Today's Headlines:
- The US SEC has approved 8 spot Ethereum ETF 19B-4 forms, still needs to approve the issuer's S-1 form
- The US Securities and Exchange Commission (SEC) has approved the plans for spot Ethereum ETFs by the New York Stock Exchange, Chicago Options Exchange, and Nasdaq. The SEC has not fully approved the spot Ethereum ETFs yet, and still needs to approve the issuer's plan. Specifically, the SEC has approved 8 spot Ethereum ETF 19B-4 forms, including ETFs from BlackRock, Fidelity, and Grayscale. Although the forms have been approved, the ETF issuers need the S-1 registration statement to become effective before trading can begin. The SEC has just started discussions with the issuers regarding the S-1 form, and it is currently unclear how long this process will take, but some analysts speculate it may take several weeks. Bloomberg ETF analyst James Seyffart added, "I think if they're really diligent, they could get it done in a few weeks, but there are plenty of examples historically where this process has taken over 3 months."
Later in the day, news came that the approval of the Ethereum spot ETF is a decision made by the SEC's Trading and Markets Division representing its committee; some analysts claim that the SEC's ETF decision means that ETH and "many" other tokens are not securities. Prior to this, the chairman of the SEC stated that not every cryptocurrency token is a security; the SEC has legal tools in the cryptocurrency space, but needs more resources.
According to CoinDesk, the US House of Representatives voted to pass the "CBDC Anti-Surveillance Act," with 213 Republicans and 3 Democrats voting in favor, and 192 Democrats voting against. The bill, introduced by the majority whip of the US House of Representatives, Tom Emmer, aims to prevent the Federal Reserve from issuing central bank digital currency (CBDC). Republicans expressed concerns that CBDC could be used to control Americans. Democrats argued in the debate before the vote on Thursday that these concerns were exaggerated and that the ban would hinder innovation and research in the public sector.
According to Tree News, the Hong Kong Securities and Futures Commission is discussing allowing Ethereum ETF issuers to conduct pledging.
Cody Carbone, Chief Policy Officer of the cryptocurrency advocacy organization The Digital Chamber, stated on X platform, "Regarding the progress of SAB 121 (cryptocurrency accounting policy): We have received confirmation that the US Congress did not send the resolution H.J Res 109 to repeal SAB 121 to Biden until last night. This changes the 10-day deadline. The US President currently has until June 3 to decide whether to veto the resolution (excluding Sundays, a total of 10 days)."
Previously, the resolution to overturn SAB 121 was passed by the House of Representatives and the Senate on May 8 and May 17, and Biden will make the final decision on the resolution by May 28.
- Market News: Coinbase loses in the Supreme Court case related to Dogecoin controversy
- According to Jin10, market news states that Coinbase (COIN.O) lost in the Supreme Court case related to the Dogecoin controversy.
AI
- Bloomberg: Musk's xAI to complete financing transaction in June, valuation may exceed $24 billion
- According to Bloomberg, sources revealed that Musk's artificial intelligence company xAI will complete a round of financing in June, with a valuation that may exceed $24 billion. The company was originally scheduled to complete a financing of about $6 billion earlier this month, but this transaction that started last year has not been completed yet. Sources said that recently, the company has been seeking financing of up to $6.5 billion and plans to approach this target in the coming weeks.
Project Updates
- BlackRock's Ethereum spot ETF has been listed on the DTCC website
- According to WatcherGuru, BlackRock's Ethereum spot ETF has been listed on the DTCC website with the code ETHA. It is reported that listing on the DTCC website is a "standard process" for launching new ETFs, and this does not indicate that the ETF has received any regulatory approval or other approval results.
ETF issuer VanEck has submitted a revised S-1 application for Ethereum spot ETF
Previously reported, the SEC has approved 8 spot Ethereum ETF 19B-4 forms, still needing to approve the issuer's plan S-1 form. Currently, ETF issuer VanEck has promptly submitted a revised S-1 application for the Ethereum spot ETF.
Fantom Foundation establishes Sonic Foundation for its upcoming new chain Sonic
According to Cointelegraph, the Fantom Foundation has announced the establishment of a new foundation, the Sonic Foundation, to promote the upcoming new Sonic chain. The Sonic Foundation will be responsible for overseeing Sonic's governance, managing network funds, coordinating partnerships, and developing the DApp ecosystem. It is reported that Sonic will consist of a new Layer1 solution and a built-in Layer2, which can directly bridge EVM-compatible networks to the Ethereum network. Through the architecture of the Sonic Chain, users of the upcoming Sonic network will be able to leverage Ethereum's extensive decentralized applications, liquidity providers, and community ecosystem.
