Rhythm Morning News | EigenLayer and EigenDA are launched on Ethereum mainnet; Paradigm leads Monad Labs' $225 million financing

Featured News:

1. Grayscale transferred about 3,463 BTC to Coinbase Prime, equivalent to about US$243.7 million;

2. EigenLayer and EigenDA were launched on the Ethereum mainnet;

3. State Street Global: The Federal Reserve may cut interest rates by 50 basis points in June;

4. Monad Labs completed US$225 million in financing, led by Paradigm;

5. Hong Kong spot Bitcoin ETF will be listed as early as the end of April

Price Observation

Bitcoin fell below US$69,000

On April 10, according to According to OKX market data, Bitcoin fell below $69,000 and is now quoted at $68,879, a 24-hour drop of 3.12%.

SHDW rose by more than 30% in a short period of time, temporarily reported at $2.4354

On April 10, affected by the news that "Coinbase will launch Shadow Token (SHDW)", SHDW rose by more than 30% in a short period of time, temporarily reported at $2.4354.

Ethereum briefly fell below $3,500

On April 9, according to OKX market data, Ethereum briefly fell below $3,500 and is now quoted at $3,506.15, a 24-hour drop of 3.45%.

Transaction Tracking

Grayscale transferred about 3,463 BTC to Coinbase Prime, equivalent to about $243.7 million

On April 9, according to Arkham monitoring, Grayscale-associated addresses transferred about 3,463 BTC to Coinbase Prime, equivalent to about $243.7 million.

At the same time, about 2,150 BTC were transferred to three other addresses.

Project Dynamics

Immutable is building the game zkEVM chain system Immutable Nexus

On April 10, Immutable published an article introducing the game zkEVM chain system Immutable Nexus, ensuring that games built on the Immutable chain (including Immutable zkEVM and dedicated zkEVM) can obtain the best liquidity, security and accessibility.

Immutable Nexus is a system of interconnected blockchains consisting of the Immutable zkEVM chain and all the dedicated zkEVM chains on Immutable. Each dedicated zkEVM chain will have the same technology stack as Immutable zkEVM, but will offer unique customization options to meet the needs of specific game studios. These options include dedicated block space, the ability to configure native ERC-20 for payments and staking, and one-click blockchain hosting.

In addition, Immutable Nexus will include a set of ecosystem partners and cross-chain liquidity services to ensure that these chains do not operate in isolation and that various games can share the network effects provided by Immutable. Its ecosystem partners (marketplaces, deposit channels, etc.) will enable consistent functionality across chains and provide key services for games to drive their economic development.

Puffer and Wormhole reach a cooperation to achieve pufETH multi-chain interoperability

On April 10, Ethereum re-staking protocol Puffer Finance reached a cooperation with Wormhole to achieve pufETH multi-chain interoperability. More progress and details will be announced soon.

EigenLayer and EigenDA are launched on the Ethereum mainnet

On April 10, according to official news, the liquidity re-pledge protocol EigenLayer announced that it was officially launched on the Ethereum mainnet. The release was also accompanied by the data availability (DA) service EigenDA launched by the EigenLayer team.

As an active verification service (AVS), EigenDA is designed to help other blockchain protocols store transaction data and other information. The initial release of EigenLayer will limit some functions. Sreeram Kannan, CEO of Eigen Labs, called the first release of the protocol a "beta version" in an interview last week.

a16z Crypto launches zkEVM solution Jolt, which will speed up blockchain expansion operations

On April 10, according to The Block, a16z Crypto launched a zkEVM solution called Jolt, which aims to accelerate and simplify blockchain expansion operations.

Jolt integrates SNARK zero-knowledge proofs and provides a framework for EVM-compatible Rollups, which can help developers create SNARK-based L2 solutions. The team said that compared with the current zkVM, Jolt is "twice as fast."

NFTFI Token Economics Announced: Total 2 billion, to be opened at the end of April

On April 10, the peer-to-peer NFT lending agreement NFTfi Foundation announced the token economics of its governance token NFTFI, with a total of 2 billion (ERC-20) and an estimated initial circulation of 220 million. The NFTFI application portal is expected to open later in April.

Parallel Network: All Parallel users are eligible for points airdrop

On April 9, Parallel Network, the L2 project of the Arbitrum ecosystem, tweeted that all Parallel users will be eligible for the upcoming points airdrop, and more details will be announced soon.

