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🏴 Aptos' APT Token Steady After $32M Token Unlock
Prices of Aptos' native token APT were steady on Wednesday at around $7 despite a significant number of tokens being unlocked. Cryptocurrencies are generally locked up to prevent the big bag holders – usually early investors or even the project's team members – from selling their coins all at once and causing price dumps. Token unlocks are considered bearish, as they free up liquidity and open doors for potential profit-taking by those who receive coins as a part of the unlock. Although, the latest APT unlock amounted to just 2.2% of the token's total supply of 210.41 million, the dollar value of the unlock was nearly 38% of APT's average 30-day trading volume and had the potential to push prices lower, according to market analyst Ton Dunleavy. Still, APT is trading flat, at around $7, extending its recent trading range of $6.8 to $7.3. Perhaps, Aptos' proposed plan to enhance the blockchain's capabilities to handle tokenized securities like tokenized real estate and in-game currencies has helped the cryptocurrency stay resilient. Besides, APT's continued sideways trend is consistent with the market leader, bitcoin's (BTC) rangebound trading, ahead of the crucial U.S. inflation report.
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🪙 Tether Issues 1 Billion USDT On TRON Network, USDT Dominates Stablecoin Market
Tether has made a significant move in the cryptocurrency market today by issuing an additional 1 billion USDT on the TRON network. The news was confirmed by Whale Alert, a prominent blockchain tracker, in a tweet that provided a link to the transaction details. This move by Tether signifies its commitment to leveraging the TRON network’s fast and low-cost transactions, attracting more users and solidifying its position as the leading stablecoin. This announcement comes as Tether aims to expand its presence and liquidity on the TRON blockchain. Over the past 90 days, the market value of USDT has surged by a staggering $2.6 billion. In contrast, USDC, another popular stablecoin, has witnessed a decrease of $4.6 billion in its market value during the same period. Currently, USDT holds the lion’s share of the stablecoin market, accounting for 65% of the total market value. The latest move by Tether on the TRON network is expected to further strengthen its market dominance. On the other hand, USDC, with a market value decline, now represents 21.4% of the overall stablecoin market. The issuance of 1 billion USDT on the TRON network highlights Tether’s strategy of expanding its offerings on multiple blockchains.
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🔵 Stablecoins may be a better path than CBDC for China, Circle’s Allaire says: SCMP
Circle CEO Jeremy Allaire said that Yuan-backed stablecoins may offer a more immediate path for China's currency globalization efforts rather than the eCNY central bank digital currency (CBDC). “If eventually the Chinese government wants to see the RMB used more freely in trade and commerce around the world, it may be that stablecoins are the path to do that more than the central bank digital currency,” Allaire said in a recent interview with the South China Morning Post. More specifically, Allaire said a stablecoin pegged to the offshore Yuan (CNH) could facilitate increased use of the currency in trade and commerce globally. However, the team behind private CNH and Hong Kong dollar stablecoins was detained in May, according to SCMP. Acknowledging the unlikelihood of mainland China embracing the broader cryptocurrency industry, Allaire said he remains optimistic about web3 development in the Hong Kong Chinese special administrative region and its regulatory approach toward stablecoins. With concerns over the role of stablecoins once CBDCs are more widely available, Allaire said CBDCs are complementary and private stablecoins drive innovation.
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🆘 Multichain Records $265 Million Withdrawn Across 9 Chains
According to statistics from SlowMist, the outflow of funds from Multichain has reached a staggering $265 million since July 7. The funds have been distributed across various chains, including Ethereum, BNB Chain, Polygon, Avalanche, Arbitrum, Optimism, Fantom, Cronos, and Moonbeam. The outflows encompass a range of transactions, such as the transfer of USDT through the Multichain: Old BSC Bridge, as well as USDC, DAI, LINK, UNIDX, USDT, WOO, ICE, CRV, YFI, TUSD, WETH, and WBTC. Additionally, BIFI has been ported from Anyswap through the Bridge Fantom, while USDC, USDT, DAI, and WBTC have been transferred through the Multichain: Moonriver Bridge. USDC has also been transferred through the Doge Bridge from Multichain. Furthermore, assets including DAI, USDC, BTCB, WBTC, WETH, Dai.e, WBTC.e, USDC Bridge, BTC, fUSDT, ETH, and more have been moved out by the Executor from Multichain. In an interesting twist, certain assets, such as WBTC, USDT, and ETH, were moved from the address marked as Fake_Phishing183873 by Etherscan. However, it is believed that this labeling may be inaccurate, and the address could have previously belonged to the official Multichain account.
