Mars Finance Crypto Daily | The maximum supply of Renzo (EZ) tokens is 10 billion, and the total mining volume accounts for 2.5%; Crypto.com will delay the launch of the service in South Korea

Finishing: Mars Finance

Mars Crypto Daily April 23, 2024

1. Today's news

After Bitcoin completed its quadrennial "halving" last Saturday, Beijing time, Xiaomo warned that Bitcoin may fall after the "halving". However, Jeff Kendrick, head of digital asset research at Standard Chartered Bank, reiterated in a recent interview that his price target for bitcoin by the end of the year is $150,000, which means that bitcoin will more than double its all-time high in March by the end of the year.

Kendrick said that Bitcoin's decline in recent weeks is mainly due to the slowdown in ETF inflows, as well as tensions in the Middle East, which he said have recently "dominated" the crypto market. But looking ahead, he believes that the crypto market could reverse its losses and continue to rally later this year as large-scale Bitcoin ETF funds continue to flow in. Kendrick estimates that the U.S. spot Bitcoin ETF has absorbed about $12 billion since it was approved in January. He predicts that although the "crypto circle" sentiment is currently on the cautious side, once the US crypto ETF market becomes more "mature", inflows could reach $50 billion to $100 billion over the next two years.

Victory Securities announced on its website that it has become the only participating brokerage in the first batch of Bitcoin and Ethereum spot ETFs in Hong Kong to provide physical subscription (Bitcoin and Ethereum). In addition to cash subscription, customers can subscribe by depositing physical goods into Victory Securities Wallet. According to Shengli Securities, the virtual currency spot ETF involves the action of re-buying VA for trading, and the physical subscription through Shengli Securities can greatly shorten the transaction processing between the bank's securities dealers and banks. The cut-off time for physical goods is also longer than that for cash, and customers can enjoy the advantage of time when they subscribe in kind.

The maximum supply of Renzo (EZ) tokens is 10 billion, and the total mining volume accounts for 2.5%

According to Binance's announcement, Renzo (EZ) has a maximum supply of 10,000,000,000 tokens, an initial circulating supply of 1,050,000,000 tokens (10.50% of the maximum token supply), and a total mining volume of 250,000,000 tokens (2.5% of the maximum token supply). Previously, Binance New Coin Mining launched the 53rd phase of the project, using BNB and FDUSD to mine Renzo (EZ).

Crypto.com will delay the launch of the service in South Korea

Crypto exchange Crypto.com said Tuesday that it would delay the launch of its services in South Korea (originally planned for April 29) to allow for further communication with local regulators. The company did not disclose a new release date.

Slerf has refunded 30,000 SOLs, which are currently worth about $4.5 million

According to data disclosed by Whale Insider, after the latest wave of refunds for the Solana Memecoin project SLERF has been completed, the total amount of refunds for the project has now reached 30,000 SOL, which is currently worth about $4.5 million.

Buoyant Capital posted on platform X that the No. 9 rune LOBO•THE•WOLF•PUP will airdrop LOBO to Rune Door and Runestone holders, and the snapshot will be taken at block height 840,574. 367,500 LOBO per Rune Door, 102,772 LOBO per Runestone, and 206,084 LOBO per pair.

It is reported that the No. 9 rune LOBO•THE•WOLF•PUP will be airdropped to Runestone and Rune Door holders, deployed by Buoyant Capital.

Binance is facing a new class action lawsuit in Canada, with plaintiffs accusing the company of violating local securities laws. The Ontario Superior Court issued a motion for certification on April 19 filing a class-action lawsuit against Binance alleging that it sold crypto derivatives to retail investors without registration. According to the plaintiffs, represented by Christopher Lochan and Jeremy Leeder, Binance sold crypto derivatives products in violation of the Ontario Securities Act (OSA) and federal law.

Bitwise Asset Management reiterates its bullish view on Bitcoin, which is expected to outperform over the next 12 months. Bitwise researcher Ryan Rasmussen took to Schwab Network on Monday to give his thoughts on Bitcoin's future performance after the fourth halving.

