Rhythm Evening News | LayerZero is working with Nansen and others to compile a witch detection report; US SEC postpones decision on Invesco Galaxy Et

Featured News:

1. Hong Kong's 6 Bitcoin and Ethereum spot ETFs traded a total of about HK$38.79 million today;

2. The U.S. SEC postponed its decision on the Invesco Galaxy Ethereum spot ETF application;

3. The Chairman of the U.S. CFTC: A wave of cryptocurrency enforcement cycles is expected in the next two years;

4. Binance CEO: The executives detained in Nigeria are innocent and must be released;

5. LayerZero: Working with Nansen and others to compile a witch detection report, prohibiting employees from participating in the application for airdrops, and violators will be fired

Price Observation

Bitcoin rebounded above $64,000

According to OKX According to market data, Bitcoin rebounded above $64,000 and is now quoted at $64,002, down 1.42% in 24 hours.

REZ fell below $0.15, down more than 16% in 24 hours

According to Binance market data, REZ fell below $0.15 and is now quoted at $0.149, down more than 16% in 24 hours.

REP rose more than 40% in 24 hours, temporarily reported at $1.27

According to OKX market data, REP rose more than 40% in 24 hours, temporarily reported at $1.27.

Transaction tracking

A new address withdrew 10,695 ETH from Coinbase in the past 12 hours, about $32.9 million

According to @ai_9684xtpa, in the past 12 hours, a new address withdrew 10,695 ETH (about 32.9 million US dollars) from Coinbase, with an average transfer price of 3076 US dollars.

A whale bought 423,196 FRIEND 30 minutes ago, about 1.2 million US dollars

According to Lookonchain monitoring, 30 minutes ago, a whale bought 423,196 FRIEND (about 1.2 million US dollars) at an average price of 2.83 US dollars.

Huang Licheng bought another 798,157 FRIEND, about 2.05 million US dollars

According to Lookonchain monitoring, Huang Licheng bought another 798,157 FRIEND (about 2.05 million US dollars), with an average price of 2.58 US dollars.

The whale that started building a SOL position in April last year transferred more than 1.56 million SOL, about US$245.8 million, to Coinbase 4 hours ago.

According to solscan data, the whale address that started building a SOL position in April 2023 transferred more than 1,560,083 SOL, about US$245.8 million, to Coinbase 4 hours ago.

A trader spent 60 SOL to buy HAMMY in the early stage, and the current profit is 144 times

According to Lookonchain monitoring, a trader turned 60 SOL (about 8673 US dollars) into 1.26 million US dollars in 2 months, with a profit of 144 times.

On March 10, the trader spent 60 SOL to buy 24.8 million HAMMY at an average price of $0.00035. About a month later, the price of the coin rose to $0.007, and his profit had exceeded 20 times, but he did not sell it for profit. Until May 4, the trader sold 12.8 million HAMMY at an average price of $0.0313, and obtained 2,711 SOL (about $401,000), and currently still holds 12 million HAMMY (worth $858,000). His total profit from HAMMY trading is about $1.25 million.

A multi-signature wallet deposited 1.238 trillion PEPE (approximately 10.56 million US dollars) to Binance 2 minutes ago

According to The Data Nerd's monitoring, 2 minutes ago, a multi-signature wallet deposited 1.238 trillion PEPE (approximately 10.56 million US dollars) to Binance. (Usually, multi-signature wallets belong to whales/institutions)

A whale/institution recharged 2.6 million LDO to Coinbase 9 hours ago, and has currently accumulated a profit of 17.2 million US dollars

According to @ai_9684xtpa monitoring, whales/institutions that built positions of 31.76 million LDO from October 2022 to May 2023 have accumulated a profit of 17.2 million US dollars.

The LDO position opening cost of this address is about $1.36 (current price is $2.42). Nine hours ago, 2.6 million LDO were recharged to Coinbase, worth $5.1 million. If all are sold, a profit of $1.54 million will be made; the remaining 14.92 million tokens will also have a floating profit of $15.66 million, with a return rate of 72%.

A whale bought the bottom of Bitcoin and made a profit of more than $3 million in 4 days

According to Lookonchain monitoring, a whale who bought BTC at the bottom four days ago deposited 767 BTC (about 48.46 million US dollars) to Binance eight hours ago. After the market fell, he withdrew 767 BTC (about 45.44 million US dollars) from Coinbase on May 3, with an average price of 59,226 US dollars; he earned more than 3 million US dollars in profit in just 4 days.

Project Dynamics

RuneGo, the Rune Trading and Alpha Data Platform, is officially launched

RuneGo.ai, the Rune Trading and Alpha Data Platform, has been officially launched. Users can currently enjoy the features including: Rune Trading, Rune Data Display, Bulk Purchase, etc. And in the Live Mint section of RuneGo, users can also easily find the popular runes being minted on the entire network and trade directly. In addition, all RuneGo NFT holders will enjoy a 75% fee reduction on the RuneGo platform. RuneGo will also launch a series of advanced features such as Rune Etching and Casting, Offer, AMM, Runenomics, Launchpad, etc. It is reported that RuneGo is directly incubated by NFTGo, a leading one-stop NFT analysis and order aggregation platform.

