Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering the week's key news, market and contract data, mining information, project dynamics, technological progress and other industry dynamics. This article is a project weekly, taking you to see the progress of mainstream projects and star projects this week.
Bitcoin
NYSE Group President: The liquidity brought by Bitcoin ETF is indisputable
Golden Finance reported that Lynn Martin, president of the New York Stock Exchange Group, said in an interview with CNBC that the success of Bitcoin ETF and the liquidity it brought are indisputable.
NFT sales on the Bitcoin chain in May were less than $200 million, the lowest level in the past 7 months
Golden Finance reported that according to cryptoslam data, NFT sales on the Bitcoin chain in May were less than $200 million, about $190,067,268.88, the lowest level in the past 7 months. Last month, the total number of NFT transactions on the Bitcoin chain was about 150,000, of which there were about 61,072 independent buyer addresses and 45,414 independent seller addresses. So far, the total sales of NFTs on the Bitcoin chain have exceeded $3.95 billion.
Analysis: Ethereum price strongly surpasses Bitcoin, driven by three factors
Golden Finance reported that cryptocurrency analyst Nancy Lubale wrote that Ethereum (ETH) price strengthened in the ETH/BTC pair for three main reasons:
Spot Ethereum ETF expectations: Since the US Securities and Exchange Commission approved the spot Ethereum ETF on May 23, ETH has risen by about 30% relative to BTC, while BTC has only risen by 9%.
Network activity growth: In the past week, the transaction volume of Ethereum decentralized applications (DApps) has increased by 7.75%, and the number of smart contracts has also increased from 37,870 to 38,066.
Technical indicators are bullish: The ETH/BTC ratio has continued to rise since May 17, reaching a two-week high of 0.05854 on May 23. Analysts predict that the ETH/BTC ratio will reach 0.1 within a few months.
Experts believe that the launch of the spot Ethereum ETF may be at the end of June, which will further boost ETH prices, and the market expects that its price may reach $10,000 during this cycle.
Bitcoin native DA layer Nubit has completed integration with Babylon Devnet
On May 31, Bitcoin native DA layer Nubit announced that it has now integrated Babylon Devnet. As Babylon's closest partner, Nubit is one of the first projects to carry out actual technical integration. The integration will make Bitcoin staking within Nubit trustless. This allows Bitcoin holders to participate in and strengthen the Nubit system to create the most secure and scalable data availability layer.
During this integration process, BabylonNode is responsible for managing staking operations and processing critical data. At the same time, IBC Relayer facilitates efficient communication between Nubit and Babylon.
Report: When Bitcoin hits a new high in this round, the selling pressure from "diamond hands" is only half of the previous bull market top
Golden Finance reported that the on-chain analysis company Glassnode said in a new research report on May 28 that the selling pressure from "diamond hands" is only half of the previous bull market top. Bitcoin long-term holders (LTH) continue to resist the urge to take profits-even if the BTC price trend approaches $70,000 and the average profit of LTH wallets is 3.5 times. So far, LTH wallets have not sold BTC at a rate that makes the current bull market unsustainable.
Forbes: Bitcoin inflation rate after halving is 75% lower than the current US inflation rate
On May 29, the Bitcoin inflation rate after halving is now 75% lower than the current US inflation rate and 72% lower than the annual issuance of gold. After the Bitcoin halving in April, the block reward dropped from 6.25 bitcoins to 3.125 bitcoins, which had a significant impact on the cryptocurrency's issuance rate. Each halving event reduces the supply of new bitcoins, tightening the market supply and potentially increasing the value of the asset over time.
With approximately 450 bitcoins mined per day, Bitcoin's current inflation rate is around 0.84%, while the latest inflation data for the United States in May was 3.4%. The reduction in Bitcoin's inflation rate is an important milestone, as it is now even lower than the lower limit of gold's annual inflation rate, which is between 1% and 3% per year. Gold mining issuance results in a 1% increase in supply, while recycled gold is also included in its inflation rate, with an inflation rate of 9% in 2023, resulting in a net increase of 3% in gold's circulating supply.
