[Link to FM] STEPN announced that it will clear accounts in mainland China, and the Terra governance system voted through the plan to destroy 1.3 billion UST tokens

【Data Intelligence】

ARK fund recently increased its holdings of nearly 30,000 shares of Coinbase stock

According to the holding data of ARK Ark Fund, from May 24th to May 25th, Cathie Wood’s ARK Investment Management Company’s fund bought a total of 83,625 shares of Coinbase Global (COIN) and sold 54,034 shares, increasing its holdings by nearly 30,000 shares Coinbase stock.

Bitcoin dominance rises to 45%, highest level since October 2021

According to the news on May 27, TradingView data showed that although the market value of BTC fell to 552 billion U.S. dollars, the dominance of Bitcoin (Bitcoin market value as a percentage of the total market value of cryptocurrencies) has increased to 45%, which is the highest since 2021. highest level since October. Laurent Kssis, head of Hashdex Europe, said that despite this, BTC still shows no signs of recovery. He said: We may see a further downward trend in altcoins, because there are still strong signs that BTC will remain below $30,000.

【 Regulatory News 】

SEC Commissioner: Regulation of Cryptocurrencies Will Happen Faster

Watcher.Guru tweeted that the US Securities and Exchange Commission (SEC) Commissioner Hester Peirce said that given the recent collapse of UST, the regulation of cryptocurrencies will happen sooner.

Head of European Securities and Markets Authority: Regulatory Pressure on Crypto Markets Increases

Verena Ross, head of the European Securities and Markets Authority(ESMA), believes that regulatory pressure on the encryption market has increased as inflation continues to spread and retail investors may want to start flowing into risky digital assets. Verena Ross warned that cryptocurrencies could pose risks to retail buyers seeking to protect their cash during inflation, and urged the implementation of a formal set of regulatory rules for digital assets in Europe. ESMA is keeping a close eye on the flow of money from investors looking to invest in various risky assets to generate huge profits during periods of inflation. So far, EU regulators are making cryptocurrency-related decisions based on local legislation, with each country opting for a different approach, deciding its own approach.

【Industry Trends】

Terra governance system votes to burn 1.3 billion UST tokens

According to information on Terra’s official website, the Terra governance system has voted to approve a proposal to destroy all TerraUSD (UST) tokens held in the project’s community pool and deploy UST on Ethereum for past liquidity incentives. This equates to over 1.3 billion UST, approximately 11% of the existing 11.2 billion UST supply. The proposal passed with 99.3% of the votes in favor. After the vote, Terraform Labs, Terra's core development company, will execute the burn plan, a process that will take place in two phases. First, it will send approximately 1 billion UST from Terra's community pool to a burn module, where it will be permanently removed from the supply. The team will then manually bridge 370 million UST from the Ethereum blockchain back to Terra and burn it.

PoolTogether uses NFT crowdfunding for legal defense

DeFi non-loss lottery project PoolTogether is turning to NFT to crowdfund its defense fund due to legal troubles. According to its website, the funds from the "Poly" NFT series released by the company on Thursday will be used to support PoolTogether Inc in its fight against a class action lawsuit. PoolTogether is an app-based no-loss savings game where users deposit funds on the platform using DeFi protocols to win prizes.

1inch Network Announces Partnership with Travala

Decentralized trading platform 1inch Network has announced a partnership with Travala. As part of the latest move, the Binance-backed travel agency will add the 1INCH token as a payment option on its platform. The partnership will allow 1INCH token holders to book over 2.2 million hotels and houses, over 600 airlines and other activities in 230 countries. They will also be able to access Travala's wide range of travel products. 1inch Network co-founder Sergej Kunz said mass adoption of the company's products and solutions is a top priority for the aggregator. Kunz anticipates that the integration will create a new utility for the 1INCH token while providing exposure to many potential users.

Binance to Enhance KYC and Sanctions Screening

May 26 news, Binance said on Wednesday that it has reached a partnership with data analysis company Kharon and cloud-native screening provider Neterium to strengthen its KYC and sanctions screening, aiming to curb illegal cryptocurrency activities on its platform. "Working with Kharon and Neterium, we can leverage Kharon's cutting-edge data and Neterium's innovative technology to address our risks," said Chagri Poyraz, Binance's Global Head of Sanctions, in a statement. Binance said the partnership will enhance its existing screening technology while meeting regulatory requirements. It is reported that the European Union issued the latest sanctions last month, including a series of targeted economic measures, one of which prohibits deposits to cryptocurrency wallets.

Huobi acquires Latin American cryptocurrency exchange Bitex

On May 26, Huobi acquired the Latin American cryptocurrency trading platform Bitex and integrated its business with Huobi. The trading platform will retain its brand and continue to operate independently, while its users can access various digital assets on Huobi. It is reported that Bitex was established in 2014, and its business involves Argentina, Chile, Paraguay, Uruguay and other countries.

【Elite Viewpoint】

Bloomberg: Zuckerberg says the Meta universe project will cost huge sums of money in the next 3-5 years

On May 26, according to Bloomberg News, Meta CEO Mark Zuckerberg responded to a shareholder's question about return on investment at the annual meeting, saying that the Meta universe project will cost a huge amount of money in the next 3-5 years. According to the Meta board of directors, many of Meta's "physical Internet" products are unlikely to be launched within 10-15 years, while Zuckerberg hopes to allow everyone to buy "affordable" hardware devices and ensure that the digital economy continues. increase.

Fed Governor: New Forms of Digital Currency such as Stablecoin Cannot Offer Investors and Consumers the Same Protections as Digital Dollars

On May 27, Federal Reserve Governor Brainard said that recent events have highlighted the need for clear regulation to protect consumers and investors. In terms of both the regulatory framework and the digital dollar, it should be able to have a positive impact on the future development of the financial system. New forms of digital currency such as Stablecoin cannot provide the same protection for investors and consumers, and may bring significant changes to the payment system again. Counterparty Risk.

【What to watch today】

STEPN announced that it will clear accounts in mainland China

On May 27th, according to official sources, in order to proactively respond to relevant regulatory policies, Move to Earn app STEPN announced that it will check accounts in mainland China. If any users in mainland China are found, STEPN will deactivate the account on July 15, 2022 in accordance with the terms of use. GPS and IP location services will be stopped at 24:00 on Sunday (UTC+8). If the user expects to log in and use the account at the GPS or IP location in the area for a long time, the official encourages the user to make their own decisions to deal with the assets in the application. During this period, more details will be notified to users through official social media announcements, emails, in-app notifications, etc.

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