Gate.io Blog Daily News | "AI Super Alliance" Determined the ASI Merger Date; LayerZero Connected to Solana Blockchain; BlackRock Submitted Revised S-1 Registration Statement for ETH ETFs

Daily News | "AI Super Alliance" Determined the ASI Merger Date; LayerZero Connected to Solana Blockchain; BlackRock Submitted Revised S-1 Registration Statement for ETH ETFs

30 May 11:50

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## Crypto Daily Digest: "Artificial Intelligence Super Alliance" determines the merger date of ASI tokens; LayerZero confirmed connection to Solana blockchain; BlackRock submitted revised S-1 registration statement for Ethereum ETFs
Firstly, let's look at <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs' trading activities. According to Farside Investor data, on May 29th, Grayscale Bitcoin spot ETFs (GBTC) continued to experience outflows of $31.1 million in funds. Meanwhile, Fidelity Bitcoin spot ETF (FBTC) inflow of $17.7 million, Bitwise Bitcoin spot ETF (BITB) saw an inflow of $11 million, ARK 21Shares Bitcoin spot ETF (ARKB) saw an inflow of $4 million, The WisdomTree Bitcoin spot ETF (BTCW) saw a net inflow of $1.1 million in funds.

**<a href="/price/fetch-ai-fet" target="_blank" class="blog_inner_link">Fetch.ai</a>, SingularityNET, and Ocean Protocol determine the merger date for AI Super Alliance tokens**
Three artificial intelligence platforms - Fetch.ai, SingularityNET, and Ocean Protocol - will complete the token merger on June 13, and FET will be renamed ASI in the first two days.

These protocols dedicated to artificial intelligence will complete a tripartite merger of crypto tokens on June 13, led by Fetch.ai (FET). After the merger, Fetch.ai will be renamed ASI, representing the Artificial Intelligence Super Intelligence Alliance. The two companies announced on Wednesday that starting from June 11, users can swap FETs for ASI, and the native tokens of SingularityNET (AGIX) and Ocean Protocol (OCEAN) will be swapped after the merger is completed two days later.

Artificial intelligence has been the focus of the technology community for the past year and a half. People are concerned that Microsoft (MSFT) Technology giants such as Alphabet (GOOG) and Meta (META) will establish a dominant position in this field. This concern has prompted Web3 companies to attempt to build a decentralized artificial intelligence infrastructure that makes data transparent and publicly shared among contributors.

**LayerZero connected to <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> blockchain**
The crypto bridging protocol LayerZero will be extended to the Solana blockchain, allowing Solana holders to transfer assets between 70 chains such as Arbitrum, <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>, and <a href="/price/polygon-matic" target="_blank" class="blog_inner_link">Polygon</a>.

LayerZero will expand to the Solana blockchain on Wednesday, providing a new pathway for transferring crypto assets between Ethereum and its largest single competitor. Layer Zero Labs, which developed the bridging protocol, stated that crypto holders on Solana can transfer their assets to Arbitrum, Ethereum, Polygon, and 70 other chains, and vice versa.

LayerZero is a bridging platform that can transfer information between disconnected blockchains. Researchh firm Messari said its users transferred $6.7 billion worth of cryptocurrency in the first quarter of 2024, generating $11.5 million in revenue.

In a major round of financing announced in April, private venture investors valued LayerZero Labs at $3 billion. The protocol is expected to issue its own token soon. Solana's native token $SOL is CoinGecko's fifth largest cryptocurrency by market cap, and it also has three other major bridging protocols connected to the Ethereum ecosystem, the most famous of which is Wormhole.

**BlackRock submitted a revised S-1 registration statement for the upcoming Ethereum ETF**
BlackRock has submitted a revised registration statement, adding more disclosure content to its proposed Ethereum fund, which is the company's latest effort to list and trade its products.

Nearly a week after the Securities and Exchange Commission approved the 19b-4 forms for eight Ethereum ETFs (including BlackRock's proposed iShares Ethereum Trust), BlackRock submitted a revised S-1 registration statement. The issuer can only begin trading after the S-1 declaration takes effect.

In the revised document, BlackRock disclosed information about its seed capital investors. BlackRock stated, "On May 21, 2024, seed capital investors (affiliates of the initiators) conditionally purchased a seed creation basket consisting of 400,000 shares for $25.00 per share." The company also stated that these stocks would be listed and traded under the stock code "ETHA".

The SEC has recently begun discussions with issuers regarding the S-1 form. It is currently unclear how long this process will take, and some analysts speculate that it may take several weeks.

## Market Trends: The market is generally experiencing a pullback, with fully circulated Meme coins performing well
Bitcoin is currently in a volatile downward trend, which may be due to unstable market sentiment or macroeconomic factors.

Ethereum is consolidating below $3,800, indicating that there is currently no clear direction for the market.

