Today's Headlines:
Worldcoin Hires Former Google, X, and Apple Executives to Strengthen Privacy and Security
Blast Announces Details of the Second Phase Reward Plan, Distributing a Total of 10 Billion BLAST
Astar Network to Burn 350 Million ASTR, Accounting for 5% of the Total Supply
Open Source AI Platform Sentient Completes $85 Million Seed Round Financing
Ranking of Annual Blockchain Network Fee Income: Ethereum Ranks First with $2.728 Billion
Regulatory News
Trump Raises $331 Million in the Second Quarter, Surpassing Biden
According to Financial Times, Donald Trump raised $331 million in the second quarter, giving him more cash on hand than current President Joe Biden. This development may exacerbate the anxiety of Democrats about the re-election campaign of the current president. The funds raised by Trump and the Republican National Committee exceeded the $264 million raised by Biden and the Democratic National Committee in the second quarter. Compared to Biden's reported $240 million, the Trump campaign team stated that they now have nearly $285 million in cash, which is a remarkable turnaround. Previously, Biden's fundraising amount had consistently surpassed that of his opponent.
Fed Chair Powell: Inflation May Return to 2% by the End of Next Year or the Year After
According to Jinshi Data, Federal Reserve Chair Powell stated that inflation may return to 2% by the end of next year or the year after. He pointed out that the Fed's policy remains restrictive and appropriate. Powell also mentioned that some service industry inflation is catch-up inflation, the labor market is cooling down, wage growth is still above the ultimate equilibrium level, but is falling to a more sustainable level. It is generally more difficult to lower inflation in the service industry. Powell emphasized that the balance of the labor market is moving in a better direction.
Project Updates
Worldcoin Hires Former Google, X, and Apple Executives to Strengthen Privacy and Security
According to CoinDesk, Worldcoin's developer Tools for Humanity has hired four former executives to strengthen privacy, security, and identity management. Former X (Twitter) executive Damien Kieran has been appointed as Chief Privacy Officer, former Google executives Adrian Ludwig and Ajay Patel respectively serve as Chief Information Security Officer and World ID Lead, and former Apple executive Rich Heley serves as Chief Device Officer, responsible for managing Worldcoin's retinal scanning devices.
Blast Announces Details of the Second Phase Reward Plan, Distributing a Total of 10 Billion BLAST
Blast officially announced the details of the second phase reward plan. 50% of the rewards for the second phase (5 billion BLAST) will be allocated to Blast token holders. Users can earn Blast tokens based on their ETH, WETH, USDB, and BLAST (pending BLIP-2 committee vote) balances. EOA and smart contracts earn points at a rate of 0.06504987 points/block/ETH (2 seconds per block). USDB and BLAST earn points at the same rate as ETH based on their ETH-denominated prices. For example, if ETH is $3500, USDB will earn points at a rate of 0.06504987 points/block/3500 USDB.
50% of the rewards for the second phase (5 billion BLAST) will be allocated to Blast Gold holders. There will be a separate allocation for new and existing Dapps in the first week of each month (to be distributed on July 8th of the month), based on their attractiveness on the Blast mainnet and for future Big Bang competitions.
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In response to the "Polkadot First Half Financial Report," Web3 Foundation CEO Fabian Gompf stated on the X platform: "This is not the Foundation's expenditure, but the expenditure of the on-chain treasury, decided by community vote. Even if the Foundation does not sell any DOT, it has over 5 years of operating funds. The entire concept of 'treasury operating funds' is misleading. The treasury has continuous fund inflows and will never run out of funds. I believe the treasury should use its funds for more forward-looking initiatives not covered by the Foundation. Even some unspent on-chain treasury funds will be automatically burned. In the past few months, the on-chain treasury has spent too much on activities with potentially low returns. Polkadot community, if you want to make a change, now is the time to vote." Related reading: Polkadot's first half financial report sparks controversy: $87 million in promotional expenses account for nearly half, with only $1.1 million in revenue.
Bittensor: Investigating Multiple Attacks on Bittensor Wallet
AI project Bittensor's official statement at 8:39 this morning in the Discord community: The Optentensor Foundation is investigating multiple suspected attacks on the Bittensor wallet that occurred in the past 3 hours. As a precaution, the foundation has placed the chain in secure mode (stopped) for at least 24 hours.
Later News: Chain detective ZachXBT has monitored that 32,000 TAO tokens (worth $8 million) from an address starting with 5FbWTr have been stolen. Additionally, ZachXBT stated that the attack on Bittensor was due to a stolen private key.
Astar Network to Burn 350 Million ASTR, Accounting for 5% of the Total Supply: According to CoinDesk, multi-chain smart contract network Astar Network will burn 350 million ASTR tokens, accounting for 5% of its total supply. These tokens were initially allocated for Polkadot parachain auctions, which have now been discontinued. The 70 million ASTR rewards generated from the burning will be transferred to the community treasury. ASTR has risen over 7% in the past 24 hours. Astar Network also reached an agreement with Polygon in March to integrate its AggLayer product, aiming to use zero-knowledge proofs to connect various blockchains and provide unified liquidity.
