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2024-04-30

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“If this protocol had a small on-chain footprint and encouraged responsible UTXO management, it might serve as harm reduction compared to existing protocols,” Rodarmor added.UTXOs represent the amount of cryptocurrency left in a wallet following a completed transaction, where the balance is used in subsequent transactions and is stored in the UTXO database.Bitcoin’s UTXO model plays a role in making Bitcoin an auditable and transparent ledger by preventing the double-spending problem.Rodarmor said other fungible token protocols on Bitcoin, such as Really Good for Bitcoin, Counterparty and Omni Layer, have problems of their own.Rodarmor’s problems with existing fungible token protocols on Bitcoin: Source: Casey RodarmorWhile Rodarmor admitted 99.9% of fungible tokens are filled with scams and memes, he believes the right fungible token protocol can add value to the Bitcoin network:“Creating a good fungible token protocol for Bitcoin might bring significant transaction fee revenue, developer mindshare, and users to Bitcoin.”Related: Ordinals still make up majority of Bitcoin txs despite price collapse In a Sept. 25 Twitter Spaces with The Ordinals Show co-host Trevor Owens, Rodarmor said he came up with the Runes idea last week and that he wasn’t sure whether he would pursue it any further.Shortly after the call, Owens floated offering $100,000 from the Bitcoin Frontier Fund to prospective developers who can get a Rune application up and running as a means to further Rodarmor’s proposal.Open $100k investment offer in upcoming @BTCFrontierFund accelerator for first team who can get a working (not terrible) Rune indexer, issuance and/or transfer app, up live and runningDon't make the tickers required to be unique, will be a shit showDM me. Serious offer. pic.twitter.com/6W0IwlhB9x— trevor.btc (@TO) September 26, 2023 “Volatility is your friend.”Bitcoin hits first daily death cross this year: Looking back to see ahead How to Buy Bitcoin on CoinbaseDISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.VitaDAO Launches Biotech Firm to Fight Aging With Naked Mole-Rats Source: Sam Cooling x XreschAbracadabra Finance has put forth a proposal aimed to adjust interest rates to mitigate the risk of bad debt resulting from an $18 million loan to Curve Finance founder Michael Egarov. The proposal suggests hiking interest rates on the loan to 200% on two specific pools known as "cauldrons," which consist of CRV tokens belonging to Michael Egarov. The current interest rate on Egarov's $18 million loan is 18%, but the proposed protocol aims to raise it to a whopping 200%, effectively squeezing Egarov out of his position. By doing so, Abracadabra hopes to limit its exposure to CRV tokens to only $5 million.The proposed interest rate hike is not a sudden increase in rates, but rather a gradual decrease that starts at 200% and decreases as the loan is repaid through the automatic sale of CRV tokens. Developers anticipate that this strategy will result in the loan being fully repaid within six months, with all proceeds going to the Abracabadra treasury. "The effect of collateral-based interest is such that all interest will be charged directly on the cauldron’s collateral and will immediately move into the protocol’s treasury to increase the reserve factor of the DAO," the proposal reads."We believe this solution will reduce negative externalities associated with such positions compared to a simple interest rate hike"Big Whale Opposes Abracadabra Finance's Proposal It is worth noting that the proposal initially gained substantial support from the Abracadabra community.As of Wednesday at 13:00 UTC, a majority 99% of votes were cast in favor of the prposal. However, the poll has since changed course after a big whale voted against the plan. Earlier today, whale masterofdisaster.eth cast 10 billion SPELL tokens against the proposal.As of now, a majority 72% of votes are against the proposal, with another 27% supporting the change.Abracadabra community member known as "0xthespaniard" had previously voiced concerns about the risks associated with such a large loan.In a June post, the user acknowledged that the 18% interest rate contributes significantly to the protocol's profitability, but also highlighted the platform's asymmetric downside risk. At the time, they said that a liquidation event could prove fatal for the Abracadabra protocol due to the anticipated price impact on Curve's decentralized exchange.As reported, Curve Finance, a major player in the stablecoin swapping landscape, recently experienced a security incident that led to the loss of more than $100 million worth of crypto assets. The exploit also resulted in a decline in the price of CRV tokens, putting a $168 million holding belonging to founder Michael Egorov at risk of being liquidated. Crypto Billionaire Arthur Hayes' Vision: AI DAOs to Become Invincible, Driving DeFi's Supremacy over TradFi

