Source: ThePrimediaDAO   

Over the past week (6.30-7.6), the total locked value of Ethereum Layer 2 has reached nearly $10 billion and is expected to surpass $10 billion next week. Bitcoin has had a promising start in July, with analysts optimistically predicting a price of $40,000. Interest in Bitcoin has surged among US investors, and institutional activity has also increased. Bitcoin's recent surge has significantly decoupled from the performance of the US stock market. The 30-day correlation between Bitcoin and US stock market indices turned negative last week, indicating that the market is gradually entering a new bull market phase. Industry information released this week shows that the first half of 2023 has been slow for the primary market, but the era of applications is slowly opening up. For example, the infrastructure and tools sector leads in half-year financing reports, and it is worth mentioning that ERC-6551 has ushered in a new era of NFTs, finally establishing the rightful mission of NFTs in Web 3.0 metaverses. The Hong Kong government has established a task force for Web 3.0 development, with Financial Secretary Paul Chan Mo-po serving as chairman. Bittrex has filed a motion to dismiss the lawsuit brought against it by the SEC, and many leading crypto companies with a majority of Chinese background are seeking to engage with regulatory authorities in Hong Kong. Singapore has required crypto platforms to keep customer funds in trusts, while the Hong Kong Securities and Futures Commission has reminded investors to be cautious of unlicensed and overseas trading platforms. The possibility of approving a Bitcoin spot ETF in the United States is quite high, as global cryptocurrency regulation takes a cautious and prudent approach towards integration...

Industry Layout

ERC-6551 Ushers in a New Era of NFTs

The first iteration of NFTs (10k PFPs) has come to an end, and it is time to return to the fundamentals of NFTs and rediscover their true mission, such as digital ownership, creator/user rights, and decentralized metaverses. ERC-6551 is an important innovation in the NFT field: the Token-Bound Accounts (TBA) of ERC-6551 unveil a new paradigm. Any individual non-fungible token (NFT) can now transcend its traditional role as a purely digital asset and become a fully functional wallet. NFTs are no longer just about having a visually appealing appearance, but they are also vibrant and dynamic.

The impact of this technological breakthrough extends far beyond the realms of art and digital collectibles. Trading, gaming, and countless other industries are ready to embrace this transformation. The new use cases driven by TBA pave the way for more innovation. It requires a complete rethinking of how we perceive on-chain ownership, identity, and value.

2023 Half-Year Financing Report: Primary Market Cooling, Infrastructure and Tools Sector Leading

July quietly arrives, and more than half of this year has already passed. Unlike the industry's lamentation and continuous downward exploration after entering a bear market last year, for cryptocurrency and Web 3 practitioners, the first half of 2023 is a period of rise, liveliness, and confusion. The market trend sometimes boosts confidence and sometimes seems to crush hope. From the narrative of LSDFi to the upgrade in Shanghai, from meme frenzy to Wall Street's entrance, in twists and turns and fluctuations, Bitcoin finally temporarily stabilizes above $30,000 in the middle of the year.

According to statistics, there were a total of 689 financing events in the first half of 2023, a decrease of 18.9% compared to the same period last year and a decrease of 14.7% compared to the second half of last year; the total financing amount exceeded $5.97 billion, a decrease of 74.3% year-on-year and a decrease of 47.9% compared to the second half of last year. Among the financing in the first half of the year, funds flowing into the infrastructure and tools track exceeded $2.36 billion, accounting for 39.1%, and there were 209 financing events, accounting for 30.29%, both of which are the highest in their respective vertical fields.

Increased Interest in Bitcoin from US Investors, accompanied by Institutional Activities

According to a report by analysis firm K33 Research, there has been an increase in interest in Bitcoin from US investors, accompanied by institutional activities. The data shows that Bitcoin's cumulative gains in various trading sessions have risen significantly since hitting bottom at $16,000, with a cumulative increase of about 30% during US market sessions, surpassing the performance during Asian and European trading sessions. The surge in Bitcoin trading activity in the US market was triggered by the recent submission of a spot Bitcoin ETF by BlackRock on June 14.

