Rhythm Morning News | Renzo announces the economics and collection details of REZ tokens; SEC postpones decision on conversion of Grayscale Ethereum Trust to ETF
Featured News:
1. LayerZero: TGE is approaching, applications should register contract information in LayerZero Scan;
2. Xverse launches rune casting page;
3. SEC solicits comments on BlackRock's revised Ethereum spot ETF proposal;
4. Renzo announces token REZ economics and collection details: 30% will be allocated to the community, and the first quarter rewards will be available on May 2;
5. SEC postpones decision on Grayscale Ethereum Trust conversion to ETF
Price Observation
THE briefly broke through $0.45, up more than 20% in 24 hours
April 23 On April 23, according to market data, BNB ecosystem liquidity protocol THENA protocol token THE briefly broke through $0.45 and is now quoted at $0.445, with a 24-hour increase of 21.26%.
Bitcoin breaks through $67,000, with a 24-hour increase of 1.15%
On April 23, according to OKX market data, Bitcoin broke through $67,000 and is now quoted at $67,072, with a 24-hour increase of 1.15%.
Ethereum breaks through $3,200
On April 13, according to OKX market information, Ethereum broke through $3,200 and is now quoted at $3,203.
Solana Ecological Meme Coin POPCAT briefly broke through $0.48, setting a new record
On April 23, according to market information, the price of Solana's ecological meme coin POPCAT briefly broke through $0.48, setting a new record high. It has now fallen back to $0.4543, with a 24-hour increase of 31.31%.
HBAR briefly broke through $0.18, up nearly 80% in 24 hours
On April 24, according to OKX market data, HBAR briefly broke through $0.18, and now fell back to $0.16258, with a 24-hour increase of nearly 80%.
Transaction Tracking
On April 23, according to the monitoring of the on-chain analyst @ai_ 9684 xtpa, the smart money/rat warehouse address 8TG2y...W7jq8 opened a MANEKI position at a low point and made a floating profit of 12 million US dollars, with a return rate of up to 10926%.
Mr.100 sold 1,000 BTC yesterday, the first sell-off since March 8
On April 23, according to HODL15 Capital monitoring, the mysterious address "Mr.100" sold 1,000 BTC yesterday, the first sell-off since March 8.
A few days before the halving, the address hoarded a large amount of Bitcoin.
On April 23, according to the statistics and analysis of Ember, Justin Sun has carried out a series of large-scale operations on the chain since December 2023. This includes:
2.1 billion USDT was minted after destroying 1 billion TUSD; 2.525 billion USDT was transferred to Binance; 323,799 ETH (worth $1.0248 billion) was purchased at an average price of $2,942.
At the same time, Justin Sun currently holds a huge amount of token assets worth about $4.165 billion through multiple Tron and Ethereum addresses, mainly including: 598,900 ETH (US$1.902 billion), 5.364 billion TRX (US$602 million), 458 million USDD, 315 million TUSD, 300 million USDT and 158.9 trillion BTT (US$209 million).
Grayscale transferred about 700 BTC to Coinbase Prime
On April 23, according to Arkham monitoring, the Grayscale address transferred 700 BTC to the Coinbase Prime address about 8 minutes ago, with a value of approximately US$46.32 million.
On April 23, according to @ai_9684xtpa monitoring, the address 0xA30...B379f transferred 3316 wBETH from Binance two hours ago and then deposited them into Renzo, worth 10.94 million US dollars.
Suspected Justin Sun address transferred 15,389 ETH from Binance, worth 49.79 million US dollars
On April 24, according to @ai_9684xtpa, the whale (suspected to be Justin Sun's address) who had increased his holdings of 48,875 ETH since April 17 transferred out 15,389 ETH from Binance again seven hours ago, worth $49.79 million.
Project Dynamics
Xverse Launches Rune Casting Page
On April 23, Bitcoin ecosystem wallet Xverse announced that it has launched the Rune Casting page, which supports users to cast runes, etch runes, track rune balances on the Xverse wallet, and send and receive runes with one click.
