Daily News | Cryptos and Global Markets Fall Together; IoTeX Financing of $50M; $24M of stSOL Cannot Be Withdrawn Due to Lido's Staking Bug; OpenSea Supports ERC-721C Standard

2024-04-03, 03:57

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## Crypto Daily Digest: DePIN blockchain IoTeX financing of $50 million; $24 million of stSOL cannot be withdrawn due to Lido staking bug; OpenSea supports the ERC-721C standard
First, let's examine the trading activity of <a href="/ar/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs. According to Farside Investor data, on April 2, Grayscale spot ETFs (GBTC) funds continued to <a href="/ar/price/flow-flow" target="_blank" class="blog_inner_link">Flow</a> out significantly, reaching $110.2 million; Meanwhile, Fidelity Bitcoin spot ETF (FBTC) inflow was $44.8 million, Bitwise Bitcoin spot ETF (BITB) inflow was $4.3 million, and ARK 21Shares Bitcoin spot ETF (ARKB) outflow was $87.5 million.

On April 2, <a href="/ar/price/iotex-iotx" target="_blank" class="blog_inner_link">IoTeX</a>, an <a href="/ar/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>-compatible blockchain optimized for DePIN, announced financing information. The project received investments totaling $50 million from Borderless Capital, Amber Group, Foresight Ventures, FutureMoney Group, SNZ, Metrics Ventures, EV3, and Waterdrop Capital.

The team stated that this investment aims to meet the growing demand for connecting real-world data and IoT devices to Web3. They also noted that this investment will drive the growth and adoption of DePIN ecosystems by investing in long-term collateral $IOTX (DePIN tokens that manage and drive IoTeX DePIN) and will work with the IoTeX Foundation and DePINsurf Accelerator Fund to invest in IoTeX-based DePIN projects.

Lido's SOL staking protocol, valued at $24 million, is inaccessible to users due to code vulnerabilities; Currently, over 31,000 wallets holding stSOL are in trouble.

Lido announced in October 2023 that it will gradually cease support for <a href="/ar/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> and remove the website where stSOL holders exchange their tokens for SOL. When Lido deleted the webpage in February, users still held over 112,000 stSOLs with a market value of over $24 million.

In addition, according to news from October last year, Lido announced that it will no longer support SOL staking and will no longer support new SOL staking starting from October 16. Node operators will begin to withdraw on November 17. Starting from February 4, 2024, Lido, supported by the Solana front-end, will be terminated, and the cancellation of the staking will only be possible through the command-line interface (CLI). Lido stated that stSOL holders can still receive staking rewards during this period.

Lido has not responded to this yet.

The NFT trading platform OpenSea has added support for the ERC-721C standard, which allows creators to achieve programmable and executable creator benefits on the chain.

ERC-721C was invented by blockchain game company Limit Break in May last year. It solves the problem of shuffling in NFT transactions by standardizing token transfer conditions (such as royalties) across all channels. Before their invention, users could transfer NFTs through self-custodial wallets or other NFT markets that did not comply with creator royalty requirements, efficiently bypassing creator royalty commissions in the secondary market.

According to OpenSea developers, compatibility with ERC-721C was only enabled in the Dencun upgrade of the Ethereum network on March 13. The platform states, "If you follow the steps above to execute your creator revenue, sales will only be supported in OpenSea and other markets driven by LimitBreak's payment processors." After deploying the ERC-721C contract on OpenSea, creators can manually list their digital artworks in other markets. Still, OpenSea will also match the minimum royalties set by the creators on different platforms.

<a href="/ar/how-to-buy/cusdt-cusdt" target="_blank" class="blog_inner_link">where to buy cusdt</a>
This morning, BTC briefly fell below $64,500, and currently, the price has rebounded to around $66,000. However, the daily average has been broken. Against the backdrop of the BTC decline, the entire market has generally experienced a sharp decline. In addition, BTC spot ETFs have again shown a net outflow state. The market is suspected to be affected by the US government's sale of nearly $2 billion in previously confiscated Bitcoin.

On the macroeconomic front, the US stock market experienced a significant decline due to the expected decrease in interest rate cuts, while the US dollar index hit a new high in four months. The yield of the 10-year treasury bond bond reached 4.2%.
### Market Hotspots
ENA surged: After its launch at Gate.io yesterday, ENA surged by 80% and is now priced at $0.83, with the city's value reaching $12 billion. USDe can connect to Pendle Finance on the Mantle chain through the Stargate cross-chain bridge for mining, which saves gas costs compared to operating on the Ethereum main chain.

RWA sector: Despite the general market downturn, the prices of tokens such as POLYX and PENDLE remain strong.

Gate.io will launch Wormhole token W Today at 12:00 (UTC), which is expected to become an important hot spot in the market.

Overall, market sentiment tends to be pessimistic, and investors must respond cautiously. Keep an eye on the rising trend of ENA and RWA sector tokens and the upcoming launch of Wormhole token W at Gate.io. Meanwhile, closely monitor market risks and adopt cautious investment strategies.

## Macro: Global stock market declines, a storm may strike; Rising crude oil and gold prices
On Tuesday, the US stock market fell as investors weighed the possibility of the Federal Reserve delaying interest rate cuts. At the same time, electric vehicle manufacturer Tesla announced its first quarterly delivery decrease in nearly four years, leading to a decline in stock prices. The main indicators are as follows: the Dow Jones index fell 1.00%, the S&P 500 index fell 0.72%, and the Nasdaq index fell 0.95%.

US 10-year treasury bond bond yields reached 4.40%, the highest level since this year. Tesla announced its quarterly delivery volume has declined for the first time in nearly four years, with its stock price falling by 5%. The market is still considering the risk of slowing interest rate cuts before the release of US data and before the appearance of the central bank governor later that day. Oil prices continue to rise, and gold prices have again hit a historic high.

Asian stock markets fell with Wall Street on Wednesday, mainly because the yield of US treasury bond bonds remained near a four-month high, and the strong earthquake in the region raised concerns about possible interference in important chip manufacturing industries. The MSCI Asia Pacific stock index, the most widely used outside of Japan, fell 0.7%. After a significant 20% increase in the first quarter, the Nikkei Index in Japan fell 1% on Wednesday.

The rise in bond yields, panic among Wall Street companies, and continued price pressure seem to make Wednesday's outlook for the Asian market even more bleak. Investors are pondering whether this marks the beginning of a deeper correction.

Some important releases on the Asian Economic Calendar will be mainly based on China and Japan's Service Industry Purchasing Managers Index data, but the tone of the market on Wednesday may be affected by the latest tightening of global financial conditions.

Meanwhile, a business survey showed that Japan's service industry activity expanded at its fastest pace in seven months in March, supported by strong demand, especially for inbound tourism. The service industry has always been a driving force for Japan's recent economic growth, helping to offset the drag of weak global demand on the manufacturing industry.

According to data released by the index, the AU Jibun Bank Services Purchasing Managers Index (PMI) rose from 52.9 in February to 54.1 in March, marking the 19th consecutive month of increase.

Regarding bulk commodities, oil prices rose for the fourth day. The escalation of geopolitical tensions triggered concerns about tight supply before the OPEC+ meeting. The organization is unlikely to change its output policy. Brent crude oil fell 0.2% to $87.18 per barrel, while US crude oil fell 0.3% to $83.21 per barrel.

On Wednesday, gold prices continued their record-breaking rise. Spot gold hit a historic high of $2,288.09 per ounce earlier in the trading session, followed by some profit taking, and ultimately remained unchanged at $2,277.99.

<div class="blog-details-info">
<div>Author:**Sherry S. & Icing**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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