Daily News | Multiple Tech Giant Executives Joined WLD; ADA Updated MiCA Compliance Indicators; Blast issued the 2nd Phase of Airdrop Regulations

2024-07-03, 03:31

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## Crypto Daily Digest: Multiple tech giant executives joined Worldcoin; Cardano updated MiCA compliance indicators in advance; Blast announces the second phase of airdrop regulations and distributes 10 billion BLASTs
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 March 6, Grayscale Bitcoin spot ETFs (GBTC) experienced outflows of $32.4 million in funds. Meanwhile, Fidelity Bitcoin spot ETF (FBTC) had an inflow of $5.4 million, Bitwise Bitcoin spot ETF (BITB) experienced outflows of $6.8 million, and ARK 21Shares Bitcoin spot ETF (ARKB) had an inflow of $2.5 million.

**Multiple tech giant executives joined Sam Altman's Worldcoin project**
Sam Altman, CEO of OpenAI, co-founded Worldcoin, and Tools for Humanity is a core contributor to the eyeball scanning encryption project Worldcoin. The company recently announced that it has appointed four former executives from Apple, Google, Meta, Tesla, and X to its team.

The specific situation is as follows:

Rich Heley: Former Apple, Meta, and Tesla executives, serving as Chief Equipment Officer, responsible for leading the design, performance, and accessibility of Orb. Orb is a hardware device developed by Tools for Humanity for Worldcoin's iris scanning.

Damien Kieran: Former Chief Privacy Officer of X, currently Chief Privacy Officer of Tools for Humanity. His task is collaborating with global data privacy officials and regulatory agencies to develop new industry standards for compliance and privacy protection.

Adrian Ludwig: Former Google Android Security Director and the company's Chief Information Security Officer, is responsible for data security within and outside of Tools for Humanity.

Ajay Patel: Former team leader for Google Payments and current Global ID Director, responsible for leading its marketing strategy, public-private partnerships, and overall user experience.

Worldcoin aims to use its digital identity system, World ID, to validate individual uniqueness through biometric data and create a global digital currency that is fairly distributed to everyone. Tools for Humanity believes that in the era of artificial intelligence, increasing the need for such "proof of humanity" is particularly important. Adding new employees aims to help address privacy and security challenges and "build technology to establish a more just economic system."

Since its launch last year, Worldcoin has faced regulatory challenges in multiple countries. Worldcoin is based on OP Mainnet and plans to transition to its <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> Layer 2 blockchain this summer.

**<a href="/price/cardano-ada" target="_blank" class="blog_inner_link">Cardano</a> updated MiCA compliance metrics in advance**
The Cardano Foundation has collaborated with the Crypto Carbon Rating Institute (CCRI) to release sustainability indicators that meet MiCA standards, aiming to put Cardano at the forefront of regulation, with a focus on energy efficiency and transparency. This report was released on July 2 and complies with MiCA's requirement for crypto issuers and service providers to disclose sustainability indicators. According to the Cardano Foundation, it collaborates with CCRI to ensure the quality of blockchain monitoring and data collection methods.

The report points out that Cardano operates using a more energy-efficient consensus protocol and consumes much less electricity than the Proof of Work protocol. It provides the annual total electricity consumption and carbon footprint of the Cardano network, as well as the marginal electricity demand per transaction per second. The report also provides sustainability indicators that comply with the draft regulatory technical standards of the European Securities and Markets Authority.

Frederik Gregor, CEO of Cardano Foundation, stated that by developing sustainability indicators that comply with MiCA standards, the foundation aims to ensure compliance with upcoming EU regulations while setting a benchmark for the crypto industry. He pointed out, "With the partial implementation of MiCA regulations, the industry is currently in a six-month countdown to implementing key ESG binding requirements."

These efforts are crucial for building trust with regulatory agencies, investors, and users, paving the way for more widespread adoption of blockchain technology in a sustainable manner.

**Blast announces the points allocation rules for the second phase of airdrop, which will distribute 10 billion BLASTs**
Blast recently released the points allocation rules for the second phase of airdrops. In the second phase, Blast will distribute 10 billion BLAST airdrops, of which 50% will be allocated to regular points (Point). Users can earn Points by holding ETH, WETH, USDB, and BLAST, and the accumulation rate of Points for each asset is the same.

An additional 50% of the shares will be allocated to gold points (Gold). Dapp can earn Gold and distribute it to users based on its appeal on the Blast main website and future Big Bang competitions. Gold allocation will be conducted in the first week of each month, and the first issue will be announced on July 8.

In addition, users who have installed the Blast App will receive a "Golden Ticket" based on their ETH, WETH, USDB, and BLAST balances. Golden Tickets allow users to earn more points and gold.

The mechanisms such as Jackpot, point multiplier, and an invitation to return points that exist in the first stage will continue to exist. Still, the invitations in the second stage will be calculated independently.

