Headline
Dallas Fed President Logan: Economy Unexpectedly Strong, Need for Further Rate Hikes
Dallas Fed President Logan stated that there is a reason for a rate hike at the June policy meeting, reaffirming her view that further rate hikes are needed to cool down the still strong economy. She said, "Raising the interest rate range at the June meeting is completely appropriate and consistent with the data we have seen in recent months and the dual mandate of the Fed."
Logan pointed out that the forecasts released at the June FOMC meeting indicate expectations for more rate hikes and said, "It is important for the FOMC to follow through with the signals we sent out in June," and added, "Two-thirds of FOMC meeting participants expect at least two more rate hikes this year." Logan said, "I remain very concerned about whether inflation can return to its target level in a sustainable and timely manner, and the prospects of inflation persistently exceeding the target and a stronger-than-expected labor market call for more restrictive monetary policy." (Golden Ten)
Industry News
FTX, Three Arrows Capital, and SEC Oppose BlockFi's Bankruptcy Plan
According to a legal document filed by FTX on Wednesday, FTX opposes BlockFi's proposed bankruptcy plan, claiming that the plan involves over $1 billion in disputed transactions and unfairly diminishes its substantial claim against BlockFi. FTX had previously provided assistance to BlockFi last year and subsequently filed for bankruptcy in November.
BlockFi's bankruptcy plan is scheduled to be discussed at a hearing in a New Jersey court on July 13th, but it is being opposed by hedge fund Three Arrows Capital (3AC) and the US SEC. 3AC claims that BlockFi owes it over $220 million and protests that it has not been given an opportunity to defend against the fraud allegations. The SEC states that the proposed release terms for BlockFi and its management are too vague and broad. (CoinDesk)
FTX Plans to Delay Sale of Japanese Subsidiary, Hopes to Sell the Entire Group to Increase Price
Cryptocurrency exchange FTX Trading plans to delay the sale of its Japanese subsidiary FTX Japan and has conveyed its intention to the Japanese Financial Services Agency through FTX Japan.
FTX's suspension of the sale of FTX Japan is not intended to postpone the sale process of the Japanese subsidiary. A senior executive of FTX stated that they hope to increase the price by selling the entire group rather than individual subsidiaries in different regions.
In addition, the customer asset refund program launched by FTX Japan in February is progressing smoothly. Currently, FTX Japan has refunded 80% of Japanese yen and other fiat currencies as well as virtual currencies to its customers. If the trading system used by FTX Japan's predecessor QUOINE operates smoothly, the Japanese Financial Services Agency may allow this Japanese company to resume operations by the end of the year. (Nikkei News)
OKLink by OKExChain: Yesterday's ETH Burned Amount Reached 5336.77 Tokens, the Highest Since May 25
According to the OKLink multi-chain browser data, the amount of ETH burned yesterday reached 5336.77 tokens, the highest since May 25; VMPX burned the most ETH yesterday (burned 1,866.79 ETH).
So far, the cumulative amount of ETH burned is 3.4389 million ETH, worth over 6.5 billion US dollars.
Market News
BTC Falls Below 30,000 USDT, 24-hour Decrease of 1.4%
According to the OKEx market data, BTC fell below 30,000 USDT, with a 24-hour decrease of 1.4%.
ETH drops below 1900 USDT momentarily
According to Ou Yi OKX market, ETH briefly dropped below 1900 USDT with a 24-hour decrease of 0.15%.
A whale transfers 10,000 ETH to Binance
Lookonchain tweeted that czsamsunsb.eth transferred 10,000 ETH to Binance in the past two hours.
Three Arrows Capital transfers 5 tokens worth $1 million to CEX in the past two days
According to on-chain analyst Yu Jin, Three Arrows Capital recently transferred 5 tokens (worth $1 million) to Binance/Gate/MEXC. The details are as follows:
- Transferred 4,319,489 CHESS tokens ($593,000) and 157,297 DYDX tokens ($307,000) to Binance;
- Transferred 594,444 AURORA tokens ($50,000) and 3,300,000 MSU tokens ($10,000) to Gate;
- Transferred AVG tokens to MEXC (19,000 USD).
Project News
Balancer proposes 8020 to solve the liquidity problem caused by governance token staking
Balancer has released Proposal 8020, aiming to address the issue of liquidity loss after token staking. According to Balancer, the main advantages of this proposal are: providing deep liquidity, reducing losses, effective incentives, and hedging against price fluctuations.
Deso: Offers up to $1 million in funding to support Reddit's on-chain alternative project
Deso announced that it is offering up to $1 million in funding to support Reddit's on-chain alternative project. Previously, Reddit's restriction on API access had caused controversy within the community. (chainwire)
According to earlier reports, the DeSo blockchain raised $200 million through token sales, with participation from a16z, Coinbase, and Sequoia Capital, among others.
