- Blockletter
- Posts
- Bitcoin, Ethereum, Cosmos and more Week 39 2024
Bitcoin, Ethereum, Cosmos and more Week 39 2024
Keeping you updated on crypto, web3 and blockchain
In partnership with
In partnership with
TL;DR
PayPal Allows Businesses to Trade BTC & Crypto
BitcoinOS Introduces BitSNARK for Privacy
Visa to Pilot Tokenization on Ethereum
Vitalik Buterin Backs Celo's Stablecoin Growth
Celestia Foundation Secures $100M Funding
Hydro DAO Deployed on Neutron
Harris Mentions Crypto in Fundraiser
MicroStrategy's S&P 500 Dreams Delayed
and much more!
Market & Airdrop Update
Before we dive in, make sure to check out our recent Market and Airdrop update:
Sponsor of the Week
Transform the way you run your business using AI (Extended Labour day Sale)đ°
Imagine a future where your business runs like a well-oiled machine, effortlessly growing and thriving while you focus on what truly matters.
This isn't a dreamâit's the power of AI, and it's within your reach.
Join this AI Business Growth & Strategy Masterclass and discover how to revolutionize your approach to business.
In just 4 hours, youâll gain the tools, insights, and strategies to not just survive, but dominate your market.
What Youâll Experience:
đ Discover AI techniques that give you a competitive edge
đĄ Learn how to pivot your business model for unstoppable growth
đŒ Develop AI-driven strategies that turn challenges into opportunities
â° Free up your time and energy by automating the mundane, focusing on what you love
đïž Tomorrow | â±ïž 10 AM EST
This is more than just a workshopâit's a turning point.
The first 100 to register get in for FREE. Donât miss the chance to change your business trajectory forever.
Grab Your 7 Day Free Trial
You're invited to upgrade your subscription to our Premium membership with a 7 day FREE trial!
No catches. No strings attached. Just pure crypto alpha to get you ahead!
Upgrade now for:
Ad-Free Experience đ«đ
Weekly News Summary đ°đ„
Weekly Market Summary đžđ
Weekly Airdrop Summary đđ
All for just $15/month after the trial.
Don't miss out! Get your FREE trial today đ
Bitcoin Highlights of the Week
PayPal Holdings, Inc. (NASDAQ: PYPL) has introduced a feature allowing U.S. business account holders to buy, hold, and sell cryptocurrencies like Bitcoin directly from their PayPal accounts. While this service is available nationwide, it will initially not be offered in New York State.
Jose Fernandez da Ponte, PayPal's Senior VP of Blockchain and Cryptocurrency, emphasized that the decision to expand services was driven by business owners seeking the same cryptocurrency capabilities available to consumers. In addition to trading, U.S. merchants can now transfer cryptocurrency to third-party wallets, enhancing transaction flexibility.
Boltz has introduced the Boltz BTCPay Plugin, enabling merchants using BTCPay Server to accept Lightning payments non-custodially and transfer these funds to the Liquid Network. This "Nodeless" mode allows automatic swaps from Lightning to Liquid upon payment, with the option to swap back to the Bitcoin mainchain.
The plugin includes an integrated wallet system for creating or importing Liquid and mainchain wallets, alleviating the need for merchants to manage a Lightning node. This innovative plugin addresses the complexities of channel management and inbound liquidity, making it easier for merchants to handle Lightning payments.
Bitfarms and Riot Platforms have settled their takeover dispute, limiting Riotâs ownership in Bitfarms to 20% without board approval. Riot currently holds 19.9% of Bitfarms' shares. The agreement also resulted in Bitfarms co-founder Andres Finkielsztain resigning from the board, with corporate governance expert Amy Freedman stepping in.
The special shareholder meeting, initially scheduled for November 6, may be delayed but will occur before November 20 to discuss the company's future and shareholder rights plan. This settlement allows Bitfarms to shift its focus towards growth in areas beyond Bitcoin mining, such as energy trading and high-performance computing.
Matt Hougan, CIO of Bitwise Investments, revealed that nearly 70% of top financial advisors at a recent Barron's summit personally own Bitcoin and crypto. This marks a significant increase from previous years, where only 10-20% reported ownership. Hougan views this shift as a major indicator of growing acceptance among influential finance professionals.
Bitwise, managing over $4.5 billion in assets, recently secured approval for the first U.S. Bitcoin ETF. Hougan expects advisors to start allocating Bitcoin and crypto in client accounts within 6-12 months, driven by increased personal investment. This trend suggests a larger wave of institutional adoption is imminent, validating Bitcoin's growing role in finance.
