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Web3 Daily | Bali to Crack Down on Foreign Tourists Using Cryptocurrency for Payment; Binance Labs Invests in NFT Marketplace Tabi.
Summarized by AI
Top News:
1. Bali will crack down on foreign tourists using cryptocurrency to pay for consumption.
2. Temasek implements salary cuts for executives and investment team responsible for investing in FTX.
3. NFT marketplace Tabi has completed a $10 million angel round of financing, with participation from Animoca Brands, Binance Labs, and others.
4. Huobi HK has provided spot trading and virtual asset custody services in Hong Kong.
5. In the past 24 hours, the entire network has experienced a liquidation of 118 million US dollars.
6. This week's unlocked data overview: There will be $255 million worth of OP unlocked.
Project Updates
欧易 OKX 发布第七次储备金证明，BTC、ETH、USDT 储备金总计价值达 100 亿美元
Translation:OKX of Europe has released its seventh Proof of Reserve (PoR), with the number of supported currencies increased to 22. The reserve rates for all currencies exceed 100%, with BTC, ETH, and USDT having a reserve rate of 103%. The total value of the reserves is $10 billion. OKX of Europe has upgraded its PoR system with zk-STARK technology, allowing users to independently verify its solvency. It is one of the few mainstream cryptocurrency trading platforms that releases Proof of Reserve on a monthly basis.
Lennix Lai, Chief Commercial Officer of OKX, said: "Since the end of 2022, OKX has continuously released POR reports, setting the highest standards for platform security and transparency in the industry. We will simplify the use of zk-STARK technology and continue to improve the reserve proof system, which is a necessary condition for gaining and maintaining user trust."
Temasek reduces salaries for executives and investment team responsible for investing in FTX
Temasek's official website has released a statement from the Chairman of Temasek regarding the internal review of FTX investment and trading. The statement pointed out that executives and investment teams responsible for investing in FTX will have their salaries reduced. The Chairman of Temasek stated that "FTX engaged in fraudulent behavior and deliberately concealed information from investors, including Temasek. We are disappointed and regretful about the investment results and the negative impact it has had on our reputation. Although the investment team did not engage in any improper behavior in the process of making investment recommendations, the investment team and senior management responsible for investment decisions bear collective responsibility and have therefore had their compensation reduced."
BlockBeats previously reported that in November last year, Temasek announced that it had invested approximately $275 million in FTX and FTX US and had decided to fully write down the investment. Temasek has also launched an internal review of the incident, aimed at "studying and improving its processes and learning lessons for the future."
Worldcoin: World App has become the largest deployer of Safe Wallet on the Polygon network
Worldcoin has announced on social media that its first cryptocurrency wallet, World App, has become the largest deployer of Safe wallets on the Polygon network. It is reported that each World App user will receive an Ethereum wallet deployed on the chain through a smart contract. World App uses account abstraction to improve the overall security of the wallet. At the core, this smart contract wallet uses an account abstraction stack developed by Safe called Safe{Core}.
The founder of the public chain Fantom, Andre Cronje, stated on social media that Fantom has launched the Gas monetization function. The focus of future development will be on Gas subsidies, social identity verification, FVM, and new storage solutions. According to the reward application page, Fantom's Gas monetization plan rewards eligible dApps with 15% of the Gas fees generated, providing developers with additional income.
According to the previous plan, the monetization of Gas can introduce new sources of revenue, benefiting the ecosystem builders on Fantom: monetizing the transaction volume generated by their dApps, adopting the revenue model framework already in use in Web2 (advertising monetization). This helps attract excellent development talents to ensure a healthy and sustainable network development.
The cross-chain bridge Stargate community initiated the "Upgrade Stargate EqReward Design" proposal. The proposal intends to modify feelibrary to only return fees instead of providing rewards, and users will not be able to obtain additional eqRewards. This allows the protocol to retain more eqRewards and incentivizes the continued balance of Stargate. BlockBeats previously reported that on May 25th, according to community feedback, large holders were using Stargate's allocation mechanism for arbitrage.
Aave ecosystem NFT game project Aavegotchi developer's 2022 fiscal year revenue increased by 200%
According to Tech in Asia, PixelCraft Studios, the development team behind Aave's NFT game project Aavegotchi, saw a 200% increase in revenue to $11.3 million in the fiscal year ending on July 31, 2022. While PixelCraft Studios reported revenue growth, administrative and other expenses surged 609% to $10.8 million compared to the previous year. This growth indicates that the company has invested in business expansion and activities to support its growth trajectory.
