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The Trilemma of Scalability, Security, and Decentralization in Blockchain.
In the world of blockchain, we often hear about the intricate balance between scalability, security, and decentralization. This trifecta can sometimes feel like a tightrope walk, but as technology advances, so do our solutions.
💡 Vitalik Buterin's 'Endgame': Check out his thought-provoking article link where he boldly states that blockchains can't be both scalable and decentralized simultaneously – and that's okay!
🔗 How Do We Overcome This Challenge? There are smart approaches like sharding and Layer 2s (L2s). Sharding divides a blockchain into smaller, more agile pieces to boost transaction capacity. L2s operate on top of a blockchain to enhance scalability and efficiency.
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🔒 Why Does Decentralization Matter? Some say, "Nobody cares about decentralization." But consider this: decentralization enhances security. A distributed system on 20,000 servers is inherently more reliable and resilient against manipulation than one on just 20 servers, each owned by a different entity.
🌐 Why Layer 1s Matter: It's more than just scalability and parallelization – these are the core features we emphasize. Think of it like the transition from single-core to multi-core processors in PCs. It's all about speed and parallelism, opening doors to a world of new possibilities and solutions!
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📣 Certik Study: $332 Million Lost to Exploits, Hacks and Scams in September, More Than $1.3 Billion Lost in 2023
🚨 According to the cybersecurity firm Certik, digital assets worth approximately $332 million were stolen via code exploits, exit scams and flash attacks in the month of September alone.
🔴 As shown by the data, the biggest incident during the month was the $200 million exploit suffered by Mixin Network on Sept. 23
🔴A few weeks earlier, the cryptocurrency exchange platform Coinex Global suffered an exploit in which digital assets worth $54 million were stolen.
🔴Meanwhile, unlike in the month of August when digital assets lost through exit scams topped $26 million (more than half of the nearly $46 million that was stolen), only $1.9 million was lost via this tactic in September.
💲 The cybersecurity firm’s data shows that the total value of funds siphoned from digital asset platforms since the start of the year now exceeds $1.3 billion. In August, this figure was just under one billion dollars.
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🌟 Bitwise Retracts Bitcoin and Ether Market Cap Weight Strategy ETF Registration
👉 In a recent submission to the U.S. Securities and Exchange Commission (SEC), Bitwise has decided to retract its registration for its Bitcoin and Ether Market Cap Weight Strategy exchange-traded fund (ETF). The reasoning behind this action remains unknown, but Bitwise’s chief legal officer, Katherine Dowling, briefly noted that the company has postponed plans to launch the fund.
➡️ Subsequent to the postponement of seven spot bitcoin ETFs, Bitwise Asset Management has rescinded its Bitcoin and Ether Market Cap Weight Strategy ETF, as stated in an SEC filing on August 31, 2023.
⚫️ Owing to the market cap of bitcoin (BTC) and ethereum (ETH), the combined allocation of these crypto assets within the proposed ETF would have been constrained at 75%. The most recent filing presented by Dowling does not divulge any justifications for the company’s withdrawal. The document declares:
⚡️ The Trust no longer intends to seek effectiveness of the Fund and no securities of the Fund were sold, or will be sold, pursuant to the above-mentioned Post-Effective Amendment to the Trust’s Registration Statement.
⚫️ It is essential not to mistake the Bitwise Bitcoin and Ether Market Cap Weight Strategy ETF for their spot BTC ETF since it is a physically-backed Bitcoin ETF that monitors bitcoin’s price. w
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🇰🇵 North Korea Hackers Continue to Target Crypto Platforms: UN Report
🖥 Hackers working for North Korea have continued to attack companies in the crypto space this year, according to independent sanctions monitors. Their findings, which reveal that Pyongyang proceeds with the development of its nuclear and weapons programs, will be included in a U.N. report which is to be released in the coming weeks.
❕ North Korea continued to produce nuclear fissile material and develop nuclear weapons in 2023, a new report prepared for a U.N. Security Council committee unveils. The document, which is yet to be officially published, has been seen by Reuters.
