Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering the week's key news, market and contract data, mining information, project dynamics, technological progress and other industry dynamics. This article is a project weekly, taking you to see the progress of mainstream projects and star projects this week.
Bitcoin
10x Reaearch: Bitcoin may have a strong trend in April
10x Reaearch posted on social media that April is often a relatively strong month for Bitcoin. In the past ten months, six months have had positive returns, with an average return of 12%. The possibility of another strong trend in April is relatively high, especially since the first quarter is often challenging, and most of Bitcoin's returns tend to be generated in the fourth quarter.
Bitwise CEO: Bitcoin halving in April this year may be the most influential one in history
Bitwise CEO Hunter Horsley said on the X platform that the Bitcoin halving in April 2024 may be the most influential one in history. The reason is that the last Bitcoin halving occurred in 2020, when the Bitcoin price was about $9,000. Therefore, in US dollars, the supply reduction is about $9 million per day, or about $3 billion per year. The Bitcoin halving is about $70,000, which will increase more than 3 times in US dollars: about $32 million per day, or about $11 billion per year. Natural sales have been greatly reduced, while seeing growing demand.
Bitcoin mining difficulty decreased by 0.98% to 83.13T
According to BTC.com data, Bitcoin mining difficulty ushered in a mining difficulty adjustment at block height 836640, and the mining difficulty was reduced by 0.98% to 83.13T. The current average computing power of the entire network is 595.44EH/s.
BlackRock CEO: Surprised by Bitcoin's Rise
Larry Fink, co-founder, chairman and CEO of $10 trillion asset management company BlackRock, said in an interview that he was "pleasantly surprised" by the retail response to the company's spot Bitcoin ETF and declared that he was very optimistic about Bitcoin's long-term viability. Larry Fink said that before we submitted the application, we would never predict that there would be such retail demand. I was surprised by the size of Bitcoin's rise, and we are creating a more liquid and transparent market. In addition, IBIT is the fastest growing ETF in ETF history.
US Bitcoin Miner Giga Energy to Set Up Factory in Argentina
US Bitcoin miner Giga Energy has expanded its operations to Argentina. The company's new site utilizes methane released by natural gas combustion, which Giga converts into electricity and has mined $200,000 to $250,000 worth of Bitcoin.
Research: Bitcoin volatility is greater in the U.S. session than in the Asian session, and the current trading focus has shifted to the U.S.
Research firm Kaiko said that an indicator that tracks the difference between the highest and lowest prices of Bitcoin per hour shows that the volatility in the U.S. session is greater than that in the Asian session, and the current trading focus has shifted to the U.S.
Ethereum
ConsenSys submits comment letter to the U.S. SEC, advocating approval of spot Ethereum ETF
Ethereum infrastructure provider ConsenSys submitted a comment letter to the U.S. Securities and Exchange Commission, advocating approval of spot Ethereum ETF. The letter refutes the U.S. Securities and Exchange Commission's concerns about potential fraud and manipulation, as well as concerns about Ethereum's proof-of-stake consensus design. ConsenSys emphasizes that Ethereum's security is superior to the framework that supports existing Bitcoin ETFs. The letter emphasizes Ethereum's fast block finality, distributed verification process, high attack cost, reduced penalties and environmental benefits.
The deadline for the U.S. Securities and Exchange Commission to make a decision on VanEck's spot Ethereum ETF application is May 23.
Vitalik: With the reduction of L2 transaction costs, there is no reason why Ethereum will not be widely adopted
Following the Ethereum Dencun upgrade and the introduction of blobs, Ethereum founder Vitalik Buterin shared his insights on the future direction of Ethereum expansion. Vitalik emphasized the shift in Ethereum expansion, from basic expansion work to centralized, incremental enhancements. Vitalik also said that the focus of developers will shift to the application layer. Ethereum will maintain an L2-centric roadmap, and applications will migrate from L1 to L2 to benefit from faster and more cost-effective transactions. One of the upcoming upgrades is Data Availability Sampling (DAS), which aims to increase the data space per slot to 16 MB. Incremental expansion improvements include gradually increasing blob capacity, improving data compression, and EIP-7623 (which aims to reduce the maximum block size).
Vitalik pointed out that with the reduction of L2 transaction costs, there is no reason why Ethereum will not be widely adopted.
US congressmen wrote to the SEC chairman to clarify whether Ethereum is a security
Republican members of the U.S. House of Representatives wrote to the SEC chairman to clarify whether Ethereum is a security. The move was made in response to the announcement by digital asset company Prometheum that it plans to provide Ethereum custody services. Republicans are concerned that classifying Ethereum as a security may affect the market, and pointed out that this may cause exchanges to stop offering Ethereum derivatives, with serious consequences for market participants. They urged the SEC to provide more clarification on this issue.