K33 emphasized that Bitcoin's recent surge is notably decoupled from the performance of the US stock market. The 30-day correlation between Bitcoin and these indices turned negative last week for the first time since January 2021.

RWA Discussion: Underlying Assets, Business Structure, and Development Path

RWA is the tokenization of traditional market assets on the blockchain, allowing web 3.0 users to buy and sell. RWA tokens represent the rights to the assets' returns. A few years ago, STOs mainly focused on corporate bond financing, but now the scope of RWA is much broader: it is not limited to the primary market of traditional assets; any assets circulating in the primary and secondary markets can be tokenized and brought onto the blockchain, allowing web 3.0 users to participate in investments. Therefore, the narrative of RWA includes a variety of asset types and a wide range of yields.

RWA has gradually gained attention in the market, possibly for several reasons: firstly, the crypto market currently lacks low-risk U-based assets, while in the traditional financial market, due to the wave of interest rate hikes, the risk-free rates of major economies have risen to 4% or even higher, which is attractive enough for investors in the native crypto market. Corresponding to this phenomenon, during the bull market of 2020-2021, a significant amount of traditional funds entered the crypto market and earned low-risk returns through arbitrage and other strategies. By introducing low-risk, high-yield products from the traditional market through RWA, it may attract some investors. Secondly, the crypto market is currently not in a bull market, and even in the native crypto market, there is a lack of sufficient narratives. RWA is one of the few tracks currently seen with solid earnings support and may experience explosive business growth. Finally, RWA is one of the bridges connecting the traditional market and the crypto market. Through RWA, there is a chance to attract incremental users from the traditional market and inject new liquidity, which is undoubtedly a positive development for the blockchain industry.

However, looking at some RWA projects currently available, their business indicators such as TVL have not grown rapidly, which may indicate that the market's short-term expectations for RWA are too high. For an RWA project, the following dimensions need to be considered: underlying assets - this is the core issue of the RWA track. Choosing the right underlying assets is of great help for later management; standardization of underlying assets - due to the different "heterogeneity" of different underlying assets, the difficulty of standardizing underlying assets varies. The more heterogeneous the assets, the higher the standardization requirements and the more complex the process; off-chain collaboration institutions and forms of collaboration - high-quality off-chain collaboration institutions can not only fulfill their obligations smoothly but also fully unleash the value of the underlying assets; risk management - the maintenance of underlying assets, asset tokenization, and distribution of returns all involve risk management. If it is debt-based assets, it also involves risk management in the process of asset liquidation and collection after the debtor defaults.

In 2023, the total funding for the metaverse project H1 is approximately $707 million, less than 10% of the total funding in 2022.

According to a report recently released by Dappradar, the total funding amount for metaverse projects from the beginning of 2023 to the end of June is approximately $707 million. Although this number accounts for 43.68% of the total funding for cryptocurrency projects in 2023, it is still less than 10% of the total funding for metaverse projects in 2022 (approximately $7.6 billion).

In addition, Dappradar describes Asia (including China and Japan) as a region where the virtual universe is booming, as countries and companies in this region are strongly supporting and investing in the industry's development. China is one of the few countries that have implemented metaverse plans, including initiatives in education and tourism. Chinese companies such as ByteDance, Alibaba, Baidu, and Tencent are also investing in the development of metaverse hardware and software.

Threads has surpassed 30 million registered users on its first day of launch, aiming for over 1 billion users

On July 7th, Meta CEO Mark Zuckerberg posted on Threads that since its launch on Wednesday evening, Threads has attracted over 30 million registered users. Zuckerberg also engaged with many users on Threads regarding the platform's future development. When asked if Threads will be bigger than Twitter, Zuckerberg said, "It will take some time, but I think there should be a public communication app with over 1 billion users. Twitter had the opportunity to do that, but it hasn't yet. I hope we can achieve it."