## Market Trends
BTC fell below $62,000, with a weak rebound. Bitcoin spot ETFs have seen net outflows, and the German government continues to sell BTC.

ETH fell below $3,400, indicating poor market sentiment.

SOL rose against the trend and broke through $150, showing a strong performance.

Altcoins have generally declined, and the overall market sentiment is relatively low.
### Macroeconomics:
The three major US stock indexes collectively closed higher, indicating good market sentiment.

Tesla achieved its longest consecutive days of gains since mid-July last year, with impressive performance.
### Market Hotspots:
**Public Chain <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> (SOL):**
SOL rose against the trend: Solana performed strongly, breaking through $150. The new module Blinks and ETF expectations launched last week have made Solana's performance even more outstanding.

Ecosystem projects such as RAY, MOBILE, POPCAT, BILLY, etc. have seen a significant increase.

**Public Chain Ton (TON):**
TON continued to rise: TON broke through the $8 mark, just one step away from the previous high.

Ecosystem mini games: The mini games on the Ton chain continue to be popular, attracting considerable market attention.

**Re-staking protocol “Pendle Finance (PENDLE)”:**
Pendle's re-staking business is gradually maturing and delivering, with a significant decrease in TVL and a halving of its high position. PENDLE plummeted by nearly 25% within the day.

The price decline of Bitcoin and Ethereum reflects the market's uncertainty and concerns about the overall market. The net outflow of Bitcoin spot ETFs and the continued selling by the German government have intensified negative sentiment in the market. In the short term, BTC and ETH may continue to face pressure.

The current market shows significant differentiation, with mainstream currencies such as BTC and ETH performing weakly. Meanwhile, public chain projects such as Solana and Ton are rising against the trend. The changes in the macroeconomic environment and the rotation of market hotspots will continue to significantly impact the crypto market. Investors need to remain vigilant, focus on market trends, and adjust their investment strategies in a timely manner.

## Macro: Macro: Driven by other large stocks such as Tesla, the Wall Street index closed higher, Asian stock markets rose due to expected interest rate cuts, and the Japanese yen remained near a 38-year low
On July 2, due to the rise in Tesla's stock price and the boost from large growth stocks, major Wall Street stock indexes closed higher on Tuesday. However, trading volume was relatively light before the July 4 holiday and the highly anticipated June non farm payroll data release on Friday.

Specifically, the three major indices: the Dow Jones index rose 0.41%, the Standard & Poor's index rose 0.62%, and the Nasdaq index rose 0.84%.

Among major stocks, AI chip leader Nvidia fell 1.3% among major stocks while other chip stocks performed differently. Apple rose 1.6%, while Amazon and Alphabet also rose. At the same time, the yield of US treasury bond bonds fell across the board.

According to data from the US Department of Labor's Bureau of Labor Statistics, the number of job vacancies (a measure of labor demand) increased by 221,000 on the last day of May, reaching 8.14 million. The data for April has been lowered, showing a vacancy count of 7.919 million, instead of the previously reported 8.059 million. Economists surveyed by Reuters estimated that there were 7.91 million job vacancies in May.

After a significant decrease in job vacancies in the first two months, the number of job vacancies increased in May, but this trend is consistent with the easing of labor market conditions, which may pave the way for the Federal Reserve to cut interest rates this year.

On July 3, Asian stock markets rose on Wednesday after a lackluster start to the season on Monday and a 0.5% decline on Tuesday. This rise was due to the strong performance of US and global stock markets driven by technology stocks and the decline in the yield of US treasury bond bonds. Federal Reserve Chairman Jerome Powell's remarks reinforced market expectations for the upcoming US interest rate cut. The yen remained near its lowest level since 1986, making traders wary of potential intervention from Japan.

This is a positive global background that Asian stock market investors are looking forward to, although this situation may be influenced by a series of service industry PMI reports released by multiple Asian countries, including China, Japan, and others.

In terms of indices, the MSCI Asia Pacific stock index rose 0.26%, while the Nikkei index in Japan rose 0.49%, approaching a historic high set in March. The Chinese stock market fell in the early trading session, with the blue chip Shanghai and Shenzhen 300 Index falling 0.27%. The Hang Seng Index in Hong Kong rose 0.3%.

Data shows that due to the slowdown in new order growth, the expansion rate of China's service industry activity in June was the slowest in eight months, and confidence fell to a four-year low, indicating the need for more economic stimulus measures.

Regarding commodities, oil prices have risen due to industry data in the United States, which has increased people's hope for solid fuel demand during the peak summer driving season. Brent crude oil futures rose 0.44% to $86.62 per barrel, while West Texas Intermediate crude oil futures in the United States rose 0.41% to $83.15 per barrel.

The price of gold remained unchanged on Wednesday as investors waited for the minutes of the last Federal Reserve policy meeting to find new clues on when the US central bank will start cutting interest rates. Spot gold remained largely unchanged at $2,329.66 per ounce. US gold futures rose 0.2% to $2,338.70.

<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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