Today's news tips:
Vitalik proposed Ethereum Improvement Proposal EIP-7706, which aims to add a separate gas type for calldata
OpenAI releases new artificial intelligence model GPT-4o
US CFTC settles registration violations with crypto broker Falcon Labs
Analysis: Worldcoin inflation rate may soar to 4% per day in the next 70 days, and a massive sell-off may occur at that time
Bracebridge Capital is currently the largest holder of Bitcoin ETF, with ARKB holdings worth approximately $262 million.
Drift Protocol: The airdrop will be launched on May 16, including initial allocation and reward allocation
Coinbase resumes service after system-wide outage, but some users still unable to withdraw or transfer assets
GameStop's stock price triggered circuit breakers several times yesterday during its surge
Regulatory News
US CFTC settles registration violations with crypto broker Falcon Labs
According to The Block, the U.S. Commodity Futures Trading Commission (CFTC) has reached a settlement with major crypto brokerage Falcon Labs, Ltd. over the latter's unregistration, according to a statement released on Monday. This is the CFTC's first action against unregistered futures commission merchants. Falcon Labs was accused of improperly facilitating customers' transactions on digital asset exchanges, directly trading futures and swaps through sub-accounts of digital exchanges such as Binance. The CFTC stated that Falcon Labs should register as a futures commission merchant (FCM) with the agency. After the CFTC sued Binance, Falcon Labs voluntarily changed the way it collects customer information and updated its KYC policy. The CFTC required Falcon to pay a fine of more than $1.7 million.
Hong Kong Securities and Futures Commission has included LENA Network in the warning list of suspicious virtual asset trading platforms
According to the official website, the Hong Kong Securities and Futures Commission warned the public to beware of a suspicious investment product called "LENA Network". The product involves pledge and lending arrangements related to virtual assets and claims to provide high returns to investors. The product has not been approved by the Hong Kong Securities and Futures Commission for sale to the Hong Kong public. The Hong Kong Securities and Futures Commission noted that the Hong Kong public can access information about the product and access the product through the Internet. Therefore, the Hong Kong Securities and Futures Commission has included the product and its related information in the warning list of suspicious investment products on May 13, 2024. The Hong Kong Securities and Futures Commission stated that it will take appropriate action for any illegal acts.
Biden bans Chinese-controlled crypto mining companies from owning land near U.S. missile bases
According to The Block, US President Biden issued an order prohibiting a Chinese-controlled crypto mining company from owning land near a Wyoming Air Force base on the grounds of national security risks. Biden also required the land to be sold, according to a statement released by the US Treasury Department on Monday. The US Treasury Department said that MineOne Partners Limited, which is majority-owned by Chinese investors, acquired the land in June 2022 and adjusted it to accommodate cryptocurrency mining operations. The Treasury Department said that the US Foreign Investment Committee reviewed the transaction and found national security risks, including concerns about surveillance.
AI&NFT
OpenAI releases new artificial intelligence model GPT-4o
In a live event on Monday, OpenAI announced the launch of a new flagship artificial intelligence model called GPT-4o. This is an updated version of its GPT-4 model. The model is trained based on a large amount of data from the Internet, is better at processing text and audio, and supports 50 languages. The new model will be available to all users, not just paying users. According to reports, GPT-4o is 2 times faster than GPT-4 Turbo, the rate limit is increased by 5 times, up to 10 million tokens per minute, and the price is half cheaper. "Reasoning through voice, text, and vision is very important because we are studying the future of interacting with machines," said Muri Murati, chief technology officer of OpenAI, at the press conference. In addition, ChatGPT also released a desktop version and a new UI interface. According to the official announcement, it is currently only available for macOS, and the Windows version will be launched later this year.
