Buterin proposes a new computing model Ethena Season 2 ENA airdrop will be open

Headlines

▌Vitalik Buterin proposed the "glue and co-processor" computing model to improve efficiency and security

Ethereum co-founder Vitalik Buterin proposed a new computing model called "glue and coprocessor architecture (glue and coprocessor)", aiming to significantly improve technical efficiency and security. He detailed the architecture's advantages in a Sept. 2 blog post, dividing computing tasks into two categories: flexible, general-purpose "glue" components and efficient, specialized "coprocessors."  

This separation allows routine operations to be processed in an adaptive environment, while intensive tasks are completed by dedicated hardware, thus optimizing overall performance, Vitalik noted. He specifically mentioned that the Ethereum Virtual Machine (EVM) and artificial intelligence (AI) fields can benefit from this, for example, improving the efficiency of Ethereum through dedicated modules to handle structured operations, and optimizing code to handle complex operations on GPUs or ASICs. AI model.  

In addition, Vitalik believes that the architecture has broad application prospects in cryptography and open source hardware (such as RISC-V chips), which can improve security and lower barriers to entry. His proposal is expected to spur technological innovation, bring more efficient and secure solutions to computing, and lower barriers to entry for smaller technology companies.

▌Ethena Labs announced that the second quarter ENA airdrop will be open for applications on September 30th

Ethena Labs announced that the second quarter airdrop event will end on September 2. 5% of the total supply of ENA will be distributed as rewards for the second quarter. Points for the third quarter airdrop event will automatically start on September 2. accumulation.  

After the second quarter airdrop event ends, users will be able to visit the designated URL on September 9 to view the number of ENA they will receive, and users can claim their ENA on September 30.  

The third quarter airdrop event will last for 6 months until March 23, 2025.

Quotes

As of press time, according to data from Coingecko:

The recent transaction price of BTC was 59,125.50 US dollars, with an intraday increase or decrease+3.2%;

ETH’s recent transaction price was 2,537.34 yuan, with intraday changes+4.5%;

BNB’s recent transaction price was US$526.23, with intraday gains and losses+2.6%;

SOL’s recent transaction price was US$134.90, with intraday increases and decreases+4.6%;

DOGE’s recent transaction price was US$0.099, with intraday changes+3.9%;

XPR’s recent transaction price was US$0.5671, with intraday changes< span style="color: rgb(0, 176, 80);">+3.4%.

Policy

▌Coinbase’s chief legal officer criticized the US SEC’s vague stance on the FTX plan, Says investors deserve "better results"

Coinbase Chief Legal Officer Paul Grewal expressed concern that the U.S. SEC has not clarified FTX's plan to repay creditors with stablecoins or other cryptocurrencies. Grewal's comments came in response to a filing on Friday in which the SEC reserved its rights in the U.S. Bankruptcy Court for the District of Delaware's approval of FTX Trading Ltd.'s joint bankruptcy protection plan.  

Grewal said on social media platform X on Sunday: The U.S. SEC did not point out outright that this behavior is illegal. He pointed to language used by securities regulators in a court filing, in which the SEC wrote: The SEC did not express an opinion on the conduct. Under federal securities laws, the SEC does not express an opinion on the legality of transactions outlined in the plan and reserves the right to challenge transactions involving cryptoassets.

▌Van Loon plaintiffs sue U.S. Treasury over Tornado Cash sanctions

The Van Loon plaintiffs filed an appeal in the Fifth Circuit on September 2, challenging the U.S. Treasury Department’s decision to place Tornado Cash on the Specially Designated Nationals (SDN) list. The plaintiffs argued that the Treasury Department's sanctions against the open source project without clear guidelines could threaten programmers' First Amendment rights.  

Van Loon and his team sued the Treasury Department in September 2023, accusing it of exceeding its authority. Tornado Cash was sanctioned over allegations of money laundering, with the government claiming the platform was involved in more than $7 billion in illicit funds since 2019. The Electronic Frontier Foundation (EFF) supports the lawsuit, fearing that government sanctions will have a chilling effect on open source software development.  

The local court had previously dismissed the lawsuit, holding that the sanctions were limited to transactions involving the Tornado Cash smart contract and did not affect the development and discussion of open source code. However, the EFF and other digital rights advocates remain concerned about the case's broader implications, emphasizing the importance of protecting the rights of programmers.

Blockchain Applications

▌Bluesky users surged by 1 million, and Brazil banned X Popular choices

After Brazil banned X, the decentralized social platform Bluesky saw a surge of 1 million users, attracting a large number of new users in just three days. The platform faced technical challenges as traffic surged 15 times over the weekend.  

Bluesky was co-founded by former Twitter CEO Jack Dorsey. Its functions are similar to X, allowing users to post text updates, share photos and repost content. Registration for it opened fully in February of this year.  

