Headline: Over $63 million in LINK transferred from unknown wallet to unknown wallet
According to Whale Alert, at around 23:08 on May 25th (Beijing time), 3,696,603 LINK tokens (worth $63,457,080) were transferred from an unknown wallet to another unknown wallet.
Headline: Zurich University of Applied Sciences Launches Europe’s First Master’s Program Dedicated to Bitcoin
The Zurich University of Applied Sciences is set to launch Europe’s first master’s program dedicated specifically to Bitcoin. The Bitcoin Economy HWZ CAS is a comprehensive course aimed at students in the financial industry.
Market Update:
As of the time of writing, according to Coingecko data:
– Bitcoin (BTC) recent trading price is $69,158.24, with a daily gain of +0.88%.
– Ethereum (ETH) recent trading price is $3,748.25, with a daily gain of +0.90%.
– Binance Coin (BNB) recent trading price is $601.78, with a daily gain of +0.29%.
– Solana (SOL) recent trading price is $167.85, with a daily gain of +1.03%.
– Dogecoin (DOGE) recent trading price is $0.1721, with a daily gain of +5.63%.
– XRP (XPR) recent trading price is $0.5407, with a daily gain of +1.10%.
Policy:
Headline: Paraguayan Authorities Arrest Nearly 400 Bitcoin Miners in Ciudad del Este
According to Bitcoin News, Paraguayan authorities have arrested nearly 400 Bitcoin miners in Ciudad del Este. The operation was conducted by the police and the National Electricity Administration (ADE) as part of an investigation into alleged electricity theft.
Headline: US Senator: Will Work to Protect Every American’s Right to Safeguard Their Private Keys
According to Bitcoin Magazine, US Senator Cynthia Lummis stated that if you don’t have control of your private keys, you don’t have control of your cryptocurrency. She will work to protect every American’s right to safeguard their private keys.
Blockchain Applications:
Headline: Polygon Growth Lead: Layer 3 Sacrifices Some Sovereignty, Relies on L2-Enforced Governance and Fee Extraction
Polygon Growth Lead Texan shared some insights on “Layer 3” on the X platform:
– Some propose using L3 to solve scalability issues in crypto, but they have many drawbacks.
– Aggregated L2s have all the benefits without the drawbacks and can truly achieve scalability.
– Some L3s can achieve interoperability within a single L2 ecosystem, but this would still dilute liquidity and users by creating walled gardens.
– Many L3 models that rely on L2 settlements include fee extraction.
– L3 sacrifices some sovereignty and relies on L2-enforced governance and fee extraction.
Headline: Horizen Foundation’s Migration Proposal for ZEN and EON Approved
Horizen blockchain announced that ZenIP 42405 vote indicating the Horizen Foundation’s migration proposal for ZEN and EON has concluded. The proposal received 99.99% approval votes, indicating its approval.
Cryptocurrencies:
Headline: Trump: Takes a Positive and Open Attitude Towards Cryptocurrency Companies and Related Industries
Donald Trump expressed his support for cryptocurrency on Truth Social. He stated, “Takes a positive and open attitude towards cryptocurrency companies and related industries. Our country must become a leader.” He also criticized Biden’s desire to see the cryptocurrency industry “slowly die in pain.”
Headline: Jupiter’s Third Round LFG Launchpad Voting Concludes, deBridge Chosen Project
Solana ecosystem DEX Jupiter announced on the X platform that the third round of LFG Launchpad voting has concluded, with deBridge winning with 59% of the votes. deBridge will launch on the LFG Launchpad in the coming months. Previously, deBridge announced its governance token DBR. The total supply of DBR is 10 billion tokens, aiming to decentralize governance and transfer control to DAO. The token distribution plan allocates 20% of the supply to the Launch and its community, with a circulating supply of 1.8 billion DBR tokens at launch. The remaining supply will be allocated as follows: 26% for supporting the ecosystem, 20% for core contributors, 17% for strategic partners, 15% for the deBridge Foundation, and 2% for validators.
Headline: NEAR Native Issuance of USDC Surpasses $200 Million
According to official sources, the NEAR Protocol’s native issuance of USDC has surpassed $200 million.
