Grayscale has purchased $110 million worth of ETH this year; the total market value of the tokens locked in DeFi has once again exceeded $1 billion

Industry News

01 Coinbase may sell blockchain analysis software to US government agencies

Public records show that Coinbase hopes to sell its blockchain analysis software to the US government. Both the US Drug Control Agency (DEA) and the US Internal Revenue Service (IRS) have expressed interest in purchasing a license for an analysis platform called Coinbase Analytics from Coinbase. Two related documents were released in April and May.

02 MakerDAO launches new executive vote to raise ETH debt ceiling

According to Makerdao’s official blog, on June 5, the Maker Foundation’s interim governance coordinator incorporated an executive vote into the voting system and plans to raise the ETH debt ceiling by 20 million to 140 million Dai. The execution of voting will continue until the number of votes exceeds the number of votes passed in the last execution of voting.

03Moscow residents will use the blockchain system to vote on constitutional amendments

According to an announcement by the Russian government, residents of Moscow will be able to vote on amendments to the country’s constitution using a blockchain-based system. The Moscow authorities claim that the decentralization of distributed ledger technology will ensure the safety and transparency of the voting process. According to the announcement, every vote will be anonymized and encrypted. Online voting will take place on the website created for this purpose from June 25 to 30. Users will need to use their public service account to log in and conduct electronic voting.

04 Voice CEO: Voice will launch the official version on July 4th, free for the whole world

Voice CEO Salah Zalatimo wrote that Voice will release the official version on July 4 and it is free for users all over the world. Salah Zalatimo said that our only goal is to create a new type of social media, empower social interaction, and bring social power back to the users.

05The founder of South Korea’s “N” was detained and prosecuted by the prosecution, involving 12 counts

According to Korean media reports, the Anton branch of the Daegu District Public Prosecutor’s Office in South Korea said on June 5 that it had created a humane Hengxu (transliteration, net name “godgod”) for South Korea’s “House N” on the grounds of alleged violations of laws related to child and adolescent sexual protection. “) Prosecution for detention. The prosecutor said that after conducting a supplementary investigation after the transfer, on the basis of 9 counts of violations of laws related to the sexual protection of children and adolescents, it added 3 counts of special injuries and other charges. In addition, Wen Hengxu’s current university said on the 5th that the school’s reward and punishment committee recently decided to withdraw it from school. Relevant personnel from the school said that although it has not been approved by the principal, it is difficult to think that the punishment has been determined, but no accident will be handled according to the decision of the reward and punishment committee. It was previously reported that the Korean media recently exposed a series of cybercrime incidents, collectively referred to as the “room N” case. Someone has uploaded and shared illegally captured sexual exploitation videos and photos in an encrypted chat room set up on instant messaging software, which can only be viewed by paying to become a member. The platform can set up private chats, delete information regularly after reading, etc., to support virtual currency transactions.

06 Alibaba and COFCO signed a memorandum of cooperation through blockchain technology

On June 5th, Alibaba Group and COFCO signed a memorandum of cooperation through blockchain technology, and jointly started the prelude to the digital transformation of China’s exhibition industry. Relying on Alibaba’s digital infrastructure, both parties will build the National Sugar and Liquor Commodities Fair (“Sugar & Wine Fair”) into the first “cloud exhibition” benchmark, truly achieving “outside the home, visiting the world exhibition”.

07Guangzhou’s financial “supervision sandbox” was launched, and “7+4” institutions were included in the pilot

On June 5, the reporter learned from the Guangzhou Financial Supervision Bureau that, with the approval of the Guangdong Provincial Local Financial Supervision Bureau, the pilot work of the “regulatory sandbox” for local finance in Guangzhou officially landed. According to the actual development of the industry, Guangzhou Financial Supervision Bureau will classify small financial companies, financial guarantee companies, financial leasing companies, commercial factoring companies, pawn shops and other local financial formats into the pilot scope in batches. All sorts of trading venues will be included in the scope of the pilot in due course after the work of sorting out and rectifying various trading venues.

