Gate.io Блог Daily News | Crypto Market is Generally Declining; Curve CEO Clarified Misunderstandings Regarding the UwU Lend Hacking Incident and CRV Burning

Daily News | Crypto Market is Generally Declining; Curve CEO Clarified Misunderstandings Regarding the UwU Lend Hacking Incident and CRV Burning

01 January 08:00

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## Crypto Daily Digest: Curve CEO clarified misunderstandings about the UwU Lend hacking incident and CRV burning; Notcoin announced the end of airdrop claim; APE, MANTA, and other tokens will receive large unlocks next week
First, 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 14, Grayscale Bitcoin spot ETFs (GBTC) continued to experience outflows of $52.3 million in funds. Meanwhile, Fidelity Bitcoin spot ETF (FBTC) had an inflow of $80.1 million, Bitwise Bitcoin spot ETF (BITB) had an inflow of $29 million, ARK 21Shares Bitcoin spot ETF (ARKB) had an inflow of $49 million, and iShares Trust Bitcoin spot ETF (IBIT) had a net inflow of $1.5 million.

**Curve CEO clarified misunderstandings regarding the UwU Lend hacking incident and CRV burning**
Michael Egorov, founder and CEO of Curve Finance (CRV), clarified the recent UwU Lend hacking incident. He pointed out that the incident did not involve any loopholes in Curve Finance.

On Monday, a vulnerability in UwU Lend automatically liquidated Egorov's $100 million loan from multiple agreements, causing the price of CRV tokens to drop by up to 30%. Egorov explained, "This is not a vulnerability of Curve. It is a vulnerability of UwU Lend, a single project." He suggested that UwU Lend "review all contracts and work with excellent security auditors" to recover losses.

For the follow-up compensation measures for this incident, he proposed burning 10% of the outstanding CRV tokens to restore the token prices to pre- accident levels.

**Notcoin announced the end of airdrop claim, and unclaimed tokens will be used for future development or burning**
The Telegram game project Notcoin announced on the X platform that the airdrop claim has ended. Most of the airdropped tokens have been distributed, and unclaimed tokens will be used for future development. Some will be burnt.

Notcoin ($NOT) is a community-driven token that is a Telegram-based game that utilizes a "click-to-earn" mining mechanism to engage users in the Web3 ecosystem through engaging interactions.

Initially, users can register and "click" on the coin image to receive game rewards, and completing various tasks and tasks can also earn additional rewards and prizes. This game developed rapidly, followed by the birth of Notcoin tokens and users receiving airdrops. The game features a rating system of bronze, silver, gold, and platinum levels, allowing active users to receive more rewards. Previously, the Notcoin balance was also staked, resulting in an upgrade level and increased rewards.

As of now, Notcoin has 11.5 million holders. There will be additional rewards for players who have reached the Gold and Platinum staking levels.

**Next week's noteworthy token unlocking event:**
<a href="/price/apecoin-ape" target="_blank" class="blog_inner_link">ApeCoin</a> (APE): ApeCoin is the native token of Yuga Labs' Ape ecosystem, covering the popular Bored Ape Yacht Club (BAYC) NFT series. On June 17, the project will unlock over 15 million tokens and distribute them to the treasury, founders, team, and contributors. Usually, after unlocking many tokens, the price of APE will drop. However, the decline may not be significant due to the renewed interest in non-fungible tokens such as BAYC.

-Unlocking date: June 17
-Unlocked token quantity: 15.6 million APE
-Current circulation: 627.8 million APE

Manta Network (MANTA): Manta Network is a modular blockchain that utilizes zk-SNARK technology to provide privacy protection for DeFi applications, enabling private transactions and interactions. The Manta Network consists of two networks: Manta Pacific (it is a modular L2 ecosystem suitable for EVM native ZK applications and dApps) and Manta Atlantic (it is the fastest L1 blockchain on <a href="/price/polkadot-dot" target="_blank" class="blog_inner_link">Polkadot</a> and provides zkSBT functionality). On June 18, the circulation of MANTA will increase by 6.67 million, and these newly unlocked tokens will be distributed to participants for public sale.

