Spot bitcoin exchange-traded funds (ETFs) concluded the week on an upbeat note, securing 3 million in positive inflows on Friday, as per the latest data. Despite an initial setback of .7 million in net outflows on April 1, the ETFs have since rebounded, gathering 9.4 million in net inflows. Bitcoin ETFs Overcome Early April Setback […]
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’10x Surge’ — Coinbase Traffic Overwhelmed Initial Demand Projections Amid Bitcoin’s Rise to $64K
The crypto enterprise Coinbase, rooted in San Francisco, experienced an influx of online visits that surpassed the tenfold increase anticipated by their projections. Brian Armstrong, the CEO of Coinbase, shared updates about the heightened traffic following the exchange’s operational hiccups, which coincided with bitcoin’s climb to ,000 on Wednesday. Coinbase Traffic Spike Surpasses Expectations Coinbase, […]
Bitcoin News
Starknet Trading Debut Sees Initial Excitement Fade As STRK Plummets Over 50%
In a highly anticipated move, Starknet (STRK), an Ethereum (ETH) roll-up protocol, commenced trading on prominent cryptocurrency exchanges including Binance, Bybit, Bitfinex, and OKX on Tuesday.
The token’s launch was accompanied by an airdrop, distributing a staggering 728 million tokens to over one million addresses, making it one of the largest airdrops of the year. However, the initial excitement was dampened as the token experienced a significant retracement of 53.8%, plummeting to a current price of .04.
However, to better grasp the protocol’s capabilities and assess its potential future price actions, it is crucial to delve into the underlying technology and the buzz surrounding this player within the top 60 cryptocurrencies, boasting a substantial market capitalization of .4 billion.
Unveiling Starknet
Starknet operates as a Layer 2 solution, offering scalability and Ethereum-level security by generating STARK proofs off-chain, which are relayed on-chain.
Developed by StarkWare Industries, a blockchain firm based in Israel, Starknet was specifically designed to address Ethereum’s scalability concerns. The protocol was fully launched in February 2022 as a permissionless Layer 2 network, allowing developers worldwide to build decentralized applications on its infrastructure.
StarkWare also developed another platform called StarkEx, which has been live since June 2020. However, StarkEx is a permissioned network tailored to specific decentralized app (Dapp) requirements.
Founded in 2018, StarkWare has garnered support from renowned investors such as Sequoia Capital, Paradigm, and Coatue, solidifying its position within the industry. In a Series D funding round held in May 2022, the company raised 0 million, valuing StarkWare at an impressive billion.
StarkWare has raised 1 million in funding, demonstrating strong investor confidence in its vision and technology.
With that noted, a prominent decentralized finance (DeFi) researcher who goes by the pseudonym “DeFi Ignas” has identified three key catalysts that could fuel the long-term growth of Starknet.
STRK Airdrop And DeFi Incentives
The researcher highlights Starknet’s utilization of STARKs, a cryptographic proof system, to validate transactions on the Ethereum network. In contrast to other zero-knowledge rollup solutions that employ SNARKs, STARKs offer quantum resilience and the potential for numerous scalability improvements.
In addition, DeFi Ignas believes that the use of the Cairo Development Language ensures that the protocol is resistant to “lazy copy-paste forks,” thereby increasing its “technical robustness.”
Ignas suggests that Starknet’s differentiators, such as “Quantum Resilience” and the comparison between SNARKs and STARKs, present an intriguing potential that is yet to be fully realized. By effectively communicating these distinctive features, Ignas suggests that Starknet can capture the imagination of the wider audience, generating increased interest and adoption.
Furthermore, Ignas identifies several factors that could contribute to the growth of the Starknet ecosystem. Firstly, the airdrop of STRK tokens is believed to create a “wealth effect,” attracting capital into the ecosystem.
Additionally, Starknet plans to allocate 50 million STRK tokens to incentivize DeFi protocols, which, in turn, will drive growth in Total Value Locked (TVL). Protocols operating on Starknet are expected to distribute new tokens to users through airdrops.
