Today's Headlines:
- Trump: Hopes the remaining bitcoins will be mined within the United States
- The Federal Reserve will announce the interest rate decision and policy statement at 02:00 tomorrow morning](https://www.panewslab.com/zh/sqarticledetails/1r565t42.html)
- ProShares submits Ethereum spot ETF S-1 registration statement](https://www.panewslab.com/zh/sqarticledetails/mtngzk8k.html)
- Ripple CEO announces the new stablecoin name for Ripple as RLUSD](https://www.panewslab.com/zh/sqarticledetails/p4ywk0b5.html)
- Ava Protocol has completed a $10 million seed round of financing, with participation from Electric Capital](https://www.panewslab.com/zh/sqarticledetails/lf42ra03.html)
- Xi Jinping replies to academician of the Chinese Academy of Sciences and professor at Tsinghua University, Yao Qizhi](https://www.panewslab.com/zh/sqarticledetails/34b234pr.html)
- Marathon Digital sold 1200 bitcoins yesterday, setting a record for the highest daily OTC trading volume since the end of March](https://www.panewslab.com/zh/sqarticledetails/m83h40yi.html)
- Bitcoin spot ETF had a total net outflow of $200 million yesterday, with an ETF net asset ratio of 4.47%](https://www.panewslab.com/zh/sqarticledetails/2nbxwo8a.html)
Regulatory News
- Xi Jinping replies to academician of the Chinese Academy of Sciences and professor at Tsinghua University, Yao Qizhi](https://www.panewslab.com/zh/sqarticledetails/34b234pr.html)
- According to Xinhua News Agency, Xi Jinping, General Secretary of the Communist Party of China, President of the People's Republic of China, and Chairman of the Central Military Commission, recently replied to Yao Qizhi, academician of the Chinese Academy of Sciences and professor at Tsinghua University, expressing sincere greetings and earnest hopes. Xi Jinping praised Yao Qizhi's teaching, research, and innovation work at Tsinghua University over the past twenty years, stating that he has turned his love for the country into fruitful achievements.
Professor Yao Qizhi has been teaching at universities in the United States for a long time and joined Tsinghua University full-time in 2004. He currently serves as the Dean of the School of Artificial Intelligence and the Dean of the Institute for Interdisciplinary Information at Tsinghua University. He recently wrote to General Secretary Xi Jinping, reporting his achievements in talent cultivation and scientific research innovation over the past 20 years, and expressing his determination to continue contributing to China's scientific and technological development and national rejuvenation.
Earlier news, Turing Award winner Professor Yao Qizhi established a VC fund focusing on artificial intelligence and blockchain. In addition, he also serves as the Chief Scientist of the public blockchain network operator Conflux.
Trump: Hopes the remaining bitcoins will be mined within the United States Former U.S. President Trump posted on Truth Social, expressing his hope that the remaining bitcoins will be mined within the United States (MADE IN THE USA). Trump mentioned that this move aims to ensure that a crucial part of the bitcoin industry remains in the United States, strengthening the country's control over cryptocurrency and economic influence.
The Federal Reserve will announce the interest rate decision and policy statement at 02:00 tomorrow morning According to the schedule, the Federal Reserve will announce the latest interest rate decision and monetary policy statement at 02:00 on Thursday, June 13th (Beijing time), and a few hours earlier, the U.S. Department of Labor will release the latest inflation data. Powell's press conference will be held at 2:30. It is widely expected that the Federal Reserve will maintain the benchmark interest rate within the 5.25%-5.50% range set in July last year.
AI & NFT
Elon Musk withdraws lawsuit against OpenAI and Sam Altman According to CNBC, on Tuesday, Elon Musk withdrew the lawsuit against OpenAI and its co-founders Sam Altman and Greg Brockman in a California court. In February of this year, Musk filed a lawsuit against OpenAI, Altman, and Brockman, alleging that they had violated contracts and fiduciary duties. A hearing is scheduled for Wednesday in San Francisco, where the judge will consider whether to dismiss the case as requested by the defendants. In March of this year, experts told CNBC that the legal basis of the case was problematic because the core contract was not a formal written agreement signed by all relevant parties. Musk claimed that the early OpenAI team was developing general artificial intelligence (AGI) for the benefit of humanity, but the project has since transformed into a for-profit entity controlled by major shareholder Microsoft.