It is reported that Threads can now be downloaded in over 100 countries and regions, including the United States and the United Kingdom, but the app has not been made available for download in the European Union due to privacy regulations. However, Meta has expressed its intention to make Threads available in the EU market.

Circle launches Wallet-as-a-Service platform for developers

On July 6th, according to The Block, Circle, the issuer of the USDC stablecoin, has launched a Wallet-as-a-Service platform for developers. This service allows developers to embed web 3 wallets into their applications while providing user-friendly designs. These wallets can be used with any blockchain, making it easier for users to access NFTs, cryptocurrencies, and other web 3 digital assets. Currently, users have to manage their private keys themselves, but an upcoming update will allow developers to control user private keys. The company's Wallet-as-a-Service developer platform is currently being tested.

Circle builds programmable wallets on top of multi-party computation (MPC) technology, and its programmable wallet API allows developers to easily create secure wallets and embed them into their applications. The Circle programmable wallet is a Wallet-as-a-Service that simplifies the creation and management of secure web 3 wallets and their private keys. Developers can interact with programmable wallets using a RESTful API. For user-controlled wallets, Circle provides mobile device SDKs for Android and iOS to ensure users have full control over their wallets.

Credit Suisse and Swiss Football Association Collaborate to Launch Ethereum NFT Series

According to Credit Suisse website, Credit Suisse has collaborated with the Swiss Football Association to launch an Ethereum-based NFT series in support of Swiss women's football. The series consists of 756 digital art portraits of Swiss women's national team players and will be available for sale from July 11 to August 31. The NFTs will be exclusively sold through Credit Suisse's CSX application.

Prior to this, it was reported that earlier this year, Credit Suisse led a $65 million Series B funding round for Taurus, a Swiss digital asset infrastructure company and a technical partner of Credit Suisse's NFT marketplace CSX application. Credit Suisse utilizes Taurus-Capital for the issuance and lifecycle management of Swiss Football Association NFTs, and leverages Taurus-Protect for secure storage of NFTs.

Project Updates

Binance Has Recently Interfaced with Hong Kong Regulatory Agencies; License Application Costs at Least HKD 100 Million

On July 5th, according to Tencent News "Qian Wang," in the past few months, most leading Chinese-backed cryptocurrency companies have been engaging with regulatory agencies in Hong Kong. This includes wallet company Cobo, a subsidiary of Matrixport, and Changpeng Zhao's Binance Group.

According to reports, the cost of applying for a cryptocurrency trading platform license in Hong Kong is at least HKD 100 million. Aside from the cost of personnel, the majority of the cost is related to system technology. However, this is only the initial cost to apply for a trading platform license in Hong Kong. In addition, in the near future, Hong Kong will also launch matters related to stablecoin licenses and is even exploring diversified virtual currency derivatives, such as spot Bitcoin ETFs.

In addition, it is reported that OSL, one of the existing compliant exchanges in Hong Kong, has decided to exit and has been looking for buyers in the market after the Chinese New Year, but so far no one has taken over. At the time of writing, OSL has not commented on this news. The exchange is affiliated with BC Technology Group, a listed company on the Hong Kong Stock Exchange. The company's 2022 financial report shows that the losses have been increasing, with OSL's cryptocurrency revenue in 2022 being 71.48 million Hong Kong dollars, less than one-third of the approximately 270 million Hong Kong dollars from the previous year.

Ethereum community proposes ERC-7265 standard to mitigate DeFi hacks

On July 4th, it was reported by The Block that members of the Ethereum community have proposed a new standard to enhance the security of decentralized finance (DeFi) protocols. The proposed standard is called ERC-7265, and it enables the use of "kill switches" to allow DeFi protocols to easily add contingency plans in their smart contracts, preventing token outflows in the event of hacks. The standard was proposed by @tcb_00, @Diyahir, and @real_philogy.

