Daily News | Blockchain Developer Sphere Launched TG Extension from Bank to Wallet; The European Commission Urges Preparations for the Integration of Blockchain and AI

2024-05-28, 03:54

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## Crypto Daily Digest: Blockchain developer Sphere launched Telegram extension from bank to wallet; The European Commission urges preparations for the integration of blockchain and artificial intelligence; Ethereum Layer 2 Taiko goes live on the mainnet
**Blockchain developer Sphere launched Telegram extension from bank to wallet**
Blockchain developer Sphere has launched a bank-to-wallet Telegram extension. This developer, which focuses on providing stablecoin services for enterprises, announced that it will launch a new path for fiat currency deposit and withdrawal within Telegram.

The extension will allow Telegram users to directly transfer bank funds into their wallets within the application and vice versa. The advertising cost per transaction for early users is 0.1%. The service will be open to early users on May 27 and is planned to be fully launched later this year.

Although users from non-sanctioned countries can use the Telegram extension, they must associate the service with bank accounts denominated in US dollars or euros. This move continues to make Telegram a hub for crypto innovation and development, and creates a powerful blockchain ecosystem on Telegram with a large number of robots and applications, such as Unibet and CoinGecko robots.

Telegram Open Network (TON) has attracted many crypto investors, speculators, and enthusiasts. According to DemandSage's data, Telegram has 800 million active users every month, and over 52 million people use the platform daily. The download volume of this application has exceeded 1 billion times and is expected to reach the end of 2024, The number of Telegram users will reach 1 billion.

In addition, India has the highest number of Telegram users, with an estimated 104 million users, making the platform a fertile ground for providing fintech services to developing countries. Expanding financial services to developing countries remains a core focus of the blockchain industry, Developers such as Ripple Labs and Standard Diamond Co. are attempting to create innovative solutions for people in the 21st century who lack sufficient financial services.

**The European Commission urges preparations for the integration of blockchain and artificial intelligence**
The European Blockchain Observatory and Forum (EUBOF) recommends that the EU prepare for the integration of blockchain technology and artificial intelligence (AI). The initiative monitored and analyzed blockchain development in various regions of Europe, and released a conclusion report.

The report emphasizes the potential of combining blockchain with other technologies to drive innovation. EUBOF has identified strong trends related to the continuous integration of blockchain and artificial intelligence. According to the new regulations, custodial entities can receive up to 50% of the procurement and operational costs of artificial intelligence supercomputers from the European Union. The ownership of these machines can be transferred to the custodial entity five years after acceptance testing.

**Ethereum Layer 2 Taiko goes live on the mainnet**
The summary Taiko based on <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> has been launched on the mainnet. Taiko uses a rollup proof that relies on the Ethereum block validator to sort transactions. Taiko plans to launch DAO later this year, gradually transferring protocol control to its community.

Ethereum co-founder Vitalik Buterin proposed the first block on the Taiko mainnet, whose metadata includes the names of each Taiko core contributor.

The Taiko token is expected to be launched a few weeks after the mainnet goes live. In addition, Taiko plans to launch a point incentive program called Trailblazers, which attracts community participation by rewarding them for completing tasks and interacting with the internet.

The project recently announced airdrops to community members before the launch of the mainnet. The project plans to distribute 5% of its 1 billion token supply to community members, known as "Genesis airdrop".

## Market Trends: BTC leads the market in general, and the Altseason has finally arrived
In today's market trend, the price rebound of BTC and ETH has driven the overall market up, which usually enhances market confidence and attracts more capital inflows. The sustained net inflow of BTC spot ETFs indicates an increasing focus and participation of institutional investors in cryptocurrencies, which is a positive signal for the market. However, The decline in BTC's dominance may indicate that funds are flowing toward other Altcoins, ushering in the so-called "Altseason".

Macroeconomic gains in the US stock market: The continuous rise and historic highs in the US stock market reflect optimistic expectations for the economic outlook, which helps to enhance the attractiveness of risky assets, including cryptocurrencies. The decline in the US dollar index may be a driving factor for the rise of the crypto market.
### Market Hotspots:
**NOT surged by over 40%**
Background: NOT is a game token for the Ton ecosystem. Ton is a blockchain-based gaming ecosystem, The surge in NOT may be driven by the development of this ecosystem.

