Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering the week's key news, mining information, project dynamics, technological progress and other industry dynamics. This article is one of the news weekly, taking you to a glance at the major events in the blockchain industry this week.
Headlines
▌Liquidity re-pledge protocol ether.fi is launched on the Base network
Golden Finance reported that the liquidity re-pledge protocol ether.fi said on social media that ether.fi is online on the Base network. Users can now integrate with various other protocols on Base, including Aerodrome, Balancer, and Extra Finance. All eligible users can claim reward points from ETP (Etherfi Treasury Pool), including additional rewards before the next season.
▌Russian users demand Beribit return more than $4 million
Russian authorities raided the office of cryptocurrency exchange Beribit at the end of March
▌The probability of the Federal Reserve keeping interest rates unchanged in May is 94.6%
According to CME's "Fed Watch", the probability of the Federal Reserve keeping interest rates unchanged in May is 94.6%, and the probability of a 25 basis point rate cut is 5.4%. The probability of the Federal Reserve keeping interest rates unchanged by June is 88.5%, the probability of a cumulative 25 basis point rate cut is 11.2%, and the probability of a cumulative 50 basis point rate cut is 0.3%.
▌The three major U.S. stock indexes all closed slightly higher
The three major U.S. stock indexes all closed slightly higher, with the Dow up 0.39%, the Nasdaq up 0.35%, and the S&P 500 up 0.32%. Tesla surged by more than 15%, the largest single-day gain since March 2020. Apple rose by more than 2%, Nvidia and Amazon rose slightly; Google fell by more than 3%, Meta fell by more than 2%, Intel and Microsoft fell by more than 1%, and Netflix fell slightly.
The raid was allegedly related to the terrorist attack on Crocus City Hall. Subsequently, Beribit, an officially authorized exchange in Russia, announced on Telegram that during the leadership change, discrepancies were found in the company's financial situation and an audit was required. Now, tensions appear to have erupted, with more than 50 Beribit customers occupying the exchange’s offices, demanding the return of more than $4 million in funds, according to Russian-language news site Gazeta.Ru. Videos circulating on social media showed customers receiving chocolates and promises that their deposits would be settled within 1-15 days. Meanwhile, Russian Duma lawmakers have proposed legislation to ban cryptocurrency exchanges in the country. Uniswap founder Hayden Adams posted on the X platform that if they tax unrealized gains, they need to repay Uniswap LP’s impermanent losses. "This statement is suspected to be another response to the Wells Notice issued by the US SEC.
▌Analyst: Bitcoin is approaching the starting point of the most aggressive position in the bull market cycle
Technical analyst Tradingshot said that Bitcoin is approaching "the starting point of the most aggressive position in the historical bull market cycle" and predicted that the price of the cryptocurrency may rise to $300,000. This price is a technical prediction because these are measured from high to low when the MM (Mayer Multiple) mean is touched. .
▌EigenLayer announces token airdrop plan
Policy
▌Former Congressman: Excessive government control is the reason why people support BTC
According to Bitcoin Magazine, former Congresswoman Tulsi Gabbard said excessive government control is why people support BTC, which is an "independent, transparent, and non-government controlled form of currency."
▌US Court: A company does not need to "control" funds to be considered a money transmission business
The U.S. District Court for the Southern District of New York responded to the defense motion to dismiss in the Tornado Cash case. The response pointed out that a company does not need to "control" funds to be considered a money transmission business. This development may have a significant impact on the Samourai case.
▌Australian Exchange Expected to Approve Spot Bitcoin ETF by the End of 2024
Australia will follow in the footsteps of the United States and Hong Kong to launch a Bitcoin ETF. According to people familiar with the matter who asked not to be named, ASX Ltd., which handles about four-fifths of the country's stock trading, is expected to approve the main board's first batch of spot Bitcoin ETFs by the end of 2024.
Sydney-based BetaShares is working to launch a product on the Australian Securities Exchange, a spokesman said in an interview. Another local company, DigitalX Ltd., said in its half-year results in February that it had applied. Justin Arzadon, head of digital assets at BetaShares, said U.S. inflows prove digital assets are here to stay. Arzadon added that the company has reserved ASX tickers for spot bitcoin and spot ethereum ETFs.
▌Terraform Labs lawyers propose $1 million fine in SEC case
The U.S. Securities and Exchange Commission (SEC) has asked Terraform Labs and its co-founder Do Kwon to hand over $5.3 billion in fines and civil penalties, and Terraform Labs' attorneys have filed an opposing motion. In a filing with the U.S. District Court for the Southern District of New York on April 26, Terraform’s legal team recommended that the court impose a civil penalty of up to $1 million after a jury found the platform and Kwon liable for fraud.