Grayscale Chief Legal Officer: SEC did not conduct in-depth discussions on Ethereum spot ETFs because relevant issues have reached a consensus on Bitcoin ETFs
On March 26, Grayscale Chief Legal Officer Craig Salm posted on social media that the market does not need to be pessimistic about the passage of Ethereum spot ETFs in May because the SEC has been slow to have in-depth conversations with issuers on Ethereum spot ETFs.
Because Grayscale and other issuers had active and constructive dialogues with the SEC months before the launch of the Bitcoin spot ETF, details on creation/redemption procedures, cash and physical, AP, LP, custody, etc. have also been agreed upon. There is no need to discuss these issues again on the Ethereum spot ETF.
Grayscale Chief Legal Officer: I believe the Ethereum spot ETF will be approved in May
March 26 news, despite recent news that the US SEC "lacked contact" with the applicant, Grayscale believes that the spot Ethereum ETF will be approved in May. Grayscale Chief Legal Officer Craig Salm posted on the X platform that I don't think the lack of involvement of regulators means that there will be one result or another. I personally will not be deterred by this. I think the (Ethereum spot) ETF should be approved.
Other projects
Bitcoin Layer 2 project Bitlayer launches $50 million ecological incentive plan
On March 29, Bitlayer, a Bitcoin Layer2 infrastructure project based on the BitVM paradigm, announced the launch of a $50 million ecological incentive plan to promote the development of its mainnet ecosystem. The first phase of the incentive activity, called "Ready Player One", will start at 09:00 UTC on March 29, 2024 and end at 09:00 UTC on April 29, 2024, and will officially start after the launch of the Bitlayer mainnet.
Specific activity rules and reward distribution guidelines will be disclosed in subsequent announcements. Through a series of ecological incentive programs such as "Ready Player One", Bitlayer aims to accelerate the development of the ecosystem and incentivize projects to be deployed on the Bitlayer mainnet. In addition, Bitlayer promises to provide comprehensive ecosystem support for all projects, including potential foundation and institutional investment, initial liquidity support, comprehensive product development resources, guidance and investment opportunities from top incubators, support from the Bitcoin community and OGs, ecosystem cooperation and co-creation, etc.
Bitcoin L2 project BEVM launched on the mainnet
On March 28, Bitcoin Layer2 project BEVM announced the launch of the mainnet on the X platform. Its mainnet is open to everyone, based on Taproot consensus to achieve full decentralization, and applies MAST to achieve automatic signing.
Huang Licheng's Meme project Bobaoppa is about to distribute tokens to early supporters
On March 30, according to official news, Huang Licheng's Meme project Bobaoppa announced that it will start early and distribute tokens to early supporters about 1 hour later (about 15:10). In this regard, Huang Licheng also issued a statement saying that the airdrops were not received at the same time, and it would be better and fairer for early supporters to receive their tokens at the same time. (But the standards for early supporters were not announced).
ALITA Binance Chain MEME Project Pays Full Compensation of $2.95 Million Due to Technical Error
March 28 news, after ALME/BNB went online last night, due to technical operation errors, the contract permissions were discarded, and all pre-sale tokens distributed in advance were locked and not released. This is equivalent to destroying 50% of the tokens. After the accident, the ALITA consortium held an emergency meeting and decided to fully compensate for the pre-sale of 3,000 BNB, involving 3,949 wallet addresses. In view of the existence of fraudulent projects, users should pay attention to identify the tail number d0f7f7912b of the ALME contract. At present, the project is still paying full compensation to the wallet address that killed the block within a few minutes after the opening.
Meme project Hone will refund if fundraising fails to reach expected target
On March 27, the Meme project Hone (Honeybadger) initiated by X (formerly Twitter) KOL Yo (@web3yoyoyo) raised more than 20 million USDT, with a target of 50 million USDT. Due to the impact of the Ents project issued by KOL VT, Hone announced that fundraising failed, and will arrange for technical personnel to refund. Yo said that he had experienced a $100 million contract loss before, and would not choose to run away with $20 million in fundraising funds.
According to the official introduction, "Hone is a full-chain meme and is already developing the meme protocol. In the future, any project party can initiate fundraising in the meme protocol, but the project party cannot access the funds. They can set the currency name/avatar/quantity/fundraising amount/time/pool percentage/treasury/refund, etc., which is equivalent to the meme version of ordi. It is in the interests of all chains to open all chain funding entrances."
Ordinals Developer: Runestone is not an NFT collection, but a Meme coin
On March 29, Ordinals developer Leonidas posted on social media that everyone mistakenly regarded Runestone as an NFT collection, but within a month, everyone will regard Runestone as a Memecoin. If a randomly pre-sold Memecoin can soar to a market value of $1 billion overnight, imagine what Memecoin on the Bitcoin chain can do.
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