A roundup of the week’s crypto news, as the shrimps pull their weight to keep the market afloat, the US Fed crushes on Lightning Network, STEPN announces a token burn mechanism, and a Metamask developer reveals his former fart ambitions.
Shrimps to the rescue
Glory this week goes to the small BTC holders (holding 1 BTC or less), as reports abound that “Shrimps” are keeping the market afloat, adding 60,400 BTC per month to their portfolio balance. Data from Glassnode suggests that this is the most aggressive shrimp accumulation in history.
Scaling and privacy solution StarkWare set Crypto Twitter abuzz after announcing their upcoming StarkNet token drop. Users who interacted with related apps such as dYdX and Immutable X prior to June 1st may be eligible for the free token drop.
And venture capital firms like Protagonist and Dunamu continue to plough millions into crypto startups, with blockchain gaming start ups in particular attracting further interest.
The week’s regulation news
The Fed published a research paper on the Lightning Network this week, with some surprisingly positive findings. Researchers at the Bank of Cleveland praised the LN for having dramatically scaled up the Bitcoin network, and making it function better as a means of payment.
The Prime Minister of the Bahamas said that the country would turn to crypto to restore the 20% of GDP lost to “global forces”, with the island nation feeling that it’s efforts to combat the devastating effects of rising sea levels isn’t being properly compensated by the countries that are creating the vast majority of CO2 emissions.
UK-government backed researchers have unveiled an FRDC - a full reserve digital currency - that sits somewhere on the scale between stablecoin and CBDC. The currency, which is in the sandbox testing phase, is designed to “bridge the gap” between legacy finance and cryptocurrency by virtue of being regulated by “a third party”. Legacy finance however tends to have ways of infiltrating and corrupting supposedly neutral third parties and watchdogs…
Devs keep on devving
- In dev news, we shine the light on Bitcoin silent payments - one of the community’s big hopes for privacy on Bitcoin. The silent payments, which are in the improvement proposal stage, enable users to send BTC to a public address without creating a record of that address having been paid.
The STEPN move-to-earn application has expanded onto Ethereum and announced a token buyback-and-burn scheme designed to stymie the falling price of GST, a token needed for proper incentivisation on the platform.
And crypto transactions just got a whole lot easier, thanks to a partnership between MoonPay and Unstoppable Domains. Users of the popular on-ramping service can now send and receive digital assets without having to input a long and potentially off-putting string of random letters and numbers.
And finally… before gas fees, there was gas
It’s a well known fact that Vitalik Buterin was inspired to create an immutable blockchain platform after having his World of Warcraft character compromised by Blizzard Entertainment, but a lesser known fact is that Metamask developer Dan Finlay got into permissionless software design after Apple refused to accept his farting app for their App Store.
Finlay’s sense of stomach-bubbling grievance was based mostly on the feeling that his app was “the world’s most advanced fart synthesizer”, and that Apple essentially blocked it from becoming a true game-changer in the world of digital flatulence.
Anyway, the crypto space may have its fair share of guff, but Exodus Newsdrop always comes out smelling like roses. Click here for our rundown of the 5 key elements that make for good tokenomics.
This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.