MetaMask and Daylight launch ecological airinvestment qualification query

On April 9, MetaMask announced that it would cooperate with Web3 information aggregation platform Daylight to launch the ecological airinvestment qualification query function, which supports users to verify the project airinvestment qualification in seconds.

At the same time, popular NFT collections are added to users based on their on-chain activities. These issuances come from collections that data speculates that users may like.

Zeta Markets launches native token Z, 10% will be used for airdrops

On April 9, Zeta Markets, a decentralized contract trading platform in the Solana ecosystem, announced the upcoming launch of its native token Z, with practical uses including governance, staking, and incentives.

The total amount of Z is 1 billion, of which 10% will be used for airdrops to reward Zeta users and strategic communities on Solana, and 30% will be used for incentives.

In addition, the second season of Z-Score will last until the launch of Z, and there is no snapshot yet. The Z token is designed to power Zeta Markets’ governance and protocol growth.

ZeroLend to launch its governance token ZERO on April 29

On April 9, multi-chain lending protocol ZeroLend announced that it plans to launch the governance token ZERO on April 29, and other details about TGE will be announced soon.

ZeroLend supports zkSync, Manta Network, Blast, Linea, and Ethereum, allowing users to deposit supported tokens and earn income from them.

DeXe Protocol becomes DWF Labs new ecological partner

On April 9, DAO infrastructure DeXe Protocol became DWF Labs new ecological partner. The DAO tool on DeXe will change the rules because DAO provides a revolutionary way to manage assets and funds.

STEPN will distribute FSL points airdrops to Genesis Sneaker holders, which can be exchanged for GMT at a 1:1 ratio

On April 9, STEPN officially announced that it will distribute FSL points airdrops to Genesis Sneaker holders within 24 hours (which can be exchanged for GMT at a 1:1 ratio). The airdrop rewards will be divided into three levels according to the holding time. The lowest level of rewards requires holding Genesis Sneaker for at least 6 months, and the highest level of rewards requires holding for at least 24 months.

The snapshot was completed on April 7. To obtain the airdrop rewards, users must consume at least 2 energy points within 30 days before April 3.

Open Campus launches L3 Rollup network EDU Chain

On April 9, Web3 education platform Open Campus launched L3 Rollup network EDU Chain, aiming to create a breakthrough "learn, own and earn money" model in the education field and build a vibrant Dapp ecosystem on EDU Chain.

DTX will launch SAGA, DEGEN and TNSR perpetual contract transactions

On April 9, Blast ecosystem Perp Dex project DTX announced that it will soon launch Saga (SAGA), Degen (DEGEN) and Tensor (TNSR) perpetual contract transactions.

deBridge launches points program, tokens will be launched after the first season of points release

On April 9, the cross-chain interoperability protocol deBridge has launched the first season of its points program. According to the team, deBridge is retroactively distributing points to more than 200,000 existing users who have paid a total of $2.3 million in fees based on past activities. These include partner projects such as Jupiter, Solflare, Zeta Markets, Banana Gun and Birdeye, which have integrated the deBridge protocol into their applications.

The team said, "The program rewards past loyalty through multiples of past and future activity, while encouraging and incentivizing new users to experience deBridge's near-instant settlement, deep liquidity, and tight spreads on local bridge transfers."

deBridge's native token will be launched after the first quarter points are released. However, the project did not disclose more information such as the specific criteria of the program, the date of the proposed token issuance, etc.

Mantle will distribute MNT token incentives to high-quality projects, with a total prize pool of $1 million

On April 9, the Layer2 network Mantle launched the "Mantle Scouts" program, which will be trial-run from April to October. The ecosystem will work closely with 16 well-respected investors, founders, and thought leaders to support early-stage projects and distribute $1 million worth of MNT tokens to high-quality projects.

CeFi News

Coinbase will list Shadow Token (SHDW)

On April 9, Coinbase will list Shadow Token (SHDW).

If liquidity conditions are met, trading will begin at around 12 noon EST on April 10. Once the supply of the asset is sufficient, the SHDW-USD trading pair will be launched in stages.

Opinion data

Fidelity FBTC only needs an inflow of US$21 million to reverse the single-day net outflow

On April 10, yesterday, Fidelity FBTC only needed an inflow of US$21 million to reverse the single-day net outflow.

Yesterday, BlackRock IBIT inflow of US$129 million, trading volume reached US$1.39 billion

On April 10, according to HODL15Capital monitoring, the Bitcoin spot ETF trading volume data on April 9 were as follows:

BlackRock IBIT - US$1.39 billion;

Grayscale GBTC - US$679 million;

Fidelity FBTC - US$489 million;

ProShares BITO - US$324 million;

ARKB - US$172 million;

BITB - US$78.89 million.

