1. OpenSea’s daily Ethereum NFT trading volume fell to a two-year low, down more than 99% from its peak
On May 8, former Proof researcher punk9059 said on the X platform that OpenSea's daily trading volume on the Ethereum NFT market is currently about 600 ETH, which is the lowest level since before the NFT bull market began in May 2021. This figure is down 99.1% from the peak in May 2022, when OpenSea's daily trading volume reached 66,000 ETH.
2. Messari releases Fantom Q1 report: Market value increased by 101% month-on-month, DeFi TVL increased by 59% month-on-month
Messari recently released the Fantom 2024 Q1 status report. The key points are as follows: ·Fantom achieved month-on-month growth in multiple key indicators, including market value (+101%), average daily active addresses (+24%), USD-denominated DeFiTVL (+59%), stablecoin market value (+39%) and average daily DEX trading volume (+64%); ·FTM’s total staked volume increased by 17% month-on-month to 1.3 billion, and the proportion of eligible supply staked volume also increased by 16% month-on-month to 44.6%; ·In March of this year, Fantom’s DEX monthly trading volume exceeded US$1 billion for the first time in the past year. The average daily trading volume of DEX in March was US$37.9 million, nearly 7 times higher than in February (US$5.7 million) and 6 times higher than in January (US$6.6 million); ·On March 25, Michael, CEO of the Fantom Foundation Kong announced the initial release plan for Sonic (scheduled for Q3 2024), which includes specification bridge, simplified staking system, builder grants, reward program, specification stablecoin, etc. Five winners of the Sonic Labs incubator project were selected in Q1. Each project will receive 200,000 FTM and receive development support before the Sonic mainnet goes live.
3. The SEC believes that Ripple has not violated any rules but may still take similar actions against it in the future
Ripple Labs and the U.S. Securities and Exchange Commission (SEC) have made significant progress in their legal battle, with the SEC filing its final response in the remedial phase of the lawsuit. In its recent response to the remedial brief, the SEC challenged Ripple's claims that the blockchain startup's actions were not reckless and that there should not be "extensive uncertainty" about the legal status of XRP, even though the court previously rejected this "fair notice" defense. Although Ripple has not violated any rules since launching the XRP lawsuit in 2020, the SEC is still maintaining its position on whether Ripple may take similar actions in the future. The SEC believes that Ripple's assurances that it will change its behavior after the lawsuit are not a reason to avoid an injunction. According to the SEC, Ripple's claims that it follows legal guidance and restructures future XRP sales in accordance with the lawsuit order are misleading. The SEC believes that Ripple misunderstood the order and failed to accept its impact on compliance.
4. FTX creditors will receive 142%-118% compensation
Cryptocurrency exchange FTX has amassed billions of dollars in funds beyond what it needs to pay customers it lost in its November 2022 collapse, enabling them to be fully compensated after the company's bankruptcy. The extra cash will be used to pay interest to the company's more than 2 million customers, a rare outcome as creditors typically receive very little money in U.S. bankruptcies. The company will have as much as $16.3 billion in cash to distribute once it completes the sale of all its assets, according to a company statement. It owes customers and other non-government creditors about $11 billion. While all debts will be paid in full and with interest, shareholders will be left with nothing, according to court documents filed late Tuesday in the federal court in Wilmington, Delaware, which is handling the FTX case. Depending on the type of claim in the case, some creditors could receive up to 142% of what they're owed. However, the vast majority of customers could receive 118% of what they earned on the FTX platform on the day the company filed for Chapter 11 bankruptcy. The company, which is currently being run by restructuring advisers, has also proposed setting up a fund to pay some creditors, including those who lent FTX cryptocurrency, money that would otherwise go to government regulators. As FTX moves into the final stages of its bankruptcy case, payments may still take several months.
5. The SEC refutes Terraform's claim that the fraud occurred outside the United States
Lawyers for the United States Securities and Exchange Commission have responded to a memo from Terraform Labs that proposes remedies for post-verdict judgment in a civil case. In a May 6 filing with the U.S. District Court for the Southern District of New York, the SEC rejected Terraform’s argument for a reduction in disgorgement in the civil case verdict, for which a jury found the company liable. According to SEC lawyers, Terraform and co-founder Do Kwon never made the argument in court that the commission is enforcing the extraterritorial application of federal law to the issuance and sale of tokens outside the United States. The SEC filing says the defendants’ arguments lack merit because they rely on a misapplication of the law and misrepresentations of relevant facts.
6. Vitalik Buterin proposes an alternative to EIP-3074
Wallet Connect developer Pedro Gomes posted on the X platform that Vitalik Buterin proposed an alternative to EIP-3074, moving from opcodes to transaction type methods, a new approach that benefits from using 4337 infra PLUS to reduce the risk of core developers. Wallet Connect also includes the 7377 txn type for smoother migration of EOA to smart accounts.
7.Base network net ETH deposits have exceeded 6,500 ETH since Monday
According to data monitored by IntoTheBlock, the Layer2 Base network has seen net ETH deposits of more than 6,500 ETH since Monday, more than twice that of Arbitrum and five times that of Optimism.
8. Grayscale withdraws 19b-4 application for Ethereum futures ETF
Grayscale has taken the surprising step of withdrawing its 19b-4 application for an Ethereum (ETH) futures exchange-traded fund (ETF), just three weeks after the securities regulator was forced to make a decision. The cryptocurrency asset manager filed a notice to withdraw its Grayscale Ethereum futures ETF with the U.S. Securities and Exchange Commission on May 7.
