ABCDE Co-founder Du Jun: Ethereum Expected to Rise to $20,000 This Cycle

On August 7th, the infrastructure developer Bitlight Labs of the RGB Protocol announced that the RGB mainnet is now live. It supports access to the RGB Faucet, enabling the minting of test assets on RGB and the exploration of Bitcoin's on-chain native smart contract capabilities.

On August 7th, Vitalik Buterin, the founder of Ethereum, stated in a post that he was very pleased to witness many mainstream Layer 2 solutions entering Stage 1, which is the "limited training rounds". The next objective is to achieve fast withdrawals through a zero-knowledge proof system. He considers this to be more significant than reaching Stage 2, which is "without training rounds". Fast withdrawal times are of great importance as they will lower the capital costs for liquidity providers. If the native withdrawal time can be shortened to less than 1 hour in the short term and to 12 seconds in the medium term, Ethereum Layer 1 will further enhance its position as the default platform for issuing assets and as the economic center of the Ethereum ecosystem. For this to be achieved, we need to give up the Optimistic proof system, which essentially requires waiting for several days to make a withdrawal. Historically, zero-knowledge proof technology was immature and costly, making the

On August 7th, during the trial of Roman Storm, the co-founder of Tornado Cash, a partial verdict was reached. The charge of operating an unlicensed money transmitting business was sustained. The charge of money laundering conspiracy remains undetermined. And the third charge (evading sanctions) resulted in an acquittal. Roman Storm stood trial in the federal court of the Southern District of New York. This case could potentially set a legal precedent regarding the extent of responsibility that developers should bear when the decentralized software they created is used illegally. The U.S. prosecutors accused Storm of conspiracy in money laundering, violating U.S. sanction regulations, and operating an unlicensed money transmitting business. If found guilty, he could face a maximum prison term of 40 years.

On August 7th, Trader Eugene Ng Ah Sio declared in a post on his personal platform that he has temporarily ceased trading in order to stay away from the market for a brief period. He is waiting for a clear instance of significant mispricing before coming back. He believes that this is the season to cut down on trading activities. Previously, it was reported that on August 5th, Trader Eugene had already realized profits from his long position in ETH.

Whale investor @ParallelAiRev is holding a 2.3B $PUMP($7.85M) long position with over $1.26M in unrealized profit — making him the top $PUMP earner on Hyperliquid's leaderboard over the past week.