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📣 BitDAO Proposes $200M Deployment To Boost Decentralized Finance Development
BitDAO released the MIP-24 proposal, aiming to deploy $200m to the L2 Mantle ecosystem. The goal is to deploy 40+ projects on the Mantle ecosystem and achieve a financial return of 1.5x MOIC in 3 years. Strategic venture partners include Animoca, Bankless, and Dragonfly, among others. BitDAO, the decentralized autonomous organization focused on funding the development of open finance protocols, has released a new proposal to deploy $200 million to the L2 Mantle ecosystem. The proposal, known as MIP-24, aims to deploy capital within the Mantle ecosystem over the next. The Mantle Network is a high-performance Ethereum layer-2 network that’s built with modular architecture and aligned with Mantle strategic interests via the $MNT token. Ecosystem funds have historically served as an important catalyst of growth for new emerging protocols and ecosystems, particularly for developer and decentralized applications (dApps) adoption of a new protocol. The Mantle EcoFund aims to be the “first money” into high-quality and innovative early-stage projects building within Mantle Ecosystem, providing support alongside the Strategic Venture Partners. The Mantle EcoFund consists of two components: 100 million USDC provided by Mantle from its Treasury and managed by the Mantle EcoFund.
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💰 Celsius’s Restructuring Plan Disclosure Under Review on August 10
According to an official tweet from the committee of Celsius Unsecured Creditors, the debtor has submitted a disclosure statement for a joint Chapter 11 reorganization plan. The primary purpose of the hearing is for the Court to determine if the disclosure statement adequately informs creditors about the proposed plan. It will also address whether the debtor has the right to vote on the plan. Furthermore, a confirmation hearing will be scheduled to discuss the plan’s approval, with a proposed date set for September 29. A hearing has been scheduled for August 10 to review the disclosure statement. During this hearing, the Court will assess whether the statement provides sufficient information for creditors to vote on the plan. On July 17, the Debtor, Creditors Committee, Special Borrower Group, and certain Earnings creditors will engage in mediation before Judge Wiles. The objective of this mediation is to address the treatment of Planned Earnings in comparison to obtaining a loan. The parties hope to reach a mutually agreeable resolution regarding the equitable division of asset value among creditors. To further discuss the reorganization plan, the debtors, the committee, and the Fahrenheit corporation plan to host a Twitter Space event on July 19.
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🇺🇸 SEC won’t object to Coinbase’s motion to speed up case
On July 7, the United States Securities and Exchange Commission (SEC) submitted a letter to the judge in their case against Coinbase, responding to the exchange’s request for permission to file a motion for judgment on the pleadings. Therein, the SEC informed the presiding judge that they have no objections to Coinbase’s motion. The SEC outlines the arguments it plans to present against Coinbase in the letter. Nonetheless, the strength of these arguments, analysts previewed, is weak. For instance, the SEC cites the LBRY case as supporting its position. However, it’s important to note that the judge in that lawsuit did not conclude that tokens traded on the secondary market are securities. The SEC does not address the testimonial evidence from Gary Gensler that Coinbase presented in its letter. Gensler testified in May 2021 that the SEC lacked legal authority over crypto exchanges and that there was no regulatory framework for crypto exchanges within the SEC. During the pre-motion conference on July 13, a schedule for briefing on Coinbase’s motion for judgment on the pleadings is expected to be established.
