roadrunner

Worldcoin, which uses iris biometrics to create a unique human identity database, said Sunday it is changing the distribution of its circulating WLD token supply and its market maker loan agreements. The project, launched in July, will decrease the loan amounts to market makers and will start rewarding operators with WLD instead of USDC. Worldcoin Updates Token Supply and Loan Agreements WLD’s circulating supply is now close to 134 million tokens, an increase from the 100 million at its debut. In an update published on Sunday, the company said this jump is attributed to more than 800,000 new and current users who claimed about 34 million tokens through free grants. To boost liquidity, Worldcoin provided 100 million WLD in loans to five market makers, with those loans set to end on October 24, 2023. The company backed by Openai CEO Sam Altman has extended these loans to December 15 but has cut the overall loan amount to 75 million WLD. On October 24, market makers can return as many as 25 million tokens or buy them at a predetermined price, leading to a decrease in the circulating supply. Rewards for operators of Worldcoin’s Orb iris scanners will switch from USDC to WLD in the coming month. “The WLD token was launched with a relatively low circulating supply of just above 100M WLD,” Worldcoin said. “This was due to the goal of creating a network of as many human beings as possible. To achieve this, the majority of the WLD token supply will be given to new and existing users in the form of user grants over the years to come.” Worldcoin asserts that its iris biometric database will deter fraud and enhance access to key services like banking and voting. However, privacy proponents and governments have expressed worries over its centralized nature and data handling methods. Data watchdogs from France, Kenya, and other nations have raised concerns. Even with its quick expansion, only 1.34% of Worldcoin’s overall token supply of 10 billion is currently in circulation. The initiative intends to keep awarding grants to expand its user community. These recent adjustments are intended to lessen the sway of market makers and to better reward network participants. Bitcoin.com News has reported on several occasions that most of the WLD supply is currently dominated by Worldcoin and market makers. 750,157 unique addresses hold WLD today, and the top 100 holders command 92.74% of the maximum supply. What do you think about Worldcoin’s latest update? Share your thoughts and opinions about this subject in the comments section below. View the full article

Lawyers for former FTX CEO Sam Bankman-Fried have given proposed jury instructions to the court in advance of jury deliberations and his verdict. These instructions clarify the defense’s legal positions and emphasize their client’s right to be presumed innocent until proven guilty. Sam Bankman-Fried’s Lawyers Request Specific Jury Instructions Ahead of Trial In their court submission, Bankman-Fried’s attorneys request the judge instruct jurors that convictions can only be based on defined statutory crimes, not on general immorality. The instructions provide an in-depth description of fraud and details about FTX’s terms of service. “The terms of service constituted a contract between FTX and its customers, and you must consider what that contract said and didn’t say regarding the legal relationship between FTX and its customers,” the court filing explains. The defense team for Bankman-Fried includes Mark Cohen, Christian Everdell, David Lisner, and Sri Kuehnlenz. Cohen is the prominent lawyer who defended Ghislaine Maxwell in her sex trafficking trial. The defense underscores the principle of “good faith,” emphasizing that good faith stands as a full defense even if mistakes were made that resulted in harm to others. The attorneys also urge the court to instruct the jury that seeking legal advice, when demonstrated, signifies good faith. “Good faith is a complete defense to all of the counts in the indictment, so you should consider this instruction about good faith in determining whether the government has proven each of the other counts of the indictment beyond a reasonable doubt,” the defense’s letter elaborates. Prosecutors Reject Bankman-Fried’s Line of Defense On the same day, the prosecution submitted their counter-proposals. They contend that Bankman-Fried’s intention to reimburse clients whose funds he purportedly misused holds no legal bearing. The government seeks an instruction declaring that a belief in repayment doesn’t equate to good faith. The prosecution also aims to exclude any arguments suggesting Bankman-Fried’s “effective altruism” beliefs or a purported intent to “do good” can justify illegal actions. The government posits that ethical or political reasons don’t serve as a defense against criminal charges. They stated: Any argument that the defendant lacked wrongful intent because he subscribed to an idiosyncratic philosophy about the morality of lying and stealing, and placed a greater premium on his subjective conception of the long-term good, would be irrelevant. Furthermore, the government points out the defense’s focus on the terms of service, suggesting it’s “an apparent attempt to suggest that these terms authorized the defendant’s actions.” Prosecutors reject this rationale, emphasizing the jury won’t be tasked with assessing a breach of the terms of service. Both parties have presented extensive, opposing submissions ahead of the November trial where Bankman-Fried is charged with multiple offenses, including wire fraud and money laundering. These submissions unveil fundamental disagreements on pivotal legal matters at the heart of the fraud case against the FTX founder. What do you think about the latest filings in Bankman-Fried’s ongoing court battle? Share your thoughts and opinions about this subject in the comments section below. View the full article

Dogecoin rose by over 10% to start the week, as sentiment in cryptocurrency markets remained mostly bullish. The global market cap for crypto is up by 2.34% at the time of writing, which comes as a red wave swept through global stock indices. Polygon was another notable gainer on Monday. Dogecoin (DOGE) Dogecoin was a notable gainer on Monday, as the meme coin rallied past a key resistance level during the session. Following a low of $0.06068 on Sunday, DOGE/USD raced to an intraday peak at the $0.06525 mark. This surge saw dogecoin break out of a ceiling at $0.0640, hitting its highest point since August 31 in the process. One catalyst for the move was a breakout that occurred at the 65.00 level on the 14-day relative strength index (RSI). Currently, the index is tracking at 65.94, with remaining bulls more than likely targeting the 70.00 level. Earlier gains have somewhat slipped, with DOGE now trading at $0.06407. Polygon (MATIC) In addition to dogecoin, polygon (MATIC) also surged strongly on Monday, as the cryptocurrency reached a multi-month high MATIC/USD jumped to a peak at $0.6315 to start the week, which comes a day after trading at a low of $0.56. Monday’s high pushed polygon to its strongest point since August 16, when price reached a top at $0.638. As a result of the rally, MATIC’s RSI rose to a three-month high at 68.79, but failed to break out of a ceiling at 69.00. The index is now tracking at 66.60, despite the 10-day (red) moving average being on the cusp of crossing its 25-day (blue) counterpart. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect polygon bulls to retreat in the coming days? Let us know your thoughts in the comments. View the full article

