Headlines
Biden's campaign team plans to hire a meme manager to try to win support from young voters
According to The Washington Times, the Biden campaign team plans to communicate with young people by hiring someone to manage its content and meme pages in an effort to connect with Generation Z voters. In a recruitment notice on Daybook, the team is seeking partners to manage internet content for the election campaign, including meme content. The campaign team believes that memes play an important role in promoting presidential candidates' campaign activities.
zkSync hints at not conducting witch report review
zkSync hinted on X platform that it may not conduct witch report review, stating that the review system is a killer of freedom and could bring about complete destruction to the project.
Earlier reports indicated that zkSync plans to conduct a TGE this week, with a total token supply of 21 billion. Internal message screenshots show that the zkSync token airdrop is expected to occur around June 13.
Taiko, an Ethereum L2 network based on zkRollup, officially announced the launch of the first phase of the TKO airdrop on X platform this morning, and launched the airdrop eligibility query page.
In the first phase, 5% of the initial token supply will be provided, and users will have 7 days to check their eligibility. After the eligibility check is completed, the claim window will open, and eligible users will have one month to claim TKO.
Please note that the TKO airdrop claim has not yet been launched, so please refer to official announcements and beware of related scams.
According to the TKO token economic model, the total supply is 1 billion, with specific allocations as follows:
-DAO Treasury accounts for 20%;
-Guardian Prover Bonds account for 2%;
-Grants & RetroPGF account for 5%;
-Trailblazer airdrop accounts for 10%;
-Protocol Guild airdrop accounts for 1%;
-Genesis airdrop accounts for up to 5%;
-Liquidity and market-making account for 5%;
-Investors account for 11.62%;
-Taiko Labs/core team account for 20%;
-Taiko Foundation reserves account for 16.88%;
-Taiko official Prover Bonds account for 1.5%.
Industry News
The Office of the Privacy Commissioner for Personal Data has completed an investigation into the "Worldcoin" project and ruled that its operations in Hong Kong violate the Personal Data (Privacy) Ordinance. An enforcement notice has been issued, requiring the cessation of collecting citizens' iris and facial images using iris scanning devices.
The investigation results show that "Worldcoin" violated the principles of collecting, retaining, transparency, access, and correction of personal data under the Privacy Ordinance. The collection of facial and iris images was deemed unnecessary and excessive. Additionally, "Worldcoin" was found to retain personal data for up to 10 years for training AI models for identity verification, which was considered excessive retention of personal data.
The Office also pointed out that participants were not clearly informed of the information required by law to be disclosed before or at the time of the collection of personal data, including the purpose of collecting personal data and the participants' rights and methods to access and correct personal data. The content of the "Privacy Statement" and "Biometric Data Consent Form" lacked a Chinese version, and the staff at the operation point did not explain or confirm to participants that they understood the content of the documents, nor did they inform participants of the risks of disclosing biometric data or answer participants' questions. (Radio Television Hong Kong)
Gary Gensler opposes the FIT21 cryptocurrency regulation bill before the House vote
SEC Chairman Gary Gensler stated on Wednesday that the "Financial Innovation and Technology Act of the 21st Century" (FIT 21) would harm investor interests and hinder the work of the SEC.
He stated that FIT 21 would create new regulatory gaps, disrupt decades of precedent regarding the regulation of investment contracts, and expose investors and capital markets to incalculable risks.
FIT21 is a bill jointly proposed by the House Committee on Agriculture and the House Committee on Financial Services, aimed at clarifying how the SEC and the Commodity Futures Trading Commission (CFTC) regulate cryptocurrencies. The bill creates the term "digital commodity" for digital assets that do not meet the definition of securities, placing these assets under the regulation of the CFTC.
Gensler believes that FIT21 could allow cryptocurrency companies to self-certify their cryptocurrency investments and products as "decentralized" and belonging to a "special category" of "digital commodities," thereby avoiding SEC scrutiny.
Gensler stated that the agency's ability to challenge these self-certifications would be limited by resource constraints, which could result in the vast majority of the cryptocurrency market being unregulated.
Gensler also stated that the bill would exclude cryptocurrency trading platforms from the definition of exchanges and abolish tested frameworks such as the Howey test, ultimately exposing investors to risks.
The House is expected to vote on the bill later on Wednesday. (CoinDesk)
WisdomTree to list physically backed Bitcoin and Ethereum ETPs on the London Stock Exchange
Asset management company WisdomTree (WT) has obtained approval from the UK Financial Conduct Authority (FCA) to list cryptocurrency exchange-traded products (ETPs) on the London Stock Exchange (LSE).
