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Summary: Even if the long-awaited ETH2.0 main network is successfully launched, the price of ETH has dropped significantly with Bitcoin

Reporter | Si LinweiOn August 11th, the latest market data showed that the price of Ethereum had exceeded $1900, with a 24-hour increase of over 13%. The total market value of Ethereum has returned to above $220 billion, reaching its highest point since June 6th

Disclaimer: This article aims to convey more market information and does not constitute any investment advice. The article only represents the author's viewpoint and does not represent the official stance of MarsBit

Zhitong Financial APP learned that the Ethereum network will undergo technical transformation on April 12, allowing users to withdraw tens of billions of dollars of native token Ethereum. This is called "Shanghai" upgrade, and it is a necessary step for the consensus mechanism of Ethereum, the world's most commercially important cryptocurrency platform, to change from proof-of-work to PoS

ETH continues to rise, and in 2000, it belongs to the original price return. Breaking through 2000 is a release period for prices

The "Shanghai Upgrade" is the first significant upgrade after the merger of Ethereum, which means the opening of Ethereum's pledge and withdrawal function, and also means that Ethereum will ultimately cut off its connection with encrypted "mining".The "Shanghai upgrade" is of great significance for the future development of DeFi (decentralized finance): promoting the decentralization process of the Ethereum network will also help usher in the DeFi 3

The blockchain network security incident has once again stirred up the entire coin circle.On October 7th, Beijing time, BNBChain, one of the most active public chains in the world (public blockchain, which refers to a consensus blockchain where anyone can read, send transactions, and obtain effective confirmation) incubated by the cryptocurrency exchange, was attacked by hackers

Centralization and decentralization platforms will coexist, complement, and rely on each other for a period of time in the future.According to the information released by Coin On Company on Tuesday (March 13th), they haveA public chain has been launched with the aim of building a new decentralized exchange.The cryptocurrency exchange stated that by developing a new BinanceChain, they will transform from a "corporate" to a "community", and that BinanceChain will also be used to transfer or trade different blockchain assets.It is worth mentioning that,Coin An also announced that it will migrate BinanceCoin to its native blockchain.Currently, Coincoin is an ERC20 digital token running on the Ethereum network. However, for users holding ERC20 coins, it is currently unclear whether they will exchange tokens in some form.In addition, Coin An Coin will become an important foundation for blockchain asset trading, coexisting with other more centralized products of Coin An.In a statement, Qian An stated:BinanceCentralization and decentralization platforms will coexist, complement, and rely on each other for a period of time in the future.Binance Chain

