Crypto Guides, Knowledge & Insights

Blast Mainnet Launch: Why is it Criticized Despite Being Well-Funded?

This Thursday, Ethereum Layer2 solution Blast, utilizing the Optimistic Rollup mechanism, officially launched its mainnet. With the mainnet going live, users can now withdraw funds previously deposited.　　According to data from Dune Analytics, its evident that over 180,000 users have locked tokens worth over $2.3 billion on Blast. This primarily includes approximately 479,000 ETH, 148,000 stETH, 78 million USDC, and 68 million USDT.　　It is reported that Blast, founded by Blurs founder Pacman, was launched in November, and on November 21, it announced the completion of a $20 million financing round. The financing was led by Paradigm, Standard Crypto, eGirl Capital, and Mechanism Capital, with participation from angel investors such as Andrew Kang, a co-founder of Lido, Hasu, a strategic advisor for The Block, and CEO Larry Cermak.　　Existing Layer 2 solutions offer a baseline interest rate of 0%. Blast stands out as the only Ethereum Layer 2 solution that provides Ethereum earnings with both ETH and stablecoin value stability. Specifically, Blast involves participating in ETH staking, with staking rewards being distributed to users and dapps on the Layer 2 network. On Blast, users balances automatically compound, and they receive additional rewards in Blast tokens.　　Even before its mainnet launch, Blast had already amassed

2024-03-01Deep Dive

21Shares Integrates Chainlink Reserve Proof to Enhance Transparency of ARK 21Shares Bitcoin ETF ARKB

21Shares has officially integrated the industry-standard Chainlink Proof of Reserve (PoR) on the Ethereum mainnet to enhance the transparency of the underlying Bitcoin reserves of ARK 21Shares Bitcoin ETF.　　Johann Eid, Chief Business Officer at Chainlink Labs, stated, “We are thrilled to collaborate with 21Shares. They are revolutionizing the application of tokenized assets and extending their reach to a broader user base. In this context, Chainlink Proof of Reserve can provide immutable real-time data on Bitcoin reserves, not only enhancing the security and transparency of ARK 21Shares Bitcoin ETF but also instilling greater confidence in institutional and market participants to engage in on-chain finance.”　　Ophelia Snyder, Co-Founder and President of 21Shares US, commented, “With the integration of the industry-leading Chainlink Proof of Reserve, we are setting a new standard for transparency and security in digital asset management. This integration allows us to provide unprecedented insights and security for ARKB investors, further fulfilling 21Shares commitment to leading secure and transparent asset management services.”　　

2024-02-29Deep Dive

Gemini Trust: Gemini Earn Users to Receive 100% Physical Digital Asset Returns Pending Court Approva

Gemini Trust announced on the X platform that it has reached a preliminary settlement with Genesis and other creditors in the Genesis bankruptcy case. If approved by the bankruptcy court, all Gemini Earn users will receive 100% of their digital assets returned in kind. This means that Gemini Trust will be returning digital assets worth over $1.8 billion, which is $700 million more than when Genesis halted withdrawals on November 16, 2022.　　If the bankruptcy court preliminarily approves the settlement, Earn users are expected to receive approximately 97% of their physical assets within about two months, with the remaining balance expected to be received within the next 12 months. This settlement is subject to definitive documentation. The required bankruptcy court procedures may take up to two months to complete, and we will promptly inform Earn users.　　

2024-02-29Deep Dive

Arkham: US Government Transfers Over $1 Billion in Bitcoin from Confiscated Bitfinex Hacker Funds

According to Arkham data, an address labeled as “U.S. Government: Bitfinex Hacker Seized Funds” transferred 2818 BTC to a new address, worth approximately $173 million. Another related address subsequently transferred its holdings of 12,300 BTC to a new address as well, valued at around $923 million.　　Reportedly, these bitcoins originate from funds seized by the US Department of Justice from the Bitfinex hackers, with the Department of Justice yet to respond to the motive behind the transfers.　　According to Arkham, there is another US government wallet containing approximately 94,600 BTC, also belonging to the seized Bitfinex hacker funds, valued at around $5.79 billion at current prices.　　

2024-02-29Deep Dive

BTC Surpasses $60,000 Again After 27 Months, Becoming the Seventh Largest Asset Globally

After a lengthy 27-month period, Bitcoin has returned to $60,000, reaching a new high since December 2021.　　Market data indicates that BTC has surpassed $62,000 USDT, with a current price of $62,162 USDT at the time of this writing, marking a 24-hour increase of 8.73%. This breakthrough exceeds the previous high of $59,048 USDT in December 2021, with only a short distance remaining to reach the peak of $69,000 USDT in November 2021. Meanwhile, ETH has also surged past $3,400 USDT, currently trading at $3,450 USDT, with a 24-hour increase of 6%.　　Influenced by the overall bullish market sentiment, the total market capitalization of cryptocurrencies has seen a rapid increase. According to CoinMarketCap data, the current total market capitalization of cryptocurrencies has surpassed $2.31 trillion, with a 7.1% increase over the past 24 hours. However, apart from BTC and ETH, altcoins have shown less momentum, with significant market divergence. BTCs dominance in total market capitalization has reached the highest level at 53.94%.　　Regarding derivative trading, data from Coinglass indicates that there have been liquidations totaling $780 million over the past 24 hours across the entire network. Among these, short positions liquidated amounted to $434 million, while long positions liquidated totaled $353 million. Liquidations