The Brazilian Supreme Court upheld the ban on X because Elon Musk failed to comply with judicial orders to remove illegal content and failed to appoint a legal representative in Brazil. The decision shuts down X's operations in the world's sixth-largest market.  

The court also imposed fines of BRL 50,000 per day and possible criminal charges for users who try to circumvent the ban.  

While X faces legal and financial difficulties, Bluesky is quickly adapting to new users, starting to publish content in Portuguese and providing localized tutorials. Brazilian President Luiz Inácio Lula da Silva has directed his followers to alternative platforms including Bluesky.

▌Itheum introduces innovative anti-fraud mechanisms to enhance trust in the NFT market

The rapid growth of the NFT market is accompanied by an increase in fraudulent activities, affecting investor trust. To address this challenge, data ownership protocol Itheum Protocol launched the “Liveliness Mechanism”, which aims to protect the NFT market by increasing transparency and trust.  

The Liveliness mechanism obtains a score by requiring data NFT creators to bind a certain number of ITHEUM tokens. The higher the score, the more credible the creator is. This scoring system serves as a dynamic indicator in the NFT market to help buyers evaluate the reliability of NFTs. Creators must lock their tokens for at least three months, and the Liveliness score will gradually decrease over time, but will not reduce the original staked ITHEUM tokens.  

In addition, Itheum also launched the NFMe ID Vault data NFT and BiTz XP systems to further encourage users to actively participate and contribute, and in this way promote the healthy development of the NFT market. These innovative mechanisms are designed to reduce fraud and enhance market transparency and user trust.

Cryptocurrency

▌Bitcoin miners’ income drops to 12-month low in August

Bitcoin miners’ income fell to a 12-month low in August 2024, mainly affected by the April halving event. According to data from Bitcoin monitoring platform Bitbo, mining revenue in August was approximately $827 million, lower than any month since September 2023 and well below the peak of nearly $2 billion in March 2024.  

The halving event, which occurs every four years, cuts the Bitcoin reward per block in half. April’s halving reduced the reward from 6.25 BTC to 3.125 BTC. Since the halving, the number of Bitcoins mined each month has steadily declined, from a high of 347,000 BTC in May 2011 to less than 14,000 BTC in August.  

JPMorgan’s report pointed out that the fourth Bitcoin halving event resulted in reduced daily mining output and revenue opportunities, affecting miners’ profit margins and profitability. Mining volumes at the five publicly traded Bitcoin miners JPMorgan follows fell 28% in the second quarter.  

In response to declining revenue, Bitcoin miners are adjusting their business models. Some companies such as Core Scientific, Hive Digital Technologies and Hut 8 are investing in artificial intelligence applications, while others such as Bitdeer Technologies Group are investing in artificial intelligence applications. Improve mining efficiency. Bitdeer reported that its gross profit increased by approximately 50% year-over-year in the second quarter of 2024.

▌Galaxy Digital: BTC may remain range-bound until November due to the impact of the US presidential election

Crypto Asset Management Alex Thorn, director of research at the company Galaxy Digital, said that in addition to the early decline, another reason why August was so difficult was the oversupply of Bitcoin, however, these oversupply issues are now said to have largely subsided or resolved. "Most of the Bitcoin retained by the U.S. government was seized from the theft and will likely be returned rather than sold. The German government has completed the sale and we believe that the Bitcoin legacy from Mt. Gox has essentially been distributed, as well as all Bankrupt companies have returned available tokens to creditors, and the future for Bitcoin is bright from a supply perspective. The legacy distribution of failed exchange FTX may be a positive catalyst, and we expect this repayment action to occur in the future. Launch within six months." Thorn added, "The distribution will provide a significant amount of cash to a creditor group of known crypto investors who may consider reinvesting in the company. Industry.” According to Thorn, Bitcoin is likely to remain range-bound until November as the U.S. presidential election has a huge impact on investors. He said a Trump victory could be a positive catalyst, while any negative impact from a Harris win would likely be insignificant. "I expect the market to be volatile until we know more about rate cut expectations and the election."

▌BNB Chain DEX Trading The volume plummeted 24% in the past week

BNB Chain’s native token BNB fell 16.1% between August 23 and September 2, from US$598.80 to US$502.10. The price is currently back up to $517, but investors are concerned about its future direction, especially in the context of the coin’s failure to stay above $610 since mid-June.  

Activity on BNB Chain has decreased significantly, especially the trading volume of decentralized exchanges (DEX), which has plummeted by 24% in the past week. In comparison, Ethereum’s activity fell by just 4%. The data also shows that the number of active addresses on BNB Chain dropped by 18%, and the number of active users of the top five DApps also decreased significantly.  

