Daily News | Vitalik Buterin Supports MegaETH Blockchain, Project Financing $20M; Blast Rose by 40% After Airdrop; USDT Supply on TON Exceeded 500M

2024-06-28, 04:06

[//]:content-type-MARKDOWN-DONOT-DELETE
![](https://gimg2.gateimg.com/image/article/17195474951_21.png)
## Crypto Daily Digest: Vitalik Buterin supports MegaETH blockchain in the new area, with a project financing of $20 million; Blast token increased by 40% after airdrop; USDT supply on TON has exceeded 500 million
Firstly, let's examine the trading activities of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs. According to Farside Investor data, on June 27th, Grayscale Bitcoin spot ETFs (GBTC) experienced outflows of $11.4 million in funds; Meanwhile, Fidelity Bitcoin Spot ETF (FBTC) had an inflow of $6.7 million, Bitwise Bitcoin Spot ETF (BITB) had an inflow of $8 million, ARK 21Shares Bitcoin Spot ETF (ARKB) had an inflow of $1.8 million, and WisdomTree Bitcoin Spot ETF (BTCW) had a net inflow of $6.6 million.

**Vitalik Buterin supports the new blockchain MegaETH, raising $20 million with a 9-digit token valuation**
Shuyao Kong, co-founder and Chief Business Officer of MegaLabs, revealed to The Block that the company began seed round financing in December last year and completed it in May of this year. Kong stated that this round of financing adopts a structure of equity and token warrants, resulting in MegaETH's fully diluted token valuation reaching "nine digits," or at least $100 million.

MegaLabs announced on Thursday that Dragonfly has led the seed round of financing, with other participants including Segment Capital, Robot Ventures, Big Brain Holdings, and others. Angel investors include Vitalik Buterin, co-founder of <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>, Joseph Lubin, founder and CEO of ConsenSys, and Sreem Kannan, founder and CEO of EigenLayer.

Kong explained that the idea behind MegaETH blockchain comes from the fact that most Ethereum Virtual Machine (EVM) compatible blockchains can only achieve three digit transaction volumes per second (TPS), while MegaETH's goal is to achieve 100,000 TPS. MegaETH claims to be the first fully Ethereum compatible "real-time blockchain" - "real-time" means that MegaETH can "process and update results in real-time as soon as transactions arrive.". Supports high transaction throughput and powerful computing power.

MegaETH utilizes Ethereum's security, <a href="/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a>'s error prevention system, and its own optimized sorter to achieve real-time performance. The two key technologies of MegaETH - heterogeneous blockchain architecture and "super optimized" EVM execution environment are crucial. MegaLabs states that heterogeneous blockchain architectures improve performance by allowing network nodes with different hardware configurations to specifically perform specific tasks, while ultra optimized EVM execution environments push throughput, latency, and resource efficiency to hardware limits.

Kong revealed that MegaETH's public testnet will be launched in early autumn, and the mainnet is expected to be launched by the end of the year. When asked if MegaETH's native tokens will be launched simultaneously with the mainnet, Kong stated that a decision has not been made yet.

**The Blast token rose 40% after receiving its first $2 billion airdrop**
The Ethereum Layer 2 network native token Blast (BLAST) has surged by 40% since its launch, outperforming other highly anticipated airdrops that have entered the market in recent weeks. According to the summary data from Ambient Finance and the perps trading platform “Aevo”, BLAST's initial offering price is $0.02 per share, with a fully diluted value (FDV) of $2 billion at launch.

According to CoinMarketCap data, the price of BLAST has risen by over 40%. This is in stark contrast to the recent high-profile token issuance, including the Ethereum Layer 2 network zkSync (ZK) and cross-chain interoperability LayerZero (ZRO). These two types of tokens have fallen by 46% and 43% respectively since their issuance.

This airdrop released 17% of the total BLAST supply, of which 7% was allocated to users bridging Ethereum, another 7% was awarded to users who "contributed to the success of decentralized applications (DApps) on the network," and 3% was awarded to the Blur Foundation for future airdrops to its community.

