Rhythm Morning News | There are less than 500 blocks left before Bitcoin "halving"; io.net announced the IO token economic model community's final al

Featured News:

1. Less than 500 blocks remain before Bitcoin's "halving";

2. Bitcoin rebounded this morning and briefly broke through $64,000;

3. Ethereum briefly fell below $3,000, a 24-hour drop of 4.58%;

4. Altcoins followed the general decline of the market, TAO fell more than 16% in 24 hours;

5. io.net announced the IO token economic model: the initial supply is 500 million, and the community will eventually allocate 50%

Price Observation

Bitcoin rebounded above $63,000

April 16 On April 16, according to the OKX market data, Bitcoin rebounded above $63,000 and is now quoted at $63,135, down 4.39% in 24 hours.

The Ethena project multi-signature address transferred 35.12 million ENA to CEX in the past 2 hours, about $35.99 million

On April 16, according to @ai_9684xtpa monitoring, in the past 2 hours, the Ethena project multi-signature address has cumulatively recharged 35.12 million ENA (about $35.99 million) to Gate, Kucoin, and Bybit, and the purpose is unknown.

Parcl (PRCL) opened at $1.04 on OKX and is now quoted at $0.8

On April 16, according to OKX market data, Solana Ecosystem Real Estate Trading Protocol Parcl Token PRCL opened at $1.04 and is now quoted at $0.8.

Bitcoin inscription meme coin WZRD broke through $8.2, up 24.2% in 24 hours

On April 16, according to market data, the Bitcoin inscription meme coin WZRD (Bitcoin Wizards) is now quoted at $8.28, with a 24-hour increase of 24.2%.

BlockBeats reminds users that meme coins have no actual use cases, token prices fluctuate greatly, and investment should be cautious.

Solana on-chain mining project Ore has been suspended and is expected to resume after upgrading to v2 in a few weeks

On April 16, according to official news, Solana on-chain mining project Ore announced that mining has been suspended in order to focus on the development of v2. There is no deadline for claiming rewards, and all existing Ore tokens can be upgraded to the new v2 version of the token at a 1:1 ratio. Ore developers said mining will resume when the current system issues are resolved and the open source client software is rebuilt for users. This process is expected to take several weeks as the changes need to be implemented, tested and audited. ORE is a mineable token that was deployed to Solana on April 2, providing those who deposit SOL into smart contracts with the opportunity to earn a protocol reward of 1 ORE per minute by correctly solving a cryptographic puzzle similar to a proof-of-work operation.

ORE breaks through $300, up 113% in 24 hours

On April 16, according to market data, the Solana on-chain mining project Ore token ORE broke through $300 and is now quoted at $312.38, up 113% in 24 hours.

Ethereum briefly fell below $3,000, a 24-hour drop of 4.58%

On April 17, according to OKX market data, Ethereum briefly fell below $3,000 and is now quoted at $3,011, a 24-hour drop of 4.58%.

The stablecoin USDP briefly broke through $1.5 and is now quoted at $1.12

On April 17, according to market data, the stablecoin USDP briefly broke through $1.5 and is now quoted at $1.12.

Altcoins followed the market down, TAO fell more than 16% in 24 hours

On April 17, according to market data, altcoins followed the market down, including:

TAO is currently quoted at US$467.8, down 16.12% in 24 hours;

ENA is currently quoted at US$0.956, down 14.81% in 24 hours;

PENDLE is currently quoted at US$5.965, down 13.11% in 24 hours;

IMX is currently quoted at US$1.847, down 24 hours. 11.53%.

Bitcoin rebounded this morning and briefly broke through $64,000

On April 17, according to OKX market data, Bitcoin rebounded this morning and briefly broke through $64,000. The current price is $63,804, a 24-hour increase of 0.87%.

TIA rebounded above $11, with a 24-hour increase of 17.84%

On April 17, according to OKX market data, TIA rebounded above $11 and is now quoted at $11.45, with a 24-hour increase of 17.84%.