Project News
GameStop's gains expanded to 90.66%, triggering a circuit breaker for the fourth time during the session
Update: As of 17:57 Beijing time on May 14, GameStop’s U.S. stock price rose more than 50% in pre-market trading.
dYdX founder Antonio Juliano to step down as CEO, replaced by Ivo Crnkovic-Rubsamen
Antonio Juliano, founder of dYdX, said in an official blog that he will resign as CEO of dYdX Trading Inc. and become chairman and president. Ivo Crnkovic-Rubsamen, the company's operating partner, will become the new CEO. Juliano said: "I realized that I don't actually have to run my own company. I am now and will always be the founder of dYdX. When I realized that I didn't need to be the CEO, I worked hard to guide other leaders of the company on their own leadership journey until one of them was ready to run the company himself. At the beginning of this year, it became clear to me that this person, Ivo Crnkovic-Rubsamen, my long-time friend and company operating partner, was ready to take over the company in its entirety."
Juliano also said: “dYdX is not done yet, not even close. The opportunity is bigger now than ever before. It is becoming very clear that DeFi will become the main way cryptocurrency is used and derivatives will play a big role in it.”
ZachXBT: Crypto exchange Rain lost $14.8 million in suspected attack
According to The Block, crypto internet detective ZachXBT released the statement on his Telegram channel on Monday, saying that the Middle Eastern cryptocurrency exchange Rain was suspected to have been hacked and lost $14.8 million.
ZachXBT said the breach occurred on "April 29, 2024, when a suspicious outflow of funds occurred from Rain's BTC, ETH, SOL, and XRP wallets, and the funds were quickly transferred to instant exchanges and converted into BTC and ETH." Rain did not immediately respond to the media's request for comment.
io.net will take the final snapshot of the first quarter reward wallet before 8:00 on May 16
Ahmad Shadid, founder and CEO of Solana Ecosystem DePIN Protocol io.net, said that users who do not have a Solana wallet associated with an IO Cloud account cannot see IOWorker points because a valid Solana address is required to receive rewards. Although these accounts have calculated points, they will not be displayed without a valid wallet address. The team has been asked to re-enable Solana wallet submissions through IO Worker before 08:00 Beijing time on May 16, when a final snapshot of the first quarter reward wallet will be taken. If the user ran a Worker during the first quarter, they must enter their wallet address before the deadline in order to view and claim the rewards.
VanEck Bitcoin Spot ETF's net assets increased by $109 million in the first quarter, and its Bitcoin holdings are worth about $6.2 billion
According to a new filing with the U.S. Securities and Exchange Commission (SEC), VanEck Bitcoin Spot ETF HODL held a total of 8,711 bitcoins worth approximately $6.2 billion in the first fiscal quarter ending March 31, 2024. The fund's net assets increased by $109 million. As of March 31, HODL's total liabilities for Bitcoin investments were $20 million, with a net realized gain of $6 million.
Bounce M&A launches synthetic token MBA, which is minted in proportion to MUBI, BSSB and AMMX
Bounce M&A announced that it will soon launch its first synthetic token, MBA. The MBA token is minted by merging the three tokens of MUBI, BSSB and AMMX, and is designed to enhance the resilience of these three projects rather than replace them. According to reports, users need to submit 5 MUBI, 1 BSSB and 200 AMMX to synthesize an MBA. Once the tokens involved in the minting are submitted, they cannot be recovered. At the same time, AUCTION holders will be able to benefit from the 0.5% handling fee charged during the MBA minting process. The minting of MBA was launched at 9:00 Beijing time on May 14.
Drift Protocol: The airdrop will be launched on May 16, including initial allocation and reward allocation
Drift Protocol, a (DEX) derivatives platform in the Solana ecosystem, announced on Twitter that it will start an airdrop collection activity at 8:00 pm (Beijing time) on May 16, 2024. According to information released by the Drift Foundation, the total supply of this airdrop is 12%, or 120 million DRIFT tokens. The airdrop for all eligible users includes two parts: initial allocation and reward allocation. The initial allocation will be available immediately at the start of the event, while the reward allocation will be unlocked linearly within 6 hours.