Ryan explains, "After the halving, the history of miners is that there has been some consolidation across the industry. Some miners are not prepared for the change in the mining economy after the halving. From a price perspective, what we've typically seen is that the year before and the year after the halving is Bitcoin's best year in a three- or four-year cycle, and it's already happening. He pointed out that while there is no guarantee that the same will happen in the future, he stressed: "We definitely had a great year before the halving." We bounced off the lows of 2022 and had a great 2023, we got off to a good start in 2024 and I do think we will continue to test new highs in 2024 and next year after the halving. ”

Christopher Stanley, CIO of X Payments, said in a post on the X platform that X's payments functionality will be more than just "tipping" and will include an in-app wallet capable of storing and sending funds to any other X user, offering features like Venmo and Apple Pay.

Stanley added that the "ultimate goal" of X Payments is to create a fully functional financial ecosystem where users can make any typical transactions without withdrawing funds. X users will eventually be able to send money to other users, shop in stores, and even earn interest on their accounts using the app's expected payment features. （Cointelegraph）

Previously, it was reported that the X platform has now obtained payment remittance service licenses in 25 states in the United States.

According to CoinDesk, Bitcoin L2 network Stacks began an upgrade called "Nakamoto", which began at Bitcoin block height 840,360 and aims to solve network congestion.

Muneeb Ali, co-founder of Stacks, said that Stacks' original design to produce blocks at the same rate as Bitcoin caused congestion issues, and that the upgrade will separate Stacks' block production schedule from Bitcoin's. Nakamoto will introduce a new way of producing Stacks blocks, updating its unique proof-of-transfer consensus algorithm. The upgrade will be fully activated in May.

UniSat posted on the X platform that some users recently reported that their runes were destroyed during the transaction, and the developers immediately investigated the situation and confirmed that the situation was true. The team has proactively addressed two separate issues to prevent such issues from recurring in the UniSat market. Users can now trade securely on the UniSat marketplace. Users experiencing this issue can submit a ticket on the UniSat Discord and the support team will help.

Sam Bankman-Fried signed a settlement agreement with a group of FTX customers who agreed to drop the class action lawsuit against him in exchange for the celebrity promoters he helped sue FTX, as well as some venture capital firms. The agreement, which was filed in a Miami court on Friday, has yet to be approved by a judge. If approved, the settlement would indemnify Bankman-Fried from current and future civil liability related to the collapse of FTX. Bankman-Fried's co-defendants Caroline Ellison, Nishad Singh, and Gary Wang, as well as FTX attorney Dan Friedberg, reached a similar settlement agreement with plaintiffs' attorneys. It is reported that most of FTX's promoters, such as athletes Tom Brady, Stephen Curry, Shaquille O'Neal, Naomi Osaka, Shohei Ohtani, and supermodel Gisele Bundchen, have been involved in lawsuits over the incident.

According to TON's announcement on the X platform, the TON/USDT liquidity pool incentive campaign with a total size of $30 million has been officially launched, and 5 million TON will be used to incentivize users who add liquidity to the TON/USDt liquidity pool (LP) on the TON decentralized exchange.

The Bitcoin L2 network BOB (Build on Bitcoin) posted on Platform X that due to the surge in the number of projects ready to be deployed on BOB, the team postponed the mainnet launch to May 1 (originally scheduled for April 24) to accommodate additional testing and auditing.

Previously, in March, BOB announced the completion of a $10 million seed round led by Castle Island Ventures, with participation from Mechanism Ventures, Bankless Ventures, CMS Ventures and UTXO Management, as well as some angel investors, after which BOB announced that Coinbase Ventures joined its $10 million seed round of financing.