Solana ecosystem Meme coin MEW briefly broke through 0.007 US dollars, and rose nearly 250% in the past three days

On April 17, according to OKX market data, Solana ecosystem Meme coin MEW briefly broke through 0.007 US dollars and is currently quoted at 0.0064 US dollars, with an increase of about 250% in the past three days.

Transaction Tracking

Grayscale transferred about 4666.9 BTC to the Coinbase Prime address

On April 16, according to Arkham data, the Grayscale address transferred about 4666.9 BTC to the Coinbase Prime address about 22 minutes ago, worth about 294 million US dollars. In addition, Grayscale also transferred 700 BTC to 1 unmarked address.

Amber Group transferred 1 million ARB to Coinbase Prime 1 hour ago, about 1.13 million US dollars

On April 16, according to @ai_9684xtpa monitoring, 1 hour ago, Amber Group is suspected of selling 1 million ARB again, about 1.13 million US dollars. A month ago, Amber transferred about 9.43 million US dollars worth of ARB to this address. After multiple recharges to the trading platform, there are still 3.1 million ARB tokens left.

A whale transferred 5,000 ETH to Kraken 56 minutes ago, about 15.2 million US dollars

On April 17, according to Lookonchain monitoring, 56 minutes ago, a whale transferred 5,000 ETH to Kraken, about $15.2 million. From September 3, 2022 to September 7, 2022, the whale withdrew 96,638 ETH (about $151.42 million at the time) from Coinbase at an average price of $1,567. Currently, the whale still holds 76,638 ETH (about $233.56 million), with a total profit of about $153.7 million.

Project Dynamics

io.net announces IO token economic model: initial supply of 500 million, community eventually allocates 50%

On April 16, Solana Ecosystem DePIN Protocol io.net announced the token economic model of token IO. io.net will have an initial supply of 500 million IO at the time of creation, divided into five categories: seed investors, A-round investors, core contributors, R&D and ecosystem, and community. As IO is issued to incentivize network growth and adoption, it will grow to a fixed maximum supply of 800 million in 20 years. Rewards will be released to suppliers and pledgers every hour over 20 years. The rewards adopt a deflationary model, starting with 8% in the first year and decreasing by 1.02% per month (about 12% per year) until the upper limit of 800 million IO is reached. As rewards are issued, the share of early supporters and core contributors will continue to decrease. Therefore, after all rewards are distributed, the community's share will grow to 50%.

Drift Protocol plans to launch the token DRIFT in a few weeks, with an airdrop of 10%

On April 16, CoinDesk cited people familiar with the matter as saying that Drift Protocol, a decentralized derivatives trading platform in the Solana ecosystem, plans to launch the DRIFT governance token in a few weeks and airdrop it to its users. Drift Protocol contributors said that most of the 100 million tokens reserved for this airdrop will be distributed to long-term Drift users. 10% of the total supply of DRIFT will be distributed to its users; 22% will be allocated to venture investors; 43% of the tokens will be used for ecosystem development; and 25% will be reserved for protocol development.

FET, AGIX and OCEAN token merger proposal has been approved by community vote

On April 16, according to official news, the Fetch.ai (FET), SingularityNET (AGIX) and Ocean Protocol (OCEAN) token merger proposal has been approved by community vote. BlockBeats previously reported that Fetch.ai, SingularityNET and Ocean Protocol announced the merger of their tokens and the creation of a decentralized artificial intelligence (AI) alliance. This alliance aims to provide a decentralized alternative to projects currently controlled by large technology companies.

Drift Foundation announced that the DRIFT airdrop inspection and claiming website will be released soon

On April 16, according to official news, the Drift Foundation, a decentralized derivatives trading platform in the Solana ecosystem, stated that more details on the eligibility criteria and a website for checking and claiming allocations will be released soon.

BlockBeats previously reported that Drift Protocol plans to launch the token DRIFT in a few weeks, with an airdrop accounting for 10%.

Parcl announced that PRCL tokens are now online and can be claimed before December 31

On April 16, according to official news, Solana ecological real estate transaction protocol Parcl announced that PRCL is now online, and early Parcl ecosystem adopters and core community members can claim it before December 31, 2024.