According to Wednesday's announcement, WisdomTree's physically backed Bitcoin (BTCW) and Ethereum (ETHW) ETPs are expected to begin trading on May 28 and will be open only to professional investors, with a fee rate of 35 basis points.
WisdomTree stated that it is one of the first applicants to receive approval from the UK regulatory authority to issue a prospectus.
WisdomTree's global assets under management exceed $110 billion, and its WisdomTree Bitcoin Fund (BTCW) is one of the Bitcoin spot ETFs approved in the United States in January. Since 2019, WisdomTree has been offering cryptocurrency products on European exchanges. (CoinDesk)
Market News: BlackRock confirms that the spot Ethereum ETF will not involve Ethereum staking
Market news indicates that according to the application filed by BlackRock for the spot Ethereum ETF, THE ISHARES ETHEREUM TRUST will not involve Ethereum staking.
NYSE submits 19B-4 revision update for Bitwise spot Ethereum ETF
According to market news, the NYSE has submitted a 19B-4 revision update for the Bitwise spot Ethereum ETF, which is expected to be listed on the NYSE.
The UK is set to hold an early election on July 4th, which could result in the Conservative Party, which supports cryptocurrency, losing power. The Conservative Party is committed to making the UK a cryptocurrency center and promoting legislation to recognize digital assets as regulated financial services. In March of this year, Prime Minister Rishi Sunak reiterated the cryptocurrency legislative plans at 10 Downing Street, with stablecoin and staking-related legislation expected to be introduced in the coming weeks, but no specific proposals have been put forward yet.
In the 2019 general election, the Conservative Party won 365 seats in the House of Commons, while the Labour Party won 202 seats. However, the Conservative Party has experienced four changes of prime minister, including Liz Truss, who served the shortest term, and Boris Johnson, who resigned due to a scandal. According to the latest polls, the Labour Party is leading in the upcoming election and plans to make the UK a tokenization center, supporting the Bank of England's digital pound plan, but has not yet taken a stance on cryptocurrency legislation.
This election not only concerns the fate of the Conservative Party's governance but also the future of the UK's cryptocurrency center plans.
U.S. House of Representatives to vote on FIT21 cryptocurrency bill for the first time today
The U.S. House of Representatives is set to vote for the first time this afternoon on the "Financial Innovation and Technology Act of the 21st Century" (FIT21), which aims to reshape the regulatory landscape for digital assets. It is expected to pass with the support of a majority from both parties. FIT21 grants the Commodity Futures Trading Commission (CFTC) greater authority over the digital asset spot market and creates new jurisdictional boundaries for the Securities and Exchange Commission (SEC).
Financial Services Committee Chairman Patrick McHenry hopes the legislation will demonstrate momentum for digital assets. It is expected that a few Democratic lawmakers will support it along with the majority of Republicans, but the outlook in the Senate is uncertain, and the White House has expressed opposition but has not threatened a veto.
Supporters such as Jim Himes and Ro Khanna believe the bill is an important step. Opponents such as Maxine Waters are concerned that relaxed regulation could lead to market chaos. Groups including the AFL-CIO have called on the House to oppose the bill, expressing concerns about weakening existing securities laws and posing risks. SEC Chairman Gary Gensler has warned that the bill could allow financial fraud to evade regulation.
Project News
Jupiter launches Giant Unified Market plan to bring various assets such as Meme coins, RWA to Solana
Solana ecosystem DEX Jupiter announced the official launch of the "Giant Unified Market (GUM)" plan on X platform, aiming to introduce Meme coins, RWA, stocks, and foreign exchange to the Solana chain and index them on Jupiter.
To achieve this vision on Solana, Jupiter has launched the GUM Alliance, composed of top assets, liquidity, and distribution teams, and will work with these partners over the next few months to accomplish three main tasks:
- Introduce more assets to Solana;
- Create liquidity markets for these assets;
- Integrate these markets into Jupiter and encourage adoption.
Whales Market: Average of 140,000 MOCA tokens to be distributed per NFT in the MOCA airdrop
Whales Market announced on X platform that its Pre-Market has recently launched Mocaverse (MOCA).
31.5% of the total supply of MOCA tokens (used for network incentives) will be airdropped to Moca ID and Moca NFT holders (as well as Moca contributors). According to their speculation, the average holding is estimated to be 140,000 MOCA per NFT.
