Premium Newsletter Week 40 2024

Keeping you updated on crypto, web3 and blockchain

October 10, 2024

TL;DR

Markets:

  • BTC is down & ETH is down

  • BTC over-performed ETH this week 

  • Bitcoin dominance is up

  • The hot coin we look at this week is $OM

Airdrops:

  • $RWT

  • $DIBS

  • $ULX

  • $BYBIT

News:

  • HBO Documentary Proposes Bitcoin Creator's Identity

  • Spot Bitcoin ETFs Face Largest Outflows Since September

  • Vitalik Proposes Ethereum Alignment Metrics

  • Fidelity Ethereum ETF Sees Record Outflows

  • Levana Partners with THORChain and Kujira

  • LAVA Expands to PancakeSwap and Osmosis

  • SEC Wins Case Against Rivetz's $18M ICO

  • PayPal Completes First PYUSD Business Transaction

And much more!

BTC & ETH Market Update 📈

Crypto is up this week, with BTC being down 5.3% and ETH down 10.2%:

Bitcoin dominance has increased over the week, rising from 53.9% to a low of 53.56% and ending at 54.6%. Investor sentiment, regulatory changes, technological advancements, and the overall growth of the cryptocurrency sector shape Bitcoin's market dominance. Its reputation as "digital gold" also enhances its position, making it a key player in the market.

It’s going to be interesting to see whether this trend will continue in the short term, as capital in crypto tends to flow initially to BTC and then further out on the risk-curve, starting with altcoins like ETH and then into mid- or low-cap coins.

Bitcoin has regained the $62,000 level, rising 2.4% after retesting the $59,900 support on October 3.

This surge is driven by macroeconomic factors, including robust US employment data, Japan's potential economic stimulus, and heightened concerns over the US financial system.

Despite a historically inverse relationship between Bitcoin and the US Dollar Index (DXY), both assets are rising due to the "Milkshake Theory," which suggests that the US dollar is absorbing global liquidity.

Traders are expecting heightened volatility for Ethereum (ETH) as the U.S. presidential election approaches, with analysts predicting significant price swings between October 25 and November 8.

Derive founder Nick Forster notes that traders anticipate more extreme movements for ETH compared to Bitcoin (BTC), largely due to Ethereum's exposure to potential regulatory scrutiny tied to its role in decentralized finance (DeFi).

Ethereum (ETHUSD) Analysis:

Ethereum (ETH) is in a medium to long-term downtrend, trading between support at 2,180 and resistance at 2,678. A recent breakdown below 2,887 signals further declines toward 2,116. Despite support at 2,200 and resistance at 2,900, inconsistent volume patterns confirm the ongoing bearish momentum.

Bitcoin (BTCUSD) Analysis:

Bitcoin closed at $60,968 on October 4, 2024, showing short-term weakness after breaking its rising trend, with support at $53,778 and resistance at $66,434. Medium-term, it remains slightly negative but could reverse as RSI indicates upward momentum. Long-term, Bitcoin remains in a rising trend, signaling optimism, though $70,000 resistance poses a challenge. The overall outlook is neutral with a "hold" recommendation.

Expected Trading Ranges:

  • Ethereum (ETH): resistance level at $2,678 and support at $2,180.

  • Bitcoin (BTC): resistance level at $66,434 and support at $53,778.

Market Outlook:

Bitcoin's outlook is bearish short-term after breaking below $61,400, while medium-term sentiment remains weak negative. Long-term remains neutral to positive if it can surpass $70,000. Caution is advised due to market volatility.
Ethereum (ETH) has a bearish outlook, trading in a falling trend channel with resistance at 2,678 and support at 2,180. A recent breakdown suggests potential declines to 2,116, with upcoming volatility from the U.S. presidential election on November 5 likely to exacerbate price swings.

BTC/ETH ratio has seen an increase:

From September 30 to October 5, 2024, the BTC to ETH conversion rate increased from 24.41 ETH per 1 BTC to 25.79 ETH, marking a rise of approximately 5.65%. This reflects a positive trend in Bitcoin's value relative to Ethereum, indicating growing strength for Bitcoin over this period.

Hot Coin: MANTRA 🔥

In this week’s newsletter, we dive into Mantra’s token with the ticker: $OM.

The price action and volume have been growing consistently and don’t seem to stop any time soon:

What is the project about?

MANTRA Chain is an innovative project within the Cosmos ecosystem focused on creating a "chain of regulated digital assets" that ensures compliance with regulatory frameworks for real-world assets (RWA) and tokenized assets.

It embraces the concept of a "permissionless blockchain for permissioned applications," attracting institutional and retail users from traditional financial backgrounds.

Built on the Cosmos SDK and leveraging Tendermint's BFT consensus for enhanced security and scalability, MANTRA Chain provides a flexible development environment for Web3 applications, fostering innovation while adhering to evolving regulatory requirements in the blockchain landscape.

Why is the project exciting now?

