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- Bitcoin, Ethereum, Cosmos and more Week 23 2024
Bitcoin, Ethereum, Cosmos and more Week 23 2024
Keeping you updated on crypto, web3 and blockchain
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TL;DR
Australia’s First Spot Bitcoin ETF with Direct Holdings Now Trading
Bitcoin Startup Embraces New Layer 2 Scaling Protocol
Spot Ether ETF Approvals Will ‘Take Time’, Says Gary Gensler
Vitalik Buterin on What Celebrity Tokens Miss
TabiChain Announces Details of $TABI Token Public Sale
Sei and Gitcoin Launch the Sei x Gitcoin Creator Fund
Binance Unveils 55th Launchpool Project: IONET (IO)
US Lawmakers Urge Biden to Bring Back Binance Executive from Nigeria
and much more!
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Bitcoin Highlights of the Week
Australia now has its first spot Bitcoin ETF that directly holds BTC. The Monochrome Asset Management's Bitcoin ETF (IBTC) started trading as the Cboe Australia exchange opened. With a management fee of 0.98%, the ETF trades under the ticker IBTC.
This milestone makes IBTC the first fund in the country to offer direct Bitcoin holdings, giving investors straightforward access to BTC. Unlike the two existing spot Bitcoin ETFs in Australia, which offer exposure to spot Bitcoin without directly holding it, Monochrome's ETF fills this gap by actually holding Bitcoin.
A year after its proposal, Ark Labs has announced its commitment to making the Ark concept a reality. The company is developing a Bitcoin layer-two network to meet the rising demand for scalable, low-cost Bitcoin payment solutions.
In an interview with Bitcoin Magazine, Ark Labs CEO Marco Argentieri discussed the protocol's progress since its initial release.
"After months of prototyping and creating proofs-of-concept, we believe Ark is ready for the next stage of development, and we are excited to share this opportunity with the industry," Argentieri said.
Thailand has approved its first spot Bitcoin exchange-traded fund (ETF), joining other countries in offering regulated Bitcoin investment options.
The Thai Securities and Exchange Commission (SEC) has authorized asset manager One Asset Management (ONEAM) to launch the ONE Bitcoin ETF Fund, set to be available from May 31 to June 6, according to the Bangkok Post.
Under Thai SEC regulations, the ETF will be available only to wealthy and institutional investors. This follows recent amendments allowing Bitcoin ETFs aimed at professional investors.
ONEAM will invest the fund in 11 major global Bitcoin funds to ensure liquidity and security. The company states that the ETF provides regulated exposure to Bitcoin, mitigating risks like theft associated with direct ownership.
The team behind StarkNet is initiating plans to bring ZK (zero-knowledge) scaling to Bitcoin, aiming to enhance the network alongside Ethereum.
What's happening?
Using OP_CAT: StarkWare plans to implement ZK scaling on Bitcoin by building on the OP_CAT proposal, a potential upgrade that could enable smart contracts and ZK scaling.
Simultaneous Settlement: If OP_CAT is approved, StarkWare aims to enable scaling within six months, allowing settlements on both Bitcoin and Ethereum using the same StarkNet network, governance, and tokenomics.
Unlocking Potential: StarkWare CEO Eli Ben-Sasson believes this move will help Bitcoin realize its full potential, fostering complex financial instruments and applications. To support this, StarkWare is launching a $1M fund for Bitcoin researchers to explore and demonstrate the benefits of OP_CAT.
This announcement marks StarkWare's first major step in expanding its scaling solutions to Bitcoin. If OP_CAT passes, it could significantly enhance Bitcoin's functionality.
Bitdeer, a prominent Bitcoin mining company, has unveiled its groundbreaking "SEAL04" chip as part of its technology roadmap for the Sealminer rig. This chip promises to significantly enhance Bitcoin mining performance while simultaneously minimizing power consumption, reducing costs, and shrinking its environmental impact.
Scheduled for release in the second quarter of 2025, the SEAL04 chip is expected to achieve remarkable energy efficiency, with levels as low as 5 joules per terahash (J/TH). This innovation marks a significant step towards eco-friendly Bitcoin mining practices.
Bitdeer's roadmap not only aims to enhance transparency in the mining industry but also manages miners' expectations regarding technological advancements and equipment delivery. Additionally, it provides valuable data analytics on machine capabilities, inventory, and purchasing behavior.
Ethereum Highlights of the Week
SEC Chair Gary Gensler suggested that the commission might delay approving spot Ether (ETH) ETFs during a June 5 CNBC interview. He indicated that the next steps for SEC approval would "take some time," implying a slow process for finalizing S-1 registration statements. While the SEC recently approved 19b-4 filings from several major asset managers, including VanEck and BlackRock, final approvals for listing and trading these ETFs on U.S. exchanges could take months.
