Compiled by: GaryMa Wu Talks Blockchain

Summary
Wu said this week's macro indicators and analysis: Last week, the lower-than-expected GDP in the first quarter of the United States and the higher-than-expected PCE showed slowing economic growth and inflationary pressure. The market is now adjusting its expectations, and there may be only one interest rate cut in 2024, which is very different from the seven expected at the beginning of the year. This week, the focus will be on the US April labor market data and the Federal Reserve's May interest rate decision.

Last week review
●The initial value of the U.S. real GDP annualized rate in the first quarter was 1.6%. The initial value of the U.S. GDP seasonally adjusted quarter-on-quarter annualized rate in the first quarter was 1.6%, which was expected to be 2.5% and the previous value was 3.4%.

1. QCP Capital: With the slowdown of US economic growth and the emergence of inflationary pressure, fiscal policy may become the main driving force of the crypto market

The US GDP grew by 1.6% in the first quarter, lower than the expected 2.5%, while the core PCE annual rate was 2.8%, higher than the expected 2.6%, indicating slowing economic growth and inflationary pressure. The market is now adjusting its expectations, and there may be only one interest rate cut in 2024, which is very different from the seven expected at the beginning of the year. Fiscal policy may surpass monetary policy and become the key factor dominating market liquidity and asset performance. In particular, the potential use of nearly $1 trillion in assets in the US Treasury General Account (TGA) and the upcoming quarterly refinancing announcement may be the main drivers of the market's bullishness before the end of the year.

According to Ming Pao, China Asset Management, Harvest International and Bosera Fund, three major Chinese fund companies, were approved by the Hong Kong Securities Regulatory Commission on April 23 for one Bitcoin and one Ethereum spot ETF each, and will be listed on April 30. According to the product summary, China Asset Management's ETF has the highest annual expense ratio, reaching 1.99%, which partly reflects that the bank has purchased insurance worth a total of US$1 billion for related assets; the annual expense ratios of Harvest and Bosera ETFs are 1% and 0.85% respectively, which are still generally higher than those of US ETFs.  

1. Starknet Foundation announced that it will reissue STRK airdrops to three types of users link

The Starknet Foundation said it will reissue STRK airdrops to three types of users, including Pooled stakers, StarkEx users who were mistaken for VeVe users, and VeVe users. Regarding Pooled stakers, the Foundation said it initially intended to distribute STRK to eligible stakers through the staking protocols used by users, but many staking protocols were unable to complete the distribution tasks. Currently supported protocols or entities include: Lido, Rocket Pool, BloxStaking, SharedStake, stakefish, Consensys, and Ankr Staking. Qualified recipients will be able to claim their STRK directly through the Provisions URL.

Wu said that he learned that Sunil Kavuri, a creditor of FTX, said in a tweet that S&C may propose an FTX plan that includes the following terms: exempting it from any crime; holding John Ray responsible, with no accountability. He said that John Ray was not a victim, but he sent a victim impact statement to SBF that was full of misinformation and even lies. Instead of helping to recover, FTX deliberately destroyed the value of creditors, and FTX creditors suffered losses of more than $10 billion. When taking over FTX, the CEO had 105 Bitcoins in his hands, but did not mention about 55 million Solana. Because SBF transferred funds, FTX's cryptocurrency is not in FTX, which is due to the Alameda backdoor. It will be 100% opposed to any plan, and so should FTX creditors.

Wallets are the entrance to the blockchain. Whether it is an exchange or a decentralized application, wallets exist as a basic function. We all know that wallets are divided into centralized wallets, decentralized wallets (including AA wallets and social recovery wallets), hardware wallets and custodial wallets (including multi-signature wallets and MPC wallets); the difference between the four wallets is mainly the different ways of managing private keys.   Centralized wallets are generally used by exchanges. The complete private key is encrypted and managed in a centralized environment. Common management methods include TEE, KMS and CloadHSM.   The private key of a decentralized wallet is encrypted and stored in the user's device. Generally, the private key of the wallet cannot be recovered if it is lost. There are two types of social recovery wallets, key sharding backup and guardian recovery. The key sharding technology is to use the threshold shared secret algorithm to divide the user's private key into N pieces, encrypt it, and then distribute it to different friends and store it in the device. Once the key is lost, M key shards are obtained from friends through social verification, and the complete private key is restored using the N-M (the key is split into N pieces, and M of them can be used to restore the complete key) inverse threshold shared secret algorithm. Guardian social recovery is mainly for the social recovery wallet of the EVM series. A contract manages the entire wallet. Once the key is lost, social recovery is initiated, and multiple guardians sign a transaction to replace the private key of the wallet contract to complete the recovery process.   Hardware wallets mainly manage private keys in offline hardware devices and integrate wallet signature algorithms in hardware devices.   There are two types of custodial wallets. Team fund co-management wallets generally use multi-signature wallets; the more mature solution for the EVM chain is gnosis multi-signature, and other chains still use multi-signature algorithms; corporate asset management generally uses MPC wallets. MPC is the most commonly used cryptographic algorithm in asset management solutions. N MPC nodes are run. After multiple rounds of interaction, the nodes generate key pieces. The nodes do not know each other's key pieces. When a transaction needs to be sent, only M of the nodes need to sign the transaction to be valid.   Having said so much above, if you want to find a good wallet development job, what knowledge should you master?We will discuss this in detail below. 1. Cryptography Algorithm Basics Public Key Cryptography DES Algorithm In-depth RSA, GPG, ECDSA and EDDSA Algorithms In-depth BLS Algorithm In-depth One-way Function Algorithm In-depth Threshold Shared Cryptography Algorithm In-depth MPC Algorithm In-depth

Author | Denglian Community

Rollups are blockchain scaling solutions that handle off-chain execution. As Bitcoin Layer grows in popularity, developers are now working to bring Rollups to Bitcoin. Let’s take a closer look at the Bitcoin Rollup landscape today.

Bitcoin scalability issues

Bitcoin excels at some things. For example, it’s good at storing data in a decentralized, tamper-proof way, and it’s good at solving the Byzantine Generals Problem.
 
But Bitcoin is bad at many things. For example, Bitcoin is not good at storing large amounts of data at once. It turns out that when you replicate a database across a decentralized network of nodes, the network becomes increasingly difficult to control, and the larger the network and database, the worse it gets.

Wu said that Thor Hartvigsen counted the market value and FDV of the main newly issued tokens this year, among which JUP ENA ONDO W ranked in the top four with a market value of more than 1 billion US dollars; ENA and STRK FDV exceeded 10 billion US dollars; in addition, a large number of Binance IEO tokens also have large market value and FDV. Thor Hartvigsen pointed out that in the future, to maintain this market value, there will be a lot of selling pressure, because the FDV is large but the circulation rate is low; in addition, a large number of tokens will be listed, including modularization, cross-chain bridges, LRTs, EigenLayer, L1/L2/L3, Perp DEXes, etc.