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SEC Treasury Clearing Mandate: What Market Participants Need to Know

Tradeweb

Late last year, the U.S. Securities and Exchange Commission (SEC) adopted a new set of rules requiring the majority of trades in the $26 trillion U.S. Treasuries markets to be cleared through a central counterparty clearinghouse. Coupled with new regulations that expand dealer registration requirements, the changes represent arguably the most significant overhaul yet to the structure of the world’s largest and most liquid market. The new rules are set to be phased-in beginning in March 2025, with Treasury cash clearing beginning December 31, 2025, and repo clearing beginning June 30, 2026. For those of us who were around to see a similar-looking mandate introduced in the interest rate derivatives markets as part of the Dodd-Frank Act following the 2008 financial crisis, there is a feeling of deja vu. Back then it seemed all anyone could talk about was fears that: swaps liquidity would grind to a halt; increased trading costs would put entire industry segments out of business; and overreliance on clearinghouses would create new systemic risks. Thankfully, those fears did not materialize. Perhaps because we’ve all now lived through more than a decade of smooth operation in centrally cleared swaps markets and steady growth of electronic swaps trading, or maybe because the Treasury clearing mandate was ultimately narrower than many in the industry had initially anticipated, much of the fear-mongering that came along with Dodd-Frank has been absent this time around. Still, despite the relative calm with which the news was digested, lingering concerns about clearing capacity and ever-growing capital requirements for the banks are very much a factor for market participants as they prepare for upcoming central clearing deadlines. Clearinghouse Access and Trading Costs When it comes to the Treasury clearing portion of the mandate, a primary concern is the threat of increased trading costs. Strategists at Deutsche Bank were quoted in the Financial Times saying, “On the flip side, dealers will face higher clearing costs, which they may pass down to customers in the form of wider spreads.” It’s still anyone’s best guess which clearinghouses will ultimately launch Treasury clearing offerings and what clearing model(s) they will employ. Today, Fixed Income Clearing Corporation (FICC) is the only clearing agency for U.S. Treasury transactions. At FIA Boca in mid-March 2024, however, CME announced their plan to enter the space, and we understand that other existing clearinghouses are also focusing closely on the U.S. Treasury market. There are also unanswered questions about who, exactly, will need to clear, which is dependent to some extent on the implementation of SEC’s expanded broker-dealer rule. Under the new clearing rules, all U.S. Treasury trades between members of a clearinghouse and registered broker-dealers, and any trades made via an interdealer broker must be cleared. Most bank dealers in this market are direct members of FICC and currently clear their trades there. However, under these new rules, other participants, such as Proprietary Trading Firms (PTFs), who may need to register to become broker-dealers, will need to start clearing their trades. This expanded broker-dealer rule, it’s worth noting, is currently being challenged. In other markets, participants who are not direct participants of a clearinghouse can only access the clearing agency through another market participant who is a direct participant, usually through a “sponsored” or futures commission merchant (FCM) model. Implementing these types of models in the U.S. Treasury space raises questions about commercial viability. The banks who traditionally offer services to sponsor non-banks at a clearinghouse may find that these businesses are not commercially compelling, especially if they are required to hold more and more capital. As a result, indirect participants may find it challenging and expensive to contract with banks to access a clearinghouse, which could result in increased overall trading costs to indirect participants. Market Resiliency and Liquidity As discussed above, the potential for increased costs could have an unintended impact on the U.S. Treasury market. Widely regarded as the most liquid marketplace in the world, any incremental slowdown in that liquidity could create significant knock-on effects in adjacent markets, and more urgently, affect the U.S. government’s ability to fund itself. Liquidity in U.S. Treasury markets is critical in all market conditions, but the consequences of illiquidity can be particularly acute during times of volatility or market stress. The market disruptions at the beginning of the COVID crisis in March 2020 clearly illustrate this issue. The introduction of central clearing would not alleviate liquidity constraints such as those seen in March 2020, and to the contrary, there is an argument that the obligation to meet increased margin and collateral calls during these times would introduce greater stress into the system and ultimately diminish liquidity even further. Part of that will come down to how access to FICC, or a new-entrant clearinghouse, is either encouraged or disincentivized. This will depend on whether or not commercial terms and/or netting arrangements can be leveraged to make clearing terms more attractive for market participants. DTCC and CME have made headway in this space, but as CME and other clearinghouses pursue their own clearing offerings, other solutions may also emerge. On the flip side, it is possible that, depending on exactly how the details of the clearing mandate are implemented, the requirement could increase dealer capacity in certain markets. Netting, for example, whereby the clearinghouse can aggregate several trades to reduce overall risk exposure, could reduce dealer capital and balance sheet capacity attributed to specific trades, giving the dealer the ability to enter into additional transactions. For this benefit to be realized, however, the SEC and market participants will need to understand and consider precisely how any clearing mandate would affect with the relevant capital and accounting rules, as well as regulatory initiatives still in flight such as Basel III Endgame. In either scenario, it is important to recognize that the detailed mechanics of the clearing process could have a material impact on overall liquidity in U.S. Treasury markets. What’s Next Just as we saw with the central clearing of swaps, the next several months will be filled with conversations on the specific details of implementation, which will collectively determine the long-term impacts of the Treasury clearing mandate on counterparty risk, trading costs and liquidity. Tradeweb’s deep presence across institutional, wholesale and retail markets position us well to help our clients navigate these upcoming changes. Over the next year, we will continue to work closely with dealers, customers, clearinghouses, and regulators to ensure a seamless clearing process on our platforms. We’ll also provide updates every step of the way to ensure our clients are ready to address any new details as they emerge. This will include updates around the central clearing mandate as it relates to repo transactions in U.S. Treasuries, and what these regulatory requirements mean for market participants trading repo and our industry more broadly. About Tradeweb Markets Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 50 products to clients in the institutional, wholesale and retail markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves more than 2,500 clients in more than 70 countries. On average, Tradeweb facilitated more than $1.4 trillion in notional value traded per day over the past four quarters. For more information, please go to www.tradeweb.com. Forward-Looking Statements This release contains forward-looking statements within the meaning of the federal securities laws. Statements related to, among other things, our outlook and future performance, the industry and markets in which we operate, our expectations, beliefs, plans, strategies, objectives, prospects and assumptions and future events are forward-looking statements.We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed under the heading “Risk Factors” in documents of Tradeweb Markets Inc. on file with or furnished to the SEC, may cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this release are not guarantees of future performance and our actual results of operations, financial condition or liquidity, and the development of the industry and markets in which we operate, may differ materially from the forward-looking statements contained in this release. In addition, even if our results of operations, financial condition or liquidity, and events in the industry and markets in which we operate, are consistent with the forward-looking statements contained in this release, they may not be predictive of results or developments in future periods.Any forward-looking statement that we make in this release speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this release. Contact Details Tradeweb Media Contact Savannah Steele +1 631-655-4225 Savannah.Steele@Tradeweb.com Tradeweb Media Contact Daniel Noonan +1 646-767-4677 Daniel.Noonan@Tradeweb.com

