【Data Intelligence】
CoinShares: The total outflow of digital asset investment products reached 141 million US dollars last week
According to news on May 23, according to the CoinShares report, the total outflow of digital asset investment products reached US$141 million last week, and the current total asset management scale is US$38 billion, a new low since July 2021. Among them, the net outflow of Bitcoin investment products was US$153.5 million, the total inflow of multi-asset investment products was US$9.7 million, and the total outflow of blockchain equity investment products also reached US$20 million.
ENS' domain name registration revenue in May exceeded 8 million US dollars, a record high
On May 23, Nick Johnson, chief developer of ENS, tweeted today that ENS domain name registration revenue in May exceeded $8 million, a record high. In addition, various indicators such as registration and renewal have also set new records.
【 Regulatory News 】
IMF and Bank of France: More CBCDs to emerge in next three to five years
During a panel discussion at the World Economic Forum in Davos on Monday, the governor of the Bank of France said the world could see a powerful central bank digital currency in the next three years. Kristalina Georgieva, managing director of the International Monetary Fund(IMF), said that within the next five years, CBCDs will be quite common in the world. Georgieva also talked about the recent collapse of the Terra network, Georgieva said how we usually call it a pyramid scheme when someone promises you a 20% return on something that is not backed by any asset. Georgieva also believes that people should not be quick to categorize everything in the world of “digital currencies” in a negative way. When it comes to stablecoins, Georgieva said that some projects can be stablecoins because they are backed by assets. When they're backed by assets, they're really stable. Georgieva believes that if regulated properly, cryptocurrencies can provide faster services, lower costs and more inclusiveness.
Yueqing city rectifies virtual currency "mining" and confiscates 77 professional mining machines
According to news on May 24, recently, the Yueqing City Development and Reform Bureau, in conjunction with the public security, comprehensive administrative law enforcement, mobile, telecommunications, China Unicom and other departments, concentrated on carrying out a special rectification operation on virtual currency "mining", and checked a total of 59 IPs. 82 mining machines, 104 laptops, 117 deleted software, and 20 viruses were seized, and publicity and education were carried out one by one, and a letter of commitment was signed. According to statistics, 11 people made administrative punishment decisions and confiscated 77 professional mining machines. Relevant department personnel reminded that virtual currency "mining" activities are suspected of using production technology and equipment that has been eliminated by the state, which is an illegal act. If the general public has virtual currency "mining" behaviors, they should stop immediately, otherwise, once discovered, they will be investigated and dealt with. For those who repeat the prohibition, in addition to administrative penalties, differentiated electricity prices will be implemented in accordance with the spirit of relevant documents, and linked to personal credit. For public officials of party and government agencies, state-owned enterprises and public institutions, in addition to being given corresponding punishments, they will also be handed over to the discipline inspection and supervision agencies for handling.
【Industry Trends】
Connext network upgrade plan "Amarok" has been launched on the public testnet
The Layer 2 interoperability protocol Connext network upgrade plan "Amarok" has been launched on the public testnet for builders and the community to test. It can perform one-click bridging and build xchain applications. With the stability of the testnet and the completion of the audit work, Will upgrade to mainnet as soon as possible. As previously reported, Connext announced the network upgrade plan "Amarok", and plans to conduct a real-time mainnet upgrade in June.
FTX will disable ERC-20 UST deposits
FTX will disable ERC-20 UST deposits from 10:00 on May 24th, and UST deposits and withdrawals on the Terra network will not be affected.
Optimism has deleted 17,000 witch addresses, and the recovered 14 million OP will be redistributed to qualified users in proportion
On May 24th, Optimism, the second-layer expansion plan of Ethereum, conducted an airdrop user qualification check, deleted 17,000 witch addresses and restored more than 14 million OPs. All recovered OPs will be redistributed to other recipients of Airdrop#1 in proportion By. According to inquiries, the current airdrop pages of qualified users have shown more OP airdrops than the initial data. As previously reported, on April 27, Optimism officially announced that it will conduct multiple rounds of token airdrops.
