Blockchain financing in the first half of the year: the United States overtakes China, Hong Kong dominates Greater China, and Hangzhou presses Beishangguang

1-6 From January to June 2019, there were 216 financing events in the global blockchain industry, with a total financing amount of 16.537 billion yuan.

融资 The financing amount of blockchain projects is generally 10 million, and the project of 100 million yuan only accounts for 11%.

 China's blockchain financing exceeds the US, leading the world, but the total amount of financing is less than the United States.

浙江省 Zhejiang Province is the province with the most blockchain financing events in China, and Beijing, Shanghai and Shenzhen are the most active cities in the first half of the year.

澄 Chengmai is the only county-level city in Top10, the most active city in the blockchain investment and financing.

 Global blockchain financing is dominated by the initial round of rounds, and the average round of single round financing is the highest in B round, with an average of 118 million yuan in financing for each round of B rounds.

投资 The top ten investment institutions in the first half of the year are most concerned about the digital currency trading platform, the underlying technology development of blockchain and financial services related scenarios.

 Pantera Capital was active in blockchain investment in the first half of 2019; Keybank Capital was the most focused and focused on social scenes.

In the first half of 2019, the blockchain recovery began.

The total amount of investment and financing reached 16.5 billion yuan, and the number of investment and financing rose month by month. China and the United States continued to lead the world; the top ten cryptocurrency gains in the market value generally exceeded 100%, and the price of bitcoin broke through the $10,000 mark again after more than one year; Morgan Chase, Facebook and other institutions continue to enter the market, the SEC issued regulatory guidelines, the first batch of filing projects of the network office cloth…

These are signs of recovery in the blockchain market and are the future of the industry.

I. Financing of blockchain projects from January to June 2019

(I) Overall situation of blockchain project financing

According to the incomplete statistics of Zero Zhi think tank, from January to June 2019, there were 216 financing events in the global blockchain industry, with a total financing amount of 16.537 billion yuan (converted according to the real-time exchange rate on July 1).

Compared with the hottest period of the blockchain in the second half of 2018, the amount of financing in the first half of 2019 fell by 34.15% year-on-year, and the total financing volume also shrank by nearly 73.51%. But compared with the situation in the second half of 2018, we can easily see that the blockchain financing market has undergone some changes in the first half of 2019.

1. The number of financing for blockchain projects has gradually picked up

In the first half of 2019, except for the short-term decline in individual months, the total amount of blockchain project financing showed an upward trend.

Among them, the number of financing projects in the first quarter was 73, accounting for 33.8% of the total financing in the first half of the year; the number of financing projects in the second quarter was 143, accounting for 66.2%, an increase of 95.89% compared with the first quarter.

June was the month with the largest number of blockchain project financing, with 51 projects receiving financing, accounting for 23.6% of the total in the first half of the year. In February, blockchain projects had the least amount of financing, only 18. accounting for 8.3%. Since February, the number of blockchain project financing has shown signs of recovery.

Judging from the situation in the past year, the financing of blockchain projects in the second half of 2018 has deteriorated rapidly. In September, the number of financing for blockchain projects was halved compared with that in October, and basically remained at around 30 per month. However, since the beginning of 2019, especially since March, the number of blockchain project financing has rebounded. In June, the first single-month blockchain financing event broke through 50 since August last year.

Figure 1: Number and growth rate of blockchain project financing in the past year

Source: Zero Think Tank

2. The financing amount in May was nearly 8 billion, accounting for about 50% of the total in the first half of the year.

In the first six months of 2019, the total amount of financing was 16.537 billion yuan (converted according to the exchange rate on July 1).

Among them, the amount of financing in a single month in May was as high as 7.979 billion yuan, accounting for 48.25% of the total financing in the first half of the year. This situation is mainly due to the release of the platform currency LEO by Bitfinex, a well-known cryptocurrency exchange in May, and a $1 billion financing through a private placement in 10 days. Bitfinex's round of financing was mainly due to the freezing of Bitfinex's bitcoin assets by multinational regulators, which put pressure on acceptance, and then again in crisis by stealing Tether's USD 850 million USDT reserve.