Although some market participants believe that BNB may rise in anticipation of the release of CZ, fundamental support for such a rise is still insufficient given the weak activity on BNB Chain. Overall, challenges faced by BNB include reduced transaction volume and a decline in smart contract deposits.

▌Analysis: Bitcoin is expected to rise to $110,000, but may fall below $40,000 first USD

Bitcoin (BTC) price is expected to reach $110,000 by 2025, according to analysis by crypto analysts Titan of Crypto and Elja Boom. Titan of Crypto notes that Bitcoin is forming a “cup-and-handle” pattern, a bullish chart pattern that suggests price increases may occur in the future. Elja Boom mentioned that once BTC’s “inverse head and shoulders” pattern breaks through, it will push the price to exceed $100,000. He predicts that this high will appear in the fourth quarter of 2024 and may reach $100,000 in the first quarter of 2025. Dollar.  

However, not all analysts are so optimistic. Analyst Magoo PhD warns that Bitcoin may first pull back below $40,000 before a potential rally in 2025. In addition, analyst Mustace believes that even if there is a correction, the market bottom will be around $57,000.  

According to data from CoinGlass, Bitcoin currently has significant support at $57,000. If it falls below this level, it may lead to the liquidation of more than $860 million in leveraged short positions.  

Despite the uncertainty surrounding Bitcoin price trends, the market generally expects prices to break six figures in the next few years.

▌Santiment: Bitcoin shows signs of recovery

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Santiment, an encryption market analysis agency, posted on social media Signs of growth point to strength in the crypto sector, coupled with growing bearishness and FUD among traders, there are signs that a rebound is coming. ”

< strong>▌Analysis: SOL price fell below the 200-day moving average and may face the $100 mark in September p>

Solana (SOL) prices have continued to weaken recently, with a weekly decline of 19.14% at the end of August, the second largest decline since 2024. Data shows that SOL has closed below its 200-day moving average for multiple days for the first time since September 2023. Technical analysis shows that SOL is facing a test of key support at $127. SOL has briefly dipped below $120 six times since April 2024, but was able to close above $127 each time. However, this decline has lost support at the 200-day EMA, and a break below $127 could bring the next price target to $110.  

In the derivatives market, open interest rates increased by 20%, and funding rates were negative for a week in a row, reaching -0.001, the lowest since 2024, further confirming the market’s bearish sentiment. In terms of on-chain activity, DEX trading volume in the Solana ecosystem fell to $7.7 billion last week, a six-month low. Independent trader Bluntz_Capital noted that the SOL/BTC weekly chart has performed poorly and may have peaked. If the market continues to be bearish in September, SOL could retest the $98-$104 demand range. In the worst-case scenario, SOL could fall below the $100 mark.

▌SushiSwap launches Meme coin issuance function Dojo

SushiSwap announced that it has cooperated with Goat Trading to launch a new meme coin issuance function Dojo. SushiSwap said that with Dojo, tokens will only exist on Sushi V3 and will not be moved elsewhere. They will not suffer post-launch sell-offs like other platforms and all liquidity is destroyed so scams cannot occur.

▌Analysis: Bitcoin could return to low $50,000 area in coming weeks

Chart by Wolfe Research Analyst Rob Ginsberg said: "The current situation in the entire cryptocurrency field is not optimistic. Bitcoin is still stuck in the downward channel and the price is gradually falling from the highs in March. Although a short-term breakthrough will be very positive, we still respect This is a big trend. Bitcoin may return to the bottom of this range in the coming weeks, which is the low $50,000 area. Bitcoin’s trend has been worsening with a series of lows and lows. point, unless this trend changes, either through a breakout or a more gradual reversal, we will continue to remain bearish on Bitcoin's price in the short to medium term. ”

Important Economic Updates

▌The probability of the Federal Reserve cutting interest rates by 25 basis points in September is 69%

According to CME "Fed Watch": the probability of the Federal Reserve cutting interest rates by 25 basis points in September is 69%, and the probability of cutting interest rates by 50 basis points is 31%. The probability that the Fed will cut interest rates by 50 basis points cumulatively by November is 50%, the probability that it will cut interest rates by 75 basis points cumulatively is 41.5%, and the probability that it will cut interest rates by 100 basis points cumulatively is 8.5%.

Golden Encyclopedia

▌What are inverse futures contract?

An inverse futures contract is a financial arrangement that requires the seller to pay the buyer the difference between an agreed price and the current price when the contract expires. Unlike traditional futures, the seller benefits from falling prices. The nature of inverse futures contracts is non-linear. When traders go long the BTC/USD inverse futures contract, they are short the U.S. dollar. Since the contract is inverse, the trader's position is worth less in Bitcoin, and the higher the value of Bitcoin, the higher the value relative to the U.S. dollar.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and not as actual investment advice. Please establish a correct investment philosophy and be sure to increase your risk awareness.