Bitfinity Weekly: Crypto Literacy
Welcome to Issue #134 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
Networking Event: Omnity Network went live on Bitfinity mainnet, allowing users to utilize cross-chain bridging. Bitcoin assets such as Runes and BRC-20 tokens can be bridged to ICP via Bitfinity using the Omnity bridge.
Making A Mark: Timestamp launched a regulated platform specifically targeting Bitcoin startups. The U.S.-based platform uses crowdfunding to make Bitcoin-related investments, and is open to both accredited and non-accredited investors. Although created as an alternative to traditional venture capital financing, investors will receive ownership stake in similar ways as TradFi equity investing. Unfortunately raises are currently limited to fiat only.
Another Bitcoin Nation: Suriname may be electing its own Bitcoin president. The South American country, which has been long suffering from government corruption, has a political candidate running a strongly pro-Bitcoin campaign. Mayra Parbhoe intends to dismantle Suriname's central bank and gradually replace the Suriname dollar with sats, and furthermore utilize the blockchain to keep government spending transparent.
(Block)Space Explorers: Saturn's testnet went live on Wednesday. The Bitcoin L2 is focused on scaling DeFi, and the testnet period is focused on AMM swaps for Runes with stablecoin-supported liquidity. The testnet saw over 20,000 transactions within 24 hours of its launch.
Global Crypto News
Mutable Rules: The U.S. Fifth Circuit Court ruled in favor of Tornado Cash, a privacy-focused cryptocurrency mixer, on Tuesday. This decision overturns a lower court's decision from earlier this year. The ruling affirms that the U.S. Treasury overstepped in its sanctioning of Tornado Cash. Furthermore, it stated that autonomous software such as immutable smart contracts are not considered property as they are "not capable of being owned".
Haunting Base: Popular multichain wallet Phantom now supports Base, an Ethereum L2 helmed by the Coinbase company. The integration mean that users can conduct cross-chain activities natively in the Phantom wallet, including token swaps between Base and Solana, and purchasing $ETH and $USDC via in-wallet purchasing.
Stonks Market, Wow: Dogecoin is now available in the Swedish Spotlight Stock Market exchange as an ETP (Exchange-Traded Product). ETPs are derivative securities that function similarly to stocks in trading; ETFs fall under the ETP category. The Valour Dogecoin ETP is the first memecoin offering in the Nordic TradFi market.
Liquid JPEGs: Crypto investor and prominent figure seedphrase set the record this week for the largest on-chain loan in history by collateralizing a 1-of-1 CryptoPunk. Punk #8348, which he purchased in 2020, is considered one of the rarest in the collection as it is the only Punk with seven traits. The loan has a six month maturity and a 20% interest rate, and was partly done to demonstrate how NFTs "are evolving from cultural artefacts to dynamic financial instruments", according to seedphrase.
In the IC
Ooo's & Ahh's: Sonic went live on the Bitfinity network, allowing users to add liquidity, earn rewards for participating in DeFi activities, and swap with ease on the Bitfinity mainnet. Sonic is one of the Internet Computer's earliest DeFi protocols, and now has access to cross-chain capabilities by utilizing Bitfinity.
Heavy Metal: The Beryllium milestone from the ICP roadmap marked a historic achievement filled with innovation. Beryllium encompassed a variety of features, many heavily geared towards developers. Dimitris Sarlis, Staff Engineer and Team Lead at DFINITY, details highlights from the Beryllium milestone (such as canister data restoration) in this new video.
The Trifecta: Not only did DFINITY achieve the Beryllium milestone recently but the Tokamak and Stellarator milestones have been reached as well. Tracy Trachsler from DFINITY sat down this week with CTO Jan Camenisch and Senior Director of Engineering Manu Drijvers to discuss the World Computer Vision in this video interview.
This Week in our Blog
If you're a frequent reader of our blog, you are undoubtedly already familiar with the concept of Layer-2 networks. But did you know that there are Layer-3's? In this article we cover all you need to know about L3's and Bitcoin's multi-layered architecture:
Hans
Ready for a revolution in decentralized finance? 🚀 Dive into Bitfinity’s exciting roadmap as it redefines Bitcoin’s future, bridging innovation and scalability like never before!
Fred
Tweet of the Week
As the journey towards AGI progresses, there is an elephant in the room…🤖
— Bitfinity Network (@bitfinitynet) November 28, 2024
How can ownership in AI be properly decentralized?🌐
From data models to agents and outputs, the control and ownership should not be in the hands of a single entity.
🔗And this is where smart… pic.twitter.com/O83LJvcPHk
Meme Time
A Matter of Opinion
If you are subscribed to our weekly newsletter, congratulations. You are most likely part of the 'financially literate' group of crypto investors. According to a recent study by crypto startup PiP World, the crypto community's financial literacy rate is estimated at just 25%, making the demographic lagging severely behind the average in the United States by half. The report analyzed a survey of over 12,000 anonymous responses submitted over the course of two years through the Coinfessions platform. The findings? Financial literacy in crypto participants is "dangerously low".
Despite the growing adoption of cryptocurrencies and blockchain technologies, many people remain unaware of the basic principles that underpin this transformative ecosystem. Concepts like private keys, tents of decentralized finance (both technical and financial), and even how crypto taxes should be calculated, are still foreign to a vast majority of users.
This lack of understanding represents more than just an educational gap—it’s a barrier to widespread adoption. Without foundational knowledge, individuals are more susceptible to scams or poor investment decisions, which over time feed into the public perception that crypto is dangerous. There's little surprise that the influx of new entrants to crypto in the past few months have gravitated towards memecoins. Afterall, how can we expect people to search for more 'serious' products without proper education and financial literacy?
At its core, crypto was built on principles of empowerment, accessibility, and financial sovereignty. These ideals are only achievable if people have the means to understand and engage with the technology effectively.
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