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- Bitcoin, Ethereum, Cosmos and more Week 36 2024
Bitcoin, Ethereum, Cosmos and more Week 36 2024
Keeping you updated on crypto, web3 and blockchain
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TL;DR
Swiss Bank ZKB Launches Crypto Trading
Blockstream's BMN2 Series 3 Launch
Vitalik's Plan for Pseudo-Decentralized Cities
EigenLayer Enhances Rewards with Major Update
Uniswap Fined $175K by CFTC
KYVE Archives 500GB of Celestia Data
Binance Exec Gambaryan's Trial Update in Nigeria
Harris Campaign Accepts Crypto Through PAC
and much more!
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Bitcoin Highlights of the Week
Zurich Cantonal Bank (ZKB), Switzerland’s fourth-largest bank with $450B AUM, now offers $BTC and $ETH trading via its e-banking and mobile platforms. The bank securely stores private keys, simplifying crypto investment for customers and eliminating the need for personal wallets. Available 24/7, this service also extends to other Swiss banks.
ZKB’s entry into the crypto market follows its 2021 milestone of issuing the world’s first digital bond on the SIX Digital Exchange, highlighting its commitment to integrating digital assets into traditional banking services.
Metaplanet, dubbed the "Japanese MicroStrategy," has partnered with SBI VC Trade to enhance its Bitcoin trading, storage, and financial strategies. This collaboration offers Metaplanet secure, tax-efficient custody services and enables the company to use Bitcoin as collateral for financing, boosting its financial flexibility.
Metaplanet continues to expand its Bitcoin reserves, now holding 360 Bitcoins valued at $207M. The partnership underscores Metaplanet's commitment to Bitcoin as a core asset, leveraging SBI's advanced services to strengthen its position in Japan's cryptocurrency market.
Blockstream has launched the third series of its Blockstream Mining Note 2 (BMN2) token, enabling non-U.S. investors to access Bitcoin mining. Each BMN2 token represents 1 petahash per second (PH/s) of mining power from Blockstream’s facilities, providing holders with Bitcoin mined through their hash rate. The token is EU-compliant and follows the successful BMN1, which yielded a 32% Bitcoin return over three years.
The BMN2 series offers a lower hash price and emphasizes sustainability with 80% of mining power derived from carbon-neutral energy. This new token presents an attractive investment opportunity amid the approaching Bitcoin halving.
Core Blockchain has unveiled $LstBTC, a liquid staking token pegged 1:1 to Bitcoin. This innovation allows Bitcoin holders to stake their BTC without locking it, thereby keeping it available for decentralized finance (DeFi) use. Users earn daily rewards in $CORE tokens, enhancing Bitcoin's role in DeFi while preserving liquidity.
The $LstBTC platform incorporates a secure multi-sig setup for added safety and aims to boost Core's ecosystem by attracting developers and users. This move could broaden Bitcoin's application in DeFi, potentially driving new growth and innovation within the sector.
The Bitcoin network hashrate reached a new all-time high of 746 EH/s on September 3rd, despite Bitcoin trading below $60,000. This surge in computational power reflects stronger network security and long-term confidence in Bitcoin’s fundamentals, even as prices dropped over 10% this week.
Leading mining companies like Whatsminer and MicroBT are launching advanced rigs, while Riot Platforms acquired Block Mining for $92.5 million to boost its hash rate. The growing hashrate signals the industry’s focus on expansion and technology upgrades, highlighting the disconnect between network health and short-term price fluctuations.
Ethereum Highlights of the Week
Ripple is set to integrate Ethereum-compatible smart contracts on its XRP Ledger (XRPL) using an Ethereum Virtual Machine (EVM) sidechain. This move will allow Ethereum developers to deploy decentralized apps (DApps) on XRPL without learning new programming environments, aiming to attract more developers and expand XRPL’s functionality.
Initially, these smart contracts will run on a sidechain, with the possibility of moving to the mainnet. Ripple plans to launch the first features in the coming months, positioning XRPL as a versatile platform for decentralized finance (DeFi) applications and broader blockchain use cases.
Ethereum co-founder Vitalik Buterin has proposed a hybrid model for city governance that integrates democracy, capitalism, and decentralization. Responding to discussions on Farcaster, Buterin suggested cities could operate like decentralized autonomous organizations (DAOs) but with taxes.
In this vision, citizens gain governance privileges through assets, while landowners face higher taxes to ensure better alignment with the city's success. Buterin believes this model balances public infrastructure needs with private enterprise, promoting positive outcomes for all income levels and discouraging quick fixes to homelessness. This approach aims to combine democratic processes with profit incentives, creating a unique governance structure.
Eigen Labs has rolled out a significant update to EigenLayer's restaking protocol, focusing on improving rewards for Ether restakers. The update enhances the performance of EigenPods, allowing users to restake their Ethereum Beacon Chain rewards more efficiently. This automatic restaking process enables users to compound their rewards within EigenLayer, increasing their potential earnings.
The update also includes user interface improvements for better usability. EigenLayer, which has around $11.5 billion in total value locked, supports several actively validated services like EigenDA and ARPA network. This enhancement aims to attract more users by offering increased flexibility and higher returns on restaked assets.
