Ethereum EIP-7702 proposal faces challenges 3iQ proposes Solana ETF application

Headline

▌Ethereum EIP-7702 Proposal Faces Challenges

The EIP-7702 proposal proposed by Ethereum co-founder Vitalik Buterin was included in the next upgrade "Pectra", but developers have not yet finalized the details. The proposal allows externally owned accounts (EOA) to temporarily act as smart contracts in a single transaction, enhancing flexibility and security.  

In a recent core developer meeting, the integration challenges and potential risks of EIP-7702 were discussed. Developers unanimously agreed to resolve these issues before the next meeting on July 4 to ensure its timely implementation into the development testnet. Ethereum's next major upgrade is expected to go live between November 2024 and early 2025.

▌3iQ files for North America’s first Solana ETF

According to Bloomberg analyst James Seyffart, 3iQ has just submitted documents to launch the first Solana ETF in Canada (that is, North America). It plans to use the code $QSOL for listing.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $64866.04, with a daily increase or decrease of -0.2%;

ETH's latest transaction price is $3511.28, with a daily increase or decrease of -1.3%;

BNB's latest transaction price is $587.00, with a daily increase or decrease of -2.0%；

SOL's latest transaction price is 133.46 US dollars, with a daily increase or decrease of -1.5%；

DOGE's latest transaction price is 0.1244 US dollars, with a daily increase or decrease of +1.7%；

XPR's latest transaction price is 0.4885 US dollars, with a daily increase or decrease of -1.0%。

Policy

▌Judge hints at rejection of motion to dismiss in SEC case against Kraken

In the SEC's legal dispute against Kraken, Judge William Orrick hinted at rejecting the exchange's motion, noting that crypto assets may be sold as securities on its platform. Kraken lawyers refuted the SEC's claim that it is a securities "ecosystem," saying it should not receive special treatment. The judge has not yet made a final ruling, but indicated his inclination at the hearing, saying the discovery phase will be completed within a year. The SEC filed a lawsuit against Kraken in November 2023, and Kraken reached a $30 million settlement with the SEC earlier. Although the case did not directly involve Ether (ETH), the SEC closed its investigation into Ether and determined it to be a commodity.

▌Consensys criticizes IRS 1099-DA draft, calls for delay of effective date

Consensys commented on the IRS's 1099-DA draft form, arguing that the information required by the proposed regulations and the draft form is too extensive and imposes high compliance costs on blockchain software providers. Consensys stressed that the regulations do not adequately consider the burden on potential brokers, especially those entities that traditionally have no reporting obligations. They called for delaying the effective date of any reporting requirements related to software developers and introducing a multi-broker rule to reduce the burden and costs for tens of millions of taxpayers.

▌California judge rules that Ripple CEO's alleged securities fraud case will proceed

U.S. District Judge Phyllis Hamilton of the Northern District of California ruled that a securities lawsuit facing Ripple will proceed to trial, although the court dismissed four other class action claims, but an individual state law claim will go to trial. The case involves allegations that Ripple CEO Brad Garlinghouse made "misleading statements" in a public interview in 2017. The court's ruling is compared with the ruling of the Southern District Court of New York, showing different views on the legal definition of XRP in the crypto market. Ripple's legal team said it will continue to defend it, emphasizing that Judge Torres' ruling in the SEC case is still valid.

▌Martin Shkreli's involvement in Trumpcoin may trigger securities legal disputes

Former pharmaceutical company executive Martin Shkreli confirmed his involvement in the creation of Trump's branded meme coin, Trumpcoin, in a seven-hour X Spaces event. Although Shkreli claimed that he had no financial interest in the project, his involvement raised legal concerns about possible securities fraud. Rumors of an official relationship between Trump and his son Barron allegedly caused the coin to surge 385% in 24 hours, reaching a cumulative trading volume of more than $360 million. Shkreli initially denied involvement but later admitted that he was part of the founding team and claimed to represent Barron Trump. Still, the true involvement of the Trump family and Shkreli's financial motivations remain unclear. Legal experts have pointed out that Shkreli could face legal consequences if he is suspected of inadvertently committing securities fraud or falsely advertising an endorsement from the Trump campaign when launching an investment vehicle.

Blockchain Applications

▌Mirror World Raises $12 Million to Drive Solana Game Development

Mirror World Labs recently completed its first round of financing, raising $12 million, mainly to accelerate the development of its Solana game engine "Sonic". CEO Chris Zhu said that Solana lacks the necessary infrastructure in the field of game development, such as cross-chain exchanges and cryptocurrency deposit and withdrawal services, which limits developers' ability to innovate.  

Sonic achieves atomic interoperability through HyperGrid Framework, allowing game logic to be processed on the Solana mainnet while maintaining liquidity. Mirror World hopes to attract more developers to join the Solana ecosystem and promote the development of game finance (GameFi). Although Solana performed well in last year's memecoin boom, its potential in games has not yet been fully realized.

▌AO releases "AI on AO" plan and launches on-chain open source large language model

AO ecosystem releases "AI on AO" plan and launches on-chain open source large language model (LLMs), aiming to bring any AI model (not just LLMs) to the chain. Based on Apus Network, using Arweave's permanent on-chain storage, a decentralized, trustless GPU network is built, dedicated to providing reliable, efficient and low-cost computing power for AI training and reasoning. AI data on AO can be uploaded to Arweave's model through ArDrive.

