Today's Headlines:
- The U.S. House of Representatives Votes to Pass the Cryptocurrency Bill FIT21
- Bloomberg Analyst: Expecting News from the U.S. SEC Regarding Spot Ethereum ETF Early Friday Morning
- OpenAI Reaches Cooperation Agreement with News Corp, Parent Company of The Wall Street Journal, Worth Over $250 Million
- Taiko Announces TKO Token Economics: Total Supply of 1 Billion, Genesis Airdrop Up to 5%
- Insiders: MetaMask is Integrating Native Bitcoin
- NVIDIA's First Quarter Revenue Reaches $26 Billion, Net Profit Soars 6 Times Year-on-Year
- Binance Megadrop Phase 2 to Launch Lista (LISTA)
- Bitcoin Mining Difficulty Increases by 1.48% to 84.38 T
Regulatory News:
- The U.S. House of Representatives Votes to Pass the Cryptocurrency Bill FIT21
- According to CoinDesk, the U.S. House of Representatives passed the "21st Century Financial Innovation and Technology Act" (FIT21) with 279 votes in favor and 136 against. 71 Democrats and 208 Republicans voted in favor, while 3 Republicans and 133 Democrats voted against. The passage of this bill marks the most important legislative achievement for the cryptocurrency industry in Congress, and the bill will now be submitted to the Senate for a vote. The FIT21 bill, mainly promoted by House Republicans, will establish a regulatory system for the U.S. cryptocurrency market, set consumer protection, designate the Commodity Futures Trading Commission (CFTC) as the primary regulatory agency for digital assets and the regulatory agency for non-securities spot markets, and provide a clearer definition of the standards for cryptocurrencies to be classified as securities or commodities.
Later, it was reported that some content of FIT21 may change and require approval from the U.S. Senate, after which Biden will have ten days to sign or veto.
According to The Block, Montenegro's Ministry of Justice stated on Wednesday that authorities recently met with representatives of the U.S. Securities and Exchange Commission (SEC) to discuss the investigation of Terraform co-founder Do Kwon and broader issues related to protecting cryptocurrency investors. The ministry stated in a release that the SEC had submitted the results of the investigation into Do Kwon to Montenegro's Minister of Justice Andrej Milović, as well as the legal proceedings against Do Kwon in the United States. While the press release did not disclose specific details of the discussion regarding Do Kwon, this meeting may signal progress in the extradition case of Do Kwon, which has been at a standstill.
Bloomberg Analyst: Expecting News from the U.S. SEC Regarding Spot Ethereum ETF Early Friday Morning
Bloomberg ETF analyst Eric Balchunas stated on X platform: "My most optimistic guess is that we will receive news from the U.S. SEC (regarding the spot Ethereum ETF) around 4:00 pm tomorrow in New Jersey time (4:00 am Friday Beijing time)."
Earlier reports indicated that a Fox reporter stated that the SEC may approve the 19b-4 filing tomorrow, and then work with the issuer on the S-1 in the following weeks or months.
- Nigerian Court Delays Tax Evasion Trial of Binance and Its Executives to June 14
- According to Reuters, the Nigerian court's tax evasion case against cryptocurrency exchange Binance and its executives Tigran Gambaryan and Nadeem Anjarwalla (Binance's regional manager for Africa) stalled during Wednesday's hearing due to the authorities' failure to produce Gambaryan in court. As a result, the court has decided to postpone the case until next month to allow for possible prosecution. Last Friday, the Abuja court ruled that Gambaryan could represent Binance in the tax evasion trial, but the authorities did not explain why he did not appear in court. Moses Ideho, a lawyer for the tax authority, stated that Gambaryan was supposed to be brought to court by the Nigerian Prisons Service, but he was unsure why he did not appear in court.
AI & NFT:
According to Bloomberg, News Corp, the parent company of The Wall Street Journal, announced an agreement with OpenAI, allowing OpenAI to use content from over a dozen publications owned by News Corp in its products. As part of the agreement, OpenAI's services will be able to display news from media such as The Wall Street Journal, Barron's, and MarketWatch. According to sources cited by The Wall Street Journal, the agreement is for a period of 5 years and may be worth over $250 million. In addition, OpenAI has recently reached cooperation agreements with several well-known media companies in the United States and Europe, including the Financial Times, Dotdash Meredith, and social media company Reddit.
