[Link to FM] People familiar with the matter said that Tencent officially announced the establishment of the "XR" department to bet on the metaverse, and Solend issued a new proposal

【Data Intelligence】

Ethereum bridge TVL reaches $11.77 billion

According to data from Dune Analytics, the current TVL of the Ethereum bridge has reached 11.77 billion US dollars. Among them, the five bridges with the highest lockup volume are PolygonBridges ($3.328 billion), ArbitrumBridges ($1.839 billion), AvalancheBridge ($1.306 billion), Fantom Anyswap Bridge ($686 million), and Near Raibow ($659 million).

Tether Treasury burns 6.6 billion USDT on the TRON network

News on June 20, according to Whale Alert data, Tether Treasury destroyed 6,600,000,000 USDT on the TRON network at 23:32:51 on June 20. In this regard, Paolo Ardoino, chief technology officer of Tether, said that these destroyed were the TRC-20 USDT in the treasury wallet during the previous redemption.

【 Regulatory News 】

India's market watchdog fines Reliance for improperly disclosing Facebook deal

India's markets regulator on Monday fined Reliance and two of its officials for failing to properly disclose Facebook's $5.7 billion investment in Jio Platforms in April 2020. The Securities and Exchange Board of India said media reports of the then-imminent deal had been reported in March, prompting a rise in the conglomerate's shares. (Some baseball insiders: The Financial Times broke the news in March that Meta, then known as Facebook, was in advanced talks to make a multibillion-dollar investment in Jio Platforms, the digital arm of Reliance Industries. media outlets.) The market watchdog argued that when Reliance learned that the information was about to be released, it was "duty to make appropriate clarifications on its own", whether through the stock exchange or otherwise.

【Industry Trends】

The Sandbox and Time Magazine to develop TIME Square in the Metaverse

The Sandbox has partnered with TIME Pieces, the Web3 community program of TIME Magazine, to develop a virtual art and business center "TIME Square" in TheSandbox's metaverse, which will provide discussions, events, TIME Studios project screenings and Virtual visits for educational experiences, serving the TIME Pieces community.

Solend released a new proposal to introduce account borrowing limits to solve the liquidation problem of giant whales

On June 21st, the Solana ecological lending agreement Solend issued a new proposal SLND3, which stated that in order to solve the liquidation problem of giant whales, it suggested: 1. Introduce a loan limit of 50 million US dollars for each account, and any debt exceeding this limit will be eligible Liquidation is carried out regardless of the value of the collateral; 2. Starting from the loan limit of 120 million US dollars per account, it will be gradually reduced until it reaches 50 million US dollars, and the target is to reduce the amount of 500,000 US dollars per hour; 3. Temporarily reduce the maximum liquidation liquidation coefficient from 20% to 1%, limiting the amount that can be liquidated in a single transaction; 4. Temporarily reducing the liquidation penalty of SOL from 5% to 2%. Additionally, Solend is engaging with market makers to help provide better on-chain liquidity, and if approved, the proposal will go into effect as soon as possible. According to previous news, on June 19, the founder of the lending agreement Solend urged the giant whale users to repay their debts as soon as possible to avoid a series of liquidations. On the same day, the Solend community first passed the proposal of setting special margin requirements for giant whales and temporarily taking over whale accounts SLND1, yesterday, the Solend community abolished the above proposal in the proposal SLND2.

Beacon Chain Deployed on Ethereum Sepolia Testnet, Merge Coming Soon

On June 21st, the Ethereum client Nethermind tweeted that the Ethereum Sepolia test network has deployed the beacon chain and will soon merge (The Merge). As previously reported, the Ethereum Ropsten testnet merged on June 9.

PayPal allows transfer of cryptocurrencies to external wallets

On June 21st, PayPal allowed the transfer of cryptocurrencies to external wallets.

Russia creates a blockchain platform for international payments to replace Swift

Watcher.Guru tweeted that a Russian government organization created a blockchain platform for international payments to replace the current Swift system.

Axie Infinity: Ronin Bridge expected to launch June 23-28

Axie Infinity tweeted that Land Staking is being tested and optimized on the testnet. We've finished the article it published. We plan to start Land Staking after deploying Ronin Bridge. The latest estimated launch on the bridge is June 23-28.

【Elite Viewpoint】

Russian Central Bank Governor: Cryptocurrencies Should Not Be Used as Domestic Payments

On June 21, according to the Russian "Kommersant", Nabiullina, the governor of the Central Bank of Russia, recently participated in the St. Petersburg Economic Forum. She stated at the meeting that our position is that cryptocurrencies should not be used for domestic settlements. Way. As for the use in international settlements, it is possible if it does not penetrate the Russian financial system. Its view is at odds with Rosmos' previous position.

SBF: FTX has a duty to step in and stop the crypto crisis from spreading

FTX founder and CEO Sam Bankman-Fried (SBF) talked about the current crypto crash in an interview with NPR, SBF said, I do feel that we have a responsibility to seriously consider stepping in, even if we are overwhelmed, to prevent the crisis infect. Even if we were not the ones who caused it, or had no part in it. I think this is healthy for the ecosystem and I want to do something to help it grow and prosper. In August 2021, FTX provided Liquid Group with a loan of US$120 million to cover losses caused by the hack of Liquid's digital wallet.

【What to watch today】

Informed sources: Tencent officially announced the establishment of the "XR" department, betting on the metaverse

According to news on June 20, three people familiar with the matter said that Tencent Holdings announced to its employees on Monday the formal establishment of an "extended reality" (XR) department, officially betting on the concept of the metaverse of the virtual world. The unit will be tasked with building an extended reality business for Tencent, including software and hardware, and will be part of the company's Interactive Entertainment Group (IEG), the sources said.

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