As the ERC-7265 standard is a proposed standard, it remains to be seen whether the Ethereum core team will accept and implement it as the final standard.

Bitcoin Ordinals launch platform Luminex proposes BRC-69 standard

On July 4th, it was reported by The Block that Bitcoin Ordinals launch platform Luminex has proposed the BRC-69 standard, aiming to simplify the creation of recursive ordinal collections, reduce inscription costs, and streamline the on-chain pre-reveal process. It is claimed that the standard can reduce over 90% of inscription costs. Luminex states that this reduction is achieved through 4 steps: recording features, deploying collections, compiling collections, and minting assets. In addition to cost savings, Luminex claims that BRC-69 paves the way for more enhanced functionalities.

Binance announces update on the suspension of Multichain cross-chain bridge token deposits and withdrawals

On July 5th, according to an official announcement, Binance will temporarily suspend support for the deposit and withdrawal of Multichain cross-chain bridge tokens through the following networks starting from 08:00 on July 7th, until further notice: Polkastarter (POLS) on BNB Smart Chain, Alchemy Pay (ACH) on BNB Smart Chain, Beefy.Finance (BIFI) on Fantom Network, SuperVerse (SUPER) on BNB Smart Chain, Travala (AVA) on Ethereum Network, Spell Token (SPELL) on Avalanche C-Chain, Alpaca Finance (ALPACA) on Fantom Network, and Harvest Finance (FARM) on BNB Smart Chain.

Binance mentioned that due to the recent situation of the Multichain (MULTI) protocol, Binance has suspended the deposit service for several Multichain cross-chain bridge tokens since May 24th, 2023.

Nasdaq updates BlackRock's Bitcoin ETF application, designates Coinbase as a regulatory surveillance agreement partner

According to a publicly available regulatory filing, Nasdaq has resubmitted the 19b-4 form for iShares Bitcoin Trust, a spot Bitcoin ETF led by BlackRock.

The filing states that the exchange has reached an agreement with cryptocurrency exchange Coinbase to sign a Surveillance Sharing Agreement (SSA), with an expectation to reach a "final agreement" before trading. The filing reads, "The Spot BTC SSA is expected to be a bilateral regulatory surveillance sharing agreement between Nasdaq and Coinbase, designed to complement the exchange's market surveillance program."

Bittrex files motion seeking dismissal of SEC lawsuit

Cryptocurrency exchange Bittrex has filed a motion seeking the dismissal of the lawsuit brought against it by the U.S. SEC.

Bittrex argues in its recent court filing that the SEC does not have the necessary authority to regulate cryptocurrency as securities unless explicitly granted by the US Congress. This challenge challenges the SEC's interpretation of existing securities regulations and seeks to establish a clearer regulatory framework to accommodate the unique characteristics of digital assets.

In this motion, Bittrex adopts a similar approach to Coinbase, closely aligning its arguments with those of the larger cryptocurrency exchange. This adjustment indicates that Bittrex has taken a strategic move to build a unified defense system against the SEC's lawsuit by leveraging the robust legal framework established by Coinbase.

Poly Network faces another hack, hacker profits from mainstream assets worth over $4.39 million

According to SlowMist Zone intelligence, Poly Network has once again been targeted by hackers. Analysis shows that the main address where hackers profited is 0xe0af...a599. Based on the tracing and analysis conducted by the MistTrack team, the first transaction fee on the ETH chain is Tornado Cash: 1 ETH, the transaction fee sources on the BSC chain are Kucoin and ChangeNOW, and the transaction fee source on the Polygon chain is FixedFloat.

The hacker's platform usage traces include Kucoin, FixedFloat, ChangeNOW, Tornado Cash, Uniswap, PancakeSwap, OpenOcean, Wing, and others.