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🇺🇸 Presidential Candidate Robert F. Kennedy Jr. Owns Up To $250K In Bitcoin: Report
Presidential candidate Robert F. Kennedy Jr. holds between $100,001 and $250,000 in Bitcoin, raising concerns about potential conflict of interest for the candidate. Presidential candidate Robert F. Kennedy Jr.’s recent BTC holdings have raised concerns about a potential conflict of interest for the candidate. Despite his statements at a Bitcoin conference in May that he was “not an investor,” CNBC uncovered financial records showing that Kennedy holds between $100,001 and $250,000 in BTC. The revelation comes at a time when the digital asset industry is at the forefront of the political sector and has become a key talking point as the 2024 presidential election approaches. Kennedy’s support for the king of crypto has been notable throughout his campaign, and he has gone as far as accepting the digital asset for campaign donations. However, the news of his substantial BTC holdings has led to questions about his objectivity in policymaking, particularly related to the regulation of the cryptocurrency industry. Kennedy has expressed concerns about government-issued digital assets, but his personal financial interest in Bitcoin could be seen as a potential conflict of interest.
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🪙 Bitcoin Spot ETF Will Open Door to New Investors: Volatility Shares Co-Founder
The Bitcoin rally that rode in on the back of investment titan BlackRock’s application for an exchange traded fund for spot markets is still going. Now, with the launch of the first ETF in Bitcoin leveraged futures, hopes are rising that a spot ETF will be next. For many investors, BlackRock’s success could herald a new stage of institutional investors getting involved with Bitcoin, especially if it cracks open the door for other filers to follow it through. In an interview with Decrypt, Justin Young, Volatility Shares' co-founder and president, said that investors looking to get exposure to Bitcoin are looking for the "easiest and most regulated way" to invest in it. For this reason, he said the spot ETF may be the most effective way to do that. Since BlackRock filed for a spot ETF on June 15, Bitcoin’s price has reached its highest levels in over a year. Its application was followed by others, like Fidelity, Valkyrie, and Invesco among others. Though the hype is strong, it runs up against a Securities and Exchange Commission that has capsized previous ETF applicants looking to get involved in Bitcoin spot markets, because of concerns around risks there.
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🇺🇸 Coinbase knew it violated securities law, SEC says
In its latest filing in an enforcement action against U.S. crypto giant Coinbase, lawyers for the U.S. Securities and Exchange Commission took an incredulous tone to the company's argument that it did not know it violated securities laws. The agency also pushed back on a claim that its approval of a 2021 registration statement related to Coinbase's initial public offering meant that its enforcement case had no merit. Judge Polk Failla will review the arguments and make a determination in coming days. "Coinbase, a multi-billion-dollar entity advised by sophisticated legal counsel, argues it was unaware that its conduct risked violating the federal securities laws, and suggests that by approving Coinbase’s registration statement in 2021 the SEC confirmed the legality of Coinbase’s underlying business activities—at that time and for all time," SEC lawyers wrote Judge Katherine Polk Failla of the Southern District Court of New York. "In other words, Coinbase adopted the very legal framework as a basis for making listing decisions that it now claims has no applicability to its activities," they continued.
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💰 Taylor Swift Approved Sponsorship Deal With FTX, Despite Previous Reports: NYT
Music megastar Taylor Swift approved a sponsorship deal with the now bankrupt crypto exchange FTX last year, despite previous reports that she had walked away after conducting her own due diligence on the firm, the New York Times reported on Thursday. Swift signed the sponsorship agreement with FTX following more than six months of discussions but in the end, FTX founder Sam Bankman-Fried pulled out of the deal, according to the New York Times, citing three people with knowledge of the matter. A lawyer suing celebrities who had endorsed FTX had previously said on a podcast that Swift had done due diligence the crypto exchange, asking it to prove that its cryptocurrencies were not unregistered securities, which led her to reject the deal. This led to multiple stories praising Swift’s business intelligence. The decision left Swift's team frustrated and disappointed, according to two of the people. Taylor Swift's management did not immediately respond to a request for comment for this story. News that FTX had pulled out of the deal was also reported by CNBC, quoting a source familiar with the matter. the pop star discussed a deal with FTX worth as much as $100 million that potentially included sponsorship of a tour.
