PA Daily | Biden's campaign team has begun to contact key figures in the encryption industry; BlackRock submitted the revised S-1 file for the Ethereum ETF.

Today’s Headlines:

Biden’s re-election campaign team has begun engaging with key figures in the cryptocurrency industry

Hashdex has withdrawn its spot Ethereum ETF application from the US SEC.

BlackRock submits revised S-1 filing for Ethereum ETF, disclosing information about the seed fund

Fetch.AI, SingularityNET, and Ocean Protocol token merger will be completed on June 13th.

TAP Protocol has conducted a Token public sale on the CoinList platform, which will continue until the early morning of June 6th.

Gemini: Earn users receive digital assets worth $2.18 billion in physical form

DBS Bank in Singapore holds 173,700 ETH in one address, with unrealized gains exceeding 200 million US dollars

NYSE President: Will consider offering encryption trading if regulations become clearer

Regulatory News

President Biden’s re-election campaign team has begun to reach out to key figures in the cryptocurrency industry.

According to The Block, President Biden’s campaign team is adjusting its stance on cryptocurrencies and actively engaging with the cryptocurrency industry in preparation for the 2024 presidential election. The team plans to attract the support of cryptocurrency voters by promoting innovation. Over the past two weeks, the Biden campaign team has been reaching out to cryptocurrency industry professionals, seeking guidance on the “cryptocurrency community and policies.” Insiders say they have noticed a clear “shift” in how the Biden administration and campaign team are approaching cryptocurrencies, showing more interest in understanding digital assets and their community.

This new outreach effort comes shortly after the Biden administration faced opposition signals to veto a so-called anti-encryption bill. This shift in attitude towards digital assets shows a significant difference from the previous lukewarm stance. Additionally, the Biden administration’s 2024 fiscal year budget proposal includes modifications to cryptocurrency tax rules, such as “wash sale rules,” which will eliminate tax benefits from losses generated by rapid buying and selling of similar or identical crypto investments. This move is expected to generate approximately $31.6 billion in additional revenue over the course of a decade.

AI&NFT

OpenAI: All ChatGPT free users can now use file upload and GPTs functionality

According to the official tweet from OpenAI, all ChatGPT free users can now access browsing, visual, data analysis, file upload, and GPTs functions.

OpenAI’s former director revealed the inside story of last year’s “coup”: Ultraman was fired for repeatedly concealing information from the board.

According to Cailianshe’s report, last autumn, OpenAI CEO Sam Altman was initially removed by the board of directors and then dramatically regained his position, resulting in a major turnover of board members. On Tuesday, former OpenAI board member Helen Toner finally revealed part of the iceberg. The AI researcher harshly criticized Altman for lack of transparency in his actions, leading to the board’s ignorance of key decisions at OpenAI, which ultimately led to his dismissal. Toner revealed that Altman had repeatedly concealed information from the board and distorted the company’s ongoing business, and even lied to the board in certain cases.

Toner cited in the interview that when OpenAI’s flagship product ChatGPT first appeared in November 2022, board members were almost completely unaware, and she only found out about it through Twitter. In addition, she also pointed out that Altman has always claimed to be an independent board member of OpenAI, with no financial interests in the company, but in fact, he has been concealing his ownership of the OpenAI startup fund. What worries Toner even more is that Altman has provided the board with inaccurate information on AI safety processes and started lying, trying to drive her out of the board. This is the real reason that triggered collective concerns among the board, and it was from that time that the board began discussing the removal of Altman. Toner emphasized that all four directors came to the conclusion that they simply could not trust anything Altman told them. This is completely unworkable for a board that is supposed to be responsible for independent oversight of the company, and the purpose of the board is not to help the CEO raise more funds.

OpenAI founder discusses Worldcoin investment with the President of Argentina

According to The Block, Tools for Humanity co-founders Sam Altman and Alex Blania met with Argentine President Javier Milei in San Francisco to discuss investment in Argentina by Worldcoin and other issues. Tools for Humanity is the main developer of the Worldcoin project, co-founded by Blania and OpenAI CEO Altman. According to a statement, during the meeting, the Worldcoin team discussed the progress of artificial intelligence (AI), how to prepare humans for AI, and its potential investment in Argentina. Despite facing scrutiny from governments around the world, the project has been working to improve its image in terms of personal data protection. Last month, Altman and Blania met with government leaders in Malaysia.