As of now, some of the stolen tokens (sUSD, RFuel, COOK, etc.) have been exchanged for mainstream assets worth $1.22 million through Uniswap and PancakeSwap. The remaining stolen funds have been dispersed to over 60 addresses on multiple chains, with no further transfers yet. All the hacker's addresses have been included in SlowMist's AML malicious address library. The specific cause of the attack is yet to be analyzed, and the SlowMist security team will continue to follow up on this incident.

MakerDAO's DeFi lending protocol Spark Protocol to expand to multiple chains

On July 5th, MakerDAO announced on Twitter that its DeFi lending protocol, Spark Protocol, will expand to multiple chains and provided the steps and process for interested parties to deploy Spark Protocol in specific domains (blockchain networks).

To deploy Spark Protocol in a new domain, a post needs to be created on the Maker forum under the SubDAO TWO category (providing background information, technical information, collateral information, liquidity information, etc.). Phoenix Labs will evaluate the submitted proposals and provide recommendations to MakerDAO regarding the new domains and collateral information to be included. Block Analitica will conduct collateral evaluations and suggest risk parameters for the collateral in Spark in the new domain.

Market Supervision

High Possibility of approval of Bitcoin Spot ETF in the US

Bernstein, a brokerage firm, proposed in a research report on Monday that there is a high possibility of approving a Bitcoin spot ETF in the US.

Bernstein stated that the SEC has already approved Bitcoin ETFs based on futures and recently approved leveraged futures-based ETFs priced from regulated exchanges such as the Chicago Mercantile Exchange.

The report mentioned, "The SEC prefers to introduce a regulated Bitcoin ETF led by more mainstream Wall Street participants and subject to the supervision of existing regulated exchanges, rather than being forced to accept Grayscale's OTC products to fill the regulatory gap."

UK Law Commission proposes special legal classification for cryptocurrencies

The UK Law Commission is pushing for the creation of a special category of personal property to accommodate and protect the unique features of cryptocurrencies and digital assets.

After being authorized by the UK government to carry out common law analysis and study how the legal framework in England and Wales adapts to cryptocurrencies, NFTs, and other digital assets, the unit made the above-mentioned proposal.

Singapore requires crypto platforms to hold customer funds in trust

Singapore will require cryptocurrency exchanges to custody customer assets in trusts by the end of the year. The Monetary Authority of Singapore (MAS) announced on Monday that it will push forward a proposal to ban retail investors from borrowing and pledging. MAS began discussions on these measures as early as October last year, before the dissolution of FTX. Singapore's move comes after consultation on strengthening the regulatory framework for digital assets.

In its statement, MAS highlighted the extremely high risks and speculative nature of transactions involving digital payment tokens and stated that regulation alone is insufficient to protect consumers from all losses. Consumers must exercise "extreme caution" when engaging in such transactions.

Hong Kong Investment Commission: Assistance may not be provided if virtual asset trading platforms are not connected to Hong Kong

The Hong Kong Investor and Financial Education Council warned investors of the risks associated with unlicensed and overseas trading platforms in an article titled "Beware the Risks of Unlicensed and Overseas Trading Platforms for Virtual Assets" on its official website. The Council reminded investors that the Securities and Futures Commission of Hong Kong has not yet approved any virtual asset trading platforms to provide services to retail investors, and most of the publicly accessible platforms are not regulated by the Commission. Investors should be cautious of the risks associated with unlicensed and overseas trading platforms. The Commission stated that some platforms may be licensed or registered by overseas regulatory bodies, but in some jurisdictions, there may only be light regulation of virtual asset trading platforms with no investor protection measures. Additionally, due to the cross-border nature of these platforms, if disputes arise, investors may face significant challenges in filing complaints or seeking remedies. In the event of platform closures or suspensions, investors may have difficulty making claims or seeking compensation through legal means. If these trading platforms are not connected to Hong Kong, local law enforcement and regulatory authorities may not be able to provide assistance.

