Academy award-winning composer Hans Zimmer has created an anthem for TRON, founded by the controversial entrepreneur Justin Sun, a prominent figure in the cryptocurrency space known for his brash personality. The Tron Anthem by Zimmer, dubbed the song for the “Web3 Generation,” aims to encapsulate the trials Sun has faced, amidst Sun being sued by […]
Bitcoin News
Next Generation Crypto Casino ‘Bombastic’ Set to Launch
PRESS RELEASE. The team from Betmax Entertain is thrilled to announce the launch of a new crypto casino – Bombastic, a next-generation online crypto casino that brings together the dynamic world of cryptocurrencies with thousands of games including Slots, Blackjack, Poker, Roulette, and more. With Bitcoin’s recent price volatility in sharp focus, the release of […]
Bitcoin News
Bitcoin Miner Riot Acquires 31,500 ‘Next Generation’ M60S Mining Machines Worth $97.4 Million
Bitcoin miner Riot Platforms Inc. said it expects to take delivery as well as deploy 31,500 Whatsminer M60S miners worth .4 million by the end of July 2024. The addition of the new bitcoin mining machines is projected to increase the “self-mining” hashrate capacity of Riot’s Rockdale Facility to 15.1 EH/s. Replacement of Underperforming Miners […]
Bitcoin News
Report: Bitcoin and L2 Networks Lead Fee Generation Surge in Blockchain Landscape
The PWN DAO Foundation, linked to the peer-to-peer lending protocol PWN, has released a comprehensive report analyzing user-incurred onchain fees within major blockchain networks and decentralized applications (dapps) for the past year. The 2023 analysis examines Ethereum, BNB Chain, Bitcoin, and layer two (L2) solutions, along with widely-used dapps such as Aave and Uniswap. The report sheds light on the primary trends in fee generation and discusses the changing patterns of blockchain utilization and revenue.
2023’s L1 and L2 Fee Generation Stats Revealed
The report published by PWN, illustrates a diverse landscape of onchain fee generation, underscoring a 33% overall reduction in fees across the selected projects compared to the previous year. This trend was particularly pronounced in non-fungible token (NFT) marketplaces, which experienced an 87% drop in fee generation. In contrast, L2 solutions exhibited significant growth of around 411%, indicating a shift in user preferences and platform utilization.
The study shows layer one (L1) blockchains, despite a slight decrease, continued to dominate the fee market, accounting for 59% of all fees, up from 48% in 2022. Ethereum, maintaining its position as a market leader, showed a notable 44% decline in fees, partly due to the migration of activities to L2 networks.
“The rising fees generated by [L2s] signal widespread adoption and a significant impact on user experience,” the study’s researchers detail.
The report also highlights significant changes in individual blockchain platforms. Bitcoin, Tron, and Polkadot saw the most substantial growth in fee generation, with Bitcoin’s fees surging by 461%. The increase in Bitcoin network fees was attributed to the popularity of Ordinal inscriptions, a novel embedding application within the Bitcoin network, marking a notable shift in its usage dynamics. As of Jan. 29, 2024, the count of Ordinal inscriptions on the Bitcoin blockchain has impressively surpassed the 58 million mark.
Decentralized exchanges (dexs) witnessed a 51% decrease in fee generation, with Uniswap emerging as a dominant player, securing 64% of dex-generated fees. The report suggests that despite the decline in fees, the trading volume on dex platforms remained relatively stable, pointing to an evolving relationship between trading activity and fee structures in the decentralized finance (defi) sector.
The report concludes by discussing liquid staking derivatives (LSDs) which showed a significant 93% increase in fee generation, highlighting the growing interest in staking solutions within the crypto-native economy. The report notes that Lido Finance, the LSD leader, collected a significant portion of these fees, reflecting the platform’s strong position in the market.
As the landscape evolves, with user preferences gravitating towards more efficient and innovative platforms, it’s clear that the blockchain ecosystem is continuously undergoing a transformative phase. This evolution paves the way for emerging technologies and strategies, potentially redefining the future of blockchain utility and economic models in the crypto space.