BitcoinOS has open-sourced BitSNARK, a zero-knowledge verification protocol designed to enhance privacy on the Bitcoin blockchain. This protocol uses zk-SNARKs (Succinct Non-Interactive Argument of Knowledge) to enable private transactions and advanced decentralized applications (DApps) without altering Bitcoinâs core.
BitSNARK, along with innovations like Grail Bridge and Merkle Mesh, aims to expand Bitcoinâs role in decentralized finance (DeFi) and cross-chain applications. CEO Edan Yago stated that BitSNARK will help Bitcoin evolve into a more secure and versatile network. The protocol enables decentralized atomic swaps, cross-chain transactions, and two-way pegging while maintaining network integrity through economic incentives.
Sponsor of the Week
This cannabis startup pioneered ârapid onsetâ gummies
Most people prefer to smoke cannabis but that isnât an option if youâre at work or in public.
Thatâs why we were so excited when we found out about Moodâs new Rapid Onset THC Gummies. They can take effect in as little as 5 minutes without the need for a lighter, lingering smells or any coughing.
Nobody will ever know youâre enjoying some THC.
We recommend you try them out because they offer a 100% money-back guarantee. And for a limited time, you can receive 20% off with code FIRST20.
Ethereum Highlights of the Week
In 2025, Visa will launch its Tokenized Asset Platform (VTAP), enabling banks to tokenize fiat currency on the Ethereum blockchain. This initiative aims to streamline transactions by allowing banks to issue tokens backed by traditional currencies, bridging digital and fiat markets. The platform is designed to enhance transaction speed and security while improving privacy for financial institutions.
Visa's foray into tokenization aligns with the growing trend of converting real assets into digital tokens, as financial institutions increasingly seek innovative solutions. With a history of collaborating on digital currency projects, Visa's VTAP will further explore the integration of fiat-backed tokens in traditional banking systems, potentially transforming transaction processes.
Ethena plans to release $UStb, a new stablecoin backed by BlackRockâs tokenized U.S. Treasuries fund, BUIDL, offering a safer alternative to its current $USDe. Partnering with Securitize, Ethena aims to enhance stability by tying $UStb to short-term U.S. Treasury bills, unlike $USDe, which relies on volatile crypto assets and derivative strategies.
$USDe, Ethenaâs synthetic dollar, has grown to a supply of $2.6 billion, but its complexity and volatility have posed challenges, including a brief dip in its dollar peg. With $UStb, Ethena seeks to mitigate these risks and strengthen its position in the DeFi market by using BlackRockâs $522M BUIDL fund as a stable foundation. Ethena plans to use $UStb as collateral on exchanges like Bybit and Bitget.
EigenLayer plans to lift transfer restrictions on its EIGEN token by September 30, allowing stakeholders to begin trading. Before this, stakers must observe a 7-day withdrawal period after unstaking their tokens. The project recently distributed 86 million EIGEN tokens during its second "stakedrop," which ran from March to August 2024.
This milestone comes as EigenLayerâs total value locked (TVL) has decreased from a peak of $20 billion to $12 billion amid market fluctuations and rising competition. EIGEN's initial value, around $10, has declined due to the token's non-transferability, bearish market trends, and competition from projects like Symbiotic.
Ethereum co-founder Vitalik Buterin praised Celo for surpassing Tron in daily active addresses for stablecoins, highlighting its contribution to enhancing global payment access. He announced that Celoâs Alfajores testnet would upgrade to Ethereum Layer 2 on September 26, allowing for improved capabilities and integration with the Ethereum ecosystem.
Celo's transition from a layer-1 blockchain to a layer-2 solution aims to empower its community and promote innovation. In 2024, Celo gained significant adoption from major stablecoin operators like Circle and Tether, with USD Coin (USDC) and Tether (USDT) integrating into the platform.
Guggenheim, in collaboration with Zeconomy, has tokenized $20 million in commercial paper on the Ethereum blockchain, marking a significant step for traditional finance (TradFi) into the crypto space. Zeconomyâs CEO highlighted âmassive demandâ for digital assets, a trend attributed to the recent success of crypto exchange-traded funds (ETFs).
Moody's Investors Service assigned a P-1 rating, the highest possible, to the tokenized commercial paper, emphasizing its creditworthiness. While the $20 million amount may seem modest for Guggenheim, this initiative reflects a growing trend of TradFi engaging with blockchain technology.