New EU rules will introduce automated exchange of information on crypto revenues reported by service providers in the sector. A new directive adopted by the Union expands existing registration and reporting obligations as well as cooperation between tax administrations across the bloc. Information Sharing Between National Tax Administrations in EU to Cover Crypto Assets The Council of the European Union has adopted a directive amending EU rules governing administrative cooperation in the field of taxation in order to include the reporting and automatic exchange of information on revenues from cryptocurrency transactions. The move seeks to cover additional categories of income and assets by enlarging the scope of the legislative framework. Under the new rules, the mandatory automatic exchange between tax authorities will apply to data handed over by crypto-asset service providers. In a press release the Council stated: So far, the decentralized nature of crypto assets has made it difficult for member states’ tax administrations to ensure tax compliance. The inherent cross-border nature of crypto assets requires strong international administrative cooperation to ensure effective tax collection. The updated regulations will apply to a broad range of crypto assets, including those issued in a decentralized manner, stablecoins, e-money tokens, and some non-fungible tokens (NFTs), expanding the definitions in the EU’s newly adopted Markets in Crypto Assets (MiCA) law. The new directive, which was adopted unanimously by the member states’ finance ministers on Tuesday, was presented by the European Commission in December 2022 and approved by the European Parliament in September of this year. DAC8 amends Directive 2011/16/EU on Administrative Cooperation in the Field of Taxation (DAC) and will enter into force 20 days after its publication in the Official Journal of the EU. It also features provisions on the exchange of advance cross-border rulings for wealthy, or high-net-worth, individuals. What do you think about the new EU rules on the exchange of information on crypto transactions between tax authorities? Tell us in the comments section below. View the full article

PRESS RELEASE. Imagine a new internet era with Querio, an ambitious decentralized search engine revolutionizing Web3 exploration. With lightning speed, pinpoint accuracy, and unwavering privacy, Querio serves as a portal to the decentralized technology universe, challenging the status quo and prioritizing user-centric discovery, setting the stage for a blockchain innovation-powered future. The Driving Forces Behind This Maverick The story of Querio began in early 2023 at CrossChain Labs, a dynamic startup led by Andreea and George, two forward-thinkers, former ConsenSys employees with a wealth of experience in cutting-edge blockchain ecosystem. They founded CrossChain Labs and collaborated with prominent blockchain platforms such as Near Protocol, Filecoin, Dfinity, Stellar, Fantom, and Polkadot. During a pivotal meeting at ICP.lab Business Booster, a significant gap in the market was identified: the absence of a dedicated on-chain Web3 search engine for exploring diverse dApps across various blockchains. Driven by their unwavering belief, Andreea and George embarked on a bold mission in early 2023 to create Querio. They launched Querio as a fully functional Web3 search engine in May 2023, a remarkable achievement made possible through self-funded efforts and determination. What Makes Querio Different: Core Features and Technical Capabilities Even in its initial release, Querio introduced several core features that redefined the user experience: Multi-Blockchain Support: Starting with Internet Computer, Ethereum, Stellar, and NEAR Protocol, Querio offers the flexibility to explore decentralized applications across a diverse range of blockchain networks. Transparency: Querio displays the number of search results returned and the duration of each search, offering transparency and insights into its performance. Multi-Word Searches: Unlike traditional single-keyword searches, Querio allows users to enter multiple words for more precise and relevant results. User-Friendly Design: dApp logos alongside results make it easy for users to identify the source of information. Autocomplete suggestions and summarized content snippets optimize search efficiency. Smart Ranking Algorithm: The search engine leverages a proprietary ranking algorithm optimized to surface the most relevant results, improving the overall search experience. The combination of these features provides users with a more productive and satisfying search experience surpassing that of other early Web3 search engines, and demonstrating Querio’s technical prowess and user-centric design. The Quest to Decentralize: Transitioning Querio to a DAO The Querio team is actively transitioning the platform into a decentralized autonomous organization (DAO) powered by the Internet Computer blockchain. This includes: Public Presale: The Querio team has announced an upcoming public presale of QRO tokens to begin on 25th of October, offering 10% of the total QRO supply. This move reflects their commitment to involving the community in the project’s governance and evolution. Governance Token (QRO): A native governance token, QRO, will be created and distributed to engage a community of stakeholders who will collectively govern the Querio DAO. The target launch time frame for fully transitioning Querio to a DAO on the Internet Computer is Q4 2023 using the SNS launch platform The Road Ahead: Querio’s Vision for the Future Beyond decentralizing Querio, the development roadmap extends to expanding functionality and solidifying Querio as the premier platform for users to explore and engage with Web3. Planned features and capabilities include: Expand Multi-Blockchain Support: Expanding across additional blockchain ecosystems. Decentralized Content Miners: A network of independent content miners will be introduced to proactively index Web3 content, ensuring Querio’s search coverage remains comprehensive and up-to-date, with incentives for contributors. dApps Explorer: Discover the newest and most popular dApps, ensuring you’re always at the forefront of the decentralized movement. Project Promotion: Projects can promote themselves within relevant search results. Auction Model: An auction model for premium placement and visibility on Querio’s frontpage. Querio AI: Querio will develop a sophisticated artificial intelligence engine, for answering questions about dApps, protocols, and blockchain concepts. Querio Drive: Launching a decentralized on-chain storage solution built on Internet Computer. With this ambitious roadmap, Querio aims to position itself as a core Web3 infrastructure project, empowering the next generation of blockchain applications and services. The Querio team’s vision is to create a community-driven public good that embodies the promise of Internet Computer and the broader decentralized web, setting the stage for a new era of decentralized search and discovery. Querio’s journey has just begun, and its potential is boundless in the ever-expanding world of Web3. For more information visit: Website: https://querio.io/ Twitter:https://twitter.com/querio_io Whitepaper: https://querio.notion.site/querio/Querio-Whitepaper-093dca931e374657a5ae7c42a8f9da16 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. View the full article

The Environmental Resources and Energy Committee of the Pennsylvania General Assembly recently passed a bill which proposes “reporting requirements for qualifying crypto-asset mining operations.” Sponsor of the draft legislation Greg Vitali said the bill “doesn’t prohibit any cryptocurrency operation from operating in any way.” Reporting Requirements for Crypto Miners The Pennsylvania House Environmental Resources and Energy Committee recently passed a bill on “reporting requirements for qualifying crypto-asset mining operations and for an impact study.” The committee also reportedly voted to remove the two-year moratorium on new mining operations from Bill 1476. According to a report published by The Centre Square, the bill was passed despite resistance by Republicans on the committee. Sponsored by committee chairman Greg Vitali, the bill will now be forwarded to the full house. Explaining why he pushed for the bill’s passage, Vitali reportedly said: This bill simply is a reporting and study bill. It doesn’t prohibit any cryptocurrency operation from operating in any way. It simply requires them to report what they are doing. Right now we’re in a situation where many cryptocurrency operations are gravitating towards Pennsylvania and we simply don’t know where they are and what they’re doing. As per the draft bill, owners of qualifying crypto-asset mining operations will be required to furnish authorities with “the number and geographic locations” of any such operations. The type of mining machines, and their purchase as well as their retirement dates. As expected, the proposed law also requires crypto miners to share with authorities the amount of electricity consumed as well as when it is used. However, Martin Causer, a Republican from Bradford, who opposed the bill, said the reporting standards proposed in the Vitali-sponsored bill are “burdensome and not necessary.” Concerning crypto miners’ alleged contribution to the State’s pollution legacy, the Republican representative said: “A lot of these operations utilize waste coal and actually are beneficial to cleaning up waste coal in the commonwealth — which I think is beneficial.” What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

