Rhythm Evening News｜An overview of important information in the crypto industry on May 9, GN!

Binance: The platform implements strict market monitoring procedures and resolutely does not tolerate any market abuse

In response to the report of the Wall Street Journal, Binance officially responded that the platform implements strict market monitoring procedures and resolutely does not tolerate any market abuse. In the past three years, the platform has offline nearly 355,000 users for violating the terms of use, involving transactions of more than 2.5 trillion US dollars.

Binance emphasized that the competition among market makers is fierce, and the responsibility of its investigation team is to remain neutral, review all evidence impartially, ensure healthy competition in the industry, and protect users from market manipulation.

Binance's supervisory team recommended the ban of DWF Labs in September last year, but internal disputes led to the resolution not being implemented and the reorganization of the supervisory team

According to the Wall Street Journal, Binance investigators found that DWF Labs manipulated the prices of YGG and at least six other tokens and conducted more than $300 million in wash trades in 2023. According to some former company insiders, the investigation concluded that these actions violated the terms of use.

The Binance supervisory team submitted a report recommending the ban of DWF Labs in late September last year. In the following days, the head of Binance's VIP customer department and her employees questioned the findings and complained to the company. Another division at Binance, which assesses employees for compliance, launched its own investigation into the market monitoring team and the evidence they had gathered about DWF Labs. A Binance executive said the new investigation determined there was insufficient evidence that DWF Labs engaged in market manipulation. The self-trading found by the monitoring team was likely unintentional so-called self-trades that alone might not constitute manipulation.

The Binance executive said Binance also believed the head of the monitoring team worked too closely in the case with a competitor of DWF Labs that filed the initial complaint.

Company leadership then rejected the monitoring team’s request to ban DWF Labs. A week after the DWF Labs report was filed, they fired the head of the monitoring team. Binance executives attributed this to cost-saving measures and fired several more investigators in the following months. Others left voluntarily. Today, the team is about the same size as before, the Binance executive said.

The total transaction volume of Hong Kong's six Bitcoin and Ethereum spot ETFs today was approximately HK$19.1 million, down 27% from yesterday

Hong Kong stock market data showed that as of the close, the transaction volume of today's six Hong Kong virtual asset ETFs was HK$19.1258 million, down 27% from yesterday. Among them:

The trading volume of Hua Xia Bitcoin ETF (3042.HK) was HK$4.0287 million;

The trading volume of Hua Xia Ethereum ETF (3046.HK) was HK$816,700;

The trading volume of Harvest Bitcoin ETF (3439.HK) was HK$9.1015 million;

The trading volume of Harvest Ethereum ETF (3179.HK) was HK$2.5437 million;

The trading volume of Bosera HashKey Bitcoin ETF (3008.HK) was HK$2.4565 million;

The trading volume of Bosera HashKey Ethereum ETF (3009.HK) was HK$182,400.

Vitalik writes about the necessity and implementation of Ethereum's introduction of a multi-dimensional Gas pricing mechanism

Ethereum founder Vitalik Buterin published a long article, in-depth discussion of the importance and feasible path of introducing a multi-dimensional Gas pricing mechanism in Ethereum.

Vitalik pointed out that Ethereum currently simplifies the pricing and limits of all resources into a single dimension of Gas, which simplifies market design but also causes significant efficiency losses. If the network needs to manage n different resources, a single-dimensional Gas may result in a throughput loss of n times.

EIP-4844 introduced multi-dimensional pricing in Ethereum for the first time, added a dedicated Blob data area, and set independent prices and limits for it. This improvement reduces the cost of Rollup by 100 times and increases transaction volume by more than 3 times, while the theoretical maximum block size only increases slightly.

The article also discusses the necessity of adopting multi-dimensional Gas when introducing storage proofs for stateless clients. Due to the quantum security risks of the Verkle tree solution, the community hopes to use Binary Merkle trees and STARK instead, but their proof generation speed is much slower. By independently pricing and restricting storage access, cost issues caused by raising Gas prices can be avoided while ensuring stability.

In addition, Vitalik also proposed two solutions to achieve multi-dimensional Gas pricing:

1. The simpler one is to set a resource cap for each transaction, that is, the Gas of each transaction is priced at the larger value of the consumed data and computing resources, as suggested by EIP-7623.

2. The ideal but more complex solution is to establish a dynamic adjustment mechanism similar to EIP-1559 for each resource.

Vitalik emphasized that the introduction of multi-dimensional execution Gas will bring certain complexity at the EVM level, but in order to safely improve the scalability of Ethereum L1, this trade-off is worth it. The community also needs to further explore more elegant designs in terms of the economy and development friendliness of the solution.

Bitcoin mining difficulty dropped by 5.6%, the largest drop since December 2022

According to BTC.com data, Bitcoin mining difficulty ushered in a mining difficulty adjustment at block height 842,688 (2024-05-09 19:00:14), and Bitcoin mining difficulty dropped by 5.6% to 83.15 T, the largest drop since December 2022.

