Golden Morning Post | Ethereum recovers after second glitch in 24 hours

Headline

▌Ethereum recovered after the second performance failure within 24 hours, the reason is still under investigation

Jinse Finance reported that the Ethereum blockchain encountered a technical problem in the early hours of this morning, causing the network to stop, and it took more than an hour to finalize the block. This is the second such interruption in the past 24 hours. The incident, the cause of which remains a matter of speculation, raises major security concerns for users of the second-largest blockchain by market capitalization. According to the Ethereum Foundation, when blocks are not finalized, pending transactions risk being reordered or removed from the network. At the time of the interview, the network had resumed finalizing blocks, but this was the second performance hit in 24 hours for Ethereum, which suffered the same problem earlier yesterday when Final processing was suspended for approximately 25 minutes. (CoinDesk)

▌Data: Since the Shanghai upgrade 1 months, the net increase of ETH pledges exceeds 57 million pieces**

According to the news on May 12, Token.Unlock data shows that since the completion of the Shanghai upgrade of the Ethereum mainnet on April 13, about 3.14 million ETHs have been unstaked, and about 2.57 million ETHs have been newly deposited into pledges, showing a net increase in the total amount of pledges About 575,700 ETH. In addition, about 260,000 ETH are currently pending withdrawal.

▌BTC, ETH options of nearly 11 billion US dollars are about to expire, ETH options Costs at an all-time low**

According to news on May 12, 29,000 BTC options are about to expire, the PutCall Ratio is 0.63, the biggest pain point is $28,000, and the nominal value is $770 million. At the same time, 181,000 ETH options are about to expire, the PutCall Ratio is 0.81, the biggest pain point is $1900, and the nominal value is $320 million. It is worth noting that ETHIV hit a new all-time low this week. The cost of ETH options has reached an all-time low, and traders betting on the decline of ETH have begun to increase. (Greeks. live)

Quotes

As of press time, according to coinmarketcap data:

The latest transaction price of BTC is 26761.43 US dollars, with an intraday change of -0.76%;

The latest transaction price of ETH is 1805.31 US dollars, with an intraday increase and decrease of +0.67%;

The latest transaction price of BNB is 308.50 USD, with an intraday change of +0.38%;

The latest transaction price of XRP is US$0.4301, with an intraday increase and decrease of +2.20%;

The latest transaction price of DOGE is US$0.07232, with an intraday increase and decrease of +0.64%;

The latest transaction price of ADA is US$0.3704, with an intraday increase and decrease of +2.94%;

The latest transaction price of SOL is 20.98 US dollars, with an intraday increase and decrease of +4.01%.

policy

▌U.S. House Financial Services Committee Urges SEC To Reverse Its Proposed Crypto Custody Rules

According to news on May 12, Patrick McHenry, Chairman of the Financial Services Committee of the US House of Representatives, and French Hill, Chairman of the Digital Assets, Financial Technology and Inclusion Subcommittee, have sent a comment letter to the US Securities and Exchange Commission (SEC), asking the SEC to revoke its proposed Encrypted Escrow Rules. In the letter, the lawmakers said the SEC's proposed rule would prevent firms from serving as qualified custodians for registered investment advisers (RIAs) and would exceed the commission's statutory authority. They continue to ask the SEC to withdraw its proposed rule and comply with its statutory mandate. Prior to the news on May 9, a16z and the Blockchain Association both sent letters questioning the US SEC's proposed tightening of cryptocurrency custody rules.

▌EU plans to force crypto firms to provide tax authorities with details of assets held by their clients

Jinse Finance reported that the draft EU law shows that the EU plans to force cryptocurrency companies to provide tax authorities with detailed information on assets held by their customers. Share data within the group. The bill requires the commission to establish a register of crypto asset operators by December 2025, and the rules will apply from January 1, 2026. Some finance ministers have yet to receive formal approval from parliament, the people said. The bill requires crypto companies to register with the tax authority, and controversially, the law, known as the Eighth Directive on Administrative Cooperation (DAC8), still includes platforms for trading NFTs that can be used for payments or investments, as well as those from outside the EU. Suppliers with EU customers. Overseas crypto companies can report to foreign authorities in line with EU norms.

Blockchain Application

▌****Ethereum Core Developers Meeting: Discuss EIP-4844 and L2 EIP, it is expected that the next meeting will determine the scope of Cancun upgrade

On May 12th, Tim Beiko, the core developer of Ethereum, tweeted to summarize the discussion content of the latest executive layer meeting. Most of the discussions in this meeting focused on EIP-4844, and some brief discussions on L2 EIP, and Cancun overall plan. MarioVega.eth raised an issue about the block validity condition, which is implemented implicitly by some clients, but not all. We agree to this as an express condition of validity. Additionally, the Geth team is adding support for c-kzg and go-kzg to allow users to easily switch when encountering errors. The meeting also discussed two EIPs, one of which included EIP-6969 (a proposal to introduce/standardize CSR on Ethereum L2). Tim Beiko said he hopes to finalize the scope of the upgrade in the next meeting or two.