Cosmos Highlights of the Week
The Celestia Foundation has successfully raised $100 million in a funding round led by Bain Capital Crypto. This significant investment comes amidst a recent surge in the price of TIA, the native token of the Celestia network. The funds will be used to further develop Celestia's data availability sampling technology, which is crucial for scaling blockchains.
With over two dozen rollups already deployed on the network, Celestia's modular approach and focus on data availability positioning it as a leading player in the scaling landscape. While the upcoming release of 82% of the circulating supply might pose some challenges, Celestia's potential remains promising, particularly given the recent price appreciation.
Stride is set to revolutionize the Berachain ecosystem with the launch of liquid staking. By introducing stBGT, a transferable version of the non-transferable BGT token, Stride aims to unlock the full potential of Berachain's governance token.
With stBGT, users can engage in various activities such as trading, sending, earning rewards, and even borrowing against their staked tokens. This innovative approach not only enhances the liquidity and utility of BGT but also provides users with greater flexibility and benefits within the Berachain network.
The Hydro DAO has been successfully deployed on the Neutron network, utilizing the DAO DAO platform. This marks a significant milestone for the Hydro project, as the DAO will now play a crucial role in overseeing the operations of the Hydro liquidity auction platform.
The DAO's responsibilities include whitelisting eligible projects, ensuring the security of the Hydro smart contract, and monitoring the performance of liquidity exports. By establishing this decentralized governance mechanism, Hydro aims to foster transparency, community involvement, and the long-term sustainability of its platform.
Caladan, a renowned quantitative trading firm, has joined the Sei Liquidity Alliance. With its extensive experience and proven track record, Caladan aims to significantly enhance Sei's on-chain economy. By providing tailored financial solutions, Caladan will support the growth and development of partners and builders within the Sei ecosystem.
As market innovators specializing in on-chain trading, Caladan's expertise in leveraging cutting-edge algorithms will optimize liquidity on the Sei network. Their commitment to Sei will not only deepen liquidity but also create new opportunities for seamless trading and growth within the ecosystem through DeFi solutions, treasury management, and strategic investments.
Union, the interoperability protocol aiming to connect all blockchains, has finally revealed its path to launch. The roadmap outlines several key phases, including a trusted setup ceremony involving the crypto community, upgrades to core components like CosmosSDK and IBC, and the rollout of Voyager v2, a more modular relayer with support for new functionalities.
Additionally, users can expect Testnet 9 with mainnet-grade features and a pre-launch phase with bug bounty programs before the official launch. Stay tuned for further updates and a dedicated Space discussion on October 3rd!
Other Highlights of the Week
At a recent Wall Street fundraiser, Vice President Harris briefly addressed cryptocurrency, stating her intent to encourage innovative technologies like AI and digital assets while ensuring consumer and investor protection. The event, attended by numerous celebrities, had tickets selling for up to $1 million.
Crypto industry participants noted Harrisâs comments, despite the Democratic platform lacking specific crypto policies. With less than two months until the U.S. elections, her remarks contrast with Republican nominee Donald Trumpâs explicit support for crypto, including his involvement in two projects. Harris's brief mention is viewed as insufficient by some in the industry.
Caroline Ellison, former co-CEO of Alameda Research, has been sentenced to two years in prison for her involvement in the collapse of FTX. She pleaded guilty to multiple charges and cooperated with authorities, providing crucial testimony against Sam Bankman-Fried.
In exchange for her cooperation, Ellison received a reduced sentence and was ordered to forfeit $11 billion. Her involvement in the FTX scandal highlights the dangers of conflicts of interest and the importance of transparency in the cryptocurrency industry.
Despite its impressive stock performance over the past four years, MicroStrategy, led by Bitcoin advocate Michael Saylor, is unlikely to join the S&P 500 index anytime soon. The company's massive Bitcoin holdings, which have contributed significantly to its stock surge, introduce volatility that the S&P 500 typically avoids.
Additionally, MicroStrategy's inconsistent earnings and negative bottom line hinder its eligibility for inclusion, as profitability is a key requirement for S&P 500 candidates. While some experts believe that Bitcoin and MicroStrategy's inclusion in the S&P 500 is inevitable, others argue that the company's erratic earnings may keep it out for the foreseeable future.
Thanks for reading our newsletter!
Upgrade to get premium content below đ