Golden Morning Post | LayerZero Launches Bug Bounty Program

Headline

▌LayerZero launched a bug bounty program with a maximum prize of 15 million US dollars

On May 17th, LayerZero Labs and Immunefi cooperated to launch a bug bounty program with a maximum prize of 15 million US dollars. The program's bounty surpassed MakerDAO's $10 million to become the bug bounty program with the highest reward in the Web3 field. LayerZero spent about $5 million on audits last year, said LayerZero co-founder and CEO Bryan Pellegrino.

Quotes

As of press time, according to coinmarketcap data:

The latest transaction price of BTC is 26638.75 US dollars, with an intraday change of -1.56%;

The latest transaction price of ETH is 1790.59 US dollars, with an intraday change of -1..45%;

The latest transaction price of BNB is $308.10, with an intraday change of -0.77%;

The recent transaction price of Phoenix is US$0.8192, with an intraday increase and decrease of +20**.19**%;

The latest transaction price of DOGE is US$0.07267, with an intraday increase or decrease of **+**0.92%;

Pepe's latest transaction price is US$0.000001, with an intraday change of -8.93%;

ARB's recent transaction price was US$1.15, with an intraday change of -2.70%.

policy

▌US President Biden: I am confident that a (debt ceiling) agreement will be reached, and I am sure that the United States will not default

Golden Finance reported that U.S. President Joe Biden said that they had fruitful talks yesterday. I am confident that there will be a (debt ceiling) deal, that the US will not default. This negotiation is about the rough outline of the budget. The leaders agreed that we will not default.

▌Korean Prime Minister Han Deok-soo: Cryptocurrency should be included in the property registration of senior officials

According to news on May 17, South Korean Prime Minister Han Deok-soo said on the 17th that the cryptocurrency held by members of the South Korean National Assembly was not disclosed, and that cryptocurrency should be included in the property registration of senior officials. The Bureau of Congressional Affairs is asking whether it owns cryptocurrencies such as bitcoin when declaring assets this year. According to previous news, the Justice Party of South Korea advocated conducting an investigation on the current status of virtual asset holdings among all members of Congress, and submitted a letter of consent for the provision of personal information of six members of Congress to the National Rights Committee.

Blockchain Application

▌Uniswap contributors propose to deploy DEX on Coinbase L2 Base

Jinse Finance reported that Uniswap contributors have begun discussing the possibility of deploying on Coinbase’s Layer 2 Base. The proposal was made by three groups of Uniswap contributors, namely she256, Michigan Blockchain, and GFX Labs. The group behind the proposal forms part of Uniswap’s decentralized autonomous organization. GFX Labs, one of the three, will be in charge of the technical implementation of the contract on Base, but only if the proposal is approved.

Cryptocurrency

▌Pakistan does not plan to legalize cryptocurrency transactions

Golden Finance reported that Aisha Ghaus, Pakistan’s Minister of State for Finance, stated that it is impossible to legalize cryptocurrency transactions on the grounds that it was recently removed from the “grey list” of the Financial Action Task Force (FATF). Another reason the country cannot legalize cryptocurrency is that it could be used for terror financing. The FATF's controversial "travel rule" requires countries to collect and share information on cryptocurrency transactions to curb money laundering and other illicit uses.

▌Two Men Sentenced to Life in Prison for Theft of $1.5 Million in Cryptocurrency

Jinse Finance reported that a Vietnamese court sentenced two people to life imprisonment for a violent theft of cryptocurrency. Ho Ngoc Tai and Tran Ngoc Hoang were found guilty of stealing 37 billion VND ($1.5 million) worth of cryptocurrencies. Although cryptocurrencies do not have legal status in Vietnam, the country is one of the world's leading cryptocurrency adopters. The Chainalysis 2022 report said the country ranked first in various indicators, ahead of the Philippines and Ukraine.

▌Cryptocurrency custodian Anchorage Digital now allows its customers to participate in Snapshot voting

Anchorage Digital, an institutional cryptocurrency custodian, announced that its institutional customers can now use their Anchorage Digital addresses to participate in Snapshot voting. It currently supports more than 60 ERC-20 Tokens and plans to enable support for all ERC-20 Tokens in the future.

▌Fidelity executives: cautious about cryptocurrencies but can provide services to large customers

Jinse Finance reported that a Fidelity executive told Financial News on Wednesday that they are cautious about abandoning any new encryption products and will "proceed with caution." Christian Staub, managing director of Fidelity International Europe, said that we are not knocking on the table and telling everyone to buy Bitcoin. But if big customers want to buy in, we can offer it now. Fidelity has dabbled in cryptocurrencies before, with the asset manager launching a Canadian bitcoin spot ETF in December 2021 and a physical bitcoin ETP for European institutions in February 2022. It was previously reported in April 2022 that Fidelity would allow the 23,000 employers it works with to offer digital asset accounts in their 401k portfolios. It allows employees to invest in bitcoin through their jobs and will launch in the fall of 2022.

▌BTC breaks through $27,000****

Jinse Finance reported that the market showed that BTC broke through $27,000 and is now at $27,001.5, with an intraday drop of 0.36%. The market fluctuates greatly, so please do a good job in risk control.

▌Coinbase: Glitch in Ethereum ERC-20 Token Canceled Transaction

Jinse Finance reported that the cryptocurrency trading platform Coinbase stated that there was a malfunction in the transaction of the Ethereum ERC-20 token being canceled.

▌Bloomberg Strategist: If the United States defaults, the Bitcoin industry will collapse

Jinse Finance reported that Bloomberg senior strategist Mike McGlone believes that if the United States defaults, the stock market and the encryption market will collapse. If that happens, risky assets will initially rise but then face the same crash as traditional industries. Bitcoin will bear the brunt.

Important economic developments

▌US President Biden: I am confident that a (debt ceiling) agreement will be reached, and I am sure that the United States will not default

Golden Finance reported that U.S. President Joe Biden said that they had fruitful talks yesterday. I am confident that there will be a (debt ceiling) deal, that the US will not default. This negotiation is about the rough outline of the budget. The leaders agreed that we will not default.

▌Franklin Templeton Fund CEO: The Fed is expected to pause interest rate hikes

Jinse Finance reported that Franklin Templeton Fund CEO said that the Federal Reserve is expected to pause interest rate hikes; the level of US consumer spending remains strong.

Golden Encyclopedia

▌Why is the MEV searcher pool not feasible?

Unlike miners, Seekers vary widely in capability between them, and Seekers have significantly lower operating expenses than miners. A strong searcher is more directly profitable and does not significantly increase operating expenses. This means that MevPool's profits will be Pareto distributed, with a small number of searchers contributing a large portion of revenue. So participating in MevPool is only profitable if you are a below average searcher. The problem starts here. Seekers can easily betray the mine MevPool by keeping the transaction flow for themselves. If the most capable searchers receive negative returns from participating in the pool, they will necessarily betray MevPool. This turns into a death spiral as the most capable seekers abandon the MevPool (capable seekers don't even need to smooth the cash flow since they've already captured a sizable percentage of available MEV).