Excluding this huge amount of financing, the financing amount in the first half of 2019 was generally stable, with no more than 2 billion yuan except January.

From the perspective of the blockchain investment and financing market in the past year, since August 2018, in addition to the special financing in May 2019, the monthly financing amount has not exceeded 2.5 billion yuan. Therefore, even if the amount of financing rises, the amount of financing is still not optimistic. Investors began to "widely spread the net", but the amount of financing for a single project was relatively low. The blockchain project financing market has not really recovered.

Figure 2: Financing amount and growth rate of blockchain projects in the past year

Source: Zero Think Tank

From the distribution of financing amount interval, most of the blockchain financing projects amount more than 10 million.

Among them, 36% of the blockchain project financing amount (disclosed) falls within the range of 10 million to 100 million yuan; 34 projects with financing amount between 1 million yuan and 10 million yuan, accounting for the disclosed amount of financing 16% of the incident; the number of large-scale financing projects with a value of 100 million and above is relatively small, only 24 cases occur, accounting for 11%.

Figure 3: Distribution of financing amount of blockchain projects

Source: Zero Think Tank

(2) The geographical distribution has a clear trend, and China and the United States lead the world.

This section will calculate the distribution of Top10 countries, Top10 provinces and cities in China from January to June of 2019 from the two dimensions of financing amount and financing finance.

1. Countries, regions and cities with Top10 financing

China and the United States continue to lead the world in the number of blockchain financing

The number of blockchain financing events in China and the United States is far ahead of other countries, with 71 and 64 respectively; Britain and Singapore are ranked second, with 19 and 14 respectively; Switzerland has 6; Japan, France There were 4 cases with Germany and 3 cases and 2 cases for South Africa and Spain respectively.

Overall, among the top ten countries, although there are only three countries in the Asian region, namely China, Singapore and Japan, they accounted for nearly 47% of the blockchain financing events in the top ten countries in the global rankings. In addition, there are relatively many countries involved in blockchain financing events in Europe, and the distribution is relatively scattered; South Africa has become the only country in the southern hemisphere.

Figure 4: Number of blockchain project financing from January to June 2019 Top10 (country)

Source: Zero Think Tank

Top10 provinces and cities, Beijing "one big one"

Beijing has taken the lead in domestic blockchain financing events, becoming the region with the most blockchain financing events in China, reaching 36, accounting for about 50% of the total number of financing in the top ten list of the country (including Hong Kong, Macao and Taiwan);

Shanghai, Guangdong, Hong Kong and Zhejiang ranked second, with 9, 10, 6 and 5 financing events; 2 financing events in Hainan and Jiangsu; 1 in Taiwan, Macau, Tianjin and Hebei .

In terms of geographical distribution, except for Beijing, most of the registered locations of blockchain-related enterprises are located in coastal provinces and cities, and financing events related to blockchain are mostly in coastal areas.

Figure 5: Top 10 (regional) financing of blockchain projects from January to June 2019

Source: Zero Think Tank

Zhejiang 3 cities ranked Top10, Chengmai County became the only county-level city on the list

The number of blockchain financing events in Beijing is second to none in the country, accounting for more than 50% of the top ten list; Shanghai, Shenzhen and Hong Kong are close behind.
The three municipalities directly under the Central Government of Beijing, Shanghai and Shenzhen have become the most active cities in the blockchain investment and financing nationwide;
Zhejiang Province is the province with the most blockchain financing incidents involving the most cities in the country. There are 3 cities on the list;

In addition, Chengmai County in Hainan Province is the only county-level city in China that has generated blockchain financing.

Figure 6: Top 10 (City) of blockchain project financing from January to June 2019

Source: Zero Think Tank

2. Countries, regions and cities with a financing amount of Top10

The amount of financing in the US blockchain has surpassed that of China, and the advantages of the two countries are obvious.