Tether issues 1 billion USDT on the Tron network (authorized but not yet issued)

On April 16, according to Whale Alert monitoring, Tether Treasury minted 1 billion USDT on the Tron blockchain about 40 minutes ago. In response, Tether CEO Paolo Ardoino said that the 1 billion USDT was a supplement to the Tron network inventory. This is an authorized but unissued transaction, which means that this additional issuance will be used for the inventory of the next issuance request and cross-chain exchange.

DFINITY announced that ICP smart contracts will be able to etch Runes directly on Bitcoin

On April 16, according to the official announcement, DFINITY announced that ICP smart contracts will be able to etch Runes directly on Bitcoin, engrave Ordinals, send and receive BRC-20 tokens, and sign Taproot transactions.

Memeland announced that the first project on Stakeland is Runecoin

On April 16, according to official news, the NFT project Memeland announced that the first project on its social pledge agreement Stakeland is Runecoin. Users can obtain Runecoin by completing tasks or staking MEME, or both.

PayPal announced the revision of the purchase protection plan to exclude NFT, which will take effect on May 20

On April 16, according to the official announcement, PayPal announced that the revision of the purchase protection plan will take effect on May 20, which will exclude NFTs from the eligibility of payments initiated through third-party platforms using PayPal balance accounts and assigned accounts and routing numbers.

afe announced that SAFE tokens will be transferable on April 23

On April 16, according to official news, Safe announced that SAFE tokens will be transferable on April 23. The SAFE token contract address is 0x5aFE3855358E112B5647B952709E6165e1c1eEEe, with a total of 1 billion and an initial circulation of 427 million. BlockBeats previously reported that SafeDAO tentatively voted on April 23 to enable the transferability of SAFE tokens.

BounceBit announces the launch of liquidity custody service

On April 16, according to the official announcement, BounceBit announced the launch of liquidity custody service (Liquid Custody). When users deposit their assets (BTC, USDT, FDUSD, ETH) into BounceBit, they will receive tokens representing their assets (BBTC, BBUSD, BBETH), which are held in regulated custody at a ratio of 1:1. These tokens can be bridged to BounceBit and further utilized.

Less than 500 blocks left until Bitcoin halving

On April 17, according to BTC.com, there are less than 4 days left until the fourth Bitcoin halving, with 497 blocks remaining. Block halving refers to the process of reducing the amount of digital currency generated per unit time, mainly achieved by reducing block rewards. So far, the Bitcoin network has experienced three halvings in 2012, 2016 and 2020.

The first NFT minting launched by TaprootChain has ended

On April 17, according to official news, the total number of Lighting Crystal NFTs launched by TaprootChain was 120,000. Minting (freemint) started at 21:00 and all minting was completed in 2 hours.

The number of active wallet addresses on the TaprootChain mainnet has increased to more than 130,000. TaprootChain is a breakthrough Layer 2 solution on the Bitcoin network that uses OP-Rollup transformation, simplified verification processes, and other methods to achieve a seamless experience with the BTC ecosystem.

EigenLayer has reopened deposits and removed all LST deposit limits

On April 17, according to official news, Ethereum re-staking protocol EigenLayer has removed all deposit limits for liquid staking tokens (LST) and reopened the deposit window.

1intro announced that it will airdrop to its LBP participants, and sellers during the LBP period have been disqualified

On April 17, according to official news, 1intro, the first LBP platform in the Solana ecosystem, announced that it will conduct an airdrop and will distribute 20% of all tokens sold during the LBP period to participants who purchase and hold their tokens. For example, if 15% of the total supply is sold during the LBP period, then an additional 3% (20% of the total sales) will be distributed through airdrops. Any sales behavior by users participating in the LBP will disqualify them from the airdrop. The airdrop will be calculated based on the total amount of SOL spent by each user, including transaction fees. Participants who purchased early at a higher price will receive a larger proportion of the airdrop share. Tokens will be distributed to users' eligible wallets within 72 hours after the end of LBP.

