01 Bitcoin 2024
Bitcoin 2024 first day news: full of bull market euphoria
02 ETH ETF
"Ethereum spot ETF is officially listed. How do institutional and retail investors view the future market?"
"Bitwise Chief Investment Officer: Ethereum spot ETF is launched, how to configure your crypto portfolio?"
03 Trump and Cryptocurrency
How Trump is using encryption strategies to win votes as Biden withdraws from the race
The Wall Street Journal: Ordinary people who donated cryptocurrency to Trump
04 CZ Returns
"CZ is about to be released, which "concept coins" are worth paying attention to?"
05 Industry Insights
"The crypto market has suddenly changed. What caused this round of plunge?"
"Forbes: What impact will the new US crypto tax regulations have? "
The Untold Story Behind Solana Founder Toly’s Success
《Placeholder: Thinking about the growth potential of stablecoins from the perspective of currency hierarchy》
"Friend.tech is gone, what should we do next? ——Where is the future of encrypted social networking?"
06 Project Observation
"Can the new staking upstart Karak shake EigenLayer's dominance?"
IoTeX 2.0: Unlocking the infinite possibilities of the DePIN ecosystem
"How did NPC Labs, founded by former Coinbase employees, get $21 million in financing?"
Infinex Airdrop Guide: The Safest Way to On-chain?
"What did Aerodrome do right that surpassed Uniswap on Base?"
"Jingwei led a $15 million financing, how Chainbase built a full-chain data interaction layer"
01 Bitcoin 2024
Bitcoin2024 Nashville officially kicked off this week (July 25-27), and attendees seemed to be immersed in the atmosphere of the bull market. Let’s take a look at what happened on the first day of the conference. Recommended articles:
Bitcoin 2024 first day news: full of bull market euphoria
Bitcoin fans who flocked to Nashville this year weren't focused on prices. Instead, they soaked up the bull market and chatted with like-minded attendees. For many, this wasn't their first Bitcoin conference. But it was a far cry from 14 months ago in Miami, when the price of Bitcoin hovered around $28,000. At the conference's main entrance, there was a sign warning of prohibited items, with the warning "No Bears" prominently displayed, and attendees from all over the world seemed to be delighted by it.
02 ETH ETF
This week (July 23), the Ethereum spot ETF approved by the U.S. Securities and Exchange Commission (SEC) was officially listed for trading. What will the market look like in the future? Recommended articles:
"Ethereum spot ETF is officially listed. How do institutional and retail investors view the future market?"
10x Research's latest article stated that although ETH has rebounded to $3,500 before the approval of this ETF, we suspect that many people will choose to sell and profit immediately after the ETF is launched - or even before it is launched. Compared with the situation of Bitcoin spot ETF in February, Ethereum spot ETF is expected to be less likely to attract too much arbitrage funds, thereby weakening the optimism about ETH.
With the launch of spot Ethereum ETP, traditional investors can now finally use low-cost, liquid ETPs to seize the huge opportunities in the cryptocurrency field. How should investors configure their cryptocurrency positions? Bitwise Chief Investment Officer Matt Hougan gave his answer. Recommended articles:
"Bitwise Chief Investment Officer: Ethereum spot ETF is launched, how to configure your crypto portfolio?"
I think the right starting point to combine all three assets is as follows:- Bitcoin ETP: 60% allocation- Ethereum ETP: 30% allocation- Crypto Company Stock ETP: 10% allocationBitcoin and Ethereum are both exciting and leaders in their respective fields. But if you only buy one of them, you're missing out on a large part of the market. Similarly, some applications of cryptocurrencies are best served by companies rather than crypto assets. For example, stablecoins are one of the most exciting applications of cryptocurrencies: digital dollars on a blockchain, circulating around the world. But most of the value of creating stablecoins goes to the companies that created them, not the blockchains they trade on. If you want to fully understand what cryptocurrencies have to offer, you need all three: Bitcoin, Ethereum, and cryptocurrency companies.