The now-defunct FTX crypto exchange announced a proposed settlement plan this week that aims to resolve disputes over customer assets lost when the company filed for bankruptcy in November 2022. FTX Debtors Chart Path to Redress: 90% Asset Recovery Proposed in Bankruptcy Plan The FTX debtors’ proposed settlement plan includes priority payouts to customers and an offer to reduce potential preference liability, with customers expected to recover over 90% of assets worldwide if approved. FTX filed the settlement plan in Delaware bankruptcy court and aims to gain approval by the second quarter of 2024. The proposed settlement divides FTX assets into three pools — one for FTX.com customers, one for FTX US customers, and a general pool — and grants customers priority “shortfall claims” against the general pool totaling an estimated $9 billion. “Taking into account both the priority and the non-priority portions of the shortfall claim, the FTX Debtors estimate that customers of FTX.com and FTX US would receive, collectively, over 90% of distributable value worldwide if the Amended Plan is approved,” the announcement details. “Together, starting in the most challenging financial disaster I have seen, the debtors and their creditors have created enormous value from a situation that easily could have been a near-total loss for customers,” said John J. Ray III, FTX’s chief restructuring officer and current CEO. To resolve potential preference claims, FTX offered customers a deal to reduce payouts based on net withdrawals made nine days before bankruptcy. The offer requires customers to pay back 15% of the amount their withdrawals exceeded deposits during that period. For example, if a customer withdrew $100,000 but only deposited $20,000 in the 9 days before bankruptcy, their net withdrawal would be $80,000. They’d pay back 15% of that, or $12,000, reducing their payout. Customers with less than $250,000 in net withdrawals won’t face a haircut under the deal. FTX can also exclude certain customers from the offer. Actual recovery percentages remain uncertain and depend on variables like asset sales, litigation results, and fluctuations in crypto prices, the announcement stressed. Non-customers face greater losses than exchange users under the deal. FTX called the deal a “major milestone” resulting from “months of extensive, arm’s-length negotiations” between major creditors like the customers committee. What do you think about the FTX debtors’ proposed settlement plan? Share your thoughts and opinions about this subject in the comments section below. View the full article

Fidelity has submitted an updated proposal for a spot bitcoin exchange-traded fund (ETF) to the U.S. Securities and Exchange Commission (SEC). The asset manager joins other applicants in continued efforts to address regulatory concerns that have stood in the way of approving the investment product. Fidelity Files Updated Spot Bitcoin ETF Prospectus With SEC Financial giant Fidelity has submitted a revised version of its Wise Origin Bitcoin Trust to the U.S. securities regulator. The updated spot bitcoin ETF prospectus seeks to meet SEC requirements which could increase the chances of approval. With the new filing, Fidelity joins other potential issuers that have tried to address the regulator’s concerns in various areas. Invesco and Ark Invest refiled their applications earlier in October. Bloomberg’s James Seyffart views these moves as positive signs. The ETF analyst commented on the latest development in a post on X, formerly Twitter: More proof that potential spot Bitcoin ETF issuers are in communication with SEC regarding changes/amendments required for SEC to consider approving. Positive signs IMO. Seyffart share a tweet by finance Lawyer Scott Johnsson who highlighted several common themes that appear in the amended applications. These include detailing custodial arrangements, addressing hard forks and the energy intensive nature of crypto mining. Recurring themes I’m seeing in the amendments so far: – Specifying custodial arrangements in detail – Mechanics around hard forks – Valuation/pricing sources and adherence to GAAP – Risk disclosure around regulatory uncertainty – Mining is very energy intensive… https://t.co/sFJqwznuzr — Scott Johnsson (@SGJohnsson) October 17, 2023 The U.S. Securities and Exchange Commission approved ETFs holding bitcoin futures in 2021 but the agency has been reluctant to give the nod to a spot bitcoin ETF, previously citing risks of fraud and market manipulation as well as concerns over custody and investor protection. Earlier this year, the SEC accepted to review a number of applications but has since delayed its decisions on the proposals of Fidelity, financial powerhouse Blackrock, Vaneck, Wisdomtree, Valkyrie, Bitwise, and Invesco among others. The Commission’s judgement on one or more ETFs is expected by many in the industry in the first quarter of next year with events such as the SEC recently missing the deadline to appeal a court ruling in favor of Grayscale’s spot bitcoin ETF giving cause for optimism. As a proof of the growing anticipation, bitcoin (BTC) surged this week on fake news that Blackrock’s bitcoin ETF had been approved. Do you think the SEC will approve the updated applications for spot bitcoin ETFs? Share your thoughts on the subject in the comments section below. View the full article

Crypto exchange Binance US has suspended withdrawals in U.S. dollars. Users who want to withdraw their USD funds must first convert them into stablecoins or other cryptocurrencies, which can then be withdrawn. Binance US Updates Dollar Withdrawal Policy Binance US, the U.S.-based cryptocurrency exchange affiliated with Binance, updated its terms of use on Tuesday. The Binance US trading platform is run by BAM Trading Services Inc., an affiliate of Binance. The U.S.-based crypto exchange explained that users can access their USD funds through BAM-issued stored value wallets denominated in U.S. dollars (BAM Fiat Wallets). Binance US emphasized: In the event you wish to withdraw U.S. dollar funds from your account, you may convert such U.S. dollar funds to stablecoin or other digital assets, which can subsequently be withdrawn. In early June, Binance US suspended U.S. dollar deposits following a court order initiated by the U.S. Securities and Exchange Commission (SEC) to freeze its assets. The exchange also warned at the time that its banking partners were preparing to pause USD withdrawal channels as early as June 13. While the exchange managed to avoid asset freezing, its share of the total U.S. crypto trading volume has plunged. On July 17, Binance US announced that U.S. dollar withdrawals have been restored. However, the crypto exchange continued to advise users to “use, withdraw, or convert their USD fiat balances to stablecoins to continue crypto-to-crypto trading on the platform.” The firm cautioned: “Any remaining USD balance in your account may be converted to USDT at a future date.” The SEC sued Binance, CEO Changpeng Zhao (CZ), and BAM Trading Services on June 5. The Securities regulator filed 13 charges against them including operating unregistered exchanges, broker-dealers, and clearing agencies. What do you think about Binance US halting U.S. dollar withdrawals? Let us know in the comments section below. View the full article