Of these, BlackRock IBIT received an inflow of $129 million, and Grayscale GBTC received an outflow of $155 million.

In the past hour, the entire network had a liquidation of $62.2978 million, mainly in long positions

On April 9, according to Coinglass data, the entire network had a liquidation of $62.2978 million in the past hour, of which long orders were liquidated for $59.79 million and short orders were liquidated for $2.5078 million.

Arkham: Competitors spread rumors, and huge token transfers are reasonable arrangements

On April 9, Arkham issued a statement in response to the ARKM huge token transfer, saying that two competitors spread rumors to try to create panic. Arkham clarified that the relevant ARKM token transfers were all tokens unlocked according to the token economics published here, and both transfers were unlocked tokens:

1. 20 million ARKM were transferred from the foundation treasury to a separate wallet. The transaction has been approved in the recent Arkham governance proposal;

2. 5 million ARKM from the ecosystem fund. These tokens were unlocked according to the published token economics. The ecosystem fund currently holds 260 million ARKM.

State Street Global Advisors: The Fed may cut interest rates by 50 basis points in June

On April 9, State Street Global Advisors deviated from the recent market's increasingly hawkish consensus and bet that the Federal Reserve will cut interest rates by 50 basis points as early as June.

The institution, which manages $3.6 trillion in assets, believes that the Federal Reserve will cut interest rates before the US presidential election in November. By the end of this year, the company expects the Federal Reserve to have cut interest rates by a cumulative 150 basis points, which is 2.5 times the current market pricing.

A string of strong U.S. economic data, including last Friday's better-than-expected U.S. nonfarm payrolls report, and comments from hawkish officials that the Fed may not need to cut interest rates at all, have driven the market's repricing of easing expectations and sent U.S. Treasury yields to a four-month high.

However, State Street Global Advisors still insists that the U.S. economy is not as strong as it appears, and indicators such as credit card default rates and small business credit costs indicate that the economy may decline later this year. (Jinshi)

Analysis: The address that previously withdrew a large amount of GMT from CEX was its team address

On April 9, according to @EmberCN analysis, two addresses (0xc7e, 0x8a6) withdrew 228 million GMT from Binance between March 23 and March 29, which attracted a lot of attention.

At present, these two addresses should belong to the project team: One of the two addresses (0xc7e) distributed 251 million GMT (about 82.4 million US dollars) to 22 addresses including Binance Labs in the past hour.

These addresses have previously received unlocked GMT every month, and should belong to GMT investors or consultants. This time is likely to be a token distribution for investors/consultants.

It is estimated that there are about 10 days left before the Bitcoin "halving"

On April 9, according to BTC.com, it is estimated that there are about 10 days left before the fourth Bitcoin "halving", with 1,551 blocks remaining. The halving time is expected to be April 20, 2024.

Mantle network TVL exceeds 1 billion US dollars, setting a new record

On April 9, according to L2BEAT data, the total locked volume (TVL) of the Ethereum L2 network Mantle Network has exceeded 1 billion US dollars, reaching 1.03 billion US dollars, setting a new record, with an increase of 17.75% in the past seven days.

Financing Express

OpenTrade Completes $3.2 Million Seed Round, CSX and Other Participants

On April 10, Web3 institutional lending and yield product platform OpenTrade completed a $3.2 million seed round of financing, with participation from a16z Crypto Startup Accelerator (CSX), CMCC Global, Draper Dragon, Ryze Labs and Plassa Capital.

OpenTrade is built on Circle's payment and DeFi infrastructure. Through OpenTrade, regulated asset managers can create on-chain lending products that can afford yields and deposit USDC or EURC into on-chain vaults with certain investment standards and target returns.

Storm Labs Completes $3 Million in Financing, Led by Electric Capital

On April 9, according to CoinDesk, open source software studio Storm Labs completed $3 million in financing, led by Electric Capital, with participation from Accomplice, Robot Ventures, etc.

The new funds will be used to build Cove, an on-chain portfolio manager. Cove allows users to build and manage customized DeFi portfolios without manual operations.

Web3 beauty company Kiki World completes $7 million seed round of financing, with participation from a16z and others

On April 9, Web3 beauty startup Kiki World completed a $7 million seed round of financing, with participation from a16z, Estee Lauder's New Incubation Ventures, OrangeDao and 2Punks Capital.