The amount of financing in the US blockchain project topped the list, reaching 11.81 billion yuan. Although it is not as good as China in terms of the number of financing events, its total financing amount accounts for 72% of the top ten countries in the global blockchain financing list, and the single blockchain project involves more funds;

China's blockchain project financing amounted to 2.562 billion yuan, accounting for 16%. Although the total is lower than the United States, it is still more than three times ahead of the third place in the UK;

The United Kingdom and South Korea are in the third and fourth places respectively. The total blockchain financing is 701 million yuan and 615 million yuan, each accounting for about 4% of the global total. It is the third echelon of total blockchain project financing;

Switzerland and Japan are located in the fourth echelon, with 286 million yuan and 171 million yuan respectively, accounting for 2% and 1% of the top 10 global blockchain financing totals;

Israel, France, Singapore and Iceland each suffered 0.68, 0.6, 0.47 and 0.34 billion. It is worth noting that although Singapore is located in the second echelon of the number of events in blockchain financing, it is not so outstanding in the total amount ranking, and the block financing project involves a small amount of single financing.

Figure 7: Blockchain project financing amount from January to June 2019 Top10 (country)

Source: Zero Think Tank

Hong Kong has a large amount of single financing, ranking first in China

Hong Kong's financing amount accounts for about 41% of the national blockchain financing amount list, with a specific amount of 1.062 billion yuan. Although in terms of the number of financing events, Hong Kong's blockchain financing projects are not as good as the North, but due to the larger amount of single financing involved, it ranks first in the nationwide blockchain project financing; followed by Zhejiang Province. Its blockchain financing amount is far more than that of the North-Guangzhou, accounting for 28%;

Although Beijing's blockchain financing projects are the largest, the total amount of financing involved only accounts for 18% of the national total, which is less than that of Hong Kong and Zhejiang. The financing amount of blockchain projects in Shanghai and Guangdong is 449 million yuan and 257 million yuan respectively. Each accounted for 18% and 10%, which is not as good as Zhejiang.

Figure 8: Top 10 (region, unit: 10,000 yuan) of blockchain project financing amount from January to June 2019

Source: Zero Think Tank

Hangzhou blockchain financing total pressure on the North

From the perspective of the amount of financing, the amount of financing for blockchain projects in Hong Kong far exceeds that of other cities in China, accounting for about 41% of the total, and the only city with a financing amount of more than 1 billion yuan; the financing amount of Hangzhou exceeds the three major cities of Beishangguang. , reaching 700 million yuan, accounting for 28% of the country's top 10 total; Beijing ranked third, although there are advantages in the number of financing events, but the specific financing amount is less than Hong Kong and Hangzhou, accounting for about the national blockchain financing 18% of the total; followed by Guangzhou, the financing amount exceeded 200 million yuan, accounting for 8% of the total top 10 financing of the national blockchain project.

Figure 9: Top 10 (city, unit: 10,000 yuan) of blockchain project financing amount from January to June 2019

Source: Zero Think Tank

(3) The round is based on the initial round, and the average round of single round financing is the highest in the B round.

1. The initial round of financing is mainly round, and only 16 cases occur after the B round and after

Excluding the financing model such as ICO/STO/IEO, the blockchain project financing from January to June 2019 is still based on the initial financing period (before the B round).

In terms of the amount of financing, in addition to strategic investment, the initial round of project financing has a high proportion of 88.06%. Among them, the number of seed/angel rounds is the largest, accounting for 75, accounting for 55.97%. Only 16 blockchain projects were obtained for round B and subsequent rounds.

Figure 10: Distribution of financing rounds of blockchain projects from January to June 2019 (according to the number of financing, unit: pen)

Source: Zero Think Tank

In terms of the amount, the round A received the largest amount of financing, which was 3.126 billion yuan, accounting for 36.4% of the total. Although the seed/angel round has a large number of financing projects, due to the low single financing amount, the average financing for each project was 14.96 million yuan, totaling 1.122 billion yuan.