💲 North Korea has been previously accused of conducing cyberattacks to source funds for these programs and 2022 was a record-breaking year in terms of the total amount of money that hackers allegedly affiliated with the regime in Pyongyang managed to steal — an estimated $1.7 billion.
➡️ The hackers, believed to be working for North Korea’s main foreign intelligence agency, the Reconnaissance General Bureau (RGB), “continued to use increasingly sophisticated cyber techniques to steal funds and information,” the experts added.
💲 While Worldcoin Sees a 148% Surge in Unique Addresses, the Top 20 Wallets Command 94% of WLD Supply
⚡️ Worldcoin’s native cryptocurrency, worldcoin (WLD), has oscillated in value between $2.69 and $2.13 per token throughout the preceding 12 days, peaking at $3.30 per coin on July 24, 2023. The number of individual addresses possessing WLD under Worldcoin’s umbrella has surged by more than 148%, escalating from 164,195 wallets to a figure of 408,721 unique addresses.
💵 Worldcoin’s preeminent two addresses, which function as contract addresses, are firmly within the control of the Worldcoin project, holding 57.86% and 17.88% of the WLD supply, respectively. Following those wallets is the third-largest address, held in Binance’s custody, and the fourth, maintained by the firm Wintermute.
💵 The fifth position is occupied by another contract wallet under Worldcoin’s dominion, while the sixth-largest wallet is overseen by the South Korean exchange Bithumb. The subsequent ranks are controlled by Okx as the seventh largest, Huobi as the eighth, and Flow Traders owning the ninth largest WLD wallet. Wintermute has yet another significant presence, commanding the tenth-largest WLD wallet with a balance of 850,000.
💵The following ten positions are designated as Uniswap, Gate.io, Bithumb, Bybit, an unknown wallet, Mexc, Bitget, Worldcoin, another unknown wallet, and Bybit, in that order. Cumulatively, the top 20 wallets encapsulate a commanding 94.0125% of the WLD supply as of August 5, 2023.
📢 Biggest Movers: DOGE Races to Highest Point Since May, Following Elon Musk Tweet
🐶 Dogecoin was one of the standout gainers during a quiet session, as the memecoin raced to a multi-month high. Prices rose as traders continued to react to a recent tweet from Elon Musk. Another notable gainer was polkadot, which rose nearly 7% higher.
⚡️ Dogecoin (DOGE) was a notable mover during Friday’s session, as the meme coin climbed to a multi-month high. This occurred as price continued its reaction to a recent Elon Musk tweet.
⚡️Following a low of $0.06855 on Thursday, DOGE/USD surged to an intraday peak of $0.07639 earlier today. This resulted in dogecoin hitting its strongest point since May 6, when its price peaked above $0.0800.
🟡One of the catalysts behind today’s move was a breakout of the 62.00 level on the relative strength index (RSI).
🟡Earlier momentum has marginally faded, with DOGE now trading at $0.074.
🔷 Ethereum’s Fiery Path: $6.6 Billion Ether Burned Since the London Hard Fork
⏳ Nearly two years — precisely 23 months — have zipped by since the enforcement of Ethereum’s London hard fork, marking the implementation of Ethereum Improvement Proposal (EIP) 1559.
🔥 Current figures reveal a total of over 3.46 million ether has been burned since the London hard fork.
➡️ To give a sense of scale, the sum of $6.68 billion worth of ether burned could enable a person to purchase roughly 19,085 single-family homes, each estimated at an average price tag of $350,000.
⚫️ Regular ETH transfers have contributed most significantly to the Ethereum reduction, incinerating nearly 300,000 ETH.
🔗 Transactions involving Tether have wiped out over 150,000 EACH, and combined, Uniswap v3 and v1 have caused the burning of more than 200,000 ETHNIC.
☀️ 40% of South Africans Familiar With the ‘Concept of Web3’ — Study
📊 Some 40% of South African survey participants are familiar with the concept of Web3 and a further 80% believe the technology backing cryptocurrencies can “transform or fully rebuild the financial system,” according to the findings of a Consensys survey. However, as much as 59% believe scams are among the main barriers stopping many from dabbling with cryptos. Just under half of the respondents (48%) named the crypto market’s volatility as one of the most significant barriers to entry.