Cryptocurrency

▌Gemini co-founders Winklevoss brothers each donated $1 million in Bitcoin to Trump's campaign

Gemini co-founders Cameron Winklevoss and Tyler Winklevoss wrote that they have each donated $1 million in Bitcoin (15.47 BTC) to Trump's campaign and will vote for him in the November election. Cameron Winklevoss said in the article: "Trump supports Bitcoin, supports cryptocurrency, and supports commercial enterprises. He will end the Biden administration's war on cryptocurrency."

▌Kraken CEO: The Biden administration's attitude towards cryptocurrency is "softening"

Kraken CEO Dave Ripley said in an interview with CNBC on Thursday that the Biden administration is "softening" its stance on cryptocurrency.  

He said: "Earlier this year, the US executive branch through the SEC strongly opposed cryptocurrencies, but there are a lot of supporters within the US government. I visit Washington regularly and meet with many people in Congress and the Senate, and there are a lot of supporters there. I think in the past few months, maybe two months or so, we have seen strong support - now bipartisan support." 

"When people really take the time to understand Bitcoin and cryptocurrency, there is almost always a positive outcome."

▌HectorDAO files for Chapter 15 bankruptcy protection due to tens of millions of dollars in losses

The decentralized autonomous organization HectorDAO filed for Chapter 15 bankruptcy protection in the United States due to the collapse of the Terra ecosystem and multiple market crashes in 2022 and the loss of funds caused by hacker attacks. According to the documents, HectorDAO suffered a loss of $16.4 million and suffered a $2.7 million hacker attack in 2023. The move led to Interpath Advisory being appointed as an expert in bankruptcy management and restructuring to investigate the possibility of hacking by former managers. The Chapter 15 bankruptcy filing allows HectorDAO to handle legal matters involving its international investors in the US court system.

▌IBIT's trading volume was $555 million yesterday

According to HODL15Capital monitoring, the US spot Bitcoin ETF yesterday (June 20) data showed that IBIT's trading volume was $555 million, FBTC's trading volume was $205 million, GBTC's trading volume was $199 million, ARKB's trading volume was $83 million, and BITB's trading volume was $65 million.

▌Azuki hires former Hollywood executive Steve Chung as COO

NFT project Azuki announced on Thursday that it has hired veteran entertainment executive Steve Chung as COO. Chung aims to use his expertise in Hollywood and Silicon Valley to expand Azuki's fan base and revenue. The company is looking to expand beyond digital collectibles. Prior to joining Azuki, Chung worked at Fox and served as chief global officer of South Korean entertainment giant CJ ENM Entertainment.

▌Data: More than 60% of incremental DEX trading volume in May occurred on the Solana blockchain

According to data compiled by venture capital firm Pantera Capital, more than 60% of incremental trading volume on decentralized exchanges (DEXs) in May occurred on the Solana blockchain, and Solana's share of DEX trading volume has risen from 0% at the beginning of 2021 to 24% in May 2024. The network's unique active addresses increased from 14,000 in October 2020 to nearly 1.3 million in May 2024.  

Pantera's report believes that this is thanks to Solana's approach similar to Apple's macOS architecture, which integrates hardware and software to achieve superior performance. According to Pantera, Solana’s architecture has driven a surge in retail activity over the past few months, with the report stating: “Solana’s monolithic architecture has a product roadmap focused on optimizing each component of its own blockchain, similar to Apple’s approach to vertically integrating hardware and software stacks in macOS.”

Important Economic Dynamics

▌The probability of the Federal Reserve keeping interest rates unchanged in August is 88.6%

According to CME’s “Fed Watch”: The probability of the Federal Reserve keeping interest rates unchanged in August is 88.6%, and the probability of a 25 basis point rate cut is 11.4%. The probability of the Federal Reserve keeping interest rates unchanged by September is 36.3%, the probability of a cumulative 25 basis point rate cut is 57%, and the probability of a cumulative 50 basis point rate cut is 6.7%.

▌Fed Voting Committee: Further clarification of the inflation path is needed before rate cuts can be made

Richmond Fed President Barkin said the Fed needs to further clarify the inflation path before it can cut rates. Barkin, who has a vote on monetary policy this year, said the current policy positioning is good, adding that the Fed has the strength needed to curb inflation. When asked whether the Fed could cut rates once and maintain them at that level, Barkin said it depended on economic data. If the current situation persists, now may not be the best time to provide guidance on the timeline for subsequent policy adjustments. "Sometimes we want to provide forward guidance and do so," he said. "It doesn't seem to me that this is the time. It doesn't feel like the time to issue forward guidance. Let's see where the data takes us."

▌Fed's Goolsbee: If we see more good inflation reports, we can cut interest rates

Fed's Goolsbee said that if we see more good inflation reports, we can cut interest rates; inflation does not need to reach 2% to cut interest rates; the Fed's 2% inflation target is a "sacred oath."

Golden Encyclopedia

▌What is an inverse futures contract?

An inverse futures contract is a financial arrangement that requires the seller to pay the buyer the difference between the agreed price and the current price when the contract expires. Unlike traditional futures, the seller benefits from the price drop.

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.