LightLink has raised $5.28 million through LBP
On April 23, according to Fjord Foundry data, the Ethereum Layer 2 network LightLink has raised $5.28 million through the liquidity boot pool (LBP), and the FDV calculated based on the closing price is $209 million.
Trading on CEX and DEX will start at 8 am (UTC time) on April 24.
Safe launches Safe{Pass} activity plan, locks SAFE tokens to get up to 2 times the points increase
On April 23, decentralized digital asset management platform Safe announced the launch of the Safe{Pass} activity plan, which aims to reward the most active users in Safe accounts and the broader Safe ecosystem.
Users participating in the Safe{Pass} program can get rewards in the following ways:
Lock SAFE tokens to get up to 2x points boost
Actively use Safe Smart Accounts to earn points
Get rewards from Safe and Safe{Pass} partners
eesee announces future development roadmap, including launch of second phase rewards and Royal Pass
On April 23, Blast Ecosystem Gamified Digital Asset Marketplace eesee announced future development plans, including: online staking function on Blast, second phase rewards launch, new IRO project, ESE token lottery, integration of real world assets (RWA), behavior-based lottery, launch of eesee Royal Pass and Genesis Collection, etc. In addition, eesee also plans to integrate more new blockchain ecosystems.
The Graph announces integration with OKX Layer 2 network X Layer
On April 23, The Graph announced that it has completed integration with OKX Layer 2 network X Layer. Now, developers in the X Layer ecosystem can use X Layer data to build subgraphs in The Graph's Subgraph Studio.
Injective Token Economics Upgrade Proposal INJ 3.0 is about to be voted through
On April 23, according to the official announcement, the Injective Token Economics Upgrade Proposal INJ 3.0 is about to be voted through at 21:07. The proposal aims to reduce the issuance of new INJ by reducing on-chain parameters, making it a more deflationary crypto asset than ever before.
The proposal plans to gradually reduce the inflation rate of INJ within two years and increase responsiveness to staking activities to make INJ a more inflation-resistant crypto asset.
On April 23, Layer 2 scaling solution Metis announced that the second phase of its decentralized sequencer upgrade has been officially launched through a hard fork at block height 16500000. This upgrade mainly introduces new features such as multiple transactions in blocks, transaction pools, and sequencer mining.
In this upgrade, Metis increased the number of transactions that can be included in a single block from 1 to multiple, and fixed the transaction confirmation time to 2 seconds. At the same time, a transaction pool is introduced to cache pending transactions. These two improvements will greatly increase network throughput and reduce block overhead.
On April 23, dYdX announced that it had distributed $5 million in DYDX to 3,777 users who were eligible for the third season of the trading incentive program. The fourth season of the trading incentive program has now begun.
Mina Protocol will integrate Celestia's modular data availability layer to improve zkApps throughput
On April 23, the zero-knowledge proof public chain Mina Protocol announced a partnership with the modular blockchain project Celestia. The Mina ecosystem will integrate Celestia's modular decentralized data availability (DA) solution. The integration project is led by the zk-SNARKs pioneer team Geometry Research and is technically supported by o1Labs.
Bitcoin L2 network BOB integrates BTC Connect to achieve Bitcoin account abstraction
On April 23, Bitcoin Layer 2 network BOB (Build on Bitcoin) announced the integration of BTC Connect protocol, a Bitcoin account abstraction protocol designed by Particle Network. This integration aims to provide a smooth user experience after the BOB mainnet is launched.
Gitcoin Grants 20 is now live, providing over $1.4 million in matching funds
On April 23, Gitcoin, a crowdfunding platform for Web3 public products, announced the launch of the 20th round of Gitcoin Grants (GG20 for short). This round of GG20 will return to its original intention and focus on funding open source software (OSS) projects in the Ethereum ecosystem. Of the total $1.4 million in matching funds, $1 million will be specifically used for four major OSS categories, including hackathon alumni, decentralized applications and applications, developer tools and libraries, and Web3 infrastructure; nearly $500,000 will be allocated to five community independent rounds.