Fetch.AI, SingularityNET, and Ocean Protocol token merger will be completed on June 13th.

According to official news, Fetch.ai, SingularityNET, and Ocean Protocol, entities in the field of decentralized artificial intelligence, announced the completion of the merger of the Artificial Superintelligence Alliance (ASI) on June 13th. Starting from June 11th, 2024, FET will be renamed ASI, and the merger will be completed on June 13th. The specific arrangement is as follows: starting from June 11th, ERC20 tokens can be converted into ASI tokens through the token migration contract, exchanging FET for ASI tokens. Then, on June 13th, AGIX and OCEAN can be exchanged for ASI tokens.

With the completion of the token merger on June 13, 2024, FET was renamed to ASI, with a total supply of 26.3055 billion tokens; the migration bridge from ERC20 FET tokens to ASI has been opened at a 1:1 exchange rate; the migration bridge from ERC20 AGIX tokens to ASI has been opened at a 0.433350:1 exchange rate; the migration bridge from ERC20 OCEAN tokens to ASI has been opened at a 0.433226:1 exchange rate; as of May 28, 2024, the fully diluted market capitalization of ASI is 6 billion USD.

OpenSea adds support for NFTs on the Sei network.

According to the official tweet from OpenSea, the NFT marketplace OpenSea has added support for NFTs on the Sei network. Users can now buy, sell, or bid on NFTs on the Sei network.

Project Updates

Fidelity Ethereum Spot ETF is listed on the DTCC website.

Fidelity Ethereum spot ETF has been listed on the DTCC website with the code FETH. It is reported that the listing on the DTCC website is a “standard process” for preparing to launch a new ETF, and does not imply that the ETF has obtained any regulatory approval or other approval process results.

Hashdex has withdrawn its spot Ether ETF application from the US SEC.

According to The Block, SEC documents show that Hashdex has withdrawn its application for a Spot Ethereum ETF.

Market News: CME Group has no plans to launch futures contracts for the cryptocurrency Solana.

According to Jinshi’s report, market news said that The Chicago Mercantile Exchange (CME) has no plans to launch Solana cryptocurrency futures.

NYSE President: Considering Offering Encryption Trading if Regulations Become Clearer

According to CoinDesk, Lynn Martin, President of the New York Stock Exchange (NYSE), stated at the 2024 Consensus Conference that NYSE would consider offering cryptocurrency trading services if the regulatory environment becomes clearer. Martin and Tom Farley, CEO of the cryptocurrency exchange Bullish, discussed cryptocurrency regulation, the evolving US political landscape, and the opportunities and limitations of blockchain technology in improving traditional markets. Martin noted that the US Bitcoin spot ETF has accumulated assets of $58 billion, demonstrating a strong demand in the market for regulated crypto products. NYSE is willing to provide cryptocurrency trading, but the lack of clear regulatory guidance is a barrier. Farley predicted that the regulatory environment in the US will improve in the coming years regardless of the election results. Farley also mentioned that the US attitude towards cryptocurrency is rapidly changing, including the removal of the anti-cryptocurrency chair of the Federal Deposit Insurance Corporation (FDIC), the passage of the “Financial Innovation and Technology in the 21st Century Act” (FIT21) in the House of Representatives, and the support for cryptocurrency by Republican presidential candidate Trump. Earlier reports indicated that the Chicago Mercantile Exchange (CME), a competitor of NYSE, is planning to introduce spot cryptocurrency trading to its clients.

The New York Stock Exchange announced that it will launch index options tracking the spot price of Bitcoin.

According to Tree News, the New York Stock Exchange announced a collaboration with CoinDesk Index to launch a financial product that tracks the spot price of Bitcoin.

TAP Protocol has conducted a token public sale on the CoinList platform, which will continue until the early morning of June 6th.

According to the announcement on the official website of Coinlist, the token issuance of TAP Protocol has been launched on the Coinlist platform. TAP Protocol is a type of OrdFi protocol designed to support Bitcoin Ordinals. The token sale period will start from 01:00 on May 30, 2024 (Beijing time) and end at 01:00 on June 6, 2024 (Beijing time). The specific arrangement for this token issuance is as follows.