The European Securities and Markets Authority (ESMA) is preparing to implement the Markets in Crypto-Assets Regulation (MiCA). The regulator has issued several crypto warnings that investors and users of crypto services providers should be aware of, particularly before MiCA is fully implemented. The regulator cautioned: “Even with the implementation of MiCA, retail investors must be aware that there will be no such thing as a ‘safe’ crypto-asset.” ESMA Issues Crypto Warnings as It Prepares to Implement MiCA The European Securities and Markets Authority (ESMA) published a statement on Tuesday clarifying the timeline for the implementation of the Markets in Crypto-Assets Regulation (MiCA). ESMA also highlighted several risks associated with crypto assets, noting that MiCA won’t be fully implemented until December 2024. “The entry into force of MiCA is a fundamental development for the establishment of a single rulebook for the regulation and supervision of crypto-asset issuance, trading, and service provision,” ESMA explained. “Such activities are not currently regulated by existing common European Union (EU) financial services legislation.” However, ESMA has reminded crypto holders and customers of crypto service providers that “MiCA does not address all of the various risks associated with these products,” emphasizing: Many crypto-assets are by nature highly speculative. Moreover, crypto-assets are prone to novel operational or security risks … Even with the implementation of MiCA, retail investors must be aware that there will be no such thing as a ‘safe’ crypto-asset. “Full MiCA rights and protections will not apply in the implementation phase of MiCA,” ESMA clarified. “MiCA rules on the provision of crypto-asset services will not enter into application until December 2024.” ESMA also urged market participants to “make adequate preparations” to ensure a timely and orderly transition toward MiCA. “These preparations should also involve early dialogue between entities currently providing crypto-asset services in the EU and the relevant competent authorities of the jurisdictions in which they operate to inform them of their transition plans,” the regulator added. Moreover, ESMA cautioned: “Even after MiCA becomes applicable to crypto-asset service providers, member states have the option of granting entities already providing crypto-asset services in their jurisdictions up to an additional 18-month ‘transitional period’ during which they may continue to operate without a MiCA license.” ESMA detailed: This means that holders of crypto-assets and clients of crypto-asset service providers may not benefit from full rights and protections afforded to them under MiCA until as late as 1 July 2026. What do you think about ESMA’s crypto warnings and its preparation to implement MiCA? Let us know in the comments section below. View the full article

The European Central Bank (ECB) has decided to move its digital euro project to the next phase after two years of investigation. The “preparation phase” of the digital euro will involve “finalizing the digital euro rulebook and selecting providers that could develop a digital euro platform and infrastructure.” Digital Euro Proceeds to ‘Preparation Phase’ The Governing Council of the European Central Bank (ECB) decided Wednesday “to move to the next phase of the digital euro project: the preparation phase,” the ECB announced. This decision followed the completion of the ECB’s central bank digital currency (CBDC) investigation phase which the Eurosystem launched in October 2021 “to explore possible design and distribution models for a digital euro,” the European Central Bank detailed. The ECB also published a report Wednesday detailing its findings from the investigation phase of the digital euro. The ECB detailed: The next phase of the digital euro project — the preparation phase – will start on 1 November 2023 and will initially last two years. It will involve finalizing the digital euro rulebook and selecting providers that could develop a digital euro platform and infrastructure. “After two years, the Governing Council will decide whether to move to the next stage of preparations, to pave the way for the possible future issuance and roll-out of a digital euro,” the ECB noted. “The Eurosystem envisions a digital euro that would be free for basic use for individuals,” the ECB continued, adding that it has designed a digital euro to be “widely accessible to citizens and businesses through distribution by supervised intermediaries, such as banks.” Moreover, the ECB stated: “The digital euro would make data protection a priority. The Eurosystem would not be able to see users’ personal data or link payment information to individuals. The digital euro would also achieve a cash-like level of privacy for offline payments.” Fabio Panetta, ECB Executive Board member and Chair of the High-Level Task Force on a digital euro, opined: “A digital euro would increase the efficiency of European payments and contribute to Europe’s strategic autonomy.” ECB President Christine Lagarde commented: We need to prepare our currency for the future. We envisage a digital euro as a digital form of cash that can be used for all digital payments, free of charge, and that meets the highest privacy standards. It would coexist alongside physical cash, which will always be available, leaving no one behind. What do you think about the digital euro progressing to the next phase? Let us know in the comments section below. View the full article

