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May 01,2024

Coinbase Finally Integrates The Bitcoin Lightning Network

Coinbase has recently integrated support for the Bitcoin Lightning Network, a solution facilitating faster and more affordable BTC transactions. Despite its inception in 2017, Coinbase has just now embraced this enhancement to its platform. The incorporation of this new technology is facilitated by Lightspark, a company within the Lightning Network ecosystem founded by David Marcus.


Utilizing Lightspark

Following the announcement, Coinbase CEO Brian Armstrong expressed enthusiasm about joining the Bitcoin Lightning Network, aiming to achieve transactions under one second and costing just one cent, thus ushering in broader adoption. In this integration, Coinbase employs remote-key signing implementation, which is associated with Lightspark, with Coinbase exclusively managing the signing keys while Lightspark operates its node.

The intention to integrate the Lightning Network was disclosed by Protocol Specialist Viktor Bunin in September 2023. Since then, according to Bunin, Coinbase has been assessing the potential and hurdles associated with this technology. Despite the delay, this addition shows that Coinbase is dedicated to remaining at the forefront of technological advancements in the cryptocurrency sector.


A Much Needed Integration

The Lightning Network functions as a payment solution layered atop Bitcoin, utilizing BTC transactions and time-locks to establish nodes and channels that facilitate cost-effective and rapid transactions. While conventional Bitcoin transactions often require a minimum of ten minutes for confirmation on the Bitcoin base layer, this solution reduces the wait time to mere seconds and significantly lowers transaction fees. Now, eight months later, this implementation is accessible to millions of Coinbase users.

David Marcus, CEO of Lightspark, expressed excitement about collaborating to introduce the Bitcoin Lightning Network to hundreds of millions of people across more than 100 countries. This milestone marks a significant advancement for the entire network as well as for Bitcoin as a whole.


May 01,2024

New Indonesian Administration Looks To Bolster Local Crypto Scene

Winners of the recent Indonesian Presidential election, Prabowo Subianto and Gibran Rakabuming, have pledged to bolster the local crypto sector, aiming to enhance regional competitiveness. Notable industry figures share this view, foreseeing a positive impact on the Indonesian crypto landscape under their leadership.


Supporting Crypto Youth

Subianto, affiliated with CFX, and William Sutanto, affiliated with INDODAX, express optimism regarding the new administration and their stance on crypto. Subianto plans to tighten regulations to combat tax evasion, while Rakabuming intends to cultivate blockchain expertise among young people.

Both leaders are dedicated to nurturing the crypto environment, a commitment reaffirmed following their official declaration as winners by the electoral commission on April 25th, 2024. Expectations are high that they will maintain or improve the current crypto-friendly policies. Sutanto emphasizes the potential of Rakabuming to drive innovation in blockchain and cryptocurrency, especially considering his appeal to the younger demographic and strategic planning skills.


Witnessing Substantial Growth

Sutanto hopes the new government will strongly support digital assets, positioning Indonesia to compete with neighboring countries like Thailand, the Philippines, and Vietnam. Despite not leading in transaction volumes, Indonesia has witnessed substantial growth in registered crypto users during President Joko Widodo and his tenure, who also happens to be the father of Rakabuming.

Furthermore, the Widodo administration established the inaugural national crypto exchange in addition to also introducing a comprehensive tax framework, hinting at potential tax incentives for crypto transactions in the future. These developments set a promising foundation for the incoming leaders, potentially bolstering Indonesia and its profile in the regional crypto market.


April 30,2024

Everything You Need To Know About The Hong Kong Spot Bitcoin And Ether ETFs

In a significant development for the Asian cryptocurrency market, ChinaAMC (Hong Kong) Limited announced the upcoming launch of their Spot ChinaAMC Bitcoin ETF and Spot ChinaAMC Ethereum ETF. This event provided insights into their expectations and unique offerings.


Interest And Confidence

Zhu Haokang, Head of Digital Asset Management at ChinaAMC (Hong Kong), expressed confidence in surpassing the trading volume of US Bitcoin spot ETFs on the first day. Wayne Huang via OSL confirmed strong initial fundraising, with transactions exceeding those of US counterparts.

Key differences include ChinaAMC and their ability to offer spot and physical subscriptions, along with various currency counters. Interest has come via diverse investors, including Bitcoin mines and those within regions without ETFs. Despite higher fees, ChinaAMC is confident in its competitiveness, emphasizing adherence to ETF standards, flexibility, and robust risk management.