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💰 Shibarium Plans To Launch Mainnet On August 2023 At Blockchain Futurist Conference
Shib chief developer Shytoshi Kusama announced in a blog post that Shibarium, a Layer 2 blockchain solution, is planning to launch its mainnet at the Blockchain Futurist Conference in Toronto this August. SHIB chief developer Shytoshi Kusama announced in a blog post that Layer 2 blockchain solution Shibarium may launch the mainnet at the Blockchain Futurist Conference in Toronto this August. Shibarium will hold a multi-month hackathon while Shib will have two booths, a VIP cabana, and Shibarium. As one of the event’s lead sponsors, the developers believe the conference will provide a much-needed atmosphere to share such good news. The conference is also an opportunity for Shib to strengthen its position as a major player in cryptocurrency. This is a significant undertaking for Shib, as it is roughly their third anniversary and the birthplace of Eth. The conference will also feature Unification, BadIdea.Ai, and new partners announced during the summer Shibarium. Additionally, all projects that have indicated their willingness to build with Shibarium Tech at the conference will be on display. Moreover, Shib will be speaking virtually (via AI) at a conference for the first time.
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🇯🇵 Circle Considers Issuing A Stablecoin In Japan Under Strict New Regulations
Circle is planning to expand its business by considering issuing a stablecoin in Japan once the country’s regulatory framework comes into effect on June 1. According to CoinDesk, Circle co-founder and CEO Jeremy Allaire said that in light of the fact that the stable money management law took effect on June 1, Circle is considering issuing a stablecoin in Japan. If the plan is successful, Japan could become an extremely large market if it is applied to cross-border trade, foreign currency trading and global trade. Circle CEO Jeremy Allaire expressed interest in the Japan partnership he visited last month. In a historic move, Japan’s parliament passed the regulatory framework around stablecoins in early June, providing a safety net for investors. This makes Japan one of the first major economies to pass legislation specifically for stablecoins. Reportedly, Japan’s revised “Payment Services Law” will certify fiat currency-backed stablecoins as “electronic payment methods” and authorize their issuance. The bill provides clarity around the definition of stablecoins, which will now be considered digital currencies and must be linked to a yen or other legal tender, ensuring holders have the right to redeem them at face value.
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📣 Starknet Bridges Over 500K Unique Wallets From Ethereum With $65 Million Deposits
Over 500K unique wallets bridged to Starknet, depositing $65M. ETH dominates bridged assets. JediSwap leads in TVL. According to Nansen’s report, over 500,000 unique wallets have bridged to Starknet from Ethereum, depositing a total of over $65 million on the network. The majority of these wallets have bridged very low amounts, with 60% of depositors bridging between $1 and $100, and 94% of depositors bridging less than $1,000. In terms of wallet age, most wallets (~75%) are less than one year old. The breakdown is as follows: 24.5% of wallets are 1-year-old or older, 41% are between 3-12 months old, 26.6% are between 1-3 months old, 6.78% are between 1 week – 1 month old, and 1.1% are less than 1 week old. ETH is the dominant bridged asset, accounting for nearly 75% of all assets bridged, largely due to it having by far the highest maximum cap imposed by StarkWare. JediSwap is the top protocol by total value locked, with more than 2x the TVL of second place, and the only non-AMM is the lending protocol zkLend – the native L2 money-market protocol built on Starknet. The relatively low TVL can be largely attributed to the restrictions imposed on the network.
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💰 Cardano Total Value Locked In DeFi Hit All-Time High
Cardano (ADA) is seeing its positive growth towards decentralized finance (DeFi), while the current price movement remains largely unchanged. According to data from the DeFiLlama aggregator, ADA Total Value Locked (TVL) across DeFi ecosystems has risen to an all-time high, with the increase being maintained steadily from the start of 2023 to present. At the present time, TVL on DeFi platforms reaches over $210 million, representing 2% of the current total supply of ADA. It is still one of the coins with the highest market capitalization in the crypto market. Although this amount is not being supplemented in Dollar terms because of the token’s price drop, it does demonstrate how much interest investors have in the Cardano DeFi universe. If the measure just tracked the number of mentions, a thread with a high number of mentions may boost the count on its own, even if mentions were low elsewhere on social media. As a result, to gain a more accurate reflection of the trend in the larger market, the social volume only takes into account unique postings. However, in terms of macro factors, Cardano is facing unfavorable factors from the US authorities, namely the U.S. The Securities and Exchange Commission (SEC) has designated ADA as a security token in its lawsuits with US exchanges, which caused its price to plummet in early June.
