Bitfinity Weekly: BTC Nashville
Welcome to Issue #116 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
Talkin' Bitcoin, Y'all: The Bitcoin 2024 conference (July 25-27th) is set to be the most talked about crypto event of the year, with major speakers scheduled, including Michael Saylor, Cathie Wood, Robert F. Kennedy Jr., and former President and current candidate Donald Trump. Can't make it to Nashville? You can still be part of the excitement with livestream events on YouTube and X, courtesy of Bitcoin Magazine. Bitfinity is also present in Nashville this weekend, so come say hi if you see us at the conference!
Not Unexpected News: The SEC gave its final approval for Ethereum spot exchange-traded funds (ETFs) on Monday. Nine different ETFs from eight issuers began trading on Wednesday, seeing a total net inflow of over $106 million on the first day alone and over a billion in trading volume. Despite the activity, Ethereum price has seen a steady downward action since trading began.
It's On(do) Cosmos: Ondo Finance has launched a new product on Cosmos, introducing their yield-bearing stablecoin, $USDY, through Noble, Cosmos' asset issuance appchain. This launch integrates $USDY into the Cosmos ecosystem, making it compatible with chains like Injective, Helix, Osmosis, and Pyth.
UnBlockFi: BlockFi, a now-bankrupt crypto lending firm, will start issuing former customers their crypto this month. Distributions of funds previously held on BlockFi's platform will be carried out through CoinBase. Roughly 100,000 customers are expected to be repaid, though CoinBase, an American-based CEX, has said that distributions will not be made to non-U.S. customers at this time.
This Week in our Blog
By now, everyone has heard of NFTs. But do you know what they are really capable of? From POAPs to gaming assets, learn about why NFTs are far from dead in this deep dive, as well as what Bitfinity can bring to the Bitcoin NFT/Ordinals scene:
Fred
Take a deep dive with us into the history and evolution of Decentralized Finance. While DeFi is still a nascent field, it already has a rich culture of innovation:
Hans
NFT Market Bytes
Monkey Business: ApeCoin DAO, the governing body behind Bored Ape Yacht Club ecosystem token ApeCoin, is considering the launch of a themed hotel in Thailand. DeSmart, the pseudonymous DAO member who proposed the initiative, would oversee the renovation of an existing Bangkok hotel to a Bored Ape theme. The renovation, if approved, would cost $356k in ApeCoin, and ApeCoin holders would be elgible for 50 nights of free accomodations.
GameBase: Legacy video game studio Atari has partnered with CoinBase to develop an "Onchain Arcade". The collaboration has already led to the deployment of Atari's classic game 'Asteroids' on chain. Gamers can currenly mint game asset NFTs and play in ranked leaderboards for chances to win prizes such as physical Atari merchandise and digital game codes. According to Atari's official website, more games are planned to be deployed on-chain.
Sky's The Limit: Sky Mavis made major upgrades to its NFT trading platform on Wednesday. Mavis Market currently offers 37 NFT collections as well as a variety of cryptocurrencies usable on the Ronin blockchain. Sky Mavis is the team behind Ronin, best known for accomodating major web3 gaming projects such as Pixels, Axie Infinity, and Forgotten Runiverse.
Tweet of the Week
GM Nashville 😎🤠🎸
— Bitfinity Network (@bitfinitynet) July 25, 2024
Our team is in Nashville for @TheBitcoinConf #Bitfinians
Day 1 - It’s 10am here and the conference center is already buzzing with energy!!#Bitcoin2024 pic.twitter.com/MMBwmqouQp
Meme Time
A Matter of Opinion
Judging by Ethereum's price action this week, the $ETH spot ETF approval has not had a positive impact, despite the increased trading volume seen by institutional level entrants. Although it's difficult to know what traditional finance has to say about Ethereum, a recent analysis report by 10x Research seems to indicate that Wall Street doesn't quite grasp what Ethereum is.
In fact, according to the report, there seems to be a broad disconnect between TradFi investors and crypto natives regarding the utility and future prospects for Ethereum. It is likely that Ethereum's nuanced value proposition, beyond being just a 'bet on blockchain technology', has yet to resonate broadly in financial circles. Bitcoin can be more simply understood by crypto outsiders as "digital gold". However, a blockchain like Ethereum can be harder to explain.
Although Bitcoin is well on its way to developing a full ecosystem, Ethereum already offers a rich platform for decentralized applications, smart contracts, and more, making it fundamentally different from its predecessor in its lowered barrier of entry for developers and end users alike. Yet, this distinction is not adequately communicated or understood, seemingly leading to skepticism and hesitance among investors accustomed to more straightforward narratives.
With rumors of a Solana ETF in the works, it's difficult to say with any certainty what will happen to the price and public perception of Ethereum, especially in the short term. However, one thing is for sure: in crypto, nothing is for sure.
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