On top of that, the STRK token has a “robust” utility model for Ignas, serving as a means to pay gas fees, distribute voting power through delegates, and facilitate native staking for governance and security.
The initial staking Annual Percentage Yield (APY) is set at 12%, incentivizing users to stake their tokens rather than sell them. While some individuals expressed dissatisfaction with not receiving the airdrop, Ignas notes that 27% of survey respondents (3.4k people) received STRK tokens, indicating potential for growth within the Starknet ecosystem but not necessarily for the STRK token itself.
Featured image from Shutterstock, chart from TradingView.com
Bitcoin ETF Surges: Last 4 Days Inflows Outpace Initial Weeks
Bitcoin (BTC) Spot Exchange-Traded Funds (ETFs) are currently in the limelight as the products have seen massive net inflows in the past few days than in the initial weeks of introduction, dominating the market of crypto investment products.
Bitcoin ETF Inflows Surges In The Last 4 Days
Thomas Fahrer, the co-founder of Bitcoin tracking platform Apollo, took to the social media platform X (formerly Twitter) to share the development with the community. Fahrer pointed out that BTC spot ETFs are presently experiencing a “total acceleration” of inflows.
Meanwhile, the products in the past 4 days have witnessed an inflow of 43,000 BTC tokens valued at .3 billion. This latest surge in inflows suggests renewed adoption of the products from crypto players and investors.
Data from Apollo reveals that Grayscale is the leading firm in Assets Under Management (AUM). Registered as Grayscale Bitcoin Trust (GBTC), the company boasts a whopping .7 billion AUM.
However, this is a notable drop from billion in assets it had on January 11, after transitioning to an ETF. This is due to the daily net outflows the fund has seen since it was approved by the US Securities and Exchange Commission (SEC).
Blackrock comes in second after Grayscale, with an asset under management of over billion since it started trading. It is followed by Wise Origin Bitcoin Trust (FBTC) and Ark/21Shares Bitcoin Trust (ARKB), which come in third and fourth place, respectively.
Investment firm Bitwise’s Bitcoin ETF (BITB) is the latest company to reach the billion-dollar milestone. As of the press, the company’s BTC ETF is the fifth largest behind the aforementioned asset management companies.
Blackrock Records Its Largest Inflow
On Tuesday, Blackrock recorded its largest inflow day ever since Bitcoin ET products were approved. A senior Bloomberg Intelligence analyst, Eric Balchunas, revealed information regarding the update on X.
He stated that Blackrock’s BTC ETF was booming on Tuesday, seeing almost “half a billion” inflow. According to the data shared by Balchunas, IBIT made 3 million in revenue during the trading day.
IBIT’s previous largest daily net inflow was 6 million, recorded on the second trading day of January 12. Consequently, Blackrock’s Bitcoin ETF overall inflow exceeded the billion mark after the Tuesday event. So far, of all ETFs, Blackrock’s IBIT leads by “7% by size in just 23 days of trading.”
These developments came in light of the recent rally around Bitcoin in the past few days, which took BTC’s price above $ 50,000. Many market enthusiasts believe that a major factor in the rally is the reason surrounding the BTC ETF flows.
New Web3 and Blockchain Focused VC Fund, Paper Ventures, Launched With Initial Capital of $25 Million
Paper Ventures, a new blockchain venture capital (VC) fund focused on early-stage Web3 and blockchain projects, has been launched with an initial fund of million. The fund, founded by experienced venture capitalists, will not only invest in outstanding projects but will help nurture them.
New Fund Backed by Leading Industry Figures
A new blockchain venture capital (VC) fund, Paper Ventures, has been launched with an initial fund of million earmarked for investment in early-stage Web3 and blockchain projects. The fund was mobilized from traditional hedge funds, family offices, exchanges, founders, and high net worth (HNW) crypto OGs.