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💰 Celsius Files Lawsuit Against StakeHound Over $150 Million Token Dispute
Celsius, the bankrupt cryptocurrency lender, has filed a lawsuit against liquid staking platform StakeHound over allegations that it failed to return tokens worth $150 million. In exchange, Celsius received StakeHound’s liquid staking “stTokens.” However, StakeHound allegedly refused to exchange the stTokens for other tokens, claiming it had no obligation to do so. They also cited the loss of the keys associated with 35,000 Celsius ETH as a reason for not returning the tokens. The tokens in question include Ether (ETH), MATIC from Polygon, DOT from Polkadot, and others. According to court filings, Celsius entrusted StakeHound with 25,000 staked native ETH, 35,000 native ETH, 40 million MATIC, and 66,000 DOT in 2021. StakeHound had previously filed an arbitration agreement against Celsius in Switzerland after the lender’s bankruptcy, which the company argues is a violation of Section 362 of the United States Bankruptcy Code. This section, known as the automatic stay, prevents creditors from collecting debts or initiating legal action against a person or company that has filed for bankruptcy. StakeHound blamed the custody provider, Fireblocks, for the loss and had previously launched a lawsuit against them.
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🇮🇳 RBI Warns That Stablecoins Pose Existential Threat, Stresses CBDC As Optimal Solution
According to the local news portal The Hindu, Reserve Bank of India Deputy Governor T Rabi Sankar said on Tuesday that stable currencies constitute an “existential threat” to most nations’ policy autonomy. The Indian central bank’s deputy governor said that stablecoins are advantageous to countries such as the United States and Europe, whose currencies stablecoins may be tied to. But, in a nation like India, they might possibly replace the usage of the rupee in the local economy. Stablecoins provide an international benefit, particularly to linked economies such as the United States and Europe, but they are not necessarily beneficial to countries such as India due to the transfer of seigniorage to private issuers to the extent that it replaces the use of the rupee in the economy. He also criticized banks for charging large margins for conducting cross-border transfers, calling it not justifiable. According to a World Bank report, small-value remittances are charged 6% by banks via their corresponding banks, which is not justifiable. Such a move prompts requests for cost-cutting measures, as well as the exploration of alternatives such as cryptocurrency.
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💰 XRP Plunges to Zero on Poloniex In Shocking Twist
The XRP/USDT pair on the Poloniex crypto exchange saw a sudden and drastic plunge to nearly zero. The pair rebounded shortly after and is currently trading at $0.4742. While the exact reason for the plunge is unknown, it is believed to be a glitch, as the pair recovered swiftly. However, this event has left many wondering about the stability of the exchange and its systems. Poloniex Customer Support hinted at network maintenance on the same day of the event. The maintenance began at 7:00 a.m. UTC. This is not the first time XRP has experienced such an event. In April, the XRP/USDT perpetual trading pair flash crashed to zero on the Bitrue crypto exchange. While these events may be isolated incidents, they raise questions about the overall stability of the crypto market and the exchanges that facilitate trading. What caused the Poloniex incident, and whether the exchange will take any measures to prevent similar events from occurring in the future. As crypto trading continues to gain popularity and more investors enter the market, it is crucial that exchanges uphold the highest standards of reliability and security.
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🟠 Binance Reserves Show Asset Health Of 57 Billion USD And Safely Store Diversified Coins
CoinMarketCap’s recent report on Binance’s public reserve stock has highlighted the strength and stability of the world’s largest crypto exchange. According to the 2023 H1 trading platform data report, Binance’s public reserve stock stands at an impressive $57 billion, putting it at the top of the list of all encrypted trading platforms. The report reveals that Bitcoin and stable coins make up the majority of Binance’s reserve assets, which is not surprising given the popularity and stability of these digital assets. Despite the market panic that occurred in the past 3 months, which led to the outflow of funds from Binance, the exchange has been able to maintain its position as the market leader. The report states that Binance ranks first in terms of transaction volume and market share in the first half of 2023, demonstrating the exchange’s strength and resilience in the face of market volatility. Binance has been able to maintain a healthy amount of proof-of-reserve assets and has safely stored a diversified currency, despite the large outflow of funds from the exchange in the second quarter of 2023. This is a positive sign and indicates that Binance has robust asset management practices, which will help it to continue to grow and succeed in the cryptocurrency market.