Layer 1 Blockchain Platform Chromia Expected to Launch Mainnet in Mid-July: According to The Block, Layer 1 blockchain platform Chromia is expected to launch its mainnet in mid-July. Chromia simplifies the construction of Web3 applications through its Rell programming language, similar to SQL. ChromaWay plans to release the minimum viable product version of its mainnet on July 16 to establish the core functionality of the network. Chromia will bridge its native token CHR to facilitate core functions such as staking delegation and network hosting fee payments.
Standard Chartered Bank: August 4th is a Key Date for Biden's Decision, Potential for Bitcoin to Reach New Highs if He Withdraws from the Race or Pushes for Bitcoin: According to Bitcoin.com, as the US presidential election approaches the election day in November, Standard Chartered Bank has made predictions about the price of Bitcoin. Geoffrey Kendrick, head of foreign exchange and digital asset research at the bank, stated on Tuesday that Bitcoin is likely to reach a new all-time high in August and then reach $100,000 on the US election day. This analyst's prediction depends on whether the current President Biden continues to run, as the market believes this would increase the chances of Trump being re-elected. This outcome is seen as favorable for Bitcoin, as Trump's victory could bring about more crypto-friendly policies. The analyst believes that Trump's victory could create a regulatory environment conducive to the growth of digital assets.
The Standard Chartered Bank analyst also shared predictions for other election scenarios. He explained that the least likely scenario is Biden dropping out of the race in late July, which could cause the price of Bitcoin to drop to $50,000 to $55,000. Kendrick emphasized that August 4th is a key date for Biden's decision. "This is the deadline for presidential candidate registration required by Ohio law. Therefore, if Biden is still the Democratic candidate on August 4th, he will be so in the first week of November," he pointed out. Additionally, the analyst stated that if Biden's highly credible Democratic replacement emerges, "the price of Bitcoin will remain weak." Standard Chartered Bank maintains its target of $150,000 for Bitcoin by the end of the year and predicts it will reach $200,000 by 2025.
Jupiter Releases Q3 Roadmap: Distributing Approximately $60 Million Worth of Active Staking Rewards This Week: According to The Defiant, Jupiter Exchange, a Solana-based trading aggregator, has released its Q3 roadmap, including key developments for the next two months. This includes three crucial votes, two token releases, and one reward distribution. In mid-July, Jupiter Exchange will release the CLOUD token on its LFG Launchpad. Additionally, the platform will distribute approximately $60 million worth of active staking rewards (ASR) this week. The reward pool includes 50 million JUP tokens, 750 million WEN tokens, 7.5 million ZEUS tokens, 7.5 million UPT tokens, and 75,000 SHARK tokens. This initiative is part of Jupiter's J4J principle, aiming to reward participants who have contributed to the JUP decentralized autonomous organization (DAO) over the past three months.
Deutsche Digital Assets' Bitcoin Macro ETP Listed on Xetra: Deutsche Digital Assets (DDA), a crypto asset platform under Deutsche Börse, announced that its DDA Bitcoin Macro ETP has been listed and will start trading on the Xetra stock exchange in Germany on July 3, 2024. The ETP tracks the Compass FT DDA Bitcoin Macro Allocation Index, providing investors with dynamically adjusted Bitcoin exposure based on macroeconomic factors. The ETP is custodied by Coinbase Custody International Ltd., aiming to optimize Bitcoin exposure and improve long-term risk management, with a total expense ratio of 2.00%.
StarkWare CEO: 400 Million STRK Tokens Still Await Allocation: StarkWare co-founder and CEO Eli Ben Sasson shared his personal views on the Starknet Provisions airdrop plan in a blog post. The Starknet Foundation announced the first round of the Provisions plan, distributing up to 700 million STRK tokens, with the claiming period ending on June 20, and a total of 500 million tokens claimed. Eli emphasized that while there may be inaccuracies in the distribution method, they remain committed to allocating tokens to those who truly care about and support Starknet's long-term vision. There are still 400 million STRK tokens awaiting allocation in the future, and they hope to hear more ideas about the token allocation mechanism from both inside and outside the ecosystem.
Funding News
Open Source AI Platform Sentient Completes $85 Million Seed Round Financing: According to The Block, the open source AI platform Sentient raised $85 million in a seed round financing led by Peter Thiel's Founders Fund, Pantera Capital, and Framework Ventures. One of Sentient's key contributors is Sandeep Nailwal, co-founder of Polygon, and Sreeram Kannan, founder and CEO of EigenLayer, served as an advisor throughout. Other investors include Ethereal Ventures, Robot Ventures, Symbolic Capital, Delphi Ventures, Hack VC, Arrington Capital, HashKey Capital, Canonical Crypto, and Foresight Ventures. Sentient is dedicated to building open source AI models through community contributions, competing with OpenAI. Sentient will allow users to access and contribute to models and provide rewards based on contributions. Sentient plans to launch a testnet in the third quarter of this year and will continue to build its platform with the new funds. Nailwal stated that Sentient will be built on Polygon and may create its own chain through the Polygon Chain Development Kit (CDK).
