Compiled by: Luan Peng, ChainCatcher
Important Information:
Hong Kong Treasury Secretary Paul Chan: Close consultation with mainland regulators to allow mainland investors to buy Hong Kong stocks with RMB
Kanpai Pandas big investor: Not an insider, the airdrop share given by LayerZero is disappointing
Bernstein: Bitcoin and crypto-related stocks are ripe for institutional adoption
Pantera Capital is raising a new $1 billion fund and will invest $200 million in AI
Montenegrin Prime Minister Milojko Spajic was one of the early investors in Do Kown’s Terra project
Macquarie: The forecast for the first Fed rate cut has been brought forward from 2025 to December this year
CryptoQuant CEO: Long-term Bitcoin holders sold $1.2 billion of BTC in the past two weeks, and ETFs had a net outflow of $460 million
LayerZero launches airdrop qualification inquiry page
“What important events have occurred in the past 24 hours?”
Hong Kong Treasury Secretary Paul Chan: Close consultation with mainland regulators to allow mainland investors to buy Hong Kong stocks with RMB
According to Jiemian News, Hong Kong Financial Services and Treasury Secretary Paul Chan said in Shanghai that this year marks the 10th anniversary of the interconnection between Hong Kong and the mainland markets. Hong Kong stocks now have RMB counters, and 24 large-priced stocks can be traded in Hong Kong dollars or RMB at the same time. Now we are in close consultation with mainland regulators to implement the implementation of allowing mainland investors to directly use RMB to buy RMB stocks listed in Hong Kong and connect the RMB counter to the Hong Kong Stock Connect.
Kanpai Pandas big investor: Not an insider, the airdrop share given by LayerZero is disappointing
X user Axel Bitblaze, who received 10,000 LayerZero (ZRO) airdrops by holding 36 Kanpai Pandas, said in a post that he was not an insider. As the first NFT series to integrate the LayerZero Omnichain protocol, Kanpai Pandas holders should receive a larger share of ZRO airdrops. Axel also mentioned that the airdrops given to on-chain users by LayerZero were disappointing: "The top 1% of wallets only received 200-500 tokens, which is crazy... My family and I have also tried to interact to get airdrops, and although we are ranked in the top 1%, these interactions have only resulted in a small amount of airdrops."
Bernstein: Bitcoin and crypto-related stocks are ripe for institutional adoption
Bernstein said in a research note that Bitcoin (BTC) and cryptocurrency-related stocks are undervalued and ripe for institutional adoption. They noted that while some believe that trading in Bitcoin exchange-traded funds (ETFs) is over, they believe these ETFs will receive approval from major brokerages and large private banking platforms in the third and fourth quarters. This would significantly expand access to the world's largest cryptocurrency.
Pantera Capital is raising a new $1 billion fund and will invest $200 million in AI
Crypto hedge fund Pantera Capital is raising a new $1 billion fund. Portfolio manager Cosmo Jiang said more than $200 million of that is earmarked for artificial intelligence, and he is actively looking for projects that use AI to boost blockchain businesses. In addition, Jiang said an earlier fund had already injected about 15% to 20% of its capital into AI-related blockchain projects, and the new fund is expected to invest more.
Montenegrin Prime Minister Milojko Spajic was one of the early investors in Do Kown’s Terra project
According to Cointelegraph, a court document filed by the U.S. Securities and Exchange Commission (SEC) revealed that Milojko Spajic, the Prime Minister of Montenegro who took office in October last year, was one of Terra's early investors. He invested $75,000 in Singapore's Terraform Labs in April 2018 and purchased 750,000 LUNA. Before the court documents were made public, the Prime Minister of Montenegro claimed that he had never personally invested in failed cryptocurrency projects. The Prime Minister of Montenegro claimed that the company he worked for was defrauded of $75,000, not him personally.
Macquarie: The forecast for the first Fed rate cut has been brought forward from 2025 to December this year
Macquarie Group economists expect the Federal Reserve to start easing monetary policy in December — rather than in the first quarter of 2025 — thanks to a recent retreat in inflation. “Breadth indicators show clear improvement in favor of lower inflation,” economist David Doyle wrote on Tuesday of the May CPI report. “This improvement, combined with more mixed signals from the labor market, prompts us to bring forward our base case forecast for FOMC easing.” Macquarie now expects a 25 basis point rate cut in the fourth quarter, or December, compared with the previous forecast for the first quarter of 2025.
CryptoQuant CEO: Long-term Bitcoin holders sold $1.2 billion of BTC in the past two weeks, and ETFs had a net outflow of $460 million
Ki Young Ju, CEO of CryptoQuant, said in a post on X that long-term Bitcoin holders sold $1.2 billion of BTC in the past two weeks, possibly through brokers; during the same period, ETFs had a net outflow of $460 million. If the $1.6 billion of seller liquidity is not purchased over the counter, brokers may deposit Bitcoin into exchanges, thereby affecting the market.
LayerZero launches airdrop qualification inquiry page
The LayerZero Foundation announced on X that it has launched an airdrop qualification query page.
Hong Kong Securities and Futures Commission: In the next three years, tokenization will be promoted to improve the efficiency of the industry and continue to improve the virtual asset regulatory system
The Hong Kong Securities and Futures Commission published its 2023-24 Annual Report today, which disclosed the four major strategic priorities of the SFC in the next three years. It mentioned that it will lead the market transformation with technology and ESG, promote tokenization to improve the efficiency of the industry, and continue to improve the virtual asset regulatory system. In addition, it also mentioned the need to maintain market resilience and reduce damage, and will continue to crack down on all types of market misconduct related to virtual assets.