The Floki community's new proposal suggests destroying more than 15.2 billion FLOKI tokens. Voting ends at midnight on May 16
The Floki community has launched a proposal on the Snapshot governance platform to destroy 15,246,000,000 FLOKI tokens. The vote has begun and will end at 03:12 am on May 16th, Beijing time. Currently, 99.8% of the votes support the destruction proposal. Recently, an affected wallet sent 15,400,000,000 FLOKI to the Floki multi-signature wallet. The proposal suggests that 1% of the tokens (i.e. 154,000,000) be returned to the wallet, and the rest be destroyed.
Bitcoin staking chain BounceBit mainnet has officially launched
Bitcoin staking chain BounceBit announced in its official blog that the BounceBit mainnet has been officially launched. The launch of the BounceBit mainnet introduced a series of new features, including node staking and delegation (BounceBit introduced a dual-token PoS mechanism, and validators pledged BBTC and BB at the same time); Premium Yield Generation is now reopened (all profits accumulated before May 13 are now available); introduction of liquidity custody; bridge to BounceBit (LCT can be bridged to BounceBit via MultiBit Bridge or Polyhedra's zkBridge); BounceClub (BounceClub owners can customize their Club to increase project visibility and community participation).
Binance will launch FRONT/USDC, PEOPLE/TRY and TRB/USDC spot trading pairs at 16:00 on May 15
Binance announced that it will launch three new spot trading pairs: FRONT/USDC, PEOPLE/TRY and TRB/USDC at 16:00 (Eastern Time) on May 15, 2024. At the same time, Binance will also introduce trading robot services for these new trading pairs, allowing users to trade using spot algorithmic orders.
Lido Community New Proposal Proposes the Creation of “Lido Alliance: Ethereum Alliance Ecosystem”
The Lido community has launched a proposal called "Lido Alliance: Ethereum Alliance Ecosystem". The proposal aims to support and endorse protocols and promote the decentralization of Ethereum verification by creating a framework, the Lido Alliance. The core principles of this alliance are to maintain the decentralization of Ethereum, product integration with Lido's middleware solutions, ensure user security, and guarantee permissionless access and censorship resistance.
Vitalik proposed Ethereum Improvement Proposal EIP-7706, which aims to add a separate gas type for calldata
Ethereum founder Vitalik Buterin recently proposed a new Ethereum Improvement Proposal (EIP-7706) to add an independent gas type for calldata and integrate the three gas types into a coordinated system. Buterin hopes that this proposal will make the discussion on the concept of "multi-dimensional gas" more concrete.
Okto, the DeFi arm of Indian crypto exchange CoinDCX, will launch its own blockchain and OKTO token
According to CoinDesk, Okto, the decentralized finance (DeFi) division of Indian cryptocurrency exchange CoinDCX, is about to launch its own blockchain and Okto tokens. The Okto application aims to popularize DeFi, provide native access to more than 100 decentralized applications (DApps), and support cross-chain bridge functions to connect independent blockchains and realize the transfer of assets and information. In addition, the Okto wallet integrates the Transak platform, expanding the number of countries and regions it supports to 155, allowing users to purchase cryptocurrencies directly in the application with a variety of fiat currencies, such as US dollars, euros, and Hong Kong dollars.
The goal of the Okto Points Program is to bootstrap the launch of the Okto blockchain, which will occur later in 2024. At that time, the OKTO token will be launched to power the chain. The points program will reward users for on-chain transactions, and those who trade elsewhere can earn bonus points by transferring assets to the Okto wallet. Up to 7% of OKTO tokens will be airdropped to early users.
Jupiter: LFG's third round of candidates are deBridge, Divvy.Bet and Exchange Art
Jupiter, a decentralized exchange in the Solana ecosystem, announced that the third round of candidate projects for LFG include the cross-chain interoperability protocol deBridge, the betting platform Divvy.Bet, and the NFT market Exchange Art. The third round of voting will be held on May 22.
