Morning News New Stablecoin Transfer Solution Without Gas Fees Bitcoin May Trigger Further Selloffs

CoinWired Report:
Top Stories
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Justin Sun: Team Developing New Solution for Gasless Stablecoin Transfers
Justin Sun announced on the X platform that his team is developing a new solution to enable gasless transfers of stablecoins. In other words, transactions will not require any gas tokens, with fees entirely borne by the stablecoin itself. This innovation will first be implemented on the Tron blockchain, followed by support for Ethereum and all EVM-compatible chains. The service is expected to launch in the fourth quarter of this year, aiming to greatly facilitate large companies in deploying stablecoin services on blockchain and elevating blockchain’s mass adoption to new heights.
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Bitcoin Unrealized Profit Metric on-chain May Trigger Further Selling
Analyst Axel Adler Jr. posted on X platform stating that retail investors currently hold unrealized profits of 84% from their Bitcoin investments. With prices nearing an average of $52,200 (PR Bands), this could lead to a 14% reduction in unrealized profits, prompting investors to take profits amid concerns of further price declines. He highlighted $46,400 as a significant price level to watch, being the average buy-in price of Bitcoin over the past year.
Market Update
As of the time of writing, according to Coingecko data:
BTC recent price: $57,891.2, 24h change +2.73%;
ETH recent price: $3,043.45, 24h change +2.52%;
BNB recent price: $518.2, 24h change +3.88%;
SOL recent price: $140.7, 24h change +5.09%;
DOGE recent price: $0.1168, 24h change +4.64%;
XPR recent price: $0.4445, 24h change +4.64%.
Policy
▌Vitalik: EU’s Failure on “Chat Control” Proposal a Major Victory
On July 6th, Vitalik Buterin referenced EFF’s tweet on X platform, stating that the EU’s failure on the chat control proposal marks a significant victory. He emphasized the challenging landscape ahead in protecting privacy, particularly as technologies like “mind reading” could emerge in the next century, advocating vigilance as the primary solution.
Reportedly, the EU’s messaging scan proposal did not pass, which aimed to create “detection orders” allowing comparison of messages, files, and photos from hundreds of millions of global users with databases of child abuse images.
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Nigerian Central Bank Accuses Binance of Unauthorized Operations in the Country
Dr. Akinwunmi, a senior official from the Central Bank of Nigeria (CBN), accused Binance of operating in the country without authorization during a recent court hearing in Abuja led by prosecutor Ekele Iheanacho. Akinwumi confirmed, “CBN did not issue any license to Binance.” He noted that Binance’s website misled Nigerians by facilitating Naira transactions through its platform, enabling deposits and withdrawals via cash links. These activities fall under CBN’s regulatory oversight and should be conducted by licensed banks and financial institutions.
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Zambia Bans Use of Foreign Currencies Including US Dollar
Zambia is progressing with regulations to prohibit the use of foreign currencies, including the US dollar. A draft document released by the Bank of Zambia includes measures aimed at strengthening the use of the national legal tender, Kwacha. The document proposes up to ten years’ imprisonment for using currencies other than Kwacha and hefty fines for violators. These rules are expected to be formalized by the Minister of Finance and the Minister of National Planning, potentially altering the trading landscape for Zambians and tourists in the country.
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UK High Court Approves Global Freezing Order Against Craig Wright
The UK High Court has approved a global freezing order (WFO) against Craig Wright, freezing assets totaling £1.548 million (approximately $1.98 million). The ruling stems from an application by Peter McCormack, who argued that the necessity of the WFO was due to Wright’s libel claim being inherently fraudulent. Wright claims to be the creator of Bitcoin, Satoshi Nakamoto, seeking compensation for alleged defamation losses. The court found Wright’s claims to be fraudulent and supported by forged documents, raising concerns over asset dissipation. Despite Wright’s objections regarding the purpose of the WFO and compliance commitments, Judge James Mellor ruled the WFO and associated enforcement measures crucial to ensuring McCormack recovers legal costs. The judgment includes requirements for asset disclosure and enforcement across jurisdictions including Australia, Seychelles, Antigua, and Singapore.
Blockchain Applications
▌Pirate Nation CEO: Predicts Thousands of Gaming Blockchains
Amitt Mahajan, CEO of Proof of Play and developer of crypto game Pirate Nation, predicts there will eventually be thousands of dedicated blockchains, each supporting individual applications. Mahajan views blockchain as a sophisticated database, noting Pirate Nation has begun filling its own dedicated app chain with transactions and is considering supporting a second game chain in the future to expand user base further.
Cryptocurrency
▌Data: Cryptocurrency Transfers in Venezuela Last Year May Have Accounted for 9% of All Remittance Amounts
Venezuela has become one of South America’s major recipients of remittances over the past decade. Following a sharp rise in immigration crisis, approximately 30% of Venezuelan households began receiving remittances. According to blockchain analytics firm Chainalysis, cryptocurrency transfers last year may have accounted for 9% of all remittance amounts, marking a historical high.
The Americas Dialogue organization reports that Venezuelans received over $5.4 billion in remittances last year, comprising at least 6% of GDP. This is nearly a 75% increase from 2021. In 2023, remittances exceeding $461 million were sent out via cryptocurrencies.
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Arkham Creates Government Bitcoin Holdings Dashboard Including US and Germany
Arkham, a blockchain data analytics platform, announced its team has created a dashboard displaying governments most marked on Arkham, including the US, UK, Germany, and El Salvador.
For each country, users can view current BTC holdings, historical balance charts, and real-time information on recent transactions.
Key Economic Developments
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Liu Yuhui: Signals of Current Fiscal and Monetary Policy Coordination Gradually Emerging
On July 6th, Liu Yuhui, director of China Chief Economist Forum, stated that the core challenge facing China’s macroeconomy currently lies in addressing the balance sheet cycle. He emphasized the gradual emergence of coordinated signals between current fiscal and monetary policies. Liu highlighted that the collateral for the new round of debt expansion must be new production factors, with data capitalization being a key direction. He stressed the significance of patient capital and corresponding institutional arrangements, such as support from the National Big Fund and China Securities Regulatory Commission for critical tech enterprises. Such support is crucial for economic development during the transformation phase, providing stable financial support and acting as stabilizers during market fluctuations. (Quanzhong News) (Jin10 Data App)
Encyclopedia
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What is Delegated Proof of Stake (DPoS)?
DPoS is an evolution of the Proof of Stake (PoS) consensus mechanism, aimed at providing enhanced scalability, efficiency, and democratic governance. Daniel Larimer proposed the DPoS concept in 2014 as an enhancement to traditional PoS, focusing on improving efficiency and scalability. Larimer first shared his vision on the Bitcointalk forum, leading to the practical implementation of DPoS and the launch of BitShares in 2015.
Disclaimer: As a blockchain information platform, the articles published are for informational reference only and should not be considered as investment advice. It is essential to establish correct investment principles and increase risk awareness.