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- Bitcoin, Ethereum, Cosmos and more Week 37 2024
Bitcoin, Ethereum, Cosmos and more Week 37 2024
Keeping you updated on crypto, web3 and blockchain
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TL;DR
Standard Chartered Launches Bitcoin Custody in UAE
UK Parliament Recognizes BTC & Crypto as Property
Ether.Fi Launches Visa Card with Crypto Collateral
Buterin Sets New Standards for L2 Networks
Aura and Mycelium Network Partner to Empower Creators
Fina Card Now Supports Samsung Pass
SEC Reassesses 'Crypto Asset Securities'
Venmo, PayPal Add ENS Domain Support
and much more!
Market & Airdrop Update
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Bitcoin Highlights of the Week
MicroStrategy has acquired 18,300 BTC for $1.1 billion, bringing its total holdings to 244,800 BTC, valued at $14 billion. The purchase, made at an average price of $60,408 per BTC, was funded by selling 8 million shares. The firm, led by Michael Saylor, has invested $9.45 billion in Bitcoin at an average cost of $38,585 per BTC.
Since 2020, MicroStrategy has become the largest corporate Bitcoin holder. Its investment has paid off, with the BTC yield reaching 4.4% in Q3 and 17% year-to-date. The company continues leveraging stock sales and BTC yield to expand its holdings.
Sky (formerly Maker) plans to offboard Wrapped Bitcoin (WBTC) due to concerns over Justin Sun’s alleged control. BA Labs proposed this move, citing Sun's potential hidden influence through BitGlobal, involved in WBTC's restructuring. To minimize user impact, Sky will gradually increase liquidation thresholds before the complete offboarding by October 8, 2024.
Sky has $73M in WBTC collateral supporting 127M DAI, contributing $15M annually. The firm is exploring alternatives like Coinbase’s cbBTC and Threshold’s tBTC to replace WBTC, aiming for more secure and diversified collateral options.
Standard Chartered has launched digital asset custody services in the UAE, offering secure storage solutions for Bitcoin and Ethereum. Approved by the Dubai Financial Services Authority (DFSA), this service is launched in partnership with Brevan Howard Digital. This move highlights the growing demand for regulated custody services and positions the UAE as a leader in digital asset adoption.
Bill Winters, Group CEO of Standard Chartered, emphasized that digital assets represent a significant shift in finance. The UAE’s favorable regulatory environment and innovation commitment have made it an attractive destination for digital asset businesses, underscoring Standard Chartered’s strategic expansion into this evolving market.
A solo Bitcoin miner struck it rich by mining block 860749, earning a $181,000 reward on September 10, 2024. The miner secured 3.125 BTC plus transaction fees, despite the high difficulty and dominance of large mining pools like FoundryUSA, which control over 50% of the network’s hashrate.
This rare solo success, akin to winning the lottery, is made possible by new, high-power mining rigs that enhance individual miners' competitiveness. While solo mining remains challenging due to the network's record hashrate, this win demonstrates that smaller miners can occasionally achieve significant rewards.
The UK Parliament has introduced the Property (Digital Assets etc) Bill, marking the first legal recognition of Bitcoin, cryptocurrencies, NFTs, and carbon credits as personal property. This legislation aims to close the legal gap by providing protection against fraud and theft for digital asset owners and clarifying complex property disputes.
Justice Minister Heidi Alexander highlighted the bill's importance in keeping the law aligned with evolving technologies and maintaining the UK’s leadership in the global crypto sector. The new framework will enhance legal protections and attract more business to the UK's legal services industry.
Ethereum Highlights of the Week
Ether.Fi is launching a Visa credit card on September 16, allowing users to borrow against their crypto assets and earn 3% cash-back on all purchases. The card will operate on Scroll’s Layer 2 network, which enhances transaction efficiency and reduces or eliminates gas fees.
Available in countries like the UK, Hong Kong, and Germany (excluding the U.S. due to regulatory issues), the card offers a seamless way to spend fiat while leveraging crypto collateral. This launch aims to bridge traditional finance and DeFi, simplifying access to crypto-backed lending.
Vitalik Buterin will endorse only “Stage 1+” Layer-2 networks starting in 2025, focusing on enhanced security and decentralization. To qualify, networks must implement robust fraud-proof systems and decentralized governance.
Buterin’s move aims to elevate Ethereum scaling standards, ensuring that only secure and resilient projects receive support. While a grace period may be allowed for promising new projects, the emphasis will be on tightening criteria. By the end of 2024, Buterin expects several Zero-Knowledge rollups to meet these higher standards, reflecting his commitment to advancing Ethereum’s scalability with greater rigor.
Coinbase has launched cbBTC, a Bitcoin-backed investment product, on Ethereum and Base. Each cbBTC is backed 1:1 by Bitcoin held by Coinbase, allowing users to provide Bitcoin as liquidity or collateral in DeFi protocols, supported from launch by platforms like Aerodrome and Curve.
