Rhythm Morning News｜A summary of important news from last night and this morning on May 9

Bitcoin fell below $61,000, down 2.13% in 24 hours

On May 9, according to OKX market data, Bitcoin fell below $61,000 and is currently quoted at $60,982, down 2.13% in 24 hours.

AI sector tokens fell across the board, WLD fell more than 10% in 24 hours

On May 9, according to market data, AI sector tokens fell across the board, including:

WLD fell 10.06% in 24 hours and is currently quoted at $5.329;

FET fell 8.87% in 24 hours and is currently quoted at $2.146;

AGIX fell 8.23% in 24 hours and is currently quoted at $0.893;

TAO fell 7.41% in 24 hours and is currently quoted at $389.9;

ARKM fell 7.15% in 24 hours and is currently quoted at $2.328.

friend.tech: In the next few days, 2/3 of the Club Key exchange agreement fees will begin to be returned to users

On May 9, friend.tech officials stated that in the next few days, 2/3 of the Club Key exchange agreement fees will begin to be returned to application users.

0.5% of the value of each exchange will belong to Club President, and the overall fees paid by the exchanger will also be reduced by 0.5%.

Nethermind collaborates with Near and Eigen Labs to advance blockchain abstraction

On May 9, Ethereum ecosystem developer Nethermind is working with Near and Eigen Labs on the NFFL project to advance blockchain abstraction. NFFL aims to significantly improve the scalability and interoperability of blockchains and is tested on the Holesky EigenLayer testnet.

MakerDAO: DAI supply surged by nearly 1 billion in the past two months

On May 9, MakerDAO officials said that DAI supply surged by nearly 1 billion in the past two months.

After SparkLend adjusted the Stability rate and DAI borrowing APY, and the DSR interest rate increased, DAI supply increased from 4.4 billion to 5.4 billion in 60 days.

In addition to the supply growth, DAI set a new record in April, with on-chain transactions reaching US$636.72 billion, becoming the stablecoin with the largest monthly on-chain transaction volume.

Velodrome completed 58% of transactions on the OP network in the past 24 hours, surpassing Uniswap for the first time in history

On May 8, according to official data, Velodrome completed 58% of the network's transactions on OP in the past 24 hours, surpassing Uniswap for the first time in history.

Crypto primary market trader Arbelos completes $28 million in financing, led by Dragonfly

On May 8, according to Fortune, Arbelos completed $28 million in financing, led by Dragonfly, with participation from FalcolnX, Circle, Paxos, Polygon and Deribit. Arbelos Markets will focus primarily on derivatives and over-the-counter transactions for institutional participants, providing trading liquidity for companies such as hedge funds and venture capital firms, and serving as a counterparty for popular products such as options and futures. This round of financing will end in mid-2023.

It is reported that both co-founders Lim and Tang started their careers in traditional finance before turning to cryptocurrency. Lim served as vice president of Circle's trading business and was responsible for the trading strategy of Galaxy Digital, a commercial bank founded by Mike Novogratz, before becoming the head of derivatives at Genesis Global Trading. Since 2017, Tang has served as chief investment officer and managing partner of LedgerPrime, a cryptocurrency hedge fund acquired by FTX.

FTX Creditors Committee: Evaluating the Reorganization Plan

On May 8, the FTX Unsecured Creditors Official Committee posted on social media that it had submitted a revised reorganization plan and an accompanying disclosure statement on May 7. The committee is continuing to evaluate the plan and is not currently a "supporting party" as defined in the plan. The deadline for objections to the disclosure statement is June 5, 2024. The committee believes that it is critical to maximize the recovery of creditors' interests and shorten the time required for recovery.

Crypto-related PACs have raised $102 million for the US election, with Coinbase and Ripple Labs as major supporters

On May 8, Fortune reported that a new report from consumer rights organization Public Citizen detailed the scope of donations in the cryptocurrency industry and found that digital asset-related super PACs (political action committees) have raised more than $102 million for the 2024 election, ranking third among all super PACs, more than half of which came from direct corporate spending, mainly provided by Coinbase and Ripple Labs. In the six completed primaries where cryptocurrency super PACs intervened, only one crypto-backed candidate lost.

Uniswap founder: founders and VCs need to stop valuing startup, unissued crypto projects at more than $1 billion

On May 9, Uniswap founder Hayden Adams posted on social media, "Cryptocurrency founders and venture capitalists need to stop valuing projects in the early stages of development and that have not yet issued tokens at more than $1 billion until they are truly worth this valuation. Building something worth 7-9 figures is an incredible achievement. Not every project needs to be a unicorn when it first starts."

In addition, Hayden Adams said, "Maybe it's a bit naive, but I think you can make more money as a founder by raising funds at a fair valuation (real talent wants upside) and as a venture investor by investing at a fair valuation (limited partners want upside). It's just a little harder to do this."

Trump plans to have dinner with supporters who bought his "Mugshot Edition" NFT on May 8, his day off. The dinner invitation showed that those invited to the dinner each bought more than 47 NFTs, each priced at $99. Trump complained outside the court on Tuesday that he would rather participate in the campaign than stand trial for what he called a "scam."

BlockBeats previously reported that on January 19, according to an official announcement, Trump Digital Trading Cards launched a limited edition "Mugshot" series on Bitcoin. Collectors who purchase 100 Trump digital trading cards will be able to get an additional limited edition 1/1 Bitcoin Ordinals card. The "Mugshot" series of cards will not be transferable until December 31, 2024.

ARK Invest sold approximately $8.86 million of Coinbase stock yesterday

On May 9, Cathie Wood's ARK Invest sold a total of 41,964 shares of Coinbase COIN on May 8, equivalent to approximately $8.86 million.

Grayscale CEO: Grayscale will focus on spot Ethereum products

On May 9, according to DL News, Grayscale CEO Michael Sonnenshein said on Wednesday that the company will focus on converting its Ethereum Trust Fund, the world's largest Ethereum Trust Fund, into a spot exchange-traded product.

Michael Sonnenshein said during an event hosted by the Financial Times in London: "At Grayscale, we decided to focus on our spot products. This is really the core of our DNA."

On Tuesday, the crypto-native asset management company withdrew its application to the U.S. Securities and Exchange Commission to offer an Ethereum futures ETF. The company submitted the application in October last year. Michael Sonnenshein said that the asset management company withdrew the application because there are already many futures products for investors to choose from.

"Sometimes we apply to launch a product. But that doesn't mean it will definitely be listed," said Michael Sonnenshein.

BitMEX announced the launch of options trading business, aiming to seize Deribit market share

On May 8, according to TheBlock, BitMEX announced a partnership with PowerTrade to launch options trading on its platform, aiming to seize market share from Deribit. PowerTrade is a cryptocurrency options platform whose supporters include Ascend Ventures, Pantera Capital and Ledger Prime.

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