Gensler also noted that cryptocurrency firms were engaging in activities not permitted for traditional exchanges, hinting that the SEC's strict enforcement stance would continue. The SEC has filed lawsuits against Ripple, Coinbase, Binance, and Kraken, but has faced setbacks, including being ordered to pay $1.8 million over "bad faith conduct" by a Utah judge.
Vitalik Buterin has criticized the surge of celebrity meme coins, arguing that they often lack a meaningful purpose beyond profit. In a Twitter post, Buterin expressed his concerns about the recent trend of pop culture-driven cryptocurrencies, suggesting they could regain credibility if they served a worthy cause.
Buterin clarified that his issue isn't with meme coins as a category, but with their typical focus on financial gain alone. He stated, “I’m quite unhappy with this cycle’s celebrity experimentation so far. ‘Financialization as a means toward an end’ I can respect if the end is worthy—healthcare, open-source software, art, etc.”
His comments were in response to a tweet by Placeholder VC partner Chris Burniske about the Mother Iggy (MOTHER) token, a Solana-based meme coin launched in May by Australian rapper and model Iggy Azalea.
Sky Mavis, the creator of the Ronin sidechain gaming network on Ethereum, announced the launch of Ronin Forge, an early access program offering grants and support for up to six studios to develop “experimental” crypto games on the network.
Selected studios will receive a $50,000 grant, access to Ronin's infrastructure, and engagement with its active gaming community.
Ronin powers games like Pixels, Axie Infinity, and the upcoming Ragnarok: Monster World. Currently, it operates as a closed ecosystem with Sky Mavis selecting which teams can build on the network, though there are plans to open it up in the future.
MetaMask, the leading Ethereum wallet, now enables users to launch games directly from its interface through a collaboration with the crypto gaming store, HyperPlay.
This partnership introduces a dedicated games directory within the MetaMask Portfolio, a decentralized app (dapp) allowing users to manage their wallet assets and interact with various applications. It simplifies access to MetaMask-compatible blockchain games available through HyperPlay.
This enhancement expands on HyperPlay's existing integrations with MetaMask, including a wallet overlay and support for non-Ethereum blockchains like Solana and Sui via MetaMask Snaps, a feature facilitating the addition of community-developed functionalities.
Ethereum-native privacy protocol Nocturne Labs is shutting down operations. Nocturne, backed by prominent figures including Ethereum co-founder Vitalik Buterin, announced its closure in a June 5 X post:
“After shutting down the privacy protocol we built earlier last year, we’ve decided to wind down the company.”
The company did not provide an explanation for the closure. Cointelegraph has reached out to Nocturne Labs for comment.
Nocturne initially aimed to introduce private accounts and transactions to the Ethereum ecosystem. In October 2023, the firm raised $6 million in seed funding led by Bain Capital Crypto and Polychain Capital, with participation from Buterin.
Cosmos Highlights of the Week
TabiChain has unveiled the details for its upcoming $TABI token public sale, emphasizing fairness and investor protection through a Dutch auction and a buyback guarantee.
Key Features of the $TABI Token Sale:
Dutch Auction: The auction will start at a price of $0.5, with the price gradually dropping to a minimum of $0.1 over 24 hours.
Fair Pricing: All participants will purchase $seedTABI at the same final price determined at the end of the auction. Early participants can secure their shares upfront, while others can wait for potentially lower prices.
90% Buyback Guarantee: If the market price of $TABI falls below 90% of the average public sale price on the 330th day post-Token Generation Event (TGE), Tabi will refund users 90% of their total contribution.
Nolus Protocol and Neutron have become pioneers in blockchain collaboration by sharing liquidity directly without using an intermediary multisig. This significant achievement marks a new level of interchain cooperation, made possible by Covenants.
Key Developments:
First-of-its-Kind Integration: Nolus Protocol and Neutron are the first chains to share liquidity directly, bypassing the traditional intermediary multisig.
Previous Method: Earlier, a multisig was used to manage shared liquidity between Nolus and Neutron, and this advancement eliminates the need for such intermediaries.
Future Potential: Other chains, like Stargaze and Neutron, are also on track to adopt this direct liquidity sharing model, signaling a broader trend in blockchain innovation.
This breakthrough sets a new standard for interchain liquidity sharing, enhancing efficiency and security in the blockchain ecosystem.
Sei and Gitcoin announced the launch of the Sei x Gitcoin Creator Fund, a collaboration celebrating the launch of Sei V2 and supporting the growth and development of the Sei ecosystem through multiple funding rounds.
