Web3 Daily | USDT dominates in Curve 3pool; WSJ reports that the Federal Reserve is expected to raise interest rates twice this year.

Top News:

1. In Curve 3pool, USDT accounts for over 74% of the total, and there is a slight deviation of USDT from its peg.

2. Tether CTO: Market sentiment is easily manipulated, and we are ready to redeem any amount of funds;

3. Powell: Almost all decision-makers believe that there should be appropriate further interest rate hikes this year;

4. Kyle Davies, co-founder of Three Arrows Capital, was ordered to be found in contempt of court for failing to respond to a subpoena in a timely manner.

5. Data: In the past 5 days, Jump has transferred approximately 2.2 billion USD worth of ETH from custody addresses to new addresses.

6. Sei Foundation: It is rumored that Sei airdrop or testnet incentives require KYC/facial scanning, which is not true.

Project Updates

Curve 3pool 中 USDT 占比超 74%，USDT 出现轻微脱锚

Translation:

USDT accounts for over 74% of the Curve 3pool, with a slight deviation from the peg

Market data shows that the stablecoin USDT has slightly deviated from its peg and dropped to around 0.9978 US dollars. According to official data from Curve, USDT accounts for 74.35% (301,753,409 tokens) of the current 3pool.

Tether CTO: Market sentiment is easily manipulated, and we are ready to redeem any amount of funds

CRV faces over $100 million liquidation risk at on-chain price of $0.372

According to DefiLlama data, the 24-hour liquidation value change of CRV on-chain is -1.3%, and the current remaining liquidation amount is about 111.7 million US dollars. There is a on-chain liquidation of 108 million US dollars at 0.372 US dollars. As of the time of writing, CRV is trading at 0.576 US dollars, with a 24-hour decline of 11.52%.

OKX has been awarded the MVP provisional license by Dubai VARA and plans to increase its staff.

According to CoinDesk, OKX's Middle East branch has been awarded an MVP provisional license by the Dubai Virtual Asset Regulatory Authority (VARA). OKX Middle East has already set up a new office in the Dubai World Trade Center and plans to increase its staff to 30 people, with a focus on local employees and senior management. OKX stated that once the minimum viable product (MVP) license is fully operational, OKX Middle East will provide spot, derivative, and fiat services, including USD and AED deposits, withdrawals, and spot trading.

BNB Chain may announce important news on June 19th, and a teaser video has been released.

BNB Chain's official social media account has announced that a major announcement regarding the future of BNB Chain will be released soon. They have also released a teaser video with the phrase "Unlock The Power Of BNB Chain", which will be revealed on June 19th.

Sei Foundation: Rumored Sei airdrop or testnet incentive requires KYC/facial scan is not true

The Sei Network Foundation, a public blockchain industry practitioner, has officially stated that "we have recently heard rumors that Sei's testnet incentives and airdrops require facial scanning/KYC. This is completely untrue. Sei's testnet incentives or airdrops do not require facial scanning/KYC. The Sei Foundation attempted to add facial scanning tools on Discord after receiving feedback about robot spam on the Sei Discord channel."

Nansen: Only Binance and Bitget publicly protect fund addresses in CEX

The blockchain analysis platform Nansen recently released a report on changes in the CEX landscape. The report pointed out that due to the impact of multiple black swan events at the end of 2022, users need more transparency and protection measures from CEX to ensure the security of their assets. Among the mainstream centralized trading platforms, Binance and Bitget are the only two platforms that publicly disclose their protection fund wallet addresses.

Apple rejects new version of Bitcoin wallet Zeus for App Store listing

According to CoinDesk, Apple has rejected the latest version of the non-custodial Bitcoin wallet Zeus, which supports the Lightning Network, from being listed on the App Store. Evan Kaloudis, the founder of Zeus, stated that the main reason for the app's rejection was the lack of necessary license proof for transmitting virtual currency.

Zeus violated Apple's guidelines, which require applications to provide proof of appropriate licensing.

Currently, early versions of Zeus are still available on the App Store, and it is unclear what changes Kaloudis has made to the new version.

BlockBeats previously reported that on June 14th, Apple had a conversation with Damus, an open social application based on the Nostr protocol, and reached a consensus on how Damus' Zap function can survive on the platform. Damus can remain on the App Store after adjusting the Zap function.