Fetch.AI, SingularityNET, and Ocean Protocol token merger date has been postponed to July 15th According to official sources, the final date for the token merger of Fetch.AI, SingularityNET, and Ocean Protocol has been postponed from June 13, 2024, to July 15, 2024. The official stated that this schedule adjustment is necessary to accommodate the logistical needs and technical dependencies of exchanges, validators, and a broader ecosystem of collaborators. The preparation phase for the token merger includes managing complex integrations, careful coordination, and attention to numerous moving parts. These third-party dependencies are crucial for the smooth execution of the token merger process, ensuring that all stakeholders' needs are fully met. The existing FET, AGIX, and OCEAN tokens will continue to trade independently on exchanges. Once the third-party integration is completed, the ASI token will be launched, and FET, AGIX, and OCEAN will cease independent trading and merge into the ASI token.
Project Updates
Lido collaborates with Symbiotic and Mellow Finance to launch "Restaking Vaults" According to CoinDesk, a new initiative by Lido DAO will enable Lido to collaborate with Mellow Finance and Symbiotic to launch "Restaking Vaults." Mellow Finance is a platform that allows users to earn returns by depositing assets into restaking "vaults," and Symbiotic is a permissionless restaking protocol. With this new initiative, traders will be able to use restaking tools to help Lido stETH regain market dominance.
Lido DAO officially supports Mellow Finance, a DeFi protocol that provides liquidity restaking "vaults"; Mellow Finance uses Symbiotic, a competitor of EigenLayer, to build its restaking vaults. Users can deposit assets such as stETH into the vaults, and "curators" (similar to crypto underwriters) will deploy these assets into different active validation services or AVS (protocols secured by restaked assets) to help users earn additional interest from the funds. Lido Alliance members Steakhouse, P2P Validator, Re7 Labs, and MEV Capital will each release announcements on Tuesday to launch vaults accepting stETH. Currently, rewards obtained from depositing into Mellow vaults will appear in the form of points, which may eventually be linked to future token airdrops.
ProShares submits Ethereum spot ETF S-1 registration statement
According to CryptoSlate, ProShares submitted an S-1 registration statement for an Ethereum spot ETF on June 11th. According to the document, Coinbase Credit will serve as the company's trading credit lender, allowing it to borrow Ethereum (ETH) and cash in certain transactions exceeding the trading balance. The Bank of New York Mellon will serve as the transfer agent, processing purchase and redemption orders and maintaining ownership records of the fund. Additionally, The Bank of New York Mellon (BNY Mellon) will act as the administrator and cash custodian, Coinbase Custody will act as the Ethereum custodian, Coinbase Inc. will act as the primary execution agent, and Delaware Trust Company will act as the trustee, with ProShare Capital Management as the issuer.
According to the official blog, Polygon Labs announced the launch of the 10 billion POL community grant program CGP exclusively for developers. The first season will allocate 35 million MATIC to projects built on Polygon, with applications open today and closing on August 31, 2024. Polygon Labs stated that a community treasury was created based on community consensus, unlocking 10 billion POL over the next 10 years, approximately 1 billion POL per year, all owned by builders.
SushiSwap replaces DAO with "Sushi Labs" and introduces a multi-token ecosystem
According to Cointelegraph, after months of intense debate, decentralized exchange SushiSwap introduced a new brand and business model for its ecosystem. The new phase, under the name of Sushi Labs, replaces the decentralized autonomous organization (DAO) with a "council structure". Sushi Labs is an autonomous administrative, technical, and operational company responsible for managing the Sushi ecosystem. This change was proposed in March in response to "market demand and user requests," including slow protocol response to market changes due to "cumbersome governance." The new Labs model will operate under a council structure similar to the derivative protocol Synthetix, consisting of four councils: Sushi High Kitchen, Treasury Council, Allocation Council, and Ambassador Council. High Kitchen, composed of six to eight members, is the central governing body of the protocol, responsible for overseeing multi-signature settings for transactions.
