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 through this week's blockchain industry events.
Headlines
▌Musk released a video with the tag FreePavel to once again support Telegram founder Pavel Durov. In the video, Pavel Durov was interviewed and said, "Musk's acquisition of X has made speech more free. This is a great progress. Human beings need more social media like X and Telegram that safeguard freedom of speech."
▌US agents tried to buy engineers to better control Telegram
According to a video of an interview with Telegram CEO Pavel Durov by Tucker Carlson, a well-known American political commentator and journalist, Durov In the interview, he said: "Every time we come to the United States, we receive too much attention from the FBI and other security agencies. The last time I went to the United States, I brought an engineer who worked at Telegram. Cybersecurity officials or agents tried to secretly hire my engineer behind my back. They were curious about which open source libraries were integrated into Telegram's application and tried to persuade him to use certain open source tools that acted as backdoors."
"I have personally experienced similar pressure in the United States. Whenever I go to the United States, I have two FBI agents greet me at the airport and ask questions. My understanding is that they want to establish a relationship to better control Telegram."
▌Trump posted a tweet with the "MAGA" tag, MAGA broke through $0.00008, and rose 30% in 24 hours
Former US President Donald Trump posted a tweet with the "MAGA" tag on the X platform, or was affected by this, MAGA Hat (MAGA) broke through $0.00008 and now hit $0.00008257, with a 24-hour increase of 31%. Coinbase Chief Policy Officer: Has communicated with Harris' team many times, involving innovation, consumer protection and other issues Coinbase Chief Policy Officer Faryar Shirzad published a post on the X platform, revealing that he has communicated with US Vice President Harris' team many times. As part of the efforts to repair the tensions in the encryption industry, Harris' team has been in contact with key players in the encryption industry. The exchanges between the two sides involve promoting American innovation, creating jobs and consumer protection. Although Harris has not yet clearly stated her position on encryption, recent campaign actions suggest that she may turn to the industry and is seeking to participate in the growing encryption industry.
▌U.S. Vice President Harris formally accepts the Democratic presidential nomination
According to CCTV News, on August 22, local time, U.S. Vice President Kamala Harris attended the Democratic National Convention in Chicago and formally accepted the Democratic presidential nomination for the 2024 U.S. presidential election.
The 2024 U.S. presidential election will be held in early November. Harris officially won the Democratic presidential nomination on August 5 and will face off against Republican presidential candidate and former President Donald Trump.
Policy
▌Binance founder CZ faces new class action lawsuit in Seattle federal court
According to U.Today, former Binance CEO CZ and Binance were accused of being involved in a new class action lawsuit. The lawsuit, filed in the Seattle federal court, accuses Binance of laundering money for criminals through its platform, harming consumer interests. The plaintiff claims that Binance, as a "cryptocurrency money laundering empire," allows hackers, thieves and other criminals to launder illegal gains on the platform and make huge profits in this way. The lawsuit also accuses Binance of illegal extortion and violating the RICO Act. Previously, CZ had pleaded guilty to money laundering violations in November last year and was sentenced to four months in prison in April this year.
▌Australian court supports regulator ASIC in case against Kraken's domestic operator Bit Trade
The Australian Federal Court ruled that Bit Trade failed to comply with the legal obligations regarding the design and distribution of margin trading products mentioned in the civil penalty proceedings initiated by the Australian Securities and Investments Commission (ASIC) in September. Bit Trade Pty Ltd is Kraken's cryptocurrency exchange operator in Australia.
Bit Trade’s “Margin Extension” product, which has been available to Kraken’s Australian customers since October 5, 2021, is at the heart of the case. The court ruled that Bit Trade violated the law by offering the product without the necessary target market determination (TMD), which is a requirement of the Australian Corporations Act.
▌U.S. federal court dismisses Kraken’s request to dismiss the U.S. SEC lawsuit
In its August 23 ruling, the U.S. Federal Court for the Northern District of California rejected the cryptocurrency exchange Kraken’s request to dismiss the SEC lawsuit. The SEC accused Kraken of operating an unregistered securities trading platform. The court held that the SEC’s allegation that certain cryptocurrency transactions on the Kraken platform constituted investment contracts was reasonable. The final ruling in the case has not yet been made. Kraken’s legal director Marco Santori said that it would prove that these transactions did not meet the requirements of the Howey test.
▌Ripple and Kraken Legal Directors: The court dismissed the SEC lawsuit for the crypto industry
The U.S. Federal Court for the Northern District of California recently dismissed the U.S. Securities and Exchange Commission (SEC)'s lawsuit against Kraken. The SEC claimed that some crypto tokens on the Kraken platform were securities, but the court ruled that these tokens were not securities. Kraken's Chief Legal Officer Marco Santori said this was a major victory for the principle of clarity for Kraken and the crypto industry, further confirming Kraken's long-standing position that there are no securities transactions on its platform.