A major cryptocurrency brokerage firm, FPG, suffered a cyber attack resulting in losses of at least $15 million. Trading and deposit/withdrawal services have been temporarily suspended.According to The Block, Floating Point Group (FPG) is a cryptocurrency OTC brokerage firm whose clients manage assets worth over $50 billion. After a "cybersecurity incident" on Sunday, the company has suspended trading, deposits, and withdrawals. Sources say that FPG has begun working with third-party forensics experts and law enforcement agencies since discovering the incident. An FPG spokesperson stated that the company has locked all third-party accounts and migrated and secured all wallets until it better understands the scope and nature of the incident. As of today, the amount of cryptocurrency lost is between $15 million and $20 million.

Optimism leverage yield aggregator protocol Extra Finance announces incentive plan

This week, Extra Finance announced that it will launch the EXTRA incentive program on June 15th, focusing initially on incentivizing liquidity and committing to the long-term prosperity and sustainable development of its protocol. In the first week, users who deposit USDC can receive additional EXTRA liquidity incentives, with a total incentive pool of 1 million EXTRA tokens.

Aave responds to Gauntlet: No need to enforce any action through governance at the moment

Regarding the proposal of "freezing the CRV market on Aave v2" by DeFi risk manager Gauntlet, Aave integration lead Marc Zeller replied that users should be able to freely utilize the protocol and that implementing a "solution" that may bring more negative impacts than benefits should be approached with caution. Currently, artificially increasing the liquidation probability by increasing the reserve factor (RF) or lowering the liquidation threshold (LT) may not be the wisest method.

  "We usually encourage the use of Aave v3 instead of v2. One of the reasons for the large position growth in v2 is due to the overly conservative CRV parameters in v3, which hinder seamless migration. In our view, there is currently no need to enforce any action through governance."

Previously, Gauntlet had stated that the risk parameters of v3 are more suitable for the CRV lending market. Freezing the CRV market in v2 will limit user operations, including deposits, borrowing, and other operations.

EigenLayer has deployed Stage-1 EigenLayer on the Ethereum mainnet.

The Ethereum re-staking protocol EigenLayer has been deployed on the mainnet Stage-1 EigenLayer and officially launched on the Ethereum mainnet. The functionality in this phase is consistent with the functionality available on the Goerli testnet since April 6th. Ethereum stakers can manage their liquid staking tokens and participate in EigenLayer by using the EigenLayer contract or creating an EigenPod and configuring their beacon chain extraction credentials to their EigenPod address. In addition, EigenLayer initially sets the re-staking limit to 9600 liquid staking tokens, worth approximately $1.7 million. 

 The next phase of EigenLayer will introduce Operators, responsible for performing verification tasks for AVS (Active Verification Services) built on the EigenLayer protocol. In the third phase, EigenLayer will be utilized to facilitate the launch of multiple AVS.

MakerDAO plans to reduce the amount of GUSD held in its DAI reserve from 500 million to 110 million

MakerDAO community has initiated a proposal vote to reduce the amount of GUSD held in Maker's DAI stablecoin reserve from $500 million to $110 million, stating that "reducing GUSD exposure can increase capital efficiency by allocating funds to higher revenue opportunities."

Currently, about 94% of the votes support the proposal. The GUSD held by Maker accounts for approximately 88% of its circulating supply of $568 million.

EigenLayer 中 stETH、rETH、cbETH 流动性再质押量均已达规定上限

Translation:

The re-staking amount of stETH, rETH, and cbETH liquidity in EigenLayer has reached the prescribed upper limit

The maximum limit for the liquidity re-staking amount of stETH, rETH, and cbETH in the Ethereum re-staking protocol EigenLayer has reached 3200. BlockBeats previously reported that the Ethereum re-staking protocol EigenLayer has officially launched on the Ethereum mainnet with the deployment of Stage-1 EigenLayer today.

Hashflow: DEX unaffected and still fully operational

The decentralized trading platform Hashflow has officially stated that all affected users, totaling around $600,000, will receive compensation. The Hashflow DEX has not been affected and is still fully operational.

DeFi risk management platform Gauntlet suggests freezing the CRV market on Aave v2

DeFi risk management platform Gauntlet suggests freezing CRV on Aave v2 to significantly reduce loss risk. Users are encouraged to migrate to Aave v3, as Gauntlet states that v3's risk parameters are better suited for the CRV lending market. Freezing the CRV market on v2 will limit user operations, including deposits and borrowing.