Who Can Take Part

Physical subscription allows coin transfer through brokerage firms, with stringent anti-money laundering measures. Mainland Chinese investors are currently ineligible, but qualified and international investors can participate.

The potential impact of Ethereum being classified as a security in the United States will not affect the ETFs in Hong Kong, as local regulations differ. Discussions about listing other coins in Hong Kong are ongoing. ChinaAMC plans to launch innovative financial products related to their ETFs, believing they will improve cryptocurrency prices due to increased liquidity and compliance.


April 30,2024

NFT Owners Rejoice As New Token Gets Announced By EigenLayer

EigenLayer, a staking protocol within Ethereum, has prepared a fresh token for NFT enthusiasts after much anticipation and some delay. The token is named EIGEN, and was launched with the unveiling of its white paper on April 29th, 2024.


A Mixed Bag

This token found favor among applications rooted in collaborative endeavors, such as prediction markets, gaming virtual machines, and storage solutions. However, individuals residing in countries like the United States and Canada are reportedly not the intended recipients of the upcoming airdrop.

Additionally, EIGEN aims to empower NFT owners with exclusive profit rights, which is a far cry compared to the CC0 copyright stance previously adopted by MoonBirds Tokyo NFTs.  NFT copyright laws are still evolving and vary by jurisdiction. Generally, they pertain to the ownership and reproduction rights of digital assets represented by NFTs. Creators typically retain copyright over the content they mint as NFTs, but ownership and usage rights may be transferred through NFT sales.


Augmenting Staking Balances

Functioning on the Ethereum blockchain, EIGEN offers EtherHunt as a viable means for users to augment their staking balances by transferring Ether to EigenLayer, thus earning rewards while validating transactions on both networks.

EigenLayer further asserts its utility in facilitating agreements among individuals on off-chain statements through real-world efforts, such as 1 BTC being equal to 1 USD. Unlike the Augur Reputation token, REP, EigenLayer is designed to be more versatile, finding application across prediction markets and beyond.


April 29,2024

Ethereum ETF Gets Listed On DTCC By Franklin Templeton

Asset management firm Franklin Templeton has listed its Ethereum exchange-traded fund (ETF) with the ticker EZET on the Depository Trust and Clearing Corporation (DTCC) website. The ETF, named the Franklin Templeton Ethereum TR Ethereum ETF, appears in the create or redeem section on the DTCC website. However, approval by the U.S. Securities and Exchange Commission (SEC) is still pending.


Franklin Templeton Awaits Approval

On February 12th, Franklin Templeton became the latest asset manager to submit a spot Ethereum ETF application to the SEC, joining a list of others such as BlackRock, Fidelity, Grayscale, VanEck, Invesco, Galaxy, Ark Invests, and 21Shares.

Last week, the SEC announced a postponement in its decision regarding Franklin Templeton's proposed spot Ethereum ETF, extending the deadline to June 11th. This news, disclosed through a public filing, leaves the fate of this financial product uncertain for now.

The proposed ETF aims to mirror the price of ether and would employ Coinbase Custody Trust Company and the Bank of New York Mellon as custodians. In March, the SEC deferred a decision to endorse the BlackRock spot Ethereum ETF. The SEC now has until May 23rd to approve or reject the VanEck ETF application for an Ethereum ETF tracking the world's second-largest cryptocurrency.


Doubts Linger

Bloomberg Intelligence analyst James Seyffart has voiced doubts, suggesting that the current round of Ether ETF applications might ultimately face rejection. Tron CEO and founder Justin Sun also expressed skepticism, stating that it is improbable for an Ethereum ETF to be approved in May, emphasizing the need for long-term education with regulators regarding the cryptocurrency.

In any case, the classification of Ethereum remains uncertain. Presently, ETH is not labeled as a security by the SEC, but this could change rapidly. Reports suggest that several U.S.-based companies have been served subpoenas attempting to categorize ETH as a security.

Ethereum is perceived as a decentralized cryptocurrency, not a security. Nonetheless, regulatory bodies like the SEC continue to monitor the cryptocurrency realm and may issue further guidance or sudden alterations in the future. It's crucial to stay informed about regulatory developments.


April 29,2024

BTC Miners Enjoy Increased Revenue Via Transaction Fee Surge

Bitcoin (BTC) miners are seeing a significant boost in revenue due to the uptick in transaction fees originating via Bitcoin Runes, a fresh protocol for issuing fungible tokens on the Bitcoin network, as indicated by TeraWulf co-founder and CEO, Nazar Khan.