BlockBeats previously reported that Pixelcraft Studios announced in March of this year that it had completed a $30 million financing through token sales. The sales round began on September 14, 2020, and the GHST token sales structure is a DAICO (decentralized autonomous ICO), a decentralized fundraising model.
Open Campus will launch Genesis NFT free minting on BNB Chain
Web3 education protocol Open Campus announced on its social platform that it will launch Genesis NFT free minting on BNB Chain, divided into two types: Golden Backpacks and Silver Notebooks, with a total of 1333 Golden Backpacks and 5333 Silver Notebooks. The minting list will end on June 3rd, and unclaimed and unallocated NFTs will be kept in the treasury for future collaborations/gifts.
保险协议 Degis Arbitrum 测试网已正式上线，预计将运行两周
The insurance protocol Degis Arbitrum testnet has officially launched and is expected to run for two weeks.
According to official sources, the insurance agreement Degis Arbitrum test network has officially launched and is expected to run for two weeks. During this period, all users can participate and contribute their efforts to receive DEG Token rewards. The purpose of this round of testing is to ensure that Arbitrum can run smoothly after the official launch of Degis' star product protocol insurance, and to help users better understand the operation mechanism of protocol insurance. Currently, Degis has reached deep strategic cooperation with multiple well-known projects of Arbitrum, using protocol insurance to protect users' asset security.
Huobi HK has provided spot trading and virtual asset custody services in Hong Kong
The encrypted trading platform Huobi has announced that Huobi HK now offers spot trading and virtual asset custody services in Hong Kong. At the same time, Huobi HK is applying for a virtual asset trading platform (VATP) license and working with independent auditors to develop security, compliance, and anti-money laundering measures.
Web3 browser Opera will launch a blockchain-based points system
Web3 browser Opera announced on its official website that it has launched a reward program called "Opera Points". It will first be launched in Spain, Brazil, and Mexico. Users can earn "Opera Points" when shopping and store them in their native wallet, Opera Wallet. The current stage of this reward program supports currency exchange such as USD and EUR, and will soon support other products within the Opera ecosystem. In addition, Opera plans to launch a blockchain-based point system in the next step, providing users with an online shopping method based on Web3, and allowing them to exchange "Opera Points" for encrypted assets.
Data
In the past 24 hours, the entire network has been liquidated for $118 million USD.
According to Coinglass data, the total liquidation across the entire network in the past 24 hours was $118 million, with Bitcoin liquidation at $42.557 million and Ethereum liquidation at $27.271 million.
According to CoinGecko data, the total trading volume of the global cryptocurrency market on May 28 was 36.495 billion US dollars, which increased by 3.95% compared to May 27 (35.108 billion US dollars) and increased by 25.16% for the week.
0xb154 Whale Transfers 23,085 ETH to Binance
According to on-chain analyst Yu Jin, a whale with an address starting with 0xb154 transferred 23,085 ETH (approximately $44.16 million) from Binance between May 25th and May 28th. BlockBeats previously reported that on May 9th, the same whale transferred 21,000 ETH (approximately $39.26 million) and 2.76 million ARB (approximately $3.37 million) to Binance, after which ETH began to decline from 1:30 am. Additionally, the whale was also the seller of ARB at the previous high point: on April 16th, they transferred 9.94 million ARB to Binance for sale, and then withdrew 5,985 ETH from Binance.
NFT collector Pranksy sells 25 Doodles at an average price of 2.08 ETH
According to NFT Whale Alert, NFT collector and NFTBoxes founder Pranksy sold 25 Doodles for 52.17 ETH (worth $96,491.55). Pranksy responded that he did not liquidate his holdings, but needed to sell some NFTs to raise funds. In addition, Pranksy revealed that he had spent nearly 800 ETH on NFTs recently, but did not make a profit. As of the time of writing, the floor price of Doodles NFT was 2.065 ETH, with a 24-hour drop of 5.01%.
Linear(LINA) surged to $0.021 in a short period of time, with a 24-hour increase of over 40%
According to market data, Linear (LINA) briefly surged to $0.021, with a 24-hour increase of over 40%. Linear Finance is a cross-chain compatible decentralized Delta-One asset protocol that enables efficient, instant creation, management, and trading of synthetic assets with unlimited liquidity.