March 26, 2024 08:42 AM Eastern Daylight Time

Classiq Advances the HPC Quantum Computing Stack by Integrating Classiq’s Engine with NVIDIA CUDA-Q

Classiq Technologies

Classiq, a leader in quantum computing software, today announced it is integrating Classiq’s software with the NVIDIA CUDA-Q platform, which was announced by NVIDIA at its GTC conference last week. This integration facilitates a streamlined process for researchers working with CUDA-Q to generate, analyze and execute quantum circuits. It supports a wide range of quantum applications, including simulations and machine learning. The Classiq true compilation technology enables quantum circuit synthesis that automates the implementation of quantum programs. This capability enables the development process for quantum software and ensures that the generated programs are finely tuned for execution on a broad range of quantum hardware, as well as NVIDIA GPUs. Previously, NVIDIA, Rolls Royce and Classiq demonstrated a breakthrough in quantum computational fluid dynamics (CFD) by designing and simulating the largest quantum program to date. Classiq also launched a Quantum Computing for Life Sciences & Healthcare Center in collaboration with NVIDIA. “Classiq’s technology lies at the heart of quantum computing and provides a powerful conduit between high-performance computing (HPC) users and quantum computing implementation,” said Nir Minerbi, CEO of Classiq. “We’re well-known for our popular quantum development platform, and this integration demonstrates Classiq’s focus on ensuring today’s CUDA-Q and HPC users benefit from seamless access to automatic production of optimized quantum and hybrid quantum-classical algorithms.” Classiq is leveraging its technology to bridge HPC and quantum computation. From simulation to deploying hybrid quantum-classical algorithms to enhanced data processing, this convergence is accelerating as the two advanced computation sectors grow closer. Classiq provides the ideal combination of libraries, functions and automation to support this hybrid HPC-quantum computation space. HPC and quantum computing are increasingly connected through the deployment of hybrid algorithms, co-location of hardware and an emerging talent pool of expert hybrid developers. Classiq makes quantum computing tools more accessible to the global research community, addressing the need to tackle complex problems across various domains such as healthcare, materials science, engineering and finance. Meet Classiq next at the International Supercomputing 2024 conference running May 12-16th in Hamburg, Germany. About Classiq Classiq Technologies, the leading quantum software company, provides an all-encompassing platform (IDE, compiler and OS) with a single point of entry into quantum computing, taking users from algorithm design to execution. The high-level descriptive quantum software development environment, tailored to all levels of developer proficiency, automates quantum programming. This ensures that a broad range of talents, including those with backgrounds in AI, ML and linear algebra, can harness quantum computing without requiring deep, specialized knowledge of quantum physics. Classiq democratizes access to quantum computing and equips its users to take full advantage of the quantum computing revolution, including access to a broad range of quantum hardware. Classiq’s core technology, algorithmic quantum circuit compilation, is engineered to power the quantum ecosystem of today and the future. Classiq works closely with quantum cloud providers and advanced computation hardware developers providing software for use with quantum computers, HPC and quantum simulators. Backed by powerful investors such as HPE, HSBC, Samsung, Intesa Sanpaolo and NTT, Classiq’s world-class team of scientists and engineers has distilled decades of quantum expertise into its groundbreaking software development platform. Follow Classiq on LinkedIn, X (formerly Twitter) or YouTube, join the Slack community, or try the Classiq platform. Contact Details Rainier Communications Michelle Allard McMahon +1 781-718-3248 classiqPR@rainierco.com Company Website http://www.classiq.io/