Earlier yesterday, the Fantom community proposed to support a 1:1 exchange of FTM and S tokens in the "Building the Sonic Chain" proposal. Earlier today, the Fantom Foundation completed a $10 million strategic financing, led by Hashed.
Figure Markets acquires 784,000 SOL for $80 million at auction
According to The Block, in a recent (conducted by FTX estate) asset auction, Figure Markets purchased 784,000 SOL for $80 million, at a unit price of $102. Bloomberg reported that FTX ended its $2.6 billion Solana token sale after several weeks of auction. Sources indicated that Pantera Capital also participated in the auction, but did not disclose the specific payment price.
Coinbase to launch perpetual futures contracts for Bonk, FLOKI, and Shiba Inu on May 30
According to the official announcement, Coinbase International Exchange and Coinbase Advanced will add support for perpetual futures contracts for Bonk, FLOKI, and Shiba Inu. The 1000BONK-PERP, 1000FLOKI-PERP, and 1000SHIB-PERP markets will open on May 30, 2024, at 17:30 Beijing time or later.
Coinbase has launched AVAX staking service
Coinbase Assets tweeted that the AVAX staking service has been launched today, with a maximum annualized yield of 4.47%.
According to Degen's official Twitter, 3.6 million $DEGEN has been refunded to users who lost funds on the Reservoir Relay bridge due to Degen chain failure. Degen stated that they will continue to support all users affected by this incident. Degen also mentioned that adding liquidity to the centralized liquidity pool in Aerodrome this week will yield a very high annualized return, which is worth paying attention to.
Coinbase to resume XRP trading support in New York
Coinbase Assets tweeted that XRP is now available to New York residents on the Coinbase website and its iOS and Android apps. Coinbase users can log in to buy, sell, convert, send, receive, or store these assets.
Grayscale launches Stacks and Near Trust funds
According to Decrypt, asset management company Grayscale has announced the launch of two new investment trusts: Grayscale Near Trust and Grayscale Stacks Trust, providing investors with exposure to Bitcoin Layer-2 Stacks and the Near Protocol. These trusts are limited to accredited investors.
Ligo Network officially launches its mainnet and starts IDO on Fjord Foundry auction platform
Ligo Network (BTC layer2) officially announced the launch of its mainnet and has passed the due diligence and KYC certification of the IDO platform Fjord Foundry. Ligo Network's IDO officially started on May 23 and will continue until May 26 at 12:00 pm (UTC+8). It is reported that Fjord Foundry, as a liquidity bootstrapping pool (LBP) platform, has successfully helped multiple projects raise a total of over $954 million, such as NuLink ($5.2 million), XSwap ($2.74 million), FJO ($15.35 million), APUFF ($9.05 million), and Zero1 ($10.78 million).
Swell increases its first season token distribution ratio from 7% to 8%
The liquidity re-staking platform Swell Network announced that it is finalizing the necessary arrangements for the token generation event (TGE), including auditing the withdrawal of rswETH, but the exact date of the TGE has not been determined yet and is expected to take place in the coming weeks. To express gratitude for users' patience, Swell has increased the first season (The Voyage) token distribution ratio from 7% to 8% and has devised a mechanism to reward the loyalty of long-term community members in the airdrop. Swell Network stated that due to the uncertainty of the audit results and prioritizing security, the specific TGE date has not been determined. Despite the delay from the initial estimate of April, Swell apologizes for this delay. The platform also emphasized that it will not reward Sybils. Swell also mentioned that Justin Sun deposited weETH in the pre-launch deposit of Swell L2, making him ineligible for the first season (The Voyage) airdrop reward.
According to official news, STEPN has launched a new social lifestyle app called STEPNGO. The app combines exercise and social interaction, offering users various reward features: the Haus System, which does not require encryption knowledge, allows users to lend Sneakers to friends and family to help them get started easily; earn new GO GAME TOKEN (GGT) by walking or running; create unique clothing and showcase it on the interactive map within the app to stand out in the community; users need to burn Sneakers to gain energy and increase energy limits to ensure economic sustainability. These features will be gradually rolled out to ensure smooth integration and the best user experience. In addition, STEPNGO will launch an Alpha lottery event, giving participants the chance to win the first batch of 6,000 STEPNGO Sneakers.
