LianGuai Morning News | Aave’s USD stablecoin GHO surpasses a market value of $2.5 million within 48 hours

Aave's USD stablecoin GHO reaches $2.5 million market value in 48 hours

Headlines

▌Aave’s USD Stablecoin GHO Surpasses $2.5 Million Market Cap Within 48 Hours

Aave’s USD stablecoin GHO, launched on the Ethereum mainnet, has reached a total minting value of $2.5 million within just 48 hours. According to DefiLama data, GHO currently has a market cap of $2.59 million, with a current price of $0.99 per token and a total circulating supply of 2.61 million tokens.

On July 15th, Aave launched GHO, which is a decentralized, overcollateralized stablecoin backed by various digital assets, including ETH and AAVE.

• LD Track Weekly Report ETH Staking Rate Breaks 20%, Layer2 TVL Breaks $10 Billion
• Ethereum EthCC officially opens, conference highlights (continuously updated)
• Lens V2 version details are revealed Which features are worth looking forward to?

▌SEC Chairman: Cryptocurrency Space is Actually Quite Centralized

Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), stated that it is still too early for the SEC to draft more rules regarding cryptocurrencies following a recent landmark enforcement case decided by a federal judge. The SEC has already proposed rule amendments applicable to digital assets during his term. There are definitions in the books about what an exchange, a broker, and an investment adviser are. We have also proposed and even adopted rules about broker-dealers, known in this field as special-purpose broker-dealers. We have proposed rules about asset protection. So, we’ve done some, but we’ll continue to consider it.

Furthermore, Gensler mentioned that the cryptocurrency space is actually quite centralized, with decentralized projects sometimes having individuals holding titles such as CEO or CTO, and assets typically held by fewer than 100 people. Financial markets tend to be somewhat centralized.

Gensler refused to directly comment on the Ripple case, stating that “litigation is ongoing.”

---

Market

As of the time of writing, according to coinmarketcap data:

The recent trading price of BTC is $30,152.2 with a 24-hour change of -0.09%;

The recent trading price of ETH is $1,912.8 with a 24-hour change of +0.21%;

The recent trading price of BNB is $244.45 with a 24-hour change of +0.16%;

The recent trading price of XRP is $0.7381 with a 24-hour change of -0.12%;

The recent trading price of DOGE is $0.069 with a 24-hour change of +0.42%;

The recent trading price of ADA is $0.3120 with a 24-hour change of -0.42%;

The recent trading price of SOL is $26.811 with a 24-hour change of -0.71%.

---

Policies

▌Shanghai Xuhui: Strengthening Intellectual Property Protection for New Formats and Fields such as Digital Economy, Blockchain, and Live Streaming

According to the Shanghai Municipal People’s Government website, the Xuhui District People’s Government of Shanghai released the “Implementation Plan for Creating Shanghai Intellectual Property Protection Demonstration Zone” today. According to the implementation plan, Xuhui District of Shanghai will strengthen intellectual property protection for new formats and fields such as digital economy, blockchain, and live streaming. They will improve two copyright protection cooperation mechanisms and build a copyright multi-party protection and governance pattern with Xuhui characteristics and highlights. They will strengthen administrative law enforcement for copyright in fields such as computer software and the internet, and enhance the protection of intellectual property in traditional fields such as time-honored brands, intangible cultural heritage, and traditional Chinese medicine.

---

Blockchain Applications

▌Blockchain Developer Neon Labs Launches Neon EVM

Blockchain developer Neon Labs has launched “Neon EVM,” a computing environment that allows developers to write Ethereum applications on top of Solana. Neon’s implementation is built on top of Solana’s smart contracts, allowing developers to deploy Ethereum Virtual Machine (EVM) code that was previously not possible on the network. Neon Labs announced the completion of the tools needed for Ethereum developers to migrate their projects to Solana, which is expected to lower the operational costs of their applications.

The Neon Labs team believes that their EVM solution will integrate effectively with Solana’s high throughput capabilities to host Ethereum applications, and extensive testing is currently underway in this regard. In addition to providing access to the Solana network, Neon EVM aims to enable Ethereum applications to leverage Solana’s native features, including parallel transaction execution.

---

Cryptocurrencies

▌Fox Reporter: US Judge Orders Ripple and SEC to Hold Settlement Conference on Convenient Dates for Both Parties

Fox Business News reporter Eleanor Terrett stated on social media that US Judge Sarah Netburn has ordered Ripple and the US SEC to hold a settlement conference on convenient dates for both parties. Due to the busy court schedule, it is suggested to arrange it 6-8 weeks in advance.