**USDT supply on TON blockchain exceeded 500 million**
The net traffic of stablecoin USDT on the TON network has exceeded 500 million. According to The Block's USDT supply dashboard, as of Tuesday, there were a total of 5192.8 million USDT stablecoins on TON's network.

About two months ago, <a href="/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> launched stablecoins pegged to the US dollar and the company's stablecoin XAUT pegged to gold on TON. Open Network announced through its official Telegram channel, "Being able to easily send digital dollars to anyone anywhere like sending a text message is a practical real-world use case that sets USDT/TON apart."

The surge in TON network activities can also be attributed to the increasing popularity of playable crypto mini games on Telegram. Games such as Dotcoin, Catizen, and Hamster Kombat adopt simple mechanisms that allow users to earn game coins, potentially winning them real token airdrops.

At the beginning of this month, the total lock value of the TON blockchain exceeded $600 million, which is twice the lock value three weeks ago. According to DefiLlama's data, TON currently holds over $670 million. <a href="/price/toncoin-ton" target="_blank" class="blog_inner_link">Toncoin</a>, the native cryptocurrency of TON blockchain, has also become the ninth largest cryptocurrency in the world with a market value of $18.5 billion.

## Market Trends
BTC has fluctuated upwards and has now returned to above $62,000; ETH performed strongly, just one step away from $3,500; SOL surged by 10% within the day, leading the overall rise of <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> ecosystem tokens. On the macroeconomic front, the US stock market rose as the US presidential election debate began today.
### Market Hotspots:
Solana Ecosystem: VanEck submitted the first application for SOL ETF, which stimulated a surge of over 10% in SOL within the day, returning to above $150. SOL surged, leading ecosystem tokens such as BOME, POPCAT, WEN, RAY, JUP, etc. to also soar, with Meme on the Solana chain performing more prominently.

Ethereum ecosystem: Market news shows that ETH ETF will be approved before July 4, and the ETH/BTC exchange rate continues to strengthen. The MOG, MKR, ENS, and other components of the Ethereum ecosystem have significantly increased.

DePIN sector: The DePIN sector generally rose, with MOBILE, AKT, IO, HNT and other sectors experiencing significant gains. AKT is the native token of Akash Network, a decentralized cloud computing market with a current circulating market value of approximately $870 million, ranking 79th in market value.

## Macro: Investors are watching inflation data, and Wall Street closed flat; The Asian market has been rising for five consecutive months
On Thursday, June 27, the US stock market closed flat as investors waited for new inflation data, indicating a sustained slowdown in economic activity, raising market expectations for interest rate cuts. The market performance for the rest of this week was relatively lackluster, while Friday was filled with risky events, such as Democratic President Joe Biden and Republican opponent Donald Trump holding their first presidential debate in Atlanta.

The performance of the three major indexes is as follows: Nasdaq rose 0.3%, S&P rose 0.09%, and Dow Jones rose 0.09%. Market participants expressed concerns about the sustainability of this rise and suggested diversifying investment portfolios to hedge against potential significant losses.

Last week, the number of initial claims for unemployment benefits decreased to 233,000, lower than the expected 236,000. In addition, the final data shows that the US economy grew beyond expectations in the first quarter. Data showed that economic activity continued but slowed down, and the yield of benchmark 10-year and two-year treasury bond bonds fell.

On June 28, Asian stock markets rose on Friday, marking the fifth consecutive month of gains. The market expects that cooling US inflation will lead to the Federal Reserve relaxing interest rate policies this year. The MSCI Asia Pacific stock index excluding Japan fell 0.03%; Despite the weakness of the Japanese yen, it has been positive for the Nikkei index, with the latest increase exceeding 1%. The Hang Seng Index in Hong Kong fell 0.1%, while the benchmark index in China fell slightly by 0.05%.

Meanwhile, the core personal consumption expenditure (PCE) price index for May in the United States will be released later on Friday, which may provide further clarity on the outlook for US interest rates.

In terms of commodities, Brent crude oil futures rose 0.39% to $86.73 per barrel, while West Texas Intermediate crude oil futures in the United States rose 0.42% to $82.08 per barrel.

Gold struggled under pressure from the strengthening US dollar, falling 0.26% to $2,321.19 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>