Bitfinity Weekly: Issue #100
Welcome to Issue #100 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
- NFT Market Bytes
- Tweet of the Week
- Meme Time
- A Matter of Opinion
Global Crypto News
Dust to Dust: Terraform Labs and its co-founder Do Kwon have been found liable for civil fraud (deceiving investors about the stability of their stablecoin and the Terra blockchain's use cases) following SEC allegations regarding the $40 billion collapse of the Terra ecosystem in 2022. Kwon also faces criminal charges in the U.S. and South Korea, with extradition pending in Montenegro.
Welcome Aboard: PayPal announced on Thursday that its U.S.-based customers can now use $PYUSD to fund international payments. Customers can send international payments through its Xoom payment platform with zero fees once they convert PayPal USD ($PYUSD) to dollars. $PYUSD is an ERC-20 stablecoin pegged to the U.S. dollar, launched by PayPal last year and issued by Paxos Trust Co.
Selling Sunset: Telegram-based trading app Solareum shut down on Monday following last week's $523k wallet drain. The exploit, which affected an estimated 300 Solana users, was initially suspected to be connected to popular trading bot BONKbot due to its widespread usage. The BONKbot team launched their own investigation and released a statement saying that it was "unclear whether [the Solareum exploit] was an external breach or an internal drain".
Insecurities: Coinbase won a significant legal battle as the U.S. Court of Appeals regarding secondary cryptocurrency sales. The dispute centered on whether cryptocurrencies traded on Coinbase qualified as securities. While the court acknowledged Coinbase's potential liability under certain sections of the Securities Act of 1933-1934, it rejected claims related to the Securities Exchange Act due to insufficient evidence.
This Week in our Blog
Unlike the early days of Ethereum, there is no existing infrastructure to leverage when building on Bitcoin. Take a look at how Bitfinity will help usher in the Bitcoin Renaissance:
Fred
A comprehensive overview of The Block Size War on Bitcoin, sparked by community disagreement regarding scaling solutions for the Bitcoin blockchain and what Bitfinity will bring:
Hans
NFT Market Bytes
Doodles of Fun: Web3 brand Doodles announced that their team will be debuting an animated film titled "Dullsville and the Doodleverse" this summer, featuring contributions from artist, designer and producer Pharrell Williams, rapper Lil' Wayne, and singer Coi Leray. Williams also serves as Doodles' Chief Brand Officer. The film is being marketed as a "groundbreaking animation and music experience", with an accompanying soundtrack release.
Open Canvas: Coachella, a popular California-based annual music festival, is expanding their footprint into the NFT world. Not only are Coachella passes available for puchase as NFTs, festivalgoers will be able to earn perks and upgrades through a blockchain-based game this year. Developed in partnership with Ava Labs (Avalanche blockchain's official team), the Coachella Canvas app will enable the creation of a personal 'passport' to begin quests.
But Why?: Binance is discontinuing marketplace support for Bitcoin Ordinals on April 18th. The company explained through a blog post that the decision to no longer support Ordinals on its NFT marketplace is due to their "ongoing efforts to streamline product offerings". Many on CT expressed their confusion about Binance's stated explanation, especially given the increasing volume and social media visibility of numerous Ordinals projects, such as Bitcoin Puppets.
Tweet of the Week
The BTC halving is approaching, with Runes poised for an ecosystem takeover.
— Bitfinity Network (@bitfinitynet) April 4, 2024
You will be able to access Runes from the latest #Bitfinity wallet.
Let's dive into the Runes Protocol to see how it will shape the future of tokenization on #Bitcoin: Runes facilitate etching,… pic.twitter.com/XacT7bdp7m
Let's get you caught up on Runes!
Meme Time
A Matter of Opinion
We are incredibly honored to send out our 100th weekly newsletter. In the past two years that we have been publishing Bitfinity Weekly, our goal has always been to deliver trustworthy, unbiased and timely news to our readers. Although Bitfinity is not in the 'business' of education, we put tremendous effort into providing free content because we believe that educating our community is the best way to help people help themselves.
Web3 can be a confusing world to navigate--as emerging ecosystems tend to be. We hope that the past 100 weeks have provided navigational value in your personal web3 journey.
Whether you have been a supporter since our 'InfinitySwap' days or just discovering us, we hope that we can continue to exceed your expectations and deliver quality content as well as useful tools like the Bitfinity Wallet. See you next week!
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*Important Disclaimer: While every effort is made on this website to provide accurate information, any opinions expressed or information disseminated do not necessarily reflect the views of Bitfinity itself. The information provided here is for general informational purposes only and should not be considered as financial advice.
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