ZachXBT: The Prisma team is seeking all possible legal avenues to urge the attacker to return the funds

On April 17, the chain detective ZachXBT stated on the social platform that on March 28, 2024, the Prisma team observed a series of transactions on the MigrateTroveZap contract, resulting in a loss of 3,257 Ethereum (worth about $11 million). It has investigated the PrismaFi attacker 0x77 (Trung) and multiple other attacks involved. At first, the attacker communicated with the Prisma contract deployer, claiming to be a white hat hacker. Later that day, all funds were deposited in Tornado Cash, which contradicted the statement. The attackers subsequently demanded a $3.8 million (34%) white hat bounty, an amount significantly higher than the industry standard of 10%, essentially blackmailing the team.

ZachXBT discovered that TGviNZ was funded by the Arcade_xyz exploit starting in March 2023, with the attacker demanding additional funds from the protocol. Further investigation revealed that the team had been in contact with the attacker using the alias "0x77" on Telegram, an account that is still active. This attacker was subsequently linked to another attack on Pine Protocol in February 2024. ZachXBT found that the attacker's address was associated with the deployer of @modulusprotocol. 0x77 is one of the few accounts followed by the project, strengthening the connection between each incident.

ZachXBT further analyzed the phone numbers, emails, and other details of the alleged attackers. Based on their posts on X, it is clear that they have a strong technical background. As of now, all personal details have been compiled and the Prisma team is pursuing all possible legal avenues in Vietnam and Australia. ZachXBT urged the attacker to return the funds.

Fjord Foundry platform coin FJO is being publicly sold through LBP

On April 17, according to official news, Fjord Foundry platform coin FJO is being publicly sold on the platform through LBP. The data shows: · Current price: US$2.1 · Trading volume: US$2.38 million · Funds raised: US$1.75 million · Market value: US$15.83 million · FDV: US$210 million

Jupiter announced the launch of the LST token JupSOL, which can improve Jupiter User Trading Experience

On April 17, Jupiter officially announced the launch of the LST token JupSOL on social media. Officials said that the verification node has 0% fees and 100% MEV rebates, and currently entrusts an additional 100,000 SOL to increase the yield of JupSOL. This may make JupSOL the highest-yielding LST in the entire Solana. The more SOLs involved in staking, the more Jupiter can send more transactions and reduce the impact of network congestion.

Aevo: Ongoing trading rewards will be reduced from 1.1 million AEVO per week to 400,000 AEVO

On April 17, according to official news, Aevo announced a revision of the incentive plan, starting this week (Epoch 6), to provide Aevo pre-release traders, pledgers, and traders with growth space for new projects launched on Aevo, while reducing ongoing trading incentives. Ongoing trading rewards will be reduced from 1.1 million AEVO per week to 400,000 AEVO per week, and the remaining AEVO release will be allocated to the new incentive model.

In addition, the trading incentives for each Epoch will be targeted at specific products or markets. The trading incentives for Epoch 6 are only available to users who trade on its perpetual market.

A whale address sold 402,000 UNI 9 hours ago

On April 17, according to the monitoring of the on-chain data analyst Ember, a whale address sold 402,875 UNI (about 2.75 million US dollars) 9 hours ago. The address hoarded these 402,875 UNIs from October 2023 to January 2024 by withdrawing coins from MEXC + purchasing on the chain, with an average price of 6.2 US dollars. Sold at a price of 6.83 US dollars, the profit is 250,000 US dollars (+10%).

Celsius deposited 8091 ETH into Coinbase 9 hours ago

On April 17, according to Spot on Chain monitoring, the Celsius Network address deposited 8091 ETH (about 24.5 million US dollars) into Coinbase 9 hours ago, which is the largest transfer out of the Celsius Network address in the past 3 months.

CeFi News

Binance.US has appointed Martin Grant, former head of compliance at the Federal Reserve Bank of New York, to its board of directors

On April 16, according to CoinDesk, Binance.US has appointed Martin Grant, former head of compliance at the Federal Reserve Bank of New York, to its board of directors. He is currently the head of global regulatory affairs at JST Digital. Martin Grant worked at the Federal Reserve Bank of New York for 17 years and served as chief compliance and ethics officer.