Sushi Labs will take over the DAO's multimillion-dollar budget, including 25 million Sushi tokens. Token holders still have the right to decide fund allocation but will not be involved in operational details. Another change is the multi-token product suite, which Sushi claims will help spread product costs and provide more reward opportunities for token holders. The statement reads, "The multi-token ecosystem reduces the risk of Sushi token inflation and alleviates financial pressure to fund DAO plans when products are unprofitable."
The new model has sparked controversy and criticism in recent months due to its centralization nature. Community members previously accused the proposal of being a hostile takeover. A member of Sushi expressed on their governance forum, "It seems that Sushi DAO has come to an end."
Unagi, a Solana ecosystem game studio, announces token economics and the launch of UNA on June 12th
Solana ecosystem Web3 game studio Unagi announced the launch of the UNA token on June 12th, along with the token economics, where 22% of the tokens will be allocated to game and community rewards, 20% to the ecosystem, and 17% to the team. Earlier news stated that Unagi completed a $5 million seed round of financing in February last year, led by Sisu Game Ventures, with participation from Sfermion, Signum Capital, and 2B Ventures.
According to Artemis, a witch hunter, in a post on the X platform, multiple Sybil accounts were found in the ZKSync airdrop eligibility list, receiving over 2 million ZK tokens collectively by depositing the same amount of Ethereum on the same day, with each wallet receiving an average of 15,000 ZK tokens. Almost all accounts were marked on the LayerZero witch list.
IO token of IO.NET is now open for claiming
According to official sources, the IO token of the decentralized artificial intelligence computing and cloud platform IO.NET is open for claiming as of 19:00 on June 11th and will end on June 18th at 19:00.
Binance to launch IO 1-50x U perpetual contract
Binance will launch the IO 1-50x U perpetual contract at 22:00 on June 11th, 2024 (GMT+8). Additionally, Binance Finance, One-Click Buy, and Instant Exchange platforms have listed the new asset IO.NET (IO).
Brazilian bank Itau Unibanco opens cryptocurrency trading to all users
Brazil and Latin America's largest bank, Itau Unibanco, has now opened cryptocurrency trading services to all users. Through Itau's internal investment platform Ion, users can now purchase Bitcoin (BTC) and Ethereum (ETH). The feature was initially launched in December last year but was limited to some users and has now been expanded to all users.
Binance to delist ALPACA/BTC, MDX/BTC, and other spot trading pairs
According to an official announcement, Binance will delist the following spot trading pairs and cease related trading at 11:00 on June 14th, 2024 (GMT+8): ALPACA/BTC, MDX/BTC, NFP/TUSD, QUICK/BTC, XAI/BNB.
According to Nansen's official Twitter clarification, there is a misunderstanding regarding the information about the zkSync airdrop. Nansen stated that they only provided specific wallet segment data to Matter Labs, including whale addresses and known scammers, but did not participate in the anti-sybil attack or directly advise on the specific allocation of the airdrop. If anyone spreads the message that Nansen participated in the airdrop allocation, it is false information.
According to PancakeSwap's official tweet, PancakeSwap has received funding from Arbitrum to jointly promote the development of the ecosystem. Over the next 12 weeks, PancakeSwap will distribute 450,000 ARB as rewards, with 330,000 for v3 liquidity mining, 60,000 for Stryke options liquidity mining, and an additional 60,000 for prediction market rewards.
Bithumb announces the launch of the ICP Korean won trading market
According to the announcement from the South Korean cryptocurrency exchange Bithumb, Internet Computer (ICP) has officially launched its Korean won trading market (KRW Market) today. Deposits for ICP tokens will begin at 2:00 PM Beijing time (3:00 PM Korean time), and trading and withdrawals will open at 5:00 PM Beijing time (6:00 PM Korean time), with a reference price of 13,900 Korean won. Bithumb noted that this launch only supports the Internet Computer network, and deposits from other networks will not be accepted.