Realms receives 2 million STRK funding from Starknet Foundation

Loot-derived blockchain game project Realms said on social platforms that it received 2 million STRK funding from the Starknet Foundation to support Realms in developing games.

· 1 million STRK released immediately

· 1 million STRK vested (4 years)

LayerZero: Working with Nansen and others to compile a Sybil detection report , employees are 100% prohibited from participating in claiming airdrops

LayerZero Labs said in a statement that LayerZero has been working with Chaos Labs and Nansen to compile a witch detection report, which will take into account the total transactions weighted by each user across all LayerZero applications, with the goal of aligning TGE with developers and long-term users, and it will be jointly released after the witch self-reporting deadline. In addition, the official has received a request from users about false reports of witch addresses, and the website will provide a "Cancel witch report" option starting at 4:00 on May 8, which will remain valid until the end of self-reporting on May 18.

LayerZero CEO Bryan Pellegrino said on the social platform that every LayerZero Labs employee is 100% prohibited from participating in the claim of airdrops and is not eligible. This rule has been announced internally for some time and is always valid. Violation of this rule will be considered grounds for dismissal.

SynFutures launches weETH (Ether.Fi), LP can get 3 times Ether.Fi points reward during the event

SynFutures has launched weETH-WETH perpetual contract, and providing liquidity through weETH can get 3 times EtherFi points, 10 times SynFutures points, EigenLayer points, Blast gold, Blast points, a total of five rewards. The SynFutures trading competition has issued nearly $500,000 in rewards.

According to DefiLlama data, SynFutures ranks in the top 3 of the decentralized derivatives exchanges on the entire network. Since the launch of the mainnet in March, its cumulative transaction volume has exceeded 44 billion US dollars, TVL has exceeded 50 million US dollars, and the cumulative number of transactions has exceeded 2 million.

SynFutures previously announced that it had received $38 million in financing from top industry institutions such as Pantera, Polychain, Dragonfly, and Standard Crypto, and the agreement has been audited by Quantstamp.

friend.tech: Keydrops, Memeclubs, and Pinned Rooms are coming soon

friend.tech said on its social platform that new features such as Keydrops, Memeclubs and Pinned Rooms will be launched soon.

CeFi News

OKX has launched ZERO 1-50 times U-based perpetual contract transactions

According to official news, OKX has launched ZERO 1-50 times U-based perpetual contract transactions.

Binance CEO: Executives detained in Nigeria are innocent and must be released

According to the official blog, Binance CEO Richard Teng said that Binance's head of financial crime compliance, Tigran Gambaryan, who was detained in Nigeria, is innocent and must be released.

Tigran Gambaryan went to Nigeria not as a "decision maker" or a "negotiator", but only as an expert in financial crime and policy discussions. Inviting mid-level employees of the company to participate in cooperative policy meetings and detaining them sets a dangerous new precedent for all companies around the world.

Revolut X, the cryptocurrency trading platform launched by Revolut, is now open to professional crypto traders

According to CoinDesk, Revolut X, the cryptocurrency trading platform of digital bank Revolut, is now open to professional cryptocurrency traders. London-based Revolut has more than 40 million customers worldwide. Revolut is one of the first banks to establish an independent trading platform to provide cryptocurrency trading for customers.

Viewpoint Data

Mode Network TVL exceeds US$600 million, a 7-day increase of 31.54%

According to L2BEAT data, the TVL of L2 network Mode built on OP Stack rose to US$602 million, a 7-day increase of 31.54%.

Hong Kong's 6 Bitcoin and Ethereum spot ETFs traded a total of about HK$38.79 million today

The first batch of 6 Bitcoin and Ethereum spot ETF funds launched in Hong Kong had a total transaction amount of about HK$38.79 million today, including:

Huaxia Bitcoin ETF (3042.HK) reached HK$9.83 million;

Huaxia Ethereum ETF (3046.HK) reached HK$3.39 million;

Harvest Bitcoin Spot ETF (3439.HK) reached HK$18.45 million;

Harvest Ethereum Spot ETF (3179.HK) reached HK$1.38 million;

Boshi HashKey Bitcoin ETF (3008.HK) reached 5.34 million Hong Kong dollars;

Boshi HashKey Ethereum ETF (3009.HK) reached 401,000 Hong Kong dollars.

Vitalik: The focus of Plasma is not to prevent invalid/unusable state transitions, but to prevent double exits of assets

Vitalik said on the social platform that the focus of Plasma is not to prevent invalid/unusable state transitions, but to allow users with valuable assets to use the previous (valid and usable) state to exit when this happens, in a way with self-consistent rules to prevent double exits of any assets.

