Bitfinity Weekly: Meaningful Memes
Welcome to Issue #109 of Bitfinity Weekly for our #BITFINIANS community. If this newsletter was forwarded to you, sign up here.
What's in Today's Email?
- Global Crypto News
- This Week in our Blog
- NFT Market Bytes
- Tweet of the Week
- Meme Time
- A Matter of Opinion
Global Crypto News
Go Phish: Several cryptocurrency businesses have reported an ongoing "supply chain email breach attack", leaving unsuspecting readers vulnerable to potential scams. Bitfinex CTO Paolo Ardoino and CoinGecko founder Bobby Ong confirmed that an unnamed newsletter service provider has been the target of a major crypto-centric data breach. Readers are advised to be cautious of suspicious emails, especially those suggesting crypto airdrops or free claims.
Another Day, Another Wallet: Coinbase launched its new "Smart Wallet" this week, potentially simplifying onboarding and on-chain adoption. The new self-custodial wallets have upgraded security as well as a more beginner-friendly UI. Additionally, unlike traditional crypto wallets that rely on passwords or seed phrases, these new smart wallets use passkeys (which can be paired with biometric identification) to sign transactions. Coinbase's L2 Base is offering gas credits to developers to support the integration of these new Smart Wallets.
Galactic Outage: Cosmos Hub experienced a rare downtime on Wednesday due to a bug discovered during its v17 network upgrade. The issue involved a security vulnerability in the protocol's Liquid Staking Module that, if unpatched, would have allowed users to bypass slashing penalties. The bug was identified and fixed after four hours, and the upgrade has been implemented without further issues. The v17 upgrade aims to enhance network security of the L1 blockchain and reduce costs for smaller validators.
New Targets: Robinhood, a popular stock/crypto trading platform, announced on Tuesday its decision to acquire UK-based crypto exchange Bitstamp for $200 million dollars. Bitstamp, founded in 2011, is one of Europe's largest and most regulated crypto exchanges, making it an attractive acquisition for Robinhood as it targets international institutions as well as a global customer base. The all-cash deal is set to close in the first half of 2025.
This Week in our Blog
In this week's deep dive, we explore how EVM compatibility can supercharge Bitcoin through meaningful integrations with existing innovations on Ethereum:
Hans
Say hello to our newest partner, Yuku DAO! We interviewed Trizzy, the Operations Lead, about the metaverse platform the team is developing for launch on Bitfinity:
Daniel
NFT Market Bytes
Check The Chain: OTB, the luxury conglomerate behind designer brands like Jil Sander and Maison Margiela, will issue digital authenticity certificates for all products starting with Fall/Winter 2024/25 collections. These non-fungible blockchain-based certificates are paired with NFC chips embedded in each physical item, allowing customers to verify authenticity via their smartphones. This initiative is part of OTB's collaboration with the Aura Blockchain Consortium, which aims to enhance transparency and customer interactions. OTB has already registered 1.2 million products with NFC chips and expects to register over 1.5 million products across its brands over the following year.
Settlement Layer: Dapper Labs, a web3 studio specializing in collectible NFTs and blockchain-based games, has settled a class action lawsuit regarding its NBA Top Shot NFT collection. As part of the settlement, Dapper Labs will pay out $4 million to plaintiffs who claimed that Top Shot NFTs were illegally offered securities. In return, the plaintiffs will relinquish future claims that the NFTs in question were securities. The lawsuit has been considered a potential landmark by crypto law experts, as it revolves around the current debate over which digital assets should be classified as securities.
Wen McLaren: Cryptocurrency exchange OKX and the McLaren Formula 1 Team are offering a free commemorative NFT collection this racing season. Fans can begin collecting with the first mint on Friday at 10am GMT. The collectibles combine multimedia and audio, emphasizing the sensory experience of being at a Formula 1 race. OKX is one of this season's primary sponsors for McLaren, a luxury British automotive manufacturer.
Tweet of the Week
gm #bitfinians ☕️
— Bitfinity Network (@bitfinitynet) June 5, 2024
Ready to get started using Bitfinity Network?
Runes and Ordinals are now functional on Testnet through the Open Source Bit-Fusion SDK ✅
Check out our github repo to find out more 👇https://t.co/cuiSpUoUQ5 pic.twitter.com/FwJG6yO5lb
Meme Time
A Matter of Opinion
In recent years memecoins have emerged as both a cultural phenomenon and a financial powerhouse. These digital tokens, often created as culture-referential jokes, have commanded significant attention and investment inflow. Memecoins valuations are nothing to joke about--combined, memecoins have a marketcap of billions. Yet, as Ethereum co-founder Vitalik Buterin pointed out this week, there is more to consider here than just turning a quick profit.
Buterin’s recent comments highlight a critical issue: the sustainability and purpose of memecoins. He argues that while the memecoin market is undeniably robust with plenty of demand, it needs a new direction to ensure long-term viability and positive impact. “The north star should be: to have a project where even if eventually all tokens involved go to zero, the average person who participated is happy to have done so,” Buterin wrote on X.
Buterin outlined three key factors that can transform memecoins into meaningful ventures. First, these projects should have a public-good goal beyond enriching celebrities and early adopters. Whether it’s supporting an art project or a favorite charity, the focus should be on benefiting the broader community. Second, memecoins should provide users with more than just trading opportunities. Decentralized autonomous organizations (DAOs), despite their flaws, offer a way for communities to organize and engage with the project beyond mere speculation. Lastly, Buterin emphasizes the importance of longevity. Projects should aim to last at least a decade rather than fading away after a few months of hype.
Memecoins linked to celebrities continue to ride high on the current crypto bull run. Solana’s recent celebrity memecoin craze, for instance, has driven some tokens up by staggering percentages, capturing the imaginations of many investors. However, Buterin’s call for a higher standard reminds us that the ultimate value of memecoins should lie in their ability to contribute positively to the community and endure over time.
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*Important Disclaimer: While every effort is made on this website to provide accurate information, any opinions expressed or information disseminated do not necessarily reflect the views of Bitfinity itself. The information provided here is for general informational purposes only and should not be considered as financial advice.
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