Aave's official governance forum shows that Chaos Labs has initiated an ARFC proposal to increase the supply and borrowing limits for certain assets on Aave V3 on Arbitrum, including:
-Increasing the WETH supply limit from 84,000 to 100,000, and the borrowing limit from 72,000 to 90,000;
-Increasing the USDC supply limit from 200 million to 300 million, and the borrowing limit from 180 million to 270 million;
-Keeping the WBTC supply limit at 4,200 and the borrowing limit at 1,100, with no changes.
If the proposal is approved by the community vote, Chaos Labs will proceed with and implement these updates through the Risk Steward process.
Kakarot launches Sepolia testnet, enters public whitelist testing phase
Kakarot, a zkEVM network based on the Cairo language, announced the launch of the Kakarot Sepolia testnet and has entered the public whitelist testing phase, marking the first testnet phase for Kakarot.
PayPal: 6-day fee waiver for BTC, ETH, and PYUSD exchanges for U.S. users
PayPal announced on X platform that to celebrate Bitcoin Pizza Day, from 10:00 PM on May 22, 2024, to 10:00 PM on May 28, 2024, there will be no exchange fees when converting PYUSD to BTC, ETH, LTC, BCH through the PayPal mobile app or website.
This offer is only valid for U.S. PayPal cryptocurrency service users. For each conversion during the promotional period, PayPal will disclose the applicable exchange rate, including the spread that may change based on market conditions. PayPal reserves the right to cancel, suspend, or modify this offer at any time without prior notice.
Puffer Finance: Community to receive 1% allocation of Olive airdrop tokens
LSD protocol Puffer Finance announced a partnership with blockchain Olive, which has native staking and restaking rewards. As part of this collaboration, 1% of the total Olive airdrop token supply will be allocated to the Puffer community, with the distribution as follows:
- 20% of the tokens will be allocated to all pufETH holders;
- 80% will be reserved for new pufETH holders on Olive.
MetaMask plans to integrate native Bitcoin network
According to sources, MetaMask, the Ethereum wallet under Consensys with over 30 million monthly active users, is working on integrating the native Bitcoin. One person stated that access may be achieved within the next month, while another source indicated that the functionality is currently undetermined but may initially be limited and gradually expanded over time. (Coindesk)
Renzo: Staking REZ to earn ezPoint, and providing point bonus to Season 1 airdrop participants
Renzo announced on X platform that from May 22nd to Season 2, staking REZ will earn ezPoint, with 1 ezPoint earned per hour for staking 5000 REZ.
In addition, Season 1 airdrop holders can receive a 50% bonus, and they need to maintain a daily average REZ staking balance greater than the Season 1 REZ airdrop amount. All Season 1 participants can receive a 10% bonus. All bonuses will take effect at the end of Season 2.
People*Voice
According to market news, X may default to hiding all user "likes." In response, X engineer Haofei stated, "Yes, we are setting 'likes' to private. Public likes incentivize wrong behavior. For example, many people are afraid to like content that may be considered 'controversial' due to fear of retaliation from malicious commenters or to protect their public image. Soon, you will be able to like content with confidence, without worrying about who will see it. Also, a reminder, the more posts you like, the better your 'For You' recommendation algorithm will become."
Vitalik Buterin commented on Warpcast, "This is a good decision. Preference falsification is a big problem in society, and we need to see people's genuine opinions. If Farcaster could emulate and implement the zero-knowledge likes (ZK likes) method, that would be very cool. They could possibly draw on Zupoll's technology."
According to Coinbase CEO paulgrewal.eth, Gary Gensler, the chairman of the U.S. Securities and Exchange Commission, informed the U.S. Congress today, May 22nd, that when crypto assets or crypto-related investment plans are offered or sold in the form of investment contracts, securities laws apply. In addition, Gary Gensler told the U.S. Congress on May 6, 2021, that there is no regulatory framework from the U.S. Securities and Exchange Commission for exchanges trading crypto assets.
VanEck's Head of Digital Asset Research, Matthew Sigel, stated on Space that some entities with significant financial influence have influenced ETF approvals. They have caused a shift in the SEC's actions, and you can see who is supporting the repeal of SAB121, and that is the banks, because they see the funds available in the custody and trading of these digital assets.