Optimism announced that the Superchain ecosystem supports Layer 3, allowing custom Gas tokens and DA layers

Optimism announced that its Superchain ecosystem now supports Layer 3. Layer 3 projects can join the Superchain ecosystem by building on the OP Stack and sharing sequencer revenue with the Optimism Collective.

Layer 3 projects that join Superchain will be eligible for incentives such as retroactive funding, airdrops, and growth programs, and have access to Optimism's extensive developer network. To support Layer 3 integration, Optimism has introduced two new features in the OP Stack: allowing chains to customize Gas tokens, and allowing chains to choose their own data availability (DA) layer.

Although the Layer 3 chain joining Superchain will deviate from the standard OP Stack configuration and affect the launch of interoperability features, Optimism is ready to incorporate Layer 3 into its ecosystem. In the future, multiple infrastructure teams including Syndicate, Caldera, Gelato Network, etc. will support projects to develop Layer 3 within Superchain.

opBNB testnet will undergo four hard fork upgrades on May 15, and Gas fees will be reduced by 10 times

opBNB released version v0.4.0 and announced that it will carry out four hard fork upgrades on the testnet from 06:00-06:30 UTC on May 15, including Snow, Shanghai/Canyon, Delta, and Cancun/Ecotone.

This upgrade will reduce the Gas fee of the opBNB test network by 10 times. The opBNB team reminds that all test network nodes must be upgraded to the latest version before 06:00 UTC on May 15. In addition, this upgrade also includes the transition of DA data from calldata to blob format, as well as changes to multiple op-node configurations.

Libra fork project 0L Network forced hard fork to cause controversy, investors accused it of "confiscating" seven-digit assets without warning

According to Twitter user @nn_blossoms, the Libra fork project 0L Network team recently forced a hard fork without fully informing the community, resulting in the destruction of about 4% of the token supply, and the wallet assets of some coin holders were also affected, involving an amount of up to seven figures in US dollars.

According to @nn_blossoms, the reason for the hard fork of 0L Network was that a "rebellious" core member exploited a contract loophole to unlock a large number of tokens in advance. But the controversy is that the project team was aware of this loophole and did not pay attention to it or fix it at the time. It was not until the token price rose sharply that the team hastily decided to destroy these "illegally" unlocked tokens through a fork, but it also affected many innocent users who had previously purchased tokens through over-the-counter (OTC) transactions.

@nn_blossoms said that as one of the early OTC buyers, he bought a batch of 0L tokens for $1.47 million two years ago, but now he has been "kicked out" by the team. He accused the project of not providing adequate information disclosure and compensation plans before the fork, and did not give affected users any opportunity to appeal, which was extremely irresponsible.

In addition, @nn_blossoms also questioned the ethics and professionalism of the team behind 0L Network, saying that its leader 0D was actually Lucas Geiger, who was accused of fraud by the U.S. Securities and Exchange Commission (SEC). At present, 0L Network has not yet responded to this incident.

Sanctum Token Economics Proposal: 40% of the total supply will be managed by the community, and 16% will be used for strategic reserves

Sanctum founder FP Lee initiated a proposal for Sanctum token economics and called for community feedback. Proposal:

40% of the total token supply will be managed by the community. A portion of it will be used for the initial airdrop, and the remaining tokens are intended to be distributed through at least 4 rounds of airdrops; 25% of the supply is allocated to founders and core contributors as a reward for building Sanctum for more than 3 years; 16% is used for strategic reserves to develop the Sanctum ecosystem, including future acquisitions, strategic investors, LST partners, grant recipients, market makers, and loans from CEX, etc. 5% will be used for seed liquidity in LFG Launchpool; 1% will be allocated to Jupiter LFG; 13% of the supply has been allocated to investors. All team and investor tokens are unlocked in 3 years and have a 1-year cliff. This means that 33% of the tokens will be unlocked within a year after the TGE, and the other 66% will be linearly vested within 24 months after the cliff. All team and investor tokens will be fully vested 36 months after the TGE.

EOS's new token model is expected to be deployed to the mainnet at the end of this month, and EOS staking rewards will be launched in June

Yves La Rose, CEO of the EOS Network Foundation (ENF), said in a post: "Our current goal is to complete the coding, auditing, testing, and submitting the new EOS token economic model as an MSIG (multi-signature proposal) so that it can be deployed to the mainnet by the end of May. After this initial activation phase, our goal is to launch EOS staking rewards by the end of June."

BlockBeats previously reported that Yves La Rose proposed a new token economics, the main points of which include:

80% of the total future supply will be destroyed;

Inflation will be turned off;

The supply cap will be set at 2.1 billion tokens;

4-year halving cycle;

About 950 million EOS will be minted;

Staking rewards related to lock-in;

Support for the RAM market.

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