South Africa to require cryptocurrency exchanges to obtain licenses by the end of the year

On July 4th, according to Bloomberg, the Financial Sector Conduct Authority (FSCA) of South Africa announced that the country will require its cryptocurrency exchanges to obtain operating licenses by the end of this year. Unathi Kamlana, Commissioner of the FSCA, stated in an interview that the financial sector regulatory authority has received approximately 20 applications since opening the licensing process a few weeks ago, and expects to receive more applications before the November 30 deadline. The regulatory authority plans to take "enforcement action" against companies that continue to operate without licenses after the deadline, which may result in their closure or fines.

Last year, the South African financial regulatory authority stated that cryptocurrency platforms must obtain operating licenses by 2023. Cryptocurrency financial firms in South Africa need to apply for licenses between June 1st and November 20th, 2023 in order to operate legally.

Japan's Ministry of Internal Affairs and Communications seeks public input on the use of Web 3.0 technologies and metaverse

On July 5th, according to CoinPost, the Ministry of Internal Affairs and Communications of Japan is soliciting public opinions on the draft report of the "Research Group on the Application of Metaverse and Other Technologies for the Web 3.0 Era". The purpose of this research group is to address information and communication management issues related to the application of the metaverse in the Web 3.0 era. The public consultation period is from June 17th to July 9th, and the final report will be compiled based on the results. In addition, the Ministry of Internal Affairs and Communications and other government agencies will take necessary measures regarding the policy issues summarized in this report to enhance the convenience for Japanese metaverse users and expand the use cases of virtual spaces.

The Hong Kong government establishes a dedicated task force for Web 3.0 development, chaired by the Financial Secretary, Paul Chan Mo-po

The Hong Kong government announced the establishment of a dedicated task force for the development of the third generation of the Internet (Web 3.0). The task force is chaired by the Financial Secretary, Paul Chan Mo-po, and consists of 15 non-official members from relevant industries, as well as representatives from major government officials and financial regulatory agencies. The term of the non-official members will take effect from July 1, 2023, and last for two years.

Financial Secretary Paul Chan Mo-po said, "The blockchain technology behind Web 3.0 possesses characteristics such as decentralization, security, transparency, and low cost, which can address many challenges and pain points in finance, transactions, business operations, and daily life. As an international financial center and metropolitan area that values innovative technology, Hong Kong embraces the major trend of Web 3.0 development and actively leads and drives innovative exploration and development, striking a balance between 'appropriate regulation' and 'promoting development,' creating more new application models, and making efforts to attract top companies and talents in this field to build a vibrant ecosystem. The task force brings together industry leaders and professionals, and I believe their valuable opinions will help Hong Kong develop into a hub for Web 3.0."

The Korea Digital Asset Exchange Association (DAXA) will implement a virtual asset alert system starting from July 4th.

The Digital Asset Exchange Association of South Korea (DAXA), composed of the five major cryptocurrency exchanges in South Korea (Upbit, Bithumb, Coinone, Korbit, and Gopax), will implement a virtual asset alert system starting from July 4th. The system consists of five types of alerts: severe price fluctuations, surging trading volume, surging deposit volume, price discrepancies, and concentrated trading in a small number of accounts. These alerts will be triggered through real-time monitoring of each exchange. When a project that meets the criteria for each alert is detected, the trading window for the relevant project will display a badge-shaped notification that can last up to 24 hours.

Opinion

Founder of Moonbirds: Project tokens will have multiple utilities

Kevin Rose, the co-founder of Proof and Moonbirds, published a long tweet today to outline the recent development and future plans of Proof and Moonbirds. When discussing token-related topics, Kevin Rose mentioned, "Our project tokens will have multiple utilities and serve as a link between art, digital rewards, and real-life rewards, allowing holders to establish connections with things they find valuable."