NEAR Foundation Establishes AI Research Lab, Focusing on Developing AI Developer Tools
Illia Polosukhin, co-founder of the public chain project NEAR Protocol, tweeted that NEAR will focus on building a user-owned AI ecosystem, dedicated to optimizing user privacy and sovereignty. The NEAR Foundation has committed to incubating and investing in AI infrastructure projects based on NEAR, including computing and inference, data curation and creator rewards, crowdsourcing and synthetic data markets, and intelligent infrastructure.
The NEAR Foundation has established the @near_ai AI R&D Lab, led by Alex Skidanov and Illia Polosukhin, focusing on developing AI developer tools that allow anyone to build end-to-end Web3 applications without writing code. Illia stated that NEAR is the best platform for building and incubating the next generation of AI projects. As a non-profit organization with abundant resources, the NEAR Foundation has strong expertise in AI and Web3, capable of driving the user-owned AI movement, providing alternatives to closed, centralized players, and achieving success globally.
Project Updates
The Fantom Foundation announced that the community has voted to pass the first proposal for the upcoming Sonic chain, with a support rate of 99%. FTM will be compatible with Sonic's new token S, allowing for a 1:1 exchange upon its release. Sonic will be a new L1 chain and will bridge to other chains such as Ethereum through native L2 cross-chain bridges. Based on the initial governance vote results, FTM holders will be able to migrate to Sonic's native token S at a 1:1 ratio during Sonic's genesis. Utilizing the new bridging architecture, Sonic will provide better performance for users and DApp developers than the existing Opera network. The Fantom Operations Ltd has committed to continue providing validator support for Opera, while Sonic Operations Ltd will support Sonic. The Fantom Foundation will allocate hundreds of millions of FTM from its treasury to support the development of the Sonic ecosystem, including marketing, business development, migration grants, and more. The governance forum shows that community members have initiated a series of governance proposals for the Sonic network, seeking feedback on proposed changes, plans, and initiatives. The upcoming proposals include FTM-S compatibility, S token airdrop plan, Sonic growth plan, and validator rewards.
Taiko Announces TKO Token Economics: Total Supply of 1 Billion, Genesis Airdrop Up to 5%
According to official sources, Ethereum Layer2 project Taiko has announced the TKO token economic model, with a total supply of 1 billion tokens. The allocation breakdown is as follows: DAO Treasury 20%, Guardian Prover Bonds 2%, Grants & RetroPGF 5%, Trailblazer Airdrop 10%, Protocol Guild Airdrop 1%, Genesis Airdrop up to 5%, Liquidity & Market Making 5%, Investors 11.62%, Taiko Labs/Core Team 20%, Taiko Foundation Reserve 16.88%, Taiko Official Prover Bonds 1.5%.
To qualify for the airdrop, users can participate in block proposals, block proofs, interact with the test network, participate in Galxe activities, make contributions on eligible repositories on GitHub, and participate in Ethereum IC0 from 2022-02-01 to 2024-02-01. The TKO genesis airdrop distribution will take place on the Taiko mainnet L2. After claiming TKO, users will immediately receive the tokens on-chain. The airdropped tokens are not locked and have no vesting period. Loopring users should contact the Loopring community to check eligibility, as Loopring will be responsible for distributing to eligible wallets. Unclaimed tokens will be returned to the DAO treasury.
Earlier today, it was reported that Taiko's TKO token airdrop eligibility query page is now live. Taiko's co-founder refused to disclose the details of the TKO genesis airdrop, stating "for fairness" and to avoid controversy.
BlackRock Submits Revised 19b-4 Form, Excluding Staking Functionality
According to The Block Pro, BlackRock has submitted a revised 19b-4 form to Nasdaq, planning to launch a spot Ethereum ETF but excluding staking functionality.
Bitwise Submits Revised 19b-4 Form
According to The Block Pro, Bitwise has submitted a revised 19b-4 form, planning to launch an Ethereum ETF on the New York Stock Exchange (NYSE).
Market News: Binance's Emergency License Revocation Decision in Florida Overturned
According to Bloomberg Terminal, the decision to emergency revoke Binance's license in Florida has been overturned.
Stargate V2 Version to Launch on May 28
Stargate announced on Twitter that the V2 version will launch on May 28. Earlier reports indicated that the Stargate V2 proposal has been approved by the community, introducing trade batching and dynamic credit allocation to improve cross-chain efficiency and reduce cross-chain costs.