Ripple's Chief Legal Officer Stuart Alderoty also expressed support for this, pointing out that this is another court that has denied the concept of "crypto asset securities" and is a blow to the SEC's strategy of regulation through law enforcement. Santori also emphasized that the SEC's enforcement-based regulatory approach may lead to extensive investigations into many transactions, and called on Congress to develop a clear market structure framework to promote the development of blockchain technology. Colombian regulator accuses Worldcoin of violating data protection laws Colombia's Superintendence of Industry and Commerce (SIC) has accused Worldcoin, a decentralized identity project founded by Sam Altman, and Tools for Humanity, the company behind it, of violating the country's personal data protection regulations. SIC has issued a preliminary notice of prosecution, alleging that the companies failed to comply with relevant policies when collecting sensitive personal data. Worldcoin currently collects data using its Orb devices in 25 locations in Colombia, including the capital Bogota. If found guilty, SIC could impose financial sanctions on Worldcoin, temporarily suspending or permanently shutting down its operations in Colombia. Worldcoin has not yet responded to the allegations.
Blockchain Applications
▌Communication Platform Status to Launch Layer 2 Network Status Network
Status, an open-source communication platform based on Ethereum, is working with Linea, backed by Consensys, to launch a Layer 2 rollup solution.
Status raised $100 million through the ICO of its native SNT token in 2017. Meanwhile, Linea, launched last year, is a zkEVM Layer 2 blockchain backed by blockchain development company Consensys. The two parties are jointly developing a Layer 2 network called Status Network that will run in parallel with Linea's zkEVM chain.
Cyprien Grau, a core contributor to Status, said: By launching Status Network, we envision creating the infrastructure needed to support a thriving, decentralized ecosystem of applications and services. In addition, Status contributors will interact with Linea's open source code and actively participate in the management of its code base to maintain a parallel version.
▌Sony Group to jointly launch Ethereum L2 network Soneium
Sony Block Solutions Labs, a joint project between Sony Group and Singapore's Startale Labs, said on Friday that it will launch a new 2-layer network called Soneium on the Ethereum blockchain.
Soneium is expected to go live on the test network in the next few days. It will utilize Optimism Rollup technology, which allows users to trade on the Ethereum network at a lower cost. It will be built using the OP Stack of the Optimism blockchain ecosystem, a customizable toolkit that allows developers to create their own networks using Optimism's technology and connect to other networks in the ecosystem through "super chains."
▌MakerDAO will launch upgraded versions of DAI and MKR, NST and NGT
According to TheBlock, MakerDAO announced its Endgame plan to launch upgraded versions of DAI and MKR, NewStable (NST) and NewGovToken (NGT). MakerDAO emphasized that the existing DAI and MKR will continue to be available unless the governance department decides otherwise.
Users can continue to hold and use both tokens. DAI will be available indefinitely, and users can upgrade to NewStable (NST) and choose to transfer back to DAI at any time. The exchange ratio is 1 DAI=1 NewStable. The ecosystem will explore the differentiation of DAI and NewStable in the future. DAI may focus on crypto-native use cases, while NewStable will be adopted on a large scale.
MKR will continue to be used for governance proposal voting, and NGT introduced in the future will also be used for voting, which can be seamlessly converted back to MKR to ensure flexibility. The exchange ratio is 1 MKR = 24,000 NewGovTokens.
MKR will continue to be used for voting on governance proposals, and NGT introduced in the future will also be used for voting, which can be seamlessly converted back to MKR to ensure flexibility. The exchange ratio is 1 MKR = 24,000 NewGovTokens.
▌io.net launches a staking plan to obtain block rewards by staking devices in the IO network
Solana Ecosystem DePIN Protocol io.net announced the launch of a staking plan designed to enhance the security and performance of the GPU Internet (IOG) while providing community members with the opportunity to earn rewards through contributions. By staking devices in the IO network, users can turn computing power into a source of income and distribute block rewards based on device performance. The plan can accommodate a variety of devices from high-end GPUs to more modest settings.
▌Magic Eden Foundation Launches ME Token for Cross-Chain Transactions
The Magic Eden (ME) Foundation has announced the upcoming launch of the ME token, which aims to support Web3 consumer decentralized applications (DApps) through cross-chain digital asset transactions. The ME Foundation's mission is to help develop the ME decentralized autonomous organization (DAO) protocol with "community-led governance." The token is expected to become the core of the NFT and Runes platform Magic Eden, which plans to become the first platform to officially adopt ME as its ecosystem token.