Report 08 : CBDC should reduce the risks brought by commercial bank investments and make the financial system safer

Researchers at the Federal Reserve Bank of Philadelphia in the United States recently published a paper exploring the potential impact of central bank digital currency (CBDC) on the financial system. The report pointed out that in addition to eliminating the need for cash, CBDC should also allow the Federal Reserve to monopolize deposits to prevent future bank runs. The report pointed out that CBDC should therefore reduce the risks brought by commercial bank investments and make the financial system more secure. At the same time, it assumes that CBDC may impede the ability of banks to finance productive projects, thereby negatively affecting the currency order. In fact, the report predicts that the introduction of CBDC will have serious economic consequences. In part of the reserve banking system, commercial banks use demand deposits to finance long-term projects. However, the digital currency issued by the central bank may eliminate the role of demand deposits as a source of bank loans, thereby hindering the ability of commercial banks to form credit.

09 The total market value of the tokens locked in DeFi once again exceeded $1 billion

The total market value of the tokens locked in DeFi exceeded US$1 billion after three months. The number of BTC locked in DeFi has exceeded 6,000. According to btconethereum data, as of June 4, the number of Bitcoin tokens on Ethereum has reached 5,271, and it has increased substantially since May 13, doubling from 2,600 to 5,200 pieces. If you add more than 900 BTC of Lightning Network, the number of BTC locked in DeFi has exceeded 6000. At present, there are eight main types of BTC locked in DeFi, namely Lightning Network BTC, WBTC, HBTC, imBTC, sBTC, pBTC, tBTC and renBTC.

10 Kyrgyzstan intends to pass a new tax bill to legalize crypto mining

The Kyrgyz Parliament is considering a bill to tax and regulate cryptocurrency mining activities. This will be the country’s first regulated encryption activity framework. In addition to establishing clear definitions for the terms “virtual assets” and “mining” in the context of cryptocurrencies, this bill on the amendment of the tax law of the Kyrgyz Republic also attempts to increase government revenue by establishing tax obligations for miners. If approved, the new tax system will constitute the first step towards the liberalization of cryptocurrencies in the Kyrgyz Republic. The proposed law will impose a fixed tax rate on miners, which is 15% of the profit generated from the sale of mined crypto assets. The bill was originally proposed in August 2019, and it is estimated that it will receive an additional $4.2 million from the annual budget of the Kyrgyz Republic. The parliament also discussed the issue of specifying electricity prices for miners, which is 70% higher than the country’s average electricity price of about $0.030 per kWh.

11 Former Deputy Governor of the Central Bank Wu Xiaoling: Bitcoin is the most successful commercial application of blockchain technology

Wu Xiaoling, the former deputy governor of the People’s Bank of China and chairman of the Wudaokou School of Finance at Tsinghua University, said in the preface to the book “Talking with Leading Cadres about Blockchain” that Bitcoin is the most successful commercial application of blockchain technology. Bitcoin as a private currency has its market base, but it is also limited to the private currency field. Today, with the existence of a sovereign state, it cannot replace the fiat currency issued by the state. Bitcoin, even as a private currency, has fatal weaknesses because the currency itself must have a certain stable value, but the value of Bitcoin fluctuates greatly. At present, the regulatory authorities of various countries do not generally recognize the properties of Bitcoin as a currency, and basically treat it as a digital asset. Wu Xiaoling also pointed out that the digitization of currency or digital currency must be rooted in the needs of transactions and investment and financing. The attributes of digital currency and digital assets may be currency, virtual goods, payment instruments or securities in different scenarios. For financial activities of the above nature, there are currently mature management rules, and different asset attributes of digital currency require supporting financial services. Activities also need to follow the existing regulatory framework. The innovation format is not a subversion of all financial laws and rules. In the future, digital currency will increasingly be integrated into social behavior, and we must have a prudent and objective understanding of it.