Insiders: MetaMask is Integrating Native Bitcoin
According to CoinDesk, cryptocurrency wallet MetaMask is integrating native Bitcoin (BTC). One source stated that access may be achieved within the next month, while another source mentioned that the exact functionality of Bitcoin has not been determined, but it may initially be limited and expanded over time.
NVIDIA's First Quarter Revenue Reaches $26 Billion, Net Profit Soars 6 Times Year-on-Year
According to the latest financial report for the first quarter of the 2025 fiscal year ending on April 28 released by NVIDIA, the company achieved a revenue of $26.044 billion, a 262% year-on-year increase, far exceeding the market's expected $24.7 billion. The net profit was $14.881 billion, a 628% year-on-year increase, higher than the expected $12.9 billion. The non-GAAP diluted earnings per share were $5.98, a 629% year-on-year increase, higher than the expected $5.19. The company also provided guidance for the next quarter, forecasting sales of $28 billion for the second quarter of the 2025 fiscal year, with a fluctuation of 2%, higher than the market's expected $26.6 billion. NVIDIA also announced a quarterly dividend of $0.10 per share, up from $0.04 in the previous quarter. Additionally, NVIDIA announced a 1-for-10 stock split plan, where shareholders of NVIDIA common stock will receive an additional nine shares after the close of trading on June 7, and trading will begin on June 10 on a split-adjusted basis. In the first quarter, NVIDIA repurchased $7.7 billion worth of stock and paid $98 million in dividends. NVIDIA CEO Jensen Huang stated, "The next industrial revolution has begun—enterprises and countries are partnering with NVIDIA to redirect the value of traditional data centers worth trillions of dollars towards accelerated computing and to build a new type of data center—an AI factory to produce this new commodity, AI. AI will bring significant productivity gains to almost every industry, helping businesses increase cost and energy efficiency while expanding revenue opportunities. We are at the starting point of the next wave of growth."
Russian Media: Telegram to Launch Internal Currency Telegram Stars to Address Apple's Warning
According to the Russian portal Rozetked, starting from June 12, Telegram will introduce a new internal currency called Telegram Stars, which users can purchase through Apple and Google and then use to pay for digital goods and services within Telegram bots/mini-programs. Many developers have reported receiving notifications about the token launch, and Telegram's marketing channel has also highlighted this. It is reported that Apple has warned Telegram for violating App Store Review Guidelines 4.7 and 3.1.1, which involve accepting payments and services from customers without using Apple's in-app purchase mechanism. Users will be able to purchase Stars through the shopping tools in the App Store and Google Play, with a possible 30% service commission. Developers will be able to withdraw the token in TON.
UniSat to Airdrop "Pizza" Inscriptions to Eligible User Wallets
According to official sources, UniSat announced that it will airdrop "pizza" inscriptions to eligible user wallets. The claiming page shows that addresses that have interacted with UniSat services within the last 3 months, hold over 500 UniSat points, have interacted within the brc20-swap module, and UniSat OG Pass holders are eligible to receive the inscription. After users claim on the page, they will not need to pay any fees, and UniSat will send the inscription to the user's wallet after the engraving is completed.
According to aastocks, Bit Universe (08645.HK) announced that the Hong Kong Securities and Futures Commission has accepted the license application submitted by its wholly-owned subsidiary Bitcoin World Technology Limited for regulated activities of Type 1 (dealing in securities) and Type 7 (providing automated trading services). The board of directors believes that with the necessary regulatory approval, the operation of Bitcoin World's virtual asset trading platform will align with the company's strategy to provide more diversified services to investors and create opportunities for synergy among the company's various business lines, thereby opening up new sources of revenue.
Vitalik's Article "How is Layer2 Different from Execution Sharding?"
Ethereum co-founder Vitalik Buterin's article "How is Layer2 Different from Execution Sharding?" concludes that "Layer2" and "sharding" are often described as two completely opposite strategies for scaling blockchains in public discussions. However, when you delve into the underlying technology, you will find a confusing issue: the underlying methods used for scaling are exactly the same. These methods include some form of data sharding, fraud or ZK-SNARK provers, and solutions for cross-{rollup, sharding} communication. The real difference lies in who is responsible for building and updating these parts, and how much autonomy they have.
