Rhythm Morning News｜A summary of important news from last night and this morning on August 12

Bitcoin falls below $59,000

BlockBeats news, on August 12, according to HTX market data, Bitcoin fell below $59,000, and is now quoted at $58,972, a 24-hour drop of 3.01%.

Musk: Will have a live conversation with Trump on the X platform at 8 pm tomorrow evening Eastern Time

BlockBeats news, on August 12, Musk tweeted that he will have a live conversation with Trump on the X platform at 8 pm tomorrow evening Eastern Time (8 am Beijing time on August 13).

In addition, Musk said that Trump's interview will be unscripted and there will be no restrictions on topics in the interview.

The U.S. Bitcoin spot ETF has a cumulative net inflow of $17.341 billion

BlockBeats news, on August 12, according to Farside Investors data, the U.S. Bitcoin spot ETF has accumulated a net inflow of $17.341 billion since its launch, of which Grayscale GBTC has a net outflow of $19.451 billion, BlackRock IBIT has a net inflow of $20.317 billion, and Fidelity FBTC has a net inflow of $9.722 billion.

BitGo CEO emphasizes company's commitment to security and downplays Justin Sun's involvement

BlockBeats news, August 12, according to The Block, BitGo CEO Mike Belshe downplayed Justin Sun's involvement in the joint venture and emphasized BitGo's long-term commitment to security. Belshe said: "BiT Global has a dedicated team to manage multiple customer accounts, and they have the responsibility to ensure safe custody. They can't lend the funds, and they can't give the funds to Justin Sun, me or anyone else at will, otherwise they will violate the law and face the risk of imprisonment." He also said: "In terms of auditing, we have always had wbtc.network, which will continue to run."

Regarding Maker DAO, Belshe said he was willing to assist with due diligence to allay any concerns. Belshe said: "They asked good questions. They should figure out how to do due diligence well. This requires some new and creative ways to solve it, and I think people will eventually realize that this is not a big problem at all."

BlockBeats previously reported that on August 11, according to BitGo's official blog, BitGo and BiT Global are creating a joint venture to diversify WBTC's custody and cold storage businesses across multiple jurisdictions, and BitGo will become a minority shareholder in the new joint venture. The custody change will be seamless and transparent to the WBTC community, with a transition period of 60 days. The new solution will use the same BitGo multi-signature technology and cold storage technology that has been used to protect Bitcoin since 2019. It is reported that BiT Global is a regulated trust and company service provider (TCSP) headquartered in Hong Kong, with a strategic partnership with Justin Sun and the Tron ecosystem.

MakerDAO plans to reduce the size of WBTC collateral to deal with potential risks of custody changes

BlockBeats news, on August 11, MakerDAO plans to launch a "reduce WBTC collateral size" proposal in the executive vote on August 12 to deal with potential risks of custody changes. Including:

Core Treasury:

Reduce the WBTC-A DC-IAM quota (maximum guarantee amount) from 500M to 0;

Reduce the WBTC-B DC-IAM quota (maximum guarantee amount) from 250M to 0;

Reduce the WBTC-C DC-IAM quota (maximum guarantee amount) from 500M to 0.

SparkLend:

Borrowing of WBTC is prohibited;

Lowering the loan collateral ratio of WBTC from 74% to 0%.

BA Labs, a crypto risk analysis and assessment agency, said that given the upcoming change in WBTC custody, WBTC collateral integration faces higher potential risks on Maker and SparkLend. If Bitgo or other relevant parties cannot convincingly prove the security of maintaining the existing WBTC collateral integration, BA Labs will consider further adjusting parameters to protect the protocol until WBTC collateral on Maker and SparkLend is completely removed.

Source: Trump Jr.'s DeFi project may be a tokenized real estate project

BlockBeats reported that on August 11, Fox Business reporter Eleanor Terrett posted on the X platform that if real estate investor and founder of Witkoff Group Steve Witkoff participated in Trump Jr.'s crypto project, then this project is likely to be a tokenized real estate project.

According to public information, Steve Witkoff is an American real estate investment tycoon who successfully developed the 701TSQ building project in Times Square, New York. He and Donald Trump had business cooperation experience in their early years.

In the past 90 days, only the meme coin sector has maintained an increase, while the AI and chain game sectors have both fallen by more than 60%

BlockBeats news, on August 11, according to Dune panel data, in the past 90 days, only the meme coin sector has maintained an increase, while the AI and chain game sectors have both fallen by more than 60%. Among them:

The meme coin sector rose by 2.89%, making it the only sector to maintain an increase among the 11 sectors monitored. The Layer1 sector fell by 15.21%, which was relatively resistant to declines. The chain game sector and AI sector fell by 60.69% and 63.6% respectively.

Note: This panel selects mainstream tokens from different sectors as observation targets and combines them into indexes to calculate the rise and fall of each sector.

Base took 420 days to reach 100 million single addresses, second only to BNB Chain

BlockBeats news, on August 11, according to Coin98 Analytics statistics, Base is the only blockchain on the second fastest chain to exceed 100 million addresses, taking 420 days, slightly behind the first fastest BNB Chain's 414 days.

Jupiter co-founder: platform Swap does not charge fees

BlockBeats news, on August 12, Jupiter co-founder Meow said on the social platform that the team does not charge platform fees for Swap on Jupiter, and transactions are 100% free.

In response to a user's report that a certain address received tokens from Jupiter platform fees 2 days ago and is currently transferring these tokens, Meow said that this was a fee charged by a Swap API partner of the platform. Jupiter provides it with a new API function that can choose to charge fees in input or output, which will help in the future.