March 26, 2024 08:00 AM Eastern Daylight Time

NAVEX 2024 Global Incident Management Benchmark Study Reveals Significant Third-Party Reporting to Companies

NAVEX Global

NAVEX, the global leader in integrated risk and compliance management software, has released its 2024 Whistleblowing & Incident Management Benchmark Report. The annual benchmark report offers valuable insights into workplace culture, analyzing trends from 1.86 million global reports spanning thousands of organizations that together employ more than 50 million employees. Amid a record number of tips to the SEC and a burgeoning DOJ whistleblowing program, NAVEX’s comprehensive analysis sheds a critical light on the state of workplace environments worldwide, guiding organizations toward program improvement. "NAVEX remains the gold standard in risk and compliance data analytics, continually innovating our benchmarks to enhance corporate compliance programs and offer business leaders insights into the trending risk areas for their organizations," says NAVEX Chief Risk and Compliance Officer Carrie Penman. "This year's report introduces crucial third-party reporting insights, highlighting an organization’s need to adopt internal and external reporting avenues to bolster integrity, foster accountability and equip the organization to tackle emerging challenges effectively.” This year’s analysis of the data revealed several key themes and notable findings, including: Report volume and case substantiation reach milestones. Internal reporting programs saw a record level of use as measured by NAVEX’s Reports per 100 Employees metric. In addition, the Substantiation Rate metric reached an all-time high, meaning more reports were received and more were found to be true. Report volume, and the substantiation rates of the reports received, are two of the most highly watched metrics in the annual NAVEX publication. To see both reach the highest levels ever is good news. For those with trusted and effective internal reporting programs, this added up to greater visibility into the trends of risk, ethics and culture playing out in their organizations’ operations – real-time intelligence to inform business decision-making. In 2023, organizations received a median 1.57 Reports per 100 Employees across their internal reporting systems, exceeding the previous record of 1.47 set in 2022. More organizations (23%) received five or more Reports per 100 Employees, making this population the largest in the NAVEX data set. And while year-over-year values fluctuated, every size of organization – from the smallest companies to enterprises with over 100,000 employees – has seen report volumes rise comparing 2021 and 2023. At 45%, the overall median share of substantiated or founded reports in 2023 reached an 11-year high. Third parties more likely to report business integrity and financial misconduct issues. In a first for this report, NAVEX analyzed its database by both employees and third-party reporters. Its analysis shows these two groups are distinct across several metrics, highlighting the insight organizations see by promoting their reporting programs internally and externally. Third parties as a group delivered a far greater median share of reports related to Business Integrity matters than employees in 2023 (50% versus 17%). Encompassing topics like conflicts of interest, vendor issues, fraud, global trade and human rights, this category of issues can manifest in various elements of a supply chain. Third-party reporters also showed twice the median share of Accounting, Auditing & Financial Reporting reports as employees in 2023 (10% versus 4.5%). Story emerging on accounting-related reporting – internally and externally. Accounting-related reports -- while lower in overall percentage of reports received internally by organizations at a median of 4.3.% in 2023 -- often receive an outsized share of attention due to potential for regulatory action and the well-publicized bounty program offered by the SEC and its Office of the Whistleblower. The SEC's program is witnessing unprecedented growth in tips and generously rewarding valuable information. Now, the U.S. Department of Justice is launching a similar initiative. Specifically, reports related to Accounting, Auditing, and Financial reporting: Showed the longest time between when an incident was observed and when it was reported to the organization By a large margin, were least likely to be reported anonymously Comprised an outsized share of cases for organizations that receive very few Reports per 100 Employees – meaning while these organizations received well below the benchmark number of reports, they had a much more significant percentage of accounting-related reports Experienced the longest time to investigate and close the case Had among the highest median Substantiation Rates, at 50% Were most likely to cause an employment separation event as a result of a substantiated case Accounted for twice as many of the reports submitted by third parties than those submitted by employees Small increase in report volume shows big payoff in healthy report mix. A diverse array of topics, inquiries, and allegations in internal reporting indicates a robust program. NAVEX’s findings reveal that even minor efforts to promote internal reporting significantly improve the mix of report types received. For instance, in organizations with the lowest report volume, only 8.7% of reports pertain to HR, Diversity, and Workplace Respect. However, in the next tier, this proportion jumps to 36.3%. This trend persists across different report volumes, emphasizing the importance of fostering a reporting culture. A varied mix of report types signifies trust in internal reporting to address a broad spectrum of issues. Even a slight increase from minimal reporting yields a more comprehensive and insightful flow of reports. "With NAVEX's integrated data platform, companies gain unparalleled risk signal data that empowers them to foster healthier workplace cultures, helping them achieve outcomes that matter most,” explains NAVEX Chief Product Officer A.G. Lambert. "Data isn't just numbers; it's the compass guiding organizations toward success and ensuring they stay ahead in the ever-evolving landscape of risk and compliance." Additional notable findings include: Workplace behaviors and discord were clearly visible in the data as more organizations return to office environments. As is always the case in these reports, workplace behaviors and other human resources related matters are by far the highest percentage of reports received by organizations. Workplace Civility matters continued to increase in prominence in 2023, representing a median of 18% of reports and the highest median reporting rate in 2023. This was followed by Discrimination, at a median 12%, Harassment, at a median 7.1%, then Retaliation at a median of 2.0%. The HR, Diversity and Workplace Respect category overall has seen a multi-year increase in its median share of all reports (from 50% in 2021 to 55% in 2023). These figures underscore the growing importance of fostering a respectful and inclusive work environment. Highlighting the seriousness with which organizations are taking reports received, more substantiated reports (18%) resulted in separation from employment in 2023, up significantly from 14% in 2022 and 12% in 2021. The share of reports resulting in no action – effectively the opposite end of the outcome spectrum – fell from 17% in 2022 to 14% in 2023. Nearly nine out of 10 reports of Imminent Threat to a Person, Animals or Property were substantiated in 2023 highlighting the importance that reporters possess the training, knowledge, tools and trust that promote rapid reporting of dangerous issues. This need is made even greater by a new California workplace violence prevention law expected to take effect this year that includes requirements for reporting, incident management and training around this issue. For more insights on the 2024 Whistleblowing & Incident Management Benchmark Report, join Jane Norberg, Arnold & Porter partner and former chief of the SEC Office of the Whistleblower, Keith Thomas, FedEx corporate integrity & compliance lead counsel, Carrie Penman, NAVEX chief risk & compliance officer, and Anders Olsen, NAVEX senior data scientist, for an informative webinar where they will discuss the results of this year’s analysis in detail. Watch the webinar here. NAVEX is trusted by thousands of customers worldwide to help them achieve the business outcomes that matter most. As the global leader in integrated risk and compliance management software and services, we deliver solutions through the NAVEX One platform, the industry’s most comprehensive governance, risk and compliance (GRC) information system. For more information, visit NAVEX.com and our blog. Follow us on Twitter and LinkedIn. Contact Details Navex Global scott.levesque@navex.com Company Website https://navex.com