An ecosystem centered around Layer2 is indeed a form of sharding technically, but it allows for the creation of its own shards according to its own rules. This is powerful and fosters a lot of creativity and independent innovation. However, it also faces some key challenges, particularly in coordination. For Layer2-centric ecosystems like Ethereum, understanding and directly addressing these challenges is necessary for success, in order to maximize the advantages of Layer1-centric ecosystems and approach the best possible state of having both. It is worth noting that Vitalik pointed out the challenges faced by Ethereum's Layer2-centric ecosystem, including: 1. The need for centralized bridging platforms when transferring tokens from one Layer2 to another, which is complex for ordinary users; 2. Poor support for cross-chain smart contract wallets; 3. Poor support for cross-chain smart contract wallets. Efforts are being made to improve these three aspects. For cross-chain token exchange, the ERC-7683 standard is an emerging option that, unlike existing "centralized bridging," does not have a fixed central operator, token, or governance mechanism. For cross-chain accounts, the method most wallets adopt is to use cross-chain replayable messages to update keys in the short term and key pool aggregation in the long term. L2's light clients are beginning to emerge, such as Starknet's Beerus. Furthermore, the latest improvements in user experience through next-generation wallets have addressed many more fundamental issues, such as eliminating the need for users to manually switch to the correct network to access dapps.
Binance Megadrop Phase 2 to Launch Lista (LISTA)
According to an official announcement from Binance, the second project to be listed on Binance Megadrop is Lista (LISTA), a liquidity staking and decentralized stablecoin protocol. Project details: Token name: Lista (LISTA); Maximum token supply: 1,000,000,000 LISTA; Initial circulating supply: 230,000,000 LISTA (23% of the maximum token supply); Megadrop total: 100,000,000 LISTA (10% of the maximum token supply). Binance will list LISTA after the completion of Megadrop, and specific listing plans will be announced separately.
Funding News
Interoperability Protocol Stripchain Completes $10 Million Funding, Led by Sora Ventures
According to Cointelegraph, Stripchain has raised $10 million in its latest round of funding, aimed at simplifying the user experience of blockchain. The funding round was led by Sora Ventures, with participants including Hyperithm, Shima Capital, Hypersphere, Mechanism, Ascending Assets, as well as angel investors Santiago Santos, Stephane Gosselin from Frontier Research, and Ryan Selkis from Messari. This funding will drive Stripchain to achieve its goal of promoting the widespread adoption of Web3 by improving user experience and interoperability. Stripchain is an interoperability protocol designed to achieve large-scale chain abstraction, allowing users to use decentralized applications without having to focus on the underlying blockchain systems. The protocol, led by the pseudonymous researcher "0xnovachrono," Isa Sertkaya, and Narayana Pryusty, is based on a system called stripVM, which allows applications to communicate and coordinate across different protocols, with a focus on the transaction layer and the use of authorization proof systems. Stripchain is currently in the private testing phase and is expected to launch a testnet in the coming months.
According to Fortune, WeatherXM, a Greece-based crypto-driven weather station network and weather data provider, has raised $7.7 million in its Series A funding round. The round was led by Lightspeed Faction, with participants including Protocol Labs, Borderless Capital, Arca, Alumni Ventures, Placeholder VC, and Red Beard Ventures. WeatherXM plans to use the funding to expand its global weather station network, enhance data collection and analysis capabilities, and provide users with more accurate and real-time weather information. In 2022, WeatherXM completed a $5 million seed funding round, with Placeholder VC leading the investment.
Tech in Asia reported that Singapore-based collectible design company Mighty Jaxx has raised an additional $11 million in an extension of its Series A+ funding round. In March 2022, the company raised $20 million in the first round of its Series A+ funding. With this latest funding, Mighty Jaxx has raised over $51 million to date. Sunova Capital and East Ventures participated in the new round of funding. While East Ventures led the first round of funding, investors such as Mirana Ventures, KB Investment, and Korea Investment Partners also participated. Despite the first round closing at a valuation of over $200 million, Mighty Jaxx did not disclose the final closing valuation. Mighty Jaxx has offices in China and the United States in addition to the UK and has been operating in these countries since its inception. The company plans to expand its business in the US and Europe this year and use the new funds to support this growth. Founded by Jackson Aw in 2012, Mighty Jaxx has collaborated with well-known companies such as Nickelodeon, Warner Bros, and Netflix to create limited edition collectibles. The design studio's clients are spread across 90 countries. The studio has seen an increase in sales in the US, mainly driven by its best-selling "One Piece" merchandise, which has become a hit product based on the popular anime series. Meanwhile, consumer demand in Europe has also shown a significant upward trend. After entering the NFT market through series such as Inked Stories: Medusa, Mighty Jaxx is now focusing on blockchain infrastructure, including registering its collectibles on the blockchain. The company believes that by doing so, it will better understand the niche market and create products that fans want. In August 2021, Mighty Jaxx raised $10 million, with Tencent leading the investment.