What do you think about PWN’s report surrounding L1s and L2s, dapps and fee generation? Let us know what you think about this subject in the comments section below.
Bitcoin Solidifies Lead Over Ethereum in 2023 — Dominates in Market Cap, NFT Sales, and Fee Generation
In the past year, the leading cryptocurrency, bitcoin, has eclipsed ethereum in multiple key areas. From the beginning of the year to date, the value of ether has diminished by 27.65% relative to bitcoin’s price, falling from 0.073 ether to its current level of 0.052 ether.
Bitcoin Reigns Supreme in 2023, Outpacing Ethereum in Several Metrics
Undoubtedly, the top crypto asset by market capitalization has surpassed the second-ranked digital currency across multiple indicators. As of December 2022’s close, BTC held a market dominance of 40.1%, while ETH’s share stood at 18.4%, per archived data from coinmarketcap.com. Currently, BTC’s market share has surged to 51.5% of the total crypto market value, whereas ETH’s has slightly declined to 16.6%.
Over the previous year, ethereum’s comparative value to bitcoin has diminished. It traded at 0.073 ETH per BTC in December 2022, but as of Dec. 23, 2023, it’s reduced to 0.052 ether — a drop of 27.65%. Currently, bitcoin‘s market capitalization towers at 6 billion compared to ethereum’s 5 billion, making BTC’s market valuation roughly 3.11 times that of ETH.
Recent data from cryptoslam.io reveals that BTC-centric non-fungible token (NFT) sales have eclipsed those of ETH. Bitcoin overtook Ethereum in this domain in November 2023, maintaining its lead in the subsequent 30 days. Over this period of 30 days, Bitcoin-based NFT sales hit 1,951,324, while Ethereum’s amounted to 7,167,225.
Moreover, Bitcoin continues to outperform Ethereum in fee generation. BTC miners have garnered ,480,534 in fees from onchain transactions in the last 24 hours alone, significantly more than the 1,880 collected by ETH validators. Bitcoin also consistently exceeds ether in daily global trading volume, with BTC transactions totaling .94 billion and ETH’s reaching around .58 billion in the same timeframe.
While ether advocates continue to anticipate the ‘Flippening’ — a hypothetical overtaking of bitcoin — the prevailing data paints a different picture. Despite aspirations, the hard statistics underscore bitcoin’s enduring dominance, with its market cap and trade volumes vastly outstripping ethereum’s. Current trends and metrics indicate that the much-speculated ‘Flippening’ remains a distant prospect, unlikely to materialize in the near future.
What do you think about bitcoin’s market performance this year compared to ethereum’s? Share your thoughts and opinions about this subject in the comments section below.
US Ambassador to Argentina Hails Bitcoin Miner’s ‘Genius’ Flared Gas Power Generation Plans
The U.S. Ambassador to Argentina, Marc R. Stanley, has lauded Unblock Computing’s bitcoin mining initiative for its innovative use of flared gas in generating electricity. Ambassador Stanley commended the plan for its dual benefits: aiding Argentina in achieving its climate objectives and promoting energy conservation.
Argentina’s Climate Goals
The United States Ambassador to Argentina, Embajador Marc R. Stanley, has praised bitcoin miner Unblock Computing’s plan to generate electricity using flared gas. According to Stanley, Unblock Computing and its partner Crusoe Energy Systems’ ingenious plan not only helps the South American country attain its climate goals but also saves energy.
The remarks by Stanley, which he shared via X (formerly Twitter), followed reports that the Argentine Bitcoin miner had secured a million investment to power its operations at Vaca Muerta. Located in the Neuquén Basin in northern Patagonia, Vaca Muerta is said to hold one of the world’s largest shale gas reserves.
Expressing his delight at the two companies’ unique way of generating electricity, the U.S. Ambassador said:
Love seeing U.S. [and] Argentine companies work together to solve problems and help the environment. The geniuses at Crusoe [and] Unblock Global figured out a way to combust methane and generate electricity. This not only helps Argentina meet its climate goals, but also saves energy and makes money. Brilliant.
