Planet Daily | ETH briefly hit 3700 USDT, up 19.95% in 24 hours; US Congress may pass anti-CBDC law this week (May 21)

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Planet Daily | ETH briefly hit 3700 USDT, up 19.95% in 24 hours; US Congress may pass anti-CBDC law this week (May 21)

Headlines

ETH briefly hit 3700 USDT, up 19.95% in 24 hours

OKX market data shows that ETH briefly touched 3700 USDT and is currently trading at 3675.81 USDT, with a 24-hour increase of 19.95%.

US Congress may pass anti-CBDC bill this week

According to Bitcoin Magazine, U.S. Congressman Emmer revealed that the U.S. Congress intends to pass his anti-CBDC bill this week. Emmer said that the idea of CBDC is not only shocking, but also completely un-American.

Dragonfly Partner: The general poor performance of low circulation/high FDV tokens is a process of market self-correction

Haseeb Qureshi, managing partner of Dragonfly, published an article on the X platform titled Why are all these low float / high FDV coins down bad?, which was about the general poor performance of low float / high FDV tokens recently launched on Binance, triggering discussions on whether the market structure is broken, whether VCs are too greedy, and whether retail investors are being targeted.
Haseeb believes that the current market decline is mainly due to the markets reduced risk appetite for new tokens, rather than the above reasons. Theories such as VC and KOL are dumping the market, retail investors turn to Meme coin trading, and insufficient circulation do not hold true in terms of data.
Haseeb advises market participants to better adjust their expectations and strategies. He believes that the free market will adjust the price issue by itself. If the price of a token falls, other tokens will be repriced at a lower price. Exchanges will push project teams to launch tokens at a lower FDV. Traders who are stuck will only buy at a lower price. VCs will pass this information to founders. The pricing of the B round will be lowered due to the decline in public market expectations. A round investors will start to be alert, which will eventually affect seed investors. Price signals will always be transmitted.
When there is a true market failure, some clever market intervention may be needed. But the free market knows how to fix pricing errors – just change the price. Those who lost money have learned their lesson and are willing to buy these tokens at a lower price. This is why all these tokens are trading at a lower FDV, and future token transactions will be priced accordingly.
Haseeb believes that the decline in overall market sentiment caused by geopolitical tensions in the Middle East in mid-April was the main reason for the decline in token prices. The markets risk appetite for new tokens decreased, and such tokens were classified as high-risk new tokens and sold off.

Industry News

SEC asks exchanges to speed up updating of 19 B-4 filings for spot Ethereum ETFs

According to CoinDesk, the SEC asked exchanges to speed up the update of 19 B-4 filings regarding spot Ethereum ETFs.
A 19b-4 filing is a document filed by an exchange. This type of filing is usually related to changes in the rules of the exchanges operations, such as the introduction of new products, modifications to trading mechanisms, or other related exchange policies.

Grayscale appoints Goldman Sachs Peter Mintzberg as CEO

According to the Wall Street Journal, crypto asset management company Grayscale has announced the appointment of Peter Mintzberg, head of global strategy at Goldman Sachs Asset Management, as CEO. Former CEO Michael Sonnenshein has stepped down.

Brazil’s central bank plans to develop stablecoin and cryptocurrency rules this year

The Central Bank of Brazil has announced plans to regulate crypto assets, including stablecoins. This year, it will consider developing rules for stablecoins for payments and foreign exchange, but it described the work as internal planning. The central bank will launch a second consultation around virtual asset service providers (VASPs), including the rules and authorizations they must follow. In addition, it plans to provide a supplementary framework that includes prudential supervision and VASP reporting. The regulatory proposal will be finalized in 2024, with the main goal of protecting investors from fraud and scams. The Central Bank of Brazil is also keen to ensure that VASPs comply with anti-money laundering (AML) and similar compliance procedures. Prior to this, the central bank had concluded its first consultation in January and explored a variety of cryptocurrency-related topics. These included asset segregation, risk management, cybersecurity, and disclosures reflecting the comprehensive nature of the consultation.

Project News

io.net: Grant eligibility checker now live on the IOG Foundation website

Solana Ecosystem DePIN Protocol io.net posted on the X platform that the reward eligibility checker is now online on the IOG Foundation website. Users can enter a Solana address to verify whether their wallet address is eligible for Season 1 rewards.

Gearbox: GEAR is almost in full circulation

The decentralized leveraged protocol Gearbox published a statement on X stating that GEAR has almost entered a state of actual full circulation, and the freely tradable amount has reached its maximum value, because 40% of the token shares are within the DAO and do not belong to anyone. They will only be used for various donations and funding programs at a rate of 3% per year, which is even lower than the general staking inflation rate of Layer 1.