The VC, which claims to have the backing of some prominent industry figures, said it not only seeks to fund but also to nurture outstanding projects. According to a statement, Danish Chaudhry, Oliver Blakey, and Ivailo Jordanov are the founders of Paper Ventures. The three are experienced in investing in Web3 projects.
Some of the projects which the trio helped to secure early funding include Frax Finance, SEI, Polygon, Injective, Polkadot, Moonbeam and Cosmos.
Commenting on the launch of the fund, co-founder Blakey, a former poker pro, said:
“We are more than just investors. Our mission at Paper Ventures is to be at the very forefront of innovation, fostering groundbreaking ideas that redefine the boundaries of technology and finance. We believe in the transformative power of blockchain and are committed to supporting those who are as passionate about its potential as we are.”
Fellow co-founder Chaudhry expressed his delight and readiness to invest in not only groundbreaking ideas but also to do his part in elevating the brilliant minds behind them. Through Paper Ventures, the co-founders plan to avail their extensive industry experience and network, which can help provide the portfolio projects with the connections they need to succeed.
What are your thoughts on this story? Let us know what you think in the comments section below.
ZKSwap Boosts Liquidity with ZKFair Support and $2M in Initial Trades
PRESS RELEASE. ZKSwap, the decentralized exchange operating within the ZKBase ecosystem, is pleased to announce its endorsement of the community-driven Layer2 network, ZKFair. Additionally, the platform has initiated the provision of initial liquidity on the ZKFair network. The newly introduced trading pairs on ZKFair include ZKB/USDT, ZKB/ETH, and ZKB/WBTC, collectively accounting for an approximate total liquidity of million.
Established on February 14, 2021, ZKSwap has undergone progressive iterations with the introduction of V1, V2, and V3. As the pioneering Layer2 decentralized exchange utilizing zero-knowledge proofs, ZKSwap has committed approximately million towards Layer2 network verification fees on the Ethereum network. At its zenith, the Total Value Locked (TVL) on the ZKSwap network surpassed billion.
Presently, ZKSwap extends support to three Layer2 networks: zkSync Era, ZKFair, and ZKSpace. Notably, ZKSpace is slated for an imminent upgrade to the zkSync Era version. Furthermore, ZKSwap is gearing up to broaden its ecosystem by incorporating support for the Bitcoin network and introducing a BRC20 Swap product in the near future.
ZKBase Team
https://twitter.com/ZKSpaceOfficial/status/1740678651903971508
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Ethereum’s Dencun Upgrade Successfully Launches on Goerli Testnet After Initial Hiccups
The Ethereum network has successfully implemented the Dencun upgrade on its Goerli testnet. This achievement comes as a part of Ethereum’s ongoing effort to introduce cost-effective data storage solutions on its blockchain.
Dencun Upgrade Triumphs on Goerli Testnet After Initial Delay
The highly anticipated Dencun upgrade, also known as “Cancun-Deneb,” successfully went live on the Goerli testnet on Jan. 17, following a brief four-hour delay caused by a technical glitch.
The upgrade encountered an unexpected hiccup as it failed to finalize on the testnet within the expected timeframe. Ethereum core developer Parithosh Jayanthi confirmed the successful finalization of the chain a few hours later, after a bug was identified and swiftly patched.
The goerli fork finalized! https://t.co/LIa3d4Ml5H
After the fix was patched in, the validators came back online and the chain started finalizing again. The MEV circuitbreaker automatically disables and mev-blocks have started flowing through as well.
Yay client diversity! https://t.co/cLz3ZRxnXq
— parithosh | (@parithosh_j) January 17, 2024
The Dencun upgrade marks a pivotal step in Ethereum’s strategy to introduce a new, cost-effective method of data storage on its main blockchain. This development is a part of a three-phase approach, with the next phases involving upgrades to the Sepolia and Holesky testnets in the coming weeks. The use of testnets like Goerli is vital in the blockchain community, as they serve as platforms to rigorously test applications and significant upgrades before their implementation on mainnets.