Figure 11: Distribution of financing rounds of blockchain projects from January to June 2019 (according to financing amount, unit: 100 million yuan)

Source: Zero Think Tank

As the project obtained by the D round of financing has not disclosed the amount publicly, according to the current statistics, the B round is the project with the highest financing amount for a single project. On average, each B round project can obtain financing of 118 million yuan, followed by the C round. The average single project financing amount is 101.8 million yuan.

2. The number of B rounds and subsequent rounds in the US is significantly ahead of China.

From the overall geographical distribution from January to June 2019, China's 71 projects are slightly ahead of the US's 64 projects. However, from the point of view of the B round and the subsequent rounds, the United States is significantly ahead of the three in China with nine projects. It can be seen that there are many early-stage projects in China's blockchain, which lag behind the United States in the development speed of blockchain projects.

In addition to China and the United States, Europe's overall strength is relatively strong. One blockchain project in the UK, France and Switzerland has received financing in round B and subsequent rounds.

Arch block project from the United States Arch is the only project to receive D round of financing, but the specific financing has not been disclosed.

Table 1: Obtaining Blockchain Projects for Round B and Later Rounds

Source: Zero Think Tank

3. The blockchain technology development projects in the first half of the year are the most vulnerable to high financing.

From January to June 2019, the blockchain project received $1 billion from Bitfinex, the most financing source, followed by Bakkt, which received $182.5 million in Series A financing. In the first half of 2019, Jia Nan Zhizhi, one of the three major mining machine manufacturers, completed a round of financing worth hundreds of millions of dollars. After the completion of the financing, the valuation was several billion dollars.

Table 2: Financing amount of blockchain project from January to June 2019 Top10

Source: Zero Think Tank

In the top 50 financing amount, the blockchain technology development and digital currency trading platform are the two most popular projects in the first half of the year, accounting for 26% and 18% of the top 50 projects. Application projects have also received increasing attention, with seven financial services applications and other application projects each receiving high financing.

Figure 12: Scene distribution of Top 50 financing amount of blockchain project

Source: Zero Think Tank

4. Pantera Capital has the most frequent investment, and Keyin Capital is the most focused.

Pantera Capital was the most active in its investment in the first half of 2019, with a total of nine investment activities. The selected investment objects cover a relatively comprehensive range, specifically involving trading platform, technology development, financial services and payment. This is an investment company that specializes in venture capital, tokens and projects related to blockchain technology, digital currency and cryptographic assets.

The number of investments in the Digital Currency Group followed, with a total of seven investments in the first half of the year. The objects involved include the block network underlying network development category, entertainment social, trading platform, and payment for multiple fields.

In contrast, Kevin Capital's investment direction is relatively focused, mainly for the investment of cultural and social blockchain projects, the number of investments is five times. In addition, for the direction of technology development and venture capital incubation, Branch Bank Capital has also been involved.

In the first half of 2019, SBI investment had the same amount of investment as Keyue Capital, and it favored and invested in the underlying network of blockchain, and also invested in the direction of payment and trading platforms.

Figure 13: Blockchain investment institution Top10 from January to June 2019 (according to the amount of investment, unit: pen)

Source: Zero Think Tank

Among the many blockchain financing projects, Top10 investment institutions most favor the two major types of blockchain projects in technology development and trading platforms, involving 12 specific investment projects; the financial services and social entertainment projects are also hotter. High, each initiated 8 or 7 investments; in addition, digital wallets and other categories of projects also have a few investment projects.

Figure 14: Distribution of investment scenarios for Topchain investment institutions Top10 (by investment amount, unit: pen)

Source: Zero Think Tank

Second, the secondary market is picking up, and the price of bitcoin has exceeded $10,000.

(1) Bitcoin prices continued to break through, and the currency platform BNB increased the most.

Since March 2019, the secondary market for cryptocurrencies has generally recovered. From the price point of view, in addition to a slight decline in the US dollar stable currency USDT price, the top ten cryptocurrency in the market value achieved price increases in the first half of the year, of which seven currencies rose more than 100%. In the first half of the year, the price of the currency platform BNB increased by 476%, the largest increase.