Jupiter acquires Ultimate Wallet and its mobile team
On April 23, Jupiter announced the acquisition of Ultimate Wallet and its mobile team to promote the Jupiter Mobile plan, which aims to simplify the mobile user experience. With just one click and no fees, you can trade any token anywhere, and automatically configure through Auto-Config technology to reduce transaction complexity, such as gas, slippage, or retrying transactions. Jupiter Mobile is preparing to launch a beta version in May and is a key component of its accelerated Meta strategy, aiming to attract millions of new users.
On April 23, UniSat announced that it was actively promoting standardization work related to brc20-swap. At the meeting on Monday, the maintainers of the brc-20 standard expressed the hope that UniSat could provide a complete specification document for swaps, clearly defining swap behaviors to minimize ambiguity and undefined behaviors. UniSat said it would go all out to complete the drafting of the draft specification within this week and submit it to the BRC20 Supervisory Committee for review before Friday, while soliciting feedback from all parties.
Code development platform Brev announced a partnership with Akash Network
On April 23, according to VentureBeat, code development platform Brev announced a partnership with decentralized cloud platform Akash Network to provide AI developers with instant and economical GPU computing resources.
BIP-420 formally proposes OP_CAT opcode to introduce Bitcoin "covenant" function
On April 23, according to The Block, Bitcoin Improvement Proposal BIP-420 formally proposed to restore the OP_CAT opcode to introduce the "covenants" function on Bitcoin. Udi Wertheimer, advocate of OP_CAT and co-founder of Taproot Wizards, said that OP_CAT will allow the implementation of smart contracts, secure cross-chain bridges, on-chain transactions, zero-knowledge proof verification and other functions on Bitcoin.
Bounce Brand Announces May Release of Bounce Booster and Bounce M&A
On April 23, Bounce Brand announced that Bounce Booster and Bounce M&A will be launched in May to bring more benefits and utility to AUCTION holders.
Bounce Booster: Leverage BNB deposits to promote yield closure and Onchain Launchpad opportunities;
Bounce M&A: Support mergers and acquisitions of different tokens.
Ethereum Domain Name Service ENS integrates browser-compatible .box domain names
On April 24, Ethereum Domain Name Service ENS has been compatible with .box domain names. Unlike traditional .eth domain names, domain names hosted on .box can be searched and indexed on major browsers such as Google Chrome and Safari, and are also compatible with email services. This integration is designed to further connect the Web2 and Web3 ecosystems, enabling users to use Ethereum and .box names at the same time. All registrations and transfers of .box domain names are performed on the Ethereum blockchain.
On April 24, LayerZero Labs stated, "The first half of 2024 is coming to an end, which means that the TGE schedule is getting closer. Please note that all applications should ensure that contract information is registered on LayerZero Scan. Expect to see continuous updates in the next few months."
Degen announced the temporary ban of 2,000 suspected cheating users
On April 24, Degen announced that it had temporarily banned about 2,000 suspected cheating users. User accounts suspected of obtaining platform tokens through improper means. If a user believes that he or she has been unfairly banned, he or she can submit an application through the official complaint form, and the project will further investigate and handle the matter.
On April 24, the liquidity re-staking protocol Renzo announced the economic model and collection details of its native token REZ. The total amount of REZ is 10 billion, and the initial circulation is 1.05 billion. The community will allocate 30% of the tokens, investors will allocate 31.56%, core contributors will allocate 20%, the foundation will allocate 13.44%, and Binance Launchpool and liquidity mining will each account for 2.5%.
Jesse Pollak established The Based Institute and launched a research project on the theme of "based"
On April 24, Jesse Pollak, head of the Base protocol, announced the official establishment of The Based Institute (basedinstitute.eth). The research institute aims to study "What It Means To Be Based", including the origin of the word "based", The Base God, and other early cultures on Base.
In addition, The Based Institute has launched a grant program inviting the community to share insights. Post a post on Farcaster that starts with "based is..." to get a reward share totaling 1 ETH.
