Rhythm Evening News | A list of important news on May 14

Vitalik proposes EIP-7706 to add a new type of gas for transaction calldata

Ethereum co-founder Vitalik Buterin proposed EIP-7706 to add a new type of gas for transaction calldata.

The summary is to add a new transaction type that provides max_basefee and priority_fee as vectors, providing values for execution gas, blob gas, and calldata gas. Modify the base fee adjustment to use the same mechanism to handle these three types of gas.

Bloomberg Analyst: Ethereum Spot ETF is not expected to be approved by the US SEC before the end of 2025

According to DL News, there are only nine days left for the US Securities and Exchange Commission (SEC) to approve or reject the Ethereum spot ETF.

Eric Balchunas, senior ETF analyst at Bloomberg, said he does not expect the ETF to be approved before the end of 2025. Meanwhile, bettors on the on-chain prediction market Polymarket believe that there is a 14% chance that the US SEC will approve the ETF before May 31.

Coinbase Chief Legal Officer Questions SEC's Wells Notification Process

According to The Block, Coinbase Chief Legal Officer Paul Grewal claimed that the U.S. Securities and Exchange Commission failed to follow its own guidelines on Wells notifications.

In the SEC's legal filing against the crypto platform Debt Box on Monday, the agency stated that its staff "routinely provides a thorough interpretation of the evidence" used to prove its potential charges against an entity.

Grewal pointed out that this statement marks a major flaw in the SEC's enforcement action against Coinbase. Grewal said, "We have not received a 'thorough explanation' about which assets may trigger evidence of securities transactions. We simply don't know which assets are problematic, why the government does not follow its 'typical' procedures in our case, and what does this say about its claims?"

Sophon: Airdrop planned for Q3

Sophon, a modular blockchain based on zkSync, said on the social platform that it plans to airdrop in Q3.

As previously reported, on May 8, the entertainment-focused zkSync hyperchain network Sophon has raised $60 million worth of WETH through node sales. It is reported that the funds raised this time will be used to launch Sophon, an ecosystem centered on artificial intelligence (AI) and games, built as a modular Rollup using zero-knowledge (ZK) technology, which is scheduled to be launched in the third quarter of 2024.

Babylon to launch Testnet-4

Bitcoin staking protocol Babylon announced that it will launch Testnet-4 on May 16, 2024, and will focus on the security of staking Bitcoin by testing users' interactions with the BTC Signet test network.

LayerZero CEO: Up to 100,000 addresses have been recognized as witches

LayerZero CEO Bryan Pellegrino said on social platforms that up to 100,000 addresses have been recognized as witches.

As previously reported, on May 4, LayerZero officials said that all witch users would be given a chance, and those who self-reported within the next 14 days would receive 15% of the expected distribution.

GameStop (GME.N) US stocks rose more than 50%, continuing yesterday's surge

According to market data, GameStop (GME.N) US stocks rose more than 50%, continuing yesterday's surge. (Jinshi)

A Dutch judge will rule on the case of Tornado Cash developer Alexey Pertsev on May 14

A Dutch judge will rule on the case of Tornado Cash developer Alexey Pertsev today. Pertsev, 31, is accused of participating in the laundering of $1.2 billion through the cryptocurrency mixer Tornado Cash. If Pertsev is found guilty, experts expect it to have a "chilling effect" on the global open source community. Developers may be afraid to write code for fear of misuse, and investment may decrease. If Pertsev is acquitted, the judge will accept his explanation that the core technology of Tornado Cash - smart contracts - is legally able to operate independently of human intervention. More importantly, the managers of such platforms are not responsible for those who use the technology. The ruling of this case will change the direction of the development of crypto privacy.

Analysis: Worldcoin inflation rate may soar to 4% per day in the next 70 days, insiders try to cash out at high prices

DeFi researcher @DefiSquared recently pointed out that Worldcoin has a serious inflation problem, and its token WLD has a fully diluted market value of up to $60 billion, and in the coming months, the amount of WLD unlocked will increase significantly, which may lead to a large-scale sell-off.

Specifically, WLD is currently diluted by 0.6% per day due to rewards and operator claims. The Worldcoin Foundation has just announced that it will sell another $200 million worth of tokens to trading companies, equivalent to 18% of the existing circulating supply, and will be sold at a discount. This part of the funds comes from the part of the WLD token supply called "community", but it is sold to counterparties to benefit the foundation.

More importantly, after 70 days, when the VC and team tokens begin to unlock, the supply of WLD will increase by 4% per day. Based on a fully diluted market value of $60 billion, this is equivalent to nearly $50 million of sustained selling pressure per day.

According to analysis, Worldcoin's token economic model was designed to be predatory from the beginning to benefit the team and early investors. In December last year, the foundation even deliberately terminated the market maker contract, allowing prices to be squeezed up with low circulation. This manipulative design of low circulation and high valuation directly benefits insiders because they can hedge the high-valued locked shares through contracts and over-the-counter transactions before unlocking.

It is worth noting that most retail investors may not even know that Sam Altman is no longer actively involved in Worldcoin and that the project has nothing to do with OpenAI. Given this, it is ethically questionable to encourage the average retail investor who does not understand fully diluted market cap and inflation to buy into a fake AI coin at a $60 billion valuation. If you see strategic announcements in the coming months, keep in mind that this may just be to ensure insiders have exit liquidity at a high valuation.

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