👍 Overall, the survey found that “there are high levels of awareness of all Web3 concepts” among interviewed South Africans.
➡️ However, when asked about the set of skills that one needs to participate in Web3, 43% of the respondents named financial trading as the most important prerequisite. Some 24% of the surveyed South Africans thought software engineering is the most important skill, while 17% identified marketing.
✅ Meanwhile, the survey findings also suggested that half of South Africa’s population believes the financial system could be improved. An even larger proportion of the respondents said the technology to improve the financial system already exists.
🔩 On the regulation of cryptocurrencies or the lack thereof, 46% of the respondents said these must be “heavily regulated to ensure that traditional financial markets are not destabilized and that investors are protected.” Only 7% felt regulators need to let the industry self-regulate.
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🐶 Meme Coin Market Plummets $3.2 Billion in 2023: Dogecoin and Shiba Inu Lead Declines
📉 While pepe (PEPE) bolstered the meme coin realm by $284 million, becoming the third most valued meme coin by market cap, the meme token arena has seen a $3.2 billion dip in worth. Merely nine months back, this economy stood tall at $16.9 billion. Today, it’s declined by 18.93%, resting at a value of $13.7 billion.
👑 Dogecoin (DOGE) retains its crown as the foremost meme coin and ranks as the tenth-largest crypto asset by overall market cap. Beginning 2023 with a valuation of $10.83 billion, DOGE’s current market cap hovers at $8.37 billion, reflecting a $2.46 billion decrease.
🔽 Yet, in the recent week, DOGE diminished by 2.8%, and a month-long overview indicates a 4.4% dip against the U.S. dollar. This week, SHIB‘s value declined by 2.8%, and over the month, it dipped 5.4% against the greenback.
💲 Currently, the meme coin arena clocks in $370 million in worldwide trade volume amidst a grand total of $20.27 billion in transactions. This translates to meme coin trades making up 1.824% of the total trade volume on October 15, 2023.
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🪙 Bitcoin Ordinal Inscriptions Cool Down After Historic Peak
➡️ Bitcoin Ordinal inscriptions have tapered off markedly since September 24, 2023, following a historic peak on September 15. This deceleration emerges as inscriptions nestled within the Bitcoin blockchain verge on the notable 35 million milestone.
🟡 For example, on September 30, 2023, a total of 28,400 inscriptions were chronicled onchain, while the preceding day witnessed the addition of 44,746 inscriptions. The day before that saw the inscription count scarcely nudging past the 100,000 threshold.
🟡 While 2023 has seen its share of inscription lows, the recent plummet has been more pronounced. On the flip side, the deceleration in inscriptions has afforded miners the chance to tackle the backlog of unconfirmed transactions languishing in the mempool.
🟡 The reasons behind the slowdown in inscriptions remain a mystery, casting a veil of uncertainty on the duration of this lull, and whether or not a resurgence in inscriptions is on the horizon. Despite these uncertainties, the 35 million milestone is within reach, reflecting a trajectory that’s made a significant impact on the Bitcoin blockchain.
⚡️ Bitcoin ETFs Explained: A Closer Look at BTC Exchange-Traded Products
⚡️ Exchange-traded funds, or ETFs, that track the price of bitcoin have become a popular means for mainstream investors to gain exposure to the cryptocurrency market without directly owning bitcoin. Though the U.S. Securities and Exchange Commission has not approved a spot bitcoin ETF in the U.S., futures-based and international bitcoin ETFs are offering investors new participation methods.
🕯 An ETF is an investment fund traded on stock exchanges, similar to stocks. A bitcoin ETF doesn’t directly trade bitcoin; rather, it tracks bitcoin futures contracts or holds private keys associated with the cryptocurrency. This setup grants regular investors and institutions access to bitcoin exposure without dealing with cryptocurrency exchanges or wallets.
2️⃣ There are two main types of bitcoin ETFs: futures-based and spot bitcoin ETFs. Futures-based bitcoin ETFs, such as the Proshares “Bitcoin Strategy ETF,” which debuted in 2021, don’t directly invest in bitcoin. Instead, they track bitcoin futures contracts traded on platforms like the Chicago Mercantile Exchange (CME). A spot bitcoin ETF directly holds actual bitcoin assets on behalf of its investors. Unlike futures-based funds, it provides direct exposure to the crypto asset’s real-time price movements.