Impact: Other gaming tokens such as HIGH DAR, ENJ, and others have also followed the rise, demonstrating the market's interest and enthusiasm for blockchain games.

**Meme concept**
Background: FLOKI MOG, PENG, TURBO, WOJAK, MAGA, SAMO, MEW, and other Meme tokens have surged, especially TURBO and MAGA, which increased by more than 20 times and 10 times, respectively, in a single week.

Risk: The surge in Meme tokens often comes with high risk and volatility, and investors need to be vigilant about rapid changes in market sentiment and potential pullback risks.

**ZEUS rose by over 25% in a single day**
Background: Zeus Network is a protocol that enables cross-chain communication on the <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> chain and is the first Launchpad project in Jupiter's history. The development of this innovative technology and ecosystem may be a driving factor in its price increase.

Impact: As the first protocol on the Solana chain to introduce <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> liquidity into Solana, ZEUS’s success may pave the way for more cross-chain projects in the future.

The current market's general upward trend and the diversification of hotspots reflect the activity and diversified development of the crypto market. Investors need to be cautious while enjoying the benefits brought by the market's rise, especially for volatile Meme tokens and emerging projects, risk management is particularly important. In the context of market volatility and frequent hot topics, diversified investment can effectively reduce the risk of a single asset. Choose projects with practical application scenarios and technological innovation for investment, avoiding the blind pursuit of high returns.

## Macro: The US market reopens, while the Asian market fluctuates; Gold prices and crude oil have slightly increased
The US market was closed on Monday, May 27, and no global market report was released during that period.

On Tuesday, May 28, after rising in the previous trading day, Asian stock markets showed a pattern of mixed ups and downs. Officials from the European Central Bank have stated that as inflation slows down, there is room for the ECB to lower interest rates, raising expectations for a rate cut on June 6th. This news has boosted investors' risk appetite, although the market remains volatile before some key inflation data is released.

The MSCI Asia Pacific stock index rose 0.4%, with Hong Kong's Hang Seng Index rising 0.7% and Japan's Nikkei Index falling 0.3%, reversing the previous trading day's gains. Chinese blue chip stocks benefited from Beijing's further commitment to invest in the semiconductor industry, with technology stocks rising 1% yesterday and slightly falling today.

The European stock market closed slightly higher on Monday, with government bond yields falling as the European Central Bank (ECB) hinted at imminent interest rate cuts, but trading activity was light due to the closure of some major global markets.

The Pan European STOXX 600 closed up 0.3%, approaching a historic high set earlier this month. The main decision-makers of the European Central Bank have stated that as inflation slows down, there is room for the central bank to lower interest rates, but it must take time to relax policies, even if the policy direction is clear.

The focus of this week is the Eurozone May Consumer Price Index, which will be released on Friday, while individual inflation data for Germany, Spain, and France will also be released this week. According to data from the London Stock Exchange, the European Central Bank appears to be starting to lower interest rates at its upcoming meeting next week, with bets indicating a possibility of over 90%.

The US inflation data will also be released on Friday, which may help traders evaluate the timing and frequency of the Federal Reserve's potential interest rate cuts this year.

Wall Street stock futures performed strongly before reopening after the US market closed. The S&P 500 index futures rose 0.1%, while the Nasdaq index futures rose 0.2%. A major risk event will occur this Friday, at which time the trading tone will be determined by the US core personal consumption expenditure (PCE) data and Eurozone inflation data.

In the currency market, the US dollar has fallen for the third consecutive trading day as traders are preparing for PCE data. The average market expectation for PCE data in April is a 0.3% increase, with an annual rate of 2.8%, but there is a downside risk.

In terms of commodities, oil prices remained stable on Tuesday. Brent crude oil futures rose 0.1% to $83.19 per barrel, while gold prices rose for the third consecutive day, rising 0.1% to $2,354.23 per ounce.

<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>