04:42
Hong Kong SFC Clarifies Robust Custody Standards for Virtual Asset Trading Platforms to Safeguard Client Assets
According to Jinse Finance, the Hong Kong Securities and Futures Commission (SFC) issued a circular today to all licensed virtual asset trading platforms, outlining its requirements for the prudent custody of client virtual assets. This move lays a solid foundation for the industry to gradually adopt more advanced custody technologies under the ASPIRe roadmap. In the latest circular, the SFC lists several best practice examples and the minimum standards that virtual asset trading platform operators should meet, covering areas such as the responsibilities of senior management, the infrastructure and operation of client cold wallets, the use of third-party wallets, and real-time threat monitoring. In the future, these standards will also become core regulatory requirements for virtual asset custodians and will help promote the establishment of an effective virtual asset custody framework within the industry. (Jin10)
04:32
Opinion: stETH Faces Depegging Risk, Potentially Triggering Liquidations on Lending Protocols
According to a report by Jinse Finance, Jlabs Digital analyst Ben Lilly pointed out that stETH is currently being withdrawn from Lido. Meanwhile, another lending protocol, Figment, is absorbing Lido’s market share, which suggests that Figment could potentially be a staking partner for ETFs. 32% of stETH (wstETH) is being used as collateral in lending protocols, and a depegging event could trigger liquidations within these protocols. Notably, at present, 278,000 wstETH are in a “high-risk” state (with high risk defined as a health factor between 1 and 1.1).
04:26
Data: Over 788,000 ETH Queued to Exit Ethereum PoS, Setting a New Record
According to ChainCatcher, citing validatorqueue data, the current Ethereum PoS network exit queue stands at 788,624 ETH, valued at approximately $3.651 billion, marking a record high in exit volume denominated in ETH. Meanwhile, about 332,846 ETH are queued to join the network. This situation reflects two opposing forces in the market: on one hand, some stakers may be choosing to cash out after Ethereum rebounded more than 160% from its April low, resulting in a surge in the exit queue; on the other hand, new capital driven by favorable regulatory developments and institutional demand is also pushing up the entry queue, as publicly listed companies such as SharpLink Gaming and BitMine Immersion increase their ETH holdings and participate in staking.