Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance. The content covers key news of the week, mining information, project trends, technology progress and other industry trends. This article is one of the weekly news articles, giving you an overview of the major events in the blockchain industry this week.
Headlines
▌Bloomberg: Many Bitcoin miners are moving mining machines from the United States to Africa and South America
According to Bloomberg, before the halving, many Bitcoin miners are moving mining machines from the United States to Africa and South America. Due to low electricity prices, 600,000 S19 machines are being moved. The unit price of these mining machines once was as high as $11,500, which may drop to $350 after the halving.
▌Zhao Changpeng ranks 100th in the "2024 Hurun Global Rich List" with a wealth of 130 billion yuan
According to the "2024 Hurun Global Rich List" (The deadline for wealth calculation is January 15, 2024). Changpeng Zhao, the former CEO of Binance, has a wealth of 130 billion yuan, ranking 100th on the list. The wealth of Coinbase founder Brian Armstrong and Ripple founder Chris Larsen also increased by 50%, reaching 46 billion yuan and 24.5 billion yuan respectively, ranking 475th and 1024th on the list respectively.
▌DWF Lianchuang: The market heat is slowing down, AI, RWA, etc. will be the trend in the future
Andrei Grachev, co-founder of DWF Labs, wrote on the X platform , trading volume dropped and the market was calm, except for the MEME coin. We are also seeing a slowdown in capital inflows. This is logically correct, money comes easy and goes fast. The market allocates money among different players, sets a new bottom, and then rises again. Artificial intelligence, RWA, games, zero-knowledge proofs, infrastructure, decentralized finance, and derivatives are all trends.
▌FATF Chairman: Less than 30% of jurisdictions in the world regulate cryptocurrencies
Financial Action Task Force (FATF) Chairman T. Raja Kumar said that as of June 2023, less than 30% of jurisdictions around the world have begun to regulate the cryptocurrency industry. This low level of attention deserves a "call to action." The "Implementation of Recommendation 15 by FATF Members and Jurisdictions with Significant VASP Activity" report published on Thursday recommends that jurisdictions take action to better address the money laundering and terrorism financing risks posed by cryptocurrencies. Virtual asset service providers (VASPs) should be licensed or registered and their business practices, products and technology reviewed.
Policy
▌US presidential candidate Kennedy: Cryptocurrency is the best tool to fight inflation
Watcher.Guru tweeted that US presidential candidate Robert F. Kennedy Jr. (RFK Jr.) believes that cryptocurrency is the best tool to fight inflation. RFK Jr. announced his intention to become the US President in 2024 last year. Accepting BTC donations before primary election.
▌Nigeria accuses Binance of laundering $35.4 million, and a hearing on the detention of Binance executives will be held on April 4
The Nigerian government accuses Binance of laundering $35.4 million in money laundering. An was suspected of money laundering, involving a total amount of US$35.4 million. Binance is now facing two separate criminal charges in Nigeria following Thursday’s filing by the EFCC. Nigeria’s Federal Revenue Service, the country’s tax agency, has accused the exchange of tax evasion.
In addition to criminal proceedings, the Nigerian government is seeking to extend the detention of Binance executives. The case will continue with a hearing on April 4.
▌South African regulator issues first cryptocurrency license
Market news: South African regulator issues first cryptocurrency license.
▌U.S. congressmen wrote to the SEC Chairman requesting clarification on whether Ethereum is a security
Republican members of the U.S. House of Representatives wrote to the SEC Chairman requesting clarification on whether Ethereum is a security securities. The move comes in response to digital asset company Prometheum announcing plans to offer Ethereum custody services. Republicans worry that classifying Ethereum as a security could impact the market, noting that it could cause exchanges to stop offering Ethereum derivatives, with serious consequences for market participants. They urged the SEC to provide more clarity on the issue.