March 26, 2024 06:00 AM Eastern Daylight Time

HTX Liquid Restaking Doubles Reward Pool with Quota Rising to $100M and Launches Reward Boosters

HTX

Since its highly anticipated launch, HTX's Liquid Restaking event has witnessed a surge in participation. In response to this overwhelming interest, HTX has decided to add $50 million to the quota, effectively doubling the event rewards. This enhancement is set to commence on March 25, 2024, at 09:00 (UTC). Concurrently, the exchange will introduce new features to the event to boost participants' rewards by up to 150%. According to HTX's announcement, with the additional quota, Liquid Restaking is offering a total staking quota of $100 million. This includes 500 BTC, 5,000 ETH, 50,000,000 USDT, 50,000,000 TRX, and 3,000,000,000,000 HTX. You can participate in this event by enabling your assets in Spot and Futures accounts on HTX to get snapshotted and receive initial airdrops daily from premium restaking projects. Highlights of the event update include: ● Futures accounts are also eligible for participation. You can share corresponding crypto rewards after the platform captures a snapshot of your assets in your Spot account and net equity in your Futures account. ● Boosters. You have the chance to receive up to a 150% boost on your rewards through the following means: 1) Join or create a team. 2) Daily trading fees, including net fees generated from spot, margin, and futures trading. The higher the daily trading fees, the greater your rewards get boosted. 3) $HTX holdings (in Spot and Earn accounts). These boosts apply to the cryptocurrencies enabled in Liquid Restaking to increase your sharing weight, thereby yielding higher rewards from the event. The three methods mentioned above will grant you different levels of boosts, with particular emphasis on teaming up. Participants can either join a team or create one by teaming up with friends. A team is eligible to receive a boost, which all team members can enjoy. A team's boost is determined by its level, which is calculated based on the total participating amount contributed by all team members. As the team's level rises, it becomes eligible for a higher boost. Each team can have a maximum of 2,000 members. The team leader, besides benefiting from the team's boost, can receive an extra 20% boost. How to create a team: Visit the Liquid Restaking event page > Click on Boost > Create Team > Set up the team profile > Share the invitation poster or link with friends; How to join a team: Scan the QR code on the invitation poster / click the invitation link > Visit the Liquid Restaking event page > Confirm / Enter the team invitation code > Join the team. Seize the chance to build your own team and share the on-chain rewards. As the first cryptocurrency exchange to support Restaking with no entry requirements, HTX will bring more opportunities for users to engage in the on-chain ecosystem. HTX, aiming for People's Exchange, remains dedicated to providing secure, convenient trading services while driving innovation to propel the cryptocurrency industry forward. About HTX Founded in 2013, HTX has evolved over a decade from a simple cryptocurrency exchange to a comprehensive blockchain business ecosystem. This expansion covers a wide range of services including digital asset trading, financial derivatives, wallets, research, investments, incubation, and more. As a world-leading portal to Web 3.0, HTX is committed to a growth strategy focused on global expansion, ecological prosperity, wealth effect, and safety and compliance. This approach enables us to offer comprehensive, safe, and reliable services and value to virtual currency enthusiasts around the world, reinforcing our position as a global gateway to Web3. Contact Details Michael Wang glo-media@htx-inc.com Company Website https://www.htx.com/

