Gate.io Blog Daily News | Crypto Market Tends to Stabilize; Solana Layer2 Project “Sonic” Raised Funds at a Valuation of $100M; Consensys Plans to File a Lawsuit Against the SEC

Daily News | Crypto Market Tends to Stabilize; Solana Layer2 Project “Sonic” Raised Funds at a Valuation of $100M; Consensys Plans to File a Lawsuit Against the SEC

20 June 11:32

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## Crypto Daily Digest: Solana Layer 2 Project Sonic raised funds with a valuation of $100 million; Consensys plans to file a lawsuit against the SEC; LayerZero launched qualification-checking feature for token airdrops
On Wednesday, the US market was closed for trading activities related to <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs.

**<a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> Layer 2 project Sonic raised funds at a valuation of $100 million**
Solana Layer 2 Network Sonic, which focuses on gaming, raised $12 million in A-round financing. On Tuesday, Sonic announced that this round of financing will be led by Bitkraft Ventures, with participation from Galaxy Interactive, Big Brain Holdings, and others. Sonic founder and CEO Chris Zhu stated the project started fundraising in April and ended earlier this month. This financing round adopts an equity structure and comes with token warrants, resulting in Sonic's fully diluted valuation reaching $100 million.

Sonic was originally a mobile game, but later the project realized the lack of gaming infrastructure and developed a unique HyperGrid Framework technology - horizontal scaling achieved through aggregation on Solana, allowing Sonic to provide an extremely fast on-chain gaming experience at the lowest cost.

Sonic has launched a development network, and the first five-game studios are using its technology to develop games. The incentive testnet activity called "Odyssey" will be launched later this week, and users can obtain "rings" through on-chain activities. Although the rings will not be directly converted into Sonic tokens, contributors will receive rewards in some way.

In addition, Sonic provides subsidies and acceleration programs for game developers totaling $20 million, including token subsidies, token swap transactions, and stablecoins or fiat currencies. Sonic's mainnet and its tokens are expected to be launched in the third quarter of this year.

**Consensys plans to file a lawsuit against the US Securities and Exchange Commission**
Due to the US Securities and Exchange Commission (SEC) classifying <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> as a financial security, Consensys filed a lawsuit in April. Although the SEC has concluded its investigation into Ethereum 2.0, Consensys still plans to continue litigation.

Consensys founder Joseph Rubin stated that the lawsuit aims to gain more legal clarity in the crypto field. In a statement on Tuesday, Consensys stated that the end of the SEC investigation is a "significant victory" for the industry, indicating that the agency will no longer make securities trading allegations against the sale of Ethereum.

**LayerZero launched the qualification-checking feature for token airdrops**
LayerZero, a cross-chain interoperability platform, announced that it will soon conduct token airdrops and launch a qualification check tool. LayerZero Labs raised $120 million in B-round financing, with a valuation of $3 billion. LayerZero strengthened its anti-witch strategy in the weeks leading up to the airdrop collection date to prevent witch attacks by creating multiple fake accounts and unfairly obtaining more free tokens.

LayerZero Labs CEO Bryan Pellegrino stated that users can view eligibility for airdrops and user activity summaries through the tool. A total of 1.28 million wallets are eligible. The remaining funds will be released within the next 36 months, with additional retroactive allocation every 12 months. Some forward-looking Request for Proposals (RFPs) will also be provided to builders.

The airdrop details released last weekend showed that 23.8% of the 1 billion token supply will be directly allocated to communities and builders. Pellegrino stated that on the first day of allocation, 8.5% of the community's allocated supply will be allocated.

## Market Trends
BTC is consolidating at around $65,000 and is currently in a relatively stable state.

ETH briefly approached $3,600 this morning and is adjusting around $3,540. The ETH/BTC exchange rate continues to strengthen, indicating ETH's strong performance relative to BTC.

After experiencing a 30% decline, Altcoins generally rebounded, and market sentiment has somewhat recovered.
### Macroeconomics:
Today’s US stock market is closed for one day, which may reduce market volatility and impact trading volume.
### Market Hotspots:
**AI Sector**
FET, AGIX, OCEAN, PHB and other coins rebounded from oversold prices.