NFT project Nakamigos floor price surged over 54% in 24 hours, now priced at 0.66 ETH
According to data from NFTGo.io, the floor price of NFT project Nakamigos has increased by 54.76% in the past 24 hours, with a current price of 0.66 ETH. In addition, the series has seen a 91% increase in trading volume in the past 24 hours, with a total of over 803 ETH.
This week's unlocked data overview: $255 million worth of OP will be unlocked
Token Unlocks data shows that this week, OP, 1inch, HBAR, and SUI will have large token unlocks, with OP unlocking tokens worth $255 million on May 31st. At 8:00 on May 31st, 154,618,822.65 OP tokens will be unlocked, worth approximately $255 million, accounting for 3.6% of the total supply. On May 30th at 20:00, 586,666.67 GAL tokens will be unlocked, worth about $840,000, accounting for 0.293% of the total supply.
On June 1st at 8:00, 1,273,353,491 HBAR will be unlocked, worth approximately $68.38 million, accounting for 2.547% of the total supply. On June 1st at 15:00, 27,433,334 ACA will be unlocked, worth approximately $1.29 million, accounting for 2.743% of the total supply. On June 2nd at 8:00, 249,807,669.19 1INCH will be unlocked, worth approximately $101 million, accounting for 16.654% of the total supply. On June 2nd at 8:00, 25,000,000 NYM will be unlocked, worth approximately $4.93 million, accounting for 2.5% of the total supply. On June 3rd at 8:00, 61,083,333.36 SUI will be unlocked, worth approximately $64.93 million, accounting for 0.611% of the total supply.
Bitcoin market share is currently reported at 44.74%, with a weekly increase of 0.27%.
According to Coingecko data, the current Bitcoin market dominance is reported at 44.74%, with a weekly increase of 0.27%; Ethereum market dominance is reported at 18.89%, with a weekly increase of 0.21%; the market share of the three stablecoins USDT, USDC, and BUSD is 6.83%, 2.39%, and 0.43%, respectively.
Due to the rise in cryptocurrency prices, Ethereum L2 TVL has returned to $9 billion USD.
According to L2BEAT data, the total locked value (TVL) of Ethereum Layer2 networks is 9.01 billion US dollars, with a 7-day increase of 4.09%. Among them, Arbitrum One has a TVL of approximately 5.94 billion US dollars, with a 7-day increase of 4.64%; Optimism has a TVL of approximately 1.76 billion US dollars, with a 7-day increase of 1.7%. In addition, the TVL growth rate of zk-based Layer2 networks with expected airdrops is relatively fast. Among them, the TVL of zkSync Era is approximately 338 million US dollars, with a 7-day increase of 19.65%; the TVL of Starknet is approximately 60.37 million US dollars, with a 7-day increase of 9.51%.
Data: Global cryptocurrency market cap increased by 4.11% in the past 24 hours.
According to CoinGecko data, the current global cryptocurrency market capitalization is 1.22 trillion US dollars, with a 24-hour increase of 4.11%. As of now, the market capitalization of Bitcoin (BTC) is 549 billion US dollars, and the Bitcoin market share is 44.92%. At the same time, the market capitalization of stablecoins is 130 billion US dollars, accounting for 10.67% of the total cryptocurrency market capitalization.
Data: As of May 25th, the circulation of USDC has dropped to 29 billion.
According to data from the Circle official website, from May 18th to May 25th, Circle issued approximately 1.2 billion USDC and redeemed approximately 1.7 billion USDC, resulting in a decrease in circulation of approximately 500 million USDC. As of May 25th, the total circulation of USDC is approximately 29 billion, with a reserve of 29.2 billion US dollars.
Privacy network Aleo had an inflation vulnerability, which has now been fixed
The contributor of the venture capital studio LambdaClass, Fede's Intern, posted that he discovered inflation vulnerabilities and issues with block production using the first vulnerability in the programmable privacy network Aleo, and contacted the Aleo team via email. During a public discussion on the Zero Knowledge Podcast, Aleo CEO and Zero Knowledge Podcast contributor Alex Pruden intervened in the matter, and the vulnerability has now been fixed. Alex Pruden stated that he will provide a bug bounty for Fede's Intern. Fede's Intern stated that he will write a report in the next few days and donate the bounty to the Zero Knowledge Podcast.
Binance has now completed the integration of Ooki Protocol (OOKI) on the Polygon network and has opened up the deposit and withdrawal services for Ooki Protocol (OOKI) tokens on the Polygon network.