Ya somos el 2do minero con gas de flare del mundo! @UnblockComputos
Con una inversión de más de M en Argentina, junto a @CrusoeEnergy @PampaEnergia y @Petrocuyo hacemos que 0M de petróleo de Vaca Muerta se produzcan con menos emisiones @PluspetrolARG @Tecpetrol pic.twitter.com/zHS5dqm9YG
— Tomas Ocampo (@tomasoc) December 13, 2023
Meanwhile, in a Dec. 13 post on X, Tomas Ocampo, the founder of Unblock Computing, said the million investment is set to help Crusoe Energy Systems and its partners produce 0 million worth of oil with fewer emissions.
What are your thoughts on this story? Let us know what you think in the comments section below.
Uptick in Token Generation Events Signals Market Shift
The behavior of the cryptocurrency market has changed, with a newfound interest in Token Generation Events (TGEs) and rapid listings, pointing to a potentially revitalized crypto market and an influx of new projects.
Crypto Market Shifts Gears With Surge in Token Generation Events
In a development in the token launch sector of the cryptocurrency market, there has been a marked increase in Token Generation Events (TGEs), suggesting a notable shift in market behavior, according to Andrei Grachev, managing partner of DWF Labs. Grachev, in a recent statement on X (formerly Twitter), highlighted a surge in TGE projects, “We are observing a huge flow of TGE projects, I would say that this amount has increased +15 times in the last month. And many of them are eager to be listed ASAP. Market behavior changed completely.”
A TGE is a crucial early event in the lifecycle of a crypto project that involves the technical generation of the token in a blockchain-based network, and its launch to the market, normally in the form of a public sale, private sale, or initial coin offering (ICO). It is a process where a new blockchain-based project or platform raises capital by selling its native tokens to investors and supporters. In addition to simply raising funds to support the project, TGEs are critical in publicizing and engaging with the crypto community.
Grachev clarified the above post to Bitcoin.com News that the uptick in TGE projects refers to his investment firm seeing an increasing number of ventures seeking fundraising, rapid listing, and a TGE. “It’s about a number of projects that are approaching our venture / [market making departments]. 1-2 months ago, it was a lazy fundraising with listing plans Q2-Q3 2024. Now, same and new projects raised rounds or almost raised but are actively asking for listings and TGE.”
This shift from a more laid-back approach to a call for funds plus TGE along with an accelerated listing suggests a belief among these projects that the market is picking up steam, and that these projects aim to leverage the rejuvenated markets.
Additionally, Grachev observed an increased activity among listing agencies, indicating a renewed demand. “Listing agencies are actively working again. It is important because it’s demanded again. Why? New market players want to be listed but have no connections,” he said. This resurgence is seen as a positive sign, as each cycle includes survivors from previous cycles and introduces new entrants with fresh ideas, potentially leading to significant changes in the crypto landscape.
The recent spike in TGEs coupled with greater urgency for listings underscore a potentially transformative phase in the cryptocurrency market, with new players eager to make their mark in a rapidly evolving digital asset space.
Do you think the increase in interest in TGEs and preference for faster listings indicates bullishness? Share your thoughts and opinions about this subject in the comments section below.
Greenidge Generation Settles Debt and Sells SC Bitcoin Mining Site to NYDIG
Greenidge Generation Holdings has successfully wiped out .8 million in secured debt and divested its South Carolina bitcoin mining facility to NYDIG. The firm detailed that the move enhances Greenidge’s financial stability and liquidity.
Greenidge Generation Holdings Clears .8 Million Debt, Sells Mining Site to NYDIG
On Wednesday, Greenidge finalized the sale of a 22-acre mining site with 44 megawatts (MW) of capacity in Spartanburg, SC, to NYDIG. This deal marks the resolution of all outstanding secured debts Greenidge owed to the bitcoin asset management firm.
In 2023, Greenidge achieved a reduction in its financial obligations, slashing .3 million from its debt. This substantial repayment accounts for more than half — specifically, over 54% — of its total debt.
However, the company continues to manage million in unsecured debt, due in 2026. The agreement entitles Greenidge to an approximate .2 million cash payout. Moreover, the company retains around 153 acres in Spartanburg, earmarked for potential expansion into data centers.