Among the top ten currencies, the USDT situation is more special: the market value rose by 89%, but the price fell by 3%. For USDT, small price fluctuations are normal. Market sentiment and supply-demand relationship will lead to fluctuations in small-scale prices. The sharp increase in market value is mainly due to Tether's multiple additions of USDT in the first half of the year.

Figure 15: Market capitalization and price fluctuations of the top ten market capitalizations

Source: CoinMarketCap

As the cornerstone of the cryptocurrency market, Bitcoin also showed a significant warming in the first half of 2019. In January-March, bitcoin prices continued to fluctuate between $3,000 and $4,000. Many analysts believe that the long-term sideways of the first quarter has become a solid bottom for the subsequent price reversal.

On April 2, bitcoin prices rose 18% in a single day, and prices broke through $5,000 in one fell swoop. On May 14, bitcoin prices fell back to $8,000 in July 2018, and returned to $8,000 in a year. At 7:00 on June 22, Beijing time, Bitcoin broke through the $10,000 mark. The price continued to break through and it approached $14,000 on June 27. But then bitcoin prices plunged 2,000 dollars in short-term, falling below $12,000.

Although price volatility is still fierce, cryptocurrencies such as Bitcoin have achieved remarkable results in terms of return on investment in the first half of 2019, exceeding all traditional investment assets including oil, gold, Standard & Poor's and A-shares.

The market in the first half of 2019 made many people in the industry think that the market situation has reversed, and another spring of cryptocurrency has arrived.

Figure 16: BTC Market and Price Chart

Source: CoinMarketCap

(2) Multiple factors inside and outside to promote the encryption market to pick up

The value of cryptocurrency represented by bitcoin comes from the "consensus", and the price is greatly affected by the user's psychological expectations and market sentiment. The reason why the encryption market in the first half of the year has seen a sharp recovery is mainly due to the positive news, and the internal and external factors have pushed the price up.

First, from February 14th, JP Morgan Chase announced that it will release the cryptocurrency JPM Coin until June 18th, Facebook-led digital currency project Libra released a white paper, traditional giant companies and institutions are constantly entering, bringing new users to the encryption market. The growth point has kept the market in a state of excitement. In particular, the Libra project is regarded as a landmark event in the mainstream society entering the cryptocurrency market, which has led to endless discussions in the industry.

In addition, the large-scale entry of off-exchange funds has broken the embarrassing situation that the cryptocurrency market has been in the stock market since 2018. In the first half of the year, many well-known companies represented by Fidelity and Citigroup announced that they will launch cryptocurrency business. Bakkt, the cryptocurrency trading platform of Intercontinental Exchange, also announced the opening of the Bitcoin futures contract test, which is expected to allow more people to participate in cryptocurrency transactions. market.

In addition to optimistic about cryptocurrencies, the reason for the presence of off-exchange funds is due to the strong hedging nature of Bitcoin. The Fed’s interest rate cuts and the sluggish global capital markets have made bitcoin and gold more investment options. Bitcoin has a certain effect on the instability of the global market, which is why institutions are willing to choose bitcoin. When investors look for safe-haven investment targets or hedging instruments in the global market environment in the first half of the year, their funds return to more cryptographic assets such as Bitcoin.

In addition, the emotional impact of internal users in the encryption market is also evident. As bitcoin prices continue to break through, and external good news emerges endlessly, the cryptocurrency market users FOMO (Fear of Missing Out) is more and more obvious. FOMO sentiment is not uncommon in the cryptocurrency market, and it is basically the same every time the market rises. This kind of emotion will lead users to blindly optimistic about the future psychological expectations, afraid to miss the next round of growth, and thus chase high positions. Many analysts believe that after the bitcoin price broke through the $10,000 mark, the market's FOMO sentiment began to become apparent.

Another internal factor in users' psychological expectations of cryptocurrency is that according to the design mechanism, the "mainstream" bitcoin of the cryptocurrency market will usher in a new round of halving in the first half of next year (every four years, each block will be generated. Bitcoin rewards will be halved). History has shown that every halving of bitcoin rewards will lead to higher bitcoin prices, triggering a new round of growth.

