Bitfinity Weekly: The Genius Act
Welcome to Issue #154 of Bitfinity Weekly for our #BITFINIANS community. If this newsletter was forwarded to you, sign up here.
What's in Today's Email?
- Bitcoin Bytes
- Global Crypto News
- In the IC
- This Week in our Blog
- Tweet of the Week
- Infographic
- Meme Time
- A Matter of Opinion
Bitcoin Bytes
Quantum Leap: Project Eleven, a quantum computing research and advocacy group, is offering one Bitcoin to the first person to break an elliptic curve cryptographic (ECC) key using a quantum computer. The challenge, which has a deadline of one year (April 5, 2026), highlights the growing threat quantum computing poses for Bitcoin's security. While there have been several quantum-proofing solutions proposed over the years, they have not seen adoption due to the need for a Bitcoin hard fork.
Sats Exploration: Bitcoin wallet and trading platform UniSat has released a new explorer for the Bitcoin ecosystem. UniScan supports Ordinals, BRC-20s, Runes and beyond, with both Bitcoin and Fractal support. Features include comprehensive transaction histories, instant portfolio visibility of most major inscription-based assets, and the ability to track on-chain activity by protocol.
Breach of Contract: Three Runes exchange platforms were compromised earlier this week, with losses totaling over $250k worth of tokens. The exploit affected RichSwap, Odin Fun, and Runes DEX. All three used a custodial liquidity structure involving third-party smart contract capabilities. A post-mortem write up by Bob Bodily for Odin Fun explained that less than 10 users of the platform were affected, and that the issue was caused by an address/pubkey mismatch.
Dog Go To The Sling: Slingshot Crypto, which was recently acquired by MagicEden, teased at upcoming Runes support via a staff member tweet. A screenshot shared by @vohvohh showed that he was able to purchase some DOG•GO•TO•THE•MOON Runes with ApplePay on the Slingshot app. Traders will have to wait to try it out for themselves however; Slingshot has not yet clarified when the platform will open up Runes support for everyone.
Global Crypto News
Banana Zone: CyberKongz, and Ethereum-based NFT and gaming project, announced on Tuesday that the U.S. Securities and Exchange commission has closed its investigation on the project without any findings or enforcement. CyberKongz disclosed last December that they had received a Wells notice last December with a pending action against them.
SOL patch: Canada has approved the world's first spot Solana exchange-traded funds (ETFs) with staking this week. The Ontario Securities Commission, which oversees the Toronto Stock Exchange, has given the green light to four different asset managers to issue ETFs that not only hold Solana but also engage in staking activities. While several other countries have already allowed Solana ETFs, this is the first instance of ETFs with staking capabilities, which would generate dividend-like returns to investors.
Crash & Burn: Mantra, a Layer-1 blockchain designed to optimize tokenizing real world assets (RWAs), faced fire this week as its native token crashed by more than 90%. The $OM token plunged from $6 to below $0.40 in just an hour and rumors swirled of insider trading allegations--at least two wallets linked to Laser Digital (one of Mantra's investors) were involved in a $227 million token move to centralized exchanges before the crash. Mantra CEO John Mullin denied the allegations, attributing the crash to "massive forced liquidations" on CEXs. Mullin has since pledged to burn the entirety of his allocated "team tokens" as a good faith gesture to the community.
In the IC
Croissants & Blockchain: The DFINITY team has been busy at Paris Blockchain Week, from a fireside chat with the managing editor for Cointelegraph to panels on IT infrastructure, AI agents in DeFi, and more. Check out the details and photos from the event in this X thread!
Entirely Onchain: Did you know that developers can create true end-to-end decentralized apps on the Internet Computer? ICP allows secure onchain frontends and backends with multiple programming language options, with code and state managed in one canister. Watch the newest episode of World Computer Tech Talks to learn about building full stack dApps using ICP.
Community First: Last month's Global Townhall Pitching Round, hosted by the ICP Hubs Network, was a roaring success. The event, which saw 18 hours of pitches and over 90 showcased projects all over the world, highlighted promising builders in the ICP ecosystem. Participants included projects revolving around DeSci (Decentralized Science), green initiative, web3 gaming, DeFi, AI and more categories. Read the recap and see the winning projects here.
This Week in our Blog
AltVMs are redefining blockchain infrastructure by addressing the Ethereum Virtual Machine's limitations in scalability, flexibility, and security. This blog explores how these next-generation virtual machines are paving the way for a more diverse and AI-integrated Web3 ecosystem.
Fred
Tweet of the Week
What if @bitfinitynet was a fur logo? 💜 pic.twitter.com/Zw20s2R7Pr
— Bitfinity Network (@bitfinitynet) April 16, 2025
Infographic
If you've deployed your contracts on Bitfinity, here's how you can verify them on chain.
Meme Time
A Matter of Opinion
Let's talk about stablecoins. While most traders aren't interested in them (as their prices rarely fluctuate), they are nonetheless an integral part of DeFi. Traders use stablecoins often, not simply for trades but to preserve capital during times of market turbulence. Stablecoins are also a big part of the regulatory conversation, and how governments treat them act as critical precedents: unavoidable policy cornerstones. For better or for worse, most stablecoins are denominated in, and are pegged to the U.S. dollar, which is why American policy regarding stablecoins (and crypto in general) have a huge ripple effect across the entire sector.
We currently stand at a major junction for crypto policy and adoption. The U.S. stablecoin market is on the cusp of a transformative expansion, with projections estimating a surge to $2 trillion by 2028—a staggering 760% increase from current levels. This anticipated growth is largely attributed to the potential passage of the Genius Act, a legislative proposal poised to establish the first comprehensive U.S. regulatory framework for stablecoins.
Analysts from Standard Chartered Bank note that the Genius Act, if implemented, would require stablecoin issuers to hold reserves in U.S. Treasury bills with maturities of 93 days or less. This could result in stablecoin providers purchasing up to $400 billion in T-bills annually, making them notable participants in the Treasury market, just behind money-market funds.
This shift suggests that stablecoins may become increasingly integrated into broader financial systems, moving beyond their current role in the crypto space. As Arnoud Star Busmann of Quantoz Payments points out, stablecoins could provide a programmable and efficient alternative to traditional financial infrastructure. While the Genius Act has faced some opposition, support for it appears to be strong in Washington, hinting at a possible transition in how financial systems evolve.
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