Most Altcoins have experienced a decline, which may be a sign of increased market risk aversion.

Despite the overall market downturn, fully circulated Meme concept tokens performed relatively well.
### Macroeconomics
US stocks are consolidating near historical highs: The US stock market may face the risk of a pullback in the short term.

Increased US bond yields: The increase in US bond yields may pressure risky assets, including the crypto market.
### Market Hotspots:
AUDION, CTK, and other tokens with intraday fluctuations exceeding 100%: These relatively small tokens have experienced significant fluctuations due to their good chip structure and the news of their launch on the Korean exchange.

AI concept tokens are on the rise (ARKM WLD, PHB: Influenced by the consecutive historical highs set by US tech leader Nvidia, The AI concept tokens saw significant increases.

Ton ecosystem meme token NOT surged: NOT broke through $0.01 early today, with a weekly increase of over 100%, DWF labs have played an important role as market makers.

Ethereum-based Meme coin PEPE TURBO and other coins experienced callbacks: These trending Meme tokens, which have previously hit new highs consecutively, are currently experiencing some pullbacks.

BTC ecosystem in_script_ion and rune concept tokens surged: DOGs RUNCOIN, PUPS, WZRD and other relevant tokens have all seen significant increases, especially with the market cap of DOG about to surpass the in_script_ion leader ORDI.

The current market presents a relatively complex situation. Mainstream coins such as BTC and ETH are in a state of volatility or consolidation, while some small market cap tokens and specific concept tokens (such as Meme and AI concepts) are performing well. Investors need to keep an eye on risk management in the current environment, especially in situations of high market volatility. Of particular note is the opportunity for fully circulating Meme and AI concept tokens, while also watching the potential impact of macroeconomic factors on the market.

## Macro: Interest rate caused concern and bond yields rose, Wall Street closed lower; Asian stock and bond markets down
On Wednesday, May 29, the US stock market closed lower, as the yield of US treasury bond bonds continued to rise and the market became more worried about the timing and scale of the Fed's interest rate cut. The Dow Jones index fell more than 1% to its lowest level in nearly a month, with all sectors of the S&P 500 index falling, with interest rate-sensitive utility stocks experiencing the largest decline.

Specifically, the three major indices: the Dow Jones index fell 1.06%, the S&P 500 index fell 0.74%, and the Nasdaq index fell 0.58%.

The main focus of the market is the upcoming release of the US Core Personal Consumption Expenditure (PCE) Price Index report on Friday, which is the preferred inflation indicator by the Federal Reserve. The market expects the monthly data of the index to remain stable.

Meanwhile, US treasury bond bond yields remained high on Thursday due to the poor performance of the bond auction the previous day. The yield of benchmark 10-year treasury bond recently reported 4.6197%, and the yield of two-year treasury bond stabilized at 4.9830%.

On Thursday, May 30, Asian stock markets fell across the board due to bets that global interest rates would remain high for an extended period. The bond market also experienced a decline. Investors can keep an eye on key inflation data this weekend to find further clues on the future direction of monetary policy.

The US dollar rose due to the higher yield of US treasury bond bonds, while gold was under pressure due to the market's expectation that the Federal Reserve will unlikely cut interest rates in the short term.

The data shows that inflationary pressure still exists in major economies, and the global rebound in venture capital has once again stalled. The MSCI Asia Pacific stock index continued its 1.6% decline from the previous trading day, following the downward trend on Wall Street. The Nikkei index in Japan fell 1.5%, while US and European futures also fell.

In other regions of Asia, despite the International Monetary Fund raising its GDP growth forecast for China in 2024 and 2025, blue chip stocks in mainland China still fell by 0.25%; The Hang Seng Index in Hong Kong rose 0.17%.

In the currency market, the US dollar has the upper hand, and the euro has been suppressed to its lowest point in over two weeks, $1.07955. The latest price of the Japanese yen against the US dollar was 157.43, after falling to a four-week low of 157.715 in the previous trading day.

The Indian rupee is expected to fall on Thursday, as supply concerns led to a further rise in US treasury bond bond yields, and the US dollar index rose to its highest level in two weeks. After hitting a high of 83.0250 on Friday, the rupee fell for three consecutive days and hit its largest daily decline in seven weeks on Wednesday.

In the commodity market, due to concerns about weak gasoline demand in the United States and long-term high interest rates, oil prices rose slightly and regained some of Wednesday's lost ground. Brent crude oil prices remained stable at $83.60 per barrel, while US crude oil prices rose 0.03% to $79.25 per barrel.

Spot gold fell 0.2% to $2,334.15 per ounce.

<div class="blog-details-info">
<div>Author:**Sherry S. & Icing**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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Daily News | "AI Super Alliance" Determined the ASI Merger Date; LayerZero Connected to Solana Blockchain; BlackRock Submitted Revised S-1 Registration Statement for ETH ETFs

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