Market Forecast
According to a report by Coindesk, Noelle Acheson, former research director at Coindesk and Genesis Trading, analyzed that after successfully raising the debt ceiling, the Treasury Department will seek to rebuild its cash balance by issuing government bonds, which may drain liquidity from the system and drive bond yields higher, as an increase in issuance often depresses prices and raises yields.
As is well known, the trend of Bitcoin (BTC) is opposite to that of bond yields. Although raising the debt ceiling may eliminate major economic uncertainties, assets such as Bitcoin that have no connection to the real economy and rely heavily on fiat currency liquidity may be affected. In addition, issuing more US government bonds will increase public spending, which will further delay the possibility of interest rate cuts.
The probability of a 25 basis point rate hike by the Federal Reserve in June is 65.4%
According to CME's "FedWatch Tool", the probability of the Fed keeping interest rates unchanged in June is 34.6%, while the probability of a 25 basis point rate hike is 65.4%. The probability of the Fed maintaining interest rates at their current level in July is 20.9%, with a cumulative probability of a 25 basis point rate hike at 53.2% and a cumulative probability of a 50 basis point rate hike at 25.9%.
According to Cointelegraph, Arthur Hayes, co-founder of the cryptocurrency trading platform BitMEX, predicts significant volatility in Bitcoin in the second half of the year due to the "powder keg" effect caused by the US banking crisis and the exploding national debt.
In the "What Bitcoin Did" podcast on May 26th, Hayes made many predictions about the current economic outlook and Bitcoin prices. He expects Bitcoin to reach $70,000 by 2024 and points out that quantitative easing, increased money supply, and broader social unrest are the two main driving forces behind these events, which could lead to sharp declines in stock and cryptocurrency prices.
Hayes added that he does not believe Bitcoin will reach a new all-time high at any point this year, "although I think this will ultimately be good for Bitcoin, the ups and downs may be quite significant."
In addition, other analysts have made positive comments on the short-term price of Bitcoin, such as Tommy Honan, the market analysis director of the cryptocurrency trading platform Swyftx, who believes that resolving debt issues may "attract traders back to the market and trigger the next big rise in Bitcoin prices."
According to a report from Barron's on May 24th, JPMorgan strategists stated last week that the current price of gold could mean a potential Bitcoin price of $45,000. Analysts believe that next year's Bitcoin halving event will support this potential price prediction, but they also see the impact of US regulatory crackdowns on cryptocurrencies and the fallout from the FTX collapse as "limiting any potential upside."
Hayes also mentioned some of his personal investment strategies, noting that he is focusing on ETH staking, closely monitoring the development of Bitcoin Ordinals, and investing in Pepe (PEPE).
Financing
BNB Chain 上 NFT 市场 Tabi 完成 1000 万美元天使轮融资，Animoca Brands、Binance Labs 等参投
Translation:
According to a report by Cointelegraph, Tabi (formerly Treasureland), an NFT marketplace on the BNB Chain, announced the completion of a $10 million angel round of financing. The round was participated by Animoca Brands, Binance Labs, Draper Dragon, HashKey Capital, Infinity Crypto Ventures, and Youbi Capital, with individual investors including Feng Bo (Dragonfly), Riyad AD (Saudi Arabia), and Suji Yan (Mask Network).
This round of financing will be used to develop Tabi's gaming ecosystem and the upcoming on-chain identity protocol.
In addition to NFT trading and Launchpad functionality, Tabi will also convert users' on-chain activities into "experience points" that can be used to redeem future airdrop rewards and profits. Tabi founder Xavier Lee said that there are plans to launch an "NFT Incubation Fund" to incentivize developers to design their products, art, and brands on the BNB Chain.
Regulation
Bali will crack down on foreign tourists using cryptocurrency to pay for consumption
According to local media Antara, Bali will crack down on foreign tourists using cryptocurrency as a payment method in hotels, restaurants, tourist destinations, shopping centers, and other places. Wayan Koster, the governor of Bali, said on Sunday: "Foreign tourists who engage in inappropriate behavior, engage in activities not allowed in visa permits, use cryptocurrency as a payment method, and violate other regulations will be dealt with resolutely. Severe measures include deportation, administrative sanctions, criminal penalties, closure of business premises, and other severe sanctions."
Koster said that the ban on using currencies other than the Indonesian rupiah as a means of payment in Indonesia refers to the Currency Law No. 7 of 2011. According to the law, the use of currencies other than the Indonesian rupiah can result in a maximum of one year imprisonment and a fine of up to 200 million Indonesian rupiah (approximately 13,300 US dollars).
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