It is worth mentioning that the tweet's image lists six utilities, which are:

1. Art exhibitions and collaborations, such as visiting Proof's curation;

2. Limited edition goods and merchandise, such as obtaining a small supply of high-quality original peripherals;

3. Exclusive events, such as participating in offline activities;

4. Proof original series, such as participating in experimental projects promoted by Proof;

5. Whitelisting, such as obtaining casting rights for new projects;

6. Other experiments, such as obtaining experience qualifications for Moonbird-related experiments like games.

BlackRock CEO: Bitcoin could "completely change finance"

According to CoinDesk, BlackRock CEO Larry Fink said in an interview with Fox Business on Wednesday that cryptocurrencies, especially Bitcoin, could fundamentally change the financial system. He said, "We really believe that if we can digitize more assets and securities - which Bitcoin is - it has the potential to revolutionize finance." He referred to Bitcoin as "digital gold" and an international asset. Previously, Fink was considered a skepti

At the same time, Nexo co-founder Antoni Trenchev believes that $32,000 is the next resistance level, after which Bitcoin may continue to rise. He pointed out that July is usually a good month for digital assets. In a tweet, he said, "It is easy to forget that Bitcoin has been hit hard since the collapse of FTX, but at the beginning of July, we saw it surge by over 80%."

Data

Optimism, Aptos, and ApeCoin will unlock tokens worth over $100 million this month

According to Token Unlocks data, Optimism, Aptos, and ApeCoin will release a large number of tokens this month, unlocking tokens worth over $100 million into circulation.

Ethereum Layer 2 Optimism, recently renamed OP Mainnet, will release 24.2 million OP tokens on July 30th, worth $32.4 million, accounting for 3.75% of the circulation. Approximately $17 million will be allocated to core contributors, and $15 million will go to investors.

Layer 1 blockchain Aptos unlocked 4.5 million tokens on July 12th, equivalent to 2.17% of its circulating supply, worth $33.9 million. Approximately $24 million will be donated to the community, and $10 million will be donated to the Aptos Foundation.

ApeCoin is the governance token of ApeCoin DAO. ApeCoin will issue 15.6 million APE tokens on July 17th, accounting for 4.23% of its circulation, worth $34.3 million. Most of the unlocked funds ($16.2 million) will go to the project treasury, with $9.2 million going to developer Yuga Labs and $4.9 million going to its founders.

Bored Ape Yacht Club (BAYC) NFT floor price drops below 30 ETH, hitting a new low since October 2021.

OpenSea data shows that as of July 3rd, Beijing time, the floor price of the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) series has dropped below 30 ETH to 27.4 ETH, equivalent to approximately $53,000, reaching a new low not seen since October 2021. The last time the BAYC floor price dropped below 30 ETH was in October 2021.

The BAYC floor price reached 153.7 ETH, approximately $430,000, in April 2022. Data shows that since April this year, the floor of this series has been cut in half, with the trading price earlier this month at 64 ETH, or $126,000.

Ethereum Layer 2 total locked value nearly $10 billion, 7-day growth 2.03%

According to L2BEAT data, the total locked value of Ethereum Layer 2 is $9.97 billion, with a 7-day growth rate of 2.03%. The top five locked values are: ArbitrumOne ($5.98 billion, 7-day growth rate 0.52%); OPMainnet ($2.26 billion, 7-day growth rate 2.72%); zkSyncEra ($737 million, 7-day growth rate 16.43%); dYdX ($345 million, 7-day decline 1.46%); ImmutableX ($103 million, 7-day growth rate 1.91%).

The average daily trading volume of the top ten stablecoins dropped from $53 billion in March to $28 billion in May

On July 4th, The Block data dashboard shows that the total supply of stablecoins has dropped from $138 billion at the beginning of the year to $124 billion on July 3rd. Since the USDC decoupling incident in March, Tether's USDT has gained market share from its competitors. Nevertheless, the average daily trading volume of the top ten stablecoins has dropped from $53 billion in March 2023 to $28 billion in May.

Web 3 Input Method TypeIt launches on Bitget, with a maximum increase of 3800%

News on July 5th, Bitget's current Launchpad project TYPE (TypeIt) officially launched spot trading today at 20:00, with an initial price of $0.005, and as of the time of writing, the quoted price is $0.17, with a maximum increase of 3884%.

