Rhythm Morning News｜A list of important news from last night and this morning on July 1

Vitalik publishes article on ways to provide Ethereum users with faster transaction confirmation time

BlockBeats news, on July 1, Ethereum co-founder Vitalik Buterin published an article titled "In-depth slot-and-epoch architecture, ways to provide Ethereum users with faster transaction confirmation time". The article states that although compared with five years ago, thanks to EIP-1559 and the merged stable block time, the transaction confirmation time on Ethereum L1 has been shortened to 5-20 seconds, which is comparable to the credit card payment experience, further reducing latency is still of great value, especially for those applications that require hundreds of milliseconds or even less latency.

In the paper, Buterin introduced the practical options explored by Ethereum to speed up transaction confirmation, focusing on single-slot finality in existing technologies. Currently, Ethereum's Gasper consensus mechanism uses a slot-and-epoch architecture, but this mechanism is complex and the final confirmation time is too long (12.8 minutes). SSF uses a mechanism similar to Tendermint to terminate the block before the next block is generated, while retaining the "inactive leakage" mechanism to ensure the stable operation and recovery ability of the chain. The main challenge of SSF is that it will bring a lot of load to the chain, but new proposals such as Orbit SSF are working to alleviate this problem. In addition, the paper also explores rollup pre-confirmation and pre-confirmation-based mechanisms.

Buterin emphasized that the slot-and-epoch architecture is obviously correct, but not all slot-and-epoch architectures are equal. He advocated a more comprehensive exploration of the design space, especially those options with stronger separation of concerns between the two mechanisms, to reduce transaction confirmation time and improve user experience.

NDV co-founder Christian: CRV was not sold, 400,000 USDT was used to buy locked CVX

BlockBeats news, on June 30, crypto fund NDV co-founder and NFT giant Christian posted on social media that "400,000 USDT was not used to buy CRV, but to buy locked CVX. The CRV received was bought before, and there was no market crash. The decline was due to other giant whales transferring tens of millions of tokens into the exchange, and the transfer into the exchange was to be used as collateral."

It is reported that some on-chain analysts pointed out that the address suspected to be Christian bought CRV worth 400,000 USDT from Curve founder Michael Egorov at an over-the-counter price of 0.107 USDT on June 21, and sold all of it at a unit price of 0.333 USDT the next day, causing CRV to fall by 5%. On June 28, the same amount of CRV was obtained from the founder of Curve again.

This week's unlocking data: SUI and IO will usher in a one-time large-scale unlocking of tokens

BlockBeats news, on July 1, according to Token Unlocks data, multiple projects will usher in a one-time large-scale unlocking of tokens this week, among which DYDX, SUI, and IO will unlock a total of approximately US$84.5 million, including:

Manta Network will unlock approximately 1.87 million tokens at 8:00 on July 1, accounting for 0.57% of the circulation, with a value of approximately US$1.88 million;

dydx will unlock approximately 8.33 million tokens at 8:00 on July 1, accounting for 3.12% of the circulation, with a value of approximately US$11.18 million;

Sui will unlock approximately 1.87 million tokens at 8:00 on July 1, accounting for 0.57% of the circulation, with a value of approximately US$11.18 million;

Maverick Protocol will unlock approximately 36.4 million tokens at 8 a.m. on July 1, accounting for 14.56% of the circulation, worth approximately $9.25 million;

ZetaChain will unlock approximately 5.29 million tokens at 8 a.m. on July 1, accounting for 1.92% of the circulation, worth approximately $4.16 million;

Acala will unlock approximately 27.43 million tokens at 15:00 on July 1, accounting for 2.69% of the circulation, worth approximately $1.8 million;

io.net will unlock approximately 7.5 million tokens at 21:00 on July 1, accounting for 7.89% of the circulation, worth approximately $23.55 million. 10,000 US dollars;
Galxe will unlock about 3 million tokens at 8:00 on July 5, accounting for 2.60% of the circulation, worth about 6.31 million US dollars;
Hashflow will unlock about 13.62 million tokens at 8:00 on July 7, accounting for 3.28% of the circulation, worth about 2.75 million US dollars;

Ethena will unlock about 14.89 million tokens at 15:00 on July 7, accounting for 0.92% of the circulation, worth about $7.26 million.

Bitcoin Rune trading volume has fallen by more than 88% this month

BlockBeats news, June 30, according to Cointelegraph, Bitcoin Rune trading volume has fallen by more than 88% this month. The total income of Bitcoin miners from Rune trading in the past six days is less than 2 Bitcoins per day, a sharp drop from the record 884 Bitcoins on April 24.

According to Dune Analytics data, the average daily transaction volume of Runes was 37,800 from June 22 to 28, down nearly 90% from the average daily transaction volume of 331,000 from June 9 to 15. In particular, the transaction volume on June 24 was 23,200, which was the lowest level since the fourth Bitcoin halving. In the past week, Rune transactions accounted for only 4.9-11.1% of all Bitcoin transactions.