Aevo: The first Aevo Airdrops project zerolend has been launched, airdropping 4 billion ZERO
Decentralized derivatives trading platform Aevo announced on the X platform that the first Aevo Airdrops project zerolend has been launched, distributing 4 billion ZERO to eligible Aevo Airdrops users. The claim link will go live on May 24 at 16:00 Beijing time. Approximately 2000 wallets are eligible. The snapshot was taken on May 15 at 16:00 Beijing time, and eligible participants include Aevo stakers with a stake amount >1000 AEVO at the time of the snapshot, as well as traders before ZERO listing (linearly distributed based on trading volume). Earlier on May 19, Aevo launched the Aevo Airdrops program, with the first projects being Swell Protocol and Zerolend Finance.
DOGE prototype KABOSU has passed away
According to @tier10k, the prototype of the meme coin DOGE, KABOSU, has passed away.
Binance Research Institute released a research report on Lista (LISTA), disclosing the token economics of LISTA. As of May 23, 2024, the total supply of LISTA is 1 billion, with a circulating supply of approximately 230 million (about 23.0% of the total token supply) after listing. The Binance Megadrop allocation is 100 million (about 10.0% of the total token supply). Regarding other types of distribution, the airdrop accounts for 10.00% of the total token supply, investors and advisors account for 19.00% of the total token supply, the team accounts for 3.50% of the total token supply; the community accounts for 40.00% of the total token supply, the DAO treasury accounts for 8.00% of the total token supply, and the ecosystem accounts for 9.50%.
It is introduced that Lista DAO is a liquidity staking and decentralized stablecoin lending protocol. Users can stake and provide liquidity on Lista, as well as borrow lisUSD using a range of decentralized collateral. The report also introduces the LISTA token: LISTA is the governance token of Lista DAO, used for governance, protocol incentives, voting, and fee sharing. The protocol consists of the decentralized stablecoin lisUSD and the BNB liquidity staking token slisBNB. Earlier news, the second phase of Binance Megadrop will list Lista (LISTA), with the specific start time to be announced.
Bloomberg analyst: Ethereum spot ETF likely to be launched in mid-June
According to Cointelegraph, Bloomberg ETF analyst James Seyffart has been saying that the approval of the S-1 for the Ethereum spot ETF may be completed "in a few weeks," but he also noted that "it could take longer," as the process typically takes up to five months. However, Bloomberg ETF analyst Eric Balchunas responded, "Mid-June is definitely possible." Balchunas expects only one round of comments on the amended S-1, similar to the feedback provided by the SEC to applicants for spot Bitcoin ETFs. He pointed out that this process takes about two weeks, which is how he arrived at the mid-June estimate. However, Gabriel Shapiro, General Counsel of Delphi Labs, pointed out that the SEC's approval is made by its Division of Trading and Markets "authorized" and claimed that any of the five SEC commissioners has the right to challenge this decision within the next 10 days. Digital asset lawyer Joe Carlasare stated that while theoretically someone could challenge it, "in practice, they won't." He said, "They won't approve it through the Division of Trading and Markets without a clear majority of commissioners not objecting." Seyffart seems to disagree with this view, stating that making decisions in an authorized manner is "the norm," as formal voting on every decision and document "would be insane." He also added that requesting a re-review is unlikely to have any impact on the approval result.
Consensys: Approval of Ethereum spot ETF indicates that the SEC considers Ethereum a commodity
Consensys stated on the X platform that while ConsenSys welcomes the decision to approve the Ethereum spot ETF today, believing it is a step in the right direction, this seemingly last-minute decision once again demonstrates the SEC's tricky and arbitrary approach to digital assets. No other industry, market, or asset is subject to such deliberate regulatory abuse. This is unfair to market participants, contrary to legal principles, and stifles innovation. Today's approval indicates that the SEC considers Ethereum a commodity, not a security—contrary to its position it held earlier this week, as described in our recent lawsuit against the SEC. We will continue to seek clear regulatory clarity in our case and are pleased to see bipartisan efforts in Congress seeking clear and reasonable regulation.
