Bitfinity Weekly: Mainnet Now Live!
Welcome to Issue #133 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
NOW LIVE!: The highly anticipated Bitfinity mainnet is now live, providing a technologically secure, EVM-compatible chain to the world of Bitcoin Layer-2. Bitfinity leverages the Internet Computer's Chain Fusion to facilitate fast, decentralized and interoperable DeFi solutions on Bitcoin. Bitfinity's ecosystem partners are building innovative approaches such as AI-powered network integrations, Biometric wallets, and more. Devs interested in building with Bitfinity can explore the whitepapers here.
Healthy Swaps: Magic Eden launched its Rune Swaps Beta on Thursday, where users can simply input the amount of Runes they want to purchase and get an instant price quote. The swaps work both ways, meaning users can direct back to Runes to BTC as well. Runes to Runes swap is not available in the Beta preview and it is unclear if the feature will be available in the near future.
Core Matters: Core DAO released their Fusion Upgrade for Core, an EVM-compatible Bitcoin L2 that enables non-custodial Bitcoin staking. The upgrade integrated Dual Staking, which allows for higher staking rates on certain assets, and Liquid Bitcoin Staking, which lets stakers earn yield on their staked Bitcoin while maintaining liquidity on Core's DeFi platform.
Global Crypto News
Rising in the East: After years of contested status in China, it seems Bitcoin is legal again, according to a Shanghai court. The court's ruling determined that Bitcoin and other cryptocurrencies with certain characteristics are now considered property assets. The Chinese government has had a tumultous relationship with crypto, going so far as to issue a ban in 2021 that affected Bitcoin mining as well as cryptocurrency trading and ownership.
Regime Change: American SEC Chairman Gary Gensler announced his 2025 departure this week, ahead of the incoming Trump administration. Many in the crypto community celebrated the announcement, some tweeting with choice words about the legacy Gensler has left. Kraken founder Jesse Powell went as far as to call him a "clown and a treasonous terrorist".
Show Off: A 2019 MacBook Pro used by the IRS in the Bitfinex hack recovery is now a permanent part of the Smithsonian's National Numismatic Collection. It is currently installed in the museum's "The Value of Money" gallery, along with other historical instruments of money such as seashells, tea, and precious metals. One 2016 Bitfinex hack perpetrator Heather Morgan (also known as "Razzkekhan") was sentenced to 18 months in prison on Monday.
Matters at Stake: A federal judge in California has ruled that Lido DAO, the governing body behind Lido (a popular DeFi staking protocol), can be treated as a general partnership under state law. This is a potential landmark case in how DAOs will be treated under U.S. law, regardless of its decentralized governance structure. The ruling means identifiable entities that manage a DAO's operations can not evade legal liability.
In the IC
Network Effects: An important feature is coming soon to the NNS! The Network Nervous System will be updated with periodic confirmation of following, which will affect Neuron governance rewards. To ensure seamless continuation of receiving voting rewards, you will need to manually vote or change your following settings by March 2025.
Panda Party: ICPandaMessage won the Innovation Award at the 6th annual Yangtze River Delta Blockchain Application Innovation Competition. ICPandaMessage is a decentralized meme platform that featured end-to-end encrypted messaging, and governed by the ICPanda DAO.
After Affects: Now that the Bitfinity mainnet has been successfully deployed, what's next? Look at what's to come in the future for Bitfinity and its partners with this glimpse into the post-Mainnet roadmap! Bitfinity offers an exceptional experience for builders and users as a secure, blazing fast EVM-compatible L2 for Bitcoin.
Secure & Anonymous: Luca Bertelli spoke at NapulEth about ICP's Internet Identity, an advanced authentication system that allows users to protect their privacy while accessing dApps in the Internet Computer Protocol ecosystem. You can watch the recording here.
This Week in our Blog
We celebrated the long-anticipated Bitfinity mainnet launch this week, and we couldn't have done it without the support of our loyal Bitfinians. Thank you for your part in this historic milestone... Now let's keep building together!
Bitfinity
Bitcoin and AI are mentioned together more and more frequently these days. But what does blockchain have to do with Artificial Intelligence? We explain all you need to know in this week's deep dive:
Fred
Tweet of the Week
The wait is over! 🤩 #Bitfinity Mainnet is officially live today, November 19th!
— Bitfinity Network (@bitfinitynet) November 19, 2024
We’re incredibly grateful to our amazing community for your support ❤️ and to the talented developers who made this milestone possible 💻✨
This marks an exciting new chapter for blockchain… pic.twitter.com/Em9IDR7Soh
Meme Time
A Matter of Opinion
This week marks a pivotal moment for Bitfinity: the successful launch of the Bitfinity mainnet. We are able to bring fast, secure and decentralized DeFi solutions via our network thanks to the tireless efforts of the Bitfinity team and the unwavering support of our Bitfinians community.
For those who may not be familiar, our mainnet introduces enhanced capabilities to Bitcoin, designed to improve speed, scalability, and security using ICP's innovative Chain Fusion technology. The mainnet has been built with a focus on improving usability without compromising decentralization, and this launch sets the stage for Bitfinity to support a wide range of use cases, from decentralized finance to next-generation gaming and beyond.
The journey to this milestone wasn’t achieved in isolation. The incredible Bitfinity community has been instrumental every step of the way. Whether it was providing feedback during the testnet phase, amplifying our mission through social platforms, or simply sharing words of encouragement, your contributions have been invaluable. This mainnet launch is as much your achievement as it is ours.
This is just the beginning. The launch of the Bitfinity mainnet opens the door to endless possibilities and we are committed to maintaining the spirit of transparency and collaboration that brought us here. Your continued involvement, whether as developers or community members, is essential to Bitfinity's future growth. To everyone who has supported us so far, thank you for believing in our vision. And to those just joining the Bitfinian family, welcome. There’s never been a better time to be part of this journey.
Here’s to building the future together.
Bitfinity Mainnet is now live.
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