March 25, 2024 10:47 AM Eastern Daylight Time

Cybernetics Launches Comprehensive Suite of Services for Blockchain Enthusiasts

Rev Up Marketers

Cybernetics, a crypto recovery services provider, has announced an enhancement in its suite of services to address the needs of individuals and businesses navigating the blockchain space. The company's advanced capabilities are instrumental in identifying the destination of stolen or mistakenly sent funds, providing a crucial layer of security for users. The company has offered consultation services to individuals and businesses, imparting valuable insights and practices for safeguarding digital assets. Cybernetics has empowered clients to make informed decisions implement proactive measures against potential threats and help potential users how to get their stolen crypto back. Cybernetics services include collaboration with legal teams. This offering encompasses a range of comprehensive services, from filing lawsuits to communicating with law enforcement agencies. Cybernetics focuses on providing clients with the support they need to navigate the legal landscape surrounding digital transactions and helping those impacted by crypto trading platform crimes. Cybernetics has cutting-edge tools to trace transactions on the blockchain. Cybernetics comes to the rescue with specialized wallet recovery services, offering individuals the opportunity to regain access to their digital assets and resume their transactions with confidence. Jessica Walker, Chief Information Officer at Cybernetics, expressed enthusiasm about the expanded service offerings, stating, "In an ever-evolving digital landscape, Cybernetics remains dedicated to providing innovative solutions that address the dynamic needs of our clients. With our enhanced suite of services, we aim to empower individuals and businesses to navigate the digital realm with confidence and security and provide crypto recovery services to help get stolen bitcoin back." For more information about Cybernetics and their services, please visit their website. About Cybernetics: Cybernetics is a technology firm that provides a variety of services to aid cybercrime victims in reclaiming their stolen funds. The company's team of professionals has extensive expertise in identifying and recovering funds from online transactions by employing sophisticated technologies and tactics. Cybernetics is devoted to delivering a transparent service to its customers, and it collaborates closely with financial institutions and law enforcement agencies to help that those responsible are held accountable. Contact Details Cybernetics (TM) Jessica Walker admin@cybernetics-services.com Company Website https://cybernetics-services.com/

March 23, 2024 05:03 PM Eastern Daylight Time

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HTX Ventures: One Week After the Ethereum Dencun Upgrade

