Dragonfly Partner: Crypto Financial Firms at the Cost Cycle Tipping Point, Popularity Expected to Last 1-2 Years

On June 17th, Layer 2 network Ink declared the commencement of its ecosystem's native token INK. The total supply of this token is permanently set at 1 billion, and there will be no more minting through governance in the future. The chain's governance will continue to operate under the Optimism Superchain. The INK token is formulated for both user and application layers, and an airdrop of INK tokens will be directed at the early participants of liquidity protocols.

BlockBeats announced on June 17 that, according to data from Alphractal, more than 20,000 Bitcoin addresses currently hold positions with a value of over $10 million. The total amount is approximately $200 billion. This accounts for nearly 9.43% of BTC's total supply and over 21% of the "Realized Cap." The "Realized Cap" operates based on the logic that when Bitcoin is transferred into a wallet, it is regarded as a "buy," and when transferred out, it is considered a "sell." By calculating the average cost basis of each wallet multiplied by the amount held, the total "Realized Cap" of the network can be determined. This metric reflects the total capital that has entered the Bitcoin market through actual on-chain activities.

On June 17, European Commission President Ursula von der Leyen declared that the trade negotiations between the EU and the US are advancing. The US and the EU have reached an agreement on a final deadline of July 9. Currently, the EU has a trade surplus with the US, and this situation is likely to persist. (Jin10)

On June 17th, according to HTX market data, Ethereum has dropped below $2500, with a 24-hour decrease of 5.1%.

According to BlockBeats on June 17th, The Block made a report stating that Paul Grewal, the Chief Legal Officer of Coinbase, disclosed that the company is actively seeking a no-action letter or exemption from the SEC. The objective is to launch a blockchain-based traditional stock trading service. Tokenized stocks would allow for T+0 settlement, 24/7 trading, and lower costs. However, U.S. investors are currently prohibited from participating. This move directly poses a challenge to traditional brokers such as Robinhood and Charles Schwab. Meanwhile, Coinbase's competitor Kraken has already introduced xStocks in the EMEA region, offering more than 50 tokenized stocks and ETFs. Coinbase is continuously expanding its non-crypto asset ecosystem after launching a U.S. Amex co-branded credit card and collaborating with Shopify/Stripe on USDC payment solutions last week. In 2021, during its IPO attempt, Coinbase tried to issue tokenized COIN shares, but this was rejected by the SEC. In 2023