Bitcoin sent to Coinbase addresses on Ethereum or Base will automatically convert to cbBTC and can be converted back to BTC when returned to Coinbase. Available in the U.S., U.K., EEA, Singapore, Australia, and Brazil (excluding New York State), cbBTC aims to challenge existing wrapped Bitcoin products and enhance DeFi liquidity while leveraging Coinbase’s trusted reputation.
Friend.tech, a Web3 social media platform, is under scrutiny for alleged rug pulling after the team transferred control of the project’s smart contracts to Ethereum’s null address, making future changes impossible. This move caused a 26% drop in the FRIEND token's value within 24 hours.
Criticism intensified following claims that the team had sold $52 million worth of Ether and that the token price had plummeted 95% since launch. Despite the controversy, the Friend.tech team announced on September 10 that they have no plans to discontinue the application, maintaining that the changes only affect fee structures, not functionality.
ARPA Network will soon begin issuing native ARPA token rewards for restakers, a significant step for EigenLayer's restaking protocols. Expected to start by September or October, this initiative marks the first time EigenLayer’s third-party services will reward restakers with native tokens.
EigenLayer, which has amassed nearly $14 billion in restaked value, already supports restaking with wrapped ETH through its in-house service, EigenDA. The new rewards program aims to boost participation and security for ARPA’s network, leveraging EigenLayer’s infrastructure to offer additional yield on staked tokens.
Cosmos Highlights of the Week
Aura Network has partnered with Mycelium Network to provide creators with on-chain IP tools. Mycelium, backed by INFIA IP Powerhouse and Mindblowon Studio, manages over 20 major IPs, including Dagelan and Neighbours.io.
This collaboration aims to empower Web3 creators by offering Aura Community members exclusive access to creative tools such as Multiplier and Quest Activation, marking a significant step in advancing programmable IP in the digital space.
Fina Card now supports Samsung accounts, allowing users to add their cards manually and connect with Samsung Pass for global payments. Key features include a DeFi off-ramp process directly from users' wallets to their debit cards, crypto-to-EUR top-ups at spot prices, and a quick top-up service.
The proprietary DeFi wallet supports numerous IBC networks, providing a seamless and highly available payment solution. No KYC is required, making it easy to add your card and pay on the go.
The Artificial Superintelligence Alliance proposes integrating CUDOS, a leader in distributed AI computing, pending community approval. This move would merge CUDOS tokens into the Alliance's FET token, enhancing decentralized AI infrastructure with significant computational power.
The addition of CUDOS' global network of AI GPUs will boost the Alliance's capabilities, supporting its mission to achieve Artificial General Intelligence (AGI) and Artificial Superintelligence (ASI). This integration is set to strengthen the Alliance's role in decentralized AI development, promoting innovation and accessibility while offering a robust alternative to centralized solutions.
Elys Network has integrated Humanode’s BotBasher into its Discord to verify real users for its upcoming airdrop. To participate, users must obtain the BotBasher verified role, ensuring only genuine individuals can join.
This move addresses issues seen in other airdrops plagued by Sybils, promoting fairness without requiring personal information or KYC. This integration allows Elys Network to distribute rewards equitably while maintaining user privacy, offering a secure and fair experience for the community.
Fetch.ai has launched Wallet v1.0.2, introducing governance features, auto-lock, and new branding from ASI Alliance. The update includes dynamic currency support, allowing users to see graph pricing and information in their chosen currency, enhancing global accessibility.
This upgrade aims to improve the user experience as part of the Artificial Superintelligence Alliance. Download the latest version from the Google Play Store or Apple App Store and provide feedback.
Other Highlights of the Week
The SEC has revised its stance on calling digital assets "securities," clarifying that the term was used as shorthand to describe the comprehensive legal framework surrounding crypto asset transactions, rather than implying the assets themselves are securities.
This adjustment, highlighted in an amended complaint against Binance, aligns with Judge Torres' Ripple case ruling, emphasizing that context is crucial in determining if an investment contract exists. Despite this clarification, the SEC maintains that the ten crypto assets in question are still considered investment contracts in the secondary market.
PayPal and Venmo have integrated Ethereum Name Service (ENS) domains, allowing U.S. users to send crypto payments directly to .eth addresses. This integration simplifies transactions by replacing lengthy public keys with user-friendly ENS names. Khori Whittaker from ENS Labs emphasized the move as a step toward making digital asset management more intuitive and accessible.
The adoption of ENS addresses in these major payment apps is seen as a significant advancement for mainstream crypto adoption, providing a more seamless experience for users navigating the digital asset space.
eToro has agreed to pay a $1.5M fine to the SEC for operating without proper registration as a broker and clearing agency. As part of the settlement, eToro will scale back its crypto offerings in the U.S., limiting its services to Bitcoin, Ethereum, and Bitcoin Cash. U.S. users must sell or transfer unsupported tokens by March 18, 2025.
This change affects less than 3% of U.S. crypto holdings and will not impact eToro's global operations, which will continue as usual with over 100 crypto assets available. CEO Yoni Assia highlighted the company's commitment to regulatory compliance and hopes for clearer U.S. regulations.
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