ApeCoin launched several proposals to help creators publish content on ApeChain

ApeCoin lists recent community-initiated proposals on the X platform, including:
AIP-401: This proposal will set out guidelines and clarify how ApeCoin DAO conducts proposal requests;
AIP-418: This proposal aims to provide creators with technology and platforms to easily publish content on ApeChain. The technology will also enable players and developers to utilize ApeCoin as in-game currency;
AIP-421 : This proposal would allow working groups to submit funding requests for any duration of their choosing (not limited to 1 year) during a “funding window” of their choosing;
AIP-428: This proposal would enable the team to produce a series of short documentaries highlighting the MBA business and the network that ties together apes, ApeCoin, the DAO, and the MBA.
The official reminder is that community users are requested to vote for this round of proposals before 6 pm PST on May 29 (9 am Beijing time on May 30), and submit nomination applications for the current ApeCoin DAO election before May 22.

BounceBit 2024 Roadmap: BounceBit Portal, BounceBit Chain, BounceClub

BounceBit released a 2024 roadmap, which includes three development pillars, each with a designated roadmap. The general direction of the project is to focus on CeDeFi Lego and build various CeDeFi products on the chain.
Structurally, BounceBit can be divided into three main pillars:
BounceBit Portal acts as an operating system, providing an interface for users to easily interact with the products provided by BounceBit;
BounceBit Chain is the settlement and execution layer of the project;
BounceClub is the Lego that builds CeDeFi as a service and ecosystem.

Kyber Network’s post may hint at the upcoming launch of a new chain

Kyber Network posted on X platform: “New chain.Soon.”
It is unclear whether the tweet hints at the upcoming launch of a new chain or the upcoming addition of support for other chains.

Manta Ecosystem L3 Network GullNetwork will be launched on the mainnet on May 21

According to official news, Manta ecological L3 network GullNetwork announced that it will launch the mainnet on May 21, and cooperate with Manta, Bifrost and Monroe to launch a Trade-to-Earn, farming and zero transaction fee activities.
According to reports, GullNetwork will launch functions such as Gull Swap, Gull Pool, and Gull Farm, and use the privacy function of the Manta network to enhance the user trading experience. Transaction information will be protected, including user identity and transaction details, to create a safe and trustless environment for users to participate in DeFi activities.
Earlier in April, GullNetwork announced the completion of a $1.6 million private round of financing, led by Morningstar Ventures and Ozaru Ventures, with participation from GBV, MH Ventures, Banter Capital, SkyVision Capital, Asteroid Capital, Andromeda Capital, Momentum 6 and others.

Spark: SPK token pre-mining season 2 is scheduled to start today, with a monthly distribution of 6.66 million

Spark, a lending protocol under MakerDAO, announced on X-platform that the second season of SPK token pre-mining will be launched soon, with a monthly allocation of 6.66 million SPK. The fixed SPK allocation for each block will be allocated to eligible SparkLend users on Ethereum. The specific conditions are:
1. The amount of ETH deposited and the amount of DAI borrowed by the user;
2. The term of the user’s ETH deposit or DAI borrow position.
After the launch of SPK tokens, users will be able to claim their allocations in two seasons based on the total amount of SPK pre-mined. SPK token pre-mining season 2 is scheduled to start at 14:26 UTC on May 20 and end when SPK and Spark SubDAO are launched.

Character*Voice

Ordinals founder responds to Runes market value not reaching $1 billion: Stay tuned for the next Hell Money podcast

Casey, founder of Ordinals, responded to the fact that Ordinals’ market value has not reached $1 billion by posting on the X platform: “Please stay tuned for the next Hell Money podcast. I will commit seppuku (in this episode) and Erin will be my kaisha.”
(Note: Hell Money podcast is a Bitcoin-related podcast recorded by Casey and @realizingerin.)

Vitalik Buterin: Cryptoeconomic Experiment Orb Land is Cool

Ethereum co-founder Vitalik Buterin posted on social media, The crypto-economic experiment Orb Land is really cool.
Orb Land is a crypto-economic experiment launched by Eric Wall, the founder of Taproot Wizards, which aims to tokenize personal consulting services into NFTs. Holders who purchase Orb will gain the right to ask questions to the creator of Orb and resell this right. Technically speaking, Orb is an improved ERC-721 that supports the ERC-721 interface and all transfer-related functions are restored. Although Orb can be displayed on OpenSea, it cannot be listed for sale on NFT trading markets such as OpenSea, Sudoswap or Blur. In addition, Orb manages ownership functions through auctions and the Harberger tax system.