**▌MetaMask now supports US users to buy Ethereum via PayPal

On May 12th, according to the official blog, the encrypted wallet provider MetaMask has integrated PayPal into MetaMask through cooperation with PayPal to provide Ethereum purchase services for US users (except Hawaii). MetaMask says this makes it the first Web3 wallet to enable such transactions with PayPal. In addition to buying ETH directly, the integration also supports transferring ETH from PayPal to MetaMask to help more users self-custody. Previously, in December last year, MetaMask announced that it had reached a partnership with PayPal and would allow users to purchase Ethereum through PayPal.

▌****The Central Bank of Zimbabwe issued a gold-backed digital currency worth 140 billion Zimbabwe

Golden Finance reports, market news: The Central Bank of Zimbabwe has issued a gold-backed digital currency worth 14 billion Zimbabwe.

Cryptocurrency

▌BINANBTCWallet balance outflow of about 37000BTC in the past 7 days**

Jinse Finance reported that according to the latest data from Coinglass, 37,520.73 BTCs have flowed out of Binance’s Bitcoin wallet balance in the past 7 days. The current BTC balance held by Binance is 549,057.30 BTCs, and the current BTC balance held by CoinbasePro is 487,374.23 BTCs. The current BTC balance held by Bitfinex is 355,364.14 pieces.

▌PEPEThe market value has fallen below 5 billion US dollars

Jinse Finance reported that according to data from CoinGecko, the market value of PEPE fell back to 477 million US dollars, and the 24-hour trading volume of PEPE was about 555 million US dollars. The price of PEPE is currently $0.00000115, with a 24-hour drop of 38.14%.

▌Global Encryption CompanyQ1** received a total of 2.6 billion in venture capital, which has declined for four consecutive quarters**

As regulatory uncertainty continues to affect the cryptocurrency industry, global venture capital funding for cryptocurrency companies continues to decline in the first quarter of 2023, marking the fourth consecutive quarter of decline in investment activity in the sector . According to a research report released by the capital market analysis company PitchBook on May 12, in the first quarter of this year, crypto companies received US$2.6 billion in venture capital funding worldwide, which means that the value of transactions fell by 11% from the previous quarter. Globally, cryptocurrency-focused companies raised $2.6 billion across 353 investment rounds, and the number of deals also fell 12.2 percent. The analysis report pointed out: This is the lowest investment amount and number of transactions since the fourth quarter of 2020, representing the fourth consecutive quarter of decline in investment activity.

▌Bakkt**** large-scale removal of tokens, including AAVE, COMP, FIL, **** MKR**** and UNI etc.

Digital asset firm Bakkt has dropped 25 of the 36 crypto tokens listed on its recently acquired trading platform Apex Crypto, Jinse Finance reported. The list of delisted tokens is: Aave (AAVE), Avalanche (AVAX), Bancor Network Token (BNT), Basic Attention Token (BAT), Chainlink (LINK), Chiliz (CHZ), Compound Token (COMP), Cosmos (ATOM ), Curve DAO (CRV), Enjin Coin (ENJ), Fantom (FTM), Filecoin (FIL), GALA (GALA), The Graph (GRT), Internet Computer (ICP), Loopring (LRC), Maker DAO (MKR ), Republic (REN), Stellar (XLM), Sushiswap (SUSHI), Synthetix (SNX), Texos (XTZ) and Uniswap (UNI). Bakkt previously acquired Apex Crypto for $200 million, and the transaction is expected to be completed in the first half of 2023. This is part of the company's shift from retail to B2B.

Important economic developments

▌****The U.S. government is only $88 billion away from defaulting on its debt

The U.S. Treasury Department issued a statement on May 12, local time, stating that as of May 10, there were only $88 billion left in special measures to pay government bills, compared with about $110 billion a week ago. That means just over a quarter of the $333 billion authorized measures remain. The measures include a series of unconventional accounting tricks that will allow the government to continue borrowing even after exceeding the $31.4 trillion debt ceiling set by Congress.

Golden Encyclopedia

▌****COLD STORAGE

The term refers to keeping bitcoins offline. Cold storage is achieved when a private key for Bitcoin is created and at the same time that private key is stored in a secure offline environment. Cold storage is important for any bitcoin holder. Online computers are vulnerable to hackers and should not be used to store large amounts of Bitcoin.

Disclaimer** Disclaimer: As a blockchain information platform, Jinse Finance publishes articles for informational reference only and not as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness. **