Vitalik Buterin has dismissed reports that he recently sold his crypto holdings and claimed to have not “sold ether for personal gain since 2018.” Buterin suggested to his followers that the reports often mistake his transfer of digital assets to charitable organizations as sales of his digital assets. Transfers to Charitable Organizations Vitalik Buterin, the co-founder of the Ethereum blockchain, has dismissed suggestions that he recently liquidated part of his digital asset holdings. In a post on the decentralized social network Warpcast, Buterin told his followers to ignore reports which mistakenly conclude that his donations to charitable organizations are sales of crypto assets. The remarks by Buterin came just days after media reports claimed that Kanro, a charity affiliated with the Ethereum co-founder, had moved 15.43 million USDC coins to a multi-signature wallet. In fact, as indicated by data, Kanro made two transfers, one to Coinbase (500,000 USDC coins) and one to Gemini (14.93 million). Last year @CryptoRelief_ led by @sandeepnailwal allocated $100m to Covid research projects I wanted to fund Sandeep and I discussed and jointly concluded these and other projects are high-impact and need follow through grants. Hence we decided to put $100m more to these projects — vitalik.eth (@VitalikButerin) June 8, 2023 In his June 8, 2023, post on X (formerly Twitter), Buterin, who described Kanro as his “entity,” spoke of his desire to fund Covid research projects. At the time, Buterin revealed that Crypto Relief, a community-run fund, had “put in 90M USDC from the original $SHIB donation.” He then pledged to donate “10M of his own funds.” ‘Clickbait’ Allegations However, in his Oct. 17 post on Warpcast, the co-founder claimed not to have sold his ETH holdings in the past five years. Buterin said: “If you see an article saying ‘Vitalik sends XXX ETH to [exchange],’ it’s not actually me selling, it’s almost always me donating to some charity or nonprofit or other project, and the recipient selling because, well, they have to cover expenses. I haven’t ‘sold’ ETH for personal gain since 2018.” Reacting to Buterin’s post, some Warpcast users agreed with him that most media reports have incorrectly characterized the donations as disposals. Others accused the media of deliberately producing inaccurate reports just so they can generate traffic to their sites. However, one user implied in his post that Buterin had in fact admitted to indirectly selling a portion of his ETH holdings. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Galaxy Digital CEO Mike Novogratz expects a spot bitcoin exchange-traded fund (ETF) to be approved in 2023. “It’s going to get approved, we think it happens this year,” the American investor said on Wednesday. Billionaire and Crypto Investor Mike Novogratz Say There’s Been a ‘Huge Psychological Shift’ After predicting in August, Galaxy Digital CEO Mike Novogratz has accelerated his forecast regarding a spot bitcoin ETF. In mid-August, Novogratz believed the U.S. Securities and Exchange Commission (SEC) would approve one within four to six months. But on Wednesday, while speaking with Andrew Ross Sorkin on CNBC’s “Squawk Box,” he said it’s likely to be approved in 2023. “It’s going to get approved, we think it happens this year in 2023,” Novogratz remarked. He added that all the indications point to it happening this year. The Galaxy CEO further cited public commentary and filings noting that “people’s comments are much more constructive.” Galaxy Digital has partnered with Invesco and competes with several major financial firms aiming to launch a spot-settled exchange-traded fund. The company collaborates with Invesco on the Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF, known as “BLKC,” and the “SATO” ETF. Novogratz mentioned that the SEC has been in discussions with Galaxy regarding the ETF. “[The SEC is] no longer talking about how [bitcoin] works or why it’s important. It’s just a recognized macro asset and that’s a huge psychological shift,” Novogratz explained on Wednesday. He believes that current events indicate approval is imminent. His statements come after Blackrock CEO Larry Fink described the recent surge, following false ETF approval rumors, as a “flight to quality.” Novogratz highlighted Blackrock’s comments, emphasizing that interest from the world’s largest fund manager is a positive indicator. He also stressed, “The public wants this.” Novogratz’s statements follow Fidelity amending its spot bitcoin ETF filing on October 17. What do you think about Novogratz’s commentary about a spot bitcoin ETF being approved this year? Do you agree with his prediction? Share your thoughts and opinions about this subject in the comments section below. View the full article

Bitcoin retreated from a brief spell above $27,000 on Saturday, as uncertainty in the market remained high to start the weekend. The global cryptocurrency market was marginally higher to start the weekend, trading 0.42% higher as of writing. Ethereum continued to consolidate above a recent floor of $1,535. Bitcoin Bitcoin (BTC) retreated below the $27,000 level to start the weekend, after a late surge in price on Friday. Following a low of $26,686.32 earlier in Friday’s session, BTC/USD peaked at a high of $27,092.70 as the day progressed. Although BTC has since slipped, and is currently trading at $26,866.74, it is still higher than yesterday’s bottom. The consolidation comes as the relative strength index (RSI) continues to hover above a floor at the 45.00 mark. Whilst now tracking at 46.72, the next target is likely to be at a ceiling of 50.00, and if hit, bitcoin will be back above $27,000. Overall, bitcoin is trading 4% lower than at the same point last week. Ethereum Ethereum (ETH) is largely unchanged at the time of writing, as the cryptocurrency consolidated to start the weekend. ETH/USD reached a high of $1,571.75 on Friday, however has since fallen to a current reading of $1,546.80. This is slightly higher than yesterday’s low at $1,538.09, which was marginally above a support point at $1,535. The drop in price coincides with the RSI failing to breach its own point of resistance at the 40.00 mark. Currently, price strength is at the 37.46 level, with the 10-day moving average continuing to trend downwards. Register your email here to get weekly price analysis updates sent to your inbox: Could ethereum fall under $1,700 this weekend? Leave your thoughts in the comments below. View the full article

Fluent Finance, a US-based startup that aims to bridge banking and Web3, has announced that it will partner with the Ministry of Economy of the United Arab Emirates (UAE) to develop deposit token-based tech. The company, which takes advantage of the Nextgen FDI growth program, will open operations in Abu Dhabi, planning to grow its headcount to over 100 jobs. Fluent Finance to Develop Stablecoin and Deposit Token Tech in UAE Fluent Finance, a Delaware-based startup founded in 2020 that designs banking and Web3 interconnection solutions, has announced it is landing in the United Arab Emirates (UAE) under the Nextgen FDI program, an initiative that provides digital businesses with the tools necessary to launch operations and scale from UAE soil. The startup, which announced this move in July, plans to launch its interconnection solution, dubbed the Fluent Economic Bridge, from UAE territory to get feedback from banks and regulators in the region. The Fluent Economic Bridge aims to facilitate cross-border settlements using deposit tokens and blockchain tech. Deposit tokens are directly backed by banking deposits, supposedly bringing safety and predictability to these transfers. The platform is already being piloted in Kenya, and Fluent Finance aims to develop a digital corridor with UAE institutions. UAE and Its Digital Asset Push The UAE has a Web3-friendly regulatory framework which sets it apart from other countries, supporting startups that want to settle in the country with programs like Nextgen FDI. Bradley Allgood, Fluent Finance’s Chief Executive Officer, said that the UAE was the “obvious” location to launch their settlement solution. Allgood detailed: The UAE offers exactly the kind of supportive, enabling environment that Web3 companies such as Fluent require. The combination of thoughtful regulation, forward-looking vision and advanced technology ambitions means we have the right foundations on which to develop our product and grow our organization. Thani Al Zeyoudi, Minister of State for Foreign Trade, stated that this move represents the results of all the work that the UAE has been doing to present itself as a Web3 and blockchain hub. Al Zeyoudi declared that the UAE has become “a prominent advocate for the modernization of the multilateral trading system, as well as a supportive place for the development of the tools and applications that can deliver it.” Also, he stressed that digital currencies have “the potential to improve the efficiency and accessibility of global supply chains.” What do you think about the UAE’s Nextgen FDI program and Fluent Finance? Tell us in the comments section below. View the full article