After FET, AGIX, and OCEAN announced their merger into ASI, the tokens have decreased. ASI was originally planned to go live on June 13, but has now been postponed to July 151. Binance has announced its support for the merger. This integration may bring long-term market attention, but market sentiment remains cautious in the short term.

**Cross-Chain Bridge Protocol Layer Zero Announced Airdrop**
ZRO currently has an off-market price of $4 and a project valuation of approximately $4 billion. The Wormhole token W on the same track has a market cap of $3.5 billion. The return on investment for ZRO airdrops is approximately 120%, and for a user interaction of $100, users can obtain a ZRO token airdrop worth approximately $120, resulting in a relatively low overall return on investment.

**Meme Sector**
TURBO, MAGA and others performed well, with intraday gains exceeding 30%. TURBO is an Ethereum-based frog type Meme coin, while MAGA is a US election concept token.

The high volatility and high risk of the Meme sector require investors to remain vigilant, but it also provides opportunities for high returns in the short term.

**To Sum Up**
The current market is relatively stable under the leadership of BTC and ETH, but the movements of specific sectors show different opportunities and risks. AI, Meme and the concept of the US presidential election may still be a hot topic for hype in the future. Investors should choose suitable investment opportunities based on their risk tolerance and investment strategy, and maintain a continuous focus on market dynamics.

## Macro: Asian stock markets remain high, while China maintains benchmark loan interest rates unchanged; The Bank of England's actions are highly anticipated
On Wednesday, the US stock market was closed and the market was relatively flat. In Thursday morning trading, Nasdaq futures, which have a higher proportion of technology stocks, rose 0.25%.

On June 20, Asian stock markets opened near their highest point in two years as traders waited for more clues about US policies. The MSCI Asia Pacific stock index remained largely unchanged at 572.97 points, slightly lower than the two-year high of 573.38 on Wednesday. The index is expected to rise by 4% in June. The Japanese Nikkei Index fell 0.63%, the Chinese Blue Chip Index fell 0.34%, and the Hong Kong Hang Seng Index fell 0.14%.

China maintained its benchmark loan interest rate unchanged at the monthly fixed interest rate on Thursday, in line with market expectations. The one-year Loan Prime Rate (LPR) remains unchanged at 3.45%, while the five-year Loan Prime Rate (LPR) remains unchanged at 3.95%. Despite a recent series of data indicating the need for more support to support an imbalanced economic recovery, the stable monthly LPR pricing highlights that Beijing's monetary easing measures continue to be limited by narrowing interest rate spreads and currency depreciation. Since November last year, the onshore RMB/USD exchange rate has fallen below 7.26 for the first time.

Meanwhile, the pound remained stable before the Bank of England meeting, and it is expected that the Bank of England will maintain interest rates unchanged. In addition to the Bank of England, investors will also pay attention to the decisions of the Swiss and Norwegian central banks to assess the global interest rate outlook.

The UK inflation rate rebounded to the target level of 2% for the first time in nearly three years in May, but strong potential price pressure almost ruled out the possibility of interest rate cuts before next month. According to data from the UK Office for National Statistics, the service price inflation rate is 5.7%, and the Bank of England believes this data better reflects medium-term inflation risk. This number is lower than 5.9% in April but higher than the 5.5% predicted by economists in a Reuters survey or the 5.3% predicted by the Bank of England last month.

Most economists believe that the central bank will start cutting interest rates in August, but the market believes the likelihood of a rate cut in August is only 30%. The first-rate cut is more likely to be in September or November.

Regarding commodities, oil prices fluctuated, with Brent crude oil prices stabilizing at $85.08 per barrel, while the June futures price of West Texas Intermediate crude oil in the United States fell slightly by 0.18% to $81.42 per barrel.

The price of gold rose slightly on Wednesday, with spot gold rising 0.1% to $2,330.23 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>

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