Eigenpie: Will airdrop EGP tokens to 100,000 Web3 wallet users from Binance and OKX
Liquidity re-staking platform Eigenpie tweeted that it will airdrop EGP tokens to 100,000 active Web3 wallet users from Binance and OKX. This airdrop allocates 1% of the total supply of EGP and aims to expand the size of the Eigenpie community. Specifically, Binance users will receive 60% of the EGP tokens allocated to the first 60,000 Web3 wallet users who participated in the Binance Megadrop Web3 Quest, which accounts for 0.60% of the total supply of EGP. OKX users, especially the 40,000 users who exchange more than $10 on the OKX DEX aggregator before April 8, 2024, will receive 40% of the 1% airdrop, which accounts for 0.40% of the total supply of EGP. To avoid Ethereum's high gas fees, qualified users can claim their airdrops through centralized exchanges or L2 solutions after the EGP token TGE is completed.
Analysis: Worldcoin inflation rate may soar to 4% per day in the next 70 days, and a massive sell-off may occur at that time
DeFi researcher @DefiSquared published an analysis on the X platform, pointing out that Worldcoin may become the largest wealth transfer event in this cycle, but unfortunately, this wealth transfer is not in the form of universal basic income (UBI) as claimed in its mission, but is transferred to the pockets of the team and insiders. Although many people mistakenly believe that the project is related to OpenAI, there is actually no direct connection, and the upcoming token unlocking may lead to a large-scale sell-off in the market.
According to @DefiSquared's analysis, Worldcoin's fully diluted valuation is currently $60 billion, with a daily depreciation of 0.6% due to token issuance and operator claims. In addition, the Worldcoin Foundation announced that it would sell an additional $200 million worth of tokens to trading companies, which is equivalent to 18% of the total circulating supply, and these tokens were sold to opposing parties, and the distribution called "Community" actually brought benefits to the Foundation.
More importantly, there are only 70 days until the VC and team unlocking period begins, when the supply of WLD will expand by 4% daily due to unlocking and issuance, resulting in nearly $50 million of continued selling pressure. @DefiSquared warns that this design was based on predatory token economics from the beginning, intended to benefit the team and early investors, while retail investors often do not understand this background and mistakenly believe that they can counter the system by pushing up prices.
Coinbase resumes service after system-wide outage, but some users still unable to withdraw or transfer assets
According to Cointelegraph, Coinbase experienced a major outage on May 14. The exchange announced a full system outage at 4:19 am UTC (12:19 Beijing time), which lasted for three hours and was fully restored at 7:34 am UTC (15:34 Beijing time). Although Coinbase said the system has been restored, some users are still unable to withdraw or transfer assets. On the X platform, a user named Rocket commented that "millions of people are still unable to withdraw or transfer their assets." Many other users also reported that cryptocurrency transfers and cash withdrawals are still offline, and called on the X community to verify Coinbase's statement that its system is "fully restored." Coinbase's status page shows that the exchange experienced "trading degradation" on May 14, but said that the incident was resolved along with the full system outage at 4:19 am UTC.
Financing News
ChainML, an AI platform supporting Web3, completes $6.2 million in seed round extension financing, led by Hack VC
According to The Block, ChainML, an artificial intelligence platform supporting Web3, raised $6.2 million in a seed round of extended financing and launched a proxy base layer called Theoriq. The round was led by Hack VC, with participation from Foresight Ventures, Inception Capital, HTX Ventures, Figment Capital, Hypersphere Ventures, and Alumni Ventures.
ChainML co-founder and CEO Ron Bodkin, formerly technical director of applied AI at Google, said the round was structured as equity and token warrants late last year and is now being announced with Theoriq. Bodkin declined to comment on valuation.