Kiki allows community members to vote on the features they want in beauty products before they are produced. As a reward, voters can earn points to purchase free products and receive the company's digital tokens. Members' product votes will be recorded on Ethereum.

Monad Labs Completes $225 Million in Financing, Paradigm Leads Investment

On April 9, according to Fortune magazine, Layer 1 blockchain Monad Labs completed $225 million in financing, led by Paradigm, with participation from IOSG Ventures, SevenX Ventures, Electric Capital and Greenoaks.

This will be the largest cryptocurrency financing so far in 2024. Monad founder Keone Hon said that Monad's innovation comes from rebuilding Ethereum's blockchain from scratch - maintaining the ability to execute smart contracts while completing transactions at a faster speed, higher capacity and lower cost. Unlike many new blockchains, Monad will fully support EVM.

NuLink receives investment from DWF Labs, and the two parties reach a strategic cooperation

On April 9, according to official news, NuLink, a decentralized solution focusing on data encryption and privacy protection, announced that it has received investment from DWF Labs, and the two parties have reached a strategic cooperation.

Bitcoin's second-layer Mezo completes $21 million Series A financing, led by Pantera Capital

On April 9, Bitcoin's second-layer network Mezo completed $21 million in Series A financing, led by Pantera Capital, with participation from Multicoin, Hack VC, Draper Associates, etc.

Mezo was launched by Thesis, a startup studio founded in 2014. Mezo puts the previously idle Bitcoin assets in the hands of holders to "use" through a points program called "HODL Proof". The longer the Bitcoin is stored, the higher the contributor's "HODL score multiplier".

Mezo aims to deepen the functionality of Bitcoin infrastructure by facilitating cheaper and faster transactions without deviating from the basic principles of the network.

Regulatory News

Hong Kong spot Bitcoin ETF will be listed as early as the end of April

On April 10, according to Tencent Finance's "First Line" report, the Hong Kong Securities Regulatory Commission urgently updated the list of virtual asset management funds in the early morning of April 10 because it planned to announce the list of the first batch of Hong Kong spot Bitcoin ETFs on April 15.

The Hong Kong Securities Regulatory Commission originally planned to approve a total of 4 spot Bitcoin ETFs in the first batch, including China Asset Management, Bosera Funds and Value Partners Financial in addition to Harvest International. However, Bosera Funds and Value Partners Financial have not yet appeared in the list of virtual asset management funds updated by the Hong Kong Securities Regulatory Commission in the early morning of April 10.

According to Hong Kong's procedures, after the Hong Kong Securities and Futures Commission approved the first batch of spot Bitcoin ETFs on April 15, the Hong Kong Stock Exchange needed about 2 weeks to prepare for product listing and other matters. However, the entire spot Bitcoin ETF project had detailed communication and planning with the Hong Kong Stock Exchange in advance, and it is expected to be completed in about 10 days. The Hong Kong Securities and Futures Commission originally planned to list the spot Bitcoin ETF in Hong Kong around April 25, no later than the end of April.

Harvest and China Asset Management obtain virtual asset management qualifications in Hong Kong

On April 10, according to Tencent Finance's "First Line" report, the Hong Kong Securities Regulatory Commission updated the list of fund companies that manage virtual assets on its official website, adding Harvest International Asset Management Co., Ltd. (abbreviated as Harvest International) and China Asset Management (Hong Kong) Co., Ltd. (abbreviated as China Asset Management), that is, virtual asset management business has been newly added to the original traditional asset management business of these public funds.

Harvest International and China Asset Management are among the first public funds in Hong Kong to enter the virtual asset management fund company list. This means that the leading public fund companies in the mainland have finally entered the virtual asset industry in Hong Kong and have the qualifications to issue cryptocurrency fund products.

Former Ethereum consultant files lawsuit against the US government and intends to claim $9.6 billion

On April 9, according to Cointelgraph, former early Ethereum consultant Steven Nerayoff has filed a lawsuit against the US government, accusing federal agents of false accusations against him between 2019 and 2023.

Steven Nerayoff has filed a Federal Tort Claims Act (FTCA) lawsuit against him in a blackmail case, demanding $9.6 billion in compensation from the US government.

Binance CEO: Cultural issues have been overcome, and Binance has now entered the "regulatory maturity stage"

On April 9, Binance CEO Richard Teng told CNBC on Tuesday that cultural issues had been overcome after Binance reached a settlement with the U.S. Department of Justice.

Richard Teng said that the complaints involved incidents that occurred in the "early" stages of the company's development, and the company has now entered the "regulatory maturity stage."

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