Mind The Block: Your Weekly Dose of Web3 News and Insights
Mind The Block Headlines This Week
Table of Contents
- Bitcoin Hits $72K, $30 Million Liquidated
- Coinbase Launches cbETH for Fee-Free Management
- Costa Rica Eyes Crypto Transaction Limits
- Polychain Invests $25M in AI Platform Ritual
- Hoskinson Discusses Blockchains and AI Challenges
- Animoca Brands Partners with Imaginary Ones
- Ethereum Hits $3,600 Amid Whale Activity
- The Basics and Benefits of Running a Bitcoin Node
News
- Bitcoin surges above $72K, triggering $30 million in liquidity amid a cooling in profit-taking sentiment.
- Celestia has deployed its Blobstream data availability solution on Arbitrum Orbit.
- Karak has launched its mainnet to address the issue of fragmented crypto-economic security in the space.
- ParaSwap’s DAO has agreed to compensate hackers for a critical vulnerability in its AugustusV6 contract.
- AltLayer has launched MACH AVS, a progressive, swift, and active validated service (AVS) for OP Mainnet and Arbitrum One.
- StarkGate has launched an updated version of the DAI token on Starknet, introducing enhanced features and improved security.
- The Fetch AI community has ratified the first Artificial Superintelligence Alliance proposal with AGIX and OCEAN.
- Eddy Finance has announced its integration with the Core Dao Mainnet, paving the way for Bitcoin’s broader adoption in DeFi.
- dYdX Chain, a Cosmos-based blockchain, experienced its first major outage since its fourth version launch.
Extras By Mind The Block
- Tranglo, a Ripple partner, has launched a direct-to-wallet cross-border payment solution.
- Witness Chain is enabling DePINs on the Ethereum network, using Polygon Labs and EigenLayer CDK for development.
- A significant transfer of 692.4 billion Shiba Inu (SHIB) tokens, worth $19.26 million, has been discovered from Crypto Com’s hot wallet.
- Blubird and Beyond Enterprizes have formed a transformative partnership to accelerate the developments.
- Tria and Neo X have partnered for seamless swaps and bridges with instant liquidity.
- TON Society is offering one million Toncoin tokens to users who verify their identity using palm scanning technology.
- Coin98 has integrated Kava EVM into its platform, advancing DeFi access.
- Ethereum developers are working on the Electra Upgrade, a protocol aimed at boosting Ethereum’s stability and security.
- A new theory suggests Satoshi Hada, an IBM researcher, is among Bitcoin creator Satoshi Nakamoto.
- Chainalysis has hired former IRS Criminal Investigations Chief Jim Lee as Global Head of Capacity Building.
- Flamingo Finance is relaunching its Ambassador Program, aiming to incentivize community members.
- Seedify, a popular Web3 launchpad and incubator, has partnered with PoS blockchain Polygon to boost Web3 development.
Major Companies Making Moves
- Coinbase has introduced Wrapped Staked ETH (cbETH), a token that allows users to manage their Ethereum (ETH) assets without fees.
- Ripple has launched a digital currency tied to the U.S. dollar, aiming to stabilize and simplify its XRP Ledger.
- Binance has integrated 35 new decentralized applications (dApps) into its Web3 Wallet platform.
- 1inch Network has launched a Web3 debit card in partnership with crypto card developer Baanx.
- Fantom is set to launch its canonical stablecoin USDC.e on April 5, with support from stablecoin giant Circle and Wormhole.
- Velo and the Solana Foundation have partnered to pioneer digital gold transactions in Laos.
Government, SEC & Regulation
- ARK Invest CEO and chief investment officer Cathie Wood has urged the US to follow Hong Kong’s cryptocurrency regulations.
- Costa Rica is considering a proposed crypto law that could limit citizens’ use of Bitcoin for everyday transactions.
- Binance’s head of financial crime compliance, Tigran Gambaryan, pleaded not guilty to money laundering charges in Nigeria.
- Philippines SEC has extended a three-month warning to users of Binance to allow them to withdraw their funds.
