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 a glance at the progress of this week's mainstream projects and star projects.
Bitcoin
IntotheBlock: More than 89% of Bitcoin holders are profitable
According to IntotheBlock data, among the top cryptocurrency projects ranked by holder profit percentage, Bitcoin still dominates, with more than 89% of holders making a profit. Ethereum follows closely behind, with 83.19% of holders making a profit, and the launch of the Ethereum ETF may be the boost it needs to reach new highs. Memecoins also stand out, with a high percentage of holders making a profit among the top memecoins.
Gemini co-founders Winklevoss brothers each donated $1 million in Bitcoin to Trump's campaign team
Gemini co-founders Cameron Winklevoss and Tyler Winklevoss wrote that they have donated $1 million in Bitcoin (15.47 BTC) to Trump's campaign team and will vote for him in the November election. Cameron Winklevoss said in the article: "Trump supports Bitcoin, supports cryptocurrency, and supports commercial enterprises. He will end the Biden administration's war on cryptocurrency."
Santiment: Bitcoin faces "continuous FUD" on social media platform X
According to Santiment data, Bitcoin faced "continuous FUD" on social media platform X during its sideways trading at the $65,000 mark. This level of sustained FUD is rare due to traders' continuous capitulation. In addition, its weighted sentiment index (an indicator that measures the amount of Bitcoin mentions on X and compares the proportion of positive and negative comments) has been negative since May 23.
It is reported that FUD stands for fear, uncertainty and doubt.
Bloomberg analyst: The potential size of spot Bitcoin ETFs in the Asia-Pacific region will reach US$3 billion
Bloomberg analyst James Seyffart said on the X platform that VanEck's first listing of a spot Bitcoin ETF on the Australian Stock Exchange this week may help bring $1 billion in assets under management to Australian digital asset ETFs (equivalent to $72 billion in the United States). Add to that our expected $1 billion in Hong Kong and $1 billion in South Korea, and the potential size in the Asia-Pacific region will reach $3 billion.
Transaction fees dominate Bitcoin miners' income
According to Glassnode data, the source of Bitcoin miners' income is changing significantly, mainly driven by transaction fees. In early 2024, the proportion of miner revenue coming from transaction fees peaked at nearly 72% in April and then stabilized at a lower level. This change is related to the launch of Runes during the halving period, indicating an increase in transaction processing demand.
Historical data shows that surges in fee revenue are often associated with price fluctuations or network activity. The latest trends show that miners can profit from transaction fees when Bitcoin prices and network activity increase, highlighting the key role of transaction fees in miner revenue. Understanding these trends is important for predicting the financial health of miners and the network economy.
Ethereum
The Ethereum Scaling Ecosystem's Comprehensive TPS Hits a Record High
Due to a sudden surge in Ethereum Layer3's TPS, the Ethereum ecosystem's transactions per second (TPS) has surged to a record high. According to L2BEAT data, on June 16, the Ethereum scaling network, including Layer2 and Layer3 blockchains, recorded a total of 246.18 TPS, equivalent to an estimated 21.2 million transactions throughout the day. Of these, more than 41% of transactions occurred on Xai, a new Ethereum Layer3 scaling solution focused on gaming applications powered by Offchain Labs. Before June 10, Xai's TPS hovered around 1 per day, but has since risen almost every day, reaching a peak of 101.72 TPS on June 16.
Ethereum EIP-7702 Proposal Faces Challenges
The EIP-7702 proposal proposed by Ethereum co-founder Vitalik Buterin was included in the next upgrade "Pectra", but developers have not yet finalized the details. The proposal allows externally owned accounts (EOAs) to temporarily act as smart contracts in a single transaction, enhancing flexibility and security.
At a recent core developer meeting, the integration challenges and potential risks of EIP-7702 were discussed. Developers unanimously agreed to address these issues before the next meeting on July 4 to ensure its timely implementation into the development testnet. Ethereum's next major upgrade is expected to go live between November 2024 and early 2025.