Supply: 1,575,000 TAP tokens, accounting for 7.5% of the total supply; Price: $3.57 per token; Lock-up and release: 10% will be unlocked at TGE, followed by linear release within 12 months. The tokens are expected to be listed on the exchange around June 28, 2024; Initial purchase restrictions: The minimum purchase limit is $100.00, and the maximum purchase limit is $2,500.00 (only supported with USDT/USDC).

To participate in the TAP Protocol token issuance, the following conditions must be met: access the designated website using a desktop computer; use the Google Chrome browser; install the Xverse extension (Xverse Wallet). The use of all custodial and exchange wallets is strictly prohibited. The total supply of TAP tokens is 21 million.

PayPal expands PYUSD to Solana, targeting payment use cases.

According to Cointelegraph, PayPal has chosen the Solana blockchain to expand its stablecoin PayPal USD (PYUSD), marking its first expansion beyond the Ethereum ecosystem. According to the announcement, PYUSD has been added to the Solana network, allowing users to transact at lower costs. This move aims to expand the utility of PYUSD stablecoin as a payment method for small and daily purchases.

Ethena is online on Layer2 network Blast and has achieved native USDe earnings.

USDe and sUSDe are both represented on the X platform by the stablecoin developer Ethena Labs. Starting today, Ethena will be launching on the Layer2 network Blast and achieving native yield.

USDe and sUSDe will be listed in the Thruster LP pool, trading pairs with USDB. Both pools will receive the highest Ethena allocation, including 30 times Sats as well as Blast Gold and Thruster Credits. Users who stake in Hyperlock Finance will receive an additional 5 times Sats.

BlackRock submits revised S-1 filing for Ethereum ETF, disclosing information about the seed fund.

According to The Block, BlackRock has submitted a revised S-1 registration statement for the proposed Ethereum ETF, disclosing information about the seed fund investors. In the revised filing, BlackRock stated, “On May 21, 2024, seed relief fund investors conditionally purchased 400,000 shares of the seed creation basket at a price per share equal to $25.” BlackRock also stated that these shares will be listed for trading under the code “ETHA”. The Securities and Exchange Commission (SEC) has recently initiated discussions with the issuer regarding the S-1 form. Some analysts speculate that this process may take several weeks. Bloomberg ETF analyst Eric Balchunas tweeted on Wednesday that the revised S-1 from BlackRock is a “good sign”. Launching an Ethereum ETF by the end of June is a reasonable possibility, but analysts still believe that the Ethereum ETF will be launched on July 4th.

Fantom: The upgrade of Opera to Sonic has officially started, which will achieve processing 2,000 TPS at sub-second speeds.

Fantom officially announced that the upgrade of the existing Opera chain has reached the necessary 66% consensus level, marking its official launch. The release date is consistent with the expected date set at the beginning of the Sonic testnet phase in October last year, and the project has progressed smoothly without any delay. Opera is now expected to achieve the following goals: approximately 2,000 TPS for variable/mixed/complex transactions (approximately 1 second finality), approximately 4,000 TPS for token swap transactions (approximately 1.3 seconds completion), approximately 10,000 TPS for token transfers (approximately 1.6 seconds completion), approximately 66% reduction in storage requirements for validator nodes, and approximately 95% reduction in operating costs for archival nodes.

In addition, Fantom will share more details about the technology, tokenomics, audience participation program, partnership, brand, and strategic direction of its upcoming chain in the coming weeks and months.

The Sandbox has launched The Sandbox DAO, and the first batch of Sandbox Improvement Proposals (SIP) is now online.

According to The Sandbox official tweet, The Sandbox recently announced the launch of The Sandbox DAO (Decentralized Autonomous Organization), aiming to provide a bridge for the future development of the game platform, covering areas such as games, entertainment, music, art, etc. Users can now participate in governance through The Sandbox DAO, helping to decide matters that affect their land ownership, such as game aesthetics and interactivity.

The first batch of Sandbox Improvement Proposals (SIP) is now live, and users can visit sandboxdao.com to vote. Participants only need to have 5 $SAND or one LAND to vote on platform’s creative narratives, Game Jam themes, Game Maker fund, and award distribution.

Vitalik: “DAO” means “project”, while “official” means “eyewash”.