Financing Express

Web3 communication platform Sending Labs completed a total of US$20 million in seed extension round financing to rebuild the DePIN ecosystem such as TCP/IP protocol

On April 16, according to official news, Web3 communication platform SendingLabs recently announced the completion of US$7.5 million in seed round extension financing, bringing its total seed round financing to US$20 million. The investment was completed in October last year, with Nomad Capital, Symbolic Capital, Web3.com Ventures, Galxe, SWC Global, Coinbase Ex-CTO Balaji Srinivasan and Yield Guild Games co-founder Gabby Dizon participating in the investment, marking a revolutionary milestone in the field of decentralized communications. SendingNetwork is building a decentralized communication network that aims to rebuild the TCP/IP model through blockchain, connect wallet addresses with decentralized routers, build peer-to-peer communication based on wallet addresses, and reshape Internet infrastructure to achieve better security, privacy, and user control.

It is reported that SendingNetwork completed a $12.5 million seed round of financing in February last year. Decentralized communication plays a vital role as a key component of the DePin ecosystem. SendingNetwork enhances the reliability and resilience of distributed communication infrastructure through the decentralized routers of the community Host, empowers enhanced data transmission between decentralized applications (dapps), and lays the foundation for building a more secure, decentralized, and scalable Web3 ecosystem.

Decentralized trading platform CVEX completes $7 million in financing, led by Fabric Ventures

On April 16, The Block reported that the decentralized trading platform Crypto Valley Exchange (CVEX) completed a total of $7 million in financing through pre-seed and seed rounds, led by Fabric Ventures and Kyber Capital Crypto Fund, and participated by AMDAX, Wave Digital, Funfair Ventures, Seier Capital Family Office, Five T Group and Saxon. The funds will be used to launch its DEX mainnet this summer. It is reported that CVEX aims to provide transparent and cheap futures and options trading for cryptocurrency holders.

Homium, a real estate equity mortgage and securitization platform, completed a $10 million Series A financing, led by Blizzard and others

On April 16, according to CoinDesk, Homium, a real estate equity mortgage and securitization platform, completed a $10 million Series A financing, led by Sorenson Impact Group and Avalanche Ecological Fund Blizzard. Homium has issued its first batch of home equity loans on Avalanche. It is reported that Homium's goal is to help release trapped home equity and solve housing affordability issues in various situations. Homium also provides investable assets to institutional investors through digital securities backed by homeowners' equity.

Account abstraction application Plena completes $5 million in financing, Cointelegraph and others participated

On April 16, according to Cointelegraph, Plena, a cryptographic application using account abstraction, completed a $5 million financing, with ConsenSys, Cointelegraph, Big Brain Holdings, DeWhale, GBV, WebWise, Galxe, Normie Ventures, FounderHeads and others participating. Plena has announced a partnership with DAO Maker, Chain GPT, Decubate, AI Tech and Coin98's Viction Chain to launch its airdrop event.

a16z raises $7.2 billion in new funds and plans to raise more funds in 2025

On April 16, Bloomberg reported that Andreessen Horowitz (a16z), one of the largest venture capital firms in Silicon Valley, has raised $7.2 billion in new funds. In a blog post, a16z co-founder Ben Horowitz called the financing an "important milestone." The final total exceeded the company's previous fundraising target by about 4%. Ben Horowitz said the funds will be allocated to different business areas within the company. These include the "American Dynamism" business, which focuses on startups that further the "national interest" and has a scale of $600 million; Growth or late-stage startups, with a scale of $3.75 billion; and Gaming business, with a scale of $600 million.

According to a person familiar with the company's thinking, artificial intelligence is not a separate fund because all or most startups being established now have applications in artificial intelligence. Another person familiar with the matter said Ben Horowitz still plans to raise additional funds in 2025, focusing on cryptocurrency and biotechnology. Both people asked not to be identified because of private information.

Consumer-centric L2 protocol Saakuru Protocol completes $2.4 million private round of financing, led by Based VC and others

On April 16, according to official news, the consumer-centric L2 protocol Saakuru Protocol announced that it had completed US$2.4 million in financing in an oversubscribed private round, led by Based VC and ARC Community, with participation from Kyber Network, PG Capital, Wizard Capital, Decubate Ventures, Oracles Investment Group, BCW Ventures, Steady Stack, W3GG, Calib3r, Rarible, Worlds Beyond, Uptrend Digital, Arclight Studio and IBC Group.