▌U.S. Financial Services Committee Chairman Slams SEC’s Investigation into Ethereum, Says Chairman Deliberately Misleads Congress
Patrick McHenry, Chairman of the U.S. House Financial Services Committee, blasted the U.S. Securities and Exchange Commission (SEC) and Chairman Gary Gensler over the SEC’s investigation into Ethereum, suggesting that Ethereum could be classified as a security. In addition, the congressman stressed that Gensler deliberately misled Congress on the issue. Patrick McHenry pointed out that this incident highlights the urgency for Congress to pass the bipartisan 21st Century FIT Act in order to provide a clear regulatory framework and strong consumer protection for the digital asset market. Committee Republicans will continue to hold the U.S. SEC, led by Gary Gensler, accountable for its regulatory overreach, which has stifled innovation, left American consumers unprotected, and endangered our national security.
▌U.S. House of Representatives: The U.S. SEC contradicts itself on the security of ETH
The U.S. House of Representatives Financial Services Committee issued a statement saying that the U.S. Securities and Exchange Commission (SEC)’s statement on the security of Ethereum (ETH) contradicts the statement of the agency’s chairman Gary Gensler. The U.S. Banking Commission stated in a statement that they will continue to hold the SEC accountable for excessive regulation in the digital asset market, and the issue of the agency’s classification of Ethereum is crucial in the current application for the issuance of the first U.S. spot Ethereum ETF.
Blockchain Applications
▌Burnt Banksy's XION platform launches chain abstraction solution
Burnt Banksy's XION platform officially launched a user-friendly chain abstraction solution. The team said: "With this launch, XION users are now able to expand the ease of use of blockchain by frictionlessly sharing applications, liquidity and assets. More cross-ecosystems, starting with Injective, users can interact with Injective's Talis market through their XION account using only email, without having to understand cross-bridges, browser plug-ins, mnemonics, etc., GAS fees, etc."
▌Magic's wallet-as-a-service is integrated with Tezos, funded by the Tezos Foundation
▌Proposal to deploy Uniswap V3 on the Taiko mainnet is now in progress
A proposal to deploy Uniswap V3 on the Taiko mainnet is in progress, enabling Taiko community contributors and developers to integrate Uniswap into their projects through Uniswap V3 support. The voting deadline is April 29.
▌zkSNACKs: US users will be banned from using Wasabi Wallet indefinitely
zkSNACKs, the developer of privacy-enhancing Bitcoin wallet Wasabi Wallet, announced today that users from the United States will be banned from using its product indefinitely. The decision was likely triggered by the arrest of the founder of Samourai Wallet. According to the company's announcement, users in the United States and related territories are now blocked via an IP address firewall and "are unable to access its website, download and use Wasabi Wallet and any related products and services, including APIs and RPC interfaces." The announcement pointed to "recent statements issued by US authorities" as the reason.
▌Casa Lianchuang attacks Bitcoin testnet to generate three years of blocks in one week
Jameson Lopp, co-founder and chief security officer of cryptocurrency self-custody platform Casa, said that his malicious attack on the Bitcoin testnet resulted in the generation of more than 165,000 blocks (equivalent to three years of blocks) in the past week. When another user asked if the malicious attack was worth it, Lopp replied that it cost him $1 worth of electricity. The purpose of the malicious attack is to improve rather than weaken the Bitcoin test network.
▌Web3 interoperability platform Wormhole announces ZK technology roadmap
Golden Finance reported that Web3 interoperability platform Wormhole announced the ZK technology roadmap on the X platform, aiming to bring ZK technology into the Wormhole ecosystem.
Cryptocurrency
▌Slowmist Report: Scammers use fake USDT balances to defraud cryptocurrency users
Slowmist, in collaboration with Imtoken, has uncovered a new cryptocurrency scam that leverages offline transactions and uses USDT, with scammers manipulating Ethereum RPC to fake USDT balances in victims' wallets. The scammers tricked victims into changing their Ethereum RPC URLs to URLs they controlled, making it look like victims deposited USDT funds, only to leave victims empty-handed when they attempted to trade. In addition, the scam also deceived users through small transfers to gain trust, and then manipulated account balances and contract information, posing serious risks to unsuspecting users and linked to a wider pig slaughter scam campaign.