Decentralized governance and public goods technology protocol Dora Factory has announced the completion of a $10 million strategic funding round. The funding was led by Nomad Capital, No Limit Holdings, Cloud Nine Capital, UVM Signum Blockchain Fund of Singapore's Dahua Bank Web3 Venture Capital, Longling Capital of Cai Wensheng, OG Interop Ventures of Cosmos Ecosystem, and Calvin Liu, co-founder of Eigenlayer. The funds raised will be used to accelerate the strategic expansion of Dora Factory's decentralized governance and public goods funding technology system.
In a statement released today, Hong Kong-listed company Boyaa Interactive (00434.HK) announced that as of the date of the announcement, the group holds approximately 1,956 bitcoins with an average cost of about $50,805 per coin, and approximately 15,222 ethers with an average cost of about $2,756 per coin. In the first quarter of 2024, Boyaa Interactive recorded revenue of approximately 108.5 million RMB, an increase of about 14.0% year-on-year compared to the first quarter of 2023, and an increase of about 8.2% quarter-on-quarter compared to the fourth quarter of 2023.
BTC.com data shows that the Bitcoin mining difficulty adjustment occurred at block height 844,704 (May 23, 2024, 14:18:50), with a 1.48% increase in mining difficulty to 84.38 T. The current average network hash rate is 612.18 EH/s.
The US Bitcoin spot ETF saw a total net inflow of $154 million yesterday, marking the 8th consecutive day of net inflows.
According to SoSoValue data, the total net inflow of Bitcoin spot ETFs was $154 million yesterday (May 22, Eastern Time). The Grayscale ETF GBTC had a net outflow of $16.0914 million yesterday, bringing the historical net outflow of GBTC to $17.628 billion. The Bitcoin spot ETF with the highest net inflow yesterday was the BlackRock ETF IBIT, with a net inflow of $91.9527 million, bringing the historical total net inflow of IBIT to $16.083 billion. Following that was the Fidelity ETF FBTC, with a net inflow of $74.572 million yesterday, bringing the historical total net inflow of FBTC to $8.651 billion. As of the time of writing, the total net asset value of Bitcoin spot ETFs is $59.196 billion, with an ETF net asset ratio (market value as a percentage of total Bitcoin market value) of 4.33%, and a historical cumulative net inflow of $13.327 billion.
Rune Tokens Surge: 3 out of the Top 10 Tokens with 24-hour Gains Exceed 60%, Only 1 Decline
Satscreener data shows that Rune tokens are surging, with the top 10 Rune tokens experiencing the following 24-hour gains: DOG•GO•TO•THE•MOON at 18.52%, RSIC•GENESIS•RUNE at 14.96%, SATOSHI•NAKAMOTO at 16.79%, DECENTRALIZED at 29.67%, RUNES•X•BITCOIN at 64.95%, PUPS•WORLD•PEACE at 69.2%, WANKO•MANKO•RUNES at 18.6%, WADDLE•WADDLE•PENGU at 2.05%, LOBO•THE•WOLF•PUP at 62.06%. Among the top 10 Rune tokens, only Z•Z•Z•Z•Z•FEHU•Z•Z•Z•Z•Z experienced a decline, with a 6.54% decrease in the last 24 hours.
Aave TVL Approaches $13 Billion, Reaching a Two-Year High
DefiLlama data shows that the total value locked (TVL) of the decentralized lending protocol Aave on Ethereum has now risen to $12.966 billion, the highest level since May 6, 2022. DL News commented that this is the latest sign of DeFi's recovery from numerous disasters in 2022, which wiped out two-thirds of the industry's market value. This also indicates that cryptocurrency traders are flocking to ETH as ETF observers expect the U.S. Securities and Exchange Commission to approve a spot Ethereum ETF tomorrow.
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