Bitfinity Weekly: Cross-Chain Fusion
Welcome to Issue #136 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
Updating Atlantis: Bitcoin developer Casey Rodarmor has released Ord 0.22.0, which contains minor updates such as adding Document Inscription URIs and new Bitcoin Core 25 requirements. The Ord documentation is the most current way to utilize the Ordinals and Runes protocol, which Rodarmor invented.
Crosschain Fusion: Bitfinity and Portal announced a strategic partnership to enhance blockchain interoperability to build seamless Bitcoin DeFi capabilities. By combining Potal's custodyless cross-chain infrastructure and Bitfinity's EVM compatibility, native crosschain DeFi will be able to run on Bitcoin without the need for complicated solutions for challenges regarding security and liquidity.
Flames of Change: Ordinals are starting to gain acceptance in the broader art world, and receiving nods of acknowledgement from traditional media for it. A Rolling Stones article released this week covers experimental art that utilizes Bitcoin as both a currency for exchange and a medium to work with, including an incendiary performance piece that involved lighting literal money on fire.
Safety Not Guaranteed: Google revealed a quantum computing chip this week that showed a breakthrough in processing capabilities. This news raised alarms within the crypto community for the implications quantum computing memes for the security of cryptocurrencies. However, it seems Bitcoin's pseudonymous founder Satoshi Nakamoto had already anticipated quantum computing's threat to Bitcoin's SHA-256 encryption method.
Global Crypto News
Doge Fear the Reaper: Developer Andreas Kohl carried out a hack on the Dogecoin network this Thursday, causing 69% of its nodes to crash. The vulnerability was initially disclosed on Twitter by a group of doge developers more than a week before the hack, and could have theoretically halted the entire Dogecoin network if exploited on a larger scale by a malicious actor. Kohl carried out the exploit in order to bring attention to the ongoing efforts by the Doge developer community to make critical updates to the chain.
Magic Degens: Multichain marketplace Magic Eden's TGE (Token Generation Event) was this Monday, marking the launch of their native token aimed at enhancing the crosschain NFT ecosystem. Though the token is currently on Solana, eligible Magic Eden users across Solana, Bitcoin and Ethereum (mainnet and L2s) ecosystems received an airdrop.
Unveiling Initiative: Newly uncovered documents confirm that crypto builders and investors have been speaking up about for weeks: the Biden administration's FDIC sent letters to banks, calling on them to "pause all crypto-asset related activity". The documents were obtained by Coinbase's chief legal officer Paul Grewal through the Freedom of Information Act.
South American Dream: El Salvador signed a mutual agreement with Argentina to formalize bolstering the digital asset industries in both countries. El Salvador, which has come to be known as one of the most pro-crypto countries under President Nayib Bukele, aims to extend this model of economic cooperation to more than 25 other countries.
Mainnet Bitfinity stats :
- Total blocks: 4.655M
- Total transactions: 190.788K
- Total BTF transfers: 127.067K
Learn more : https://explorer.mainnet.bitfinity.network/stats
- Segment Finance is live on Bitfinity Mainnet with 4 markets: $BTF, $ckUSD, $ckBTC and $ICP.
- Lendfinity : Lendfinity; the first lending protocol on Bitfinity; has surpassed the TVL of $3 Million.
- OOOO Money has added Bitfinity on check-in supported chains in their bridge.
In the IC
deAI-finity: The DFINITY Foundation announced that it will be working with the ETH Zurich AI Center as an official Industry Partner. The Internet Computer is rapidly becoming a key platform for hosting AI applications due to its unique ability to run decentralized AI (deAI) systems directly on the blockchain. This new partnership will benefit both ecosystems in growing startups relating to deep tech.
Like Water: Papaya SNS is now live on WaterNeuron, marking the first SNS DAO to develop a custom, secondary decentralization swap. WaterNeuron is a leading Liquid Staking protocol on the Internet Computer. LSTs (Liquid Staking Protocols) are DeFi protocols that allow users to stake their assets while still retaining liquidity in the form of derivative tokens.
Monthly Roundup: The DFINITY Foundation released a November recap video to celebrate all of the milestones achieved by the ecosystem last month, from Bitfinity's mainnet launch to all of the exciting developments that bolster ICP's integration with the burgeoning AI x crypto scene. You can watch the video below:
https://x.com/dfinity/status/1866488716799455519?s=46
This Week in our Blog
MEV (Miner Extractor Value) is a term that crypto traders on Ethereum-based chains see often, usually in reference to "MEV bots" and sandwich attacks. But what is it, exactly and why should Bitcoin users care? We cover everything you need to know:
Hans
A warm welcome to our new friends at Portal to Bitcoin! Together, we are not only redefining Bitcoin’s role in DeFi but extending a hand to our collective community to join the decentralized revolution. Read more about our collaboration as well as ways to earn points through participatory events:
Bitfinity
Learn about Bitfinity Network and Pell Network's innovative Bitcoin restaking solutions. Discover how restaking can enhance security, maximize rewards, and drive the future of decentralized services in the Bitcoin ecosystem.
Bitfinity
Tweet of the Week
🍊Bitfinity Network Ecosystem Map
— Bitcoin Ecosystem (@BitcoinEcoTK) December 11, 2024
Recording @bitfinitynet thriving ecosystem post mainnet launch.
• Infrastructure & Tools@orally_network, @BTC_OS, @nubit_org, @ArchNtwrk, @BQ_Labs, @NativeNetwork, @BiHelix_, @movementlabsxyz, @APRO_Oracle, @BVMnetwork, @AITECHio,… pic.twitter.com/cd1V2xp0es
Meme Time
A Matter of Opinion
Dogecoin faced a significant security scare on Thursday when a pro-crypto developer carried out a major hack on the network. Dev Andreas Kohl exploited a known flaw, leading to the crash of about 69% of Dogecoin nodes. This vulnerability, dubbed "DogeReaper," allowed for remote crashing of these nodes, and could have potentially brought the entire Dogecoin network to its knees.
The exploit was carried out using an old laptop in El Salvador, demonstrating how even basic equipment can pose a significant threat if the network is not properly secured. Kohl's intention was to expose a critical vulnerability that had been known but not adequately addressed. Coinbase, for example, was made aware of this vulnerability weeks ahead of this incident, yet their bug bounty was a paltry $100. Other influential crypto entities did even less than Coinbase, however.
While this exploit's impact was demonstrative, it should serve as a clear warning against purely profit-driven mindsets. Cryptocurrency relies on network integrity and security. It is vital for crypto's very existence that we, as responsible economic participants, to push for and support continuous improvements regarding network security. Without a secure foundation, the value of viability of any cryptocurrency is at risk. Indeed, for traders, builders and even casual speculators, the DogeReaper hack should underscore this: while profits and losses are important, the underlying security of a cryptocurrency network is what truly matters.
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