CeFi News
Mantle and Antalpha Prime jointly launched EVM-compatible pegged Bitcoin FBTC
On April 23, Mantle and digital asset financial services platform Antalpha Prime announced the joint launch of EVM-compatible pegged Bitcoin FBTC, which maintains a 1:1 peg with Bitcoin. The program aims to adopt a yield-enhancing strategy in the Bitcoin ecosystem to increase Bitcoin's speed and composability.
YieldMax Launches Bitcoin Option Income Strategy ETF YBIT
On April 23, ETF issuer YieldMax announced the launch of YieldMax Bitcoin Option Income Strategy ETF (NYSE Arca: YBIT).
YBIT aims to obtain current income by applying a synthetic covered call option strategy on one or more U.S.-listed ETFs that track Bitcoin. The ETF is actively managed by ZEGA Financial.
Binance launches spot market copy trading, "carry orders" traders are now open for registration
On April 23, Binance announced the official launch of spot market copy trading. Currently, users with rich trading experience and who meet the minimum portfolio asset size requirements can register on the Binance website to become "carry orders" traders. In May 2024, Binance spot will fully launch spot copy trading and open it to all users on the Binance App.
Binance updates Renzo token code from EZ to REZ
On April 23, Binance announced that due to market confusion, after communication and consultation with the Renzo project, the Renzo token code has been updated from EZ to REZ, effective immediately. The new smart contract address will be updated to the Renzo new coin mining announcement within the next five hours.
Coinbase will list Safe (SAFE) and classify it as an "experimental asset"
On April 24, according to official news, Coinbase will support Safe (SAFE) on the Ethereum network and classify it as an "experimental asset." If liquidity conditions are met, trading will begin later today. Once the asset is in sufficient supply, trading on the SAFE-USD trading pair will be launched in stages.
On April 24, Bloomberg reported, citing people familiar with the matter, that the bankrupt cryptocurrency exchange FTX plans to auction another batch of unknown Solana (SOL) tokens this week through a "blind auction." The auction will end on Wednesday and the results are expected to be announced on Thursday. Potential bidders include Figure Markets, Pantera Capital, and Abra. Figure said it is raising funds through a special project fund to participate in the bidding; Abra CEO Bill Barhydt also said that he would participate in the auction; Pantera is weighing whether to bid independently or through a special fund.
Block, founded by Jack Dorsey, completes the development of Bitcoin mining chips
On April 24, according to Bloomberg, Block (formerly Square), a digital payment company founded by Twitter co-founder Jack Dorsey, announced that it has completed the development of Bitcoin mining chips. The 3-nanometer chip is expected to become one of the most advanced Bitcoin mining chips in the industry. Block said this is an important milestone in its Bitcoin mining project and is currently working with the world's leading semiconductor foundries to complete the final tape-out of the chip design.
Viewpoint data
Bitfinex estimates: Bitcoin supply will be one-fifth of demand after halving
On April 23, cryptocurrency exchange Bitfinex analysts predicted that after the recent Bitcoin (BTC) block reward halving, the daily supply of new Bitcoin may drop to $30 million. This figure is about one-fifth of the average daily inflow of spot ETFs.
Analysts pointed out that as daily issuance decreases after the halving, it is expected that the new market supply (newly mined BTC) may drop from the current $40-50 million to $30 million per day. In contrast, although the net inflow of spot Bitcoin ETFs has slowed down in recent weeks and even turned into net outflows, its average daily net inflow is still more than $150 million.
On April 24, cryptocurrency research institution K33 Research released a report saying that the cryptocurrency exchange Mt. Gox, which had previously gone bankrupt due to a hacker attack, is preparing to distribute about 142,000 Bitcoins (BTC) and 143,000 Bitcoin Cash (BCH) to creditors, with a total value of more than $9 billion. Analysts Anders Helseth and Vetle Lunde said that Mt. Gox's huge cryptocurrency release "may become a relevant negative price factor in the coming weeks."
BlackRock IBIT had a net inflow of $37.7 million yesterday
On April 24, according to Tree News, BlackRock IBIT had a net inflow of $37.7 million yesterday.
