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- Bitcoin, Ethereum, Cosmos and more Week 24 2024
Bitcoin, Ethereum, Cosmos and more Week 24 2024
Keeping you updated on crypto, web3 and blockchain
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TL;DR
Trump Urges US-Based Bitcoin Mining
MetaPlanet Acquires ¥250 Million More in Bitcoin
SEC Chair Anticipates Spot Ether ETF Approvals by Summer 2024
MetaMask Launches Pooled Staking for Ethereum Holders
Injective Integrates PYUSD, a Stablecoin by PayPal & Paxos
Akash Successfully Upgrades to Mainnet 12
Biden Campaign Considering Bitcoin and Crypto Donations
Singapore Warns Businesses of Bitcoin Ransomware Risk
and much more!
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Bitcoin Highlights of the Week
Donald Trump reiterated his support for the Bitcoin mining industry after meeting with executives from U.S. crypto mining firms on Wednesday. In a June 11 post on his Truth Social platform, Trump emphasized his desire for “all the remaining Bitcoin to be MADE IN THE USA!!!” He claimed this would help the country achieve “energy dominance.”
Trump also argued that Bitcoin was the country’s “last line of defense” against a central bank digital currency (CBDC), despite Federal Reserve Chair Jerome Powell stating in March that the U.S. was “nowhere near recommending or adopting a CBDC.” The meeting at Trump’s Mar-a-Lago residence in Florida included Riot Platforms CEO Jason Les, public policy head Brian Morgenstern, CleanSpark executive chairman Matthew Schultz, and TeraWulf board member Amanda Fabiano, according to posts on X.
Itaú Unibanco, the largest bank in Brazil and Latin America, has launched Bitcoin and crypto trading through its investment app, Ion. Initially available only to select clients in December 2023, the app now allows all users to buy and sell Bitcoin and Ethereum.
According to Itaú's digital assets head, Guto Antunes, the expansion was driven by strong demand from initial users in weekly surveys. Although specific user numbers weren't disclosed, the Ion app has been downloaded over 3.5 million times, indicating significant interest in crypto trading in Brazil.
Itaú developed its own custody solution for client wallets instead of using third parties, providing each user with a separate wallet for asset segregation. As the country's largest bank, Itaú's move into Bitcoin trading is expected to boost mainstream adoption, positioning the bank as a preferred gateway for Brazilians entering the crypto market.
Japanese hotel and services provider Metaplanet announced on X that it purchased an additional ¥250 million ($1.8 million) worth of Bitcoin. This purchase aligns with Metaplanet's strategy of accumulating Bitcoin, similar to MicroStrategy's approach.
As of June 11, Metaplanet holds around 141 Bitcoin, acquired for ¥1.45 billion at an average price of ¥10,278,391 ($65,000) per Bitcoin. The company adopted Bitcoin as its treasury reserve asset in April 2024, starting with an initial ¥1 billion purchase and has continued to buy more since then.
NiceHash, a prominent marketplace for Bitcoin hashing power, has teamed up with Marathon Digital Holdings to launch specialized firmware for ASIC miners available on its platform.
The newly introduced product, called NiceHash Firmware, incorporates Marathon's technology to optimize the performance and profitability of Bitcoin miners utilizing ASIC devices. Miners adopting this firmware can benefit from a competitive fee structure starting at 2%, which decreases to 1.4% when using NiceHash as their primary mining pool.
NiceHash Firmware aims to maximize miners' earnings by incentivizing the sale of surplus hashing power through its marketplace and enhancing the efficiency of ASIC machines.
Hidden Road, a prime brokerage supported by Citadel Securities, is expanding institutional access to digital assets through a partnership with Bitfinex.
Bitfinex announced on June 13 that it is integrating with Hidden Road, enhancing the brokerage's institutional offerings with new digital assets and security tools.
Through this collaboration, Bitfinex will assist Hidden Road in expanding or launching services such as derivatives trading, spot trading, peer-to-peer lending, over-the-counter (OTC) trading, margin trading, and more.
Bitfinex, the cryptocurrency exchange, is owned by iFinex, which also operates Tether, the issuer of the world's largest stablecoin, Tether (USDT). Paolo Ardoino, CEO of Tether, also serves as the Chief Technology Officer (CTO) at Bitfinex.