Monochrome Asset Management, in collaboration with Vasco Trustees Limited, has submitted an application to list its Ethereum ETF (IETH) on Cboe Australia, with a decision expected by the end of the month. The ETF is designed to passively hold Ethereum (ETH) and aims to offer retail investors a regulated way to invest in the second-largest cryptocurrency by market capitalization.
If approved, IETH will be available through major brokerage platforms and will support both cash and in-kind transactions. This initiative follows the launch of Monochrome’s Bitcoin ETF (IBTC), which holds $11.3 million in Bitcoin as of early September.
Unstoppable Domains is expanding its decentralized domain naming service to Ethereum's Layer 2 Base, built by Coinbase. This move supports Optimistic roll-ups, which enhance transaction throughput and reduce gas costs by offloading transactions from Ethereum's main network.
Previously operating on Polygon and Ethereum mainnet, Unstoppable Domains enables users to create human-readable crypto wallet names using NFTs. Base, an EVM-equivalent blockchain, allows easy porting of Ethereum applications, supporting diverse use cases like DeFi and gaming.
Cosmos Highlights of the Week
Uniswap Labs has been fined $175,000 by the U.S. Commodity Futures Trading Commission (CFTC) for illegally offering crypto derivatives trading through leveraged tokens. These tokens violated the Commodity Exchange Act as they were classified as commodity transactions and did not meet CFTC requirements. Uniswap's cooperation during the investigation led to a reduced penalty.
The fine highlights increasing regulatory scrutiny in the decentralized finance (DeFi) sector. Uniswap Labs had previously received a Wells notice from the SEC regarding unregistered securities. CFTC Director Ian McGinley emphasized the necessity for DeFi operators to comply with legal standards to avoid similar enforcement actions.
KYVE Network has permanently archived and validated over 500GB of compressed historical chain data from Celestia, preserving its true history as a trustless public good. This initiative enhances Celestia's scalability and ensures data accuracy through decentralized validation on KYVE's protocol.
Developers and validators can easily access this trustless data using KYVE’s free tools. Validators can sync to any historical Celestia block using KSYNC, improving their experience. Developers can connect apps to verified historical node data in seconds via KYVE’s Trustless API, enabling seamless integration and optimal chain scalability.
Injective has introduced the first-ever tokenized index for BlackRock’s BUIDL Fund, enabling holders to earn U.S. dollar yields. This collaboration with StorkOracle tracks the fund's underlying supply, allowing users to predict inflows and outflows.
The BUIDL fund, with over $500 million in assets, includes participants like Coinbase, BitGo, and Fireblocks. Previously limited to large institutional investors, the fund is now accessible to anyone globally via Injective, with investments starting at $1. This milestone bridges traditional and on-chain finance, making the BUIDL Index available on various dApps with low fees and fast speeds.
Secret Network has integrated its Confidential Computing Layer with Cronos, enhancing both Cronos EVM and Cronos zkEVM blockchains. This integration introduces decentralized confidential computing (DeCC) tools to the Cronos ecosystem, supporting features like private DAO voting, encrypted storage, secure random number generation, and confidential data for NFTs.
The collaboration aims to unlock new capabilities for Cronos applications, such as sealed-bid auctions and encrypted order books for DeFi. By providing DeCC tooling, documentation, and support, Secret Network significantly boosts the functionality and privacy options within one of Web3’s most active ecosystems.
Lava Network has launched governance proposal #12 for the v3.1.0 Mainnet software upgrade. This update introduces significant improvements, including free Websocket subscriptions, automatic load balancing for RPC providers, and reduced node errors.
The proposal aims to enhance the experience for Lava's over 2 million unique monthly users, benefiting RPC providers, wallet users, and dapp developers. As a crucial infrastructure for ecosystems like NEAR, Axelar, and Evmos, Lava's upgrade promises faster interactions with chains and more premium features for developers at no extra cost.
Other Highlights of the Week
Tigran Gambaryan, a Binance executive, appeared in an Abuja court on crutches, having been denied a wheelchair despite medical records indicating the need for surgery. Gambaryan's deteriorating health, worsened by conditions at Kuje prison, has led to claims of inhumane treatment.
His lawyers filed a new bail application citing medical grounds, but this was opposed by Economic and Financial Crimes Commission (EFCC) prosecutors, who allegedly tampered with his medical records. Gambaryan's wife and Binance CEO Richard Teng have condemned the treatment, urging for humanitarian intervention and release.
Kamala Harris' campaign is leveraging crypto donations indirectly via the Future Forward PAC, rather than accepting them directly. This follows initial confusion sparked by Coinbase CFO Alesia Haas, who suggested the Harris campaign might use Coinbase Commerce for crypto donations.
Future Forward PAC, a significant fundraising entity with a history of supporting Democratic candidates, has already raised over $163 million for Harris. It previously supported Biden's 2020 campaign and received funds from FTX executives, though these may be forfeited due to ongoing criminal charges against Sam Bankman-Fried.
Donald Trump's latest venture into decentralized finance (DeFi), World Liberty Financial, is already drawing scrutiny due to its controversial background and team. The platform, designed for blockchain-based lending, is tainted by connections to a $2 million DeFi hack involving its team members from the failed Dough Finance project.
Additionally, some team members, like Zack Folkman, have dubious histories, including involvement in a pick-up artist company. The project features a non-transferable governance token, $WLFI, which limits its trading appeal. Despite Trump’s endorsement, the platform faces significant skepticism and challenges in a competitive DeFi market.
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