NFT marketplace Magic Eden launched its first mobile wallet app on Thursday, allowing NFTs to be traded and swapped for cryptocurrencies such as Bitcoin, Ethereum and Solana. The platform will also begin using tokens issued by the foundation that supports the ME ecosystem. MagicEden's new app will support the exchange of digital assets across five blockchains: Bitcoin, Ethereum, Solana, Polygon and Base. MagicEden is also considering expanding into categories such as staking tokens, a service that provides yield to holders.
Cryptocurrency
▌DCG: Bitcoin and Ethereum Mini Trusts have inflows of more than $270 million and $220 million
Grayscale's parent company DCG said that Grayscale has launched 9 new products this year, such as single asset trusts that track assets such as Bittensor, as well as Bitcoin and Ethereum Mini Trusts, which have inflows of more than $270 million and more than $220 million, respectively.
▌Coinbase platform BTC premium hits highest level since July
CryptoQuant research director Julio Moreno posted on social media that as the Federal Reserve hinted that it would start a rate cut cycle, U.S. demand for Bitcoin soared today, and the Bitcoin premium on the Coinbase platform reached its highest level since July 15.
▌JPMorgan Chase: Bitcoin mining opportunities are worth about $74 billion
The latest research report from Wall Street investment bank JPMorgan Chase shows that based on the current Bitcoin price, the potential value of the remaining 1.3 million Bitcoins to be mined is about $74 billion. The bank also lowered its target prices for CleanSpark (CLSK), Iren (IREN), Marathon Digital (MARA), and RiotPlatforms (RIOT) to reflect second-quarter results and changes in Bitcoin prices and network computing power.
JPMorgan Chase expects block reward revenue opportunities to be approximately $37 billion over the next four years, down 19% from early June but up 85% year-on-year. The bank expressed a preference for Iren and Riot Platforms, believing that the recent poor performance of these stocks provides investors with buying opportunities.
▌Rune Protocol accounts for 69.1% of Bitcoin transactions, ranking first
Ord.io posted on X that today's Bitcoin on-chain Runes activity ranks first, accounting for 69.1% of all transactions.
According to Geniidata data, as of press time, the total transaction volume of Rune in 24 hours was about 1.36 million US dollars, and the total market value of Rune was about 850 million US dollars, an increase of 6.36%.
▌Vitalik Buterin: I am grateful for the existence of Aave
Vitalik Buterin posted on X: "Aave is good, I am grateful for its existence, but if you tell them you are providing "loans", it will not provide you with almost anything you would normally think of."
Important Economic Dynamics
▌The swap market expects the Federal Reserve to cut interest rates by nearly 100 basis points before the end of the year
The swap market remains stable, and the Federal Reserve is expected to cut interest rates by nearly 100 basis points before the end of the year.
▌Fed Harker: Neutral interest rate is around 3%
Do not think there is a big risk of labor force deterioration. In our view, unemployment will not exceed 5%. Low to middle-income families are feeling the pressure. Contacts urged the Fed not to choose a sporadic rate cut process. The neutral interest rate is around 3%.
▌Fed Goolsbee: All conditions required for rate cuts have been met
Fed Goolsbee said that he supports the Fed to start paying attention to the job market; inflation is on the path back to 2%; policy is currently at the tightest point in the entire rate hike cycle; the Fed's forecast shows broad support for rate cuts; all conditions required for rate cuts have been met; almost all indicators show that the job market is cooling; do not want to provide clear guidance on the Fed's interest rate decision; do not think inflation will stay above 2%.
▌Fed's Goolsbee: It is crucial to keep a close eye on the cooling of the job market
Fed's Goolsbee said that given that inflation is moving towards the 2% target, it is time to pay more attention to the employment aspect of the central bank's dual mission. He told CNBC in an interview: "As Chairman Powell said, we want to be vigilant about the job market. We are not just fighting inflation now. The inflation rate is moving towards 2%." Goolsbee declined to say whether he would support a rate cut at the September meeting, but he reiterated that there was no need to tighten policy when the economy was not overheating. He said that almost all labor market indicators are cooling, and it is uncertain whether they are moving towards more normal levels or falling to weaker levels.
▌Santander Bank: If August employment data is strong, the Fed may give up the idea of a 50 basis point rate cut
In his speech at the Jackson Hole conference, Fed Chairman Powell emphasized the importance of US employment data to the upcoming monetary easing cycle. This adds to the importance of August's employment data, which will be released on September 6, Stephen Stanley of Santander said in a report. He said that after unexpectedly sluggish job growth in July, the increase in August would not be a complete shock. More broadly, Powell and others at the Fed have recently begun to express concerns about cooling labor market conditions, so stronger data in August could dispel the idea of a 50 basis point rate cut next month. Stanley believes that the employment report may be more critical than the core CPI data in August.
Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish the correct investment concept and be sure to increase risk awareness.
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