The implementation of Dencun on the mainnet promises substantial benefits. The core feature of Dencun, “proto-danksharding,” is set to enhance data availability capacity and reduce transaction costs for layer-2 blockchains, such as Optimism, Base, Polygon zkEVM, and others, which have gained popularity as alternatives for processing transactions on the main Ethereum network. However, the growth of these networks has been limited due to high data costs under the existing framework. Additionally, it will introduce limitations on self-destruct operations and enable new features for bridges and staking pools.
The initial delay in Dencun’s launch was attributed to a chain split caused by a bug in the Prysm implementation of Ethereum, preventing it from syncing with other nodes. Ethereum developer Tim Beiko noted that the fork occurred around 6 am UTC, and the issue was promptly addressed by the development team.
Jayanthi praised the efficiency of their debugging systems in swiftly resolving the issue, stating, “We went from fork -> issue -> triage -> fix -> finality in under 4h.”
As for the Dencun’s testing schedule, the next critical milestone is set for Jan. 30 with its implementation on the Sepolia testnet, followed by the Holesky testnet on Feb. 7. The date for the upgrade’s deployment on the mainnet is yet to be announced.
Which layer-2 will benefit the most from the eventual deployment of this upgrade to mainnet? Share your thoughts and opinions about this subject in the comments section below.
DOJ Halts Second Trial Against FTX’s Bankman Fried, Citing Sufficiency of Initial Evidence and ‘Public Interest’
On Dec. 29, 2023, past 6 p.m. Eastern Time (ET), the Department of Justice (DOJ) conveyed in a letter to Judge Lewis Kaplan its decision to not move forward with a subsequent trial against Sam Bankman-Fried, the ex-CEO of FTX.
FTX’s Bankman Fried Avoids Second Trial
According to several reports on Friday evening, prosecutors have decided against pursuing a second trial against Sam Bankman-Fried (SBF). Matthew Russell Lee of the Inner City Press disclosed the update on X, posting a snapshot of the DOJ’s letter and also distributing it on his Patreon.
“So no evidence and cross examination about the campaign finance and China bribe counts, no getting to the bottom of who took the money,” Russell Lee wrote on Friday. “It is known that officials in the Bahamas, whose request to drop these charges DOJ cited in severing them, took SBF’s and FTX customers’ money.”
Following the announcement, the X user known as ‘amuse’ weighed in on the development. “Shock: SBF won’t force Biden to prosecute him for making illegal campaign contributions to Democrats,” amuse said. Another individual wrote, “dropping the campaign finance and China bribe counts, raises questions about who ultimately benefited from these financial transactions.”
The letter from the U.S. government clarifies that “much of the evidence that would be offered in a second trial was already offered in the first trial and can be considered by the court at the defendant’s March 2024 sentencing.” The DOJ pointed to the “practical reality” and the “strong public interest in a prompt resolution of this matter” as the rationale behind its decision.
SBF is confronting the likelihood of an extensive incarceration period, having been found guilty on numerous counts of fraud and money laundering. He may receive up to 110 years if the judge imposes the harshest sentences consecutively. The court has set March 28, 2024, for SBF’s sentencing.
What do you think about the DOJ dropping the second trial against SBF? Share your thoughts and opinions about this subject in the comments section below.
ZKSpace Unveils Major Development: Expansion into BRC20 and Initial Plan for 2.0 Tokenomics Trilogy
PRESS RELEASE. ZKSpace has recently announced two significant developments: its expansion into the BRC20 ecosystem and the unveiling of its Tokenomics 2.0 Trilogy.
Expansion into the BRC20 Ecosystem:
- Background: Following the BTC network’s Taproot upgrade, the BRC20 ecosystem has gained traction in the cryptocurrency domain. ZKSpace is now pivoting towards this ecosystem to meet growing user demand and diversify its product offerings.
- Strategic Focus: The move aims to align with user preferences, leverage the ZKSpace team’s expertise in Zero-Knowledge Proof, and enhance the value of ZKS token holders.