03 Trump and Cryptocurrency
On July 22, 2024, the current US President Biden announced his withdrawal from the 2024 US presidential election and would not seek re-election. On the other hand, Trump waved the banner of "Crypto President" and continued to show his support for the crypto field to cater to voters. Recommended articles:
How Trump is using encryption strategies to win votes as Biden withdraws from the race
In order to win more votes and financial support from the crypto field, the Trump campaign also announced that it would begin accepting cryptocurrency donations, saying that the move was to unite those who "oppose the Biden administration's control of the U.S. financial market." According to the Wall Street Journal, the Trump campaign raised a total of $331 million in the second quarter, with cryptocurrency donations accounting for about 1%, most of which were Bitcoin and Ethereum, worth about $3 million. Between May and the end of June, about 100 people donated cryptocurrencies to Trump's campaign. Data shows that crypto industry donors have donated $94 million to U.S. federal political committees since 2023, exceeding the $83 million donated in the previous election cycle, and most of the donations came from the Political Action Committee (PAC), Trump's main fundraising channel. Coinbase and Ripple Labs donated $20.5 million and $20 million respectively. In addition, Marc Andreessen and Ben Horowitz each donated $9 million to Fairshake, billionaire twins Cameron and Tyler Winklevoss each donated $2.5 million; Coinbase Global CEO Brian Armstrong donated $1 million.
When former President Donald Trump became the first major party presidential candidate to accept cryptocurrency donations in May, dozens of ordinary investors quickly responded to the call. What are the stories behind these ordinary people who donated cryptocurrency to Trump? Recommended articles:
The Wall Street Journal: Ordinary people who donated cryptocurrency to Trump
Ricky DiMartino, 40, a media specialist for a Christian nonprofit, donated $500 worth of Bitcoin to Trump in mid-June. He first bought Bitcoin four years ago when he believed a college friend’s Facebook post that the value of Bitcoin would rise. DiMartino bought a small amount of Bitcoin on Cash App. He likes Bitcoin because it is not controlled by the government and transactions do not require third-party approval. The Dallas resident voted for Trump in 2016 and 2020. When he saw that the campaign accepted cryptocurrency donations, he made his first donation to the former president. “I really wanted to send a message to Trump that Bitcoin is a good thing for the people, for the United States, and for himself,” DiMartino said. “Because he has criticized Bitcoin in the past, I hope he can see the benefits of Bitcoin.”
04 CZ Returns
A few weeks ago, a US judge dismissed the charges against CZ, and CZ is expected to return in the coming months. After CZ returns, Binance and the entire BNB Chain ecosystem will grow rapidly. Recommended articles:
"CZ is about to be released, which "concept coins" are worth paying attention to?"
HOOK (current price $0.57, market value $96 million): Hooked Protocol is a Web3 social learning platform. ASI (the collective name of FET, AGIX and OCEAN tokens after merger, current price $1.27, market value $3.2 billion): Fetch.ai is an AI lab that is building an open, permissionless, decentralized machine learning network. ID (current price $0.46, market value $306 million): SpaceID is a domain name protocol based on BNB Chain, equivalent to ENS on Ethereum. EDU (current price $0.71, market value $236 million): Open Campus is a decentralized education platform supported by Binance that aims to solve the key challenges facing the education industry today. …
05 Industry Insights
The Ethereum spot ETF was officially traded for only two days before the market began to plunge. Interestingly, Ethereum had risen due to favorable news some time ago, but after the favorable news was exhausted, the negative news caused it to fall much more than BTC and SOL. Recommended articles:
"The crypto market has suddenly changed. What caused this round of plunge?"
Tesla and Google's earnings reports fell short of expectations, triggering investors' pessimism about the AI bubble, dragging down the Nasdaq and S&P 500, closing down 3.64% and 2.31% respectively, the largest single-day decline in a year and a half since the end of 2022, and bringing down all U.S. stock indexes, with the Dow Jones Industrial Average falling 500 points, the small-cap index falling 2.1%, the chip index falling 5.4%, and the Chinese stock index falling nearly 2%. The total market value of technology giants has shrunk by nearly $1.75 trillion from its peak ten days ago. Tesla closed down 12.33%, the largest single-day decline since September 2020. Nvidia fell 6.8%, Meta fell more than 5.6%, and Google fell 5.04%, the largest decline in half a year since the end of January. Microsoft fell about 3.6%, Amazon fell about 3%, and Apple fell about 2.9%. As risk assets such as U.S. stocks performed disappointingly, risk aversion among global investors intensified. Crypto assets with high liquidity were inevitably affected, leading to capital outflows and declines.
Earlier this summer, the U.S. Treasury Department and the IRS issued final regulations on tax reporting requirements for digital asset sales, transactions, transfers, and payment processing, and subsequently issued a series of supplementary guidance opinions: Notice 2024-56, Notice-2024-57, and Revenue Procedure 2024-28. Recommended articles:
"Forbes: What impact will the new US crypto tax regulations have? "
That’s why underlying asset reporting is important. The IRS treats cryptocurrencies as capital assets. In 2014, the agency issued guidance clarifying that capital gains rules apply to any form of gain or loss. If you buy and sell cryptocurrencies as an investment, you’ll calculate gains and losses the same way you buy and sell stocks. If you treat cryptocurrencies as cash, spend it directly on goods or services or use it to buy other digital assets, you can have gains or losses on a single transaction. For tax purposes, you calculate capital gains or losses by determining how much the underlying asset (what you paid for the asset) has risen or fallen from the time you acquired the asset until the taxable event occurs. A taxable event here includes a sale, gift, or other disposition. You can easily see the problem: If you don’t know what your underlying assets are, it’s impossible to correctly calculate the tax you owe. Holding an asset for more than a year before a taxable event is considered a long-term gain or loss; holding an asset for less than a year before a taxable event is considered a short-term gain or loss.