Vitalik Buterin wrote in warpcast that an important part of cultural awareness is understanding the different meanings of the same words in different cultural backgrounds. For example, in most European languages, “actual” means “current” and “concurrency” means “competition”. But in the cryptocurrency field, “DAO” means “project” and “official” means “eyewash (scam)”.

Encryption KOL: Opposing celebrities launching Memecoins for quick money, suggesting to first participate in community learning and understanding the culture of encryption.

Cryptocurrency analyst Cold Blooded Shiller tweeted that in recent days, many celebrities have launched Memecoins, sparking discussions about whether this behavior is beneficial to the cryptocurrency space. He believes that celebrity token issuances are mostly for quick arbitrage, with no successful cases in history, and calls for vigilance against these actions. He suggests that celebrities should participate in the community without promoting tokens, learn and understand cryptocurrency culture, rather than profit through token issuance. In the current environment, celebrity token issuances are harmful and unhelpful to the cryptocurrency community.

Cryptocurrency analyst Ansem retweeted, saying that not everyone interested in the crypto field will issue tokens. Ansem disagrees with the idea of letting those who issue tokens leave the crypto field, believing that most token issuers are misled by their teams and genuinely care about their fans. If they realize that these actions are harmful to their fans, they may not issue these short-sighted tokens. It is important to have these conversations, otherwise other celebrities may emulate their practices.

ZachXBT replied on Twitter that most D-level celebrities have previously promoted multiple eyewash schemes, such as RapDoge, Echoke, and Racksterli, promoted by Davido. The return and posting of these celebrities does not mean that this PND token will be different. Their sole purpose is to make easy money.

Ansem subsequently responded that participating in the Jenner Token space discussion was not a promotion, but found it to be eyewash. In his collaboration with Iggy Azalea, he believed she had good intentions, but informed Davido that the encryption community does not trust celebrities, especially those who sell tokens on the first day. He believed that although it is still valuable to converse with celebrities, it is best to guide them into the encryption community through applications.

OKX Jumpstart will launch ULTI (Ultiverse)

OKX Jumpstart will launch Ultiverse (ULTI) mining, the event will take place from June 3rd 14:00 to June 6th 14:00 (Beijing time). BTC and ETH holders can stake BTC and ETH to mine ULTI tokens, with a total of 150 million tokens available for mining in each staking pool. The maximum staking amount for BTC per person is 0.3 BTC, and for ETH per person is 3.5 ETH. Due to the listing on Upbit, Stargate Finance (STG) experienced a 45% big pump.

It is reported that Ultiverse has completely changed the Web3 game through its AI-driven production and publishing platform, combining advanced AI with blockchain technology to lead the industry’s development.

Hong Kong Cyberport has established the “Web3.0 Investment Circle” to support the financing needs of the Web3.0 community

According to official news, Hong Kong Cyberport announced the establishment of the “Web3.0 Investment Circle” (W3IC) under the “Cyberport Investor Network”, aiming to establish an exclusive investor network in the Web3.0 field to promote investment in Web3.0 projects. Cyberport will use W3IC and its synergistic effects to promote an investor network for Web3.0, provide market analysis for Web3.0 and other innovative technologies, assist investors in understanding the market, and communicate with startups to seize opportunities in emerging markets. Since the establishment of the “Cyberport Web3 Base”, Cyberport has gathered approximately 230 companies from over 15 countries and regions worldwide engaged in Web3.0.

The Chairman of the Cyberport Investors Network, Mr. Xian Handi, said: “The technological innovation of Web3.0 is enormous and has attracted the attention of many investors. The ‘Cyberport Investors Network’ has always played a guiding role, assisting startups and investors in seizing emerging opportunities. The SAR government is committed to developing Hong Kong into a hub for Web3.0. Cyberport has the largest Web3.0 community in Hong Kong. As a strategic move to promote the development of the Web3.0 ecosystem, the establishment of the ‘Web3.0 Investment Circle’ is believed to attract investment units more strategically, promote more investment matching, explore more business opportunities, while promoting decentralization and the growth of blockchain technology projects, and expanding the influence of Hong Kong’s startups.”

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Vitalik described some regrets about his initial design on Ethereum.

