Headlines
▌Report: Web3 developer activity reaches all-time high in 2023
< p>Alchemy released the 2023 Web3 Development Report. The report stated that Web3 developer activity in 2023 reached an all-time high. Ethereum and wallet SDK installations hit record highs for the fifth consecutive year, with year-on-year increases of 31% and 126% respectively. Similarly, in 2023, the number of EVM smart contracts created on the Ethereum mainnet, Arbitrum, Optimism, and Polygon increased by 303% year-on-year.
The steady growth in developer activity is helping to drive a new rollup framework that will enable blockchains to settle more efficiently, improve user experience using account abstraction, and hopefully bring covered logistics, the report said. , new use cases for restaurant and content authentication.
▌The stablecoin transfer volume on the Solana chain reached 144 billion US dollars
Solana block The volume of stablecoin transfers on the chain reached $144 billion, soaring from approximately $33 billion to that value in less than eight weeks, an increase of 336%.
Eugene Chen, co-founder of Ellipsis Labs (a core contributor to decentralized exchange Phoenix), said that the surging stablecoin transfer indicator may be correct, but it is not a good indicator of economic activity .
Chen confirmed that most of last week’s $144 billion in transfers came from Solana-based Phoenix exchange. Unlike similar exchanges on other blockchains, Phoenix requires users to deposit assets before placing orders on its market. These deposits leave a record on the blockchain and can easily be mixed with data showing actual stablecoin transactions. As a result, as activity on Phoenix has increased in recent weeks, so has Solana’s stablecoin transfer volume.
Quotes
As of press time, according to coinmarketcap data:
The recent transaction price of BTC was 42,633.1 US dollars. Intraday increase or decrease-1.66%;
ETH’s recent transaction price was US$2,286.77, with intraday gains and losses-1.83%;
BNB’s recent transaction price was US$301, with an intraday increase or decrease-1.31 %;
The recent transaction price of 1.06%;
DOGE’s recent transaction price was US$0.0789, with intraday gains and losses-0.85%;
ADA’s recent transaction price was US$0.4979, with intraday gains and losses-2.03%;
SOL’s recent transaction price was US$97.18, rising during the day Decline-4.17% .
Policy
▌UK Labor wants the country to become a center for securities tokenization and push forward Digital pound work
The British opposition Labor Party said it hopes the country will become a tokenization center to bring more liquidity to financial markets and hopes to promote the Bank of England's work on the digital pound. A 28-page document titled "Financing Growth" outlines Labour's plans for the financial sector, which include making the UK a hub for sustainable finance, expanding regional financial hubs and embracing fintech innovation. A spokesperson said in a statement that the party’s plans for tokenization and a digital pound were welcomed by lobby group CryptoUK.
▌Singapore High Court approves DeFiance Capital’s lawsuit against Three Arrows Capital
Singapore High Court The court approved DeFiance Capital’s lawsuit against Three Arrows Capital (3AC). It is reported that Cheong Jun Yoong (also known as Arthur Cheong), founder of Web3 investment company DeFiance Capital, filed a lawsuit against 3AC in April, claiming that DeFiance investors are the ultimate beneficial owners of 3AC trust assets and that 3AC assets should not use these funds to satisfy creditors Among its claims, the lawsuit focuses on whether the funds held by 3AC were held in custody by DeFiance Capital or owned by a bankrupt crypto hedge fund.
Blockchain Applications
▌Galaxy Digital Research Director : Bitcoin ETF has not yet been adopted on a large scale by its “primary market”
Galaxy Digital research director Alex Thorn said that Bitcoin ETF has basically not been adopted by its “primary market” on a large scale. , they need more time before committing client funds. Alex Thorn mentioned the wealth management industry, which he estimated has $48 trillion in assets under management. He said: “Most U.S. wealth managers (assets under management) are affiliated with banks or broker-dealers, and these platforms have not yet added Bitcoin ETFs to their investment options. It will take time, but it will happen.”
▌Wormhole announced the ZK roadmap and will soon launch a light client that supports multiple blockchains
Wormhole announced the ZK roadmap, which mainly includes:
Introducing cryptography expertise: The Wormhole Foundation has provided support to four experts specializing in zero-knowledge cryptography. The new engineering team provides contributor funding and will make these announcements in the coming weeks.
Unlocking hardware resources: Wormhole contributors will work with strategic hardware providers to accelerate the implementation of light clients and provide support for Wormhole contributors as the number of ZK-enabled channels and ZK verification messages continues to expand. Purchase a hardware accelerator.
