Daily News | Crypto Market is Generally Declining; Aethir Launched a Decentralized Cloud Network on Ethereum; NEAR Foundation Established Nuffle Labs, Raising $13M in Funding

2024-06-14, 03:46

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## Crypto Daily Digest: Aethir launched a decentralized cloud network on the Ethereum mainnet; The NEAR Foundation established Nuffle Labs, raising $13 million in funding; Due to exploiters minting 1 billion new tokens, HLG prices have fallen by over 60%
Firstly, let's examine the trading activities of <a href="/id/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs. According to Farside Investor data, on June 13, Grayscale Bitcoin spot ETFs (GBTC) continued to experience outflows of $61.5 million in funds; Meanwhile, Fidelity Bitcoin spot ETF (FBTC) experienced outflows of $106.4 million, Bitwise Bitcoin spot ETF (BITB) had an inflow of $9.8 million, and ARK 21 Shares Bitcoin spot ETF (ARKB) had an inflow of $52.7 million.

**Aethir launched a decentralized cloud network on the <a href="/id/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> mainnet**
Aethir, a Decentralized Physical Infrastructure Network (DePIN) provider announced that its decentralized cloud computing network has been officially launched on the Ethereum mainnet. Enterprises, data centers, other cloud providers, and crypto mining operators can contribute idle GPU resources to Aethir's GPU as a service solution network.

Aethir allows businesses and developers to rent computing resources from their supplier networks to support the training of artificial intelligence (AI) models or large-scale digital content presentation. Aethir utilizes Ethereum to implement its staking function through native ATH tokens and uses Arbitrum (ARB) for quick payments to reward computing providers and checker nodes, ensuring quality.

During the testnet phase, Aethir attracted over 500,000 users, achieved node sales of $146 million, and received support from Nvidia, Super Micro, HPE, and Foxconn.

Regarding data security and privacy, Aethir co-founder Mark Rydon stated that network security measures include network access control and anti-DDoS attacks, with dedicated hardware firewalls protecting data security. Customers are always the owners and users of data, and this data is kept secure and confidential not only for external visitors but also for internal visitors.

**NEAR Foundation established independent entity Nuffle Labs, raising $13 million in funding**
The NEAR Foundation announced the establishment of an independent entity called Nuffle Labs and successfully raised $13 million in strategic funding. Nuffle Labs is responsible for building the data availability layer (NEAR DA), NEAR fast finalization layer (NFFL), and other products in the NEAR modular product suite for NEAR. This financing is led by Electric Capital, with strategic funding from the NEAR Foundation and participation from multiple investment institutions.

Other investors include Canonical Crypto, Fabric Ventures, Robot Ventures, Caladan, Lyrik Ventures and angel investors such as Jordi Alexander from Selini, Bowen Wang from NEAR, Sriram Kannan from EigenLayer, Sam Kazemian from <a href="/id/price/frax-frax" target="_blank" class="blog_inner_link">Frax</a>, and Sandeep Nailwal from <a href="/id/price/polygon-matic" target="_blank" class="blog_inner_link">Polygon</a>.

As an independent entity, Nuffle Labs can make more flexible decisions and ensure that NEAR modular products remain competitive. The company will leverage the advantages of the NEAR Foundation, Ethereum, and EigenLayer ecosystems to improve the efficiency and resilience of the NEAR ecosystem.

The NEAR Foundation is responsible for overseeing the NEAR protocol, a platform allowing developers to build decentralized applications. Meanwhile, the NEAR token has fallen 4.9% in the past 24 hours and is currently priced at $5.95.

**Due to exploiters minting 1 billion new tokens, HLG prices have fallen by over 60%**
According to CoinGecko's data, the native tokens of the Hologram protocol (HLG) experienced a 60% price drop after a malicious actor exploited a vulnerability to mint 1 billion HLG tokens. On-chain data shows that the ENS wallet acc01ade.eth was involved in this attack. The Github page shows that the wallet is also a contributor to the project.

Based on current market prices, the value of the 1 billion HLG absconded by exploiters is slightly higher than $6.7 million. The Hologram protocol is described on its website as a solution to achieve a single contract address across all EVM blockchains, ensuring consistent tokenization, seamless interoperability, and secure cross chain asset transfer.

The Holograph team stated that they have fixed the vulnerability and are working with centralized exchanges to freeze accounts associated with exploiters.