Blockchain Applications
▌Tether announced that it will expand its strategic focus to the field of AI
Tether Announced the expansion of strategic focus to the field of artificial intelligence. First, Tether data plans to take the lead in developing open source, multi-modal artificial intelligence models, seamlessly integrate artificial intelligence solutions into market-driven products, and is committed to promoting the development of the open artificial intelligence field. In addition, Tether data also announced the recruitment of AI-related talents globally.
▌domo: BRC-20 is about to be upgraded, supporting only the deployer’s own Mint operation and 5-character token name.
Created according to the BRC-20 protocol Domo, the author and founder of Layer1 Foundation, posted on the and issue assets with 5-byte code to isolate existing assets.
▌Optimism will allocate more than US$3 billion to fund its blockchain builders
Ethereum Layer 2 expansion network Optimism will set aside US$3.3 billion worth of Optimism (OP) tokens are awarded by its community to projects or individuals deemed to have made important contributions to the blockchain ecosystem. On March 26, Optimism Collective, the chain’s governance and community department, stated that part of the 850 million OP will be distributed in four rounds starting in May and continuing until the end of 2024. Among them, 40 million OP, worth approximately US$158 million, have been distributed in the past three rounds. Blockchain developers will launch the fourth round of Optimism’s Retroactive Public Goods Financing (RPGF). Among them, the community will vote to decide which projects receive tokens based on the value demonstrated by the projects. Rounds five through seven will reward contributors to infrastructure, governance, and development tools, and "everyone, everywhere who works to improve Optimism" will be eligible for these funds. The final round will end in mid-November.
▌Vitalik published an article "Supporting decentralized staking through more anti-correlated incentives"
Ethereum co-founder Vitalik Buterin on Warpcast Indicates, are validators in the same cluster (e.g. same trading platform, same user) more likely than unrelated validators to miss attestations at the same time? If so, can we adjust rewards to support decentralized staking? Probably yes.
In addition, Vitalik posted "Supporting decentralized staking through more anti-correlation incentives" stating that one strategy to incentivize better decentralization in the protocol is to punish correlation. That is, if a participant makes a misbehavior (including unexpected circumstances), the penalty they receive will increase with the number of other participants who misbehave at the same time as them (measured in total ETH). This technique is already used in Ethereum’s penalty mechanism. However, edge-case incentives arising from highly specific attack scenarios that may never occur in practice may not be enough to motivate decentralization.
This post proposes extending similar anti-correlated incentives to more mundane failure cases, such as missing a proof, which almost all validators experience at least occasionally.
▌Near Foundation has launched Chain Signatures and has been launched on the test network
Near Foundation has launched Chain Signatures, which is a A protocol that allows users to sign transactions on third-party blockchains from a Near account. According to a Near spokesperson, Chain Signatures has been launched on Near’s testnet and its mainnet is expected to launch in early May. Chain Signatures are powered by a decentralized multi-party computation (MPC) network and secured by near-network validators.
▌Celo mainnet has completed native USDT deployment
Celo announced that Tether will be deployed on Celo mainnet Deploying native USDT online, this expansion introduces USDT to the Celo ecosystem, which has more than 1,000 partners in 150 countries.
▌Tencent Cloud Blockchain RPC supports Sui and now covers more than 20 blockchain networks
Tencent Cloud Deepen cooperation with Mysten Labs and Sui Blockchain. Tencent Cloud Blockchain RPC supports Sui Blockchain and now covers more than 20 blockchain networks.
It is reported that Tencent Cloud Blockchain RPC will be launched in September 2023 to provide secure and high-performance blockchain infrastructure services for Web3 developers.
Cryptocurrencies
▌Coinbase International’s daily trading volume hit record high in March
Coinbase International Exchange (Coinbase International Exchange) daily trading volume hit a record high in March. The average daily trading volume in March was significantly higher than in previous months. Trading volume hit a record high of $6.23 billion last Wednesday.
Coinbase International Exchange is only open to non-U.S. clients in select jurisdictions and provides institutional clients with access to more than 30 perpetual futures and spot markets. A Coinbase spokesperson said, "It is still early days, but the market has shown that they want to see a trustworthy international counterparty established in a compliant manner, and Coinbase International Exchange is well-positioned to continue growing."