TYPE is the governance token of TypeIt, 50% of which will be generated by users through Type to Earn and can be used for NFT upgrades, repairs, and project community governance. According to official data, during the previous mining phase, the token consumption per day was equivalent to approximately 1.36 million TYPE tokens, accounting for 14% of the current circulation, with a deflation rate of 80%.

TypeIt, as the world's first Web 3 input method, supports the Type to Earn function and privacy protection, aiming to accelerate the world's transition from Web 2 to Web 3.

Bitcoin miner income and Ethereum staking income decline in June

According to data from The Block, Bitcoin miner income declined in June, with a decrease of 14.5%, to $783.3 million, and Ethereum staking income also declined, with a decrease of 24% in June, to about $119.5 million. In addition, in June, the Ethereum network burned a total of 69,081 ETH, worth about $126 million, which is about half of the decrease compared to May. The data shows that Ethereum has been in a deflationary state since January 2023. Since the implementation of EIP-1559 in early August 2021, Ethereum has burned a total of about 3.42 million ETH, with a total value of about $9.89 billion.

Since January 1st, the circulating supply of USDC stablecoin has decreased by more than 38%

CoinGecko's information shows that the total supply of USDC stablecoin has been declining since the beginning of this year, decreasing by over 38% since January 1, 2023. Over the past weekend, the circulating supply of USDC decreased by more than 2%.

USDC is one of the most commonly used stablecoins in the decentralized finance ecosystem, second only to USDT. This stablecoin is currently deployed on 63 different chains, with a majority of its supply circulating on Ethereum.

Total value of cryptocurrencies lost due to scams, hacks, and rug pulls in the first half of the year amounted to $656 million

According to a report by Web 3 security company Beosin on June 30, 2023, the total value of cryptocurrencies lost due to scams, hacks, and rug pulls in the first half of the year reached $656 million. This includes $471.43 million in losses from 108 protocol attacks, $108 million in losses from various phishing scams, and $75.87 million in losses from 110 rug pull incidents.

"Approximately $215 million of stolen assets have been recovered, accounting for 45.5% of all stolen assets. In contrast, in 2022, only 8% was recovered. $113 million of stolen assets were transferred to mixers: $45.38 million to Tornado Cash and $68.14 million to other mixers," wrote Beosin analysts.

Cryptocurrency ATM operator Bitcoin Depot starts trading on NASDAQ, rises nearly 12% on the first day

Cryptocurrency ATM operator Bitcoin Depot began trading on NASDAQ on Monday, closing at $3.61, rising nearly 12% on the first day.

According to the official website, Bitcoin Depot operates over 6,000 cryptocurrency ATMs, capturing a 20% market share in the US cryptocurrency ATM market and a 17.6% global share.

In August of last year, Bitcoin Depot reached an agreement with a special purpose acquisition company (SPAC) GSR II Meteora Acquisition to go public on NASDAQ through a merger, with an estimated valuation of $885 million.

Bitcoin Cash (BCH) is the best-performing cryptocurrency in June, with a 171% increase

Market data shows that Bitcoin Cash (BCH) is the top-performing digital asset in June, with most of the gains made within a week and a half after its debut on EDX Markets (a cryptocurrency exchange backed by Fidelity, Charles Schwab, and Citadel) on June 20th. The token has seen a 171% increase this month, surpassing the world's largest cryptocurrency, Bitcoin (BTC), which has risen by 14%. On Friday, BCH spiked by 30% within 24 hours, reaching a 14-month high of $320.

This surge was driven by trading activity on the South Korean exchange Upbit. According to data tracked by Coingecko, the trading volume of Bitcoin Cash-Korean won (BCH/KRW) pair listed on Upbit was $558 million in the past 24 hours, which is 3.5 times greater than the $160 million trading volume of BTC/KRW and 5.5 times greater than the $87 million BCH/USD trading volume on Coinbase exchange.