Ethereum Highlights of the Week
SEC Chair Gary Gensler informed lawmakers that the Securities and Exchange Commission could finalize approvals for listing and trading spot Ether exchange-traded funds (ETFs) within the next three months.
During a June 13 Senate Banking Committee hearing on President Joe Biden’s 2025 budget requests for the SEC, Gensler indicated that the commission anticipates approving S-1 registration statements for asset managers "sometime over the course of this summer." Recently, the SEC approved 19b-4 filings from eight companies on May 23, but these ETF applications require additional S-1 approvals before they can commence trading on U.S. exchanges.
Senator Bill Hagerty of Tennessee pressed Gensler on the delay in approving Ether ETFs, questioning the SEC's approach to setting regulatory standards for the crypto industry.
Aethir, a decentralized provider of physical infrastructure networks (DePIN), has launched its decentralized cloud computing network on the Ethereum mainnet. Enterprises, data centers, cloud providers, and cryptocurrency miners can contribute their unused GPU resources to Aethir's GPU-as-a-service solutions network.
Mark Rydon, co-founder of Aethir, highlighted the significance of the mainnet launch, stating: "By establishing a scalable framework to redistribute idle computing resources, we aim to foster innovation in AI, machine learning, and cloud gaming. On the mainnet, reputable enterprises can participate in the Aethir network, enhancing access to GPU resources."
MetaMask has launched a new staking service that allows users to pool their funds and stake Ethereum (ETH) with enterprise-grade validators operated by ConsenSys, a blockchain software company. This service enables MetaMask wallet users to stake their ETH without needing to meet Ethereum's minimum requirement of 32 ETH, which is currently valued at approximately $112,000.
Through MetaMask's staking pool, users can contribute less than the required amount of ETH and still earn staking rewards for helping secure the network.
What is ETH staking? With Ethereum's transition to a proof-of-stake (PoS) consensus mechanism, the network relies on validators to process transactions, store data, and add blocks to the Beacon Chain, replacing the previous mining model.
Polygon, a leading Ethereum Layer 2 scaling protocol, has advanced community ownership and governance by launching the Polygon Governance Hub. Enhancing Community Governance on Polygon Developed by the Aragon Project, renowned for creating Decentralized Autonomous Organizations (DAOs), the Polygon Governance Hub offers a comprehensive governance solution. This includes protocol governance contracts and a community-driven interface.
The main objective of the Polygon Governance Hub is to foster community engagement and integrate their perspectives into the ecosystem continually. It emphasizes decentralization through three governance pillars: protocol governance, smart contract governance, and community treasury governance. The hub currently consolidates interfaces for protocol and smart contract governance.
Amid concerns over meme coins, Vitalik Buterin has outlined key areas where cryptocurrencies are poised to make significant advancements. His vision focuses on technological innovations that aim to enhance the utility and accessibility of digital currencies, particularly through zero-knowledge (zk) technology. This innovation could transform digital identity, credentials, and online interactions.
Buterin also emphasized progress in peer-to-peer cross-border payment systems, highlighting reduced transaction fees and improved user experiences that make international transactions quicker and more cost-effective. These advancements are crucial for reshaping global commerce.
In addition, Buterin sees promise in decentralized social networks, which promise greater user control over data and enhanced privacy.
Cosmos Highlights of the Week
On June 11, 2024, Mande Network officially announced the imminent launch of its Mainnet, scheduled for June 14, 2024, at the Dymension RollApp event. With the genesis block unlocked, the network is set for full operation, marking a significant milestone in blockchain innovation.
The Mainnet RollApp launch signifies Mande Network's commitment to blockchain credibility and modularity, aiming to redefine how blockchain ecosystems operate.
Mande Network has introduced $MAND tokens with a strategic approach to encourage user engagement and accessibility within its ecosystem. The token's launch features a low fully diluted market cap and an inflation rate of 54%, designed to lower entry barriers.
Mito introduces Permissionless Vaults, a pioneering product that allows projects to independently create their own vaults. This aligns with Mito's vision of fostering a fully decentralized finance ecosystem.