-Unlocking date: June 18
-Unlocked token quantity: 6.67 million MANTA
-Current circulating supply: 325.3 million MANTA

Pixels (PIXEL): Pixels is a multiplayer game based on the Ronin blockchain, using PIXEL tokens as in-game coins and community governance tools. PIXEL holders can mint NFTs, purchase items and VIP passes, join guilds, and vote on project development. On June 19, 54.38 million PIXEL tokens will be unlocked and allocated to consultants, project funds, and ecosystem rewards.

-Unlocking date: June 19
-Unlocked token quantity: 54.38 million PIXEL
-Current circulation: 771 million PIXEL

Space ID: Space ID is a universal decentralized identity protocol that connects people, assets, and dApps on different blockchains. It allows users to use a single domain name to represent their identities in different applications and networks. On June 22, the project will unlock 78.5 million ID tokens and allocate them to the Space ID Foundation and multiple rounds of sales participants.

-Unlocking date: June 22
-Unlocked token quantity: 78.5 million ID
-Current circulation: 430 million ID

In addition, other soon-to-be-unlocked tokens include Nym (NYM), <a href="/price/kadena-kda" target="_blank" class="blog_inner_link">Kadena</a> (KDA), Euler (EUL), and Pendle (PENDLE), with a total value of over $170 million.

## Market Trends: The market is generally declining, and MAGA's performance is impressive
BTC is currently consolidating at 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.

Altcoins: Most of the Altcoin prices have fallen back to before the release of CPI data, indicating a cautious market sentiment.
### Macroeconomics
US stock market volatility: 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 policy trends of the Federal Reserve, 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% during 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.

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 performance of Altcoins is differentiated. Macroeconomic data such as CPI and Federal Reserve policies remain key influencing factors. Regarding 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 risk preferences and market changes.

## Macro: Technology stocks led gains, with Nasdaq hitting consecutive closing highs; The Asian market is generally weakening
On June 14, the Nasdaq index hit a new closing high for the fifth consecutive trading day, driven by the rise of Adobe and other technology stocks, while the S&P 500 index and Dow Jones index slightly declined.

The S&P 500 index has ended its four consecutive days of hitting a new closing high, but it still rose more than 1% this week. The technology sector rose 0.5%, hitting a new closing high. The communication service sector rose 0.6%, leading in gains for various sectors. In terms of specific indices, the Dow Jones index fell 0.2%, the S&P 500 index fell 0.04%, and the Nasdaq index rose 0.1%.

Fed policymakers lowered their expectation of three interest rate cuts this year to one on Wednesday. However, a report released on Friday showed that the initial value of the University of Michigan Consumer Confidence Index for June dropped to 65.6, far below expectations. The CPI data also shows a cooling of inflation, which may drive interest rate cuts.

On June 17, Asian stock markets generally weakened, China's economic data was uneven, and political uncertainty in Europe weakened investors' risk appetite, weakening the euro.

China's blue chip stocks fell 0.2%. Although retail sales rose 3.7% in May, exceeding expectations, industrial output and fixed assets investment both performed poorly. The data shows that housing prices fell the fastest in a decade in May, highlighting the continued pressure on the real estate industry. The Nikkei Index in Japan fell 1.7%, and investors need to wait six weeks to hear the details of the Bank of Japan's next tightening measures.

This week, the central banks of Australia, Norway, and the UK are expected to maintain interest rates unchanged at the meeting, but due to the recent strength of the Swiss franc, the Swiss central bank may relax interest rates.

The political uncertainty in France led to the euro falling to a four-month low of 0.9505 against the Swiss franc on Friday, raising the possibility of a 75% rate cut in the market. The euro/US dollar exchange rate remained at $1.0698, reaching a six-week low of $1.06678 last week. The US dollar/yen slightly strengthened to 157.52 yen after breaking through 158.00 yen at one point due to the Bank of Japan's announcement last Friday that it would begin to reduce bond purchases.

Regarding commodities, oil prices have slightly declined after a 4% increase last week due to expectations of stronger demand during the peak driving season in the United States. Brent crude oil prices fell 17 cents to $82.45 per barrel, while US crude oil prices fell 18 cents to $78.27 per barrel.

The price of gold remained at $2,325 per ounce, rebounding 1.7% last week.

<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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ETH/USDT + 3.16%

GT/USDT + 1.11%

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