Kusama parallel chain opening auction is imminent, ethereum seller liquidity shrinks

Kusama parallel chain auction is about to start, and the liquidity of ethereum sellers is shrinking.

According to CoinGecko data, as of 16:00 on May 14, 2021, the total market capitalization of the cryptocurrency market was $2,376.19 billion, down 2.86% in the last seven days. the USDT premium was 2.24%, with an OTC average price of ¥6.58. the market sentiment index was 26, with a rating of panic.

According to OuYi OKEx data, as of 16:00 on May 14, 2021, BTC is temporarily quoted at $50,275.8, down 9.58% in the last seven days, and OKB is temporarily quoted at $34.761, up 6.61% in the last seven days. The long/short position ratio of OKEx BTC contract is 1.9, and the number of multiple parties is dominant; the total position of BTC contract is USD 2.18 billion, down 3.28% from the same day last week.

I. Institutional and company dynamics

1, Grayscale: has submitted Form 10 documents to the U.S. SEC for Grayscale Digital Large Cap Fund

On May 13, Greyscale tweeted that it has submitted Form 10 documents to SEC for Greyscale Digital Large Cap Fund (GDLC). If approved, GDLC will follow GBTC and ETHE to become Greyscale’s third digital currency investment vehicle in the US as an SEC reporting company.

Kusama parallel chain opening auction is imminent, ethereum seller liquidity shrinks

[Read more] Grayscale’s existing products all use the same business model: initiate a private placement, get publicly quoted in the secondary market, become an SEC reporting company, and convert to an ETF.

Kusama parallel chain opening auction is imminent, ethereum seller liquidity shrinks

2, investment bank Cowen to offer cryptocurrency custody services to hedge funds and asset management firms

Centuries-old investment bank Cowen Inc. said it will hold cryptocurrencies for hedge funds and asset management firms, according to Bloomberg news on May 13. The company will work with Standard Custody & Trust Co. to provide “institutional-grade” custody services for cryptocurrencies and various other digital assets. It will also invest $25 million in Standard’s parent company, PolySign Inc.

More and more banks have seen the demand for crypto assets from institutional clients, and Cowen CEO Jeffrey Solomon said he will open digital asset trading in the near future.

3, Institutional Analysis: Bitcoin’s Fall Can’t Be Blamed All on Musk, It May Be More Like Tech Startup Stocks

According to Golden 10 News, institutional analysis shows that bitcoin’s fall back below $50,000 is being blamed by many on Musk’s shift in rhetoric. But there’s more to Bitcoin’s decline. Ironically, bitcoin’s decline comes after a sharp rise in U.S. inflation data. Bitcoin enthusiasts claim that cryptocurrencies are potential inflation hedges, but in reality, there is no quantitative evidence that real interest rates or break-even inflation rates have anything to do with digital currencies. Instead, Bitcoin is a high-risk asset, driven by hopes that it will gain mass adoption and future uses, all of which are still unknown. That makes it more of a stock in tech startups.

[Interpretation] Musk’s words are up and his words are down, are people amplifying Musk’s “influence”, or can Musk really lead the crypto world to a greener and more energy-efficient future?

4, CryptoQuant CEO: If U.S. Bitcoin ETF Is Approved, It Will Spark a Global BTC Buying Frenzy

According to The Daily Hodl on May 9, CryptoQuant CEO Ki Young Ju said that once the U.S. SEC approves a bitcoin ETF, U.S. followers like South Korea will approve a bitcoin ETF, more global institutions will buy BTC, and more global financial services will launch bitcoin funds. The bull market may last longer than we expect.

[Read more] ETFs are a safer and less direct exposure to crypto assets, and are more popular with mainstream institutional investors and pension funds. If a U.S. Bitcoin ETF passes, it would be a major boon to the industry.

Second, the cryptocurrency market

1, Tether announced reserve data: 76% is cash or cash equivalents, digital currencies and other accounts for only 1.64%

According to Decrypt’s May 13 news, Tether disclosed detailed data on its reserves for the first time since 2014. As of March 31, 2021, nearly 76% of Tether’s reserves were cash or cash equivalents, with the rest being secured loans, bonds and other other investments, including bitcoin, respectively. Specifically, commercial paper constitutes the majority of its cash and cash equivalents, with a 65% share. Trust deposits account for 24%, reverse repurchase notes for 3.60%, treasury bills for about 3%, and actual cash for only 3.87%.

