Bitfinity Weekly: Making Waves

Bitfinity Weekly: Making Waves

Welcome to Issue #91 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

🤷‍♂️ At Least: According to a court hearing this week, defunct crypto exchange FTX is expected to repay its former customers in full--the caveat? Customers will be repaid in equivalent sums of their crypto holdings according to the filing date of FTX's bankruptcy, which was after FTX's meltdown had already caused dramatic falls in cryptocurrency prices. Bitcoin for example, is currently at a seven day average of $42k, but it was around prices of $20k during FTX's bankruptcy.

🌊 Making Waves: Chris Larson, co-founder and executive chairman of Ripple, confirmed on Wednesday that several of his $XRP wallets had been hacked. A total of 213 million $XRP tokens, amounting to $112.5 million USD, was taken from Larson's wallets. Both Larson and representatives from Ripple have clarified that "no Ripple-managed wallets were compromised. Full stop."

🐂 Stubborn As An: $OX holders seem to be doubling down despite news of OPNX shutting down later this month. OPNX, founded by Su Zhu and Kyle Davies of now-bankrupt hedge fund 3AC, was developed as an exchange to trade bankruptcy claims estates. However with news of FTX's recovery, Zhu and Kyle's focus will now go to Ox.Fun, a derivatives market for crypto traders.

🪐 Jupiter Rising: Solana's biggest DEX aggregator, Jupiter, began its $JUP token airdrop this Wednesday and has been making news ever since. Within 24 hours of the airdrop claims going live, Jupiter saw over $1.2 billion dollars worth of trading volume, beating the reigning king of DEX volume: Uniswap V3. BitMEX founder Arthur Hayes has tweeted favorably of Solana lately, adding more fuel to the speculative fires.

This Week in our Blog

One of the biggest limitation for Bitcoin so far has been the network's inability to accomodate smart contracts. In this article we cover what smart contracts really are, and how solutions like Bitfinity EVM can supercharge Bitcoin to unlock new possibilities for building sophisticated products:

The Flippening Reversed: The Rise of Smart Contracts on Bitcoin
This in-depth article examines the history and capabilities of smart contracts, how they are being brought to Bitcoin through solutions like Bitfinity EVM, and the enormous possibilities this unlocks for building new types of decentralized applications that leverage Bitcoin’s security and scale.

Still confused about Bitcoin L2s? Have no fear. This deep dive explains how Bitfinity can seamlessly enhance Bitcoin with smart contract capability by leveraging the Internet Computer's threshold cryptographic capabilities:

Redefining Bitcoin Layer-2: How Bitfinity Applies It to Bitcoin
This article explores how Bitfinity implements bitcoin functionality as a sidechain using the Internet Computer (ICP) protocol’s powerful threshold cryptography capabilities.

NFT Market Bytes

🐈 Dead or Alive: Quantum Cats, a highly hyped Ordinals collection from Taproot Wizards, is delaying their mint once again, pushing the date to February 5th from their original amended date of Feb. 1st. The original minting date was January 31th, during which some whitelisted addresses were able to successfully mint before the technical issues caused the site to crash. Criticism has been plentiful even before this series of delayed mints, causing parody collections like Quantum Rats to fully mint out and even launch derivative collections.

👑 Queen of the Block: Sansa, an NFT marketplace that focues on high end generative art, has been aquired by digital art company Art Blocks. Founded in November 2022, Sansa has carved a niche in the NFT market by vetting individual artists through a selective application process. Since its launch, sales on Sansa have totalled over $2.2 million.

🧙‍♀️ Casting Runes: The Bitcoin ecosystem is already making use of the term "Runes" liberally ahead of Casey Rodarmor's official Runes protocol release. RSIC, a mystery Ordinals project airdropped to holders of certain collection, has seen a dramatic increase in price this week; major Bitcoin influencer @LeonidasNFT is also launching a Runes-inspired airdrop for select Ordinals collectors.

Tweet of the Week

a salute to our community and builders!

Meme Time

A Matter of Opinion

Solana has seen a number of memecoins pop off (and then just as quickly crash to zero) in the past few months. One of the handful to have some staying power is the $WIF token, which plays off of the [blank]-wif-hat meme. The "wif" meme has been so popular, in fact, that it has even spawned a buffet of derivative tokens.

This weekend has seen some drama in the memecoin community, as former Fortnight pro gamer Issa Rahim tried to wrangle control of the "wif" meme by launching a $WIF token of his own on Ethereum. Rahim claims the "wif" meme was his own invention, and caused a ruckus by lamenting that no one from the Solana $WIF team credited him (though astute observers have pointed out that Rahim neither took the original shiba-wearing-a-hat photo nor came up with the "dog wif hat" caption, he merely popularized it).

As is the nature of memes, most 'meme enjoyooors' don't particularly care about who created the original meme or why it was created. We've witnessed this multiple times, where releasing a creative effort is akin to opening a miniature Pandora's box. One a meme has been released into the wild and enters the collective consciousness, it can no longer be controlled by its original creator.

Pepe the frog, for example, is one of the best known memetic figures in internet history. For a time, Pepe was synonymous with image board culture, which burdened it with far right political associations. Matt Furie, the original creator of Pepe, has tried multiple times to gain control of his creation. But no matter how many copyright claims Furie issued, Pepe has permeated the web and exists far beyond its creator's scope.

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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.