A new documentary delving into 3D firearm printing and Defense Distributed’s Cody Wilson is set to release. Directed by Jessica Solce and produced by Encode Productions and the Samourai Wallet team, the film will digitally debut on October 21, 2023. ‘Death Athletic’ Features Cody Wilson and the Rise of 3D-Printed Guns “Death Athletic: A Dissident Architecture” is the title of the documentary, which will be released on October 21 after two screenings in New York and Texas. This film, highlighting the pioneering work of Cody Wilson in the realm of 3D firearm printing, was produced in collaboration with the privacy-focused bitcoin wallet creator, Samourai Wallet, Thomas Donnelly, and Encode Productions. Jessica Solce, known for her direction in “No Control,” “My Blueberry Nights,” and “Essence of Echoes,” also helmed “Death Athletic.” The documentary will spotlight the growing 3D gun printing movement, with a significant emphasis on Wilson’s contributions. Coindesk’s Marc Hochstein first broke the news of Samourai receiving the title of executive producer for the 3D-printed gun documentary. He is recognized for inventing the first functional 3D-printed gun, the Liberator, and for co-founding the now-defunct BTC privacy wallet, Dark Wallet. Since the Liberator’s inception, a host of designers have developed, honed, and shared their 3D firearm printing designs. The film also covers the legal challenges Wilson and his company faced against the U.S. government. It also highlights Defense Distributed’s CNC mill “Ghost Gun” machine. Recently, Wilson and Defense Distributed introduced Gatgpt, a generative artificial intelligence (AI) chatbot dedicated to open-source gun data. Notably, “Death Athletic” received donations in the cryptocurrencies BTC, ETH, and XMR, with its BTC address accumulating approximately 0.686 BTC since its establishment. What do you think about the upcoming documentary featuring Wilson, Defense Distributed, and the 3D firearm movement? Share your thoughts and opinions about this subject in the comments section below. View the full article

On October 3, U.S. District Judge Analisa Torres denied the Securities and Exchange Commission’s (SEC) interlocutory appeal of her July 13 decision. Judge Torres’ decision marked another public defeat for the SEC, and if you haven’t read about the case, check out our earlier article, “Ripple v. SEC — Respite for a Beleaguered Industry?” The following editorial was written by guest authors Wyatt Noble and Michael Handelsman for Kelman.Law Ripple’s battle with the SEC has captured headlines and stirred up debate since X was Twitter. Judge Torres’ initial decision was highly anticipated, and perhaps the most impactful part of her decision held that the sale of the XRP digital token on public exchanges did comply with federal securities laws because buyers had no reasonable expectation of profit based on Ripple’s efforts. But, the SEC is nothing if not persistent. So What Is an Interlocutory Appeal? An interlocutory appeal is an appeal that happens while other parts of a case are still moving forward. Those familiar with Judge Torres’s earlier decision may remember that this case is scheduled to go to trial on April 23, 2024. However, in this instance, the SEC filed a motion seeking permission to appeal Torres’ findings about “programmatic” sales of XRP and about “other distributions” of XRP as payment for services. The SEC claimed this potential appeal would be important to a “large number” of lawsuits. However, Judge Torres rebuffed the agency again, ruling that the SEC had failed to meet its burden to show that there were controlling questions of law, or that there remained substantial grounds for differences of opinion. The Battle Between Ripple and the SEC Is Not Over Yet Although crypto advocates rejoiced at Judge Torres’ initial decision, and again after she denied this interlocutory appeal, this case is far from over. After the trial on April 23, the SEC could appeal the entire decision, an outcome Ripple and XRP bagholders would probably like to avoid even if a favorable ruling from a federal court of appeals might be in Ripple’s future. If the SEC motioned for and was granted permission to appeal the whole case, it could be a couple of years before Ripple and the industry at large receive the clarity they so desire, and that is if Ripple won again. That is a fairly big “if,” considering Judge Torres’ initial decision was not a complete victory for Ripple. As we noted in our previous article on this case, Judge Torres did find that Ripple had violated federal securities laws with respect to its sales of XRP to institutional investors. Additionally, other judges might decline to follow Judge Torres’ ruling, whether they disagree with her interpretation of federal securities law or simply find it inapplicable to a different factual scenario. Take for instance Judge Jed Rakoff’s decision in the SEC’s case against Terraform Labs. There, Judge Rakoff said the SEC had a “plausible claim” that Terraform Labs’ Terra USD token was a security when sold on public exchanges. However, note that Judge Rakoff’s decision came while he was considering Terraform’s motion to dismiss the SEC’s case. This means that Judge Rakoff was required to accept all reasonable inferences in the SEC’s favor, but when deciding the case on the merits he would not have to do so. For now, Ripple and the SEC will continue to prepare for their trial in April, but in the meantime, crypto remains in regulatory purgatory. Other judges may soon adopt pieces of Judge Torres’ July 13 decision as controlling precedent, but because Congress is yet to pass a comprehensive bill addressing crypto it’s more important than ever to consult with legal experts well-versed in digital assets. Consulting with the lawyers here at Kelman PLLC early on is the most efficient way to ensure compliance with potentially applicable laws and regulations, and avoid legal pitfalls and expenses that could otherwise handicap your business. Fill out our contact form here to set up a free 30-minute consultation, and read up on whether you need a crypto lawyer. What do you think about the recent Ripple Labs ruling? Share your thoughts and opinions about this subject in the comments section below. View the full article

The Moscow Exchange, the largest exchange in Russia, has announced plans to issue real estate digital assets in 2024. According to Sergei Kharinov, director of digital assets for the platform, this will lower the entry barrier for qualified and unqualified investors to put part of their portfolio into real estate assets. Moscow Exchange Plans to Issue Housing Digital Assets The Moscow Exchange, the largest exchange in Russia, has announced plans to issue housing and real estate blockchain-based digital assets for 2024. The exchange, which had proposed to complete a similar issuance back in August 2022, is involved in talks with housing and development companies to start this kind of operation next year, according to statements from Sergei Kharinov, director of digital assets of the platform. The instruments would ostensibly lower the bar for qualified and unqualified investors to put part of their portfolios into construction and real estate commitments. Real estate developers and builders would also benefit from using these digital assets, having the opportunity to raise funds directly from investors and adding this income source to the traditional financing from banks. Kharinov stated that, most likely, the instruments will be issued in the form of monetary claims against the issuer who has square meters. Izvestia contacted Samolet Plus, a real estate developer that plans to launch digital investments in partnership with the Moscow Exchange, per General Director Denis Kondrakhin’s statements. In addition, he stressed that this kind of product “will help attract a wide range of investors with small checks to real estate investments.” Previous Attempts and Legislation The Moscow Exchange is not the first financial institution to dabble in issuing blockchain-based housing and real estate digital assets in Russia. Three issuances of such instruments have happened before, with Samolet Plus being involved in two. The third issuance was executed by another company called the G Group and allowed unqualified investors to profit 10% over the cost of their investment, including a bonus derived from the increase of the square meter area of the construction, said Pavel Sidorkin, director of products of Atomize Russia, the platform that facilitated the issuance of these digital assets. These digital assets are already regulated and can only be issued by ten financial institutions previously approved by the Bank of Russia, including Sberbank of Russia, Alfa Bank, Atomize, Lighthouse, St. Petersburg Exchange, and Blockchain Hub. What do you think about the planned issuance of housing or real estate digital assets in Russia by the Moscow Exchange? Tell us in the comments section below. View the full article