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📣 Voyager Witnesses $250M worth of crypto Net Asset Outflow Post Withdrawal Restart
Voyager has experienced a significant net outflow of $250 million worth of crypto assets since reopening withdrawals to users on June 23. The reopening of withdrawals on Voyager was met with a surge in users seeking to move their crypto assets off the platform. The net outflow of $250 million reflects a significant movement of funds, indicating users’ preference for storing their assets elsewhere or potentially taking advantage of other trading platforms. As of now, the platform holds approximately $176 million worth of crypto assets, with a Clean Asset ratio (excluding VGX) of 96.15%. Notable assets on the platform include 2,287.4 BTC, 27,363.7 ETH, 18,558,340 USDC, 2,060 trillion SHIB, and more. The current amount of $176 million worth of crypto assets on the Voyager platform signifies the assets still under their custody. While the net outflow is substantial, the platform continues to hold a considerable sum of cryptocurrencies. The Clean Asset ratio, which stands at 96.15%, represents the proportion of assets excluding VGX, Voyager’s native token, and implies that the majority of the remaining assets on the platform are free from encumbrances or liabilities.
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💰 Standard Chartered Bank Now Forecasting $120,000 Bitcoin Price By 2024
According to Reuters, prominent multinational British bank Standard Chartered predicts that the flagship cryptocurrency, Bitcoin, will hit $50,000 by the end of this year. In terms of greater peaks, the bank’s experts predict that Bitcoin will reach $120,000 by the end of next year, 2024. Standard Chartered Bank has amended its prior projection of a $100,000 Bitcoin price by the end of 2024, citing the conclusion of the “crypto winter.” Although miners prepare to hold more BTCs, the difficulty of Bitcoin mining remains high. According to the on-chain analytics platform Glassnode, the Bitcoin Hash Rate (7DMA) is continuing to rise, hitting an all-time high of 395 EH/s. This translates to 395 quintillion guesses every second in an effort to solve a Block. Overall, Bitcoin has climbed by more than 80% since the beginning of the year, dwarfing the growth of the Nasdaq Composite index. A big bank forecasting a bright future for Bitcoin pricing is just one example of what one expert has nicknamed the BlackRock effect. The decision by BlackRock to register for a spot Bitcoin exchange-traded fund, followed by many other prominent asset managers.
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💰 Over $1 billion inflows into Solana in a day
As the cryptocurrency market continues to trade sideways, the decentralized finance (DeFi) platform Solana (SOL) has emerged as one of the standout tokens. In this regard, SOL has experienced significant buying pressure in the last 24 hours. By press time, Solana controlled a market capitalization of $8.96 billion, reflecting an inflow of $1.02 billion within the last 24 hours. The buying pressure has also influenced the asset’s price trajectory, comfortably holding above the $20 support level. Currently, SOL is valued at $22.17, with daily gains of nearly 12%. On the weekly chart, Solana has seen an increase of over 20%. While Solana has generally moved in tandem with the overall market, the recent surge in asset price lacks a specific identifiable catalyst. However, it is worth noting that the asset’s gains align with significant network partnerships. One notable instance is the announcement of collaboration between Coca-Cola (NYSE: KO) in Serbia and Solana NFT platform SolSea for a non-fungible token (NFT) offering during a music event. As part of this deal, the beverage company will distribute 100 limited edition hoodies accompanied by NFTs to select participants.
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📣 Google Cloud Expands Bitcoin-Based Services, Partners With Voltage For Global Expansion
The Bitcoin-Based services offered by Google Cloud are being expanded. In a significant move, Google Cloud, the renowned cloud and data service provider valued at $225 billion, has joined the Bitcoin bandwagon by partnering with Voltage, an infrastructure provider specializing in the Bitcoin Lightning Network. This collaboration aims to expand Bitcoin-based services globally while supporting Voltage’s operational growth. Voltage will leverage Google Cloud’s vast resources to cater to its customers on a global scale. The announcement of this collaboration has generated considerable attention on social media, signaling Google’s increasing interest and acceptance of Bitcoin and Lightning. This move sets Google apart from competitors like Apple, which recently removed a Lightning-friendly decentralized social media protocol from its App Store. With Google Cloud‘s parent company Alphabet’s extensive reach, the collaboration strengthens the position of Lightning in the tech industry, particularly among payment services providers. Google Pay, with millions of users across over 15 countries, further bolsters the company’s influence in the digital payment space.