(3) Bitcoin price fluctuations are highly correlated with Google search popularity

Google Trends can show Internet users a degree of attention to one thing (one thing or one keyword). From the Google search fever from January to June 2019, the search power of the "blockchain" in the first half of the year remained basically stable, while the search for Bitcoin fluctuated drastically.

The "blockchain" search heat is mainly due to the fact that the blockchain technology in the first half of the year has not made a significant breakthrough, and the "killer" blockchain application and landing practice cases have not yet appeared.

The "Bitcoin" search popularity is generally higher than the "blockchain" and the ups and downs are due to the continuous breakthrough in bitcoin prices in the first half of the year, which has driven the entire encryption market to pick up. Comparing the fluctuations in bitcoin prices and Google Trends, it is not difficult to find that every time the "bitcoin" search peak occurs, it is bound to be accompanied by dramatic fluctuations in bitcoin prices.

Figure 17: Google search trend for "Bitcoin" and "Blockchain"

Source: Google search

Note: The search heat is the relative value of the search interest and the highest search volume of a certain keyword in the specified region and time. 100 represents the highest search heat, 50 represents the search heat, and 0 means there is not enough data.

 

Third, the top ten events in the blockchain in the first half of 2019 (in chronological order)

 

January: "Lightning Torch" delivers lightning network development

On January 19th, Bitcoin enthusiast @Hodlonaut launched a campaign called "Lightning Torch" on Twitter, also known as the "Lightning Network Trust Chain", which aims to show people the power of lightning networks.

The event quickly became popular in the Bitcoin community. The participants included not only Twitter co-founder JackDorsey, Blockstream's chief strategy officer, Yong Yongquan, "Master of Bitcoin" by Andreas Antonopoulos, Chan An Zhao Changpeng, and Bo Yisun Yuchen. There are also institutions and organizations such as Fidelity Digital Assets and the Harvard Business School blockchain and cryptocurrency club.

Until April of this year, the Bitcoin Lightning Torch completed its last pass in Venezuela. After nearly three months of lightning torch relay, a total of 0.429 BTC donations were received. This income will be used to help Venezuela's people affected by hyperinflation. At the same time, this payment experiment has attracted more people to pay attention to and participate in the use of Bitcoin lightning network, which promoted the development of lightning network.

February: JP Morgan Chase Announces Coming Soon JPM Coin

On February 14, JPMorgan Chase, the largest commercial bank in the United States, officially announced the launch of JPMCoin (hereinafter referred to as: Morgan Coin). The Morgan Coin will be issued by JP Morgan Chase in its private chain project Quarum, designed to be exchanged with the US dollar 1:1, that is, each Morgan coin corresponds to the bank's $1 deposit, there is no limit on the number of issues.

Morgancoin is mainly for B-end institutional users (large-scale institutional clients such as companies, banks and brokers who have undergone regulatory review, such as companies, banks and brokers), for inter-agency instant payment and clearing settlement scenarios. The user is open.

JP Morgan Chase announced that the currency has opened the prelude to institutional entry in the first half of 2019, and it also represents the changing attitude of financial institutions such as global banks to blockchain and cryptocurrency. Although the Morgan coin may be just a prototype and experiment, it has already seen new hopes in the market.

According to the latest news from Bloomberg, Morgancoin will start trial operation as early as this year.

March: The first batch of information services for the office cloth of the network letter is filed, but not for commercial purposes.

Since the formal implementation of the Regulations on the Management of Blockchain Information Services on February 15, 2019, the State Internet Information Office has organized and carried out the record review work in accordance with the law. On March 30th, the Internet Information Office officially released the first batch of 197 domestic blockchain information service filing numbers.

According to the requirements of the “Regulations on the Management of Blockchain Information Services”, the blockchain information service provider shall indicate its record number in a prominent position such as the Internet station and application program that it provides external services. As for the role of this filing, the Office of the Internet Information Office stated that the filing is only the registration of the relevant information on the main blockchain information, and does not represent the recognition of its institutions, products and services, and emphasizes that no institution or individual may use it. For any commercial purpose.