Funding News
Layer 2 network Plume Network completes $10 million seed round financing, led by Haun Ventures
According to The Block, Layer 2 network Plume Network, which focuses on on-chain real-world assets (RWA), has raised $10 million in a seed round of financing led by Haun Ventures. Other participating investors include Galaxy Ventures, Superscrypt, A Capital, SV Angel, Portal Ventures, and Reciprocal Ventures. Plume Network's co-founder and CEO Chris Yin stated that the company began negotiations with investors in April and ultimately raised four times more funds than planned, concluding the financing at the beginning of this month. Previously, Plume Network raised $1.6 million through Simple Agreement for Future Equity (SAFE) and token subscription warrants, with the final amount being $2 million, as part of the announced $10 million seed round of financing. Plume Network is a modular Layer 2 network compatible with the Ethereum Virtual Machine (EVM), aiming to compliantly bring various asset categories onto the blockchain through efficient and secure blockchain technology. Currently, Plume is in a private testnet with over 80 RWA and DeFi projects building on its network, including collectibles, alternative assets, synthetic assets, luxury goods, real estate, lending protocols, and perpetual decentralized exchanges. Plume Network plans to launch a public incentive testnet in the coming weeks and roll out the mainnet later this year. The financing will be used to expand the team, particularly in engineering, marketing, and community functions.
According to CoinDesk, zero-knowledge (ZK) hardware startup Cysic has announced the completion of a $12 million pre-A round of financing, led by HashKey Capital and OKX Ventures. The new funds will be used to accelerate the generation of ZK proofs in a faster, more cost-effective, user-friendly, and decentralized manner. Previously, Cysic completed a $6 million seed round of financing in February last year, with Polychain Capital leading, and investors such as Hashkey, SNZ Holding, A&T Capital, ABCDE, and Web3.com Ventures participating.
Fantom Foundation completes $10 million strategic financing, led by Hashed
According to The Block, the Fantom Foundation has completed a $10 million strategic financing round, led by Hashed, with participation from UOB Ventures, Signum Capital, Aave Foundation, as well as angel investors Stani Kulechov, Robert Leshner, Michael Egorov, Fernando Martinelli, Tarun Chitra, and Sam Kazemian. The funds from this round will be used to support the Sonic Foundation, strategic growth, and ecosystem development, with a focus on enhancing the liquidity of automated market makers and blue-chip pools in the currency market. In addition, the Fantom Foundation announced plans to establish the Sonic Foundation and Sonic Labs before launching the Sonic blockchain. The Sonic Foundation will manage governance and funds, while Sonic Labs will focus on the development of decentralized applications.
Key Data
Coinglass data shows that over the past 12 hours, the total network contract liquidation in the cryptocurrency market amounted to $321 million, with long positions liquidated at $240 million and short positions at $80.87 million. The total liquidation amount for ETH was $124 million, and for BTC, it was $66.6184 million.
Data: The discount rate of Grayscale Ethereum ETF has narrowed to -7.19%
Data from The Block shows that the discount rate of the Grayscale Ethereum ETF (ETHE) has narrowed to -7.19%. According to previous reports, the SEC has approved the 19B-4 forms for 8 Ethereum spot ETFs, including Grayscale.
The US Bitcoin spot ETF now holds over 850,000 bitcoins
According to CoinDesk, the holdings of the US Bitcoin spot ETF have reached a new high, with over 850,000 bitcoins. Grayscale's GBTC holds the most bitcoins, valued at over $20 billion, followed by BlackRock's IBIT, valued at $19.6 billion, and the smallest holding is by Hashdex Bitcoin ETF, valued at $12 million.
According to SoSoValue data, the US Bitcoin spot ETF had a total net inflow of $108 million yesterday (May 23, US Eastern Time). Grayscale's ETF GBTC had a net outflow of $13.7209 million yesterday, bringing its historical net outflow to $1.7641 billion. The Bitcoin spot ETF with the highest net inflow yesterday was BlackRock's ETF IBIT, with a net inflow of $88.9516 million, bringing its historical total net inflow to $16.171 billion. This was followed by Fidelity's ETF FBTC, with a net inflow of $19.1224 million yesterday, bringing its historical total net inflow to $8.67 billion. As of the time of writing, the total net asset value of the Bitcoin spot ETF is $57.292 billion, with an ETF net asset ratio (percentage of market value to total Bitcoin market value) of 4.29%, and a historical cumulative net inflow of $13.435 billion.
Hong Kong stock market data shows that as of the close of trading, the total trading volume of 6 Hong Kong virtual asset ETFs was approximately HK$45.33 million today. Among them, Huaxia Bitcoin ETF (3042.HK) had a trading volume of HK$15.168 million, Huaxia Ethereum ETF (3046.HK) had a trading volume of HK$8.5851 million, CSOP Bitcoin ETF (3439.HK) had a trading volume of HK$6.8468 million, CSOP Ethereum ETF (3179.HK) had a trading volume of HK$9.2268 million, Bosera HashKey Bitcoin ETF (3008.HK) had a trading volume of HK$1.7207 million, and Bosera HashKey Ethereum ETF (3009.HK) had a trading volume of HK$3.7849 million.
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