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💰 Grayscale makes Lido the second-heaviest component in its DeFi Fund
Digital asset manager Grayscale added the Lido protocol's LDO token to its DeFi Fund, making it the second-heaviest component. Grayscale's DeFi Fund is now weighted to include Uniswap (UNI) at 45.46%, Lido (LDO) at 19.04%, Aave (AAVE) at 11.53%, MakerDAO (MKR) at 10.82%, Curve DAO Token (CRV) at 7.03% and Synthetix (SNX) at 6.12%. Lido is a decentralized liquid staking protocol that allows users to keep staked tokens liquid via a stand-in token, or stToken. "In accordance with the CoinDesk DeFi Select Index methodology, Grayscale has adjusted the DeFi Fund’s portfolio by selling certain amounts of the existing Fund Components in proportion to their respective weightings, and using the cash proceeds to purchase Lido (LDO)," Grayscale said in a company release. "No tokens were removed from the DeFi Fund." Lido is a decentralized liquid staking protocol that allows users to keep staked tokens liquid via a stand-in token, or stToken. LDO’s weight in the fund sits at 19.04%, second only to Uniswap’s UNI at 45.46%. Grayscale redefines the composites of its funds quarterly.
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🟠 Binance marketshare at lowest point since beginning of the year
Binance, the largest global cryptocurrency exchange, faces a dwindling marketshare as executives from the firm depart, according to data from The Block's data dashboard. Top executives at Binance resigned this week over CEO Changpeng Zhao’s handling of regulatory investigations into the company, Fortune reported, citing sources. Senior officials at the company including general counsel Han Ng, chief strategy officer Patrick Hillmann and SVP for compliance Steven Christie told Zhao they are leaving the company, Fortune said. The exits come amid a dip in Binance's marketshare among global exchanges. The firm saw its market share fall from 72% in January to just over 58% at present. The figures represent the marketshare of spot trade volumes for cryptocurrency exchanges with no USD support or USD pairs contributing insignificant volumes. Top executives at Binance resigned this week over CEO Changpeng Zhao’s handling of regulatory investigations into the company, Fortune reported, citing sources. Senior officials at the company including general counsel Han Ng, chief strategy officer Patrick Hillmann and SVP for compliance Steven Christie told Zhao they are leaving the company, Fortune said.
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💰 Arbitrum DAO locks up $770 million in ARB tokens into vesting contract
Arbitrum's decentralized autonomous organization has locked up 700 million ARB tokens worth $770 million into a vesting contract. The funds will be released incrementally to the Foundation over a four-year period in a major step for the DAO toward accountability and transparent governance. The move came after the approval of the AIP 1.1 proposal that came amid a controversial governance period within the Arbitrum ecosystem. Earlier this year, the project faced significant backlash over a "special grants" program in the plan that initially sought to allocate over 700 million ARB tokens directly to the Arbitrum Foundation. The Foundation stated the funds would be used to support initiatives built on Arbitrum’s technology. However, the immense scale of the allocation, which was worth over $1 billion at the time, prompted fears over transparency in a project that’s designed to make collective decisions. That led to a subsequent proposal to return the funds from the Foundation back to the DAO which was rejected. Arbitrum is a Layer 2 scalability solution for Ethereum, developed by Offchain Labs.
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📣 Gemini Files Lawsuit Against DCG For Fraud Conspiracy, DCG Calls It A “Publicity Stunt”
Gemini has sued DCG and Barry Silbert for a fraud conspiracy against Genesis creditors. DCG calls it a “publicity stunt”. Mediation process is ending. Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has sued Digital Currency Group (DCG) and its founder Barry Silbert. Gemini alleges that Silbert and DCG were involved in fraud against creditors of Genesis, a cryptocurrency lending platform that filed for bankruptcy last year. According to the complaint, Silbert and DCG conspired with Genesis to create false financial reports to hide the fact that Genesis was insolvent. DCG responded to the lawsuit by calling it a “publicity stunt” by Cameron Winklevoss to deflect blame from himself and Gemini. The mediation process is coming to an end, and the case is expected to be handled under Chapter 11 bankruptcy law. Gemini claims that Silbert and DCG were involved in a carefully crafted fraud against creditors of Genesis. When Genesis notified Gemini that it would terminate the Earn program in October 2022, Silbert reached out to set up a meeting to induce Gemini to continue to Earn. He did this knowing that Genesis was massively insolvent. Silbert claimed that Genesis faced only a timing issue, but this was a lie that hid the gaping hole in Genesis’s balance sheet.
