (PAC) has raised over $102 million, ranking third among all super PACs participating in the 2024 US elections. So far, only the super PAC supporting the failed presidential campaign of Ron DeSantis and the super PAC supporting Democratic Senate candidates have raised more funds. Over half of the political funds of the Cryptocurrency Super PAC (approximately $54 million) come from direct corporate contributions, mainly from Coinbase and Ripple Labs. Among the eight corporate cryptocurrency super PAC donors, four have settled or are facing allegations of violating securities laws by the U.S. Securities and Exchange Commission (SEC). Reportedly, Ripple Labs alone is facing nearly $2 billion in fines, breaking regulations being one of the established goals of super PAC supporters. The remaining political funds of the Cryptocurrency Super PAC come from billionaire cryptocurrency executives and venture capitalists, including $11 million from the founders of the venture capital firm Andreessen Horowitz, $5 million from the Winklevoss brothers, and $1 million from Coinbase CEO Brian Armstrong. In the six primaries that the Cryptocurrency Super PAC intervened in and have now ended, only one cryptocurrency-supported candidate lost. There are still 11 primaries, including those with cryptocurrency-supported candidates. The Cryptocurrency Super PAC has pledged to invest in the Senate elections in battleground states such as Ohio and Montana, which is considered crucial for ensuring a majority in the Senate. Both Democratic incumbents in the two races have a critical view of the cryptocurrency industry.
Lisk to Distribute 15 Million LSK in a Series of Airdrops, with the First Airdrop Distributing 3 Million LSK According to the official blog, the blockchain application platform Lisk announced the upcoming first airdrop event, the Lisk HodlerDrop, as Lisk transitions to L2 form. Over the next few months, Lisk will launch a series of airdrops totaling 15 million LSK. The airdrop strategy will cater to different community groups, with a special airdrop reserved for developers. More detailed information about the upcoming DevDrop will be released soon. HodlerDrop aims to reward the OG community with a total of 3 million LSK based on participation and holdings during the migration to Lisk L2. It is important to note that the more LSK balance a user holds when migrating from Lisk v4 to Lisk L2, the greater the potential reward. Users must hold their LSK in their personal non-custodial wallets before 14:00 on May 21st (Beijing time) and have a minimum balance of 50 LSK to qualify for the airdrop. Additionally, this airdrop will exclude exchange and foundation addresses.
Bitcoin Wallet Manufacturer Exodus to List on NYSE on May 9 According to decrypt, Bitcoin wallet software developer Exodus Movement announced on Monday that the company has been approved to list common stock on the New York Stock Exchange. Exodus CEO JP Richardson stated that Exodus has been granted qualification by the U.S. Securities and Exchange Commission (SEC) and can trade on NYSE American. The qualification by the SEC means that the company has been authorized to issue and sell Class A common stock to investors under the Securities Act, allowing Exodus to raise funds from the public in a regulated manner. Exodus stock is currently trading on the OTCQX exchange and will continue until May 8th, followed by listing on NYSE American on May 9th.
Hightower, a Giant in Asset Management, Buys $68 Million Worth of Bitcoin Spot ETF According to Watcher.Guru, the $130 billion asset management company Hightower disclosed in an SEC filing that it has purchased a $68 million worth of Bitcoin spot ETF. The company holds positions in six Bitcoin spot ETFs, including $44.84 million in Grayscale GBTC, $12.41 million in Fidelity FBTC, $7.62 million in BlackRock IBIT, $1.70 million in ARKB, $0.99 million in Bitwise BITB, and $0.79 million in Franklin EZBC.
Payment Company Block Plans to Raise $1.5 Billion through Issuing Senior Notes According to Cointelegraph, Jack Dorsey's payment company Block (formerly Square) announced plans to privately issue $1.5 billion in senior notes to qualified institutional investors. The company stated in a release that the terms of the notes, including interest rates and maturity dates, are still subject to negotiation with initial buyers. Investors approved to participate in this round of financing include pension funds, banks, mutual funds, and high-net-worth individuals. Fitch Ratings believes that Block "has the ability to seize long-term growth opportunities in the payment and consumer financial services sector." Previously, in a letter to shareholders, Jack Dorsey stated that Block plans to use 10% of the gross profit from its Bitcoin products to purchase Bitcoin monthly. Block purchased $220 million worth of Bitcoin from the fourth quarter of 2020 to the first quarter of 2021.
MetaMask Introduces 'Smart Transactions' Feature to Counter MEV Attacks According to CoinDesk, the cryptocurrency wallet MetaMask has introduced a new feature aimed at helping users avoid the consequences of Maximum Extractable Value (MEV). This optional feature, called 'Smart Transactions,' will allow users to submit transactions to a "virtual mempool" before formal confirmation on the official chain. According to Consensys, the virtual mempool will resist certain types of MEV strategies and simulate transactions behind the scenes to help users obtain lower fees. This solution from MetaMask aims to fundamentally change how MetaMask processes transactions within Ethereum. Additionally, the 'Smart Transactions' feature will make it easier for users to track their transaction progress, which typically requires users to access independent "block explorer" websites similar to Etherscan.
Tether CEO Confirms Bitfinex Data Leak as False News Tether CEO and Bitfinex CTO Paolo Ardoino confirmed on Twitter that the Bitfinex data leak is false news.