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RPL’s volatility remained low, indicating the viability of major price fluctuations. By doing so, they are poised to transform medical interventions in the country and potentially save numerous lives. XRP Healthcare’s ventures, underpinned by the swift transaction capabilities of the XRP Ledger, epitomize the organization’s unwavering commitment to redefining healthcare in Africa. How to trade cryptocurrencies: A beginner's guide to buy ...In a recent report, Coingecko noted that these top digital companies have adopted Web3 technologies to varying extents. According to the report, while some listed companies are investing directly in Web3 gaming projects and blockchain game development, others are hiring staff for blockchain-related positions. Both NFT Ethics and blockchain analytics account Lookonchain alleged that 0xSisyphus, and thus Pawlak, played a key role in hyping the AnubisDAO project to investors shortly before the project transferred the freshly raised funds to a series of external wallets.The thread by NFT Ethics attempted to explain that Pawlak’s alleged role in the AnubisDAO rug pull was premeditated with other developers and laundered the proceeds through the memecoin Pepe (PEPE).However, an OpenSea spokesperson told Cointelegraph that it was unaware of Pawlak’s involvement in any such activities but also noted that Palwak had a “limited scope” while working there.“Kevin is a former employee who left the company in June 2023. He had a limited scope while at OpenSea — where he worked in a non-management position. We have no awareness of his involvement with the projects in question.”“Furthermore, we have no connection to, or information about, the projects in question, as they took place before his time at OpenSea,” said the company representative. In October 2021, AnubisDAO raised 13,556 Ether (ETH) — worth $60 million at the time — from crypto investors. However, some 20 hours later, the funds were sent to several different wallet addresses, resulting in an instant loss for the investors.Blockchain sleuth ZachXBT also appeared to throw cold water on the accusations, saying the thread was “one of the most mid-curve” things he’d read.He added that much of the thread seemed to base many assumptions about 0xSisyphus’ role in the alleged rug pull using “unrelated events without facts.”That thread is one of the most midcurve things I have read. They make many assumptions off unrelated events without facts. FixedFloat does tons in volume and same with the other exchanges mentioned. Here is the source address of the April 2023 FixedFloat insider PEPE buys I… https://t.co/0kG2M7DNVi— ZachXBT (@zachxbt) September 29, 2023

Riot Platforms currently boasts a total self-mining hash rate capacity of 12.5 EH/s, with plans to expand to 20.1 EH/s by mid-2024 through the installation of 33,000 next-generation Bitcoin miners. This positive performance translated into a 3.25% increase in the firm's share price, closing at $9.06 on October 4. The idea that crypto can become a mainstay social force without old money is quaint. Like it or not, these financial behemoths run the world. If there is to be a new on-chain, decentralized internet financial system, then established paradigms of money management that are backed to the hilt by legislative structures have to be involved. It’s by taking advantage of crypto’s unique properties through these institutional structures that will allow crypto’s potential to truly flower. Cryptocurrency Statistics, Users, Market Size, Use Cases ...Axie Infinity’s average monthly players. Still amazed how the FTX Estate settled with Genesis for $175m (after seeking $4bn) and is now hinting that they will try to claw back customers withdrawals.All while Genesis loans were fully repaid with... FTX customer funds.FTX users rugged by both Sam and JR3. https://t.co/A0Y7rq6FWt

Amid these challenges, Ethereum has found itself at a relatively unnoticeable support level. This support, often overlooked in favor of more prominent price points, could play a pivotal role in determining ETH's trajectory in the coming weeks. If Ethereum manages to hold above this level, it could provide the foundation for a potential rebound. Conversely, a breach below could exacerbate the bearish sentiment. “We are all gonna make it” or WAGMI is another crypto phrase used by the crypto community to build hope and confidence in market situations. This lingo conveys the optimistic nature of a person holding a cryptocurrency. Comprehensive Bitsgap ReviewConsider two proposals, A and B, where the miner is in favor of both. If their primary pool chooses to vote against A and for B, then said miner could switch to their secondary pool. But what if the secondary pool is for A and against B? The miner now faces a choice: either jeopardize their revenue and business operations, including employee salaries, to withdraw and self-mine during the adjudication period, or proceed cautiously. Introducing drivechains at this stage, before we possess the tools to tackle these challenges, is like installing a roof on a house without first laying its foundation. Deribit’s Chief Commercial Officer Luuk Strijers emphasized that the lack of volatility has not deterred their plans. He predicts the company’s new altcoin options contracts will increase volatility when they go live in January.

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