Today's Headlines:
ether.fi: New proposal approved by vote, 25 million ETHFI tokens to be airdropped to stakers in Q3
CoinList reveals that approximately 2.4 million bots and fake accounts have been cleared
Sony's Amber Japan, previously acquired from Amber Group, is renamed to S.BLOX starting today
CoinShares: Digital asset investment products saw a net outflow of 30 million USD last week
AI
Musk: GROK 2, the xAI model, will be launched in August
Musk announced on the X platform that GROK 2, the xAI model, will be launched in August.
Project Updates
Vitalik Buterin, co-founder of Ethereum, published an article "In-depth slot-and-epoch framework, providing a faster transaction confirmation time for Ethereum users." The article states that although the transaction confirmation time on Ethereum L1 has been reduced to 5-20 seconds, comparable to the experience of credit card payments, thanks to EIP-1559 and the stable block time after the merge, there is still significant value in further reducing latency, especially for applications that require delays of a few hundred milliseconds or less.
Buterin emphasized that the slot-and-epoch architecture is evidently correct, but not all slot-and-epoch architectures are equal. He advocates for a more comprehensive exploration of the design space, especially options with a stronger focus on separating concerns between these two mechanisms, to reduce transaction confirmation time and enhance user experience. Buterin stated that L2 currently has three strategies: first, being based on Ethereum both technically and spiritually, optimizing itself to deliver Ethereum's technical features and values; second, acting as a "server with a blockchain scaffold," by adding mechanisms such as proof of validity and safeguarding user rights, fully utilizing server efficiency while gaining the benefits of the chain; third, adopting a compromise strategy to establish a fast chain consisting of one hundred nodes, with interoperability and security provided by Ethereum. Under the slot-and-epoch architecture, "epochs" represent Ethereum's SSF, and the meaning of "slots" varies in different situations. The key issue is how much we can optimize the slot-and-epoch architecture based on Ethereum's native design space, and whether this will affect the application space of other types of pre-confirmation mechanisms. Currently, there is uncertainty about the complexity of block proposers and the design space of the slot-and-epoch architecture. Having more options will help better serve L1 and L2 users, and simplify the work of L2 developers.
ether.fi: New proposal approved by vote, 25 million ETHFI tokens to be airdropped to stakers in Q3
ether.fi announced on Twitter that the new proposal by ether.fi Foundation has been successfully approved, and 25 million ETHFI tokens will be airdropped to eligible ether.fi stakers in Q3. According to the proposal information, the start date of Q3 for ether.fi is July 1, 2024, and the end date is early September 2024. The airdrop distribution will take place shortly after the end of Q3, during which the Perks Passport will be launched, a new participation incentive framework that tracks users' progress and achievements based on their participation in various DeFi activities and events, rewarding users to increase their loyalty points to ether.fi.
In response to community users' allegations that Curve founder appeared to have sold 400,000 USDT worth of CRV through OTC trading, NextGen Venture co-founder Christian (@Christianeth) stated on the X platform, "The 400,000 USDT was not used to buy CRV, but to buy locked CVX; the received CRV was purchased earlier; there was no market dumping, and it's not possible to dump that much. The decline was due to other whales transferring tens of millions in, which were used to repay collateral inside the vault." Previously, according to @maid_crypto, a crypto community user on the X platform, some on-chain analysts pointed out that an address suspected to belong to @Christianeth purchased 400,000 USDT worth of CRV from Curve founder Michael Egorov at an OTC price of 0.107 USDT on June 21, and sold all of it the next day at a unit price of 0.333 USDT, causing a 5% decline in the CRV market. On June 28, the same address received an equivalent amount of CRV from the Curve founder again.
According to CoinDesk, digital asset service and wealth management platform Abra announced the launch of Abra Treasury, which provides services for enterprises wishing to hold cryptocurrencies as reserve assets on their balance sheets. The service will be operated by Abra Capital Management, a registered investment adviser with the U.S. SEC, and will offer a range of digital asset financial management solutions for enterprises, family offices, and non-profit organizations. The company stated that Abra Treasury's product combines custody, trading, lending, and yield services, allowing customers to hold their cryptocurrencies in separately managed accounts, enabling them to retain ownership of their digital assets.