The first batch of companies that obtained the record number include Internet giants such as BATJ, and financial institutions such as Zheshang Bank, Weizhong Bank, and Ping An. Blockchain technology companies such as China Chain and Interest Chain are also among them. Geographically, blockchain companies with record numbers have obvious agglomeration effects, with the largest number in Beijing, followed by Zhejiang and Shenzhen, which may be closely related to the blockchain support policies.

 

April: SEC issues regulatory guidelines: such digital assets are not "securities"

On the evening of April 3, Jonathan Ingram, the chief legal counsel of the SEC Corporate Finance Department, issued the first no-objection letter to the letter from the blockchain startup TurnKey Jet.

On the same day, the US Securities and Exchange Commission (SEC) issued its first “Digital Assets” Investment Contract “Attribute Analysis Framework” guidelines to help market participants determine whether the various types of distribution, sale and distribution of digital assets comply with federal securities laws. Provisions. The framework guidelines issued by the SEC only provide guidance on the analysis of the "investment contract" attribute of digital assets, and explain in detail how the token issuer should treat the issued and sold tokens, and how to evaluate whether these tokens should be registered. Whether securities, and digital assets previously sold as securities, should be re-evaluated.

The guidance document issued by the SEC mainly clarifies how the project party evaluates whether the digital assets are classified as securities when the digital assets are issued and sold as investment contracts. At the same time, the document also gives some factors and evaluation criteria to consider when determining that digital assets are not securities. These factors and evaluation criteria are not comprehensive and there is no single decisive factor, but they still have a positive reference for those engaged in the issuance, sale and distribution of digital assets.

April: Bitfinex and Tether collude to use the USDT reserve to cover up huge losses and be exposed

On April 26th, Beijing time, the Office of the Attorney General of New York issued a statement on the funding of Bitfinex and Tether, pointing out that the well-known exchange Bitfinex lost $850 million and tried to use Tether's USDT reserve funds to fill the gap and cover up the huge losses.

In the two days from April 24 to 25 before the incident, Tether issued nearly 420 million USDTs on the Omni, Ethereum and Wavefield platforms, equivalent to $420 million. It is reported that Bitfinex needs huge funds because its BTC assets in many countries in the world have been seized by the regulatory authorities, resulting in acceptance pressure.

Earlier on March 14, Tether revised the components of the USDT mortgage assets on the official website, announcing that each USDT no longer has to correspond to $1, but can choose the corresponding asset reserve, including: cryptocurrency, cash equivalents, and Accounts receivable from third parties, etc.

June: Sun Yuchen takes a photo of Buffett lunch

In the early morning of June 4, Sun Yuchen, founder of TRON, officially released an open letter to the community: Warren Buffett Charity Luncheon via social media, confirming that it has already sold for $4.57 million (31.54 million yuan). Take a Buffett charity lunch and set the highest price ever.

In an open letter, Sun Yuchen said in a blockchain evangelist that "this lunch with Buffett will be an opportunity to seek mutual understanding and growth. In order to enhance dialogue and support the entire cryptocurrency and blockchain community, I Will invite digital blockchain industry leaders to go to New York for a luncheon," I have been emphasizing that we can't just build platforms for decentralized applications, finance and other areas, and we must spend as much time as possible Establishing and nurturing communities to support the concept of blockchain "," I also firmly believe that through proper understanding and communication, Buffett will transform his overall position on cryptocurrency and blockchain, and integrate this new investment strategy into his own investment. combination".

June: Facebook's leading digital currency project Libra releases white paper

On June 18th, social media giant Facebook released a high-profile Libra Stabilization Coin project white paper. According to the white paper, Libra's mission is to create a simple, borderless currency and financial infrastructure that serves billions of people.

Unlike most cryptocurrencies, Libra is fully supported by real asset reserves. For each newly created Libra cryptocurrency, there is a basket of bank deposits and short-term government bonds of relative value in the Libra Reserve to build trust in its intrinsic value.

