Cryptocurrency is a symbol of freedom and transparency. The ETC network has completed the reduction of production.

Headlines

▌US presidential candidate: Cryptocurrency is a symbol of freedom and transparency

US presidential candidate Robert F. Kennedy Jr. said Trump's guilty verdict could boost his election prospects in November. Kennedy is running as an independent candidate and will face Trump and Biden. He said that if he withdraws from the campaign, more than half of his supporters will switch to Trump. At the cryptocurrency conference, Kennedy agreed with the importance of technology and supported Trump's new cryptocurrency stance. He believes that cryptocurrency is a symbol of freedom and transparency. Kennedy emphasized the need for cryptocurrency regulation to protect consumers from deception.

▌ETC network has completed the production reduction, and the block reward has dropped from 2.56 ETC to 2.048 ETC

On May 31, 2024, the Ethereum Classic (ETC) network has successfully completed the production reduction ("Fifthening"), and the block reward has dropped from 2.56ETC to 2.048ETC. The halving occurred at a block height of 20000001, which was packaged by K1Pool; the last block before the halving was packaged by F2Pool. At present, the computing power of the ETC network is about 180T, and it has continued to rise steadily by about 50% in the past year.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $67,271.29, with a daily increase or decrease of -1.47%;

ETH's latest transaction price is $3,764.44, with a daily increase or decrease of +0.77%;

BNB's latest transaction price is $593.90, with a daily increase or decrease of -0.38%；

SOL's latest transaction price is 166.66 US dollars, and the intraday increase or decrease is -0.7%；

DOGE's latest transaction price is 0.1578 US dollars, and the intraday increase or decrease is -0.25%；

XPR's latest transaction price is 0.5189 US dollars, and the intraday increase or decrease is -0.23%.

Policy

▌Hong Kong Acting Financial Secretary: Will fully promote financial innovation in key areas including DeFi and virtual assets related to Web3

Hong Kong SAR Government Acting Financial Secretary Wong Wai-lun delivered a keynote speech at the 2024 Caixin Summer Summit held today, saying that Hong Kong will continue to fully promote financial innovation, with key areas including DeFi (decentralized finance) related to financial technology, green finance, Web3 (third generation Internet), virtual assets, etc. The SAR government will ensure that financial risks are stabilized at a controllable level. On the other hand, continue to expand the interconnection between Hong Kong and mainland China's financial markets. Coinbase Chief Legal Officer: Questioning the SEC's Rejection of Our Rulemaking Application Coinbase Chief Legal Officer Paul Grewal wrote that today, we submitted a closing statement to the Third Circuit Court, questioning the SEC's rejection of our rulemaking application. The core of this case lies in an assertion in the SEC's rehearing order. "Disagree" that the SEC's rules are not applicable to digital asset companies-this sentence does not provide any reasonable decision; it does not provide any reason at all. For this basic reason alone, the SEC's order must be revoked. Without proper authorization from Congress and without clear rules, the SEC cannot claim to have broad jurisdiction over a new industry. It is worth noting that the SEC has repeatedly stated that it does not matter whether the industry can comply with the rules. The SEC is determined to strangle the digital asset industry by the throat and refuses to provide the necessary rules required by the industry to tighten the squeeze. We thank the Third Circuit Court for its careful consideration of this matter. At the same time, we will continue to fight for clear rules for the entire industry wherever possible.

Blockchain Applications

▌Uniswap Foundation postpones token staking and delegation rewards vote

The Uniswap Foundation postponed the UNI token staking and delegation rewards vote originally scheduled for Friday because a stakeholder raised issues that needed more attention. The foundation said on social media platform X that they decided to postpone the vote due to the immutability and sensitivity of the proposed upgrade. The news caused UNI prices to fall 8.7%, currently trading at $10.20. The proposal, which aims to compensate Uniswap stakers and delegators for high-quality participation, was originally scheduled for a vote on May 31. The foundation said it would keep the community informed of any major changes and update when it has a clearer grasp of future timelines.