Sources: ZKsync pledges over $20 million to build Lens on top
According to DL News, citing sources, ZKsync has committed to providing Lens with a large number of tokens for building on the protocol. The exact amount of tokens is unknown, but those competing with ZKsync to attract Lens to its blockchain withdrew from the bidding war after Lens representatives said they received an offer of about 0.5% of the total supply of the recently launched ZK token. At the current ZK token price of about $0.21, this is equivalent to $22.4 million.
"What are the interesting articles worth reading in the past 24 hours?"
Analyst: What caused altcoins to perform poorly in this cycle?
In the cryptocurrency space, the over-fragmentation of altcoins has become a core factor in their weak performance in this cycle. After further research, I found that this fragmentation poses a serious threat to the overall health of the cryptocurrency market. Unfortunately, it seems that we have not yet found a clear solution to this challenge.
I wrote this post to hopefully provide more insight into this critical issue that will impact the future of cryptocurrency. It will explain how we got here, why prices behave the way they do, and the path forward.
Investing in L2 vs. Investing in ETH: Which has a brighter future?
Layer 2 (L2) solutions on Ethereum have made significant progress over the past few years. Currently, the total locked volume (TVL) of Ethereum L2 exceeds $40 billion, compared with only $10 billion a year ago. On @l2beat you will find more than 50 L2 projects, but the top 5-10 projects account for more than 90% of the TVL.
After the implementation of the EIP-4844 proposal, transaction fees were greatly reduced, and transaction fees on platforms such as Base and Arbitrum were even less than US$0.01.
Opinion: Vitalik is wrong, the crypto space really needs a "stupid" Memecoin
If you’re a celebrity, being part of the Bored Ape Yacht Club (BAYC) is no longer in fashion; Memecoin is in.
BAYC can be said to be the most successful project and is popular among mainstream society. However, as can be seen from the floor price of BAYC, BAYC is outdated.
At the same time, celebrity Memecoin has generated a crossover appeal that most cryptocurrencies lack.
The idea that Memecoin has no utility is shortsighted. Memecoins are key components of blockchains, placeholders for “real” economic activity that might move people from traditional financial ports to blockchain ports. In order for this to work, those ports must be able to handle hundreds of thousands of people simultaneously trading Memecoins with silly names.
At this point, even if some crypto people are more sensitive to ridiculous and pointless projects, their opposition to Memecoin may misunderstand some of the most active people in the crypto space today.
Sequoia India led the investment, a three-minute quick look at ZK's new player Mystiko
The term ZK, which was originally highly anticipated by the market, seems to have been born at the wrong time. With the sluggish market, the attention has plummeted. In addition, the ZK protocol ZKsync, Polyhedra, and Taiko have been questioned by the market due to airdrop incidents, and market funds and sentiment have fallen to the bottom.
Are there any new ZK projects that have been overlooked during the market's quiet cycle? As the infrastructure layer of Web3, Mystiko was selected as one of CoinList's 2022 summer seed projects. In March this year, Mystiko completed a $18 million seed round of financing, led by Sequoia Capital India/SEA (now known as Peak XV Partners), with participation from Samsung Next, HashKey, CoinList, Naval Ravikant, etc. Both the seed round amount and the investor lineup are luxurious.
More than 20 million people have been exposed to digital assets. Vietnam is becoming a new generation of crypto hotspot
Walking on the streets of Ho Chi Minh City, Vietnam, the hot and humid air, the lights that never stop all night, the roaring army of motorcycles, and the passionate DJ Show in the center of the square all reveal the atmosphere of youth and vitality. Here, the Web3 industry is growing rapidly.
In 1986, Vietnam began to learn from China to implement "reform and opening up", thus entering a period of rapid economic development. In the past three decades, its GDP has grown by an average of 7% per year, surpassing all countries in the ASEAN region and successfully becoming one of the fastest growing countries in the world. In the global supply chain restructuring in recent years, Vietnam has also become a winner, and its position in the global manufacturing industry has continued to rise.
Vietnam is the third most populous country in Southeast Asia and has become the 15th country in the world with a population of over 100 million. Data shows that nearly 70% of Vietnam's population is of working age. At the same time, the proportion of young people in Vietnam's population has reached a historical high, with young people aged 10 to 24 accounting for 21.1% of the total population. The optimistic economic development prospects and the large group of young people have allowed the entire Web3 industry to see the future market potential.
Back to the Web3 industry itself, Triple-A's report shows that more than 20 million people in Vietnam have held or used digital assets. In the Chainalysis 2023 report, Vietnam is the third country with the highest Crypto Adoption Index, and in the rankings in 2022 and 2021, Vietnam is the first. At the same time, on exchanges such as Binance, BingX, and MEXC, the Vietnamese market has become one of the top five countries in terms of trading volume. By December 2022, Vietnam has produced more than 200 blockchain projects, of which Coin98 and Coin68 (Kyros Ventures) are recognized as the leaders.
The panoramic view of Vietnam's crypto industry shared by Kyros Ventures CEO Zane well demonstrates the entire Vietnamese Web3 ecosystem.