Viewpoint

"Fed megaphone": Fed keeps interest rates unchanged, but expects two more hikes this year

The Wall Street Journal reporter Nick Timiraos, known as the "Fed Whisperer," posted on social media that the Federal Reserve agreed to keep interest rates unchanged after 10 consecutive rate hikes, but hinted that they are inclined to raise rates next month if the economy and inflation do not cool further. After the two-day policy meeting, most members of the Federal Reserve expect two more rate hikes this year and raised their expectations for economic growth and inflation in the economic forecast released on Wednesday.

DWF Labs Partner: Trading activity has bottomed out, with 24-hour spot trading volume hitting a new low since winter 2019

DWF Labs Managing Partner Andrei Grachev posted on social media that "trading activity has hit bottom, with a 24-hour spot trading volume of $23 billion, the lowest since winter 2019. Behind the scenes, trading platforms are starting to require project management of trading volume, liquidity, etc., or they will be delisted. Retail activity is also low, but people want and need something to speculate, make money (or lose money), even for larger market cap currencies, you can still see price fluctuations of 20-30% within 24 hours, but they are still fragile. ID0, IE0, and direct listings are no longer viable, and people are waiting for new things and the Binance Launchpad project.

Data

 Lookonchain: Curve founder borrows 101.5 million US dollars in stablecoins by depositing about 246 million US dollars worth of CRV into a lending platform

According to Lookonchain's monitoring, the founder of Curve has deposited a total of 431 million CRV (approximately $246 million) into multiple decentralized lending platforms and borrowed $101.5 million in stablecoins, including:

• Depositing 288.4 million Curve (approximately $166 million) to Aave and borrowing 63.44 million USDT
• Depositing 79.4 million Curve (approximately $45.65 million) to Abracadabra and borrowing 20.5 million MIM
• Depositing 46.65 million Curve (approximately $26.82 million) to Fraxlend and borrowing 12.86 million FRAX
• Depositing 16 million Curve (approximately $9.27 million) to Inverse and borrowing 4.68 million DOLA

Data: A whale starting with 0xD275 borrowed 50 million USDC from Aave to purchase USDT for arbitrage

According to Lookonchain's monitoring, the whale address starting with "0xD275" borrowed 50 million USDC from Aave and began buying USDT for arbitrage after USDT decoupled from the USD.

Lookonchain: A certain whale buys 9641 stETH for 16.26 million USDT

According to Lookonchain monitoring, a certain whale address bought 9641 stETH with 16.26 million USDT, with an average price of about 1687 US dollars. Currently, it holds 24,797 stETH (about 40.85 million US dollars).

Previously, the whale bought 8701 stETH at an average price of 1589 US dollars on March 13, and exchanged 928 WBTC for 13,731 stETH on March 15. On April 21, the whale sold 10,427 stETH at a price of 20.2 million USDT, with an average price of 1937 US dollars.

Data: Over 200 million USDT were sold in the Curve 3pool in the past 3 days, with a USDT skew ratio of over 58%.

According to 0xScope's monitoring, in the past 24 hours, a total of 99 million USDT were sold in 3pool, with a net outflow of 64.4 million US dollars. In the past 3 days, a total of 205 million USDT were sold in 3pool, with a net outflow of 130 million US dollars.

According to official data from Curve, the proportion of USDT in 3pool has reached 58.67% (220,375,261 tokens), while the proportions of DAI and USDC are 21.55% (80,932,398 tokens) and 19.79% (74,320,965 tokens) respectively.

0xScope: A whale starting with "0x8b37" transferred 3.6 million CRV held to Binance one hour ago

According to monitoring data from 0xScope, a whale starting with "0x8b37" transferred all of its 3.6 million CRV holdings to Binance one hour ago. It is reported that "0x8b37" began selling CRV on May 30th and no longer holds any CRV in its wallet.

The Fed's interest rate swap no longer bets on the Fed cutting interest rates in 2023

According to the data, the Fed funds rate swap no longer bets on the Fed cutting interest rates in 2023, but bets that the peak interest rate in September will reach 5.35%. (Jin10)

Data: 191 million BLUR unlocked and transferred to institutional trading and custody platform Coinbase Prime

According to on-chain data analyst Yu Jin, 191 million BLUR tokens (approximately $59.31 million) were unlocked 6 hours ago, but they have not been distributed on the chain. Instead, they were directly transferred to Coinbase Prime, an institutional trading/custody platform. In addition, addresses that have been continuously buying BLUR and DYDX over-the-counter (OTC) added another 2.5 million BLUR in the hours leading up to the BLUR unlock. They currently hold 16 million BLUR with an average price of $0.56.