Financing Express

Decentralized AI cloud gaming protocol DeepLink Protocol receives strategic investment from Waterdrip Capital

According to official news, Waterdrip Capital announced a strategic investment in decentralized AI cloud gaming protocol DeepLink Protocol. Waterdrip Capital was formally established in 2017 by several senior practitioners who were the earliest to participate in the blockchain industry in China. It is an international investment institution focusing on the vertical field of blockchain. Waterdrip Capital has invested in more than 150 domestic and foreign blockchain projects, covering public chain infrastructure, Bitcoin ecology, DeFi, Metaverse, compliant finance and other fields.

DeepLink Protocol is a decentralized AI cloud gaming protocol that supports 1ms ultra-low latency, 8K high resolution, 240fps high refresh rate, and 24-hour non-stop streaming through AI, blockchain, and streaming technology. It can achieve an unparalleled user cloud gaming experience and maintain technological leadership in multiple fields such as AI super-resolution, network connectivity, video encoding and decoding, and network fluctuation optimization. The team also developed the DeepLink software based on this. It currently covers more than 100 countries around the world, has more than 500,000 users, more than 100,000 daily active users, and more than 300,000 monthly active users, and is growing rapidly.

Regulatory News

HKMA Establishes Ensemble Project Framework Working Group to Support the Development of Hong Kong's Tokenized Market

According to official news, the Hong Kong Monetary Authority announced today the establishment of the Ensemble Project Framework Working Group to work with the industry to establish standards and make recommendations to support the development of Hong Kong's tokenized market.

The working group will promote the development of industry standards to support the interoperability of wholesale central bank digital currencies (wCBDCs), tokenized currencies and tokenized assets. The working group will make recommendations on specific topics, initially focusing on establishing mechanisms for tokenized asset transactions and smooth interbank settlement of tokenized deposits through wCBDC. The working group will also help design and build the Ensemble Project Sandbox, which is scheduled to be launched in the middle of this year, to further study and test tokenized use cases.

The Working Group is composed of cross-sector industry representatives, covering regulators, international organizations, academia, local and multinational banks, major players in the digital asset industry and technology companies. The initial members include the HKMA, the Securities and Futures Commission, the Hong Kong Centre of the Bank for International Settlements Innovation Hub, the CBDC Expert Group (Note 2) and seven private institutions, namely Bank of China (Hong Kong), Hang Seng Bank, HSBC, Standard Chartered Hong Kong, HashKey Group, Ant Digital Technology and Microsoft Hong Kong.

In selecting the initial members of the Working Group, the HKMA carefully considered various factors, including the members' expertise, relevant experience and capabilities, and innovative thinking in promoting the development of Hong Kong's tokenization market. The HKMA will work closely with the industry and review the size and composition of the Working Group in due course.

The U.S. SEC has submitted sealed documents regarding the case against Ripple

Former U.S. federal prosecutor James K. Filan disclosed the latest developments in the U.S. SEC v. Ripple case on the X platform. The U.S. SEC has submitted sealed documents containing its remedies response brief and supporting evidence. These documents have not yet been made public. The public revised version will be submitted before May 8 (Wednesday). Other documents related to the seal will be submitted later.

U.S. CFTC Chairman: A wave of cryptocurrency enforcement cycles is expected in the next two years

According to The Block, Rostin Behnam, Chairman of the U.S. Commodity Futures Trading Commission, said at the Milken Institute's 27th Annual Global Conference that as retail investor interest and the value of the cryptocurrency market rise, enforcement actions will also increase. He expects the next round of "enforcement action cycle" to occur in the next six months to two years.

“From my perspective as a regulator, we’re likely to see another cycle of enforcement actions over the next six to 18 months or six to 24 months, and that’s because of this cycle of asset appreciation and retail investor interest,” Behnam said. “Without a regulatory framework, without transparency, without these tools that we normally use as regulators, fraud and manipulation are going to run rampant.”

Behnam was asked during Monday’s discussion about the likelihood of a stablecoin bill getting done. “If we start putting a percentage on it, I still think it’s pretty low,” Behnam said, citing the reduction in the number of legislative days in Congress between election season and holidays. He added: "There's a lot of motivation, there's a lot of desire, and I think members of both parties and leadership of both parties will work hard, but it's very difficult to get legislation done now."

US SEC Delays Decision on Invesco Galaxy Ethereum Spot ETF Application

According to The Block, the U.S. Securities and Exchange Commission (SEC) said in a document released on Monday that it would postpone its decision on the Invesco Galaxy Ethereum spot ETF to July 5, 2024.

The SEC said: "The Commission believes that it is appropriate to specify a longer period to issue an order approving or disapproving the proposed rule change to allow sufficient time to consider the proposed rule change and the issues raised therein."

In the past few weeks, the SEC has also postponed decisions on other Ethereum spot ETFs, including Grayscale, Franklin Templeton, VanEck and BlackRock.

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