On an ordinary evening, after two cups of coffee and a beer, Toly Yakovenko's fate quietly turned. Today, his startup Solana has a market value of $80 billion. Behind this glamorous and beautiful, there is a little-known story waiting for us to explore carefully. Recommended articles:
The Untold Story Behind Solana Founder Toly’s Success
Since then, Solana has experienced downtime and even the collapse of FTX. But it survived, and now it has: - 3rd in TVL - $80 billion in market cap - 2nd in NFT trading volume - 47 million monthly active wallets None of this is possible without Toly's efforts that night, which were driven by two cups of coffee and a beer.
The innovative part of stablecoins is not the currency, but the technology and distribution.
《Placeholder: Thinking about the growth potential of stablecoins from the perspective of currency hierarchy》
Money and payment networks can be either public or private. "Public" refers to governments, central banks, and other public sector institutions, while "private" refers to privately owned and operated entities, such as most commercial banks, credit card companies, and other financial service providers. In practice, the line between the two is not as clear as it is in the quadrants in the figure below, because public currencies issued by governments circulate in private networks, and much of the private financial sector is heavily regulated by public institutions. However, the public-private distinction is a good starting point for thinking about the relationship of emerging money and payment systems to existing systems.
As Friend.tech's daily active users have dropped to less than 100, crypto social networking seems to be retreating from the trend. This article hopes to explore how to build crypto social networking based on the characteristics of each project. Recommended articles:
"Friend.tech is gone, what should we do next? ——Where is the future of encrypted social networking?"
It can be said that at the beginning of its establishment, Farcaster had almost no connection with the token economy. The few points of connection may be that the early participants had a strong crypto-native style, such as Ethereum OG and crypto investors. Thanks to the strict invitation-based screening of founder Dan Romero, the quality of early users not only ensured social interaction but also set the tone for the development of the protocol, that is, the "new crypto community" driven by social interaction. This community is different from general internal groups, and compared with applications such as X, it has a certain sense of community boundaries, which is conducive to the nurturing of community culture. Under the influence of crypto-native, the token economy is slowly entering the social process as an interactive carrier. A more obvious example is the success of DEGEN, which was initially launched as a reward token in the Farcaster Degen channel and airdropped to active members in the channel, and completed the following three points: 1. Initial community construction: through real social interaction, a group with high interaction rate and strong consensus is established, and then strong growth is generated on this basis. 2. Angel round financing: The angel round financing (490.5 ETH) led by 1confirmation in February has become a favorable catalyst for the development of the DEGEN-related ecosystem. 3. Building a sense of boundary: The difference in interaction inside and outside the channel has aroused people's curiosity and prompted people to discuss more community-oriented topics rather than just individual tweets, thus building consensus while increasing user participation. From the perspective of daily activity growth, DEGEN has become the beginning of everything and even a cultural symbol of the Base ecosystem.
06 Project Observation
As a rising star in re-staking, is Karak's data growth a false prosperity or the result of long-term ecological construction? Can it shake the dominant position of EigenLayer with the advantages of multi-chain asset re-staking? Recommended articles:
"Can the new staking upstart Karak shake EigenLayer's dominance?"
Karak's operating mechanism is not much different from Eigenlayer, and it acts as a bridge between developers and validators. In terms of the execution layer, it is different from EigenLayer in that it has developed its own Layer2 (K2) for sandbox testing, which is used for DSS development and testing before it is launched on Layer1. Karak is currently in the V2 stage. In terms of technology, the V1 stage provides a Turnkey-like SDK + K2 sandbox to simplify the development process. On July 23, Karak Network released the V2 Phase 1 Keystone testnet, which introduced a contract-based Slashing mechanism and allowed developers to deploy distributed security services (DSS) and custom re-staking mechanisms. Operators can also configure validators and native staking modules in the testnet.