Heightened Transaction Fees

Khan stressed the impact on transaction fees, highlighting that Runes notably raised transaction fees, leading to a hike in hash price within the initial 24-30 hours post-halving. Since then, there has been a noticeable decline in transaction fees, but they still stand considerably higher compared to 2023 averages.

As Khan elucidated, with the remainder of the Bitcoin block reward set as a fixed issuance, transaction fees become the variable factor for Bitcoin miners. This surge in transaction fees offers vital financial support for miners post-Bitcoin halving, which reduced block rewards to 3.125 BTC. Even though total BTC transaction fees dropped to 105 BTC on April 25, they remained notably elevated compared to most of 2023, as per CryptoQuant data.


Estimating Production Costs

On average, post-halving transaction fees constituted around 30% of Bitcoin block rewards, providing miners with nearly an additional Bitcoin atop existing block rewards, Khan disclosed. In contrast, transaction fees accounted for only 10% of Bitcoin block rewards in 2023.

TeraWulf estimated a post-halving Bitcoin production cost of $37,000 per BTC, assuming a 10% average transaction fee. However, with the current higher average transaction fees, TeraWulf anticipates a further reduction in Bitcoin production cost, thereby bolstering profitability, Khan suggested. Despite the halving of block rewards, TeraWulf remains poised for expansion as the eighth-largest Bitcoin mining firm, with a market capitalization surpassing $750 million, according to Companies Market Cap.


April 29,2024

Web3 Fundraising Deals - April 23rd To April 29th, 2024

Games for a Living (GFAL) kicks off with a bang, securing $3.2M in seed funding by industry titan Supercell. GFAL is driving mass adoption of blockchain gaming through both an infrastructure that developers can use at no added cost and via the creation of games which showcase said infrastructure.


Optix Protocol (OPTIX) sees success in its private token sale, raising $1.78M with backing by Morningstar Ventures. Optix is a decentralized option protocol where users can buy options on top crypto assets with up to 10x leverage and earn sustainable yield selling options.


Hinkal Protocol enters the strategic funding arena, securing $1.4M with support by The SALT Fund. Hinkal is a ZK-based solution that provides a private smart contract wallet experience, allowing users to participate in their favorite dApps directly without needing to withdraw assets for obfuscation.


L3E7 secures an impressive $10M in undisclosed funding, backed by The Spartan Group, highlighting growing interest in the GameFi sector. L3E7 is an open-world RPG game powered by location-based services (LBS), offering immersive 3D metaverse experiences.


OpenDelta (USDO) secures $2.15M in pre-seed funding, paving the way for stablecoin innovation with support by 6th Man Ventures. OpenDelta introduces a delta-neutral, yield-bearing synthetic dollar, USDO, powered by Bitcoin derivatives. USDO maintains its dollar value by hedging Bitcoin (BTC) collateral deposited by users.


PenPad strategically aligns with Animoca Brands, marking a significant move in blockchain service advancements. PenPad is reshaping Layer-2 with zero-knowledge tech, emphasizing scalable, private dApp development and fair-launch principles.


NATIX Network (NTXT) secures $4.6M in strategic funding, backed by Borderless Capital, driving forward blockchain service solutions. Natix is a blockchain-based and crowdsourced camera network creating a real-time map of the world. This DePIN of cameras uses Natix to map the world whilst simultaneously ensuring that no private data is collected.


Movement Labs secures a staggering $38M in Series A funding led by Polychain Capital, illustrating a strong market appetite for blockchain infrastructure. Movement Labs prioritizes community involvement, characterized by its transparent tokenomics, minimal staking requirements aimed at promoting decentralization, and a protocol architecture that facilitates community-driven expansion. 


Engines of Fury (FURY) partners with Animoca Brands, tapping into the GameFi market with innovative offerings. This is a free-to-play post-apocalyptic top-down extraction shooter, powered by a single deflationary token and NFTs.

April 28,2024

Bitcoin Floats Around $64K As Altcoins See Red

Despite its best efforts, any attempts Bitcoin (BTC) has made recently to try and recover its price have been unsuccessful, with the asset dropping to $62,400 before bouncing back to around $63,000. Meanwhile, SOL, DOGE, ADA, HBAR, and RNDR are among the weakest performers within a 24 hour period. Infact, most of the market is seeing a downturn currently, and the total crypto market cap has also decreased by $150 billion over the past two days.


BTC Falls To $63K

The price movements for the flagship crypto both before and after the fourth halving, completed last Friday, have been relatively lackluster. Despite a slight recovery after the Iran-Israel tensions, during which it stood above $65,000 following the reduction in block rewards, it struggled to maintain momentum, even testing $67,000 a few times. However, it faced challenges amid increasing ETF outflows.

