Bitfinity Weekly: Whale Watching
Welcome to Issue #125 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
Forging Ahead: XProtocol, an Ethereum L3 built on top of Base, will be launching an Android-powered smartphone optimized for web3 gaming later this year. The upcoming XForge phone is being billed as the world's first "DePIN" (decentralized physical infrastructure networks) phone, and has drawn comparisons to the Solana Saga and its successor, the Seeker phone for incentivizing phone purchases with promises of airdrop allocations. XProtocol is currently running a testnet for its L3 network with intentions to launch its mainnet sometime in Q4 this year.
Not So Sweet, Caroline: Caroline Ellison, former Alameda Research CEO and on-and-off girlfriend of disgraced FTX founder Sam Bankman-Fried, was sentenced to two years in prison for her role in the financial crimes committed at Alameda Research and FTX exchange. Ellison's crimes carried a maximum prison sentence of 11o years, but was shown leniency by the courts for her testimony against her former business and romantic partner Bankman-Fried.
Whale Watching: Another Satoshi era Bitcoin miner wallet has awoken from dormancy and moved some of his holdings to Kraken exchange, making this the second week that an ancient whale wallet has moved. According to blockchain analytics company Arkham Intelligence, this wallet's Bitcoin was mined during the network's first two months and holds more than $77M worth of $BTC. Arkham claims that this is not the same miner as the whale who moved his funds last week.
True or False: A dark web forum user claims to have the personal data of nearly 13 million Binance users, including sensitive information such as names, birthdays and physical addresses. The user, going under the pseudonym of "FireBear", is offering to sell the data. Binance, one of the largest cryptocurrency exchanges in the world, claims to have investigated this alleged leak and has firmly denied that there was a data breach in their system.
Bitfinity as a Blueprint : The blog on e27.co discusses Bitfinity as part of the larger narrative around the cryptocurrency ecosystem, particularly in the context of El Salvador's Bitcoin experiment. Bitfinity is highlighted as a blockchain platform that could serve as an essential tool for Southeast Asian countries looking to improve their financial infrastructure by leveraging blockchain technology. Read the full article here. 🔽
Hikaru Kasai
This Week in our Blog
UTXO- and account-based models... what are they, how do they work, and what is the difference? This week's deep dive takes you further behind the scenes into how different blockchains handle transactions and balances.
Hans
The OP_RETURN function plays a pivotal role in enabling data to be written onto the blockchain, transforming simple transactions into powerful tools for tokenization. This article explores how OP_RETURN has shaped decentralized systems by creating new opportunities for asset representation and secure data storage.
Fred
NFT Market Bytes
Mmore Mmerch Please: Colby Mugrabi's Mmerch is releasing their second collection of one-of-one NFT-linked physical goods. The collection's hoodies, which were algorithmically generated and fabricated into physical form, were inspired by and created in collaboration with DJ and CryptoPunk owner Daniel Maegaard (also known as "Seedphrase). Each hoodie is connected to an NFT and comes bundled with a digital art piece by AI artist Claire Silver.
Well Well Wells: Two OpenSea users have filed for a class action lawsuit against the NFT marketplace giant. Anthony Synayderman and Ital Bronshtein jointly filed in a Florida federal court, arguing that the NFTs they purchased are now essentially worthless due to their uncertain legal status. The lawsuit highlights a recent SEC disclosure regarding the Wells notice sent to OpenSea last month, which suggests the company is under investigation for selling unregistered securities.
Let's Get Physical: More web3 native gadgets are incoming! Play Solana announced pre-orders for its Gen-1 PSG1, a web3 gaming device built to run on the Solana blockchain. The device is available exclusively to Play Solana NFT holders and features a built-in hardware wallet. The PSG1 is expected to ship by Q2 2025.
Tweet of the Week
In addition to security and robustness, gas efficiency is another trait of a well-written smart contract.🔐
— Bitfinity Network (@bitfinitynet) September 25, 2024
Here are some tips you will find helpful 👇
🧩Follow the Tight Variable Packing design by grouping variables of similar sizes next to one another in your structs.… pic.twitter.com/wi3IoLNdAj
Meme Time
A Matter of Opinion
Token airdrops have been a popular way for crypto projects to generate buzz, but the results are often far from ideal. According to market maker Keyrock’s latest study, 89% of airdrops distributed in 2024 crashed dramatically soon after launch, leaving both the project and its participants disappointed. It’s a classic case of high hopes, low follow-through. While airdrops are meant to incentivize early adopters, they often end up encouraging quick sales that tank the token’s value. So what’s the fix? Perhaps projects need to shift from hype-driven strategies to those that foster long-term engagement and real community building.
Airdrops might sound appealing, but the real issue lies in their design. Giving away tokens without a solid reason for holders to stick around almost guarantees a race to the exit. Instead of just handing out free assets, why not tie these distributions to something more meaningful? It’s not that airdrops are inherently bad; it’s that the current model doesn’t support the kind of commitment a growing project needs. More creative thinking is needed.
Vesting periods, where tokens unlock over time, or distributing rewards for active participation could keep users engaged longer. There are projects that have incentivized locking up airdropped tokens, such as Omni Network's restaking rewards. However, this may not be enough to insure longevity. Hype may initially boost attention, but long-term success requires more inventive, thoughtful strategies. The best way to avoid that post-airdrop crash? Start thinking beyond the short-term windfalls and focus on building a sustainable, engaged community.
At the end of the day, the takeaway is simple: crypto projects need to evolve past the old “free token” playbook. Airdrops can still be a useful tool, but only if they incentivize lasting relationships with the project. Otherwise, they’re just setting the stage for yet another airdrop price collapse.
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