Daily Report | Vitalik published an article discussing ways to provide Ethereum users with faster transaction confirmation times; Ant Blockchain Technology Company, a subsidiary of Alibaba, has increased its registered capital to approximately 200 million USD; Tether collaborates with Uquid to support the Filipino people in paying social security with USDT
July 1 News Overview整理：Luan Peng ChainCatcher
Important News:
- Tether partners with Uquid to allow Filipinos to pay social security with USDT
- CoinShares: Digital asset investment products see outflows for the third consecutive week, totaling $30 million
- Matrixport: The best-performing major assets year-to-date are Bitcoin and Ethereum
- OKLink Security Monthly Report: June saw total losses of approximately $210 million across the network, with phishing scam losses down 75.69% month-over-month
- Bithumb: Beware of impersonators posing as executives and employees for listing fees and investment scams
- 10x Research: Technical indicators turn bullish, Trump's potential victory boosts Bitcoin prices
- Alibaba's Ant Blockchain Technology Company increases registered capital to approximately $200 million
- SEC Chair: Some leading figures in the crypto space are either in prison, about to be imprisoned, or awaiting extradition
"What important events happened in the last 24 hours"
Tether partners with Uquid to allow Filipinos to pay social security with USDT
According to Cointelegraph, Tether, the world's largest stablecoin issuer, has partnered with Web3 shopping and infrastructure company Uquid to launch a new crypto payment option that enables Filipino citizens to use Tether USDT to pay for social security system (SSS) fees via the TON blockchain. Uquid stated that this partnership demonstrates how stablecoins like USDT and cryptocurrencies can simplify and enhance the convenience of daily life.
Uquid CEO Tran Hung mentioned that the collaboration with Tether marks a significant step in their journey to integrate digital currencies with everyday transactions, making small crypto payments feasible. This latest initiative supported by Tether sets a new benchmark for the convenience and accessibility of digital shopping.
In recent years, the demand for stablecoins has surged, becoming a major liquidity provider in both centralized and decentralized markets, and gradually being applied to everyday payments. Mainstream payment platforms, including PayPal and Ripple, have also launched or planned to launch their own stablecoins to meet the growing demand.
CoinShares: Digital asset investment products see outflows for the third consecutive week, totaling $30 million
According to CoinShares' latest weekly report, digital asset investment products experienced outflows for the third consecutive week, totaling $30 million.
Ethereum saw outflows of $119 million over the past two weeks, marking its worst performance of the year. In contrast, multi-asset and Bitcoin ETPs saw inflows of $18 million and $10 million, respectively. Last week's trading volume increased by 43% to $6.2 billion but remained below the year-to-date average of $14.2 billion.
The U.S., Brazil, and Australia experienced net inflows, while Germany, Hong Kong, Canada, and Switzerland showed net outflows.
Matrixport: The best-performing major assets year-to-date are Bitcoin and Ethereum
According to data released by Matrixport, the best-performing major assets year-to-date are Bitcoin and Ethereum. Ethereum and Bitcoin have risen by 48.3% and 46.0%, respectively, leading the performance. The Nasdaq and S&P 500 indices rose by 20.0% and 15.1%, respectively, while oil and gold rose by 14.2% and 12.7%, and the dollar rose by 4.5%, with bonds down 6.6%.
OKLink released its June 2024 security monthly report, indicating that on-chain security incidents across the network resulted in total losses of approximately $210 million. Phishing incidents accounted for 9.91% of the losses, REKT incidents accounted for 20.83%, and RugPull incidents accounted for 3.53%.
The largest REKT loss occurred on June 10 when UwU Lend was attacked, resulting in losses of approximately $22.7 million. The attacker exploited a vulnerability in the contract related to oracle price manipulation, causing losses of about $19 million, and attacked again on June 13, profiting $3.7 million due to a governance operation error by the project team.
Additionally, there were 31 incidents of scams and phishing attacks on official social media, primarily concentrated on X, Discord, and various phishing websites. OKLink reminds users not to click on unverified links, not to disclose their private keys or mnemonic phrases to anyone, and to remain skeptical of projects promising unusually high returns. Before investing, it is essential to conduct thorough research on the project and team. Security awareness is your strongest shield in the Web3 world.