Conversely, BTC has been rapidly losing value in recent days. Although it has regained some ground, Bitcoin is still struggling to reach the $70,000 once more. Elsewhere, ETH, BNB, XRP, and TON are also experiencing declines, albeit less severe. TRX is among the few alts showing gains today. However, many other lower- and mid-cap alts have recorded notable losses over the past day as well. Consequently, the total crypto market cap has fallen by $50 billion overnight and $150 billion since Thursday, dropping to under $2.450 trillion on CoinGecko.


Other Markets

Amidst a surge in US stocks, the New York Stock Exchange (NYSE) witnessed a notable rise, resulting in the best week for stocks in 2024 thus far. However, Wall Street faced unexpected challenges as markets displayed swift reversals, confounding industry professionals. Meanwhile, Federal Reserve Chairman Powell re-emphasised a prolonged period of elevated inflation.

In other market developments, the next US LNG export plant is gearing up to commence production by mid-2024, while the Fed is shaping a new equities playbook in Asia. On the energy front, Ukraine endured a missile barrage and retaliated with strikes on a Russian refinery, underscoring the ongoing tensions. Lastly, Zimbabwe introduced a new currency called ZiG, receiving praise by many for its potential economic benefits.


April 27,2024

Eminem Gets Involved With Crypto Through New Ad

Immensely popular American rapper Marshall Mathers, also known as Eminem and Slim Shady, recently teamed up with for their latest advertising campaign. The ad features Eminem strolling through a gym, blending the concept of industry peak with crypto-related phrases like PoW Proof-of-Work.


Sparking Conversations

While initial buzz has subsided, it sparked sketches and discussions designed to captivate and engage audiences while promoting the brand. Despite the attention garnered by the ad, the price of the token, Cronos (CRO), hovered around $0.13 on average.

The notorious volatility of the cryptocurrency market underscores the central theme, which is the uncertainty surrounding the value of the endorsed cryptocurrency and its impact on the market. Moreover, celebrity involvement in crypto advertising often presents a controversial angle. Matt Damon, for instance, clarified that his participation was tied to his charity,, rather than a direct endorsement of the cryptocurrency industry.


Celebrities Navigating Crypto Endorsements

Celebrity appearances in crypto-related ads have become commonplace over the years. An intriguing facet of past campaigns was their online presence, set against a digital backdrop featuring historical figures, symbolizing the adventurous nature of the virtual currency realm.

This era also witnessed the renaming of the iconic Los Angeles Staples Center to the newly named Arena, serving as the backdrop for Eminem for most of his crypto-oriented work. Celebrity involvement in cryptocurrency ads has yielded mixed results, fostering technological awareness while igniting debates, especially following the 2022 collapse of FTX.

As the landscape of big-name celebrities in crypto advertising evolves, it prompts discussions about the industry itself. While immediate price movements may be subtle, the long-term impact of these endorsements on public perception and regulations warrants increased attention going forward.


April 26,2024

ConsenSys Fights Back Against The SEC And Initiates Legal Action

ConsenSys has initiated legal action against the U.S. Securities and Exchange Commission (SEC), asserting that the SEC attempting to assert control over Ethereum (ETH) constitutes an unlawful seizure of authority. The core issue here is the classification of Ethereum as a security, which ConsenSys vehemently opposes.


Defending The Community

Operating via Fort Worth, Texas, ConsenSys is not only defending its own interests but also advocating for the broader Ethereum community. They have taken the matter to federal court to seek clarity on Ethereum and its current status, emphasizing that ETH is not a security. They argue that treating it as such would infringe on Fifth Amendment rights and violate the Administrative Procedures Act.

ConsenSys warns that if Ethereum is classified as a security, it could severely impede innovation and usage of Ethereum in the U.S., potentially causing significant losses for Ether holders and hindering the broader blockchain ecosystem.

ConsenSys Head Joe Lubin, who is also a key figure within the Ethereum ecosystem, stressed the importance of this legal battle in preserving opportunities for developers and market participants involved in Ethereum. He asserts that Ether has historically been treated as a commodity, not a security, and challenges any jurisdiction that the SEC claims to have  over it.


Stopping The SEC

Unsurprisingly, ConsenSys aims to prevent the SEC when it comes to regulating Ether, Ethereum-based interfaces, or the blockchain itself, arguing that they do not meet the criteria for securities. They emphasize the role of Ethereum as a commodity and its significance in various non-financial applications across sectors like healthcare and energy.