Opinion data

Bitfinex analyst: BTC holders' current behavior is similar to that in December 2020, indicating that it may enter a growth phase

On April 16, according to The Block, this week's Bitfinex Alpha report pointed out that long-term Bitcoin holders either continued to reduce their holdings or transferred assets off the trading platform, resulting in a significant reduction in the supply of Bitcoin that had not been moved in a year.

Bitfinex analysts said: "The basis of Bitcoin's price dynamics is this week's halving, and as the halving approaches, we have seen a significant increase in Bitcoin outflows from centralized trading platforms, as well as a decline in the unmoved Bitcoin supply in a year to an 18-month low." The report also added that the current actions of Bitcoin holders are similar to those seen in December 2020, which was a period before the significant rise in the Bitcoin market. "This pattern suggests that we may be entering a similar growth phase," the analyst added.

Ethereum has about $50.67 million in on-chain lending liquidation near $2,831

On April 17, according to DefiLlama data, Ethereum had about $50.67 million in on-chain lending liquidation near $2,831.

Powell: Strong inflation data in the first quarter brings uncertainty to rate cuts

On April 17, Fed Chairman Powell said: "Strong inflation in the first quarter has brought new uncertainty to whether and when the Fed will be able to cut interest rates later this year. If high inflation persists, the Fed can maintain the current interest rate as long as it is necessary." Nick Timiraos, a reporter for the Wall Street Journal, known as the "Federal Reserve mouthpiece," said that Powell's latest remarks indicate that the Fed's outlook has taken a clear turn after inflation data was stronger than expected for the third consecutive month, which seems to have dashed hopes that the Fed may preemptively cut interest rates. Futures markets show that market expectations for the Fed's rate cuts have further declined after Powell's comments on inflation, and investors are now betting that there will be only one or two rate cuts this year, with expectations of around 40 basis points.

Fidelity FBTC had a net inflow of only $1.4 million yesterday

On April 17, according to Farside Investors data, Fidelity FBTC had a net inflow of only $1.4 million yesterday. Currently, only BlackRock's IBIT and Valkyrie's BRRR data have not been released yet, and the current overall net outflow is $85.5 million.

BlockBeats previously reported that GBTC had a net outflow of $79.4 million yesterday and ARKB had a net outflow of $12.9 million.

Analysis: If USDe's market value does not exceed $3 billion, the current reserve fund is sufficient to cope with a period of negative rates

On April 17, the crypto data analysis platform CryptoQuant published an analysis article stating that as long as USDe's market value remains below $3 billion (currently $2.4 billion), its reserve fund ($32.7 million) can cope with a period of negative funding rates. CryptoQuant pointed out that even during a bear market, funding payments are mostly positive (Ethena earns income) and the reserve fund can grow. However, extreme events such as the collapse of the FTX trading platform (long-term payment rates at that time) can cause a significant reduction in the reserve fund within a few days. To safely cover the extraordinary event of a substantially negative funding rate at larger market caps of $5 billion, $7.5 billion, or $10 billion, the reserve fund would need to increase to approximately $400 million, $600 million, and $800 million, respectively.

BlockBeats previously reported that according to DefiLlama data, Ethena had negative revenue for the first time last week, amounting to $1.05 million, due to the short-term negative rate of contract market funding rates after the market fell. The negative revenue was mainly generated on April 11, with $1.38 million in negative revenue generated on that day.

Regulatory News

The UK Treasury plans to propose a regulatory framework for crypto assets and stablecoins by July

On April 16, Cointelegraph reported that the UK Treasury plans to propose a regulatory framework for crypto assets and stablecoins by July, aiming to encourage innovation in local digital assets and blockchain technology. Bim Afolami, Economic Secretary to the UK Treasury, revealed the official push to lay the foundations for transforming the country’s payments landscape while speaking at the Innovative Finance Global Summit (IFGS) 2024.

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