On April 24, according to Farside Investors data, Grayscale's GBTC had a net outflow of only $66.9 million yesterday. Among the data currently released, Bitwise's BITB had a net inflow of US$23.2 million yesterday, BlackRock's IBIT had a net inflow of US$37.7 million, Franklin Templeton's EZBC had a net inflow of US$1.9 million, and the relevant data for Fidelity FBTC has not yet been released.
On April 24, according to Farside Investors data, ARK Invest's ARKB had a net inflow of $33.3 million yesterday.
According to the data currently released, Grayscale's GBTC had a net outflow of only $66.9 million yesterday, Bitwise's BITB had a net inflow of $23.2 million yesterday, BlackRock's IBIT had a net inflow of $37.7 million, and Franklin Templeton's EZBC had a net inflow of $1.9 million. The relevant data of Fidelity FBTC has not yet been announced, but the overall net inflow of ETFs on a single day has been confirmed.
On April 24, Tesla released its first quarter 2024 financial report. The data showed that it held $711 million worth of Bitcoin and did not make any purchases or sales in the past quarter. This is the seventh consecutive quarter that Tesla has not sold Bitcoin.
Due to the recent approval of the Bitcoin spot ETF in the United States and the upcoming Bitcoin halving event, the price of Bitcoin has soared, and the market value of Tesla's Bitcoin holdings has also appreciated significantly. The last time Tesla sold Bitcoin was in the second quarter of 2022, when it sold 75% of its holdings, equivalent to about $936 million.
On April 24, BitMEX co-founder Arthur Hayes wrote that the current crypto bull market has just begun, and investors should boldly turn left (Left Curve), hold and increase their positions.
Hayes pointed out that 2024 is a critical year, and several major countries will hold presidential elections. Especially in the United States, the current ruling Democratic Party will do everything it can to win re-election in order to reverse the policies of the Republican Party. In an election year, if people feel that the economy is in recession, the probability of the incumbent president's re-election will drop from 67% to 33%. Therefore, the easiest way for the ruling party, which controls monetary and fiscal policies, is to significantly increase government spending, push up the nominal GDP growth rate, and create the illusion that there is no recession.
Financing Express
Citi-backed Talos acquires cryptocurrency risk management platform Cloudwall
On April 23, Citibank and a16z-backed cryptocurrency trading software provider Talos has fully acquired cryptocurrency risk management platform Cloudwall. Talos said Cloudwall will improve its existing cryptocurrency portfolio management system to help its institutional clients manage risks and optimize their portfolios.
On April 23, Turnkey, a wallet infrastructure company founded by former Coinbase employees, announced the completion of a $15 million Series A financing, led by Lightspeed Faction and Galaxy Ventures, with participation from Sequoia, Coinbase Ventures, Alchemy, Figment Capital and Mirana Ventures. The round of financing was completed in October last year.
Turnkey was co-founded by Jack Kearney and Bryce Ferguson, who were involved in building Coinbase's custody service. The company aims to provide application developers with user-friendly blockchain wallet building tools. Turnkey's product suite was released to the public last August.
On April 23, the decentralized AI platform and protocol Prime Intellect announced the completion of a $5.5 million seed round of financing, led by Distributed Global and CoinFund, and participated by well-known institutions and angel investors such as Juan Benet, the founder of Compound, Collab+Currency and Filecoin.
Prime Intellect aims to build a decentralized AI ecosystem where participants can jointly own AI models by contributing computing power, code, data, capital or expertise. The platform will aggregate global computing power to provide instant, economical and scalable on-demand computing power, and anyone can use the Prime Intellect platform to participate in training powerful AI models and share ownership.
Regulatory News
On April 23, the Blockchain Association, a US cryptocurrency industry organization, announced that it had filed a lawsuit against the US Securities and Exchange Commission (SEC) over the newly enacted "Dealer Rule". The Blockchain Association and the Texas Crypto Freedom Alliance (CFAT) filed a lawsuit in the Northern District Court of Texas, requesting the court to order the revocation of the SEC's new rules.
In February of this year, the SEC passed new rules that expanded the definition of "dealer" to participants who provide liquidity for DeFi protocols, essentially requiring liquidity providers on decentralized finance (DeFi) protocols to comply with the relevant requirements of securities dealers in traditional financial markets.