- Hong Kong police have arrested three teenagers and rescued a 19-year-old victim of a crypto-related attack.
- The IRS has added a crypto question to Forms 1040, 1040-SR, 1040-NR, 1041, 1065, 1120, 1120, and 1120S for 2023 returns.
- Three Brazilian tourist cities, Jericoacoara, Rolante, and São Thomé das Letras, are using Bitcoin as everyday money.
- Brooklyn District Attorney Eric Gonzalez has dismantled a cryptocurrency scam that defrauded millions of individuals across the US.
- Terraform Labs and co-founder Do Kwon have been found guilty of defrauding investors by a Manhattan jury.
- Chinese mainland equity funds are reportedly launching spot Bitcoin ETFs through their Hong Kong subsidiaries.
- Policymakers must think outside of current norms to understand crypto and its underlying technology.
- eToro, an Israeli broker, is attempting to obtain a regulatory license in Singapore.
- South Korean tax officials in Pohang are set to seize cryptoassets from 5,208 residents who failed to pay local taxes.
Raises & Major Investments rounds
- Frax Finance has approved a governance proposal for $250 million in USDe from Ethena Labs to boost DeFi liquidity.
- OKX Ventures has allocated funds for UTXO Stack, a modular Bitcoin L2 blockchain launch forum, in partnership with Cell Studio.
- Polychain Capital has invested $25 million in artificial intelligence platform Ritual.
- Sora Ventures has raised $3 million to launch a Runes Liquid Fund, which will focus on liquid assets related to the Runes Protocol.
- Blockchain startup LightLink has raised $6.2 million in funding during an extended seed round.
Trends & Narrative
- TokenFi developers propose a “TOKEN Supercharge Program” to provide early access to platform issuances for TOKEN holders and stakers.
- Cardano founder Charles Hoskinson compared blockchains and AI models, highlighting the challenges of short-term narratives.
- Bitcoin’s hash rate reaches 620 EH/s, possibly due to sovereign nations using renewable energy.
- The cryptocurrency industry has rebounded, but decentralized finance still represents a small portion of active financial markets.
- Gabor Gurbacs has highlighted Bitcoin’s dominance over major banks, with a market capitalization exceeding $1.3 trillion.
NFTs, Gaming, Metaverse
- Animoca Brands has partnered with Singapore-based NFT project Imaginary Ones to enhance tokenomics and go-to-market strategy.
- Germany is re-emphasizing the potential of metaverse technologies in public administration and industry.
- Immutable has announced the launch of an IP crossover card expansion pack, Dread Awakening.
- UK-based web3 mobile game startup Ginger Joy plans to sell 1,000 Fundora Eternal PFPs.
- Bitcoin-based NodeMonkes leads NFT sales with a 46.88% drop to $2.01 million.
- The metaverse, a shared virtual space, has seen significant hype and financial investments from tech giants like Disney and Meta.
- Mazda Motor Corporation has partnered with Astar Network to launch the “Yoki Origins” campaign for Astar zkEVM.
- Planet Mojo, the studio behind Mojo Melee, has announced the release of their new token, MOJO.
Onchain Data
- Ethereum’s price has risen by 7% in the past three hours, reaching over $3,600.
- FARM, the native token of Harvest Finance, has surged 80% in the U.S. market, with a 24-hour trading volume of $218 million.
- Dogwifhat (WIF) price surges 15%, reaching a new all-time high above $4.60, following a week-long correction in April.
- PayPal USD experienced a 38% drop in circulation in March, reaching $188.5 million, 39% less than in February 2024.
- Cardano (ADA) is preparing for a potential breakout, potentially leading to a 32% rally.
Educational Guides and Tips from Mind the Block
- Fully Noded: The basics and benefits of running a Bitcoin Node.
- What are crypto exit scams, and how to protect against them?
- What is a Bitcoin ATM? A beginner’s guide to buying and selling cryptocurrency.
- Bitcoin halvings have historically occurred a year or two before a new all-time high, as they cut the block reward paid to miners in half.
See you in the next edition of the Mind The Block.
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