12 Procurement of government blockchain projects increased by 67% year-on-year in the first half of the year

According to data from the China Government Procurement Network, as of May 28, the blockchain government procurement case has increased by 67% compared with the first half of last year. The total budget/transaction value of the blockchain is about 15.96 million yuan. Tourism and social welfare Become a new usage scenario this year. Driven by favorable policies, blockchain-related government procurement cases are also increasing. As of May 28, 2020, the Chinese Government Procurement Network announced a total of 103 procurement cases, including 100 winning bids (including deals) and 3 projects that are in bidding. Among them, 2019 is the year of government procurement of blockchain services “blowout”. A total of 59 procurement cases were publicized throughout the year, accounting for 57.28% of all procurement cases, a year-on-year increase of 210.52%. Twenty related procurement cases have been announced in 2020, which are not completed in the first half of the year and have increased by 67% compared with the first half of last year.

13 Sichuan Yunnan Electric Power System Strikes Strictly to Straighten Power Supply Mine

The power systems in the two provinces of Yunnan and Sichuan are making efforts to rectify the direct power supply mines. Among them, Sichuan issued a document stressing the protection of compliant mines and cracking down on direct power supply mines, and some direct power supply mines have been cut off. Under the influence of the epidemic, the profit of the State Grid in the first quarter was negative, which hit the traditional direct power supply mines, which was conducive to absorbing the benefits of the demonstration area mines and the State Grid, but for small hydropower and direct power supply mines, it was tantamount to disaster . The Yunnan Power Grid issued a document on April 13 stating that based on the preliminary screening of the comprehensive electricity consumption rate of 134 hydropower plants and 11 thermal power plants included in the provincial balance in 2019, the integrated electricity consumption rate of most grid-connected cities was abnormally high to varying degrees. . The document requires a comprehensive clean-up of grid-connected power plants that violated regulations and transferred private power supply. Most Sichuan miners learned that the Sichuan State Grid issued a document on May 28 to require the regulation and management of power supply from illegal factories, but avoid the “one size fits all” specification and management method. For those who meet the policy conditions and are willing to connect to the public power grid, they will do their best to provide services; for power plants and power supply enterprises that violate the regulations without direct supply without authorization, relevant issues will be dealt with according to law and regulations. Tianan County, Ya’an, directly released the rectification case. On June 2th, Ya’an State Grid Tianquan County Power Supply Company, combined with the county economic bureau, public security bureau, and mobile and telecommunications companies, used the illegal access of electricity equipment in Ganxipo Power Station and Jiaojiping Power Station in Tianquan County, Ya’an Power Grid. Bitcoin “excavation” behavior for rectification.

Primary market

01 Three Arrows Capital CEO: Coinbase’s acquisition of Tagomi will damage the latter’s “neutral”

Earlier sources said that Coinbase has completed the acquisition of cryptocurrency broker Tagomi. Su Zhu, chief executive of the cryptocurrency hedge fund Three Arrows Capital, said that because of the possible conflict of interest, the troubles this acquisition may ultimately exceed its value. In some cases, Tagomi may prefer to use Coinbase for transactions, this possibility is enough to destroy Tagomi’s other business relationships, thereby damaging Tagomi’s “neutral”.

02China Financial Leasing extends the deadline for acquiring part of the equity of Singapore Blockchain Technology Group

China Financial Leasing (02312.HK) issued an announcement regarding the acquisition of part of the equity of Singapore Blockchain Technology Group. Due to the continuing public health incident, the two parties need more time to negotiate and agree on the terms of the formal agreement. On June 5, 2020, the buyer A potential acquisition supplement agreement was entered into with the potential seller, and the buyer and the potential seller agreed to extend the expiration date to September 30, 2020.