Starknet Foundation Launches $5 Million Seed Grant Program The Starknet Foundation announced the launch of a new Seed Grant Program, offering a total of approximately $5 million in grants to support at least 200 teams, with each team eligible for a maximum of $25,000 in USDC funding. This program aims to support projects that have developed a minimum viable product (MVP) or proof of concept and plan to use or build on existing Starknet tools and integrations. The funding is in the form of non-dilutive capital to help drive the development of the Starknet ecosystem.
Based on Farcaster, Web3 social app Kiosk completes $10 million in funding, led by Electric Capital
The Web3 social app Kiosk, based on Farcaster, recently announced the completion of a $10 million funding round, led by Electric Capital, with participation from a16z Crypto, USV, and Variant Fund. Kiosk aims to facilitate community building and commerce within applications, allowing creators to establish communities, share rich media content, mint NFTs, interact with like-minded individuals, and seamlessly customize channel economics. It emphasizes integrating on-chain assets into social interactions, envisioning a more inclusive and interconnected Web3 experience. The app combines blockchain and e-commerce.
Key Data
Data: 6 Hong Kong Virtual Asset ETFs Achieve a Trading Volume of HK$38.82 Million Today
Hong Kong stock market data shows that as of the close, the trading volume of 6 Hong Kong Virtual Asset ETFs reached HK$38.82 million today. Among them, the trading volume of Huaxia Bitcoin ETF (3042.HK) was HK$9.8315 million, Huaxia Ethereum ETF (3046.HK) had a trading volume of HK$3.3942 million, CSOP Bitcoin ETF (3439.HK) had a trading volume of HK$18.4562 million, CSOP Ethereum ETF (3179.HK) had a trading volume of HK$1.3864 million, Foresight HashKey Bitcoin ETF (3008.HK) had a trading volume of HK$5.3497 million, and Foresight HashKey Ethereum ETF (3009.HK) had a trading volume of HK$0.402 million. The trading volume gap of Hong Kong Bitcoin ETF in the second week is gradually narrowing, with Foresight HashKey and CSOP catching up. According to research data from HODL15Capital, as of May 6th, Huaxia Bitcoin ETF holds a total of 2,062 bitcoins, with assets under management of $129,908,173, ranking first. Foresight HashKey Bitcoin ETF ranks second, holding 1,219 bitcoins, with assets under management of $76,797,000. CSOP Bitcoin Spot ETF closely follows, holding 1,107 bitcoins, with assets under management of $69,741,000.
According to SoSo Value data, the Hong Kong Bitcoin Spot ETF experienced net redemptions for the first time since trading began on April 30th, with a daily net redemption of 75.36 bitcoins on May 6th. The total bitcoin holdings are 4,150, with a daily trading volume of $8.6 million and total net assets of $266 million. In addition, the Hong Kong Ethereum Spot ETF has maintained net purchases for four consecutive trading days, with a net purchase of 999.75 Ethereum on May 6th. The total Ethereum holdings are 17,280, with a daily trading volume of $1.8 million and total net assets of $54.87 million. (SoSoValue Note: Hong Kong Crypto ETF supports spot subscription and redemption mechanism. Net purchase refers to the positive difference between the subscription amount and redemption amount within a certain period, indicating more buy than sell, and vice versa for net redemption.)
Data: US Bitcoin Spot ETF Had a Net Inflow of Approximately $217 Million Yesterday
According to Farside Investors' data monitoring, the US Bitcoin Spot ETF had a net inflow of approximately $217 million yesterday. Specifically, Grayscale GBTC had a net inflow of $3.9 million, BlackRock's IBIT had an inflow of approximately $21.5 million, Fidelity's FBTC had a net inflow of approximately $99.2 million, Bitwise's BITB had an inflow of approximately $2.1 million, Ark 21Shares' ARKB had an inflow of approximately $75.6 million, JPMorgan's BTCO had an inflow of approximately $11.1 million, Franklin's EZBC had an inflow of $1.8 million, and VanEck's HODL had an inflow of approximately $1.8 million.
Data: As of May 6th, Hong Kong Bitcoin Spot ETF Holds a Total of 4,388 BTC
According to HODL15Capital monitoring, as of May 6th, the Hong Kong Bitcoin Spot ETF holds a total of 4,388 BTC, with a total assets under management of approximately $276 million.
According to The Block, the Ethereum Layer2 protocol Arbitrum has surpassed $150 billion in trading volume on the decentralized exchange Uniswap. Uniswap Labs wrote in a social media post on Monday that Arbitrum is the first Layer2 protocol to surpass this milestone on a DEX. As of early May, Arbitrum's cumulative trading volume reached $150.2 billion. According to blockchain data tracker DeFiLlama, the total locked value (TVL) of the Arbitrum network is $2.64 billion, making it the largest Layer2 protocol by TVL and the fifth-largest protocol after Layer 1 Solana, BSC, Tron, and Ethereum. Data shows that Uniswap is the largest decentralized exchange by TVL, with a TVL of $5.54 billion as of May 6th.
Cardano Network Transaction Volume Surpasses 90 Million
Cardano (ADA) has reached a significant milestone on its blockchain network, recording 90 million transactions. Currently, the Cardano ecosystem has launched 169 projects, with 1,357 projects in development, holding 9.96 million native tokens, supported by 117,275 token policies and 43,933 Plutus scripts. The network's upcoming Ouroboros Genesis protocol, as part of the Chang upgrade, is expected to enhance the network's security and scalability. This progress will mark the final stage of Cardano's transition to fully decentralized peer-to-peer (P2P) node operation. Further upgrades, including enhancements to the Plutus smart contract platform, will introduce features such as improved throughput and performance, sidechain bridging, and Mithril integration.
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