▌Bloomberg Analyst: ARK Will Not Promote Ethereum ETF at Present

Bloomberg ETF analyst Eric Balchunas said that ARK issued a statement on not conducting Eth spot business, saying that ARK believes in the transformative potential of Ethereum and the long-term value of the Ethereum blockchain, but at present, ARK will not promote the Ethereum ETF: We will continue to evaluate effective methods to provide our investors with opportunities to access this innovative technology and fully unleash its advantages. According to Golden Finance, Bloomberg ETF analyst Eric Balchunas said that 21Shares is currently conducting a spot Ethereum ETF alone, and ARK has been removed from the file and name, but they are still partners in Bitcoin and futures ETFs.

Cryptocurrency

▌L1 blockchain Self Chain announces token economics, total supply of 360 million SLF tokens

L1 blockchain Self Chain announces token economics, total supply of SLF tokens is 360 million. Distribution method: Migration allocation (25%): This allocation allows certain token holders to seamlessly migrate their tokens to SLF on the self-chain, ensuring a smooth transition. Equity investor allocation (10%): This allocation recognizes the early supporters of Self Chain and recognizes the role they played in the development of the project. Validator node/growth sale (28%): Self Chain seeks to expand its validator network and invites well-known people to enhance the decentralization of the network. Ecosystem (19%): Foster ecosystem initiatives through grants and incentives to promote meaningful contributions to the Self Chain project. Basic Nodes (10%): The Self Chain Foundation will run a set of basic nodes to ensure the stability and functionality of the blockchain at birth. Team (8%): ​​A portion of SLF tokens are allocated to the Self Chain team and core developers to support long-term research, development and ecosystem initiatives.

▌HKMA: Some criminals use the Digital Hong Kong Dollar Pilot Program to conduct fraudulent activities

According to official news, the Hong Kong Monetary Authority has noted that some criminals have used projects related to the Hong Kong Monetary Authority (HKMA), such as the Digital Hong Kong Dollar (e-HKD) Pilot Program and the Cross-Border Wealth Management Connect Mechanism, to conduct fraudulent activities. The HKMA solemnly reminds the general public that the public (whether mainland residents or Hong Kong residents) need to be vigilant and guard against being deceived. The HKMA has received a public inquiry claiming that a company was selected for the Digital Hong Kong Dollar Pilot Program and would release digital Hong Kong dollars, equity and dividends to attract public investment. The HKMA has reported the incident to the Hong Kong police. Bloomberg ETF Analyst: US Spot Ethereum ETF May Be Launched at the End of June Bloomberg ETF analyst Eric Balchunas said that after BlackRock and Grayscale updated their documents, it was reasonable that the US Spot Ethereum ETF could be launched at the end of June. The possibility of a launch in mid-June is small, and the latest listing date for the product is expected to be July 4. Balchunas' expectations are affected by the timing of the issuer's S-1 statement. He commented on BlackRock's May 29 S-1 amendment, which he pointed out did not include fees and other important data, making it a close to final version. Grayscale filed an S-3 amendment for its fund on May 30, updating the fund to explicitly prohibit pledges. The two statements mark one of the last necessary steps before these funds begin trading.

Important Economic Dynamics

▌Interest rate swap market pricing remains stable, and the Federal Reserve is expected to cut interest rates at least once in 2024

After the release of the US PCE data, the interest rate swap market pricing remained stable, and the Federal Reserve is expected to cut interest rates at least once in 2024.

▌The three major US stock indexes closed with mixed gains and losses

Golden Finance reported that the Dow Jones Industrial Average closed up 1.52%, with a cumulative increase of 2.3% in May; the Nasdaq closed flat in a "V" shape, falling more than 1.7% during the session, and a cumulative increase of 6.88% in May; the S&P 500 rose 0.81%, with a cumulative increase of 4.8% in May. Hot technology stocks rose and fell, with Amazon falling more than 1%, Nvidia falling less than 1%, and Microsoft, Apple, and Google rising less than 1%.

Golden Encyclopedia

▌What is ERC-404?

ERC-404 is an experimental token standard that combines elements of the ERC-20 and ERC-721 token standards to generate tokens with the properties of both fungible and non-fungible tokens. Named after the famous webpage error code "Error 404", the ERC-404 token standard enables NFTs to be subdivided within the limits of the Ethereum network. This is achieved by linking NFTs to fungible tokens to implement fractional division.

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 enhance risk awareness.