Startup Lombard Raises $16 Million in Funding, Led by Polychain Capital
According to CoinDesk, startup Lombard has raised $16 million in funding and plans to collaborate with the Bitcoin staking protocol Babylon to launch a re-staking feature based on Bitcoin. Lombard aims to elevate Bitcoin from a store of value to a productive asset, flowing into the Web3 economy and driving sustainable growth. The funding round for Lombard was led by Polychain Capital, with participants including BabylonChain, Inc., dao5, Franklin Templeton, Foresight Ventures, Mirana Ventures, Mantle EcoFund, and Nomad Capital. Lombard will introduce "Liquid Bitcoin" tokens (LBTC) based on Babylon's cross-network security technology, allowing users to stake Bitcoin to secure other networks while maintaining liquidity. Lombard stated that by introducing LBTC through major ecosystems and DeFi protocols, over $1.3 trillion worth of Bitcoin can be used for lending and trading, providing new capital opportunities and users for Bitcoin holders and the ecosystem and its protocols.
Distributed GPU Network Prodia Raises $15 Million in Funding, Led by Dragonfly Capital
According to CoinDesk, the distributed GPU network Prodia has raised $15 million for its AI inference solution, with Dragonfly Capital leading the funding. Other participants in this round of funding include HashKey, Web3.com, Index Ventures, Symbolic Capital, OKX Ventures, as well as angel investors Balaji Srinivasan, co-founder of Polygon Sandeep Nailwal, and co-founder of Bloq Matthew Roszak. Prodia utilizes Web3 infrastructure to provide low-latency and cost-effective AI media inference solutions.
Blockchain Oracle Project RedStone Completes $15 Million Series A Funding, Led by Arrington Capital
According to CoinDesk, the blockchain oracle project RedStone has announced that it raised $15 million in Series A funding, led by Arrington Capital. This funding will be used to recruit new team members. Other participants in this funding round include SevenX, IOSG Ventures, Spartan Capital, White Star Capital, Kraken Ventures, Amber Group, Protagonist, gumi Cryptos, Christian Angermayer's Samara Asset Group, and HTX Ventures. RedStone is introducing its oracle into the emerging re-staking field of Ethereum. In April of this year, RedStone signed an agreement with Ether.fi, the largest re-staking service on EigenLayer, to receive $500 million in funding to help introduce its data oracle into the ecosystem. RedStone provides oracle data feed services covering multiple blockchain networks including Ethereum, zkSync Era, Avalanche, Base, Polygon, Linea, Celo, Optimism, Arbitrum, Fantom, BNB Chain, and Blast.
Key Data
Arkham: Justin Sun's Public Wallet Assets Decrease from $1.4 Billion in February to $1 Billion
Arkham stated on X platform that its research team analyzed Justin Sun's on-chain assets in Ethereum and Tron, as well as the assets in his wallet marked on Arkham in February of this year, with the value of Justin Sun's public wallet assets being approximately $1.4 billion at that time, and now valued at around $1 billion.
Over Half of the Top 25 Hedge Funds in the US Have Bitcoin ETF Exposure
Data from investment firm River shows that as of the end of the first quarter of 2024, 13 of the largest 25 hedge funds in the US have exposure to Bitcoin ETFs. Millennium Management holds 27,263 bitcoins, worth $1.69 billion, accounting for approximately 2.5% of its total assets under management (valued at $67.7 billion). Other hedge funds with significant Bitcoin holdings include Schonfeld Strategic Advisors (holding 6,734 bitcoins) and Point72 Asset Management (holding 1,089 bitcoins). On the other hand, some top hedge funds such as Bridgewater Associates, AQR Capital Management, and Balyasny Asset Management have not invested in Bitcoin ETFs.
Ranking of Annual Network Fee Income for Blockchains: Ethereum Ranks First at $2.728 Billion
According to Lookonchain statistics, the top blockchains in terms of annual network fee income are: Ethereum ($2.728 billion), Bitcoin ($1.302 billion), Tron ($459.39 million), Solana ($241.29 million), BSC ($176.56 million), Avalanche ($68.83 million), zkSync Era ($59.77 million), Optimism ($40.40 million), Polygon ($23.91 million).
According to PeckShield data, there were over 200 major hacking incidents in the crypto field in the first half of 2024, resulting in losses of approximately $1.56 billion, with $319 million recovered. This represents a 293% increase in losses compared to the same period in 2023 (which was $480 million). DeFi protocols remain the primary target, accounting for 59% of the total value stolen. In the first half of 2024, over 20 public chains experienced major hacking attacks, with Ethereum and BNB Chain tied for first place in terms of the number of attacks, each accounting for 31.3% of the total, followed by Arbitrum at 12.5%.
Bitcoin Falls to Around $60,000, Ethereum Falls to Around $3,300
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