Headline: Cryptocurrency Hedge Fund Market Cap Grows to $21 Billion
Joshua de Vos, Research Director at data provider CCData, stated that the bankruptcies of hedge funds Three Arrows and Alameda Research provided an opportunity for new participants to enter the market after the rebound. Many surviving funds have achieved double and triple-digit returns in recent months. Given the cyclical nature of cryptocurrencies, it is likely that new crypto-native funds will emerge to fill the void left by these entities and take advantage of new opportunities. According to tracking firm Galaxy VisionTrack, the total market cap of cryptocurrency hedge funds has grown from $16.3 billion in December to a record $21 billion since October 2022.
Headline: RWA Report: Cryptocurrencies Rising as Real-World Assets
CoinGecko released its 2024 RWA report, stating that most real-world assets (RWA) are currently backed by stablecoins pegged to the US dollar. The top three USD stablecoins account for 95% of the market share, with Tether (USDT) having a market cap of $96.1 billion, USDC (USDC) at $26.8 billion, and Dai (DAI) at $4.9 billion. USDT remains dominant with a 71.4% market share. Meanwhile, USDC’s market share plummeted after briefly decoupling during the March 2023 US banking crisis and has yet to recover. Stable assets other than those pegged to the US dollar only make up 1% of the market. These assets include other fiat currencies such as Euro Tether (EURT), Offshore Renminbi Tether (CNHT), Mexican Peso Tether (MXNT), Euro to USD (EURC), Stasis Euro (EURS), and Turkish Lira (TRYB). The market cap of stable assets rose from $5.2 billion in early 2020 to a peak of $150.1 billion in March 2022 before gradually declining throughout the bear market. However, its market cap grew by 4.9% in 2024, from $128.2 billion at the beginning of the year to $134.6 billion on February 1st.
Important Economic Developments:
Headline: US Treasury Secretary: High Interest Rates Challenge US Debt
US Treasury Secretary Janet Yellen stated that the prospect of sustained high interest rates makes it more challenging to control US borrowing needs, highlighting the importance of focusing on increasing fiscal revenue in budget negotiations with Republican lawmakers. Yellen said, “We’ve raised our interest rate expectations, and that does have an effect. It makes it more challenging to keep the deficit and interest payments under control.” She emphasized the interest payments relative to GDP as an indicator. While this ratio has increased over the past year, the White House expects it to stabilize at around 1.3% over the next decade. “I don’t have a hard and fast rule, but I don’t want to see it go above 2%,” she said. This is her most explicit comment on this indicator to date.
Headline: Launch Pace of New Cryptocurrency Funds Currently Lower Than the Peak in 2017
According to Crypto Fund Research data, the launch pace of new cryptocurrency funds is currently lower than the peak in 2017 when around 73 new funds were launched per quarter, more than double the total number of crypto funds that year. Additionally, the financing for new funds is not as easy as before. In terms of venture capital, the funding size for new funds is often smaller compared to 2021 and 2022 as there are fewer new investors entering the space. According to VisionTrack’s data, in the first quarter, only $2.62 billion was invested in 631 venture capital transactions. This is lower than the $2.9 billion invested in 781 transactions during the same period last year and only a fraction of the $7.2 billion invested in 817 transactions in the first quarter of 2021.
Headline: US Stock Market’s Three Major Indexes Close Lower, Most Popular Tech Stocks Decline
The three major US stock indexes closed lower, with the Dow Jones Industrial Average (DJIA) down 1.53%, marking its worst single-day performance since March 2023. The Nasdaq Composite fell 0.39%, and the S&P 500 index dropped 0.74%. Most popular tech stocks declined, with Nvidia rising over 9% against the trend, while Intel fell over 4%. Tesla and AMD dropped over 3%, Apple fell over 2%, and Google and Amazon declined over 1%.
Goldipedia:
What is a Reentrancy Attack in Smart Contracts?
In a smart contract, a reentrancy attack occurs when the contract calls another contract or function externally before completing its own state changes. This allows the called contract to reenter the calling contract and potentially execute parts of its operations again, leading to unpredictable and frequent malicious behavior. For example, Contract A calls Contract B to transfer funds and then modifies its own state. The code of Contract B may include a callback function that allows it to reenter Contract A and potentially execute the transfer function again before Contract A completes its state changes. This would allow an attacker to repeatedly withdraw funds from the contract before the initial transaction is completed.