▌Cyber Capital founder: ETF is a perfect example of the decline of BTC culture and technology
Cyber Capital founder Justin Bons said on the X platform that ETF is a perfect example of the decline of BTC culture and technology. When the most exciting use case in BTC is the old-school CeFi product, it should sound the alarm, because this is not a cryptocurrency revolution, and BTC has become a speculative plaything for the elites.
▌ConsenSys: If the US SEC successfully designates ETH as a security, it may cause large-scale unemployment of American workers
Ethereum infrastructure development company Consensys issued a statement saying that if the US Securities and Exchange Commission (SEC) successfully designates ETH as a security, the results of years of work by companies and developers will go down the drain, billions of dollars of economic value will be destroyed, and this may cause large-scale unemployment of American workers.
▌Analyst: If the "banana effect" happens again, the price of Bitcoin will reach $300,000
Crypto analyst MartyParty posted on the X platform that the "banana effect" that appeared in 2011, 2014, 2019, and 2022, if this happens again, the price of Bitcoin will reach $300,000, a record high.
▌In the past 24 hours, the entire network has exploded $142 million
According to coinglass data, in the past 24 hours, the entire network has exploded $142 million, long orders have exploded $92.383 million, and short orders have exploded $49.93 million. Among them, BTC exploded $37.9617 million and ETH exploded $31.3846 million.
▌Grayscale Spot Bitcoin ETF had a net outflow of $24 million yesterday
According to COINOTAG on social media, the Grayscale Spot Bitcoin ETF had a net outflow of $24 million yesterday (April 29).
▌AMP Foundation announces the launch of the Anvil Protocol mainnet and launches the governance token ANVL airdrop
On May 2, the AMP Foundation (AF) announced the launch of the initial phase of the Anvil Protocol mainnet launch and launched the protocol's governance token ANVL. The Anvil Protocol aims to become a scalable collateral primitive in the DeFi field, and the ANVL token will be in charge of all core matters including protocol upgrades, asset support, and external contract approval. AF said that in order to support the launch of the Anvil mainnet, it will airdrop ANVL tokens for free to addresses that provide AMP collateral on the Capacity platform. ANVL obtained from the airdrop will follow a 48-month linear release plan, starting 12 months after the snapshot date, for a total of 60 months.
▌1.7 trillion SHIB transferred from Robinhood to an unknown wallet
Golden Finance reported that according to Whale Alert monitoring, 1.7 trillion SHIB (US$39,333,364) was transferred from Robinhood to an unknown wallet at around 06:49:47 Beijing time today.
Important Economic Dynamics
▌The ratio of Bitcoin market value to transaction fees is lower than that of Ethereum for the first time
According to The Block data, the 7-day moving average of the ratio of Bitcoin market value to transaction fees is lower than that of Ethereum for the first time since July 2019.
▌Bitcoin has its worst month since FTX crash as ETF demand cools
Bitcoin is experiencing its worst month since the collapse of cryptocurrency tycoon SBF's FTX empire as excitement around U.S. bitcoin ETFs fades. Preliminary data shows that Bitcoin fell nearly 14% in April, the biggest drop since a 16% drop in November 2022. The frenzy sparked by U.S. bitcoin ETFs pushed Bitcoin to a record high of nearly $74,000 in March, but as bets on Federal Reserve rate cuts weakened, demand for high-risk investments was hit and funds flowing into these products fell sharply. As of April 29, 11 U.S. spot ETFs had a net outflow of $182 million this month. In March, these funds had a net inflow of $4.6 billion.
▌The three major U.S. stock indexes closed up collectively, and large technology stocks rose generally
The three major U.S. stock indexes closed up collectively, with the Nasdaq up 1.51%, the S&P 500 up 0.91%, and the Dow up 0.85%. Large technology stocks rose generally, with Nvidia and Amazon up more than 3%, Netflix and Apple up more than 2%, Google up more than 1%, and Microsoft, Meta, Intel, and Tesla up slightly.
▌The probability of the Federal Reserve keeping interest rates unchanged in June is 85.7%
According to CME's "Fed Watch", the probability of the Federal Reserve keeping interest rates unchanged in June is 85.7%, and the probability of a 25 basis point rate cut is 14.3%. The probability that the Fed will keep interest rates unchanged by August is 65.4%, the probability of a cumulative 25 basis point rate cut is 31.3%, and the probability of a cumulative 50 basis point rate cut is 3.4%.
Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to increase risk awareness.
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