[Interpretation] After Coinbase goes online with USDT trading it marks the official compliance of USDT and can be used with confidence.

2, V God to India’s new crown relief foundation donated 50 trillion SHIB and other tokens

According to CoinDesk news on May 13, Vitalik Buterin, the founder of Ether, transferred the tokens sent to him by the three Meme projects Shiba Inu token (SHIB), Dogelon (ELON) and Akita Inu (AKITA). Buterin (V God) donated the tokens to Polygon founder Sandeep Nailwal donated 50 trillion SHIB tokens to the New Crown Relief Foundation of India, which he launched last month. He gave ELON tokens and another 1,000 ETH to the Coinbase wallet of the Methuselah Foundation, a medical charity that extends human life. giveWell received $53 million in ETH, while Gitcoin, an ethereum-based open source development foundation, received more than $1 billion worth of AKITA tokens.

[Interpretation] V God is called V God, not only because he developed Ethereum, but also because of his altruistic spirit, which is worth learning from colleagues in crypto circles.

  1. Data: Public Interest in Dogcoin Surpasses Bitcoin for the First Time

According to Cointelegraph, the global public’s interest in dogcoin has surpassed that of bitcoin for the first time, according to internet search statistics. According to Google Trends, DOGE scored 56 from May 2 to 8, compared to BTC’s 48. Google Trends scored a perfect 100.

[Read more] It confirms the saying that Musk can send Space X to the sky successfully and recover it, so he can push dogcoin to a position you and I can’t even imagine.

4、Ark Invest Report: There are three major reasons for the record high of ethereum

According to Bitcoin.com, investment management firm Ark Invest recently released published a research report highlighting three reasons for the record high price of Ether. The firm cited increased institutional interest, strong on-chain signals and upcoming protocol upgrades as key reasons for its price rise.

[Read more] Ether is accelerating towards overtaking BTC.

5, Musk Twitter poll ends, over 3 million people want Tesla to accept Doge payments

The latest data shows that since Musk launched the “Do you want Tesla to accept Doge payment” poll on Twitter, 3,922,516 votes have been counted, of which 78.2% of the voters (over 3 million people) said yes and 21.8% said no.

[Read more] On the level of “using cryptocurrency to buy Tesla cars”, although BTC is ahead, dogcoin is currently overtaking it.

Polkadot/DeFi News

1、Polkadot test network KSM opened a parallel chain online referendum, and the parallel chain auction will be online when the voting ends on May 15

Official news, on May 13, Polkadot Kusama parallel chain announced that it has passed v0.9.1 upgrade and opened a parallel chain online referendum, voting will end on May 15 at 6pm Beijing time.

With the arrival of Kusama parallel chain auction, Polkadot will officially have its own ecosystem, and the wind of DeFi will arrive with a decisive force.

2、Metis, the second layer protocol of Ether, announced the completion of $4 million financing

According to Bitcoinschannel news, on May 10, Metis, the Ethernet two-layer protocol, announced the completion of a new round of financing of $4 million. The round was led by Master Ventures, Oasis Capital, AU21, BMW Capital, Consensus Lab, Genblock Capital, M6 and others. The company now has a total of $5 million in funding prior to IDO.

[Interpretation] The frequent financing of the Ethernet Layer 2 network indicates that the segment will explode in the near future.

3, V God: UNI should become a prophecy machine token

According to the official news, on May 12, Vitalik Buterin, the founder of Ether, launched a proposal discussion in the Uniswap governance forum, suggesting that Uniswap could provide prophecy price data for ETH/USD, as well as proposing that UNI become a prophecy machine token, instead of using ETH/USDC feeding price like other prophecy machines. vitalik Buterin explained that algorithmic stablecoins need to provide asset feeds against off-chain fiat currencies, not on-chain USD stablecoins. The prophecy machine needs a token to prevent a witch attack (Sybil Attack), which costs half the total market value of the token minus the value of the token that does not participate in the vote, and the two highest market value project tokens on Ether are LINK and UNI, but Chainlink is a complex system with many features and requires a simple alternative to Chainlink is a complex system with many features and needs to be complemented by a simple alternative to Chainlink to optimize incentives and minimize costs.