Bitwise, VanEck, Franklin and other 7 spot Ethereum ETF applicants have submitted updated versions of their S-1 documents
According to Watcher.Guru, 7 spot Ethereum ETF applicants have submitted updated versions of their S-1 documents, including: Bitwise, Fidelity, VanEck, Franklin, 21Shares, Grayscale, BlackRock.
In addition, Franklin set its fees at 0.19% last month, and VanEck announced on Friday that its fees would be set at 0.2%. Other issuers have not yet announced their fees.
SEC ends investigation into Ethereum 2.0, will not allege Ethereum sales are securities transactions
Consensys announced on social media X that Ethereum developers, technology providers and industry participants have achieved a major victory. The US SEC Enforcement Division has notified us that it will end its investigation into Ethereum 2.0, which means that the SEC will not allege that Ethereum sales are securities transactions.
The number of long-term Ethereum holders has reached a new high
The HODL Waves chart of Ethereum shows that Ethereum held for 1 to 3 years is clearly concentrated, indicating that a large number of Ethereum acquired during 2021-2022 is still being held. The 1-2 year and 2-3 year ranges reflect these holdings, which account for a large part of the total supply. This holding pattern shows that investors are confident in the long-term value of Ethereum, and a considerable number of investors choose to retain their Ethereum holdings rather than sell them due to market fluctuations, while the proportion of Ethereum held for less than six months has declined.
Additionally, the percentage of Ethereum holders who have held for more than 7 years has increased, representing a long-term holder whose stability demonstrates their strong belief in Ethereum's fundamental value and future growth potential.
Other Projects
Osmosis to Adopt 'Free' Bitcoin Bridge via Nomic
Osmosis DAO will vote to adopt a "fee-free" Bitcoin bridge proposal using decentralized bridge protocol Nomic. Currently, 91.7% of voters support the proposal, which aims to enhance Bitcoin liquidity on the platform by eliminating existing bridge fees.
Nomic allows users to deposit Bitcoin directly into Osmosis to obtain its Bitcoin-backed asset nBTC, with an existing deposit fee of 1% and a transfer fee of 0.5%. If the proposal passes, Bitcoin bridge fees on Osmosis will be waived, but Bitcoin mining fees may still be charged.
In exchange, Nomic will receive part of the fees for nBTC and its derivatives transactions, specifically 10% of the total fees for nBTC-related transactions and a proportional share of the fees for its derivatives transactions. Osmosis users will therefore benefit from reduced Bitcoin transaction costs and be able to directly integrate Bitcoin liquidity into the Osmosis ecosystem.
Sui mainnet upgraded to V1.27.2, protocol upgraded to version 49
Sui mainnet has been upgraded to version V1.27.2, and Sui protocol has been upgraded to version 49. The upgrade highlights include: adding a new protocol version and enabling Move enumeration on the development network, adding support for Move enumeration values in the returned JSON-RPC results, adding support for Move enumeration values and types, adding the ability to write Move unit tests using randomly generated raw Move type test inputs, etc., disabling accum v2 testnet cp.
Pantera Capital: Solana is the Mac OS of blockchain
Pantera Capital said in its report that Solana is the Mac OS of blockchain. It said in the report that Solana has gained considerable market share in the past year, a shift reminiscent of Microsoft's dominance in the early desktop computer market until Apple made a breakthrough through its vertical integration approach. Solana is now a major competitor in the future of blockchain development.
Solana's overall architecture has a product roadmap that focuses on optimizing each component of its own blockchain, similar to Apple's approach to vertically integrating hardware and software stacks in macOS.
ZKsync: The network is currently under high load and is working to increase RPC capacity
ZKsync said that the network is currently under high load, some RPC services may experience performance degradation, and the relevant team is working to increase RPC capacity.
Cosmos officially announced the new cross-chain protocol ValenceZone
According to Cosmos official news, the new cross-chain protocol ValenceZone was launched. Valence can complete inter-chain collaboration without permission, allowing chains, dApps and DAOs to participate in economic relations. Valence expands the scope of IBC cross-chain and makes economic agreements possible, such as adjusting fund composition or lending POL according to market conditions.
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