According to an official announcement, Bithumb has noticed recent incidents of impersonators posing as Bithumb executives and employees to conduct listing and investment scams. Bithumb warns users to be aware of the associated risks to avoid losses.
According to cases provided by Bithumb, these scammers typically meet in coffee shops near Bithumb's headquarters, pretending to have connections with actual Bithumb employees, relevant personnel, and well-known entrepreneurs to gain the victims' trust. They then demand payment for listing fees or deceive victims under the pretext of political or economic management. Bithumb emphasizes that it will never request payment for listing fees, lobbying, or investment advice under any circumstances. At the same time, Bithumb continues to work through various channels to prevent listing scams and telecom financial fraud, including publishing relevant prevention guidelines.
10x Research: Technical indicators turn bullish, Trump's potential victory boosts Bitcoin prices
10x Research released a market analysis report indicating that, as mentioned in the report on June 25, "Bitcoin has been severely oversold," and currently three market reversal indicators have turned bullish. The approval of the Ethereum ETF has been postponed to around July 8, delaying the Sell The News date, while Biden's poor performance in the presidential debate has led the market to favor Trump's potential victory, boosting Bitcoin prices.
Bitcoin rose by 4% as President Biden refused to allow other Democratic candidates to compete with former President Trump. Reports indicate that Biden's family is supporting his re-election campaign, as are every Republican, and market sentiment suggests that Biden's chances of defeating Trump in the November election seem slim. Polls show that even if Biden quickly withdraws from the race, another candidate, such as California Governor Gavin Newsom, would also lose to Trump.
Alibaba's fintech subsidiary Ant Group's blockchain division, Ant Digital Technology Company, has increased the registered capital of its two subsidiaries. It has raised the registered capital of its subsidiary Ant Blockchain Technology to approximately $200 million. Another blockchain division, Ant Chain (Shanghai) Digital Technology Co., Ltd., has also increased its registered capital to approximately $289 million.
Ant Blockchain Technology (Shanghai) Co., Ltd. recently amended its business registration with Chinese authorities, increasing its registered capital from 100 million yuan to 1.5 billion yuan (approximately $206.4 million). This blockchain division was established in December 2018, and its registered business activities include software development, hardware retail, and information technology services.
According to a video disclosed by unusual_whales, SEC Chair Gary Gensler stated that some leading figures in the cryptocurrency space are either already in prison, about to be imprisoned, or awaiting extradition.
Vitalik discusses methods to provide faster transaction confirmation times for Ethereum users
Ethereum co-founder Vitalik Buterin published an article titled "In-depth slot-and-epoch architecture: Methods to provide faster transaction confirmation times for Ethereum users." The article states that, compared to five years ago, thanks to EIP-1559 and stable block times after the merge, transaction confirmation times on Ethereum L1 have been reduced to 5-20 seconds, comparable to credit card payment experiences. However, further reducing delays still holds significant value, especially for applications that require delays of hundreds of milliseconds or less.
In the paper, Buterin introduced practical options explored by Ethereum to accelerate transaction confirmation speeds, focusing on single-slot finality in existing technologies. Currently, Ethereum's Gasper consensus mechanism adopts a slot-and-epoch architecture, but this mechanism is complex and has a long finality confirmation time (12.8 minutes). SSF, on the other hand, allows blocks to be finalized before the next block is generated, while retaining the "inactive leakage" mechanism to ensure stable operation and recovery of the chain. The main challenge of SSF is that it imposes a significant load on the chain, but new proposals like Orbit SSF are working to alleviate this issue. Additionally, the paper discusses rollup pre-confirmations and pre-confirmation-based mechanisms.
Buterin emphasized that the slot-and-epoch architecture is clearly the right choice, but not all slot-and-epoch architectures are equal. He advocates for a more comprehensive exploration of the design space, particularly options that have a stronger separation of concerns between the two mechanisms to reduce transaction confirmation times and enhance user experience.