DCP is an end-to-end encrypted on-chain messaging protocol that allows secure, censorship-resistant, and reliable communication and community building. DCP enables direct message transmission on any DeSo-compatible blockchain, requiring only a blockchain wallet and a small amount of DESO tokens. Each 1 MB of message data sent requires approximately 0.001 DESO in transaction fees.
Haru Invest announced that it is developing a potential list of company assets for sale, with the goal of minimizing value loss when selling company assets. The company is considering a phased sale of its assets.
Haru Invest stated that it is currently building a database to identify users' claims and debts, and plans to allocate assets in phases once the losses are confirmed and an asset allocation plan is determined. The specific timing of the allocation is yet to be determined.
Binance to gradually disable certain users' existing deposit addresses and tags in the third quarter
According to an official announcement, Binance has released an update regarding the discontinuation of existing deposit addresses for the third quarter of 2023 (July to September). Binance has been working on upgrading the wallet infrastructure of the platform to ensure higher wallet efficiency and security for users. Therefore, Binance will gradually deactivate existing deposit addresses and tags in selected networks. Emails will be sent in batches to affected users. Binance strongly advises users to obtain new addresses and tags (if applicable) after receiving the email.
If users have not received an official notification from Binance, they should continue to use their current deposit addresses. Only affected users will receive emails. Assets deposited to expired addresses are safe and will not be lost. Users can manually credit their accounts through the "Wallet History" page.
Uniswap Foundation: Audit duration for V4 codebase estimated to be one to four months
Erin Koen, the governance lead at Uniswap Foundation, published an article on the Uniswap Governance Forum today, calling for the community's opinions on the launch of Uniswap V4.
In the article, Erin mentioned the estimated timeline for the launch of the V4 version of Uniswap, which is as follows:
1. Protocol code release: Completed on June 13, 2023. The protocol codebase has been made public for viewing and contribution.
2. Protocol code freeze: This depends on the successful integration of EIP-1153 into the Cancun upgrade, and it is expected to occur as early as September.
3. Protocol code deployment: The V4 codebase will undergo extensive audits before deployment. It is currently uncertain how long the audit process will take, but it is expected to range from one to four months.
Erin emphasized that the above timeline is for reference only. It should be noted that the Cancun upgrade may be delayed, the audit process may be extended, and the protocol may undergo other undisclosed security tests.
1inch Co-founder: Previously sold 11,000 ETH for testing new features in Fusion mode
1inch co-founder Sergej Kunz said that the previous sale of 11,000 ETH (about $21 million) was used to test new features in Fusion mode, which allows for setting transaction duration, starting and ending auction amounts using custom presets. This strategy is helpful for asset rebalancing for DAOs, hedge funds, and investment funds. (The Block)
dYdX: Milestone 4 achieved ahead of schedule, dYdX v4 testnet officially launched
Decentralized derivatives protocol dYdX tweeted that the dYdX v4 testnet has been officially launched.
Earlier news stated that the dYdX Chain public testnet will officially launch on July 6th at 1:00 UTC. dYdX achieved Milestone 4 ahead of schedule, signaling the completion of required functionalities for the public testnet launch, including running its software with more validators (over 40). The public testnet will support Bitcoin and Ethereum markets and is expected to include around 30 additional markets as the network upgrades.
People's Voices
WoodSister: Don't think BlackRock has an advantage over ARK Invest in ETF applications
Fortune today published an interview with ARK Invest CEO Cathie Wood (WoodSister).
When asked if BlackRock has an advantage over ARK Invest in Bitcoin spot ETF applications, WoodSister answered, "We don't think so. We know that their application materials have a supervisory sharing clause, while ours does not. But as far as I know, modifying our application materials will not take too much time, and all institutional applications are moving in this direction."
Note: This interview by Fortune was conducted last week but is being published today for the first time. Shortly after the interview was completed, ARK Invest modified its application materials and added a supervisory sharing agreement similar to BlackRock's.
Circle Founding: Circle is considering issuing stablecoins in Japan, which will become a huge market
Jeremy Allaire, Co-founder and CEO of Circle, said that with the legislation on managing stablecoins in Japan taking effect on June 1st, Circle is considering issuing stablecoins in the country. He stated that if stablecoins are widely used in cross-border trade, foreign currency transactions, and global commerce, Japan will become an extremely large market.
Japan's stablecoin legislation makes it one of the first countries to establish a framework for overseas stablecoin use. Allaire believes this is the "most important thing" that the government and financial services agency have done. He also mentioned that Circle intends to establish partnerships in Japan and visited the country last month.
Insiders revealed that US CFTC investigators have concluded that Celsius Network and its former CEO, Alex Mashinsky, violated US regulations before the platform went bankrupt.
The insider stated that if a majority of CFTC commissioners agree with this conclusion, the agency may file a lawsuit in federal court as early as this month. One insider mentioned that attorneys from the enforcement agency determined that Celsius misled investors and should be registered with the CFTC, and Alex Mashinsky also violated regulatory requirements. In addition, the US SEC and federal prosecutors in Manhattan are conducting related investigations. (Bloomberg)