HTX Ventures

Singapore / March 22, 2024 – The Ethereum network underwent a significant evolution with the implementation of the Dencun upgrade on March 13th, 2024. It is a great party for Ethereum rollups as Layer 2 costs drop significantly and open up vast opportunities. In this report, HTX Ventures examines the immediate impacts observed in the week following the upgrade, focusing on cost reduction, network performance, and the broader implications for the Ethereum ecosystem. As stakeholders in Ethereum's growth, HTX Ventures is enthusiastic about the potential unlocked by these developments. The Dencun upgrade not only facilitates a more inclusive ecosystem but also paves the way for innovative and complex applications in gaming, SocialFi, DeFi, cross-chain interoperability, and more. HTX Ventures, the global investment arm of HTX, leverages an integrated approach that combines investment, incubation, and research to identify the most exceptional and promising teams around the world. To date, HTX Ventures has supported over 200 projects spanning multiple blockchain tracks, with some high-quality projects already listed on HTX for trading. In the chart, we can see the Ethereum market is hyped until the date of Dencun upgrade, March 13th, 2024. Source: Google Finance Cost Reduction and Network Efficiency EIP4844 Integration The Dencun upgrade introduced EIP4844, which implemented data blobs—a development aimed at addressing Ethereum’s high fees and slow processing times. Although the full impact on cost reduction is yet to be completely realized due to the technical integrations into roll ups, the initial effects on Layer 2 gas fees indicate substantial improvements: 1.Significant Fee Reductions Across L2 Solutions: The integration of data blobs led to notable decreases in transaction fees across various L2 platforms: Changes in Average Transaction Fees: A 50%-99% decrease in median (Dated March 14th, Source: DuneAnalytics Dashboard) A rbitrum: $0.39 -> $0.14 B ase: $0.37 -> $0.03 Optimism: $0.32 -> $0.01 zksync: $0.19 -> $0.1 Zora: $0.2 -> $0.001 These reductions represent a decrease ranging from 50% to over 99% the day after Dencun upgrade, showcasing the upgrade’s immediate effectiveness in making transactions more affordable. 2. Cost of Posting data: (Dated March 14th, Source: DuneAnalytics Dashboard) Layer 2s shift to blob-based data posting has also led to an 88% reduction in data cost when posting data to ethereum, dropping the cost of posting data from a high of $400 per transaction to approximately $40 in the following week. 3. No Mainnet Gas Fee Reduction: Currently, the price of Ethereum gas has not been significantly affected. However, as adoption of the Blob API continues, reductions in Ethereum gas fees might be observed. This decrease in fees can be attributed to several factors, including the redirection of rollup demand to blobs, which frees up capacity for the Ethereum execution layer, and the separation of Ethereum gas fees and blob fees. Source: https://ycharts.com/indicators/ethereum_average_gas_price Future Outlook and Danksharding Danksharding remains a pivotal element in Ethereum’s upgrade roadmap, promising further enhancements to network capacity and performance. Planned improvements include increasing the number of blobs per block and exploring advanced data availability (DA) solutions such as PeerDAS. Concurrently, research continues on MEV resistance, Verkle Trees, and network optimization efforts to make Ethereum a more efficient, user-friendly ecosystem. Next Steps and HTX Ventures' Perspective As stakeholders in Ethereum's growth, HTX Ventures is enthusiastic about the potential unlocked by these developments. The Dencun upgrade's focus on cost reduction, scalability, security, and usability not only facilitates a more inclusive ecosystem but also paves the way for innovative and complex applications in gaming, SocialFi, DeFi, cross-chain interoperability, and more. Emerging Trends and Competitive Landscape 1. The return of application-specific chains to Ethereum, now reimagined as application-specific rollups, together with the emergence of new L2 and L3 solutions, signifies a significant shift within the Ethereum ecosystem. 2.Increased competition among L2 solutions underscores the importance of community engagement, infrastructure development, and a holistic approach to growth encompassing business development, sales, and marketing strategies. Ethereum sidenote: Separately, the introduction of Eigenlayer expands the ethereum ecosystem outreach to a vast number of protocols, introducing greater flexibility and diversity to the ethereum ecosystem to ensure a more agile ecosystem. The pending approval of the ETH ETF, along with the SEC's decision on categorizing Ethereum, will have a significant impact on the asset's exposure in traditional markets. HTX Ventures is closely monitoring developments related to this event. Conclusion: HTX Ventures remains committed to supporting Ethereum’s journey, providing comprehensive assistance to projects that are at the forefront of decentralized data innovations. By fostering cutting-edge technologies, we aim to contribute to the long-term success and expansion of the Ethereum ecosystem. Reference Offchain lab twitter space: https://x.com/OffchainLabs/status/1768631403540091131?s=20 Tom Wan: https://x.com/tomwanhh/status/1768423766151905313?s=20 HTX ETH Dencun Upgrade Twitter space: https://twitter.com/i/spaces/1ZkKzjvanBZKv?s=20 https://ycharts.com/indicators/ethereum_average_gas_price https://www.google.com/finance/quote/ETH-USD?sa=X&ved=2ahUKEwiZqoz1wISFAxV7EGIAHUAbAB4Q-fUHegQIBxAf&window=YTD About HTX Ventures HTX Ventures, the global investment division of HTX, integrates investment, incubation, and research to identify the best and brightest teams worldwide. With a decade-long history as an industry pioneer, HTX Ventures excels at identifying cutting-edge technologies and emerging business models within the sector. To foster growth within the blockchain ecosystem, we provide comprehensive support to projects, including financing, resources, and strategic advice. HTX Ventures presently backs over 200 projects spanning multiple blockchain sectors, with select high-quality initiatives already trading on the HTX exchange. Furthermore, as one of the most vigorous Fund of Funds (FOF) investors, HTX Ventures collaboratively forges the blockchain ecosystem alongside premier global blockchain funds, including IVC, Shima, and Animoca. Contact Details Michael Wang glo-media@htx-inc.com Company Website https://www.htx.com/en-us/ventures

March 23, 2024 05:17 AM Eastern Daylight Time

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Valdes Investigation Group Redefining Private Investigation Standards in Florida