OKX: All affected user issues have been or are about to be satisfactorily resolved
According to an official statement from OKX, there have been isolated security incidents with individual customer accounts recently, and OKX has provided detailed explanations and reiterated its security commitment. All affected user issues have been or are about to be satisfactorily resolved. This incident is unrelated to users choosing to use Google Authenticator or SMS verification, but OKX recommends that eligible users prioritize using Google Authenticator to enhance account security. OKX's customer account security system has been tested through more than 10 years of practice, and the company is confident in its security and committed to continuing to compensate for customer fund losses caused by its own reasons. It has been verified that someone forged judicial evidence documents and illegally obtained information from a very small number of customers. This incident is under investigation by judicial authorities, and specific details cannot be disclosed at the moment. To prevent similar incidents from happening again, OKX has optimized its judicial cooperation process, introduced a verification mechanism, enhanced the security level of AI face recognition, and plans to introduce an expiration mechanism for authenticated addresses in the address book. The company emphasized that there have been no new cases of user account theft or information leakage recently. OKX apologizes for the community's concern and time wasted due to the incident, and stated that it will not shirk its responsibility, and is committed to continuously improving the security and service levels of its product lines.
OKX CEO Star stated that the company will redouble its efforts to build all its product lines, including security, and believes that first-class products, technology, and compliance are the core of standing firm in the crypto industry.
Hong Kong virtual asset brokerage Victory Securities announced that its VictoryX trading app now offers USDT and USDC deposit and withdrawal functions to professional investors, making it the first brokerage in Hong Kong to provide this service. Previously, VictoryX already supported Bitcoin (BTC) and Ethereum (ETH) deposit and withdrawal services, providing a convenient cryptocurrency trading platform for retail investors.
Aethir: ATH airdrop claim page and ATH staking page are now live
Decentralized cloud computing infrastructure project Aethir announced that the ATH airdrop claim page and ATH staking page are now live. Earlier news revealed the details of the ATH token airdrop: the total supply is 42 billion tokens, with 6% allocated for airdrop rewards.
Ripple CEO announces Ripple's new stablecoin name as RLUSD
According to Bitcoin.com, at the XRP Ledger Community Summit in Amsterdam, Ripple CEO Brad Garlinghouse announced the name of Ripple's new stablecoin as RLUSD. Garlinghouse expressed his fondness for the name, stating, "I like to call it Real USD… Ripple USD."
Investment and Financing
Tether's investment department plans to invest over $1 billion in trading over the next 12 months
According to Bloomberg, Tether Holdings Ltd.'s CEO Paolo Ardoino revealed that its investment department expects to invest over $1 billion in trading over the next 12 months. Ardoino stated in an interview that Tether Investments has a growing team, currently with 15 employees, who evaluate as many as several hundred projects per month, with the majority coming directly from startups. He mentioned that the company focuses on alternative financial infrastructure in emerging markets, artificial intelligence, and biotechnology—over the past two years, the company has invested approximately $2 billion in these areas.
Ardoino stated that while Tether plans to continue retaining 100% reserves and extracting an additional 6% buffer from profits to ensure smooth redemption of USDT, Tether expects to invest a portion of the remaining profits in trading. To help expand the distribution network, the company is investing in emerging market infrastructure. The company has also invested over $1 billion in the field of artificial intelligence, such as supporting data center operator Northern Data Group.
French AI startup Mistral AI has completed a €600 million (approximately $640 million) Series B financing round, led by General Catalyst. Other investors include Lightspeed Venture Partners, a16z, Nvidia, Samsung Ventures, Salesforce Ventures, Belfius, Bessemer Venture Partners, BNP Paribas, Bpifrance, Cisco, Eurazeo, Headline, Hana Ventures, IBM, Korelya Capital, Latitude, Millennium New Horizons, Sanabil Investments, ServiceNow, and SV Angel. Mistral AI was founded by former researchers from DeepMind and Meta, and competes with OpenAI and Google in developing generative AI infrastructure. In December last year, Mistral AI announced a €385 million (approximately $415 million) financing round, led by a16z and Lightspeed Ventures, bringing the company's valuation to $20 billion.