NYDIG, operating under the umbrella of Stone Ridge Holdings Group, provides a spectrum of services including bitcoin (BTC) custody, financial solutions, infrastructure, and BTC mining operations. Acquiring this facility allows NYDIG to further integrate its mining operations with enhanced infrastructure.
Over the last two years, several cryptocurrency miners incurred substantial debts to NYDIG due to loans taken out to support their mining ventures. These loans were secured during a bullish market period, characterized by high profitability.
Nonetheless, the transition to a bear market posed challenges for some of these miners in repaying their debts. Companies including Core Scientific and Iris Energy are among those that held rig-backed loans from the firm.
What do you think about Greenidge clearing its debts? Share your thoughts and opinions about this subject in the comments section below.
‘Big Short’ Investor Michael Burry Says He Was Wrong to Advise Selling; Congratulates ‘BTFD Generation’
Famed “Big Short” investor Michael Burry tweeted Thursday, telling his 1.4 million followers, “I was wrong to say sell.” The tweet follows Burry’s warning for months that the U.S. was headed for an “extended multi-year recession” and his decision to dump all of his stocks but one in August 2022.
Burry: ‘I Was Wrong to Say Sell’
Michael Burry, known as “Cassandra B.C.” on Twitter, is well-known for his predictions. He famously predicted and profited from the subprime mortgage crisis of 2007-2008. Burry’s unconventional investment strategies led to fame when Michael Lewis chronicled Burry’s forecasting of the 2008 financial crisis in his book and movie, “The Big Short.” In more recent times, Burry has been bearish again, predicting in December that the U.S. economy would falter into an “extended multi-year recession.”
In May 2022, Burry warned that the U.S. could see a “consumer recession,” and in August, his firm Scion Asset Management sold all of its stocks except one. Scion sold long positions in companies such as Meta, Cigna Corp., Alphabet (Google), Bristol-Myers Squibb, and others. In January, Burry stated that he expected the U.S. to be in a recession “by any definition,” and in March, he compared the U.S. banking turmoil to the Panic of 1907. However, in his latest tweets on March 30, the renowned investor seems to be telling a different story.
“I was wrong to say sell,” Burry tweeted. “Going back to the 1920s, there has been no BTFD generation like you. Congratulations,” the investor added in another tweet.
Moreover, Burry’s tweets before March 30, 2023, have been erased as the legendary financier has been accused of deleting tweets or resetting his Twitter account on several occasions. There is even a Twitter account called @mikeburrysaved that shares Burry’s deleted tweets, and there are many archives covering his tweets and Twitter feed from the past few years. There have been several responses to Burry’s latest statements on March 30. “You gotta be kidding me,” one individual tweeted in response to Burry’s sell comment.
In response to Burry’s “BTFD generation” comment, one individual said, “the dollar is worthless. What do [you] expect people to do?” Another person wrote to Burry, “There may also be no generation like this one that feels the pain on the way down in the same way.” The investor is not the only well-known entrepreneur predicting an economic downturn. Economist Peter Schiff and Robert Kiyosaki, the famous author of the best-selling book “Rich Dad Poor Dad,” are also predicting economic calamity.
Do you think Michael Burry’s latest tweets signal a shift in his outlook for the economy, or is he simply acknowledging the resilience of the “BTFD generation”? Share your thoughts in the comments section below.
Introducing Binance Oracle VRF: The Next Generation of Verifiable Randomness
Main Takeaways
- Binance Oracle VRF is a Verifiable Random Function (VRF) solution that enables blockchain developers to generate random numbers.
- Binance Oracle VRF can be used for an extensive selection of use cases, including GameFi projects and other blockchain products built with smart contracts.
- Keep reading to learn more about how VRFs work, why blockchain applications need randomness, and how Binance Oracle VRF could benefit your project or business.
Powered by Binance Cloud and based on the latest Verifiable Random Function (VRF) standard, here’s everything you need to know about Binance Oracle VRF.
What Is a Verifiable Random Function (VRF)?
