CoinJedi Reports:
Top Stories
Sun Yuchen: Team Developing New Solution for Gasless Stablecoin Transfers
Sun Yuchen announced on the X platform that his team is developing a new solution enabling gasless stablecoin transfers. In other words, transfers will incur no gas token fees, with costs entirely borne by the stablecoin itself. This innovation will first be implemented on the Tron blockchain, expanding later to Ethereum and all EVM-compatible public chains. The service is expected to launch in Q4 this year, aiming to significantly streamline the deployment of stablecoin services for large corporations on blockchain, thus elevating blockchain’s mass adoption to new heights.
Profit Unrealization Metrics on Bitcoin Chain Could Trigger Further Sell-offs
Analyst Axel Adler Jr. posted on the X platform that retail investors currently hold unrealized profits of 84% from their Bitcoin investments. With prices near the $52,200 average (PR Bands), this could diminish unrealized profits by approximately 14%, prompting investors to consider profit-taking amidst fears of further price declines. He highlighted $46,400 as a critical price level of interest, reflecting Bitcoin’s average buy-in price over the past year.
Market Updates
As of press time, according to Coingecko data:
BTC recent trading price: $57,891.2, intraday change: +2.73%;
ETH recent trading price: $3,043.45, intraday change: +2.52%;
BNB recent trading price: $518.2, intraday change: +3.88%;
SOL recent trading price: $140.7, intraday change: +5.09%;
DOGE recent trading price: $0.1168, intraday change: +4.64%;
XPR recent trading price: $0.4445, intraday change: +4.64%.
Policy
Vitalik: EU Failure to Pass “Chat Control” Proposal a Significant Victory
On July 6th, Vitalik Buterin cited EFF’s tweet on the X platform, stating the EU’s failure to pass the chat control proposal as a major victory. He emphasized the challenging landscape of protecting privacy, particularly with technologies like mind reading potentially emerging in the next century. The rejected proposal aimed to create scanning mandates allowing comparison of messages, files, and photos from billions of global users with databases of child abuse images.
Nigerian Central Bank Accuses Binance of Unauthorized Operations in the Country
Dr. Akinwunmi, a senior official at the Central Bank of Nigeria (CBN), accused Binance of operating without authorization in the country during a recent court hearing in Abuja led by prosecutor Ekele Iheanacho. Akinwumi confirmed, “CBN has not issued any licenses to Binance.” He pointed out that Binance’s website misled Nigerians by facilitating Naira transactions via its platform, including cash deposits and withdrawals through local links, activities regulated by the CBN and typically handled by licensed banks and financial institutions.
Zambia Bans Use of Foreign Currencies Including USD
Zambia is advancing regulations to prohibit the use of foreign currencies, including the US dollar. A draft document from the Bank of Zambia outlines measures aimed at bolstering the use of the national currency, the Kwacha. The proposal suggests penalties up to ten years imprisonment for using currencies other than the Kwacha, along with hefty fines for violations. These rules are expected to be formally enacted by the Minister of Finance and Minister of National Planning, potentially altering how Zambians and tourists conduct trade in the country.
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 followed an application by Peter McCormack, arguing the necessity of WFO due to Wright’s defamation claims being fundamentally fraudulent. Wright claimed to be Satoshi Nakamoto, the creator of Bitcoin, seeking compensation for alleged defamation losses. The court found Wright’s claims fraudulent, supported by falsified documents, raising concerns about asset dissipation. Despite Wright’s objections, including challenges to the purpose of WFO and compliance commitments, Judge James Mellor ruled WFO and associated enforcement measures crucial to ensuring McCormack recovers legal fees.
Blockchain Applications
Pirate Nation CEO: Expects Gaming Blockchains to Reach Thousands
Amitt Mahajan, founder and CEO of Proof of Play developer Pirate Nation, predicts thousands of dedicated blockchains supporting individual applications. Mahajan views blockchain as an advanced database, noting Pirate Nation has begun filling its chain with transactions since launching its dedicated gaming application chain. The team is considering supporting a second game chain and plans to expand further to increase and broaden user engagement in gaming.
Cryptocurrency
Data: Crypto Transfers in Venezuela May Account for 9% of All Remittance Amounts Last Year
Over the past decade, Venezuela has become one of South America’s major recipients of remittances. Following a sharp rise in the migrant crisis, approximately 30% of Venezuelan households began receiving remittances. According to Chainalysis data, crypto transfers last year potentially accounted for 9% of all remittance amounts, marking a historic high. The American Dialogue organization reported Venezuelans received over $5.4 billion in remittances last year, constituting at least 6% of GDP and reflecting nearly a 75% increase from 2021. In 2023, crypto remittances exceeded $461 million.
Arkham Creates Government Bitcoin Holdings Dashboard Including US and Germany
Blockchain data analytics platform Arkham announced its team has created a dashboard displaying the highest-marked governments 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 Trends
Liu Yuhui: Synergies Between Current Fiscal and Monetary Policies Gradually Evident
On July 6th, Liu Yuhui, director of the Chinese Chief Economist Forum, stated China’s macroeconomic challenges currently involve managing the asset-liability cycle. He emphasized the emerging synergy between current fiscal and monetary policies. Liu believes the collateral for the new round of debt expansion must be new production factors, with data capitalization as the 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, to support innovative productivity amid economic transition.
Encyclopedia
What is Delegated Proof of Stake (DPoS)?
DPoS is an evolution of the Proof of Stake (PoS) consensus mechanism aimed at enhancing scalability, efficiency, and democratic governance. Daniel Larimer introduced the DPoS concept in 2014 as an enhancement over traditional PoS, aiming to improve efficiency and scalability. Larimer initially 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 published articles are for informational reference only and do not constitute investment advice. Please adopt correct investment principles and raise risk awareness.