The U.S. Commodity Futures Trading Commission (CFTC) charged the former CEO of bankrupt cryptocurrency lender Voyager Digital with fraud. The regulator accused Stephen Ehrlich and the company of luring investors with promises of high-yield returns while breaking derivatives rules. Ehrlich was also sued by the Federal Trade Commission (FTC). U.S. Commodities Regulator Takes Legal Action Against Former Chief Executive of Voyager The CFTC filed a lawsuit against co-founder and ex-CEO of Voyager Digital, Stephen Ehrlich. The complaint submitted to the U.S. District Court for the Southern District of New York charges him with fraud and registration failures in connection with Voyager and the operation of an unregistered commodity pool, the Commission announced. The U.S. regulator also alleged that Ehrlich and the company falsely touted Voyager as a “safe haven” offering an opportunity to earn high-yield returns, of up 12%, in order to lure customers to purchase and store digital assets on the platform. Commenting on the Commission’s legal action, CFTC Director of Enforcement Ian McGinley stated: Ehrlich and Voyager lied to Voyager customers. While representing they would treat customers’ digital asset commodities safely and responsibly, behind the scenes, they took shockingly reckless risks with their customers’ assets, leading to Voyager’s bankruptcy and huge customer losses. Ehrlich and Voyager pooled and transferred billions of dollars’ worth of customers’ digital assets as “loans” to high-risk third parties, the CFTC explained and gave an example from early 2022 when they transferred over $650 million in customer funds to a digital assets hedge fund identified as “Firm A” without proper due diligence. Voyager filed for bankruptcy in early July 2022, amid volatile crypto markets and after the collapse of the Three Arrows Capital (3AC) hedge fund. The latter had defaulted on a $650 million loan from the crypto lender. Voyager’s crash resulted in U.S. customer losses of $1.7 billion. “When their business began to collapse, they continued lying to their customers, concealing Voyager’s true financial health. Amplifying their fraud, Ehrlich and Voyager broke their trust with customers while acting in capacities that required CFTC registration, which they failed to obtain,” McGinley added. The Federal Trade Commission, the U.S. antitrust and consumer protection agency, also sued Ehrlich on Thursday for falsely claiming that customers could rely on Federal Deposit Insurance protection for their assets. He and Voyager were charged with violating the FTC Act and the Gramm-Leach-Bliley Act. In a statement quoted by Bloomberg, Ehrlich said he was “outraged and deeply dismayed” by the allegations from the two regulatory bodies and that he was being used as a “scapegoat,” blaming others in the industry for the losses suffered by Voyager’s customers and creditors. What are your thoughts on the legal actions taken by the CFTC and the FTC against Voyager and its former CEO Stephen Ehrlich? Tell us in the comments section below. View the full article

India’s central bank, the Reserve Bank of India (RBI), has initiated a pilot for a second use case of its wholesale central bank digital currency (CBDC), focusing on the call money market. The Indian central bank reportedly plans to expand its e-rupee testing to cover the entire wholesale segment, including asset tokenization and repo transactions. RBI Begins Testing Second Use Case of Its Wholesale CBDC India’s central bank, the Reserve Bank of India (RBI), has begun testing its wholesale central bank digital currency (CBDC) in the call money market, Money Control reported Thursday, citing two unnamed people who claimed to be aware of the development. One of them was quoted as saying: We have started the wholesale CBDC pilot in the call money market and some deals have also taken place. The call money market is an essential part of the Indian money market, where banks and other financial institutions trade their surplus funds overnight or for a few days at market rates. Nine of the banks involved in this digital rupee pilot are the same banks that participated in the RBI’s wholesale pilot for government securities initiated in November last year, the sources further mentioned. The nine banks are State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank, and HSBC. One of the sources told the news outlet: All the banks are the same, just Federal Bank is added. Moreover, Business Standard reported Thursday that additional use cases will be tested in the coming days, citing their own sources familiar with the Indian central bank’s wholesale CBDC pilot. “The roadmap is that the entire wholesale segment should be covered like asset tokenization where securities will be tokenized, repo transactions, etc.,” the publication quoted one of the sources as saying. “E-rupees will move from bond to call money to repo. Once the entire segment is covered, then a final pilot will be done for the entire wholesale segment.” In addition to testing the digital rupee in the wholesale segment, the RBI initiated a CBDC pilot in the retail segment in December last year. Last month, RBI Governor Shaktikanta Das revealed that India’s central bank digital currency has been rolled out to approximately 1.46 million users. He added that the retail digital rupee pilot is being operated through 13 banks in 26 cities, and over 300,000 merchants accepted payments in CBDCs. What do you think about the RBI piloting a second use case for its CBDC in the wholesale segment? Let us know in the comments section below. View the full article

Mastercard says its new solution that enables central bank digital currencies (CBDCs) to be tokenized or wrapped onto different blockchains provides consumers with “a new option to participate in commerce across multiple blockchains with increased security and ease.” A Mastercard executive described: “As the digital economy continues to mature, Mastercard has seen demand from consumers to participate in commerce across multiple blockchains, including public blockchains.” Mastercard’s New CBDC Tokenization Solution Payments giant Mastercard announced Thursday that it has “successfully demonstrated capabilities of a new solution that enables CBDCs to be tokenized (or ‘wrapped’) onto different blockchains.” The company stated that this solution will provide consumers with “a new option to participate in commerce across multiple blockchains with increased security and ease.” Richard Wormald, Mastercard Australasia’s division president, commented: “As the digital economy continues to mature, Mastercard has seen demand from consumers to participate in commerce across multiple blockchains, including public blockchains.” The executive emphasized: This technology not only has the potential to drive more consumer choice, but it also unlocks new opportunities for collaboration between the public and private networks to drive genuine impact in the digital currency space. Mastercard detailed that the solution was developed in partnership with Cuscal, a leading payment and data services provider in Australia, and NFTs-as-a-service provider Mintable. It is part of a research project by the Reserve Bank of Australia (RBA), the country’s central bank, and Digital Finance CRC (DFCRC) to explore potential CBDC use cases in Australia. The payments giant explained: Mastercard demonstrated in a live environment how the solution could enable the holder of a pilot CBDC to purchase a NFT listed on the Ethereum public blockchain. “The process ‘locked’ the required amount of a pilot CBDC on the RBA’s pilot CBDC platform and minted an equivalent amount of wrapped pilot CBDC tokens on Ethereum,” Mastercard added. What do you think about this Mastercard solution? Let us know in the comments section below. View the full article