Rev Up Marketers

Valdes Investigation Group, a full-service investigation agency headquartered in Miami, Florida, has established itself as a leading entity in this realm, catering to a wide array of investigative requirements with dedication and expertise. The agency demonstrates discretion, honesty, and thoroughness in its investigations, led by a skilled team of private detectives in Florida. With recent developments, Valdes Investigation Group has curated a team of licensed private investigators in Miami adept at navigating the region's intricacies. Whether conducting discreet surveillance operations or delving into intricate background checks, the agency's operatives exhibit a blend of skill, resourcefulness, and cultural sensitivity essential for effective investigation in Miami's vibrant landscape. With investigators proficient in both English and Spanish, Valdes Investigation Group bolsters seamless communication and comprehension throughout the investigative process, fostering trust and transparency with clients of diverse linguistic backgrounds. Operating with utmost discretion and confidentiality, Valdes Investigation Group serves insurance companies, banking institutions, legal entities, and government agencies. Operating in the dynamic setting of Florida, Valdes Investigation Group is a vital resource for those seeking the truth in matters ranging from personal affairs to complex corporate inquiries. One distinctive highlight of Valdes Investigation Group is its commitment to bilingualism, demonstrating versatility and inclusivity in serving Miami's cosmopolitan population. Moreover, Valdes Investigation Group's extensive network of offices statewide, nationwide, and in the Caribbean underscores its capacity to address investigative needs beyond the confines of Miami. This expansive reach not only enhances the agency's operational capabilities but also reinforces its reputation in the pursuit of truth and justice. The role of a private detective agency transcends mere surveillance and investigation; it embodies a commitment to uncovering truth, providing clarity, and delivering justice. Through its meticulous approach, ethical standards, and relentless pursuit of truth, the agency continues to carve a niche for itself in the ever-evolving landscape of private investigation. Valdes Investigation Group offers expertise and dedication in the pursuit of truth and justice. With each case it undertakes, the agency aims to provide reliable support in seeking clarity and resolution. For more information about Valdes Investigation Group and its services, please visit their website. About Valdes Investigation Group: Valdes Investigation Group is a leading private detective agency based in Miami, Florida. The agency offers thorough investigative solutions customized to suit its clients' various needs, with a team of experienced professionals dedicated to integrity and excellence. They have various offices statewide, nationwide, and in the Caribbean. The quality and excellence of every investigation they handle reflect their commitment to their clients. Contact Details Valdes Investigation Group Ms. Valdes clientservice@valdesinvgr.com Company Website https://valdesinvgr.com/

March 22, 2024 04:43 PM Eastern Daylight Time

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Reward Pool Doubling! HTX Liquid Restaking to Add $50M Staking Quota on March 25

HTX

On March 25, HTX will be adding another $50 million staking quota for the Liquid Restaking event, thereby doubling the current reward pool. According to reports, the event attracted over 10,000 participants within just 10 minutes of its debut, with participants eagerly securing their share of the initial $50 million staking quota. HTX Increases Prize Pool Amid Ongoing Restaking Fever With the completion of the Dencun Upgrade, Ethereum and its associated ecosystem are showing robust performance. The narrative of liquid restaking (LRT) has garnered substantial market attention with the surge of EigenLayer projects. As the first crypto exchange to support Restaking, HTX pioneered the Liquid Restaking event, allowing users to share on-chain rewards in an easy, risk-free way. Since its debut, the HTX Liquid Restaking event has been met with enthusiasm from users. Currently, the event boasts over 20 million followers and 58,000 participants, with a total participation amount exceeding $100 million. By enrolling now, participants will not only receive daily on-chain rewards generated by the platform's $50 million staking quota but also stand a chance to double their rewards as the platform adds another $50 million staking quota on March 25. Meanwhile, participants will be able to enjoy a 150% boost on their rewards as the platform prepares to roll out the following features soon. 1. Join by Teaming Up with Friends: Participants can team up with their friends to get enrolled in Liquid Restaking and consequently enhance their reward sharing. 2. Enjoy Boost Based on Contributions to the Platform: Participants' daily trading fees and HTX holdings (in spot and Earn accounts) can help raise their share of rewards. 3. More Accounts Available: Participants' assets in futures accounts will also be snapshotted, besides spot accounts, to boost their share of rewards. Platform users can invite friends to share the prize pool! Simply by clicking "Enable All" on the event page, they'll be able to participate in Liquid Restaking with multiple cryptocurrencies and through multiple accounts. Join the HTX Liquid Restaking to Earn Initial Airdrops from Trending Projects HTX provides easy access to the Liquidity Restaking event. Visit the Liquid Restaking event page on the platform, and users can easily enroll in the event with just one click. Remember to fund your HTX account by making deposits, trades, etc., to hold at least $1 worth of BTC, ETH, USDT, HTX, TRX, or other designated assets. Rewards you can expect to receive: ● EigenLayer's initial airdrop (A trending Ethereum restaking project with TVL of over $7 billion) ● Puffer's initial airdrop (A trending Ethereum restaking project with TVL of over $1 billion) ● Merlin Chain's initial airdrop (A Bitcoin Layer 2 solution with TVL of over $1.5 billion) ● BounceBit's initial airdrop (A Bitcoin staking chain with TVL of over $0.45 billion) ● Crypto rewards, such as ETH, USDT, HTX, and TRX Event rewards will be distributed in various LRS points. You can redeem these points for corresponding cryptocurrencies after the designated projects distribute airdrops. The distribution timing of the rewards depends on the projects' initial airdrop schedule, which may commence after April. Rest assured that your assets on the HTX exchange will always be safeguarded regardless of any risks that may occur on the blockchain during the event, and the earnings will be distributed in the form of rewards. HTX will fully bear any potential losses that may occur, providing you with a worry-free participation experience. The HTX Liquid Restaking event, boasting features such as high value, free claims, greater flexibility, and zero risk, provides CEX users with an excellent opportunity to share on-chain rewards in an easy, risk-free way. Given participants' enthusiasm in grabbing the initial $50 million staking quota, it's advisable to stay informed about the upcoming second round, which will add an extra $50 million staking quota. Join early to maximize your rewards and points. Don't miss the opportunity to reap on-chain rewards offered by the HTX Liquid Restaking event. About HTX Founded in 2013, HTX has evolved over a decade from a simple cryptocurrency exchange to a comprehensive blockchain business ecosystem. This expansion covers a wide range of services including digital asset trading, financial derivatives, wallets, research, investments, incubation, and more. As a world-leading portal to Web 3.0, HTX is committed to a growth strategy focused on global expansion, ecological prosperity, wealth effect, and safety and compliance. This approach enables us to offer comprehensive, safe, and reliable services and value to virtual currency enthusiasts around the world, reinforcing our position as a global gateway to Web3. Contact Details Michael Wang glo-media@htx-inc.com Company Website https://www.htx.com/