## Market Trends: The market is generally declining, and MAGA's performance is impressive
BTC is currently consolidating below $67,000, indicating that the market may be waiting for new catalysts.

ETH fell below $3,500, indicating weak market sentiment. The ETH ETF is expected to pass this summer, which may become an important positive factor and deserves attention.

Most Altcoins have returned to their pre-CPI prices, indicating a cautious market sentiment.
### Macroeconomics
The US stock market is volatile. Although the decline in PPI data is a small positive, it has not significantly impacted the market. Investors should continue to monitor CPI data and the Federal Reserve's policy trends, as these factors have a more significant impact on the market.
### Market Hotspots:
CRV: The founder staked over $100 million in CRV shipments, causing dissatisfaction in the community and resulting in a short-term 40% drop in prices. Although it has paid off most of its on-chain debts, the price has not rebounded significantly, indicating a lack of market confidence.

**Meme sector:**
MAGA surged over 20% within the day, possibly due to June 14 being Trump's birthday, and the market took the opportunity to hype up. It may continue to rise in the short term, but the volatility is high.

BOME surged 15%, and it launched contracts on Coinbase. This news may continue to drive up its price.

TON Ecosystem: TON rose 10% within the day, reaching a new historical high. The ecosystem TVL has exceeded $550 million, also reaching a historic high, demonstrating strong market demand. TON currently performs strongly and is suitable for medium to long-term holding, but it is important to pay attention to changes in market sentiment.

The current market sentiment is quite complex, with BTC and ETH in key price ranges, and the Altcoin performance is differentiated. Macroeconomic data such as CPI and Fed policies remain key influencing factors. In terms of hot topics, the Meme coin sector has significant fluctuations and is suitable for short-term trading; TON performs strongly and is suitable for medium-to-long-term holding. Investors should make flexible adjustments based on their own risk preferences and market changes.

## Macro: Technology stocks lead gains in the Nasdaq and S&P 500; The Asian market fell in the early trading session; Japanese yen fluctuates before the central bank's decision
On June 13, the S&P 500 and NASDAQ indexes hit new closing highs for the fourth consecutive trading day, while technology stocks continued to drive the overall market up. Last week, the number of first-time jobless claims in the United States increased, and another report showed an unexpected drop in producer prices in May, further increasing market expectations for the Federal Reserve's upcoming interest rate cut.

Specific data shows that the Dow Jones index fell 0.2%, the S&P 500 index rose 0.2%, and the Nasdaq index rose 0.3%. The technology sector of the S&P 500 index rose 1.4%, while the semiconductor index rose 1.5%, both reaching historic closing highs.

According to the FedWatch tool of the Chicago Mercantile Exchange, financial markets currently estimate a 60.5% chance that the Federal Reserve will lower its federal funds target rate by 25 basis points in September.

On June 14, Asian stock markets fell on Friday as the Federal Reserve eased expectations of interest rate cuts after US inflation data fell below expectations, sparking concerns among investors about the outlook for US interest rates. At the same time, the yen showed instability before the Bank of Japan policy meeting.

Affected by hawkish comments from the Federal Reserve this week, the US dollar is hovering around a one-month high, while political uncertainty in Europe continues to exert pressure on the euro.

The MSCI Asia Pacific stock index fell 0.48%. The Chinese stock market also performed poorly, with blue chip stocks falling 0.3% and the Hong Kong Hang Seng Index falling 0.79%. The Nikkei Index of Japan fell slightly by 0.03%, with the yen slightly weakening to 157.185 yen per dollar in early trading, as the market expected the Bank of Japan to maintain ultra-low interest rates unchanged.

The Bank of Japan may maintain ultra-low interest rates at its meeting on Friday, but is considering whether to begin reducing its massive balance sheet to gradually withdraw from large-scale monetary stimulus policies. However, due to weak consumption and doubts about whether the Bank of Japan can maintain its inflation rate target of 2%, the normalization of loose monetary policy is facing challenges.

Regarding commodities, oil prices fell on Friday, but are expected to achieve their first weekly increase in four weeks as the market evaluates the impact of long-term high interest rates in the United States and the strong outlook for crude oil and fuel demand this year. Brent crude oil futures fell 0.62% to $82.26 per barrel, while West Texas Intermediate (WTI) US crude oil futures fell 0.69% to $78.08 per barrel.

Due to lower than expected Producer Price Index (PPI) reports, the price of gold fell against the US dollar. Spot gold prices fell 0.8% to $2,303.15 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>

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