Data: Ethereum's total transaction volume exceeds 2 billion

According to Dune data, the total number of transactions on Ethereum has exceeded 2 billion, and the current price of Ethereum is $1634, with a market value of approximately $316 billion.

Data: Whale address deposits 155,400 BNB, equivalent to $36.5 million, to Binance after the announcement of new Launchpool

According to Lookonchain's monitoring, after Binance announced the launch of Maverick Protocol (MAV) on Launchpool, a whale address deposited 155,400 BNB (worth $36.5 million) to Binance. The whale had previously withdrawn 55,400 BNB from RDNT Capital and borrowed 100,000 BNB from Venus Protocol.

Data: In the past 5 days, Jump has transferred approximately 2.2 billion USD worth of ETH from custody addresses to new addresses.

According to 0xScope's monitoring, in the past 5 days, a total of 1.33 million ETH (approximately $2.2 billion) has been transferred from the Robinhood platform's custodial address managed by the cryptocurrency market maker Jump Trading to a new address, including 112,000 ETH (approximately $185 million) transferred 6 hours ago.

Data: USDT accounts for over 58% of the 3pool on Curve

According to official data from Curve, the current proportion of USDT in the 3pool has reached 58.67% (220,375,261 coins), while the proportions of DAI and USDC are 21.55% (80,932,398 coins) and 19.79% (74,320,965 coins) respectively.

Funding

Web3 short video platform Cheelee completes $10 million financing, with VC SILA participating

Web3 short video platform Cheelee has completed a $10 million financing round, with VC SILA participating. Cheelee has raised a total of $32.75 million in financing to date.

The new funds will be used to accelerate the development and marketing of its vertical video social networking applications. Cheelee aims to promote the adoption of Web3 and cryptocurrencies through the gaming community, where users can earn token incentives by watching and creating game video content through its "NFT glasses".

 BlockBeats previously reported that on November 4, 2022, Web3 video social platform Cheelee completed an $8 million equity financing, with participation from US investment fund Veligera Capital, UAE Infinity Technology Fund, and VC SILA. The company also received $1.3 million in VC fund grants support.

加密交易平台 Bit2Me 完成 1500 万美元融资，Investcorp 领投 Translation:

Cryptocurrency trading platform Bit2Me completes $15 million financing, led by InvestcorpAccording to CoinDesk, Spanish cryptocurrency trading platform Bit2Me has completed a $15 million financing round, led by Investcorp, with participation from Telefnica Ventures, the investment arm of Spain's largest telecommunications company Telefnica, Stratminds VC, Cardano, and YGG Fund. Bit2Me will use the funds to increase its market share in Spain and accelerate its expansion in Latin America.

Web3 payment solution Poko completes $4.5 million seed round financing, with participation from Y Combinator and othersAccording to a report by Techinasia, Web3 payment solution Poko has completed a $4.5 million seed round of financing with participation from Y Combinator. Poko aims to solve the problem of cryptocurrency payments by seamlessly transferring assets from local payment channels to Web3 infrastructure.

加密银行平台 blockbank 宣布获 DWF Labs 投资

Translation:

Cryptocurrency bank platform blockbank announces investment from DWF Labs

The encrypted banking platform Blockbank has officially announced that it has received long-term funding support in the seven-figure range from the digital asset market maker and Web3 investment firm DWF Labs. The specific amount has not been disclosed.

Jack Dorsey donates $5 million to Brink through his public fund Start Small

The Bitcoin protocol development funding organization Brink announced that former Twitter CEO Jack Dorsey and his public fund Start Small have donated $5 million to Brink. Brink will receive $1 million annually for the next 5 years to support the work of Bitcoin developers.

Regulation

The Hong Kong Monetary Authority urges HSBC and Standard Chartered Bank to accept cryptocurrency trading platforms as clients.

According to sources cited by the Financial Times, at a meeting last month, the Hong Kong Monetary Authority questioned why banks in the UK and China were not accepting cryptocurrency trading platforms as clients. The authority is reportedly pressuring banks, including HSBC and Standard Chartered, to accept cryptocurrency trading platforms as clients.