Recently, BUSD suffered a regulatory assault from the US government's SEC. The SEC sued Paxos using BUSD as an entry point for unregistered securities. Subsequently, NYDFS, the New York State Department of Financial Services, instructed Paxos to stop casting new BUSDs, and CZ also stated that "product adjustments will be made accordingly. For example, BUSD will no longer be used as the primary currency equivalent for trading.It can be foreseen that BUSD will gradually fade out of the historical stage of stable currency, and given that BUSD is the ace stable currency of BNBChain, what changes will happen to the stable currency ecosystem of BNBChain (formerly known as Anzhineng Chain) after this flag falls?The current status of stable coin ecology in BNBChainAccording to statistics from Defellama, the total market value of the stable coin ecosystem on BNBChain has exceeded $9 billion, with BUSD accounting for 53% of the market, with a market value of approximately $4.8 billion.Subsequently, USDT has a market value of approximately 3.2 billion US dollars (35%), USDC has a market value of approximately 780 million US dollars (8.67%), and some stable currencies with a market value below 100 million US dollars, such as USDDDDaiHAY.According to Paxos, BUSD can still be redeemed until at least February 2024. Although there is a buffer period of at least one year, facing the outflow of billions of dollars of stable currency, the question before us is, how will this stir up the stable currency ecosystem of BNBChain?Is it to stimulate the development of decentralized stable currency?Or strengthen the dominant position of USDT/USDC in BNBChain?For the former, CZ has responded to the suggestion of building a decentralized stable currency similar to DAI in the future, saying that at this juncture, we would prefer others to do so to make it more decentralized. We cannot do everything.Looking back at the two contestants HAY& VAI, currently with a stable currency market value of only tens of millions, seems to have an upper limit on its own track even if we optimistically imagine that such projects can carry the banner. It has developed well like DAI on Ethereum, and its stable currency market value is only about $5 billion. When converted to BNBChain, it still cannot match the scale of centralized stable currencies like BUSD.So currently, it seems that it is most reasonable for USDT/USDC to inherit the market share of the stable currency that BUSD has exited. But what we need to know here is that in fact, USDTUSDC officially does not issue native stable coins on BNBChain. Strictly speaking, BNBChain does not have native centralized US dollar stable coins, including BUSD, which is essentially a Binance PegToken. The original assets (i.e. BUSD on Ethereum) are held by the Coin Security official, and the issued BEP20Token is anchored 1:1 on BNBChain.Binance-PegTokenBTokenDue to the fact that most users only need to focus on the application experience level, they do not have a deep understanding of the specific underlying attributes of various assets. In fact, in the early stages of the launch of BNBChain (originally named BSC), in order to attract external high-quality assets such as BTCETH and stable coins, Coin An launched the Token Canal program, which is essentially similar to Wrapped Assets. Coin An officially serves as the processing center for the custody of native assets and the issuance and redemption of packaged assets.Binance-PegTokenBTokenAccording to the official mortgage reserve certificate of Coin An for BTokens, we understand that there are currently 97 BTokens, including approximately 5.4 billion ERC20BUSD reserves, corresponding to approximately 4.8 billion BEP20BUSD and other corresponding BUSDs for each chain.Previously, NYDFS emphasized that Paxos was authorized to issue BUSD on the Ethereum blockchain, but the department has not yet authorized Binance PegBUSD on any blockchain.It seems that the real motivation of NYDFS is actually BinancePeggedBUSSD, rather than concerns about whether there is 100% reserve support. After all, this piece of coin security has publicly and transparently proven reserves, and BinancePeggedBUSSD, a packaged asset, strictly speaking, is created by the on chain behavior of coin security. Therefore, should NYDFS/SEC point its finger at coin security, and USDTUSDC also has a corresponding BinancePegged, Will TetherCircle also have the same problem passively? Or is it just an excuse, essentially just a targeting?Of course, even if it is targeted, it may still be related to the original measure of coin security supporting BUSD, which automatically converts USDC, USDP, and TUSD to BUSD by default. After all, with the support of coin security, more scenarios of BUSD may lean towards BNBChain, which may lead to a misunderstanding that BinancePeggedBUSD, a packaged asset, is the only native asset.How will the exit of BUSD stir up the stable coin ecosystem of BNBChain?Now we return to the initial question of "How will the exit of BUSD stir up the stable coin ecosystem of BNBChain", and the answer seems relatively clear. For the decentralized stable coin track, it will have a certain boost, but the potential wave generated is limited; It is likely that BinancePeggedUSDTUSDC has given way to the demand for these stable currencies, and the gradual withdrawal of BUSD may also be negative for the BNBChain ecosystem.As for whether BinancePeggedUSDTUSDC will be subject to the same regulatory restrictions on "issuance" authorization, such concerns can be temporarily put aside. Although Binan does not have a compliant custody license like BitGo, the custodian of WBTC, its asset custody reserves are open and transparent, and regulation should not be so exhaustive.