OKX to delist RNDR coin for leverage and perpetual contracts
According to the official announcement, OKX will delist RNDR perpetual contracts from 4:00 to 5:00 PM (UTC+8) on July 9, 2024, and delist RNDR leveraged trading from 4:00 to 5:00 PM (UTC+8) on July 8, 2024.
According to on-chain analyst @ai_9684xtpa, Abraxas Capital Mgmt withdrew 32,000 ETH (worth $111 million) from Spark Protocol a few minutes ago and then deposited it all into Bitfinex.
Earlier today, the institution also deposited 15,000 ETH into Spark as collateral, borrowed 25 million USDC, and then transferred it to Binance.
According to the official announcement, Binance announced that it will add watch labels for more tokens on July 1, 2024. The tokens added to the watch label list are: Balancer (BAL), Cortex (CTXC), PowerPool (CVP), Convex Finance (CVX), Dock (DOCK), Kava Lend (HARD), IRISnet (IRIS), MovieBloc (MBL), Polkastarte (POLS), Status (SNT), Sun (SUN). The tokens removed from the watch label list are: Enzyme (MLN), Horizon (ZEN).
According to the announcement, compared to other listed tokens, these tokens with watch labels may have higher volatility and risk. Trading these labeled tokens carries risk, as these tokens no longer meet the standards for listing on the platform and may be delisted.
CoinList reveals approximately 2.4 million bots and fake accounts have been cleared
CoinList recently stated in an official blog post that since its establishment, the team has removed approximately 2.4 million bots and fake accounts from the platform. Removing these accounts has a negative impact on revenue for any project, as these fake accounts contribute to inflated data and profits. CoinList also emphasized its priority for comprehensive witch attack prevention measures to ensure the integrity and fairness of the platform. While many on-chain platforms and airdrops rely solely on on-chain data to mitigate witch attacks, CoinList's approach is more comprehensive: "We verify the legitimacy of devices and browsers, analyze IP addresses, screen abnormal activities similar to bots, assess the legitimacy of email addresses, and ensure that each participant is a unique and verified individual, and so on."
Jupiter co-founder: New Jupuary design plan to be decided by vote in the coming weeks
Jupiter co-founder meow responded on the X platform to a question from a netizen about "when to launch Jupuary again," stating: "I am willing, but ultimately Jupuary needs to be a community-driven plan, not just my personal wish. The vote will take place in the coming weeks."
He also added that if Jupuary is launched again, its design will be significantly different from the first time, which is necessary.
Regarding the rumor of "serious vulnerability in LayerZero," LayerZero Labs co-founder and CEO Bryan Pellegrino responded on the X platform, stating: "This accusation is completely unfounded. First, the mentioned code was pushed in 2022 and is all part of application configuration, not protocol configuration. The payload size limit is part of application security configuration for setting DVNs. Even in the latest version, the application can override this limit. If the application cannot override this configuration, LayerZero can prevent application messaging by setting the 'payload limit' to 0, but this is contrary to protocol design principles."
He further pointed out: "As mentioned in the previous response, it is not feasible to verify this vulnerability through forking and testing. If it were possible, it would be a specific setting of an application, similar to misconfigured contracts on some applications on Ethereum. This is not a vulnerability, but part of the protocol design. Any messaging protocol that engraves such configurations should have the ability to review any application. The two are closely linked and inseparable." LayerZero Labs emphasized the robustness of its technology and firmly believes in the reliability of reviewing resistance technology.
According to official sources, the U.S. venture capital firm Kleiner Perkins announced the establishment of its twenty-first venture capital fund, KP21, with a scale of 825 million USD to support startups. In addition, the company also established its third select fund, KP Select III, with a scale of 1.2 billion USD to support high-impact investments.
The company stated in a press release: "With these new funds, our team's focus on enterprise software, consumer, healthcare, fintech, and hard tech remains unchanged. Each area will experience significant acceleration due to artificial intelligence. Industries such as healthcare, law, and finance that require human low-level work and have slow software adoption will rapidly transform. New experiences and computational demands will bring opportunities for hardware and physical infrastructure. Today, imagination is the limiting factor for the future of technology."