Key Highlights:
First Funding Round: ‘The Kickoff’: Starting today, this round features a $250k matching pool. Using quadratic funding (QF), community donations act as votes to direct grant funding, matched by a larger fund from the Sei Foundation.
Eligibility: To be considered for community-voted grant funding, participants must set up a builder profile and upload their application to Gitcoin, regardless of previous applications.
Enhanced Funding Process: This collaboration aims to fund promising teams through a faster, more efficient, and transparent process.
This initiative represents a significant step in fostering innovation and development within the Sei ecosystem.
MANTRA has announced the launch of its Real World Asset (RWA) Savings Vault, powered by Ondo Finance's USDY. This initiative offers a unique opportunity for contributors to earn low-risk yields from short-term U.S. treasuries through multi-chain USDY vaults.
Key Highlights:
Low-Risk Yields: The vault allows USDC contributors to access yields from short-term U.S. treasuries.
Additional Rewards: Participants holding until the MANTRA Chain mainnet launch will receive extra rewards in $ONDO and mainnet $OM coins, alongside the underlying yield.
Launch and Access: Vaults will be available to the public in June 2024 on the Ethereum and Base chains.
USDY as Genesis Asset: MANTRA will integrate Ondo's USDY as a genesis asset for its blockchain debut later this year.
Liquidity Support: This integration aims to build substantial liquidity for RWA tokenization, catering to the growing demand from institutional investors.
Aura Network is excited to announce its collaboration with EvmosOrg, introducing Aura EVM as a transformative upgrade. This advancement marks a pivotal step in Aura's journey towards becoming an EVM-compatible Abstraction Layer and beyond.
Key Partnership Highlights:
Evmos Interoperability: Evmos is an interoperable EVM blockchain designed for cross-chain dApp development, offering features like Outposts and the Evmos dApp Store.
Unleashing Possibilities: This partnership brings together established solutions with enhanced versatility and interoperability. Aura Network, through Evmos, unlocks new avenues for Web3 builders, offering unparalleled customization for innovative dApps.
Gaming Application Deployment: The collaboration will support gaming applications on Evmos's partner marketplaces, showcasing the ecosystem's capabilities in the gaming sector.
Enterprise Partner Acquisition: Aura Network and Evmos will work together to secure enterprise partnerships for integrating evmOS infrastructure, paving the way for innovative business solutions.
This partnership not only emphasizes EVM compatibility but also heralds a future of innovation aimed at redefining business solutions and fostering growth in the Web3 ecosystem.
Other Highlights of the Week
Despite President Tinubu’s crackdown on peer-to-peer (P2P) cryptocurrency trading, young Nigerians remain enthusiastic about Bitcoin. Google Trends shows that Nigeria, Africa’s largest cryptocurrency market, has the highest interest in Bitcoin, second only to El Salvador.
Interestingly, Lagos, Nigeria’s commercial hub, is not among the top 15 cities for Bitcoin-related Google searches. Instead, Delta state leads in Bitcoin interest, followed by Anambra, Ekiti, Enugu, Ondo, Ebonyi, Bayelsa, Osun, Edo, and Imo.
The data indicates that regions with insecurity, low bank access, and a high number of millennials are more likely to adopt Bitcoin for storing value and making payments.
Binance has unveiled its 55th project on Binance Launchpool: IO.NET (IO), a decentralized artificial intelligence computing and cloud platform. IO.NET aims to revolutionize the AI and cloud computing sectors by offering decentralized solutions that enhance efficiency and accessibility.
Trading of the IO token will commence on Binance on June 11 at 12:00 (UTC), making Binance the first platform to list the token. This launch not only signifies a milestone for IO.NET but also demonstrates Binance's commitment to supporting innovative projects in the cryptocurrency space.
Binance users can stake their BNB and FDUSD into separate pools to farm IO tokens over a four-day period, starting from June 7 at 00:00 (UTC). This farming initiative aims to provide early access to IO tokens and incentivize participation in the IO.NET ecosystem.
American legislators are pressing President Joe Biden and senior officials to promptly act and secure the freedom of Tigran Gambaryan, a Binance executive and former federal agent. They assert that Gambaryan has been unlawfully held in Nigeria for over three months.
The lawmakers penned a letter dated June 4, 2024, addressing President Biden, Secretary of State Antony Blinken, and Special Presidential Envoy for Hostage Affairs Roger D. Carstens. Expressing deep concerns, several House members, including Chairman Rep. Michael McCaul of the House Foreign GOP, highlighted worries about Gambaryan's well-being and treatment while in Nigerian custody.
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