What Are Permissionless Vaults? Permissionless vaults are smart contract-based tools enabling projects to establish vaults without intermediaries. These vaults aggregate funds from multiple users to automate yield farming or liquidity provision strategies.
How It Functions: Creating a permissionless vault on Mito is efficient and straightforward. Projects initiate vault creation by selecting INJ as the quoted market and Constant Product Market Maker (CPMM) as the vault type.
Akash completed its upgrade to Mainnet 12 in under 5 minutes. “We extend a special thank you to all Akash validators for their swift cooperation in ensuring a smooth upgrade process”.
Key Details of Mainnet 12:
Proposal Summary: This proposal upgrades the Akash Network to version v0.36.0 at block height 16708237, executed on Tuesday, June 11th, UTC 16:03.
Upgrade Enhancements: Mainnet 12 introduces a Feegrant Keeper reference for NewDeductFeeDecorator, addressing an issue where feegrant functionality was not working due to an uninitialized reference in Ante configuration.
Injective has announced a significant milestone in the blockchain ecosystem by integrating PYUSD, a stablecoin jointly released by payment giant PayPal and financial technology firm Paxos. This move positions Injective as a pioneering Layer 1 platform to support PYUSD, marking a notable advancement in the adoption of mainstream financial products within decentralized finance (DeFi).
PYUSD, now accessible on Injective, can be seamlessly transferred from Ethereum and Solana blockchains. This integration opens up new avenues for dApps hosted on Injective, enabling them to utilize PYUSD for a wide array of functionalities including lightning-fast payments, trading activities, and various DeFi applications. By integrating PYUSD, Injective not only enhances its utility but also strengthens its position as a leading innovator in the decentralized finance space.
In a significant development for blockchain technology, LayerZero has successfully debuted on Sei Network V2. This update brings advanced features including parallelized execution and full compatibility with the Ethereum Virtual Machine (EVM) to the Sei blockchain.
The integration of LayerZero onto Sei V2 marks a pivotal moment for developers across various LayerZero-supported networks. It enables them to seamlessly deploy their applications on Sei, leveraging its enhanced scalability and EVM support. This move not only bolsters the technological capabilities of the Sei ecosystem but also fosters a more accessible and versatile environment for decentralized application (dApp) development.
Other Highlights of the Week
Reports indicate that President Biden's re-election campaign is considering accepting Bitcoin and cryptocurrency donations, following a similar move by rival Donald Trump. Sources suggest Biden's team is exploring the option to receive crypto contributions through Coinbase Commerce, the same platform used by Trump's campaign.
This outreach from Biden's campaign is seen as an attempt to appeal to voters who are interested in Bitcoin and cryptocurrencies, particularly as the 2024 election approaches. However, the news has faced criticism from some within the industry. Critics argue that it contradicts the Biden administration's recent actions against the crypto sector, including vetoing bipartisan legislation.
Akira, a ransomware strain that has stolen $42 million from over 250 organizations in North America, Europe, and Australia in the past year, is now actively targeting businesses in Singapore. Singaporean authorities have issued a joint advisory to local businesses warning about the increasing threat from a variant of the Akira ransomware.
The advisory follows multiple complaints received by agencies such as the Cyber Security Agency of Singapore, the Singapore Police Force, and the Personal Data Protection Commission regarding victims of this cyberattack. Investigations by the United States Federal Bureau of Investigation have revealed that Akira ransomware primarily targets businesses and critical infrastructure entities.
The Nigerian Federal Inland Revenue Service recently revised its charges against Binance executives, dropping allegations related to tax violations concerning Tigran Gambaryan and Nadeem Anjarwalla. However, both individuals remain implicated in a separate money laundering case involving the company.
Current Challenges: Gambaryan has been held in detention in Nigeria for more than 110 days, facing worsening health conditions. In contrast, Anjarwalla escaped custody earlier this year in March.
Binance’s Position: Binance expressed relief at the dropped tax charges and reiterated its commitment to resolving outstanding issues with Nigerian authorities. The company highlighted Gambaryan's non-decision-making role and argued that his continued detention unnecessarily prolongs the resolution process.
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