Ethereum
CNBC host: Ethereum is an excellent means of storing value
Jinse Finance reported that Jim Cramer, host of CNBC Mad Money, shared his views on Ethereum and spot ETH exchange-traded funds (ETFs) this week. He said: "I hold ETH because I think that in today's world, the US dollar will face difficulties due to the serious US federal budget deficit, and Ethereum is a good means of storing value." In addition, Jim Cramer clarified that ETH is not a stock, "but thinks it is worth owning." Jim Cramer was once a supporter of Bitcoin. After initially recommending that 5% of the portfolio be allocated to BTC in March 2021, he sold all of his Bitcoin holdings due to concerns about ransomware.
Bloomberg ETF Analyst: US Spot Ethereum ETF May Launch at the End of June
Golden Finance reported that Bloomberg ETF analyst Eric Balchunas said that after BlackRock and Grayscale updated the documents, the US spot Ethereum ETF may be launched at the end of June, and this possibility is reasonable. The possibility of launching in mid-June is small, and the latest listing date of the product is expected to be July 4.
Balchunas' expectations are affected by the timing of the issuer's S-1 statement. He commented on BlackRock's May 29 S-1 amendment, which he pointed out did not include fees and other important data, making it a close to final version.
Grayscale submitted an S-3 amendment for its fund on May 30, updating the fund to explicitly prohibit staking. The two statements mark one of the last necessary steps before these funds begin trading.
Grayscale Submits Revised S-3 Registration Statement for Spot Ethereum ETF
Golden Finance reported that Grayscale submitted a revised S-3 registration statement on Thursday, the day after BlackRock submitted a revised S-1 statement for the spot Ethereum ETF, and more revised registration statements are expected to follow. Grayscale discussed the regulatory treatment of Ethereum in its latest filing.
Vitalik Reveals Some Regrets About Ethereum's Initial Design
On May 30, at this year's ETHBerlin event, Ethereum co-founder Vitalik Buterin described some of his regrets about Ethereum's initial design. Vitalik said he had a list of things he could have done differently. These things range from the development of the Ethereum virtual machine to smart contracts to the proof-of-stake consensus mechanism. He also said that even as Ethereum becomes more mainstream, it is still misunderstood.
ETHBerlin organizer Afri Schoeden asked: "Based on everything you know and have learned in the past 10 years, if you could start from scratch today, how would you build Ethereum differently?" Vitalik said that Ethereum's original EVM design chose 256-bit processing instead of 64 or 32 bits. The original design was too complex for 256 bits, which is very inefficient and can generate a lot of redundant data on the blockchain even when performing simple tasks. In addition, Vitalik said that Ethereum's switch from the proof-of-work consensus mechanism to the proof-of-stake consensus mechanism in 2022 should have been done earlier. Vitalik also mentioned: "The automatic log of Ethereum transfers should have existed from the beginning, and it only took us 30 minutes to complete the coding, but it became an EIP." EIP-7708, submitted by Vitalik on May 17, will make this precise change. Vitalik also said that if he chose again, he would use SHA-2 to encrypt Ethereum instead of the current encryption algorithm called Keccak.
TD Cowen: Ethereum ETF paves the way for more cryptocurrency funds
Golden Finance reported that the research team of investment bank TD Cowen believes that the approval of Ethereum ETF is inevitable after the approval of Bitcoin. Jaret Seiberg of TD Cowen Washington Research Group wrote in a report that this is six months faster than we expected, but once the SEC approves the cryptocurrency futures ETF, this decision is also inevitable. The next product launched within a year may be a basket of cryptocurrencies, which may be just Bitcoin and Ethereum, but it may also be more.
However, this approval does not mean that the SEC's overall attitude towards cryptocurrencies has changed completely, because Gary Gensler, the chairman of the committee who is critical of cryptocurrencies, issued a highly critical statement opposing the passage of cryptocurrency legislation that could weaken the agency's power.