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💰 Celsius Moved Around $74 Million Altcoins Into BTC And ETH After Approval
According to TheBlock, Celsius transferred approximately $74 million in altcoins, including Synthetix, Uniswap, ZRX, and several stablecoins, after being approved to convert altcoins into Bitcoin and Ethereum. One of the transfers went to a wallet linked to the market maker Wintermute. In addition, Arkham’s report also states that network address Celsius (0x1C…9074) has staked 40.96 thousand ETH, worth about $75 million, for ETH2 staking contract through Figment from date May 10 to 12.a New York court approved Celsius to convert its altcoins into bitcoin and ether from July 1. According to data from the crypto data platform Arkham, the Celsius wallet holds about $615 million in crypto, including $296 million in Bitcoin and $120 million in ethereum. They also have around $100 million worth of CELs and approximately $30 million worth of stablecoins, with the remaining altcoins worth around $69 million. Celsius is preparing a plan to refund users “stuck” on the platform. Accordingly, the company will sell all altcoin balances on customer accounts in exchange for BTC & ETH. Except for CEL, which is the native token of Celsius, most are MATIC and ADA. These are all highly liquid coins, with such a selling force that can not be expected to affect the price of these tokens much. This gives users of the platform some peace of mind about the future repayment plan.
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🪙 ETH Burned Yesterday Hits 5336,77, New High Since May 25
Yesterday ETH burned, reaching 5336.77 worth over $10 million, based on the current value of Ethereum at the time of publication ($1,936.69), was burned from Ethereum transactions. This is a record high in a month. The annual net issuance rate for Ether yesterday was -3,352.67 ETH. The Ethereum network set a new milestone with 3.4 million ETH worth about $6.5 billion burned after nearly two years of implementing the EIP-1559 coin-burning mechanism. Burning is when a coin or token is sent to an unusable wallet to remove it from circulation. On August 5, 2021, the Ethereum blockchain implemented a significant upgrade known as EIP-1159. This Ethereum improvement proposal has dramatically changed the fee model. Each transaction now includes a variable base fee adjusted to the current demand for block space. This base fee is either burned or permanently removed from circulation, reducing the Ether supply forever. Thereby increasing the token price. Ethereum is issuing new Ether at a rate of 4% per year, although the rate is expected to drop to around 0.5 -1% as part of the Ethereum 2.0 upgrade. When this happens, many speculate that the burning rate of Ether will be greater than the rate of token issuance, making ETH a deflationary currency.
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💰 Do Kwon Transfers $163 Million Worth Of Bitcoin To Anonymous Wallet
Digital Asset reports that Terraform Labs CEO, Do Kwon transferred 5292 BTC (approximately $163 million) from a Luna Foundation Guard (LFG) Binance wallet to a new anonymous wallet on July 3rd. Prior to this transfer, only 351 BTC had been withdrawn from the wallet on May 8th. On July 3rd, 2021, the encrypted wallet held by Terraform Labs CEO Do Kwon, known as Luna Foundation Guard (LFG)’s Binance wallet, transferred all 5,292 BTC (approximately $163 million) to a new anonymous wallet that has no known connection to Kwon, according to Digital Asset. The LFG wallet is the Binance wallet of the Luna Foundation, which Kwon established in January 2021 with the aim of defending the price of LUNC (Terra Classic). The wallet contained the largest amount of Bitcoin among Kwon’s on-chain assets. On November 2022, it was reported for the first time that 6983 BTC (approximately 155.6 billion won) were stored in this wallet. Since then, all transactions that took place in the wallet have been tracked and reported ten times. Prior to the BTC transfer, a test transfer appeared between the LFG wallet and the anonymous wallet on June 22nd and 23rd, where they exchanged 0.0211 BTC (approximately 870,000 won) three times.
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