Yves Bennaïm, a Swiss Bitcoin advocate and founder and chairman of the nonprofit think tank 2B4CH, has launched a referendum urging the Swiss National Bank (SNB) to include Bitcoin in the national asset reserve, which is contingent on obtaining valid signatures from 100,000 Swiss citizens, and if the required number is reached, Swiss citizens will vote on the proposed amendments.

2. Selected articles

The co-founder of Blob, a Bitcoin NFT project, proposed adding "recursive endpoints" to make the inscription change according to the number of runes, so that the inscription image changes. In addition, Bitcoin omni-chain games may also need further support. A PR has been submitted on the official Ordinals Github, and if it passes, there will be a "recursive rune" gameplay. In conclusion, "Runes" are hot but the money-making effect is not good, and more gameplay is needed, and "Recursive Runes" will bring a boost to "Runes".

This article presents three solutions proposed by the crypto industry to the scalability problem of blockchain, but all have limitations. To this end, some new projects propose new solutions, such as modular stacks + Dapp Rollups and parallel EVMs + programmable world states. These solutions are designed to address developer sovereignty and user experience issues, but they also come with challenges.

The Safe protocol opened airdrop claims for SAFE tokens to 43,000 users in September 2022, but cannot be traded or liquidated as the tokens are not transferable. After more than 500 days of waiting, the SafeDAO community has passed the proposal to activate the transfer function, and the token will officially activate the transfer function today and enter normal circulation.

Base's recent on-chain data and ecosystem growth is due to the Cancun upgrade to reduce L2 fees and Coinbase support. Base focuses on developing social and consumer applications to attract more users. Coinbase stores more USDC balances on the Base chain and launches AA wallet to attract users and funds. Base has partnered with OP to develop into a huge network, and Farcaster is a decentralized social networking protocol that attracts users and enriches the ecosystem.

3. Project interpretation

The Runes protocol provides a new way to issue fungible tokens on the Bitcoin network, designed to simplify creation and management, seamlessly integrating with the Bitcoin infrastructure. The protocol went live on April 20 and hundreds of Runes were minted on the first day, and the halving has now been completed. Crypto KOL Rekt Fencer has counted 8 runes with "hundredfold" potential, some of which are online and some of which are not, which can be viewed through the UniSat or OKX Wallet marketplaces. The Bitcoin ecosystem is still in its early stages, and getting into it could be hugely rewarding.

On April 21, ZKasino, a decentralized betting platform, was accused of running away, and the project team absorbed about $33.2 million in ETH through a bridging reward event, but deleted the promise to return ETH after the event. Investors and users have different views on this matter, and investment institutions and IDO platforms have canceled their cooperation with ZKasino. ZKasino officials did not mention when withdrawals will be opened, and the whereabouts of the funds are unknown. The community questioned the fraud of the project, and some users have reported to the police to defend their rights. Investors are still trying to get an explanation from the project party. Back in March, the founders were accused of fraud on their team. Investors say that the financing and valuation may be fake, and people should do their research before investing to avoid allowing people with "criminal records" to continue to harm the industry.

4. Investment and financing

Othentic, a project focused on shared security for distributed systems, announced the closing of a $4 million seed round on Platform X, co-led by Finality Capital Partners and Breyer Capital, with Coinbase Ventures, HashKey Capital, Collider Ventures, BanklessVC, Robot Ventures, Everstake, PUNK DAO, and others participated. According to reports, Othentic is committed to creating novel distributed computing services by providing self-deploying infrastructure to launch systems with underlying shared security, including facilitating innovative efforts on EigenLayer and Babylon. Its Othentic Stack allows AVS developers to self-deploy custom compute services and carrier networks running arbitrary compute tasks in a trustless execution environment.

In addition, Othentic has introduced a framework for Stateless Rollups to enable flexible and secure execution of off-chain computations. Stateless Rollups are computing networks that provide services to other networks or applications without being bound by any particular blockchain. The framework facilitates the creation of coprocessors, ZK provers, privacy-preserving computing, decentralized order books, AI inference networks, vulnerability prevention systems, and other new services.