Previously, Kleiner Perkins had invested in NFT platform Autograph, crypto exchange Rain Financial, NFT authentication company Optic, and generative AI startup Together.
Token.unlocks data shows that starting from July 24th, WLD will undergo large linear unlocking, with 6.62 million WLD tokens (approximately $16.94 million) unlocked daily for 730 days. The unlocking includes community unlocking, initial development team unlocking, and investor unlocking.
Sony's previously acquired Amber Japan renamed to S.BLOX starting today
According to Coinpost, Amber Japan Co., Ltd., which operates the cryptocurrency trading service "WhaleFin," changed its company name to S.BLOX Co., Ltd. on July 1, 2024. It was acquired by Singapore market maker Amber Group's subsidiary in February 2022 and then fully acquired by Sony Group's wholly-owned subsidiary Quetta Web Co., Ltd. in August 2023. "WhaleFin" plans to undergo updates in the future, with the following improvements planned: 1. UI screen redesign; 2. New application release; 3. Expansion of supported currencies and features.
According to The Block, Bitfinex Securities will collaborate with Mikro Kapital to launch two new tokenized bonds on the Liquid Network. The bonds being issued are for 11 months (with a 10% coupon rate) and 36 months (with a 13.5% coupon rate), aiming to raise up to $10 million USDT, with a minimum investment of $125,000. The fundraising will start on July 3 and end on July 31. This bond issuance will support small businesses and startups in emerging markets.
Binance to launch CRV USDC perpetual contract
Binance Futures will launch the CRVUSDC perpetual contract on July 4, 2024, at 15:00 (UTC+8), offering up to 25x leverage.
Important Data
"US Government" wallet address transferred 3375 ETH 10 minutes ago
Arkham data shows that 10 minutes ago, a wallet address labeled as "US Government" (0x05…e049) transferred 3375 ETH to an address starting with 0x5ac4, worth approximately $11.75 million. Subsequently, the approximately 3400 ETH seized by the US government has been transferred to a new address.
"German Government" address transferred 400 BTC to CEX 12 minutes ago
Arkham data shows that 12 minutes ago, a wallet address labeled as "German Government" transferred a total of 400 BTC to Bitstamp, Coinbase, and Kraken, worth approximately $25.28 million.
Token Unlocks data shows that next week, SUI, IO, MAV, DYDX, and other tokens will undergo a one-time large-scale unlock, totaling over $120 million. Specifically:
Manta Network (MANTA) will unlock approximately 1.87 million tokens at 7:59 AM on July 1, Beijing time, representing 0.57% of the current circulating supply, worth approximately $1.85 million;
Sui (SUI) will unlock approximately 64.19 million tokens at 8:00 AM on July 1, Beijing time, representing 2.65% of the current circulating supply, worth approximately $50.7 million;
ZetaChain (ZETA) will unlock approximately 5.29 million tokens at 8:00 AM on July 1, Beijing time, representing 1.92% of the current circulating supply, worth approximately $4.2 million;
dydx (DYDX) will unlock approximately 8.33 million tokens at 8:00 AM on July 1, Beijing time, representing 3.12% of the current circulating supply, worth approximately $11.3 million;
Maverick Protocol (MAV) will unlock approximately 36.4 million tokens at 8:00 AM on July 1, Beijing time, representing 14.56% of the current circulating supply, worth approximately $9.6 million;
Acala (ACA) will unlock approximately 27.43 million tokens at 3:00 PM on July 1, Beijing time, representing 2.69% of the current circulating supply, worth approximately $1.85 million;
io.net (IO) will unlock approximately 7.5 million tokens at 9:00 PM on July 1, Beijing time, representing 7.89% of the current circulating supply, worth approximately $24 million;
Euler (EUL) will unlock approximately 54,000 tokens at 3:07 AM on July 5, Beijing time, representing 0.29% of the current circulating supply, worth approximately $240,000;
Galxe (GAL) will unlock approximately 3 million tokens at 8:00 AM on July 5, Beijing time, representing 2.60% of the current circulating supply, worth approximately $6.6 million;
Liquity (LQTY) will unlock approximately 657,000 tokens at 8:00 AM on July 5, Beijing time, representing 0.68% of the current circulating supply, worth approximately $560,000;
Hashflow (HFT) will unlock approximately 13.62 million tokens at 8:00 AM on July 7, Beijing time, representing 3.28% of the current circulating supply, worth approximately $2.8 million;
Ethena (ENA) will unlock approximately 14.89 million tokens at 3:00 PM on July 7, Beijing time, representing 0.92% of the current circulating supply, worth approximately $7.6 million.