[Read more] If UNI becomes a prophecy machine governance token, where should Chainlink be placed?

4、Layer 2 solution Arbitrum mainnet will be open to developers on May 28th

On May 13, Layer 2 solution Arbitrum tweeted that its mainnet will be open to developers on May 28.

【Interpretation】Arbitrum is an Ethernet Layer 2 solution developed by Offchain Labs team led by Optimistic Rollup technology. In the coming months, Arbitrum will constitute the main force of Ethernet Layer 2 network together with Optimism, we will see.

Four, industry voice

  1. CEO of Grayscale: May we pool our wisdom to seek green cryptocurrency solutions together

On May 13, Michael Sonnenshein, CEO of Greyscale, tweeted, citing Musk’s Twitter feed, that renewable energy has a huge opportunity to play an increasingly important role in the future of cryptocurrency (and mining). If you play the game too, I’d love to bring together some of the brightest minds so we can brainstorm and identify measurable solutions.

[Read more] It is an indisputable fact that Bitcoin mining is consuming a lot of energy, but it is these miners and energy consumption that ensure the security and decentralized nature of the asset, does this mean that the PoW consensus is irreplaceable? With the rapid advancement of ethereum towards PoS consensus mechanism, I believe that people will explore more about Bitcoin’s PoW consumption of energy in the future. People may ask, “ETH can transition from PoW to PoS, why not Bitcoin?

Kusama parallel chain opening auction is imminent, ethereum seller liquidity shrinks

2, Galaxy Digital CEO: Musk is using his influence to push BTC mining towards a green future

On May 13, Galaxy Digital CEO Mike Novogratz tweeted, “My opinion of Elon Musk is to take him at his word. He cares about the environment and he is using his considerable influence to push bitcoin mining towards a greener future. Many companies in the space are already working on this. Stay tuned and buy BTC.”

[Read more] From a green energy perspective, Musk’s actions are not unlike pushing the crypto market in a green direction.

币世界-欧易OKEx情报局: Kusama平行链开拍在即,以太坊卖方流动性萎缩

3、OuEasy CEO Jayhao: Seizing structured opportunities to invest will become the new normal in the crypto market

On May 13, JayHao, CEO of OuYi OKEx, said on Weibo that from various economic signals, the global economy is still in an inflationary upward phase, which leads to the depreciation of money in people’s hands. How to achieve wealth preservation and appreciation has become one of the important issues that everyone needs to consider nowadays. Therefore, achieving a reasonable allocation of financial assets is an inevitable choice, and it is the structural opportunities to be grasped rather than blindly casting the net. Facing the crypto market, Jay said that recently, the price of Bitcoin has been hovering in the $50,000-$60,000 range, while the prices of assets such as YFI and DOGE have doubled; at the same time, Bitcoin’s share in the total market capitalization of the $2.6 trillion crypto market has dropped from about 70% to 43% at the beginning of 2021, which indicates that more value pockets have started to rise, and allocating funds in different proportions This suggests that more value pockets are starting to emerge and that the trend is to allocate capital in different proportions to the crypto market. Although the after-market direction of mainstream assets is not clear for the short term, in the long term, diversified enterprise-level investment is still a strong support for the market, focusing on structured opportunities, which I believe is the value consensus after several rounds of bull and bear markets.

[Interpretation] YFI, DOGE, DeFi, Layer 2, Boka parallel chain bidding, all belong to the structured opportunities, but as an ordinary investor is difficult to catch all the opportunities at once, focus on one or two areas may be the king.

4、CryptoQuant CEO: ETH exchange holdings decrease, exacerbating seller liquidity crunch

On May 12, CryptoQuant CEO Ki Young Ju tweeted that unlike Bitcoin, ETH holdings on derivatives/spot exchanges are both decreasing, exacerbating the liquidity crunch for sellers. The ethereum ecosystem and its availability has allowed ETH to leave centralized exchanges.

[read more] ETH is on its way to overtake BTC, as crypto commentators have analyzed, with institutions recognizing the value of cryptocurrencies through bitcoin and then discovering the more valuable ethereum.

Kusama parallel chain opening auction is imminent, ethereum seller liquidity shrinks

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/kusama-parallel-chain-opening-auction-is-imminent-ethereum-seller-liquidity-shrinks/
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