Libra will be operated by the independent non-profit Libra Association. The Libra Association will be a regulatory entity consisting of 100 independent members. It currently includes 28 founding members including Uber, Paypal, Visa and Coinbase, covering payments, telecommunications, venture capital, blockchain, etc. Many fields.

The high efficiency and security of the Libra blockchain comes from the core of the two technologies, one is the optimized Byzantine fault-tolerant consensus mechanism, and the other is the Move language specifically designed for the trading and management of digital assets.

Although technically, Libra may make substantial progress in promoting the application of digital currency and raising the public's digital currency awareness, but this digital currency transcending national borders may encounter many obstacles in the future promotion process. .

IEO: From carnival to silence

IEO, the full name of "Initial Exchange Offerings", refers to a project in addition to the early private placement is the participation of the organization, the subsequent public offerings and online transactions are completed on the same exchange.

On January 28th, the "Launchapad" platform of the currency security was launched on the first IEO project BTT. In 15 minutes, 60 billion tokens were sold out. By January 31st, BTT was officially opened for trading in the currency, and the opening price was nearly five times higher than before. On February 25th, another IEO project FET opened the public offering at Lunachpad for $0.0867, and was announced 22 seconds after the opening of the purchase. After officially trading in the currency security transaction, the price has also increased nearly three times.

The success of continuous projects has made IEO the focus of attention. Coin founder Zhao Changpeng wrote on social media, "I am very happy that more and more people have joined the IEO club. We believe that the blockchain financing is the killer application." Subsequently, head exchanges such as OKex and Firecoin and many small and medium-sized exchanges also announced the launch of the IEO project.

The root cause of IEO becoming a hotspot is that the bear market exchange needs to retain users and increase user transaction activity, and the project side also needs financing channels. The IEO can open up the first- and second-tier markets, and at the same time use the exchange itself as a guarantee to control the quality of the project and increase the enthusiasm of investors.

Decentralized financial DeFi development is welcoming

DeFi, Decentralized Finance, or Decentralized Finance, is a decentralized agreement used to build an open financial system designed to allow anyone in the world to conduct financial activities anytime, anywhere. This area is one of the fastest growing areas of blockchain applications in 2019 and is considered one of the most exciting development prospects for the blockchain industry in 2019.

DeFi is still in the early stages of an industry's development, but from the stable currency to decentralized exchanges, wallets, payments, lending and wealth management, the entire DeFi ecosystem is gradually improving. According to defipulse and other website data, the current DeFi ecosystem on Ethereum and EOS has a total lock value of about $1.5 billion. Borrowing, derivatives, and trading platforms account for the current market size of DeFi.

 

Ethereum 2.0 development continues to advance and is expected to be officially launched in 2020

In the first half of 2019, the development of Ethereum 2.0 continued to advance and made significant progress.

As early as the beginning of February, Ethereum announced that it had released the first pre-release version of Phase 0 of the evolution to the Ethereum 2.0 network. In early May, Prysmatic Labs, the ETF's build team, announced the release of the prysm client test network. This client was developed by Prysmatic Labs using Go. Subsequently, Preston Van Loon, co-founder of the fragment development company Prysmatic Labs, announced on Meduim that the Beacon (Beacon Chain) test network of Taifang 2.0 was officially launched.

At the 2019 Ethereum Technology and Application Conference held in Beijing on June 29th, Ethereum co-founder Vitalik Buterin and Ethereum core researcher Hsiao-Wei Wang said that according to the normal development progress, the Ethereum 2.0 plan was officially launched in early 2020. On the line, Vitalik said that the launch time of the Ethereum 2.0 beacon chain may be slightly delayed. More depends on the progress of the community. The Ethereum 2.0 test network will be launched later this year.

Source: Zero Finance

Bitcoin price at the time of writing: ¥79511.92Special statement

Disclaimer: This article does not represent Babbitt's position and does not constitute investment advice. Please be cautious.

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