Shenzhen has become home to an industrial park established to promote China’s central bank digital currency (CBDC). Several financial companies are already settling there, the Chinese megacity announced while unveiling almost a dozen initiatives to boost the digital yuan use in the region. Shenzhen to Invest $14 Million in 3 Years to Develop Digital Yuan Ecosystem The city of Shenzhen, a global center for technology, manufacturing, and finance in the Chinese Guangdong province, has launched the country’s first business and industrial park for the purpose of promoting China’s CBDC. The digital yuan (e-CNY) park is located in the city’s Luohu district, reported the China Internet Information Center (China.org.cn). Nine financial companies, including the fintech platform Lakala Payment, have already set up offices there, according to the state-run portal. The district government announced 10 initiatives to back the development of the local digital yuan ecosystem. A total of 100 million yuan ($13.7 million) will be allocated to the realization of the plan over the course of the next three years. The funds will be used to support the digital economy sector, facilitate payment solutions across various industries as well as to promote the implementation of smart contracts and encourage e-CNY operations. Huang Tuo, head of the Luohu financial services department, commented: The establishment of China’s first such park marks a significant milestone in the nation’s digital currency development process. China launched the digital yuan as a pilot project in 2019 and since then 26 cities have joined the trials with 5.6 million merchants accepting the CBDC as of 2022. By the end of June this year, the total number of e-CNY transactions had reached 950 million, with a total value of 1.8 trillion yuan. The organizers of the Luohu park hope to attract branches of commercial banks working with the digital currency system and other specialized entities to build an e-CNY industrial cluster. Startups in the digital yuan business can receive incentives of up to 50 million yuan. All enterprises establishing presence in the park will be able to take advantage of rent-free space for up to three years and apply for loans with low interest rates, the report noted. Do you think China will create more digital yuan industrial parks in other cities? Tell us in the comments section below. View the full article

On October 6, 2023, Thorswap halted its services temporarily. However, the platform recently declared its return to full operation with some notable modifications. An array of approximately twelve countries are now barred from utilizing Thorswap, while the decentralized exchange (dex) platform’s operators disclosed a collaboration with an organization to introduce “some extra guardrails” aimed at curtailing the circulation of unauthorized funds. Thorswap Reopens With Stricter Protocols: A Dozen Nations Banned in Wake of High-Profile Transfers Subsequent to the incident where an FTX hacker channeled millions in cryptocurrency through Thorswap, the platform’s operators acted swiftly on October 6, placing a temporary stop to dex operations. The team asserted their staunch opposition to “any and all criminal actions.” Now, less than a week later, Thorswap is back in business, this time fortified with new “guardrails.” On October 12, the team announced on social media platform X, “Thorswap is back online! Please resume your regularly scheduled swapping of over 5,500 assets across 10 blockchains, right from your own self-custody wallet.” The team further elaborated that aside from the revamped terms of service, users will notice no significant changes. Behind the scenes, they’ve allied with a prominent industry player to install “extra guardrails” to deter the movement of illegal funds. The partnership proclamation was instantly met with skepticism, with one individual querying, “So you’re using a centralized chain analysis firm?” Thorswap’s updated terms of service indicate that residents from Belarus, Burma (Myanmar), Cote D’Ivoire (Ivory Coast), Cuba, Congo, Iran, Iraq, Liberia, North Korea, Sudan, Syria, and Zimbabwe are prohibited from using the application. This also encompasses any other “country to which the United States, the United Kingdom or the European Union embargoes goods or imposes similar sanctions.” Sanctioned individuals are likewise banned from utilizing the dex platform. Thorswap’s developers added that the team will need to “fine-tune things” over the subsequent few days. What do you think about Thorswap resuming operations with guardrails? Share your thoughts and opinions about this subject in the comments section below. View the full article

A recent report published by River, a Bitcoin technology and financial services company, has revealed that the Lightning Network, a scaling layer for Bitcoin, has grown by 1,212% in two years. River’s estimation comes from examining operators of nodes comprising 52% of the public capacity on the network, concluding that it has “become much more global, with more equally distributed activity.” River States Lightning Network Transactions Grew by 1,212% in Two Years A report published by River, a Bitcoin services company, has released estimations indicating a significant growth in the use of Lightning Network, a Bitcoin scaling layer. The report, which used data provided by node operators that facilitate 52% of the public capacity of the network, estimates that 6.6 million transactions constitute a “lower bound” of the routed transactions of the whole network in August 2023. River states that an upper bound for these transactions could be a multiple of this number “if there was data availability of direct and private transactions between participants.” This represents an increase of 1,212% compared to the 503,000 payments estimated for August 2021 by K33 (formerly Arcane Research), despite the significant reduction in price and interest in Bitcoin. This means that on an average day, Lightning Network would be processing close to 50% of the transactions processed onchain, even with some exchanges still lagging in Lightning Network integration, the ongoing bear market, and the medium of exchange use case of Bitcoin still being small. Nonetheless, the report indicates that an upper bound for this metric cannot be determined accurately, as direct transactions between only two participants and private transactions cannot be estimated. Value Transacted Also Grew The value of funds transacted also grew, with the report estimating that around $78.2 million were moved during August using the Lightning Network. This represents an increase of 546% compared to the $12.1 million estimated in K33’s previously referenced report for August 2021. The size of the average Lightning Network transaction was $11.84 for August, reaffirming the use case of the network to facilitate payments that would be otherwise unfeasible on-chain. On this, the report declared: Nearly all Lightning payments are unaffordable on the Bitcoin blockchain. Lightning is effectively extending Bitcoin’s utility by enabling low-value payments over the Internet. According to River’s findings, most of the Lightning Network’s growth comes from use cases linked to gaming, social media tipping, and streaming, accounting for 27% of the growth reported. What do you think about River’s Lightning Network report and its growth estimations? Tell us in the comments section below. View the full article

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