Cancellation of staking plans may weaken demand for spot Ethereum ETFs
Many in the crypto market believe that key modifications made by issuers to spot Ethereum ETF applications are favorable for the Ethereum blockchain but unfavorable for the ETF product itself. Issuers including Fidelity and Ark have canceled staking plans for Ethereum ETFs. Staking has always been a sensitive issue for Ethereum, as it allows holders to earn rewards, raising questions about whether the token should be considered a security regulated by U.S. regulatory agencies. Some market participants believe that if ETFs cannot stake their tokens, the appeal of spot ETFs will be less than directly purchasing stakable Ethereum.
Investment and Financing
OKX Ventures announces strategic investment in Monad Labs
According to official sources, OKX Ventures has announced a strategic investment in Monad Labs to drive innovation in Web3 and decentralized computing.
Monad is an L1 chain that optimizes the architecture of the EVM through "parallel EVM" + "parallel access state database" + "high-performance HotStuff consensus" to achieve a throughput of over 10,000 TPS, 1-second block time, and single-slot finality, while maintaining backward compatibility with EVM smart contracts and Ethereum infrastructure (such as MetaMask or Etherscan).
Dora Yue, founder of OKX Ventures, stated, "Monad's innovation and technical strength will provide a solid foundation for driving Web3 innovation. We look forward to making a positive contribution to the future development of decentralized computing through our collaboration with Monad. OKX Ventures' investment will provide necessary resources and support to accelerate the development of Monad's platform and expand its influence in the blockchain community, providing more efficient and scalable decentralized applications for developers and users worldwide."
Earlier in April, Layer 1 blockchain Monad Labs announced the completion of a $225 million financing round, led by Paradigm, with participation from Electric Capital, SevenX Ventures, IOSG Ventures, and Greenoaks, among others.
Kelp, an Ethereum liquidity restaking platform on EigenLayer, announced the completion of a $9 million financing round at a valuation of $90 million, led by SCB Limited and Laser Digital. Other participants include Bankless Ventures, Hypersphere Ventures, ArkStream Capital, Draper Dragon, DACM, Cypher Capital, GSR, HTX Ventures, DWF Ventures, as well as angel investors Scott Moore from Gitcoin, Sam Kazemian from Frax Finance, Marc Zeller from Aave Chan Initiative, Saurabh Sharma from Jump Crypto, and Amrit Kumar from AltLayer. Kelp DAO is expected to "soon" launch a governance token and is "currently undergoing legal and exchange due diligence." (TheBlock)
Web3 climate analysis network WeatherXM has completed a $7.7 million Series A financing, led by Lightspeed Faction, with participation from Protocol Labs, Borderless Capital, Arca, Alumni Ventures, Placeholder VC, Red Beard Ventures, Metaplanet, GS Futures, Consensys Mesh, and Westerly Ventures. WeatherXM is a network that uses cryptocurrency incentive mechanisms to improve weather prediction accuracy and is headquartered in Greece. (fortune)
Interoperability protocol Stripchain completes $10 million financing, led by Sora Ventures
The interoperability protocol Stripchain has completed a $10 million financing round, led by Sora Ventures, with participation from Hyperithm, Shima Capital, Hypersphere, Mechanism, and Ascensive Assets.
Stripchain allows developers to create intent commands to perform operations such as transferring data between blockchains, enabling applications to communicate and coordinate with different protocols. (Cointelgraph)
LeverFi raises $10 million OmniZK Developer Fund, completes four investments
On-chain leverage trading protocol LeverFi announced the successful raising of a $10 million OmniZK Developer Fund from leading institutions, market makers, and private investors to support developers building BTCFi using OmniZK, ahead of the launch of the OmniZK testnet in the second quarter.
OmniZK will allow developers to build and deploy scalable, interoperable DLC applications settled natively on the Bitcoin network. Compared to centralized Bitcoin L2 solutions protected by multisig or custodians, OmniZK represents a decentralized alternative. The OmniZK Developer Fund is specifically focused on BTCFi projects, aiming to provide seed-stage investments of $100,000 to $500,000 (disbursed in multiple tranches based on milestones) to high-quality development teams building native Bitcoin financial applications. Currently, the OmniZK Developer Fund has completed four investments in BTCFi projects and is prepared to support more projects.
Security Incidents
The TON ecosystem Launchpad platform TonUP announced on X platform that its newly launched staking contract was hacked. The staking platform's claiming function is currently suspended, and TonUP plans to allocate funds to repurchase 307,264 lost UP tokens to compensate staking users, with any excess UP tokens to be destroyed.
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