- Initiatives: ZKSpace plans to introduce a suite of products and services tailored to the BRC20 ecosystem, including a BRC20 Exchange, BRC20 Info, and a BTC Layer2 wallet.
- Roadmap: Key milestones include the introduction of ZKSwap (zkSync version), cross-chain functionality with BZKSwap, and the launch of a comprehensive BTC ZKVM solution for a decentralized BTC Layer2 DEX.
Tokenomics 2.0 Trilogy:
- Token Supply Adjustment: ZKSpace has decided to burn 40% of the total ZKS token supply, reducing the uncirculated supply from 440 million to 40 million tokens. This move aims to create a deflationary effect on the non-circulated portion of the tokens by over 90%. The token burn is commenced for completion by December 31, 2023.
- New Use Cases: In 2024, ZKS tokens will be upgraded to dual-chain Layer2 governance tokens, operable on both ETH and BTC networks. This includes the migration of a portion of ZKS tokens to the BTC network, with profits dedicated to accelerating the token’s deflationary plan.
- Future Developments: This token burn is the first phase of the innovative Tokenomics 2.0 model trilogy. ZKSpace is also planning a series of products for the BTC ecosystem and a significant brand evolution.
Conclusion:
These developments by ZKSpace mark a strategic shift towards embracing the BRC20 ecosystem and innovating its tokenomics. The company is set to enhance its product offerings and user experience, while also adding value to its ZKS token holders. Stay tuned for more updates as ZKSpace continues to evolve and expand its presence in the cryptocurrency market.
For more information, visit ZKSpace’s official channels.
Website|Web APP|Mobile APP|Twitter|Telegram|Discord | Reddit|Forum|Medium|Mirror|GitHub
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Great Awakenings — Dormant 2012 Bitcoin Wallet’s $5.7M Spend Linked to October’s Initial 2012 Transfer
On October 19, 2023, a dormant bitcoin address from 2012 sprang to life at block height 812,946, moving 200 BTC worth .74 million for the first time in nearly 11 years. This activity coincides with a recent surge of transfers from 2012 addresses, which began in early September.
October Witnesses Several Connected 2012 ‘Sleeping Bitcoin’ Spends
On Thursday, another 2012 dormant bitcoin address was activated, transferring 200 BTC valued at .74 million. The address “1DabG” originated on November 1, 2012, when BTC was priced at .20 per unit, meaning the wallet’s initial value was ,240.
Btcparser.com first noticed the transaction, which garnered a low privacy rating from Blockchair’s privacy tool. The 2012 transaction received an 11 out of 100, flagging three vulnerabilities: matched addresses, co-spending, and round values. To date, seven 2012 transactions have been recorded in October.
Last month saw a total of 19 transfers from 2012. The most recent 2012 transaction this month occurred on October 12, 2023, relocating 110 BTC. The address “1AVeQ,” originating on January 31, 2012, moved 100 BTC at block height 811,900. Soon after, the “1Agnu” address, established on September 30, 2012, executed a 10 BTC transfer at block height 812,168.
Before these transactions, notable 2012 transfers happened on October 9, and an unusual batch of 2014 transfers took place three days earlier. On October 6, 86 wallets from 2014 relocated 860 BTC, totaling million, across various block heights. The 200 BTC shifted on Thursday was dispatched to the address “1NaoX“, which now possesses 404 BTC, equivalent to .62 million.
The mysterious address, 1NaoX, is distinct, having held 1,116 BTC over its existence and transferring 712 bitcoin. This address also received the first 2012 transfer of the month on October 6, 2023. That specific transaction moved 200 BTC from a 2012 address created on October 26, 2012, with that specific BTC now also located in 1NaoX. This means that several of October’s enigmatic 2012 transactions stemmed from the same owner.
What do you think about the 2012 bitcoin address waking up after all these years? Why do you think old holders are moving coins right now? Share your thoughts and opinions about this subject in the comments section below.