▌MicroStrategy’s stock price hit a record high
MicroStrategy’s stock price hit a record high, breaking through $1,860 and hitting an intraday high of $1,909. As previously reported, MicroStrategy added 9,245 Bitcoins on March 19, bringing its total number of Bitcoins to approximately 214,250, exceeding 1% of the total Bitcoin supply.
▌HSBC is pushing to become the first bank to issue digital currency in Hong Kong
Bojan Obradovic, HSBC Hong Kong digital director, said that HSBC hopes to Becoming part of Hong Kong’s development of digital assets and becoming the first bank in Hong Kong to issue digital currencies, the bank is moving forward with the plan. Boyang continued that HSBC strives to bring buyers and sellers to Hong Kong, provide marketing and products, become a true market maker, and facilitate transactions. He said the bank was working with all industry players and the public and private sectors to help achieve this goal as quickly as possible.
▌Doodles Lianchuang: The market will pay attention to the NFT field again
Doodles co-founder poopie posted on the X platform: "In the long run, lasting Power trumps attention. The team has not stopped building, and NFT with its excellent origins has not changed. As with the previous cycle, market attention will return to the NFT field. For me, my goal is to be ahead of the crowd, and It has been quietly accumulating."
▌Coinbase Research: Bitcoin is expected to rise in the second quarter
David Duong, chief analyst at Coinbase Research It was emphasized that after April 10, the critical 90-day review period for securities companies to conduct due diligence on new financial products will release a new wave of demand for spot ETF risk exposure, which means that Bitcoin may rise in the second quarter.
▌The cumulative net inflow of Bitcoin spot ETF reached US$12.1287 billion
According to data from Farside Investors, the Bitcoin spot ETF has Since its launch, the cumulative net inflow has been US$12.1287 billion. Among them: IBIT’s cumulative net inflow is US$13.9579 billion; FBTC’s cumulative net inflow is US$7.5625 billion; GBTC’s cumulative net outflow is US$14.7675 billion.
Important economic developments
▌ Fed Bostic reiterated that it expects only one interest rate cut this year
< p> Fed Bostic reiterated that it expects only one interest rate cut this year. Bostic said the economy and inflation are expected to gradually slow; if the economy performs as expected, the Fed can remain patient. Cutting interest rates too early could be more damaging; we need to see progress in lowering inflation.
▌Federal Reserve Chairman: It is not good to cut interest rates too early or too late, and we are cautious about cutting interest rates
Federal Reserve Chairman Powell said that the PCE inflation report is in line with our expectations; cutting interest rates too early will cause great disruption; but waiting too long may cause unnecessary damage to the economy and labor market; more "good" inflation data is needed, similar to last year; we are fighting inflation Progress has been made; we don't need to rush to cut rates; we can wait and become more confident before cutting rates; and the Fed can and will be cautious about cutting rates.
▌The core PCE price index in the United States in February increased by 2.8% year-on-year
The core PCE price index in the United States in February increased by 2.8% year-on-year, and the estimate was 2.8% , the previous value was 2.8%; it increased 0.3% month-on-month, and was estimated to be 0.3%, while the previous value was 0.4%. After the release of U.S. PCE data, the probability that the Fed will remain on hold in May remains unchanged at 95.8%. According to CME's "Fed Watch": the probability that the Federal Reserve will keep interest rates unchanged in the range of 5.25%-5.50% in May is 95.8%, and the probability of cutting interest rates by 25 basis points is 4.2%. The probability of keeping interest rates unchanged by June is 36.4%, the probability of a cumulative 25 basis point interest rate cut is 61%, and the probability of a cumulative 50 basis point interest rate cut is 2.6%.
▌Federal Reserve Goolsbee: Three interest rate cuts in 2024 are in line with my thinking
Federal Reserve Goolsbee: We need to see inflation come back down Progress, three interest rate cuts in 2024 are in line with my thinking.
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