The fight extends beyond Ethereum, as ConsenSys is also defending the future of blockchain innovation in the U.S. Lubin warns that subjecting Ethereum to outdated securities laws would hinder U.S. progress in the blockchain space and allow other countries to take the lead.


The MetaMask Issue

ConsenSys is adamant that its MetaMask wallet does not function as a broker, and its staking services do not violate securities laws. They are urging the SEC to not investigate the swap or staking functionalities of MetaMask. In any case, the lawsuit underscores the serious ramifications of SEC intervention.

Moreover, ConsenSys emphasizes that the MetaMask wallet is designed to empower users to participate in Web3 industries, facilitating tasks such as managing digital identities and conducting crypto transactions. They reject the notion of labeling developers of such tools as securities brokers, which they believe would impede progress in the Web3 domain.


April 26,2024

Popular Crypto Influencer Sentenced To Seven Years In Prison

Jay Mazini, also known as Jabara Igbara, who claimed to be a crypto millionaire on Instagram, has been sentenced to seven years in prison by U.S. District Judge Frederic Block for wire fraud and money laundering. He must also forfeit $10 million.

Labelled a crypto con man by the Office of the United States Attorney, Igbara, 28, admitted to carrying out multiple fraud schemes, scamming investors of at least $8 million. He pleaded guilty in November 2022.


Caught Red Handed

According to United States Attorney Breon Peace, the prosecution of Igbara revealed him as a fraudster who exploited his social media popularity to deceive investors, particularly through his religious community, and spend their money recklessly. Peace hopes the sentence will deter fraudsters like Igbara when it comes to exploiting investors for personal gain.

Thomas Fattorusso, Special Agent-in-Charge of the Internal Revenue Service Criminal Investigation, described Igbara as a con man who duped the New York Muslim community out of millions and squandered the funds on personal expenses and gambling. Fattorusso emphasized that Igbara will face consequences for his crimes.


Exploiting The Community

Between 2019 to 2021, Igbara, under the alias Jay Mazini, amassed nearly one million followers on Instagram, portraying himself as a successful investor and devout Muslim. He flaunted his supposed wealth by giving away large sums of cash in videos posted on Instagram.

Operating through Halal Capital LLC, Igbara orchestrated an investment fraud scheme targeting Muslim-Americans in New York, soliciting funds for fake investments in various ventures. In reality, he ran a Ponzi scheme, using the funds for personal expenses and gambling.

To sustain the illusion of profitability and retain investors, Igbara initiated a second fraudulent scheme, offering above-market prices for cryptocurrencies on social media. After receiving crypto through his victims, he fabricated wire transfer confirmations to deceive them into believing they had been paid, while pocketing the crypto himself.


April 25,2024

Solana Community Looks Forward To Much Needed Update

Scheduled for May 27th, 2024, Solana (SOL) is poised to unveil the mainnet beta along with a crucial patch aimed at addressing various persistent bugs within the network. The forthcoming beta iteration, labeled v1.18, focuses on resolving congestion issues that have recently brought the network to a standstill.


Addressing Key Concerns

Solana is currently evaluating new solutions to alleviate network congestion. The surge in traffic, particularly because of high-volume meme coin-related bot transactions, has significantly strained capacity, leading to a decline in network speed and an increase in transaction failures within the cryptocurrency sphere. In response, the Solana development team, in collaboration with Anza, introduced devnet version 1.18.11 on April 13th. Presently, this version is undergoing validation by the necessary validators in preparation for the beta launch of the mainnet, scheduled for late May.

In addition to regular testing, version 1.17.31 was deployed on April 15th to address network congestion issues. These adjustments were swiftly recommended for implementation by validators. The strategizer release represents one of several efforts made to stabilize the network amidst significant fluctuations in transaction volume.


Still A Ways To Go

While Solana has made strides in technological enhancements, it continues to grapple with market volatility. In early April, the cryptocurrency experienced a substantial price drop of over 22%, plummeting to $116. However, it has since shown signs of recovery, with its price now hovering around $154.86. These fluctuations underscore the challenges and uncertainties inherent in the digital currency market.

The latest update by Solana aims to bolster network capacity to meet increasing demands and enhance system security. With the impending release of Millennium v1.18, the community is closer than ever to achieving its primary objectives. Continuous scrutiny of these developments by the community and stakeholders ensures the creation of a functional, accessible, and replicable network.

As technical updates coincide with market recovery, Solana remains committed to safeguarding network infrastructure and navigating market dynamics remains pivotal to its growth and stability.