Other Projects
WalletConnect Launches AppKit and WalletKit
WalletConnect has released AppKit and WalletKit, its latest development kits for connecting wallets to dapps. AppKit enables developers to incorporate features such as email and social login, Safe-powered smart contract wallet login, fiat-to-crypto bridges, and exchange capabilities into their applications. WalletKit simplifies the process for developers to integrate "Connect with WalletConnect", enabling users to connect to desktop applications from mobile wallets. WalletKit also includes one-click connection and verification features. Both toolkits support notifications triggered by on-chain actions. The new development kits are scheduled to be released on June 12.
Safe Launches ERC-7579 Adapter
Safe has launched an ERC-7579 adapter that enables modules from external platforms to be integrated into Safe Smart Accounts. The ERC-7579 standard establishes a module interface to ensure interoperability between different wallet implementations. The ERC-7579 adapter enhances wallet functionality to support modules such as passkeys and session keys. Developers can now implement the adapter on existing Safe accounts.
Conduit supports Arbitrum Stylus on the test network
Conduit supports Arbitrum Stylus on the test network, and users can write contracts in Rust or any language that can be compiled to WASM, with more than 10 times the computing power and 100 times the memory. EVM contracts can interact seamlessly with Stylus contracts.
Pyth Entropy and Price Feed Services Deployed to Sei V2
The decentralized oracle service Pyth Network posted on the X platform that its Pyth Entropy and Price Feed Services have been deployed to Sei v2.
Solana community votes to pass proposal to allocate 100% priority fees to validators
According to the official governance page, the Solana community has voted to allocate 100% priority fees to validators, replacing the current structure of 50% destruction and 50% reward. The vote ended at the end of epoch 620, with 51.17% of stake participating, and was eventually passed with a 77.77% approval rate.
Previously, tao-stones published a proposal to enable full priority fee rewards for validators on Solana Mainnet-beta on the Solana Developer Forum, suggesting that the priority fee structure be adjusted to reward 100% of the priority fees to validators to ensure that validators have appropriate incentives to prioritize the security and efficiency of the network.
The discussion initiator tao-stones said that the implementation of this proposal requires the use of feature gates. While the payment structure for transaction submitters will not change, software containing this proposal will allocate a larger proportion of fees to validators than previous versions. Therefore, feature gating is critical to ensure a smooth transition to new features for all validators at epoch boundaries, thereby maintaining consensus.
Bitcoin's OP_CAT Proposal May Change the Bitcoin Blockchain
The Bitcoin blockchain may undergo major changes in 2026 with the launch of the Runes protocol and the OP_CAT proposal. The Runes protocol was launched on April 19th at the time of Bitcoin's fourth halving, aiming to generate Bitcoin native tokens more efficiently. Within two days of its launch, more than 7,000 Runes tokens were minted, and now there are more than 91,000, with transaction fees of $4.5 million. The Runes protocol not only drives token generation, but also promotes liquidity staking, investment activities, second-layer expansion, and DeFi innovation. However, Runes is only part of BTCFi. The OP_CAT proposal, which is expected to be passed in 2025, will re-enable the Bitcoin smart contract function, allowing the creation of conditions and rules, opening up the possibility of the development of the second layer, smart contracts, etc.
Galxe is building the L1 smart contract platform Gravity and plans to migrate all its products to the new blockchain
Web3 infrastructure and digital certificate network Galxe (GAL) said on Wednesday that it is building its own L1 smart contract platform Gravity and migrating all its products to the new blockchain. The first version of the network, built on the Arbitrum Nitro technology stack, will be launched in June to test cross-chain settlement in an open and transparent manner. The Gravity mainnet has native staking and re-staking functions and is scheduled to go online in the second quarter of 2025. The Galaxe team said that the reason for the creation of Gravity was that the platform's user base has grown significantly in the past three years, currently with 20 million users and 100 million transactions per month, so a more efficient and scalable solution is needed to manage cross-chain interactions between the 34 blockchains supported by Galxe.
SmartLayer announces integration with multi-chain self-custodial wallet TokenPocket
SmartLayer integrates with multi-chain self-custodial wallet TokenPocket. Users can view and interact with ERC-5169 NFTs through the Smart Token Viewer on the TokenPocket wallet.
JinseFinance
Huang Bo
Coinlive 
Beincrypto
Cdixon
Bitcoinist
Cointelegraph