Terra: The revival plan is not to fork the existing chain, but to create a new chain
Terra officially tweeted that recently, some community members (including some from TFL) referred to the new blockchain proposed in Prop 1623 as a "fork" instead of the genesis chain. Note: The revival plan is not to propose a "fork" of the existing chain, but to create a new chain. The important difference here is that forked blockchains "share all of their history with the original (chain)," while Terra 2.0 does not. Terra 2.0 is equal to the origin of the new blockchain, if Prop 1623 is passed, a brand new blockchain (Terra) will be created starting from genesis block 0, and will not share history with Terra Classic. DApps or assets from the old chain (Terra Classic) will not pre-exist on Terra and thus need to be migrated. Most of the popular dApps built on Terra Classic have already committed to the migration. According to previous news from Jinse Finance, according to the Terra community website, DoKwon proposed a new "Terra Revival Plan". It is proposed to fork the Terra chain into a new chain of TerraClassic and an algorithm-free stablecoin. But 90 percent of Terra community members opposed Do Kwon's proposed new reconstruction plan.
Pebble announces first app, raises $6.2 million
On May 24th, Pebble announced that it has received US$6.2 million in investment from Y Combinator, Caballeros Capital, LD Capital, Lightshed Ventures, Eniac Ventures, Global Founders Capital, Soma Capital and other institutions. On the surface, Pebble is just a legal currency digital wallet based on USDC, which is designed for later large-scale application. Not only that, but Pebble is building a global community dedicated to building a fairer economy.
【Elite Viewpoint】
Paypal President: Cryptocurrency Is a Volatile Asset Class
On May 24, Paypal (PYPL.O) President Schulman said that cryptocurrency is a volatile asset class.
Bloomberg analyst: Coinbase is expected to lose about $1.4 billion this year
According to news on May 24, since the end of the first day of trading in April last year, Coinbase’s market value has shrunk by about 51 billion U.S. dollars. Coinbase shares fell to all-time lows in early May, and even after recovering, they are still down about 80% since they first traded. According to researcher CryptoCompare, Coinbase’s market share has now slipped to 4.8 percent of monthly crypto trading volume, down from 7.1 percent in November, as some users have migrated to rivals such as DigiFinex and FTXUS. Coinbase is expected to lose about $1.4 billion this year, according to analysts surveyed by Bloomberg. Analysts think Coinbase's costs are too high. Needham & Co. analyst John Todaro said in an interview that the company recently said it would slow down its hiring and may pause expansion of sales and support staff. Coinbase’s full-time workforce has ballooned to 4,948 from about 1,700 a year ago. Hiring pushed the company's total operating costs to $1.7 billion in the first quarter, up 9% from the prior three months.
【What to watch today】
Crypto Exchange FTX Seeks to Acquire Brokerage Startup
May 23 news, according to CNBC: Cryptocurrency exchange FTX seeks to acquire brokerage start-ups.
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All the latest information
Rainbow, a cryptocurrency wallet, made headlines by launching its innovative rewards initiative termed "Rainbow Points." The system involves allocating points to Ethereum users based on their on-chain activities, including wallet balances and usage of decentralised apps and services.
JoyShakeeb Ahmed, a security engineer, pleads guilty to exploiting two Solana DeFi platforms in a landmark smart contract fraud case, agreeing to pay $5 million in restitution.
YouQuanCoinList settles with US regulators for $1.2 million over alleged sanctions violations involving 989 transactions in Crimea.
YouQuanThe Interchain Foundation allocates $26.4 million for 2024 to the Cosmos ecosystem, a decrease from previous years, funding key areas and witnessing significant ecosystem collaborations.
YouQuanPope Francis urges global leaders to adopt an international treaty regulating AI, emphasising its ethical development for peace and human dignity.
YouQuanInstagram introduces a new AI-powered Backdrop feature in the U.S., allowing users to creatively alter photo backgrounds in Stories.
YouQuanLedger CEO addresses and overcomes a DeFi hacking incident, enhancing security and reinforcing user trust.
AlexIntel's Gaudi3: A Bold Step in AI Chip Competition, but with Challenges Ahead
KikyoOne million addresses can now claim NFTs on Scroll's second layer, highlighting the growing interest and potential in Layer 2 networks.
AlexNERC identifies cryptocurrency mining as a key stressor on the North American power grid, with Texas at the forefront, highlighting the need for policy reevaluation.
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