Fed Vice Chairman Jefferson: Will evaluate the latest data to determine the appropriate policy interest rate stance

Federal Reserve Vice Chairman Jefferson said that the improvement in April inflation data is encouraging, and it is too early to judge whether the slowdown in inflation will continue. The policy interest rate is in a restrictive range. The Federal Reserve will evaluate the latest data, changes in economic outlook and risk balance to determine the appropriate policy interest rate stance. (Jinshi)

Fed Governor Barr: Regulators are reviewing deposits related to cryptocurrency businesses

Federal Reserve Governor Barr said regulators are reviewing the regulatory treatment of certain types of deposits, including those related to venture capital or cryptocurrency businesses. Inflation in the first quarter was disappointing and failed to provide the confidence needed to ease monetary policy. The Fed is in a good position to keep it steady and watch the economy. (Jinshi)

Investment and Financing

OKX Ventures announces strategic investment in Bitcoin Layer 2 network Bitlayer

OKX Ventures announced the completion of a strategic investment in Bitlayer. Bitlayer will build the first Bitcoin Layer 2 that is equivalent to Bitcoin security and Turing-complete based on the BitVM paradigm, and is committed to becoming the computing layer of Bitcoin. At the end of April, Bitlayer launched the $50 million developer reward event Ready Player One, which attracted more than 500 project parties to participate, from infrastructure, DeFi, inscriptions, SocialFi, cross-chain bridges and other tracks.
Dora Yue, founder of OKX Ventures, said: Bitcoins native design ensures a decentralized, trustless and highly secure peer-to-peer transaction system. OKX Ventures laid out Bitcoins infrastructure in the early days, such as the application of Rollup and Stacks expansion solutions and Bitcoins DeFi innovation. Bitlayer is positioned as the Bitcoin computing layer. Its characteristics are that it adopts the framework design of BitVMs verification on the off-chain computing chain, combined with DLC (Discreet Log Contract) to achieve a trustless two-way cross-chain bridge. Bitlayer inherits the high security advantage of the Bitcoin network and is also compatible with multiple virtual machine environments including EVM. The Bitlayer mainnet V1 version was launched in April, supporting EVM-compatible environments and two-way cross-chain of mainstream assets. We look forward to enriching the use scenarios of the Bitcoin network in Q3 this year on the premise of product security, innovation in the diversity of digital assets such as NFT, and protecting user privacy.

DePIN Network Blockless Completes $8 Million in Financing, Led by NGC Ventures and Others

DePIN Network Blockless completed $8 million in Pre-Seed and Seed rounds of financing, of which NGC Ventures led the $3 million Pre-Seed round, M 31 Capital and Frachtis co-led the $5 million Seed round, and other investors included No Limit Holdings, MH Ventures, Interop Ventures and Plassa Capital.
It is reported that both rounds of financing are Simple Agreement for Future Equity (SAFE), with the ratio of token warrants being 1:1.
Co-founder Butian Li said the project plans to launch its testnet in the coming weeks, with the mainnet and native token BLESS expected to be launched in the third quarter of this year. Blockless is using the Cosmos SDK to create its native network and token.
Blockless core team is based in Palo Alto, California, with a total staff of 10 people, and Li plans to hire more employees in engineering, product and ecosystem functions. (The Block)

Security incidents

Gala officially confirmed that it was attacked, resulting in 600 million GALA unauthorized sales and 4.4 billion GALA destroyed

The co-founder of Web3 gaming platform Gala Games published a post on the X platform confirming that the platform was hacked, resulting in the unauthorized sale of 600 million GALA tokens (US$21 million) and the destruction of 4.4 billion tokens.
The team discovered the vulnerability and removed unauthorized access to the GALA contract within 45 minutes. The GALA Ethereum contract is secure and protected by a multi-signature wallet and was not affected by the attack.
The attack was related to internal control failures, and the team is taking steps to ensure that such incidents do not happen again. The team believes that the perpetrators have been found and are currently working with the FBI, the U.S. Department of Justice, and some international agencies.
There are problems with daily allocations, and officials will hold a node vote on how to deal with this issue.
In the early hours of this morning, abnormal data on the chain showed that the Gala platform was hacked and the hacker minted tokens worth $200 million. It is reported that the hacker is converting GALA tokens to Ethereum, and the situation is still under further investigation.

This article is sourced from the internet: Planet Daily | ETH briefly hit 3700 USDT, up 19.95% in 24 hours; US Congress may pass anti-CBDC law this week (May 21)

Related: Is a Recovery Next for Toncoin (TON) After Averting a Fall Below $5?

In Brief Toncoin’s price failed to validate the descending channel after losing support for $5.4. Preventing a decline below $5 has resulted in a fast-tracked recovery, which is evident in the potential bullish crossover on MACD. Investors could also fuel the recovery as TON is ideal for accumulation right now. Toncoin (TON) price is coming down from the correction scare and is likely set to initiate recovery soon. This is possible if TON holders make the best of this opportunity and attempt to add more TON to their wallets. Toncoin Could Witness Recovery Toncoin’s price was expected to note a rally last week, but after falling out of the descending channel, the price changed. TON fell but kept itself afloat at around $5.2 and $5.4, which marks the resistance level.…

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