Bitfinity Weekly: TradFi, DeFi
Welcome to Issue #129 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
- This Week in our Discord
- NFT Market Bytes
- Tweet of the Week
- Meme Time
- A Matter of Opinion
Global Crypto News
Going Bananas: ApeChain was officially launched by the ApeCoin DAO at ApeFest in Lisbon. This highly anticipated L2 network is designed to address Ethereum’s scalability issues and high transaction fees and is built using Arbitrum's tech stack. Alongside the mainnet launch, ApeChain introduced various applications, including a memecoin launchpad similar to Solana's PumpFun, a leverage trading simulator, and more.
Not Fun: PumpFun, a Solana-based memecoin launchpad, introduced a video tokenization feature this week. Sadly, within a few hours of its rollout, a user uploaded child abuse material to the platform. The content was quickly removed by the PumpFun team, with pseudonymous founder Alon emphasizing in a statement to Decrypt that such content will not be tolerated.
OP Stack Stacking: Kraken, the world's 6th largest centralized crypto exchange, announced the launch of its Ethereum Layer-2 this week, with its testnet release scheduled for November. The new chain, Ink, is built with Optimism’s OP Stack and will be compatible with other L2s in the Optimism Superchain. The Superchain is composed of more than 30 interoperable Layer-2's and accounts for almost half of all Ethereum L2 transactions.
The Link Up: Chainlink unveiled a new blockchain payment solution designed for traditional financial institutions in collaboration with banking giant SWIFT. This integration, still in pre-production, allows banks to use SWIFT messages to interact with blockchain technology, enabling settlements without requiring major changes to existing TradFi infrastructure. Additionally, Chainlink introduced the Blockchain Privacy Manager (BPM), which ensures data privacy for institutions.
This Week in our Blog
It's a great time to be a Bitcoiner. The Nakamoto upgrade will dramatically improve performance and increase capability for Stacks, a Bitcoin scalability layer. Read all about the upcoming upgrade here:
Hans
Why Big Money is Finally Eyeing Bitcoin – But What’s Stopping Them From Diving In? Discover the Game-Changing Factors Bringing Wall Street to Crypto’s Doorstep!
Bitfinity
This Week in our Discord
Come hang out with us on our Discord for daily games, thrilling community challenges, and plenty more. Stay active to earn Discord Bits, helping you level up on the server and unlock amazing rewards.
Gartic : Imagine this- your friend’s scribbling what might be a dog… or is it a really weird potato? In Gartic, our community members found themselves racing against the clock, desperately trying to guess what on earth their friends are trying to draw. It’s chaotic and hilarious!
Royale Rumble : Get ready to rumble! Royale Rumble on Discord is taking the gaming world by storm—join the ultimate battle for supremacy! Will you be the last one standing? Dive in now and conquer the chaos!
NFT Market Bytes
New Tactics: Ubisoft, the gaming giant behind hits like Assassin's Creed and Just Dance, has released a new free-to-play NFT game called Champions Tactics: Grimoria Chronicles. The turn-based strategy game allows players to collect and battle champions within a dark fantasy setting, with NFTs as in-game assets. Ubisoft is concurrently developing another web3 project, Captain Laserhawk, a game based on a Netflix series with the same name. While Champions assets are based on the Oasys blockchain, Captain Laserhawk assets will be on Arbitrum.
More Fabrication: Metaverse/AR wearables brand The Fabricant has introduced AI-powered tools designed to enhance digital fashion creation. These new tools allow users to experiment with 3D assets, generate dynamic designs, and tweak colors and textures, enhancing the speed and creativity of the design process. The AI-driven suite also facilitates collaboration by integrating user feedback into the workflow, offering more personalized results.
In The Bag: Hermès' legal battle over the "MetaBirkin" NFTs has reached the U.S. Court of Appeals, where the court is reviewing its earlier trial win against artist Mason Rothschild. Hermès had successfully argued that Rothschild’s MetaBirkins violated its trademark on the iconic Birkin bag. However, the appeals court raised questions about whether the original decision fully considered Rothschild’s artistic rights under the First Amendment, potentially reshaping the legal landscape for NFTs and intellectual property.
Tweet of the Week
As Mainnet draws closer, we've made some remarkable partnerships for the wider Bitfinity ecosystem.🌐
— Bitfinity Network (@bitfinitynet) October 21, 2024
Among others, we partnered with🤝@helloSQD @oooo_money @FrogPayAI @Stampchain @NativeNetwork @BitU_Protocol @Bitroot_ @dot_swap @bit_fuge @beyond__tech @SurferMonkeyHQ… pic.twitter.com/Ft96ugleQB
Meme Time
A Matter of Opinion
In last week's 'A Matter of Opinion', we wrote about the current legal battle between the American SEC and market maker Cumberland DRW. This week, it seems that the European front is faring no better when it comes to the fight between crypto advocates and government regulators.
Indeed, a recently published paper by two prominent ECB (The European Central Bank) economists indicates that the road ahead may be rife with frustration. The paper, which specifically criticizes Bitcoin, reflects the growing tension between DeFi communities and traditional financial institutions. In reaction, Bitcoin analyst Tuur Demeester went as far as calling it a “declaration of war” on Bitcoin, raising concerns that the ECB might be laying the groundwork for aggressive regulation, including tax hikes and even outright bans.
Bitcoin’s decentralized nature challenges the very fabric of centralized control over money, a reality that regulatory entities like the ECB find threatening. Rather than finding ways to integrate Bitcoin and other cryptocurrencies into existing systems, often proposed tax-and-ban approaches feel like a blunt instrument aimed at suppressing innovation. While some of the arguments lobbed against crypto may be valid, Bitcoin's role in providing financial inclusion and alternatives to traditional banking systems cannot be ignored.
Moreover, outright bans or excessive taxes are unlikely to be effective. Bitcoin, with its global and decentralized structure, will continue to exist, and users may simply find ways to circumvent restrictions through decentralized exchanges and peer-to-peer networks. Regulatory efforts should instead focus on creating frameworks that address legitimate concerns like environmental impacts or reasonable consumer protection while fostering innovation.
Connect with Bitfinity Network
Bitfinity Wallet | Bitfinity Network | Twitter | Telegram | Discord | Github
*Important Disclaimer: The information provided on this website is for general informational purposes only and should not be considered financial or investment advice. While we strive for accuracy, Bitfinity makes no representations or warranties regarding the completeness, accuracy, or reliability of the content and is not responsible for any errors or omissions, or for any outcomes resulting from the use of this information. The content may include opinions and forward-looking statements that involve risks and uncertainties, and any reliance on this information is at your own risk.
External links are provided for convenience, and we recommend verifying information before taking any action. Bitfinity is not liable for any direct or indirect losses or damages arising from the use of this information.
Comments ()