According to Beosin Alert monitoring and warning, the Web3 sector incurred total losses of $1.54 billion in the first half of 2024 due to hacker attacks, phishing scams, and project rug pulls. There were 78 major attack events, with a total loss of approximately $1.193 billion; 64 project rug pull events, with a total loss of approximately $119 million; and phishing scam losses totaling approximately $232 million. In the first half of 2024, there were 3 security events with losses exceeding $100 million. The total loss in May reached $450 million, the highest monthly loss in the first half of 2024. CEX was the most affected project type, with 4 attacks resulting in approximately $392 million in losses, accounting for 32.8% of all attack losses. Ethereum remained the chain with the highest losses and the most attack events. 32 attack events on Ethereum resulted in $470 million in losses, accounting for 39.4% of the total losses. In terms of attack methods, there were 22 instances of private key leaks, resulting in losses of $894 million, accounting for approximately 75% of the total attack losses, the highest proportion among all attack types. Approximately $470 million (39.3%) of stolen funds were frozen or recovered, a significant increase compared to 2023. Out of the 78 attack events in the first half of the year, 43 were due to contract vulnerabilities, and it is recommended that project teams seek professional security audits before going live.
According to Crypto Potato, data from Cryptoslam shows that the monthly trading volume in the NFT market significantly decreased by 45% in the second quarter of 2024 compared to the first quarter. In the first quarter of 2024, the total sales volume in the NFT market exceeded $4.1 billion, a significant increase from $2.9 billion in the first quarter of 2023. However, in the second quarter of 2024, NFT trading volume experienced a significant decline, with a quarterly trading volume of approximately $2.28 billion, the lowest level since the third quarter of 2023. The average selling price of NFTs in June also decreased significantly, from $193 in March to $78, a 60% decrease. As of June 28, the sales volume was approximately $419 million, making June potentially the lowest sales volume month since October 2023. The sales volume in May was slightly higher at over $616 million, a decrease of over 50% from the $1.2 billion in April. Not only is the sales volume decreasing, but other indicators such as the number of sellers and buyers are also declining. In the first quarter, there were approximately 2,238,925 sellers and 3,316,014 buyers. In the second quarter, the number of sellers and buyers was approximately 1,785,367 and 3,300,566, respectively, a slight decrease from the first quarter.
Notable is that despite the challenges facing the NFT market, significant milestones were achieved in 2024, such as the total sales volume of Solana-based NFTs surpassing $5 billion on February 23. Additionally, earlier this month, Bitcoin-based NFTs climbed to the third position in total sales volume, surpassing the Ronin network.
According to on-chain analyst Yu Jin's monitoring, a whale address labeled as Abraxas Capital withdrew a total of 60,000 ETH (approximately $203.06 million) from Bitfinex in the past 15 hours. These ETH were then deposited into Spark as collateral to borrow 101 million DAI, which was exchanged for 101 million USDC on-chain and then transferred to Binance.
Yu Jin estimates that this transaction behavior is suspected to be the whale's attempt to leverage on ETH or to borrow these stablecoins for investment in other currencies.
Later, it was reported that another address of Abraxas Capital withdrew 32,000 ETH from Spark and subsequently deposited all of it into Bitfinex.
CoinShares: Digital asset investment products saw a net outflow of $30 million last week
According to the latest weekly report from CoinShares, digital asset investment products saw a net outflow for the third consecutive week, totaling $30 million last week. Ethereum saw an outflow of $119 million in the past two weeks, marking its worst performance of the year. Conversely, multi-asset and Bitcoin ETPs saw inflows of $18 million and $10 million, respectively. The trading volume last week increased by 43% to $6.2 billion, but it remains below the year-to-date weekly average of $14.2 billion. The United States, Brazil, and Australia saw net inflows, while Germany, Hong Kong, Canada, and Switzerland saw net outflows.
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