March 22, 2024 08:20 AM Eastern Daylight Time

Consumer Staples Sector ETF XLP: The Essential Goods Market can be a Strategic Investment

Select Sector SPDR

The Consumer Staples Select Sector SPDR Fund (XLP) is pleased to provide an update on its portfolio composition, offering investors a unique opportunity to gain exposure to the consumer staples sector. The ETF offers an appealing option for investors looking to implement a sector rotation strategy or tilt their portfolio towards defensive assets. This sector includes companies involved in the development and production of essential consumer products such as food and drug retailing. Currently, XLP's top holdings* include a comprehensive list of well-known stocks from industry-leading companies: Procter & Gamble (14.76%) Costco Wholesale (12.97%) Coca-Cola (9.20%) PepsiCo (8.96%) Walmart (4.94%) Mondelez Int’l (4.36%) Philip Morris Int’l (4.18) Altria (3.28%) Colgate-Palmolive (3.23%) Target (3.20%) These companies represent a cross-section of the consumer staples sector, providing goods and services that consumers use on a daily basis. As such, these companies can offer stability during times of economic uncertainty, making XLP a potential strategic investment option. XLP has consistently provided precise exposure to companies from consumer staples distribution and retail, household products, food products, beverages, tobacco, and personal products sectors. With total net assets of over $15 billion, XLP continues to be a significant player in the ETF market. The XLP's strategy of investing in companies that produce essential consumer products has proven to be a consistent approach. Its holdings are composed of industry-leading companies that have a strong presence in the consumer staples sector. This makes XLP a potentially robust and resilient investment option, even during challenging economic conditions. DISCLAIMER: This is a work of research and should not be taken as investment or financial advice. Therefore, Select Sector SPDRs or the publisher is not liable for any decision made based on the publication. About the Company: Select Sector SPDR ETFs offer flexibility and customization opportunities. Many investors have similar outlooks, but no two are exactly alike. Select Sector SPDR ETFs let investors select the sectors that best meet their investment goals. *Holdings, Weightings & Assets as of 2/29/24 subject to change DISCLOSURES The S&P 500 Index is an unmanaged index of 500 common stocks that is generally considered representative of the U.S. stock market. The index is heavily weighted toward stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common stocks. The S&P 500 Index figures do not reflect any fees, expenses or taxes. An investor should consider investment objectives, risks, fees and expenses before investing. One may not invest directly in an index. Transparent ETFs provide daily disclosure of portfolio holdings and weightings All ETFs are subject to risk, including loss of principal. Sector ETF products are also subject to sector risk and nondiversification risk, which generally will result in greater price fluctuations than the overall market. Diversification does not eliminate risk. An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus, which contains this and other information, call 1-866-SECTOR-ETF (732-8673) or visit www.sectorspdrs.com. Read the prospectus carefully before investing. ALPS Portfolio Solutions Distributor, Inc., a registered broker-dealer, is distributor for the Select Sector SPDR Trust. Media Contact: Company: Select Sector SPDRs Contact: Dan Dolan* Address: 1290 Broadway, Suite 1000, Denver, CO 80203 Country: United States Email: dan.dolan@sectorspdrs.com Website: https://www.sectorspdrs.com/ *Dan Dolan is a Registered Representative of ALPS Portfolio Solutions Distributor, Inc. ALPS Portfolio Solutions Distributor, Inc., a registered broker-dealer, is the distributor for the Select Sector SPDR Trust. SEL007375 EXP 4/30/24 Contact Details Dan Dolan +1 203-935-8103 dan.dolan@sectorspdrs.com Company Website https://www.sectorspdrs.com/

March 22, 2024 05:00 AM Eastern Daylight Time

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