鲍威尔：几乎所有决策者都认为今年应该适当进行进一步的加息

Translation:

Powell: Almost all decision-makers believe that there should be appropriate further interest rate hikes this year

The Chairman of the Federal Reserve, Powell, stated that almost all decision-makers believe that there should be appropriate further interest rate hikes this year. The Federal Reserve is firmly committed to its 2% inflation target, and the full impact of its current tightening policy has not yet been realized. (Jin10)

鲍威尔：目前离终端利率并不远，但不应该把六月的暂停加息称为「跳过加息」 Translation:

Powell: We are not far from the terminal interest rate, but the pause in June should not be called "skipping interest rate hikes"

Fed Chairman Powell said in a speech that we are not far from the end point of the federal funds rate; we are already closer to a sufficiently restrictive level; but the pause in rate hikes in June should not be called "skipping rate hikes". (Jinshi)

韩国国会政务委员会将于 7 月 11 日举行虚拟资产相关听证会

Translation:

The Korean National Assembly's Political Affairs Committee will hold a hearing on virtual assets on July 11th.

According to Kuki News, the Political Affairs Committee of the South Korean National Assembly has confirmed a virtual asset-related hearing to be held on July 11th through an agreement between the ruling and opposition parties. The theme of the hearing and the witnesses and participants have not yet been determined. The hearing implementation plan will be voted on June 30th.

三箭资本联创 Kyle Davies 因未按时回应传票被要求认定为藐视法庭

Translation:

Kyle Davies, co-founder of Three Arrows Capital, was requested to be found in contempt of court for failing to respond to a subpoena in a timely manner.

According to CoinDesk, a bankrupt hedge fund, Three Arrows Capital, submitted a court document on Wednesday stating that co-founder Kyle Davies should be held in contempt of court for failing to respond to subpoenas regarding the collapse of Three Arrows Capital. The document urges the New York court to fine Davies $10,000 per day for willfully ignoring previous requests, citing his lavish lifestyle and the company's substantial profits under his management.

The US Department of Justice plans to temporarily approve the trial of SBF on eight initial charges.

According to CoinDesk, US Department of Justice prosecutors are reportedly planning to agree to temporarily try SBF on eight initial charges filed in December 2022, including wire fraud, securities fraud, and money laundering.

BlockBeats reported yesterday that a Bahamian court has temporarily barred the government from agreeing to partial criminal charges against SBF brought by US prosecutors. Last month, Manhattan federal prosecutors said they would drop five overseas bribery, bank fraud, and conspiracy charges against SBF if the Bahamian government did not agree. These charges were not included in SBF's initial eight charges in December last year, which focused on the collapse of FTX the previous month, but were added after he was extradited.

The Public Company Accounting Oversight Board (PCAOB) in the United States: Will increase supervision of auditors involved in cryptocurrency transactions

According to Accounting Today, the US audit regulatory agency stated on Wednesday that auditors have shortcomings in eliminating abnormal transactions and evaluating whether cryptocurrency mining revenue is correctly accounted for when reviewing the financial statements of companies involving cryptocurrency. The Public Company Accounting Oversight Board (PCAOB) of the United States has issued the "Audit Practice Alert: Relevant Considerations for Audits of Companies Engaged in Cryptocurrency Activities" to assess how auditors test their clients' cryptocurrency transactions or holdings.

As part of cross-company reviews aimed at new audit risks, the committee will increase its oversight efforts this year and examine how auditors deal with fraud risks associated with a large number of encrypted transactions and clients' holdings. The committee will scrutinize department heads, said Botic, and will investigate if cryptocurrencies have a significant impact on a company's financial statements or activities.

On December 4th, the US court will hold a criminal trial against the attacker of Mango Markets.

According to Bloomberg, US District Judge Richard Berman announced that criminal trial for Mango Markets attacker Avraham Eisenberg will take place on December 4th. The charges include commodity fraud, manipulation of commodity prices, and telecommunications fraud. Avraham Eisenberg has pleaded not guilty. As previously reported by BlockBeats, the US SEC has formally charged Avraham Eisenberg, the attacker of Mango Markets, accusing him of orchestrating the attack and causing the platform to lose $116 million. Avraham Eisenberg also faces charges from the US Department of Justice and the US CFTC.

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