Ethereum Gas Fee Drops to 6 Gwei Arbitrum Approves 225 Million ARB Proposal

Headline

▌Ethereum Gas Fee Drops to 6 Gwei

According to Ethereum Gas Tracker data, Ethereum Gas Fee Drops to 6 Gwei.

▌Arbitrum Approves 225 Million ARB Proposal

Golden Finance reported that Arbitrum management approved an on-chain vote to allocate 225 million ARB (currently worth about $225 million) to fund game development on Arbitrum. The initiative aims to make Arbitrum a leading blockchain in the gaming sector. A vote will also be held in the future to elect a council to oversee the program. The proposal, called the "Game Catalyst Program (GCP)", was passed with 76% support among more than 15,000 participating addresses. The plan allocates 160 million ARB to attract game developers and 40 million ARB for infrastructure construction. The remaining 25 million ARB will be used for marketing, legal compliance, and operating costs. The funds will be distributed over three years.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $69,318.12, with a daily increase or decrease of -2.02%;

ETH's latest transaction price is $3,681.95, with a daily increase or decrease of -3.22%;

BNB's latest transaction price is $681.12, with a daily increase or decrease of -3.27%;

SOL's latest transaction price is $162.06, with a daily increase or decrease of -4.68%;

XPR recently traded at $0.4983, with a daily change of -4.30%.

Policy

▌South Korean regulators: 70% of crypto exchanges failed to repay debts to customers after closing

A joint study by the Financial Supervisory Service (FSS) and the Financial Intelligence Unit (FIU) of South Korea showed that 7 out of 10 cryptocurrency exchanges in South Korea failed to return investors' funds in full after ceasing operations. The FSS emphasized that even if they did, only one or two employees were responsible for returning customers' funds, which caused great inconvenience to customers. The issue affects a significant number of cryptocurrency investors, highlighting the lack of advance notice and understaffing in the repayment process. With more than 6 million South Koreans trading in cryptocurrencies, regulators stressed the need for increased regulation and strict compliance with upcoming laws to protect investors in the cryptocurrency market.

▌Russian State Duma official: International CBDC settlements will become the "norm" within 5 years

The chairman of the Russian State Duma's Financial Markets Committee Anatoly Aksakov predicted that international trade will migrate to CBDC for settlement within the next five years. Aksakov stressed that not many countries have made progress with these digital currencies, but he believes that this problem will be solved soon. Aksakov explained that CBDC will become the norm for these transactions, even though technical solutions in this regard are still unavailable. Aksakov also provided insights on how Russia will use the upcoming CBDC (digital ruble) as part of trade exchanges with friendly countries. He declared: The digital ruble may be used for international payments as early as next year and the first settlements will be made, but not in the first half of the year.

Blockchain Applications

▌Modular blockchain project Nubit Alpha testnet incentive activity is now online

On June 8, Bitcoin's native DA layer Nubit announced that the Alpha testnet incentive activity has been launched. The Alpha testnet activity is divided into three stages: community assembly, light node tasks and testnet adventures. There will be incentives for each stage. The first stage - community assembly officially starts today.

▌Wu Jiezhuang elected as Chairman of the Hong Kong Legislative Council Web3 and Virtual Asset Development Subcommittee

The Hong Kong Legislative Council Web3 and Virtual Asset Development Subcommittee announced the results of the election of the Chairman and Vice Chairman. According to the Legislative Council Document No. CB(1)769/2024, Legislative Council Member Wu Jiezhuang was successfully elected as the Chairman of the Subcommittee. The establishment of the Web3 and Virtual Asset Development Subcommittee is mainly to review the application and development of Web3 and virtual asset technologies in Hong Kong, and to make recommendations on the implementation of relevant regulations and policies. The first meeting of the Subcommittee will be held from 4:30 to 5:00 pm on Monday, June 17, 2024 in Conference Room 2A of the Legislative Council Complex. Wu Jiezhuang said on social media that he was very grateful to his fellow Legislative Council members for supporting the establishment of the policy research group, and also thanked Councillors Dagen Chiu and Li Chunqiang for nominating the chairman. In the coming year, we will actively work with the SAR government, the industry and the society to build the Hong Kong Special Administrative Region of China into an international Web3 center.

Cryptocurrency

▌Bitcoin miners and exchange reserves have decreased by 183,253 BTC since January

Data shows that the number of bitcoins held by exchanges and miners has decreased by 183,253 BTC, worth nearly $13 billion, in the 158 days since the beginning of this year. These funds were withdrawn from the joint wallets of miners and exchanges, of which about 90.95% of the bitcoin withdrawals came from cryptocurrency exchange reserves, and about 9.05% (ie 16,578 BTC, worth $1.17 billion) were withdrawn from the collective address of current BTC miners.

▌U.S. authorities seized 70 cryptocurrency scam websites targeting the Russian community

On June 8, the U.S. District Attorney's Office in Brooklyn announced that its virtual currency unit had seized 70 domain names used to defraud the Russian community. The scam involved fake Facebook ads, including deep fakes of Tesla CEO Elon Musk. More than 20 Brooklyn residents and other victims across the country lost a total of $5 million.

Important Economic Dynamics

▌Institutions: The Federal Reserve may curb its interest rate cut plans

With the recent surge in inflation data, economists are divided over how much Fed officials will signal about how much they will cut interest rates in 2024 at next week's policy meeting. Policymakers are likely to abandon their long-standing forecast of three rate cuts this year, but whether they will still choose two rate cuts is an open question. A survey showed that 41% of economists expect the "dot plot" to show two rate cuts, while 41% expect only one rate cut or no rate cut at all.

Golden Encyclopedia

▌What is Liquidity Staking?

Liquidity staking allows stakers to maintain liquidity of staked tokens by using alternative tokens, which they can use to earn additional returns through DeFi protocols. Liquidity staking enables cryptocurrency holders to participate in staking without giving up control of their holdings. This changes the way users stake. Projects such as Lido have introduced liquidity staking to provide tokenization of staked assets in the form of tokens and derivatives.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.