▌US District Judge Transfers SEC v. Ripple Case to Magistrate Judge’s Office

The next phase of the US Securities and Exchange Commission (SEC) v. Ripple case is about to proceed, as US District Court Judge Analisa Torres submitted a filing on July 17th, transferring the case to the Magistrate Judge’s office, with Judge Sarah Netburn overseeing the upcoming proceedings.

According to the “Revised Magistrate Judge’s Referral Order” issued by the court, the next steps will involve general pretrial matters, including scheduling, discovery, non-dispositive pretrial motions, and settlement.

▌Cathie Wood Optimistic About Coinbase Following Ruling on XRP

Cathie Wood expressed optimism about the cryptocurrency exchange Coinbase on Monday, following last week’s court ruling that resulted in a partial victory for Ripple Labs in its ongoing dispute with the SEC. Despite Ark Invest recently selling shares of the company, the sentiment remains positive. Wood stated that they are very bullish on Coinbase, especially considering the court ruling that favored Ripple and was unfavorable for the SEC. Although there have been some puts and calls, overall, it is very positive for the exchange.

▌Opinion: The Emergence of Spot Bitcoin ETFs Still Takes Time

Several industry experts interviewed by CoinDesk have indicated that despite BlackRock’s application to launch a spot Bitcoin ETF, it should not be expected to emerge in large numbers anytime soon. Hedge fund manager James Koutoulas stated that while the optimism in the cryptocurrency community is understandable, it is uncertain whether it will ultimately be approved. He stated, “The ETF will not be approved until the Coinbase lawsuit is resolved or settled because regulators want ETFs to have strong credibility.”

Most experts interviewed predict that although it will take time, and it may take longer than the crypto community imagines, BlackRock may take first place in the ETF race. Koutoulas said, “If someone can get approval, it must be BlackRock, because BlackRock’s record is that out of about 500 applications, only one application has been permanently rejected, and the US government has so much business with BlackRock.”

▌Binance terminates partnership with the Argentine Football Association due to contract violation

Cryptocurrency exchange Binance has terminated its five-year partnership with the Argentine Football Association (AFA) due to contract violations. In a Spanish-language announcement released by Binance, it stated, “We regularly evaluate the results of our partnerships around the world, and unfortunately, despite providing time and opportunity to AFA, it did not fully fulfill its contractual obligations, which goes against our business values and partnership principles.”

In January 2022, Binance became the title sponsor of the Argentine National Football League with a five-year agreement.

▌Hector Network plans to liquidate $16 million in assets due to Multichain’s impact

Hector Network voted on Monday to liquidate its $16 million funds and distribute the proceeds to HEC token holders. Hector DAO, a branch of Olympus DAO on the Fantom blockchain, suffered significant losses this month due to the collapse of the cross-chain bridge project Multichain.

Since July 6, Hector’s HEC token has lost 60% of its value, with its TOR stablecoin trading at $0.13. According to one investor’s estimate, Hector Network’s treasury may have suffered a loss of $8 million due to the destabilization of stablecoins associated with Multichain.

Hector DAO plans to redistribute its financial earnings to holders based on their HEC positions as of July 14, with the final distribution amount potentially being lower than $16 million.

---

Important Economic Trends

▌There is a 96.7% probability of a 25 basis point rate hike by the Fed in July

According to CME’s “FedWatch”: There is a 3.3% probability that the Fed will maintain interest rates at 5.00%-5.25% in July, and a 96.7% probability of a 25 basis point rate hike to the 5.25%-5.50% range; there is a 2.8% probability of the Fed maintaining interest rates in September, with an 82.7% probability of a cumulative 25 basis point rate hike and a 14.5% probability of a cumulative 50 basis point rate hike. (Jinshi Data APP)

---

LianGuai Encyclopedia

▌BIP39Colors: A Bitcoin Mnemonic Tool

The open-source tool “BIP39Colors” converts BIP39 mnemonics into a set of colors and can also perform the reverse conversion from colors to mnemonics. By converting mnemonics into color combinations, it provides a more intuitive and easily memorable way to store and recover cryptocurrency wallets.

Disclaimer: LianGuai, as a blockchain information platform, publishes articles for informational purposes only and does not constitute actual investment advice. Please establish the correct investment concept and be sure to raise risk awareness.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!