Golden Morning Post | dYdX launches public testnet on Cosmos

Headline

▌dYdX launches public testnet on Cosmos

Golden Finance reports that decentralized exchange (DEX) dYdX has launched its public test network on Cosmos, getting closer to transitioning from the current version built on Ethereum. Users can now place market orders, generate private keys and place limit orders using advanced options on the dYdX testnet. The public testnet has launched bitcoin and ethereum markets, but the company said it expects to eventually cover around 30 more markets as the network upgrades. The ethereum incumbent platform, known for its perpetual contracts, has seen more than $728 million in trading volume in the past 24 hours, according to the company’s website. The platform’s governance token, DYDX, has seen steady gains over the past two weeks, gaining 23%.

Quotes

As of press time, according to coinmarketcap data:

The latest transaction price of BTC is 30496.21 US dollars, with an intraday change of -1.00%;

The latest transaction price of ETH is 1914.22 US dollars, with an intraday change of -1.25%;

The latest transaction price of BNB is 239.2 US dollars, with an intraday change of -1.48%;

The latest transaction price of LTC is 102.61 US dollars, with an intraday change of -2.84%;

The latest transaction price of ARB is 1.112 US dollars, with an intraday change of -3.89%;

The latest transaction price of FIL is US$4.62, with an intraday increase and decrease of +0.89%;

The recent transaction price of DOGE is US$0.6715, with an intraday change of -3.00%.

policy

▌Israeli Lawmaker Supports Elimination of Taxes on Cryptocurrency Capital Gains for Foreigners

Golden Finance reported that the Israeli parliament, or Congress, has passed a bill in preliminary deliberations to extend certain tax incentives applicable to Israeli high-tech companies to the country’s cryptocurrency industry. If passed into law, the bill would exempt foreign residents from taxes on capital gains from sales of digital currencies and reduce taxes on employee cryptocurrency options (similar to stock options) from 50 percent to about 25 percent. The bill is backed by Prime Minister Benjamin Netanyahu's coalition government and is in line with his economic policies to attract investors and businesses to Israel.

▌The former chairman of the US CFTC proposed to create an encryption self-regulatory organization under the supervision of the SEC and CFTC

On July 5th, Timothy Massad, the former chairman of the US Commodity Futures Trading Commission (CFTC), proposed to create a self-regulatory organization (SRO) to avoid ("enforcement supervision" and "incoming registration") when talking about cryptocurrency regulatory solutions. ) throughout the debate, an organization that accepts oversight from the SEC and CFTC to develop a common set of investor protection standards for cryptocurrency intermediaries and the digital assets traded on them. Massad also added that he is not concerned that other jurisdictions will overtake the U.S., noting that implementing new laws such as the EU Markets in Cryptoassets (MiCA) regime will be more complicated than people think.

Blockchain Application

▌HSBC tests quantum-safe financial transaction network in the UK

Jinse Finance reported that HSBC will cooperate with Amazon Web Services, British Telecom and Toshiba to conduct a series of trials and experiments using quantum encryption technology. HSBC is the first bank to commit to trialing a new quantum "metro" network, a secure transaction system that uses unbreakable encryption technology to secure transactions through quantum cryptography. Developed by Toshiba in partnership with telecommunications giant BT, the quantum metro network is designed to allow transactions between institutions to be carried out unconditionally and securely. HSBC will trial several use cases on the network, including financial transactions, video calling and edge computing. One of the key uses of quantum technology that HSBC is testing is called "quantum key distribution" (QKD), allowing two parties separated by a certain distance to send information to each other in a secure manner.

Cryptocurrency

▌Report: Uphold currently holds $1.056 billion worth of XRP reserves

Jinse Finance reported that the well-known cryptocurrency broker Uphold released its reserve data, revealing a large number of XRP token holdings. The report, which caught the attention of the XRP community, revealed that Uphold currently holds $1.056 billion worth of XRP reserves. According to the latest data, Uphold’s holdings actually cover obligations beyond XRP holders. The noteworthy report also caught the attention of prominent lawyer and digital asset enthusiast John Deaton, who praised Uphold’s XRP balance sheet.

▌Annual report on the economic well-being of American households: the poorest use cryptocurrencies for retail or P2P payments at a higher rate

Golden Finance reported that the Federal Reserve released the 2022 annual report on the economic well-being of American households. The section devoted to cryptocurrencies shows that while the overall figure remains low, the poorest use cryptocurrencies for retail or P2P payments at a higher rate. The survey asked whether people used cryptocurrencies for payments and investments. Nine percent of respondents in the lowest income group earning less than $25,000 use cryptocurrencies for any purpose. 4% of this group use it for payments and 5% see cryptocurrencies as an investment. In other words, 44% of the low-income crypto group uses it for payments. In contrast, only 16% of the wealthiest cryptocurrency holders (2 out of 12) said they used cryptocurrencies for payments.

▌BlackRock CEO: Bitcoin, as the largest cryptocurrency by market value, has the role of "digitizing gold"

On July 6th, Larry Fink, chief executive of BlackRock, expressed the hope that he would cooperate with regulators and understand any thoughts on the asset management company's recent bitcoin spot exchange-traded fund (ETF) application. . He also said that Bitcoin, the largest cryptocurrency by market capitalization, has the effect of "digitizing gold." We have a good record of working with regulators and work hard to ensure we consider all issues surrounding any application. We work closely with regulators and we want to hear from regulators.

▌Cryptocurrency salary company Bitwage announced that it will ban US residents from using USDC

Jinse Finance reported that in an email sent to customers on July 5, the cryptocurrency salary company Bitwage announced that it would prohibit US residents from using USDC for payment. Over the past month, U.S. financial regulators have stepped up their regulatory scrutiny of the cryptocurrency space, bringing charges against major cryptocurrency firms such as Binance and Coinbase. The crypto payments company warned that users who failed to delete the stablecoin will have to reset their wallets and bank accounts by July 13. And said that if reset, you will have to reset your wallet and bank account before we can deposit your next paycheck. Meanwhile, the company noted that U.S. residents can continue to receive payments in other cryptocurrencies, such as stablecoins like BTC and Celo, Tether’s USDT and DAI.

▌Encrypted storage token Storj rises 43% as transaction volume surges

Jinse Finance reported that the encrypted storage token Storj (STORJ) has risen in the past two days, and its market value has doubled with the increase in trading volume. The protocol’s native token jumped 43 percent on Tuesday, reaching a high of $0.58 on Wednesday, according to Trading View. The token’s market capitalization rose from $143 million on Monday to $223 million on Wednesday. At press time, the token has retreated slightly to around $0.42. Bitcoin (BTC), the world's largest cryptocurrency, has been flat for the past two days before edging lower on Wednesday.

Important economic developments

▌Federal Reserve Minutes: "Almost All" Fed Officials Agree to Pause Rate Hike in June

Jinse Finance reported that the minutes of the Fed meeting showed that Fed officials unanimously agreed to keep interest rates unchanged at the June meeting to buy time and assess whether further interest rate hikes are needed, although most members expect to eventually need to further tighten policy. While "some participants" wanted a rate hike in June because of slow progress in curbing inflation, "virtually all participants felt that maintaining" the current fed funds rate of 5% to 5.25% was appropriate or acceptable. “Most participants felt that keeping the target range unchanged at this meeting would give them more time to assess progress in the economy,” moving toward the goal of restoring inflation to 2 percent from more than double its current level.

Golden Encyclopedia

▌****Wallet address

If we simply compare the ETH wallet to a bank card account, then the ETH wallet address can be regarded as a bank card account. The difference is that the ETH address does not need to be stored on the network, and it can exist independently of your wallet.