ChainML, a Web3-enabled AI research and development company that aims to decentralize AI access, today launched an agent base layer called Theoriq, a framework for autonomous AI agents to complete complex tasks.
Important data
Bracebridge Capital is currently the largest holder of Bitcoin ETF, with ARKB holdings worth approximately $262 million
Eric Balchunas, Bloomberg ETF analyst, said on X platform: "A new high in Bitcoin ETF holdings (excluding APs/MMs) has been reached. Boston-based Bracebridge Capital reported owning $262 million worth of ARKB. It is also the largest holder of IBIT, holding $81 million worth of the ETF. They also hold $20 million worth of GBTC. There is still one week left before the 13F filing deadline."
According to its statistical data, there are currently 136 companies reporting holdings of FBTC, 60 companies reporting holdings of BITB, 42 companies reporting holdings of ARKB, and 250 companies reporting holdings of IBIT.
Grayscale transferred about 2,502 BTC to Coinbase Prime and other addresses
According to Arkham monitoring data, at around 21:13 last night Beijing time, Grayscale transferred 1,400 BTC to the Coinbase Prime address. In addition, Grayscale also transferred 1,102 BTC to a new address.
LayerZero CEO: Up to 100,000 addresses have revealed themselves as witches
Bryan Pellegrino, co-founder and CEO of LayerZero, revealed on Twitter that as many as 100,000 addresses have been exposed as Sybil addresses.
Bitcoin Rune Protocol has seen a drop of more than 50% in all metrics in the past two weeks, including fees, new runes, and user activity
Activity on the Bitcoin Runes protocol has slowed down over the past week, CoinDesk reports, indicating that it has failed to gain significant traction among users despite a stellar start last month. Runes further optimizes the Ordinals protocol to make transactions cheaper and faster. According to data from Dune Analytics, the protocol issued more than 85,000 tokens in the first 10 days after Bitcoin’s fourth halving on April 20, generating more than $3 million in fees. However, over the past two weeks, all metrics - including fees, new Runes, and user activity - have dropped by more than 50%. Since May 1, only about 5,000 new Runes have been shipped, costing less than $100,000. Runes dominated the Bitcoin ecosystem’s transactions and fees at its peak, accounting for as much as 80% of network activity, but this is now down to 20%. It’s worth noting that this decline occurred during an overall market downturn, with falling Bitcoin prices and sluggish altcoin growth, likely contributing to a decline in sentiment toward the new technology. Ho Chan Chung, head of marketing at CryptoQuant, said: “The success of the OP_Return-based Bitcoin L2 project is questionable because UTXO-based blockchain networks are fundamentally different from smart contract networks.”
Binance Moves Over $2.7 Billion Worth of BNB to “BNB Chain: Stake Hub”
According to Scopescan, Binance transferred more than $2.7 billion worth of BNB to “BNB Chain: Stake Hub” in the past few minutes.
Data: Today’s trading volume of 6 Hong Kong virtual asset ETFs is about HK$17.3 million
Hong Kong stock market data shows that as of the close, the transaction volume of the six Hong Kong virtual asset ETFs today was HK$17.2993 million, a 30% decrease from the previous trading day. Among them, the transaction volume of China Asset Bitcoin ETF (3042.HK) was HK$11.3049 million, the transaction volume of China Asset Ethereum ETF (3046.HK) was HK$2.0033 million, the transaction volume of Harvest Bitcoin ETF (3439.HK) was HK$1.8908 million, the transaction volume of Harvest Ethereum ETF (3179.HK) was HK$598,800, the transaction volume of Bosera HashKey Bitcoin ETF (3008.HK) was HK$795,100, and the transaction volume of Bosera HashKey Ethereum ETF (3009.HK) was HK$706,400.
PANews APP has updated its functions, download and experience it now!
【Comment】Speak freely and exchange views
【Floating window】Reading interrupted, return at any time
【Search within the article】Quickly locate and get to the core
