Headlines
LayerZero's daily trading volume has plummeted by over 95% from its peak
Dune data shows that after the token airdrop, LayerZero's daily trading volume has dropped by approximately 96.25% compared to the peak period.
BTC falls below 63000 USDT in the short term, with a 24-hour decline of 1.94%
According to OKX market data, BTC has fallen below 63000 USDT in the short term, currently trading at 63233.1 USDT, with a 24-hour decline of 1.94%.
CoinStats security incident: Wallet Blurr.eth stolen $8.7 million MKR
According to blockchain analyst Yu Jin's monitoring, CoinStats was attacked last night, and hackers sent notifications to users through the application containing phishing links. Approximately 1,590 wallets were affected. The most affected may be a wallet belonging to Blurr.eth: 3,657 MKR ($8.7 million) was stolen and the hacker sold it on the chain for 2,482 ETH. This caused the price of MKR to plummet from $2462 to $2280, a short-term decline of 7%.
He Yi: Exchanges do not have pricing power, the era of "fleecing" may be coming to an end
He Yi, co-founder of Binance, stated that the market's rise in 2024 is driven by the launch of BTC ETF. This wave of smart money belongs to top-tier projects and "fleecing" studios, who have worked together to create beautiful data. On one hand, project parties can raise more money from VCs (if you observe the top VCs in the market, they are all over ten billion US dollars, which indeed pushes up the pricing of good projects), and on the other hand, project parties with money and users have the confidence. With millions of users on the chain, it doesn't matter if a platform is listed on or not. There are plenty of CEXs to list on, and if there are no CEXs, there are still DEXs, and worst case, there are DEXs on the chain. Exchanges do not have pricing power, so for projects with high valuations, everyone should still look at the fundamentals, not just market cap, and it's best to also look at the circulation. Today, the market has indeed changed. The infighting between "fleecing" studios and L2 projects has turned into a farce, and the era of "fleecing" may be coming to an end. Currently, both primary and secondary markets have more professional players, who have various tools for risk hedging, but they have also expanded the market size. As an ordinary investor, using the ICOs of 2017, the IEOs and nesting of 2021, or even the "fleecing" strategies of 2023, may not be suitable for today's market. In every cycle, there will be some projects that survive the bull and bear markets, and countless top-tier projects that fall by the wayside. Whether it's Web2 or Web3, successful entrepreneurship is very rare, and projects that cross the chasm and cycles are even rarer.
Industry News
The Monetary Authority of Singapore (MAS) recently released the "Singapore 2024 Money Laundering Risk Assessment Report." The report outlines Singapore's continuous strengthening of its anti-money laundering (AML) framework in response to the evolving risk environment. The report extensively analyzes Singapore's major money laundering (ML) risks, incorporating various qualitative and quantitative indicators related to threats, vulnerabilities, and control measures, emphasizing major money laundering threats such as fraud, especially cyber fraud, organized crime, corruption, tax crimes, and transaction-based money laundering.
Data shows that after the block reward halving event on April 20, the income per TH/s for Bitcoin miners (7-day MA) has hit a historical low in the past two months. In addition to the halving, another possible reason for the decrease in miner income is the low number of new wallets entering the Bitcoin ecosystem, which is currently at its lowest level since 2018 (7-day MA).
Project News
EigenDA announced on X that rollups on the mainnet can use EigenDA for free, and all rollups on the Ethereum mainnet are welcome to publish blobs to EigenDA. To prevent free layer witch/DDoS attacks, the team has deployed a whitelist authenticated by IP or ETH address using ECDSA. The current free permissionless layer is 6 blobs per batch of 128KB, totaling 768KB every 10 minutes, but partners can work with EigenDA to seek an increase in this metric.
DeFiance Capital has regained control of official X account
Arthur, founder of DeFiance Capital, announced on X that they have regained control of the official X account and have removed fraudulent/phishing links.
Farcaster's total user count exceeds 537,000, with protocol revenue close to $1.9 million
Dune data shows that as of June 23, the decentralized social protocol Farcaster has total revenue exceeding $1.88 million, currently at $1,887,175, and a total user count of 537,376.
Solana's atomic SVM Layer 2 Sonic announced an update on X: Due to high demand for the Sonic testnet Odyssey activities, the team is upgrading the network to enhance users' on-chain experience. During the upgrade, some tasks and on-chain interactions will be temporarily suspended. The upgrade will start at 13:00 on June 24, 2024, and will last for approximately 6 hours.
Lido's ETH staking volume exceeds 9.6 million, with nearly 529,000 ETH staking rewards paid
According to official data, the total ETH staking volume on the Lido liquidity staking platform is 9,612,240 ETH, equivalent to $33,762,706,223; in addition, as of now, Lido has paid out 528,825 ETH in staking rewards, equivalent to $1,857,481,981.
Modular L2 protocol Layer N launches testnet V1.2
Modular L2 protocol Layer N announced on X that its testnet V1.2 has been launched.
pump.fun's cumulative revenue exceeds $45 million
Investment and Financing
Verida, the developer of the DePIN network, has completed a $5 million seed round of financing, with participation from O-DE Capital Partners, ChaiTech Ventures, Simurg Labs, Gate Labs, HASH CIB, Bison Capital, Amesten Capital, and Evan Cheng of Mysten Labs. The post-investment valuation reaches $50 million, and the new funds will be used to develop Verida's personal data storage infrastructure, providing decentralized storage and encryption services for user personal information. (TheBlock)
Gudchain completes $5 million financing, led by Mechanism Capital
Gudchain has completed a $5 million financing round, led by Mechanism Capital, with participation from Morningstar Ventures, Manifold, and SkyVision Capital.
Ordinox has announced the completion of a $1 million pre-seed round of financing, with participation from Digital Asset Capital, CMS Holdings, UTXO Management, Sats Ventures, Hidden Street, and STS Digital.
People's Voices
Brazilian football legend Ronaldinho: "The time for crypto to become mainstream has come"
Brazilian football legend Ronaldinho posted on X, saying, "The time for crypto to become mainstream has come. Who supports me?"
CoinStats CEO: "Taking all security measures to restore services and isolate attackers"
Narek Gevorgyan, CEO of CoinStats, posted on X regarding the recent security incident, stating, "We are taking all security measures to restore the production environment and ensure the isolation of the attackers, which is expected to take 24 hours. On the other hand, we are pushing for CEX to blacklist the attacker's addresses that have been marked on Etherscan."
Andrew Kang, co-founder of Mechanism Capital, posted on X analyzing the potential impact of the Ethereum spot ETF on the market. He stated that while the Bitcoin spot ETF provided a channel for many new buyers to allocate Bitcoin in their portfolios, the impact of an Ethereum ETF is far less clear. Unless Ethereum creates a convincing path to improve its economic situation, its price will not see significant upside from the approval of a spot ETF.
Mert Mumtaz, CEO of Helius, a development platform in the Solana ecosystem, posted on X, stating that the team is introducing ZK compression to Solana directly on L1, without the need for L2.
Ki Young Ju, founder and CEO of on-chain and market analysis company CryptoQuant, stated that compared to the previous cyclical peak, Bitcoin's network fundamentals can support a market value three times its current value. Ki Young Ju believes that the price of Bitcoin "could sustain" at $265,000. (Cointelegraph)
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