2024-02-29Deep Dive

Bitcoin Magazine: Three Conditions Bitcoin Layer 2 Standards Must Fulfill

The longstanding Bitcoin news media outlet, “Bitcoin Magazine,” has recently published an article on its official website outlining clear standards for Bitcoin Layer 2 (L2). The key points include:　　Utilization of Bitcoin as the native asset.　　Enforcement of transactions using Bitcoin as the settlement mechanism: L2 users must have the ability to reclaim control over their Layer 1 assets through a mechanism (trusted or trustless).　　Demonstrated reliance on the functionality of Bitcoin: If the Bitcoin network fails but the associated system can still operate, then that system is not considered a Bitcoin L2.　　The article notes that given the current wave of speculators attempting to leverage the development of Bitcoin L2 to promote their crypto assets, Bitcoin Magazine will assess Bitcoin L2 based on these standards to determine whether to cover it in their reporting.　　

2024-02-28Deep Dive

How Much Capital Flowed into the Crypto Market After Bitcoin Spot ETF Approval？

On January 11th, the U.S. Securities and Exchange Commission (SEC) finally approved the application for a Bitcoin ETF, with 11 Bitcoin ETFs being listed simultaneously. This news ushered in a new round of growth in the entire cryptocurrency community, with the price of Bitcoin gradually rebounding after briefly dropping from $49,000 to $38,500, and successfully breaking through the $53,000 mark. So, is the Bitcoin ETF truly becoming the biggest catalyst for this bull market in the entire cryptocurrency market？ PANews has conducted a comprehensive review of the dynamics of Bitcoin ETFs in this stage. Over a period of more than 40 days, how much capital inflow has Bitcoin ETFs brought to Bitcoin？Net Increase of 110,000 Bitcoins in Holdings After ETF Approval, Total Holdings Reach $37.21 Billion　　Since the approval of ETFs up to February 25, 2024, the number of Bitcoins held by the 11 ETFs has increased from 619,491 to 732,549, with a cumulative increase of 113,058 Bitcoins. The total holdings of Bitcoin ETFs amount to 732,000 Bitcoins, with the total assets under management increasing from $28.59 billion to $37.21 billion, representing a cumulative increase of $8.6 billion in assets under management.　　Based on this data, the average holding price of Bitcoin

2024-02-28Deep Dive

This Week Noteworthy Events(2024.2.26-2024.3.3)

OKX to Shut Down All Mining Pool Products and Related Services on February 26th　　According to an official announcement, due to business adjustments, OKX will soon discontinue its mining pool products and related services. The specific schedule for discontinuation is as follows:　　On January 26, 2024, OKX will disable the new user registration function. Existing users can continue to enjoy the product and service until February 25, 2024.　　On February 26, 2024, OKX will shut down all mining pool products and related services.Nigerias Compliant Naira Stablecoin cNGN Set to Launch on February 27th　　The Central Bank of Nigeria (CBN) has approved the Africa Stablecoin Consortium (ASC) to pilot the cNGN stablecoin in its regulatory sandbox, with the launch scheduled for February 27, 2024.　　Comprised of several banks and fintech operators in Nigeria, the ASC states that the cNGN stablecoin complies with regulatory requirements and standards set by the CBN, the Nigerian Securities and Exchange Commission, and the Nigerian Financial Intelligence Unit. The ASC asserts that it is collaborating with regulatory agencies to ensure compliance, consumer protection measures, and transparency.　　Reportedly, the cNGN stablecoin serves as a complementary product to the Central Bank of Nigerias digital currency, eNaira, rather than a substitute. The ASC will be responsible

2024-02-26Deep Dive

Federal Reserve's Daly: Three Rate Cuts This Year Is a Reasonable Baseline Scenario

Fed Chair Powell stated that three interest rate cuts by the Fed this year are a “reasonable baseline” expectation. In his prepared remarks, he emphasized two opposing risks that policymakers need to consider: on one hand, the slowing progress in lowering inflation, and on the other, the sudden sharp deterioration in the labor market. Powell stated that accomplishing this task requires perseverance, resisting the temptation to act quickly when patience is needed, and being prepared to respond flexibly as the economy evolves.　　Powell believes that price stability is within reach, but there is still more work to be done. He also discussed various factors that could impede further progress in lowering inflation. He noted that labor force growth and productivity may not grow as strongly as before, and consumer demand may not slow down as expected. Persistent economic momentum exceeding existing supply still poses risks to the inflation outlook.　　

2024-02-18Deep Dive

Expected CZ Sentence Not to Exceed 18 Months

Prosecutors in the United States submitted a sentencing memorandum to the Seattle federal court this Friday regarding Binances alleged violations of US economic sanctions and anti-money laundering regulations. The memorandum requests the federal judge to approve the related plea agreement, which reportedly also entails a five-year monitoring period for Binance. Additionally, Bloomberg reported that Binances former CEO CZ has pleaded guilty to money laundering charges, with a sentencing expected in April this year. While facing a maximum of 10 years in prison, according to the plea agreement, the anticipated sentence is not expected to exceed 18 months. Earlier reports indicated that Binance admitted to violating US anti-money laundering and sanction regulations and agreed to pay fines of up to $4.3 billion by the end of last year.　　

2024-02-18Deep Dive

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