According to CoinDesk, Ava Protocol (formerly OAK Network) has completed a $10 million seed round of financing to develop its Eigenlayer AVS on Ethereum for private autonomous transactions. The round includes an initial investment of $5.5 million and an additional $4.5 million in seed funding, with investors including Electric Capital, Taisu Ventures, and Polygon founder Sandeep Nailwal. The funds will be used to support core Web3 infrastructure and drive cross-chain smart contract automation applications, such as limit orders for decentralized exchanges. Ava's testnet has over 10,000 wallets and over 1,000 daily transactions, and the company is collaborating with more than 30 partners, including Polkadot and Moonbeam, to simplify the deployment of Web3 applications.
CMT Digital is raising $150 million for its fourth fund focused on Web3 investments
According to Fortune, CMT Digital is raising $150 million for its fourth fund focused on Web3 investments, which will be the company's largest fund to date. Since 2018, CMT Digital has invested in over 150 cryptocurrency and blockchain companies, including early investments in giants such as Circle, Coinbase, Consensys, and FalconX. The fundraising is led by former Pantera Capital executive Gerald Brant, who serves as the head of capital formation at CMT Digital, with plans to seize the enormous potential in the crypto market by expanding the global investor base. CMT Digital will focus on long-term investments in companies that may realize their vision in the next 3 to 7 years, with a particular focus on decentralized physical infrastructure and stablecoin areas, such as Helium and Ethena's USDe. Despite a rebound in crypto venture capital in 2024, with total investments reaching $2.4 billion in the first quarter, there is still a gap compared to the investment peak in early 2022. As a subsidiary of CMT Group, CMT Digital further solidifies its important position in the rapidly changing crypto market through the fundraising for this fund.
Key Data
CryptoQuant CEO Ki Young Ju stated on Twitter that the largest Bitcoin mining company in the United States, Marathon Digital, sold 1,200 bitcoins yesterday, setting a record for over-the-counter (OTC) trading volume since the end of March. This sale may have been to cover operating expenses.
A new whale address withdrew 36,000 ETH from Coinbase, worth approximately $127 million
According to Scopescan monitoring, a new whale address withdrew 36,000 ETH from Coinbase today, worth approximately $127 million.
The total value of Trump's cryptocurrency holdings has halved since June 5th to $13.84 million
According to Arkham monitoring, the total value of cryptocurrency assets held at former U.S. President Trump's address has dropped significantly, halving to $13.84 million, a decrease of approximately 55% from June 5th (over $31 million). This includes 2.103 billion TROG, worth $2.66 million; 579,290 TRUMP, worth $7.4 million; and 475.37 ETH, worth $1.68 million.
According to Lookonchain monitoring, a wallet that has been dormant for 5.5 years transferred 8,000 BTC (worth $535.64 million) to Binance 40 minutes ago. When this wallet previously received these bitcoins, the price per coin was $3,810.
Bitcoin spot ETFs saw a net outflow of $200 million yesterday, with an ETF net asset ratio of 4.47%
According to SoSoValue data, Bitcoin spot ETFs saw a total net outflow of $200 million yesterday (June 11th, US Eastern Time). The Grayscale (GBTC) ETF saw a net outflow of $121 million yesterday, bringing the historical net outflow of GBTC to $18.93 billion. As of the time of writing, the total net asset value of Bitcoin spot ETFs is $59.227 billion, with an ETF net asset ratio (market value as a percentage of total Bitcoin market value) of 4.47%, and a historical cumulative net inflow of $15.421 billion.
OKX's buyback and burn wallet received 5.73 million OKB tokens in the past two hours
Spot On Chain monitoring shows that OKX's buyback and burn wallet received 5.73 million OKB tokens in the past two hours, worth approximately $259 million, as part of OKX's 24th buyback and burn activity. Since May 15, 2019, the OKX team has conducted buyback and burn activities every three months, repurchasing a total of 97.92 million OKB tokens, with the current total value of these tokens at approximately $4.42 billion.
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