Secondary market

01 Grayscale has purchased $110 million worth of ETH this year

Ray Sharif-Askary, Director of Investor Relations at Grayscale, revealed that the company has purchased USD 110 million worth of ETH since 2020. Therefore, in the past five months, the purchase amount of grayscale is equal to 0.4% of the total market value of Ethereum. Sharif-Askary pointed out that more than 38% of Grayscale’s current customers hold more than one type of encrypted asset, which is much higher than about 9% 12 months ago. During the same period, Grayscale bought $390 million in Bitcoin, which is equivalent to 0.2% of Bitcoin’s total market value. Since April, the company’s Bitcoin investment fund has surged from $2 billion at the end of the first quarter to $3.5 billion on June 2.

02 users Robinhood holding block chain related ETF’s record high this year

The number of users holding blockchain-related exchange-traded funds (ETFs) on the trading application Robinhood reached its highest level in 2020 this week. The data comes from the three largest US-based blockchain ETFs, including BLCN, BLOK, and LEGR. As far as two of them are concerned, this does not represent a new high in history. The number of BLOK and BLCN holders fell 33% and 45% from their historical highs, respectively, while the number of LEGR holders reached a record high.

03 Media: An IEO coins buried hidden mine, the project has fallen by 95%

Since Binance restarted the Launchpad project on January 3, 2019, the scope of opening has been from the initial prohibition of mainland Chinese users to allow the participation of mainland Chinese users. However, under the double pressure of supervision and questioning in the secondary market, Launchpad may become a hidden mine in Binance. The currently questioned projects include TROY, FET, BTT and so on. Since January 2019, Binance’s Launchpad platform has launched a total of 13 projects, and almost no project has achieved large-scale application and landing. Taking the extremely popular CELR as an example, as of now, CELR is still only in the proof of concept stage. Not only that, Binance’s fried rice makes hot money, and more than 60% of projects break through and nearly 70% go online, which is the peak. Of the 13 projects that Binance Launchpad has launched, 8 have fallen below the opening price of the launch, accounting for more than 60%. Of these 13 projects, 9 reached the highest price on the day of the opening transaction, accounting for 69.23%. However, many projects are now staggering. The projects with a decline of more than 90% include PERL, WIN, ERD, CELR, and FET. Among them, the decline of FET is as high as 95.25%. At present, there have been a number of investors in the secondary market for the rights protection of the Binance IEO project. The launch of the IEO platform has brought a lot of revenue to Binance, but for the industry, it has almost no benefits.

04 Report: Record of crypto asset derivatives transactions in May, Huobi trading volume ranks first

Recently, Coindesk cited the latest report of CryptoCompare, a London-based data aggregator. The report revealed that the trading volume of crypto asset derivative products in May increased by 32% from April to US$602 billion, exceeding the US$600 billion set in March. The record reached a new historical high. The report shows that the main transactions of crypto asset derivatives in May came from Huobi, OKEx and Binance. These three exchanges accounted for 80% of total derivatives transactions in May. Huobi’s derivatives transactions are the largest, with a transaction volume of US$176 billion, an increase of 29% from April.

05 Stablecoin Market Report: The average daily transaction volume in May exceeded US$1.5 billion

The blockchain data platform Blocknative released a report on the global stablecoin market. The main points of the report are as follows: 1. The transaction volume of stable currency continues to grow. In the past four months, the total daily stablecoin transaction volume has exceeded 1 billion US dollars. In May, the average daily transaction volume exceeded US$1.5 billion; 2. Tether transitioned to the Ethereum blockchain. Specifically, in January 2019, 1% of USDT transaction volume occurred on the Ethereum blockchain. And by May 2020, 88% of all USDT transaction volume and 77% of all USDT transaction value occurred on the Ethereum blockchain; 3. Single mortgage Sai transition to multi-mortgage Dai system. In 2019, Maker’s average monthly transaction volume was 775 million US dollars, almost all through SAI.

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