Verifiable Random Functions (VRF) are random number generators (RNG) whose outputs can be cryptographically proven as random. Here’s a quick summary of how it works.
- A series of inputs are passed into a VRF.
- The VRF computes the inputs and generates pseudorandom outputs.
- Anyone, at any time, can cryptographically verify that the output is random.
- All proof is published and verified on-chain before applications can use the output.
Why Do Blockchains Need Random Numbers?
There are various scenarios where blockchain applications require randomness. A few examples include:
- Building a blockchain-based game.
- Allocating tasks and resources.
- Picking samples for a consensus mechanism.
To illustrate, let’s examine how randomness can help a GameFi developer build a blockchain-based poker game.
The developer must convince its users that the poker game uses a fair and unbiased algorithm. For example, the deck of cards is shuffled randomly, and no party, including the developer, can manipulate the game.
Rather than using a black box algorithm that hides the game’s inner workings from its users, blockchain developers can effectively prove randomness by showing how their numbers are generated through a trustworthy oracle provider. This way, users can be sure that their game is fair and unbiased.
The Challenge of Generating Randomness
When generating randomness, a good output must fulfill four criteria: unbiased, unpredictable, verifiable, and instantly available.
Many blockchain developers find it challenging to produce on-chain randomness in their applications due to the deterministic nature of the blockchain. The on-chain generated randomness usually can’t satisfy the unpredictability.
On the other hand, purely relying on a simple off-chain oracle provider could force developers to compromise on availability or, even worse, security. In certain contexts, if a malicious provider feeds some predictable randomness, bad actors can exploit the situation to ensure they receive a favorable result. Imagine a loot-based game where players could try to open a treasure chest multiple times until they get an item they’re happy with. Or a card game where players could draw their hands numerous times until they get a good one.
What’s Under the Hood
VRF combines these two independent sources for seed generation. The randomness constructed by the off-chain provider with its private key is generated from the two parameters block-hash and preSeed. This ensures the unpredictability of the proof, as you cannot predict the block hash until the block is generated.
The proof provided off-chain ensures that the randomness is generated from block-hash and preSeed rather than something that a malicious provider could make up. That makes this randomness verifiable.
In simple terms, developers can generate random numbers fairly and securely.
Binance Oracle VRF
Let’s take a brief look at exactly what Binance Oracle VRF has to offer blockchain developers.
24/7 customer support
Developers have personalized, 24/7 access to a support team of experienced engineers. We understand every project is unique, and we work closely with developers to provide custom solutions that meet their specific requirements.
Powered by the Binance brand
As one of the world’s largest Web3 ecosystems, Binance provides a trusted brand known for its excellence and reputation in the crypto space. By using Binance Oracle VRF, developers can leverage the Binance brand’s power to enhance their projects’ credibility and attract more users.
Affordable without compromise
Our clients, startup or enterprise, get access to a Binance-grade product at a price lower than other solutions on the market.
Innovation shouldn’t come at a hefty price tag. Binance Oracle VRF’s competitive pricing structure is intentional by design. We keep costs low, so there are fewer barriers to entry for project teams with innovative ideas and use cases.
Secure, reliable, and compatible
Binance Oracle VRF is based on the latest VRF standard, which is compatible with a wide range of blockchain platforms, including Ethereum, BNB Chain, and more. Most importantly, we’ve rigorously tested and audited our system to ensure no individual or group can tamper with Binance Oracle VRF’s results.
Designed with accessibility in mind
Binance Oracle VRF’s seamless user experience allows easy VRF-to-smart contract integration. Our dashboard provides a simple yet intuitive interface to monitor requests, including the cost and status, as well as RNG results. With minimal setup, project teams can start generating cryptographically-verifiable outputs.
Integrate With Binance Oracle VRF Today
At Binance, we’re committed to providing the tools that developers need to build innovative and secure blockchain applications.
Start building with an industry-leading RNG solution, and experience the next generation of verifiable on-chain randomness. Try Binance Oracle VRF today →
Further Reading
This is a sponsored post. Learn how to reach our audience here. Read disclaimer below.