Introduction:
1. Hyperliquid, Robinhood, and xStocks enter the U.S. stock RWA (suggest reading the special topic on U.S. stocks on the chain in the daily report).
2. According to Federal Reserve observations, the probability of a rate cut in September has greatly increased to 94.7%.
3. REX-OSPREY SOL ETF will start trading on Wednesday.
4. Polygon abandons the zkevm blockchain
5. Backpack official announcement states that the ranking airdrop for challengers, diamonds, and platinum users will take place tomorrow.
6. Binance alpha June summary: Single number received an airdrop of $341, cost $120-135.
1. Special Topic on U.S. Stocks on the Chain
Trend view: It is expected that a new DeFi gameplay for on-chain stock tokens will soon form, including methods such as collateral lending and dividend distribution, and it may also derive some PT and YT gameplay.
1. Hyperliquid enters the market.
(1) The new proposal hyperliquid HIP-3 will allow anyone to deploy a perpetual contract market based on @HyperliquidX without permission.
(2) Pledge 1 million #HYPE as margin (currently about 37 million USD).
Defining market parameters (name, leverage, margin, oracle logic, etc.).
Set trading fees (up to 50% can be extracted).
Maintaining operations such as oracle, market operation, and settlement.
Self-attract market makers, design incentive mechanisms (such as LP rewards, rebates, protocol bribery, etc.).
Avoid malicious behavior; otherwise, you may be voted off during the 7-day unbinding period.
(3) Completing the above actions can deploy perpetual contracts for all real-world assets, including but not limited to: U.S. stocks, commodities, and foreign exchange.
Complete analysis: https://x.com/AirN617/status/1938571977100583214
2. Robinhood has issued over 200 stock and ETF tokens on the Arb chain, providing European users with 24-hour trading.
(1) Developing its own L2 public chain may launch by the end of this year or early next year. It also plans to promote allowing various exchanges to list the stock tokens issued by Robinhood.
(2) Highlights: Robinhood EU has launched the world's first non-public company stock tokens, including tokens for OpenAI and SpaceX. Robinhood EU is giving away the first batch of private company stock tokens for OpenAI and SpaceX for free. If you are a Robinhood EU user and meet the qualifications, you can claim the tokens in the app, with a deadline of July 7.
3. Backed Finance announces that it will launch tokenized stock products on mainstream cryptocurrency trading platforms and based on Solana (DeFi) protocols.
(1) Kraken and Bybit have chosen stock tokens issued by xStocks, with about 60 stocks and ETF tokens launched this time supporting all-day trading on weekdays.
(2) It has now completed integration with DeFi applications Kamino Swap, Raydium, and Jupiter, allowing for direct trading.
(3) These tokens will soon also serve as collateral for DeFi lending.
(4) [Author's test] Taking TSLA as an example, the current liquidity is insufficient, and it is also necessary to observe the price premium situation in conjunction with the opening of U.S. stocks.
2. Macroeconomic Market
(1) Traditional Markets
1. U.S. Stocks: The Nasdaq rose by 0.47%, the S&P rose by 0.52%, and the Dow rose by 0.63%.
2. U.S. Treasuries, U.S. Dollar: The 10-year U.S. Treasury bond fell by 1.01% to 4.23%, and the U.S. Dollar Index fell by 0.48% to 96.7.
3. Gold: High-level fluctuations, down to 3311.
(2) Policy Trends
1. The Federal Reserve's interest rate cut, summarizing Powell's latest speech.
(1) Goldman Sachs has moved the timing of the Federal Reserve's interest rate cut from December to September.
The latest research report indicates that the Federal Reserve's willingness to cut interest rates is becoming increasingly clear, and the recent movements in the U.S. interest rate market have already reflected this trend. This trend is mainly driven by four key factors. First, the Federal Reserve's policy stance is undergoing a subtle shift; second, trade policy uncertainty has significantly decreased. Third, the labor market is showing signs of a comprehensive slowdown. Lastly, the market is beginning to digest the potential impacts of changes in the Federal Reserve's leadership in advance.
(2) According to Federal Reserve observations, the probability of a rate cut in September has greatly increased to 94.7%.
2. The Beautiful Big Bill
On July 1, Musk stated that if this crazy spending bill (the 'Big and Beautiful' bill) passed, a new political party in the U.S. would be established the next day.
3. REX-OSPREY SOL ETF will start trading on Wednesday.
Note: This ETF has some differences from the spot ETF.
(1) The SOL spot ETF helps you legally hold SOL, while the REX-Osprey staking ETF helps you legally hold SOL while also staking it on-chain to earn interest.
(2) Spot ETFs are more open markets with better liquidity, while the REX-Osprey Solana Staking ETF, similar to Grayscale when it did not launch a spot ETF, will have its liquidity greatly constrained.
Complete analysis https://x.com/Phyrex_Ni/status/1939731711560155534
(3) Government & Crypto Dynamics
Timur Suleimenov, the governor of the Kazakhstan central bank, stated that the country plans to establish a national cryptocurrency reserve, with funds coming from seized digital assets and tokens mined from state-owned mines. This reserve will be managed by a subsidiary of the central bank and will adopt a sovereign wealth fund operating model, including a single management structure and a transparent audit mechanism.
It is reported that Kazakhstan currently accounts for 13% of the global Bitcoin hash rate share.
3. Market Review
1. Market Data: The market capitalization share of BTC continues to decline to 65.2%.
2. Stablecoin outflow of 96.96 million, USDT inflow of 117 million, USDC outflow of 187 million.
3. ETF Data
6. Institutional Dynamics
BitMine Immersion Technologies (NYSE: BMNR) announced the completion of a large private placement financing of $250 million, issuing 55,555,556 shares at a price of $4.50 per share. The deal was led by MOZAYYX, with participation from well-known investment institutions such as Founders Fund and Pantera, and is expected to complete settlement around July 3, 2025.
BitMine plans to raise funds primarily to increase its holdings of Ethereum (ETH), intending to make it a core reserve asset, while continuing to maintain its main business in Bitcoin mining.
4. Industry Hotspots
1. Polygon abandons the zkevm blockchain.
5. Alpha
(1) Binance alpha.
1. Binance alpha codatta hand-rolled activities last week, recommended to participate.
2. June single number received an airdrop of $341, cost $135.
Note: Without brushing any trading competitions.
(2) Others
1. Regarding mouth-feeding, although it is very annoying, it is indeed profitable.
Additionally, it is expected that July-August may be the peak period for issuing b.
2. So it's best to brush points to platinum.
According to the official announcement from Backpack, the second ranking airdrop will be conducted tomorrow, with a total airdrop of 2 million FRAG (Fragmetric). The number of tokens that participants in the first season points activity can receive will be divided by badge level, with challengers receiving 4650 FRAG, diamonds receiving 1500 FRAG, and platinum receiving 580 FRAG. The total amount of this airdrop is 2 million FRAG.
