Headline

▌ **Data: **BRC-20 The market value of tokens has shrunk within four days 6 100 million

Jinse Finance reported that as the number of Bitcoin inscriptions minted stabilized, the number of transactions and active addresses gradually decreased, and the average fee paid for each Bitcoin block has also dropped from 6 BTC to 1 BTC, resulting in a decrease in the market value of BRC-20 tokens. It plummeted from above US$1 billion on May 8 to a low of US$385 million, shrinking by more than US$600 million in four days. However, when this article was written, the market value of BRC-20 tokens rebounded slightly, rising to about US$530 million. (cryptoslate)

Quotes

As of press time, according to coinmarketcap data:

The latest transaction price of BTC is 26759.00 US dollars, with an intraday change of -0.27%;

The latest transaction price of ETH is 1800.54 US dollars, with an intraday change of -0.45%;

The latest transaction price of BNB is 310.96 US dollars, with an intraday increase and decrease of +0.85%;

The latest transaction price of XRP is US$0.4238, with an intraday change of -0.98%;

The latest transaction price of DOGE is US$0.0716, with an intraday increase or decrease of -0.70%;

The latest transaction price of ADA is US$0.3643, with an intraday change of -0.93%;

MATIC's recent transaction price was US$0.8473, with an intraday change of -1.49%.

policy

▌Fuzhou issued three measures to promote the development of blockchain industry

On May 13th, the Fuzhou Big Data Committee and the Municipal Finance Bureau jointly issued "Three Measures on Promoting the Development of Fuzhou's Blockchain Industry". Based on the development needs of Fuzhou's blockchain industry and the pilot work of national blockchain innovative applications, it aims to comprehensively promote the development of the city's blockchain industry and technological innovation, and accelerate the establishment of a blockchain innovation and development system. The measures are as follows: Support the landing of high-quality enterprises: The blockchain enterprises or institutions settled in each year will give each enterprise or institution within 1,000 square meters a rent subsidy of up to 600,000 yuan, which will be implemented on a yearly basis by paying first and then making up. Support innovative demonstration applications: During the pilot construction period, if the blockchain applications developed by enterprises land in Fuzhou and are listed as key demonstration projects by the Fuzhou Big Data Committee, each project will be given 20% of the construction of blockchain applications Funding subsidy, no more than 500,000 yuan. Supporting industrial platforms and talent construction: 1 million yuan and 500,000 yuan will be given to technological innovation platforms such as blockchain technology key laboratories, engineering (technology) research centers, and enterprise technology centers that have been recognized at the national, provincial, and municipal levels. RMB 300,000 rewards. At the same time, enterprises, social groups and other institutions with blockchain training qualifications and capabilities are encouraged to carry out blockchain talent training.

▌Indian Finance Minister: India supports blockchain, but digital currency should be regulated

Jinse Finance reported that Indian Finance Minister Nirmala Sitharaman pointed out at a conference in Bangalore that India supports the blockchain, but insists that digital currencies should be regulated. The blockchain gives us many options, and it can be used in many different ways. . So we're not against the technology. But when it comes to virtual currencies, we think it has to be promoted by governments or central banks, otherwise, it could have huge spillovers around the world like those companies that have collapsed, like FTX.

Blockchain Application

▌****Ethereum developers release patch for recent beacon chain finality issues

Jinse Finance reported that Ethereum developers have released a software update to resolve the final issues that recently affected the Ethereum Beacon Chain and restore network stability. These patches have been released for ethereum clients Prysm and Teku, allowing them to update their systems. The full cause of the eventual issue is still being investigated, but "it appears to be caused by high load on some consensus layer clients, which in turn was caused by a special case," the Ethereum Foundation said.

Cryptocurrency

▌EncryptionETF** is the top five non-leveraged ETF with the best performance this year, but only inflows to 1200 Ten thousand U.S. dollars**

News on May 13, the top five non-leveraged ETFs with the best performance in 2023 are all linked to encryption. Among them, the Valkyrie Bitcoin Miners ETF (stock code WGMI) led the rise by 119%, but so far the encryption ETF has only attracted 1200 million in inflows, a fraction of the $118 billion inflows for the industry as a whole.

▌****Data: The number of Bitcoin Ordinals NFT exceeds 6 million million pieces

On May 13th, according to Dune data, the number of Inions (similar to NFT) minted using Ordinals has exceeded 6 million, and the cumulative fee income so far is 1,226.6595 BTC, or about 32,443,040 US dollars. Previously, the total amount of Ordinals inscriptions minted exceeded 5 million on May 10.

**▌****After the crash of LUNA, USDT’s share in the stable currency market increased by **20%

Jinse Finance reported that Glassnode data showed that after the LUNA crash, USDT’s share in the stablecoin market increased by 20%, while the dominance of USDC, BUSD and DAI showed a significant decline. Among them, USDT dominance: 65.9% (+20%), USDC dominance: 24% (-13%), BUSD dominance: 4.6% (-7.2%), DAI dominance: 3.9% (-0.6%) , TUSD dominance: 1.7% (+0.9%).

▌Data: The circulation of the stable currency USDC has dropped to 300 billion U.S. dollars

News on May 13, according to official data, from May 4 to May 11, Circle issued a total of USD 1 billion in USDC and redeemed USD 1.2 billion in USDC, and the circulation decreased by about USD 100 million. As of May 11, the total circulation of USDC was 30 billion US dollars, and the reserve was 30.1 billion US dollars, including 2.6 billion US dollars in cash and 27.4 billion US dollars in short-term US treasury bonds.

Important economic developments

▌Three days soared 37 times, Hong Kong brokerage Zhongyang Financial Group was urgently suspended from trading, and meme stocks made waves again

On May 11, the U.S. Securities and Exchange Commission (SEC) urgently suspended the U.S. stock trading of Zhongyang Financial Group (TOP) due to "unexplained and violent fluctuations" in the stock price of this Hong Kong brokerage firm - April 26-28 The daily cumulative soared 37 times to 256.44 US dollars. Although the next morning, 340,000 shares of this stock still traded by mistake, the SEC promptly announced the cancellation of Zhongyang Financial’s trading at the beginning of the US stock market on May 12. Industry insiders believe that this move by the SEC is not common in the U.S. stock market, which adheres to market-oriented principles. The reason may be that Zhongyang Financial’s previous stock price soared abnormally, and the shadow of retail investors’ short squeeze loomed behind it, which reminded the market again of the fierce battle between retail investors and Wall Street around Game Station (GME) in 2021.

Golden Encyclopedia

▌****Merkle tree

A Merkle tree is a binary tree consisting of a set of leaf nodes, a set of intermediate nodes, and a root node. A large number of leaf nodes at the bottom contain basic data, each intermediate node is a hash of its two child nodes, and the root node is also a hash of its two child nodes, representing the top of the Merkle tree. The purpose of a Merkle tree is to allow block data to be delivered piecemeal: a node can download block headers from one source, and other parts of the tree related to it from another source, and still be able to confirm that all data is correct . This is so because of the upward spread of the hash: if a malicious user tries to add a fake transaction lower in the tree, the resulting change will cause changes to the upper nodes of the tree, and changes to the upper nodes, eventually leading to the root node , and a change to the block hash, so that the protocol would record it as a completely different block (almost certainly with an incorrect proof-of-work).