This week, the U.S. Bitcoin spot ETF had a cumulative net outflow of $37.3 million

BlockBeats news, on June 30, according to Farside Investors data, this week, the U.S. Bitcoin spot ETF had a cumulative net outflow of $37.3 million, of which Grayscale GBTC had a net outflow of $155 million, Fidelity FBTC had a net outflow of $13.9 million, and BlackRock IBIT had a net inflow of $82.4 million.

Taproot Wizards CEO: OP_CAT is activated with a probability of "close to 100%"

BlockBeats reported that on July 1, OP_CAT supporter and Taproot Wizards CEO Udi Wertheimer said during an Xverse podcast that OP_CAT is activated with a probability of "close to 100%."

It is reported that the OP_CAT function was proposed by Ethan Heilman and Armin Sabouri in October last year, and was recently launched on the Bitcoin test network Signet and assigned the BIP-420 number, indicating that the ecosystem is seriously considering upgrading it.

In addition, many well-known figures in the crypto industry, including Solana Labs co-founder Anatoly Yakovenko, added "BIP-420" to their usernames on the X platform to express their support for this upgrade. Taproot Wizards launched the Quantum Cat Ordinals series in February to promote OP_CAT. In April, Taproot Wizards released a white paper outlining a framework for building applications using OP_CAT.

Radiant community votes to approve the "Incorporate USDe into Ethereum and Arbitrum deployment" RFP proposal

BlockBeats news, June 30, according to official news, the multi-chain lending agreement Radiant Capital community voted to approve the "Incorporate USDe into Ethereum and Arbitrum deployment" RFP proposal. The proposal includes seeking approval to include USDe as an acceptable form of collateral and lending market in Radiant Capital's Ethereum and Arbitrum deployment. Based on the defined parameters, the team will implement the necessary updates to integrate USDe as a collateral and borrowing market with the above parameters. In addition, the user interface will be updated to reflect the added functionality of using USDe as a collateral and borrowing market.

Mint Cash plans to release a testnet in August

BlockBeats news, on June 30, Mint Cash said on the social platform that it plans to release an internal demo and testnet in August, and make major changes to the architecture, white paper, partnerships and brand.

ether.fi: Season 3 will distribute 25 million ETHFI tokens

BlockBeats news, on June 30, ether.fi official posted on social media that the ether.fi Foundation proposal has been successfully passed and 25 million ETHFI tokens will be allocated for Season 3.

Jupiter co-founder: PPP Meme coin experiment has been completed and analysis of participants has begun

BlockBeats news, on June 30, Jupiter co-founder Meow announced on the X platform that the PPP Meme coin experiment has been completed and the analysis process has begun, which may take quite a long time because there are too many participants and it is necessary to figure out which are robots, farmers, and real CT contributors. The complexity of the analysis that can be performed at present will depend on the various limitations we face when using the Twitter API. If the analysis process is limited and ultimately false positives or false negatives occur, we apologize to the community in advance. In addition, Meow also revealed that the first project will be announced soon.

BlockBeat previously reported that on June 26, Jupiter founder Meow posted on social media that he was conducting a PPP Meme token experiment, which may or may not involve airdrops. To participate, users need to leave an address to retweet (or just retweet and reply).

Farcaster co-founder: Introducing in-app USDC payment function in Warpcast

BlockBeats news, on June 30, Farcaster co-founder Dan Romero said that the client Warpcast introduced an in-app payment function that supports USDC stablecoins. Users can use existing wallets to transfer USDC to others without looking up or remembering addresses, with almost instant confirmation and zero fees. This function initially only supports the Base chain, and may be supported for other chains in the future.

Ripple CTO supports Consensys in SEC lawsuit, saying MetaMask is not for profit

BlockBeats news, June 30, according to CoinEdition, Ripple CTO David Schwartz recently expressed support for Consensys in the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against the cryptocurrency company Consensys. Schwartz cited the example of luxury diamond company DeBeer, arguing that MetaMask's services are not for profit.

Schwartz further elaborated on the investment concept related to MetaMask, adding that MetaMask's profits are only the result of external market conditions and user activities, not Consensys' efforts. In addition, when comparing tokens and securities, he proposed that "tokens managed by smart contracts cannot make all coin holders a common enterprise."

OKX Star: The platform's inquiry into the source of funds for suspicious transactions is a requirement for fulfilling global anti-money laundering regulations

BlockBeats news, on June 30, OKX CEO Star said on social media: "For deposits or withdrawals that trigger suspicious transaction monitoring, OKX's inquiry into the source of funds is a common compliance control practice. This is an obligation that financial institutions must fulfill under the anti-money laundering laws and regulations of countries around the world."

Justin Sun: The goal of the TRON protocol this year is to achieve $1 billion in revenue

BlockBeats news, on June 30, TRON founder and HTX Justin Sun, a member of the Global Advisory Board, posted on social media that the TRON Protocol's goal this year is to achieve $1 billion in revenue.

According to DefiLlama data, TRON Protocol's revenue this year is currently $234 million.

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