News

I. Market Dynamics
1. BTC is sliding, with altcoins experiencing even larger declines. BTC's dominance has risen to 56%.
2. U.S stocks are adjusting, investors maintain an optimistic attitude towards the future market.

II. Market Focus
1. NOT of Ton ecosystem performed poorly on bn, plummeting from its peak. NOT is fully circulated, with miners holding 80%, and a market value of $800 million.
2. The price of oracle machine LINK skyrocketed after reaching a cooperation agreement with JP Morgan Bank.
3.The value of public chain FTM increased; it plans to undergo a sonic upgrade in the third quarter and includes developer reward programs among other things.
4.STX and ALEX within the BTC ecosystem have plummeted drastically.ALEX private keys were stolen and STX managed by them was dumped by hackers.

Bitget market data shows that MANEKI (MANEKI) has increased by 35.52% in the last 24 hours, currently priced at $0.00766.

Public information reveals that recently, MANEKI has been promoting its operations through Google Ads, Youtube, and Tiktok paid advertisements for full media promotion. The main slogan is "soon $MANEKI will be everywhere", which has raised high expectations within the community; Recently with Wall Street traders returning to action, it's driving the overall Meme sector market trend and giving a rebound momentum to MANEKI; In the past 24 hours, MANEKI has risen more than 37%, with trading volume increasing by 200%.

Bitge market data shows that LINK (Chainlink) has increased by 12.5% in the last 24 hours, currently priced at $15.67.

Public information reveals that Chainlink recently collaborated with DTCC (Depository Trust and Clearing Corporation), assisting in traditional financial RWA conversion and feeding traditional data onto the blockchain. This will generate a significant business demand for Chainlink, leading to an increase in future demand for LINK. In the past 24 hours, LINK has risen more than 15%, with trading volume increasing by 150%.

Optimism released its Q1 2024 report, in which the daily active addresses reached 89,000 (a quarter-on-quarter increase of 23%), and the daily transaction volume increased to 470,000 (a quarter-on-quarter increase of 39%). These indicators are slightly lower than the historical peak in the third quarter of 2023. The stablecoin market value on OP's mainnet reached $809 million (a quarter-on-quarter increase of 32%). Over the past six months, USDT's market value on OP's mainnet has surged significantly to $512 million (an increase of 64% from last quarter), accounting for 63% of total market value. The implementation of EIP-4844 reduced L1 submission costs by 99%, reducing average daily costs from $420,000 a few weeks ago to $830. In Q1 of 2024, OP's mainnet had an on-chain profit of $2 million (a quarterly growth rate is14%).

Messari released the first quarter report of Cosmos Hub in 2024, with key points as follows: 1. The revenue of Cosmos Hub increased by 90% quarter-on-quarter. Although there were some peaks related to registration activities, the demand for charges throughout the quarter was relatively sustained; 2. Daily active addresses and daily transaction volume increased by 56% and 43% respectively on a quarterly basis. Part of the growth was due to activities related to registration; 3. After community discussions and signal voting, Cosmos Hub will launch licensed CosmWasm, which will enable specific pre-approved programmable forms for shared security, fund management and governance; According to proposal No.897, besides replicated security (Replicated Security), inter-chain security now also includes partial set security (PSS). Elys Network will be the first network to implement PSS and use part of the security features of Cosmos Hub validators; Neutron's TVL grew by19%, Stride's TVL grew by71%. They are among the first chains that have received replicated safety protection from Cosmos Hub and joined Atom economic zone.

PANews reported on May 17th that Drift Protocol, a derivatives platform (DEX) in the Solana ecosystem, announced via Twitter that the DRIFT airdrop is now live. The claims period will be open for 3 months and will close at 18:00 UTC on August 16, 2024. The official DRIFT contract address is DriFtupJYLTosbwoN8koMbEYSx54aFAVLddWsbksjwg7. The airdrop for all eligible users consists of two parts: initial allocation and reward allocation. Initial allocation can be obtained as soon as the event begins, while reward allocation will unlock linearly within six hours.

Media reports, according to on-chain analyst Yujin's monitoring, a whale with the OpenSea username "Gyarados123" transferred 198 billion SHIB (worth $4.85 million) to Coinbase two hours ago, realizing a profit of $3.21 million. This whale purchased 198 billion SHIB at a price of $0.00000824 per coin from October 2021 to September 2023 through CEX withdrawals and on-chain purchases, spending a total of $1.63 million. Today, this same amount of SHIB was transferred into Coinbase at a price of $0.0000245 per coin, valued at $4.85 million in total. The investment cycle for this round of SHIB lasted two and half years and ultimately yielded about double the return.

Maker founder Rune Christensen posted on the X platform stating that PureDai will have its own new governance token, with the following main features:

1. The initial supply of PureDai governance tokens is 2 billion;

2. The initial supply will be distributed to NewStable mining users on the Ethereum mainnet within 5 years;

3. Permanently distributed to PureDai vaults users to subsidize the generation of PureDai;

4. Surplus parts of PureDai will be used to accumulate PureDai governance tokens through a smart burn engine;

5. The PureDai governance token will play a backstop role when bad debts occur in PureDai.

In previous news, Rune posted yesterday saying he would launch a stablecoin, PureDai, which remains faithful to the original vision of the protocol outside of NewStable.

Puffer Finance posted on social media that currently, there are 10,006.455 stETH in line waiting to be exchanged for ETH.

MN Trading's CEO and founder, Michaël van de Poppe, stated on X that he has sold all his Bitcoin and converted it into altcoins. He still expects that this bull market cycle is not over yet, and altcoins have already suffered unreasonable heavy losses. Although there are risks in investing in altcoins at present, the potential returns are huge.