Musk shared a satirical news piece generated by the chatbot Grok about "Biden withdrawing from the race" on his social media platform.
Reportedly, the satirical news cited a tweet from well-known Twitter influencer Bill O'Reilly, which stated that Biden had decided to withdraw from the presidential race due to depleted campaign funds and declining public support.
However, according to reports from Reuters and other media, Democratic Party leaders have ruled out the possibility of replacing Biden.
"What are some must-read articles from the last 24 hours"
Perhaps many people have not noticed that the entire blockchain industry is undergoing an unprecedented transformation driven by the public sector, which will impact the future landscape of the entire financial and monetary system for humanity.
In June 2024, the Monetary Authority of Singapore (MAS) officially released the white paper "Global Layer 1: Foundation Layer for Financial Networks," marking Singapore's establishment of an important "central bank blockchain." Meanwhile, the "mBridge" blockchain, jointly developed by the Bank for International Settlements, the People's Bank of China, and the Hong Kong Monetary Authority, has also entered the MVP stage and is publicly inviting international cooperation.
Prior to this, the Bank for International Settlements (BIS) published an article titled "Financial Internet (Finternet)" in April 2024, outlining the future blueprint and vision for tokenization and unified ledgers, reflecting the central banks' attitude towards this transformation.
From 0 to 9-digit assets: A close look at Andrew Kang's dual life as a crypto capital spokesperson
Recently, Mechanism Capital co-founder Andrew Kang made bearish comments about ETH. Many may have limited knowledge of him, but he has been deeply involved in the crypto industry for many years, having invested in high-quality projects like Thorchain, Pancakeswap, and Frax Finance, which have market capitalizations in the billions, and has also achieved significant success in trading. Odaily Planet Daily will combine insights from X platform user @Atlas to introduce Andrew Kang in this article for readers' reference.
Due to a lack of high-yield opportunities and an unattractive domestic stock market, ordinary investors in Japan have long been known for their enthusiasm for leveraged trading. Japanese individual currency traders have a significant influence on the TRY/JPY (Turkish Lira/Yen) forex trading pair, leading the international financial community to create the term "Mrs. Watanabe" to represent them. When Bitcoin and other cryptocurrencies entered the mainstream market in the early 2010s, Japanese day traders eagerly embraced this emerging asset class. However, investors soon faced domestic challenges, including two notable exchange hacking incidents, combined with Japan's insufficient attractiveness for entrepreneurship and investment, leading to a decline in the country's position in the Web3 space.
Recently, LayerZero and various second-layer projects have launched fierce attacks against the "wool pulling" community, with both sides appearing uneven in terms of rule-making and decision-making power. The introduction of various anti-witch policies corresponds to the suspicion that many eligible airdrop addresses are "wash trading," leading to conflicts between the two previously aligned groups.
Until Binance founder He Yi published an article recounting the rise and fall of the crypto circle, stating, "The market has indeed changed again today. The infighting between wool pulling studios and L2 projects has turned into a farce, and the wool pulling era may be coming to an end." This has completely shifted the focus of the crypto world onto the two groups.
From an external perspective, projects are implementing anti-witch mechanisms to restrict wool pulling studios from manipulating airdrops, while wool pulling studios are continuously increasing costs to meet anti-witch standards. It seems that the project parties and wool pulling studios are in an irreconcilable conflict, but is that really the case?
Odaily Planet Daily conducted an anonymous interview with the founder of a wool pulling studio, revealing the fascinating stories behind the interactions between wool pulling studios and project parties.
One important attribute of a good blockchain user experience is fast transaction confirmation times. Today, Ethereum has made significant improvements compared to five years ago. Thanks to EIP-1559 and stable block times after transitioning to PoS (The Merge), transactions sent on L1 can typically be confirmed within 5-20 seconds, roughly comparable to the experience of using credit card payments. However, further improving user experience is valuable, as certain applications require delays of hundreds of milliseconds or even shorter. This article will explore some practical options for Ethereum to improve transaction confirmation times.