Upcoming light clients: Light clients allow users and applications to quickly and efficiently verify the state of the blockchain network (e.g. current account balances, smart contract data, etc.). Over the next few months, ZK light clients for blockchains including Ethereum, Sui, Aptos, Near, and Cosmos will be deployed and integrated with Wormhole, enabling trustless two-way data transfer.
▌Kinetex Network integrated with cBridge
Kinetex Network announced its integration with cBridge, a decentralized non-custodial bridge created by Celer that allows users to transfer crypto assets between blockchains and L2 Rollup. The integration with cBridge will help Kinetex continue to improve cross-chain solutions, ensuring faster and more secure cross-chain exchanges through Kinetex dApps.
▌Braavos wallet will utilize Starknet’s Account Abstraction Launches New Features
Braavos, a crypto wallet designed for the Ethereum L2 network Starknet, announced a strategic development partnership with the Starknet Foundation. Braavos will leverage Starknet’s Account Abstraction to create new user functions. It is reported that the cooperation between Braavos and Starknet aims to enhance the user experience within the ecosystem, including improved security solutions and DeFi infrastructure, complex multi-signature capabilities, and a focus on promoting community building and expansion.
Cryptocurrency
▌Celsius begins distributing more than $3 billion in cryptocurrency to creditors
According to an official announcement, bankrupt crypto lending platform Celsius announced that the company has completed transactions under a confirmed restructuring plan. The plan includes the distribution of more than $3 billion in cryptocurrency and fiat currencies to Celsius creditors, as well as the creation of a new Bitcoin mining company, Ionic Digital, Inc., which will be owned by Celsius creditors and have mining operations managed by mining company Hut 8 .
Celsius said that as of today, the company has begun distributing more than $3 billion in liquid cryptocurrency and fiat currencies to creditors, according to the MiningCo Transaction, and Ionic Digital was created as a new Bitcoin mining company. The company will continue to seek recovery from its creditors.
It is reported that the MiningCo Transaction includes a $225 million cash capitalization of the new entity (NewCo) and the transfer of certain mining assets to NewCo, excluding Core Rhodium, Mawson and Luxor assets.
▌Report: The Digital Euro May have a negative impact on the EU's economic activity
A report published by Copenhagen Economics found that the digital euro could have a negative impact on the EU's economic activity, permanently reducing GDP by 0.12 % to 0.34%. The central bank digital currency (CBDC) has a holding limit of 3,000 euros, which if 100% is used, could lead to an outflow of bank deposits of up to 739 billion euros, causing banks to lose 20.4 billion euros in additional financing costs per year, leading to higher bank pass-throughs loan fees.
The Copenhagen Economics study was commissioned by the European Banking Federation, which briefed it on the implications of a digital euro for financial stability and consumer welfare.
Important Economic Developments
▌Federal Reserve Chairman: The Committee has broad differences on interest rate cuts and believes that three It is unlikely to cut interest rates in September
Federal Reserve Chairman Powell said that interest rates may have reached a peak and have clearly entered a restrictive range; if necessary, they are prepared to maintain current interest rates for a long time; no interest rate cut was proposed at this meeting It is recommended that interest rate cuts are not actively considered. In addition, the committee was widely divided on a rate cut, believing that a rate cut in March was unlikely; a rate cut could be delayed or earlier based on data; and it was unable to determine that it would take several months of low inflation to gain "confidence."
▌CME data shows that the probability of the Federal Reserve cutting interest rates in March has dropped to 35.5%
According to CME "Fed Watch": The probability that the Fed will keep interest rates unchanged in the range of 5.25%-5.50% in March is 64.5%, and the probability of cutting interest rates by 25 basis points is 35.5%. The probability of keeping interest rates unchanged by May is 5.4%, the probability of a cumulative 25 basis point interest rate cut is 62.1%, and the probability of a cumulative 50 basis point interest rate cut is 32.5%.
Golden Encyclopedia
▌What does it mean to revoke a smart contract?
Revoking a smart contract usually means disabling or terminating its functionality on the blockchain. For example, revocation may prevent access to a user's crypto wallet and the ability to move tokens. Additionally, revoking a smart contract stops the ability to view a user’s token balance or public address.
Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and not as actual investment advice. Please establish a correct investment philosophy and be sure to increase your risk awareness.
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