Tether: Will freeze addresses related to sanctioned entities in Venezuela
On April 23, as the United States re-imposed oil sanctions on Venezuela, Venezuela's state-owned oil company PDVSA turned to USDT to bypass sanctions. A Tether spokesperson said the company remains committed to stopping payments related to entities sanctioned by the Office of Foreign Assets Control (OFAC), Tether respects the OFAC SDN list, and is committed to ensuring that sanctioned addresses are frozen in a timely manner.
Franklin Bitcoin ETF applies to modify cash subscription deadline
On April 23, Cboe BZX Exchange submitted a proposal to the U.S. Securities and Exchange Commission (SEC) to modify the previously approved Franklin Bitcoin ETF. Specifically, the deadline for cash subscription basket orders will be changed from 3 p.m. Eastern Time to 2 p.m., the exchange's regular trading closing time, or other times determined by the sponsor. The change is intended to provide fund sponsors with greater flexibility in determining subscription deadlines.
Standard Chartered Bank: US regulators may delay approval of Ethereum ETF
On April 23, Standard Chartered Bank said in a report that an ETF holding Ethereum is unlikely to be approved in May, after Standard Chartered Bank had expected the SEC to approve it in May.
SEC postpones decision on Franklin spot Ethereum ETF application
On April 23, the U.S. Securities and Exchange Commission (SEC) issued a notice specifying a longer time to make a decision on the Franklin spot Ethereum ETF listing and trading proposal proposed by Cboe BZX Exchange.
SEC postpones decision on Grayscale Ethereum Trust conversion to ETF
On April 24, the U.S. Securities and Exchange Commission (SEC) postponed its decision on the conversion of Grayscale Ethereum Trust into an ETF.
Grayscale Submits Application for Registration of Ethereum Mini Trust ETF
On April 24, Grayscale submitted documents to the U.S. Securities and Exchange Commission (SEC) to apply for registration of a new Ethereum exchange-traded fund (ETF) - Grayscale Ethereum Mini Trust Fund (proposed code: ETH). The fund will be created by splitting and allocating assets from the Grayscale Ethereum Trust Fund (OTCQX: ETHE).
SEC Solicits Comments on BlackRock's Revised Ethereum Spot ETF Proposal
On April 24, the U.S. Securities and Exchange Commission (SEC) asked the public to comment on the revised Ethereum spot exchange-traded fund (ETF) proposal of BlackRock, the world's largest asset management company.
BlackRock submitted an application for an Ethereum spot ETF in November 2023 and named it iShares Ethereum Trust, which aims to "reflect the overall performance of Ethereum prices." In January of this year, the SEC postponed its decision on the proposal, and on April 19, Nasdaq revised the proposal.
The SEC said in a filing on Tuesday that "the Commission is issuing this notice to solicit comments from interested parties on the revised proposed rule changes." Comments will be published on the SEC website and the deadline is 21 days later.
On April 24, according to The Block, Sam Altman and Alex Blania, the main initiators of the Worldcoin project, recently met with Malaysian dignitaries, including the Prime Minister of Malaysia, and the two executives tried to improve relations with the government.
As a "proof of personality" crypto project, Worldcoin has recently taken a series of measures to prove its commitment to protecting privacy and users' personal data, after facing multiple government scrutiny. Blania met with representatives of the Malaysian Digital Ministry on Tuesday, and last Friday, Blania and Worldcoin co-founder Altman had a video call with Malaysian Prime Minister Anwar Ibrahim.
Crypto.com postpones launch in South Korea due to money laundering investigation
On April 24, cryptocurrency exchange Crypto.com decided to postpone the launch of its app for retail users in South Korea, which was originally scheduled for April 29, due to a surprise on-site inspection by South Korean regulators on anti-money laundering compliance issues.
South Korea's The World Daily reported that the South Korean Financial Intelligence Agency (affiliated with the Financial Services Commission) found problems with the anti-money laundering data submitted by Crypto.com and therefore began an on-site inspection of the exchange on Monday.
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