❌ Currently, spot bitcoin ETFs are unavailable in the U.S. but some expect that to change in the near future.
🪙 The allure of bitcoin ETFs is evident: They provide uncomplicated bitcoin exposure as a security without the intricate storage and security requirements of the actual cryptocurrency.
❕ Conversely, a bitcoin ETF might allow for leveraging fictional bitcoin supplies to control futures positions. If prices climb rapidly, a fictitious supply of paper bitcoin could be used to control them. Nontransparent fractional reserve practices might emerge, skewing prices as seen in traditional markets. But with BTC’s transparent blockchain, future ETFs might need to prove 100% reserves.
🔴 Axie Infinity’s Stats Slump: A Play-to-Earn Reality Check
📣 Axie Infinity ranks among the largest blockchain-driven play-to-earn games ever. However, its luster has dimmed considerably from its January 2022 peak. Then, a robust 2.78 million average monthly players flocked to the game. Yet, today’s count stands at a mere 359,254 average monthly participants, translating to a dramatic decline of over 87%.
🔹 The game, which uses non-fungible token (NFT) technology, was first introduced on the Ethereum blockchain. To expand, Sky Mavis, the game’s developers, developed a layer two (L2) chain named Ronin. The rollout of Ronin finished in February 2021, and by April of the same year, all Axie NFTs transitioned from Ethereum to Ronin.
💲 Even with a decrease in monthly users, Axie has logged $4.28 billion in NFT sales over 20.32 million transactions. However, figures from defillama indicate that the total value locked (TVL) on Ronin has seen a significant decline. On December 3, 2021, Ronin’s TVL peaked at $1.487 billion, but it has since fallen to $61 million.
➡️ The project’s native cryptocurrencies, axie infinity (AXS) and smooth love potion (SLP), have declined 97.13% to 99.65% from their record highs. In the last month, AXS decreased 1.3%, but it rose 4% in the past week. Meanwhile, SLP fell 2.2% over 30 days compared with the U.S. dollar. SLP ranks 351 among more than 10,000 cryptocurrencies, while AXS holds the 61st position on September 16, 2023.
⚫️ More than 99% of AXS investors have faced losses since the game’s currency introduction. Axie’s unique active wallet count isn’t faring much better, with a decline of over 14% in the past 30 days. This month’s transaction count is down 6.53% from the previous month.
🐦 Vitalik Buterin’s X Account Hacked to Promote Crypto Scam
👉 The X account of Ethereum founder Vitalik Buterin has apparently suffered a breach by scammers spreading phishing links. The attack, which manifested itself in the form of a post offering free digital collectibles, has allegedly resulted in the loss of over $690,000 for those who fell for the fraud.
💬 On Saturday, Vitalik’s father warned on X about the malicious tweet that has since been deleted. “Disregard this post, apparently Vitalik has been hacked,” Dmitry Buterin urged users on the social media, adding that the founder of Ethereum “is working on restoring access.”
📣 The post offered victims to follow a link, connect their wallets and claim the commemorative collectible. Among them was Ethereum developer Bok Khoo, X handle Bokkypoobah, who tweeted he had “lost a few Punks” and called on followers: “Don’t interact!”
💲 Blockchain enthusiast and crypto detective ZachXBT, who is dedicating efforts to uncovering rug pulls and exposing malicious players within the crypto space, revealed in a tweet that the total drained by the perpetrators of the attack amounts to $691,000.
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🌐 US Dollar Dominance in Global Payments Strengthens, SWIFT Data Shows
💲 The U.S. dollar’s dominance in global payments has strengthened, according to data compiled by global financial messaging service SWIFT. The share of SWIFT FX transactions involving the U.S. dollar rose to a record 46% in July. In addition, the share of the transactions involving the Chinese yuan has increased.
⚫️ The dominance of the U.S. dollar in international payments has reached a record high, according to the latest transaction data from the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the leading global financial messaging service. SWIFT’s messaging platform, products, and services connect more than 11,000 banking and securities organizations, market infrastructures, and corporate customers in more than 200 countries and territories.
