Bitfinity Weekly: Hidden Gems
Welcome to Issue #112 of Bitfinity Weekly for our #BITFINIANS community. If this newsletter was forwarded to you, sign up here.
What's in Today's Email?
- Global Crypto News
- This Week in our Blog
- NFT Market Bytes
- Tweet of the Week
- Meme Time
- A Matter of Opinion
Global Crypto News
SOL Searching: American investment firm VanEck filed for a spot Solana ETF on Thursday, becoming the first asset manager to do so. This unexpected move come as many anticipate the immediate trading approval of filed Ethereum ETFs. The VanEck Solana Trust is expected to be listed on the Cboe BZX Exchange once approved. The VanEck filing declares Solana as a commodity.
Blinking Fast: This has been a big week for Solana. In addition to the ETF news, the L1 blockchain has introduced two new features called "Actions and Blinks" (Blinks short for 'Blockchain Links') this week, to enable users to trade cryptocurrencies directly within dApps and even web2 applications. This update aims to simplify on-chain transactions across various platforms. Popular Solana wallets like Phantom and Backpack are compatible with the update immediately.
The Rinse Cycle: The U.S. Department of Justice sentenced the founders of Hydrogen Technology for manipulating the price of their project's token. This is the first time that the DoJ has ruled that a cryptocurrency is a security. Shane Hampton and Michael Kane (Hydrogen Technology's CEO and Head of Financial Engineering, respectively) were sentenced to over two years of prison. They were found to have used trading bots to spoof orders and carry out wash trades.
Liquidity Inflows: Osmosis DAO, the governing body over the Cosmos blockchain, has voted to adopt a fee-free Bitcoin bridge. This step forward in interoperability infrstracture hinges on a revenue-sharing agreement with Bitcoin bridge Nomic. The proposed agreement will "align Nomic's protocol revenue with usage of its bridged BTC", according to an announcement shared with CoinDesk.
This Week in our Blog
Come with us as we explore Bitcoin's treasure trove of secrets embedded on the blockchain. From hidden inscriptions to fascinating transactions, this week's article dives deep into historical moments captured on-chain.
Hans
NFT Market Bytes
Scribbling Away: Doodles is shifting its Stoodio avatar customization platform from the Flow blockchain to Ethereum L2 Base, aiming to enhance transaction speed, reduce costs, and expand user adoption. The original Doodles collection will remain on Ethereum. This transition aligns their forthcoming animated film, "Dullsville and the Doodleverse," set for release in September.
Here There Be Goblins: Truth Arts, the company behind Goblintown, is launching Portals, a platform to bridge NFTs from Ethereum to other EVM-compatible blockchains like Arbitrum and Polygon, with Solana support coming soon. This move aims to enhance NFT interoperability, allowing users to transfer their assets across chains and increasing their flexibility and market opportunities. The platform touts itself as a permanent solution for NFT bridging.
Real World Gold: Swarm Markets, a German RWA tokenization platform, is launching tokenized gold NFTs, allowing users to own and trade gold via NFTs on their decentralized platform (after passing KYC and AML checks). The backing gold will be stored in a Brink's vault in London. This move comes as the EU's MiCA stablecoin rules near implementation. Swarm sees NFTs as a way to bring tangible assets onto the blockchain, enhancing transparency and liquidity.
Tweet of the Week
🛠️ FOR DEVS: How to deploy your Dapp to the Bitfinity EVM?
— Bitfinity Network (@bitfinitynet) June 26, 2024
Don't forget this great in-depth tutorial on deploying a Dapp, featuring a simple #NFT marketplace as an example.
Social, gaming, & more - showcase your unique use case!!https://t.co/NBkT7i9SUc
Meme Time
A Matter of Opinion
Although cryptocurrency has come a long way since its roots in the cypherpunk movement, Julian Assange's release this week shows that the core tents of crypto remains truth and freedom. Assange, the founder of WikiLeaks and former hacktivist, has secured his freedom through a plea deal with the U.S. authorities after over five years of incarceration in the United Kingdom. This monumental achievement is significantly credited to AssangeDAO, a collective that raised $53 million in Ethereum to support his legal defense.
Harry Halpin, co-founder of AssangeDAO, emphasizes that the U.S. government’s awareness of the DAO's substantial, censorship-resistant cryptocurrency reserves was pivotal in reaching this deal. This case highlights the transformative potential of crypto assets in supporting causes that might otherwise struggle under traditional financial scrutiny.
In February 2022, AssangeDAO raised approximately 16,593 Ether by selling JUSTICE tokens, which were then channeled to the Wau Holland Foundation, a long-time supporter of Assange and WikiLeaks. These funds have been instrumental in covering legal expenses, underscoring the unique advantage of cryptocurrencies like Bitcoin and Ether, which cannot be frozen by authorities.
While the exact expenditure of the $53 million remains unclear, the impact is evident. The Wau Holland Foundation has made significant payments to legal and lobbying firms to advocate for Assange’s release. This meticulous financial planning and execution illustrate the DAO’s dedication and strategic foresight.
Looking forward, AssangeDAO's future role remains uncertain now that its primary mission is accomplished. However, the cooperative spirit it demonstrated will undoubtedly inspire future initiatives around important causes.
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