According to DL News, during the ETHBerlin event last week, Vitalik Buterin, co-founder of Ethereum, described some regrets he had in the initial design of Ethereum. Vitalik stated that he had a series of things he could have done differently. These things range from the development of the Ethereum Virtual Machine to smart contracts and the Proof of Stake consensus mechanism. He also mentioned that even though Ethereum is becoming more mainstream, it is still misunderstood.

ETHBerlin organizer Afri Schoeden asked, “Based on everything you know and have learned over the past 10 years, if you were to start from scratch today, how would you build Ethereum differently?” Vitalik stated that the initial design of Ethereum’s EVM chose 256-bit processing instead of 64-bit or 32-bit. The original design was overly complex for 256-bit and inefficient, potentially generating a large amount of redundant data on the blockchain even when executing simple tasks. Additionally, Vitalik expressed that Ethereum should have made the switch from Proof of Work to Proof of Stake earlier in 2022. “We wasted a lot of time trying to make Proof of Stake perfect. If we had a simpler Proof of Stake mechanism back in 2018, we could have saved a lot of trees.” Vitalik also mentioned, “The automatic logging of Ethereum transfers should have been there from the beginning. It would have only taken us 30 minutes to code, but it became an EIP.” The precise change will be made with EIP-7708, submitted by Vitalik on May 17th. Vitalik also stated that if he had to choose again, he would use SHA-2 for encrypting Ethereum instead of the current encryption algorithm called Keccak.

Despite a series of minor design flaws, Vitalik said that it is inevitable for any project to encounter such situations. He said, “I am really glad that I feel like our core developers and their execution capabilities seem to be improving every year. We now have the ability to effectively and safely correct some of these mistakes.”

Fundraising News

RWA tokenization platform Fortunafi completed a $9.51 million financing and will launch stablecoin protocol Reservoir.

According to The Block, the real-world asset (RWA) tokenization platform Fortunafi has announced the completion of a $9.51 million strategic and seed round financing, with investors including Shima Capital, Manifold, Jordan Fish (also known as Cobie), Ari Litan of LayerZero Labs, Austin Green of Llama, Evanss6, and Scott Lewis. Fortunafi’s founder and CEO Nick Garcia stated that the latest strategic round financing was valued at $3.16 million, concluded in December last year, and the seed round financing was valued at $6.35 million, concluded in October 2021. The latest round of financing has valued Fortunafi at $48.165 million. In addition, Fortunafi also announced its plan to launch a new stablecoin protocol called Reservoir next month. Fortunafi was founded in 2020. Through partnerships with MakerDAO, Aave, and other companies, Fortunafi has tokenized over $15 million in private debt and institutional loans.

Important Data

Gemini: Earn users receive $2.18 billion worth of digital assets in physical form

The encrypted exchange Gemini announced on the X platform that today, Earn users received physical digital assets worth $2.18 billion. These initial allocations represent: 97% of the digital assets that Earn users are entitled to; $1 billion more than when Genesis suspended withdrawals; and a 232% recovery since the suspension of withdrawals by Genesis.

The BTC options and ETH options with a nominal value of approximately $8.12 billion will expire this Friday.

Deribit data shows that BTC options and ETH options with a total notional value of approximately $81.2 billion will expire this Friday. Among them, the notional value of expiring BTC options is $46.5 billion, with a Put Call Ratio of 0.6 and a maximum pain point of $65000; the notional value of expiring ETH options is $34.7 billion, with a Put Call Ratio of 0.85 and a maximum pain point of $3300.

DBS Bank in Singapore holds 173,700 ETH at one address, and its ETH holdings have a floating profit of over 200 million USD.

Nansen stated on the X platform that the whale starting with “0x9e92” is the largest bank in Singapore - DBS Bank, which holds 173,700 ETH (worth $650 million) and has earned over $200 million through holding ETH. It is reported that as of December 31, 2023, the total assets of DBS Bank reached 739 billion SGD.

BlackRock’s iShares Becomes the Fastest ETF to Reach $20 Billion, Taking Only 137 Days

According to Bitcoin Magazine, Belad IBIT became the fastest ETF to reach $20 billion, taking only 137 days, shocking Wall Street. The previous record holder was JPMorgan’s actively managed fund JEPI, which took 985 days to reach $20 billion in issuance.

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