BTC has experienced significant fluctuations recently, how will it develop in the future? This is one of the important issues that the market is currently paying attention to. This article explores the May market trend of Bitcoin from the perspectives of halving its cycle, macroeconomic analysis, on chain data, and geopolitical situation

The Hong Kong Securities Regulatory Commission will introduce a mandatory virtual asset trading platform (VASP) licensing system starting from June 1 this year, and plans to open up retail investors to invest in virtual assets. The Hong Kong Securities Regulatory Commission recently stated that it will release licensing guidelines for virtual asset trading platforms next month.After the formal implementation of the new virtual asset platform licensing system, all virtual asset exchanges operating in Hong Kong or promoting services to Hong Kong investors, regardless of whether they provide securities based token trading services, must obtain licensing from the Hong Kong Securities Regulatory Commission and be subject to its supervision.Conducting any unlicensed activities is a criminal offense.On April 26th, the Chief Executive of the Hong Kong Securities Regulatory Commission, Leung Fung yi, stated during an event that it is expected to introduce licensing guidelines for virtual asset trading platforms in May. During the previous consultation process, more than 150 feedback opinions were received.The main suggestion of consultation is to open up licensed platforms to provide services to retail investors. Zhitong Finance has learned that according to previous policies, platform operators can only provide services to professional investors with a funding threshold of up to HKD 8 million, and ensure that their customers fully understand virtual assets. In addition, licensed platforms will be included in the regulatory sandbox of the China Securities Regulatory Commission and will be subject to close and rigorous supervision for a period of time.On December 16, last year, the ETF based on Bitcoin and Ethereum futures launched by Southern Dongying Asset Management Co., Ltd. was officially listed on the Hong Kong Stock Exchange, marking Hong Kong becoming the world's first market to provide Ethereum futures ETF and the first market in Asia to provide Bitcoin futures ETF. Under the latest proposed trading platform system, retail investors can directly participate in Bitcoin and Ethereum trading on regulated platforms in the future.In fact, the licensing procedures for virtual asset transactions in Hong Kong have always been very strict. Under the existing system, only two encryption platforms are licensed - OSL (OSL DigitalSecurities Limited) and HashKey (HashBlockchain Limited).(Image source: Hong Kong Securities Regulatory Commission)According to media reports,Huo Coin, OKEXBoth parties have expressed their intention to apply for an exchange license in Hong Kong and have established an office in Hong Kong.Additionally, the Singapore basedDBS Silverthat 's okIt also stated its intention to apply for relevant licenses in Hong Kong to provide cryptocurrency services to local customers.that 's ok12 month transition period arrangementThe Hong Kong Securities and Futures Commission stated that considering that platform operators licensed under the Securities and Futures Ordinance may need to modify their systems and monitoring measures to comply with the new regulations, a transition period of 12 months has been proposed.The China Securities Regulatory Commission stated that, Anyone who engages in the business of providing virtual asset services or shows that they operate the business must apply for a license from the Securities and Futures Commission. The existing virtual asset trading platform has been provided as a licensed arrangement, so that they can continue to operate in Hong Kong after the implementation of the virtual asset service provider system under the Anti Money Laundering Ordinance. It must be within the period from June 1, 2023 to February 29, 2024, in accordance with the Anti Money Laundering Ordinance The virtual asset service provider system under is to submit fully completed license applications online. If the SFC considers that the relevant license application meets the conditions for licensing, the virtual asset trading platform will automatically be deemed to have been licensed from June 1, 2024 This passage may sound quite convoluted, but to put it bluntly, the two companies that have already been licensed need to comply with the new regulatory requirements within the prescribed transition period.As for the original virtual asset trading platform, if it has no intention of applying for a license, it should start preparing to end its business in Hong Kong in an orderly manner, with a deadline of May 31, 2024.Fierce business of virtual insurance companiesAccording to the consultation document of the Hong Kong Certificate Authority,The platform that applies for a license must insure the customer's assets.Liang Fengyi also told the media that the Hong Kong Securities Regulatory Commission is in discussions with the Insurance Regulatory AuthorityThe cost of purchasing insurance for customer assetsOther matters.OneDegree Group

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