➡️ The data shows that the share of SWIFT FX transactions involving the U.S. dollar rose to a record 46% in July, compared to slightly more than one-third a decade ago, Bloomberg reported this week.
🇨🇳 A growing number of countries are ditching the U.S. dollar in favor of the Chinese yuan or other national currencies.
❌ Many economists have cautioned that the U.S. dollar’s dominance will not last forever, including Nobel laureate Paul Krugman. However, most do not see the Chinese yuan as a serious threat to dollar hegemony.
💲 Dollarization Can Lead to 'Economic Contraction and Collapse' of Argentine Economy — Former US Treasury Official
🇦🇷 Argentinian presidential hopeful Javier Milei’s plan to dollarize the economy of the South American country is “a far too risky gamble,” Mark Sobel, the U.S. chairperson of the Official Monetary and Financial Institutions Forum (OMFIF), has said. According to Sobel, only “hard work” and austerity measures can extricate Argentina from its current problems.
⚫️During his campaigns, Milei has repeatedly touted full dollarization as the panacea to Argentina’s economic troubles.
⚫️In an op-ed published on Aug 17, the OMFIF chairperson acknowledged that Milei’s victory has seen global investors turn their attention towards the Argentine politician’s unconventional policy proposals.
💬 “Dollarisation is a potentially perilous ‘no exit’ strategy. It could sow the seeds for a huge contraction and crash, while deflecting attention from the tough work of fixing the economy,” Sobel argued.
⚫️To back his assertions, Sobel pointed to how the so-called convertibility plan — a currency board — contributed to Argentina’s soaring current account deficit and rising unemployment between the 1990s and the early 2000s.
⚫️This, in turn, set off a chain of events which ended with the collapse of the convertibility plan. According to the OMFIF chairperson, full dollarization without an exit policy for “dollarisation could well lead to a far more serious economic contraction and collapse.”
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❌ Another US Bank Collapses: Heartland Tri-State Bank Closed by Regulator
🏦 Heartland Tri-State Bank has become the latest bank in the U.S. to fail. The Kansas banking regulator closed the bank and appointed the Federal Deposit Insurance Corporation (FDIC) as the receiver on Friday.
🍌 A regional bank in the U.S., Heartland Tri-State Bank, was closed by the Kansas Office of the State Bank Commissioner on Friday. The regulator subsequently named the Federal Deposit Insurance Corporation (FDIC) as the receiver. The FDIC announced:
💬 To protect depositors, the FDIC entered into a purchase and assumption agreement with Dream First Bank, National Association, of Syracuse, Kansas, to assume all of the deposits of Heartland Tri-State Bank.
⚫️ The FDIC explained that Heartland Tri-State Bank had approximately $139 million in total assets and $130 million in total deposits as of March 31.
⚫️ The regulator added that the four branches of Heartland Tri-State Bank will reopen as branches of Dream First Bank, National Association, on Monday, under normal business hours.
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🌟 Grayscale Adds Lido’s LDO Token to Defi Fund, Token Becomes Second-Heaviest in Fund’s Basket
⚫️ On July 7, 2023, the digital asset manager Grayscale Investments published an update on three of its funds — the Digital Large Cap Fund, the Defi Fund, and the Smart Contract Fund. Although no new tokens were added to two of the funds, Grayscale revealed that it added Lido DAO’s native cryptocurrency and governance token, LDO, to the Defi Fund.
📣 Grayscale Investments, the digital asset manager, announced its second-quarter 2023 update, which covers fund rebalancing and a new token addition to the Defi Fund.
➡️ LDO holds the second-largest weight in the fund’s portfolio of coins, with uniswap (UNI) being the largest, representing 45.46%.
➡️ LDO ranks as the 33rd largest market capitalization out of nearly 10,000 crypto assets within the crypto economy.
🔍 Looking at six-month statistics, LDO is down 1%, and it remains 73% lower than the all-time high recorded on August 20, 2021. Currently, with the inclusion of LDO in the fund’s portfolio, Grayscale’s Defi Fund’s assets under management (AUM) stand at $3,144,411 as of July 7.
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