In April 2024, the IoTeX ecosystem, a DePIN infrastructure network that connects the real world, received $50 million in financing. On July 18, the project also released its 2.0 white paper, taking a strategic transformation towards a modular future. As an old public chain created as early as 2017, what are the highlights of its new version? Recommended articles:
IoTeX 2.0: Unlocking the infinite possibilities of the DePIN ecosystem
In the new version, IoTeX 2.0 will rely on years of deep experience and technology to be fully upgraded to a general network architecture layer for all DePIN fields: the DePIN modular open platform, which can not only achieve lightweight construction of DePIN applications, but also provide complete cross-ecological collaboration and a broader DePIN Layer 2 ecosystem on this basis, in order to welcome the "DePIN Summer" that may appear one day in the future.
B3.fun is a game ecosystem built on Base. The team behind it, NPC Labs, announced this month that it has completed 21 million Pre-Seed and Seed rounds of financing. Recommended articles:
"How did NPC Labs, founded by former Coinbase employees, get $21 million in financing?"
NPC Labs CEO Daryl Xu said that B3.fun, as a Layer3 ecosystem built on Base, is similar to a microservice architecture. It can support high-frequency transaction processing per second and is close to achieving a transaction environment without Gas fees. More importantly, with the help of ChainSafe's chain abstraction technology, B3.fun allows users to enjoy a smoother and unimpeded gaming experience without having to worry about cross-chain or network switching. B3.fun hopes to provide gamers with a simple and frictionless entry experience for chain games. The goal is to become a one-stop shop for game developers, running infrastructure for developers and helping them with marketing and distribution so that they can focus on developing interesting games. The B3 mainnet will be launched later. At present, in the testnet stage, B3 has been able to initially support games developed based on Ethereum, Base and other EVM-compatible chains, and plans to introduce support for more blockchains in the future. B3 will also have the potential to integrate games from other blockchains such as Solana. In addition, B3 has established partnerships with more than 350 non-custodial wallet service providers, data visualization platforms and data suppliers, as well as on-ramps and oracle services, aiming to provide game developers with more direct and convenient solutions.
「User Experience Layer」 Infinex airdrop event is in its last week, how to participate? Recommended articles:
Infinex Airdrop Guide: The Safest Way to On-chain?
Infinex is a cross-chain wallet that supports major EVM chains and Solana, eliminating the hassle of using multiple wallets, paying Gas, and cross-chain. It uses Passkey to ensure security, and assets can be restored without a password or mnemonic. It is a self-custodial wallet to ensure that assets always belong to you.
How did Aerodrome, the emerging MetaDEX on Base, seize the market of Uniswap? Recommended articles:
"What did Aerodrome do right that surpassed Uniswap on Base?"
Aerodrome’s success can be attributed to its unique architecture, which aligns incentives between different protocol participants, including traders, LPs and protocols seeking to bring liquidity to the token, and through its Ve governance model. achieve this. Participants must lock AERO tokens in order to collect fees. Locking the token veAERO enables users to direct the protocol’s token emissions to a specific pool, where they will receive 100% of fees and emissions. Due to incentives, voters direct token emissions to the pools with the highest transaction volume in order to receive the most rewards. This creates a flywheel effect that attracts LPs (liquidity providers), which in turn provides traders with a low-slippage trading experience on popular token pairs. This has brought significant growth to the protocol, which is well reflected in the surge in transaction volume.
Today, the amount of data generated on the chain has reached hundreds of millions, and the processing of this data has become an increasingly urgent issue in the crypto field. Recently, the blockchain data network Chainbase announced the completion of a $15 million Series A financing. Recommended articles:
"Jingwei led a $15 million financing, how Chainbase built a full-chain data interaction layer"
Chainbase aims to integrate all blockchain data into a unified ecosystem and provide an open and transparent data interoperability layer for the era of artificial intelligence. At the operational level, as the data layer of the full-chain model, it is necessary to organically integrate data. In the Chainbase network, it includes roles such as operators, validators, developers, and delegators, and then provides data for various Web3 applications through channels such as APIs. There are now relevant data from more than 20 chains in the network, and instant synchronization of less than three seconds is achieved on multiple chains. In the network, data circulates based on the structure of "manuscripts", which contains two parts, namely schema and operators. The schema defines the data type and corresponding parameters of on-chain transactions, and the operator exists as a means of data extraction and analysis. After the developer compiles the manuscript, the operator (registered in EigenLayer) will index these manuscripts and confirm with the verifier. The verifier needs to ensure the security and integrity of the data, and the delegator will pledge and entrust the native ETH or protocol token CBT to ensure security from an economic level.
【Disclaimer】The market is risky, so be cautious when investing. This article does not constitute investment advice. You should consider whether any opinions, views or conclusions in this article are suitable for your specific situation. You are responsible for investing based on this.
