Bitfinity Weekly: Bitfinity vs. Base

Welcome to Issue #117 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

Island Life: The Pacific island nation of Palau launched digital residency IDs on the Solana blockchain through a partnership with RNS.ID. These IDs offer applicants a digital residency for $248, allowing visa extensions up to 180 days and providing geographic anonymity for circumventing possible CEX usage restrictions by location. Palau's digital residency program began on Ethereum in 2023 and has issued over 7,000 digital residencies, Ethereum co-founder Vitalik Buterin counting among the country's digital citizens.

DARE Me: The Bahamas, long known for being a crypto business-friendly haven, has enacted the Digital Assets and Registered Exchanges Act 2024 (DARE 2024). This law introduces stricter regulations for digital asset custody, requiring businesses to keep client assets separate and insulated. It also mandates disclosure for staking services and establishes a comprehensive stablecoin framework, including banning algorithmic stablecoins. DARE was drafted to prevent disasters similar to FTX and Terraform Labs, the former having been headquarted in the Bahamas prior to its collapse in November 2022.

Doge Flippening: @kabosumama, the woman who owned Kabosu (the original 'doge') until the Shiba Inu's death this May, adopted another 10-year-old Shiba Inu named Neiro this week. The announcement was immediately met with the deployment of several Neiro-themed memecoins, sparking a heated debate on CT (CryptoTwitter) about which one was the 'real' Neiro token.

Compound Interest: A controversial proposal on Compound Finance narrowly passed last Sunday with a 51% vote, raising community concerns about a governance attack. The proposal, which redirected 499,000 COMP tokens (worth $25 million) from the treasury to a vault controlled by a group called the “Golden Boys”, was allegedly faciliated by a COMP whale by the name of Humpy. The proposal's passing and subsequent treasury move has sparked debate in the broader crypto community, as critics argue that it sets a precedent undermining decentralized governance despite the proposal's legality.

This Week in our Blog

Take a look at our in-depth comparison of Bitfinity and Base, highlighting the two networks' technological integrations, developer ecosystems, and security models as well as cost efficiencies:

Bitfinity Vs. Base: A Deep Dive

This comprehensive guide delves into Bitfinity’s innovative EVM and Chain Fusion technology, contrasting it with Base’s utilization of Ethereum’s ecosystem for scalability enhancements.

Bitfinity BlogFred

NFT Market Bytes

Taking a Stand: Two artists, Brian Frye and Jonathan Mann, have filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) to determine whether NFTs fall under the agency's jurisdiction. The lawsuit challenges the SEC's authority over NFTs, comparing them to Taylor Swift concert tickets, which are resold and promoted by the artist but are not classified as securities. Frye and Mann seek declaratory and injunctive relief to prevent the SEC from taking what they consider to be unlawful enforcement actions against NFT projects. 

Leaving the Game: Popular sports betting platform DraftKings has decided to shut down its NFT branch, including its Reignmakers platform, effective immediately. This decision follows a federal judge's ruling that allows a class action lawsuit against DraftKings to proceed. The lawsuit alleges that DraftKings' NFTs are unregistered securities, which could put the company in violation of securities laws. DraftKings initially entered the NFT space in 2021, offering branded digital collectibles such as Tom Brady-themed collections.

Goals: Manchester United has launched "Fantasy United," the Premier League's first Web3 fantasy football game on the Tezos blockchain. This game allows fans to collect digital "Player Trading Cards" featuring first-team players and form fantasy squads. Fans earn points based on real-life performances and can compete in mini-leagues and against former United players in Legends leagues. 

Tweet of the Week

Meme Time

A Matter of Opinion

As we look towards the future, the convergence of information networks and railroads of finance promises to transform our economic landscape in profound ways. This intersection, highlighted by the recent surge in American politician Kamala Harris's presidential odds on the Polymarket platform, underscores the increasing interplay between technology and finance.

The rise of decentralized prediction markets like Polymarket exemplifies this trend. By leveraging blockchain technology, these platforms offer transparent, real-time insights into various socio-political and economic events. This is not merely about wagering on outcomes; it represents a new paradigm where information is democratized and markets become more accessible. As we witness with Harris’s odds reaching an all-time high, these platforms reflect collective sentiment and forecast potential futures using group consensus.

In parallel, the financial infrastructure is evolving. Blockchain technology, the backbone of cryptocurrencies, is creating more efficient and secure methods of transaction and value storage. Indeed, information and money markets are becoming more interconnected, enabling seamless, cross-border financial activities. This integration reduces friction, lowers costs, and enhances the speed of financial transactions, making the global economy more dynamic and inclusive.

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