Bitfinity Weekly: Breaking Records
Welcome to Issue #131 of Bitfinity Weekly for our #BITFINIANS community. If this newsletter was forwarded to you, sign up here.
What's in Today's Email?
- Bitcoin Bytes
- Global Crypto News
- In the IC
- This Week in our Blog
- Tweet of the Week
- Meme Time
- A Matter of Opinion
Bitcoin Bytes
Wrap Star: Coinbase launched cbBTC on the Solana blockchain this week. The asset stands as a "wrapped", 1:1-backed version of Bitcoin on the Solana network; you can read more about how it works in our cbBTC deep dive. The Solana DeFi ecosystem has been lacking a universally recognized Bitcoin stand-in since the mysterious demise of soBTC, an asset rumored to have been launched and controlled by failed crypto exchange FTX.
Crossing Over: Bitfinity announced two major milestones: integration of the Bitcoin Runes standard via the Omnity Bridge and establishing a connection to the Internet Computer Protocol (ICP) ecosystem by means of an innovative threshold signature scheme. Bitfinity utilizes a unique, EVM-based platform that enables Bitcoin assets to operate seamlessly with Ethereum compatible ecosystems without relying an centralized intermediaries.
High Riders: Bitcoin hit ATH (All Time High) multiple times following President Trump's successful reelection on Tuesday, with all major financial markets rallying in anticipation of Trump's friendly economic policies. Bitcoin ETFs also saw significant positive activity, with November 6th seeing nearly $622m net inflow and reduced profit-taking compared to other high volume days.
Call for Savings: Deutsche Telekom, Europe’s largest telecom provider, has launched a pilot project to mine Bitcoin using surplus renewable energy. The initiative also aims to gather data for future projects, potentially helping stabilize the energy grid during fluctuations. Deutsche Telekom has been involved in crypto since 2020, supporting decentralized protocols like Chainlink, and expanded its scope in 2023 by operating a Bitcoin node.
Global Crypto News
Not Taking Bets: Polymarket, a decentralized prediction market platform, is under scrutiny by French gambling regulator, the Autorité nationale des jeux (ANJ), with the ANJ considering a potential ban on Polymarket. News of ANJ's inquiry comes after reports that an unknown French 'whale' netted over $85m in winnings speculating on Donald Trump's presidential win.
Increasing Options: The city of Detroit will be accepting crypto payments through Paypal for taxes and city fees, beginning in mid-2025. The Detroit government will not be amassing crypto directly, however, as the city will be utilizing an intermediary to convert crypto into fiat. Currently only Colorado and Louisiana accept crypto for tax payments state-wide.
New(ton) & Improved: Wallet infrastructure provider Magic Labs have partnered with Polygon Labs to launch a cross-chain smart wallet solution for the AggLayer through Newton, a dedicated network for chain unification. Polygon's AggLayer is a decentralized protocol that aims to provide a common language across all Layers as well as facilitate liquidity using zk-proof validation.
In the IC
AI:CP: Curious about how a third generation blockchain like ICP can facilitate autonomous AI agents fully onchain? DFINITY's AI Lead Islam El-Ashi will be speaking at Crypto AI:Con in Lisbon, as part of the "Under the Hood of AI: Technical Foundations" panel.
All Chained Up: DFINITY's Chain Fusion Ecosystem Report is now available for download. Some highlights: ICP saw over 150% in total network activity, gained 30% more full-time devs, and now supports over 30 chains. You can watch the official livestream event to celebrate the new report here.
Video Conference: Missed DFINITY and ICP ecosystem stars at Binance's Blockchain Week in Dubai? Catch the highlights from the event here, with DeFi, AI and Chain Fusion showcases, panel discussions, and more.
This Week in our Blog
Bitcoin is seen as a fairly simple store of value to ecosystem outsiders. Those on the inside however, know how many technical upgrades and changes the original blockchain has seen over the years. In this week's deep dive, we cover the history of significant upgrades and notable forks:
Fred
Ready to take control of your crypto journey? Learn how running a Bitcoin node can boost your privacy, security, and deepen your involvement in the Bitcoin network!
Hans
Tweet of the Week
Bitfinity is keen on enhancing interoperability between the EVM and the #Bitcoin ecosystems.🌐
— Bitfinity Network (@bitfinitynet) November 6, 2024
📣@Cointelegraph recent publication covered how Bitfinity is bringing #Runes to wider blockchain networks.
👀Read here : https://t.co/4S9xbxRx0f
Meme Time
A Matter of Opinion
With Donald Trump now officially securing the 2024 U.S. presidential election, the focus is shifting to what his victory means for the future of digital assets—particularly cryptocurrencies. In the months leading up to the election, Mike Novogratz, CEO of Galaxy Digital, made a bold prediction that a Trump win could trigger a “tsunami” of institutional investment into crypto. Now that the results are in, it’s time to look ahead and consider the real implications of Trump’s return to the White House for the cryptocurrency market.
Novogratz’s foresight was rooted in the idea that Trump’s deregulatory policies and business-friendly approach would attract institutional investors to web3, a space that has long struggled with regulatory uncertainty. With legal standards still largely undecided, many institutional investors have been hesitant to dive into crypto, waiting for clearer guidelines and assurances that their investments won’t be undermined by government intervention. Under a Trump administration, we can reasonably expect to see a continuation of policies designed to create a more crypto-friendly environment. Trump’s well-known preference for deregulation may now serve as a green light for large-scale investors--we have certainly seen evidence for market confidence in the days following his win.
While institutional movement will undoubtedly drive significant capital into the crypto market, it’s also important to acknowledge that this influx will bring new challenges. The infrastructure needed to support large institutional investors—who demand scalability, liquidity, and regulatory compliance—will need to be robust and adaptable. Exchanges and other intermediary service providers must be prepared to offer a suitable solution for assets that demand decentralization to players who historically have preferred centralization. Institutions have unique needs when it comes to security, risk management, and privacy, and the crypto ecosystem must scale accordingly.
Beyond the infrastructure, a larger question remains: How will the crypto community respond to this wave of institutional capital? Will we continue to embrace the core cypherpunk ethos that has defined crypto's culture thus far, or will we risk compromising some of those ideals to accommodate the demands of institutional investors? The coming years will reveal whether we can balance these two forces—growth and decentralization—and shape a future that remains true to the innovative spirit of crypto while also embracing the opportunities that institutional participation brings.
Mainnet and TGE on 19th November.
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