There are four main reasons why we feature this project in this week’s newsletter:

  • Leveraging Cosmos SDK for Scalability

  • High Performance and Security

  • Focus on RWA and Permissioned Applications

Leveraging Cosmos SDK for Scalability

Built on the Cosmos SDK, MANTRA Chain supports the vision of an ‘internet of blockchains,’ comprising independent chains known as ‘zones.’ By utilizing Byzantine fault-tolerant (BFT) consensus protocols like Tendermint, it guarantees high performance and security, making it suitable for various blockchain types and ensuring minimal risk from malicious actors.

High Performance and Security

MANTRA Chain employs Tendermint's BFT consensus mechanism, providing exceptional performance and reliability. This robust framework enhances application security and consistency, effectively reducing the threat of malicious attacks. Users can trust that applications built on MANTRA Chain will operate smoothly and securely, encouraging broader adoption.

Focus on RWA and Permissioned Applications

By targeting real-world and tokenized assets, MANTRA Chain fills a crucial gap in the blockchain ecosystem, appealing to users transitioning from traditional finance. The project’s "permissionless blockchain for permissioned applications" philosophy allows developers to create compliant applications while leveraging the advantages of decentralization, making it a relevant and exciting choice now.

Key Features Of Mantra

1. Tokenization of Real-World Assets (RWA)

MANTRA Chain allows tokenization of real-world assets like art, real estate, and commodities, enabling seamless trading through digital tokens. This process reduces bureaucracy and enhances transparency as transactions are recorded immutably on the blockchain. Users can trade tokenized assets on a KYC/AML-guarded decentralized exchange, simplifying the transfer of ownership and increasing liquidity in traditionally illiquid markets.

2. Decentralized Identity System (DID)

MANTRA Chain implements a Decentralized Identity (DID) system, streamlining onboarding for KYC/KYB purposes. The one-time, permissionless onboarding provides a passportable user experience, allowing for safer transactions. This system reduces fraud risk and adds a security layer through AML/CT screening, creating a transparent and efficient environment for users to engage with the ecosystem.

3. On and Off-Ramping Services

MANTRA Chain offers compliant on-ramp and off-ramp services for fiat, tokenized securities, and digital assets, catering to retail and institutional users. This makes it easier for users to enter and exit the digital economy while adhering to regulatory standards, ensuring smooth and secure transactions across different asset types.

4. On-Chain Governance

MANTRA Chain employs a participatory on-chain governance system, allowing community members to propose, discuss, and vote on protocol changes. This governance model promotes continual improvement and community involvement, providing stakeholders with a voice in decision-making. Unlike Ethereum, MANTRA Chain offers significant differentiation through active governance participation, ensuring transparency and user engagement.

5. IBC Compatibility

Through Inter-Blockchain Communication (IBC) compatibility, MANTRA Chain allows seamless token transfers between different zones within the Cosmos ecosystem. This feature facilitates interoperability by enabling tokens to move securely between different blockchains, increasing connectivity and expanding the use cases for assets within the Cosmos network.

History of Mantra

The conceptualization and development of Mantra began in the fourth quarter of 2019, driven by the vision of building a compliant, decentralized finance (DeFi) ecosystem. In June 2020, the project released its whitepaper, detailing the technical and regulatory innovations that would define the platform. By the first quarter of 2021, the Mantra DAO protocol was officially launched, marking the start of its mission to empower builders, traders, and institutions with tools for compliant dApp innovation.

Mantra was co-founded by John Patrick Mullin, Will Corkin, and Rodrigo Quan Miranda. Together, they brought their extensive backgrounds in blockchain, finance, and regulatory compliance to create a platform capable of evolving with the global regulatory landscape. The project is backed by its native token, OM, which has a total supply of 888,888,888, aligning with the symbolic significance of the number in Asian cultures.

OM Token

The OM token is a governance token integral to the MANTRA DAO ecosystem, functioning as a membership pass for users. Holding OM grants governance rights, allowing users to influence decisions and contribute to the DAO’s development. The total supply of OM is limited to 888,888,888 tokens, and the distribution is managed carefully with a defined emission schedule that prevents the immediate release of all tokens.

OM tokens were initially distributed through an Initial Membership Offering (IMO) and are currently issued as ERC-20 tokens on the Ethereum blockchain, with plans for migration to the Polkadot network in the future to enhance scalability and interoperability.

Potential Use Cases of Mantra (OM)

Governance and Voting Rights: OM token holders participate in MANTRA DAO’s governance by voting on protocol changes, upgrades, and the future direction of the ecosystem. This gives users a direct influence on the platform’s development, ensuring decisions are community-driven and aligned with the interests of the DAO members.

Staking for Rewards: OM tokens can be staked through MANTRA's platform or exchanges, earning passive income. Staking also grants access to exclusive opportunities like new DAO token issuances and airdrops, encouraging users to hold OM long-term while participating in the ecosystem's growth and new project launches.

MANTRA Money Market Participation: OM is integrated into MANTRA’s money market, allowing users to lend and borrow crypto assets. By supplying OM, users earn interest, while borrowers benefit from decentralized liquidity. This system provides an alternative to traditional banking, offering passive income opportunities and greater financial flexibility within the DeFi space.

Exclusive Airdrops and Token Issuances: OM holders gain exclusive access to new DAO token issuances and airdrops from partner DAOs. This incentivizes token accumulation and provides users early exposure to emerging projects, offering portfolio growth opportunities while supporting the development of new decentralized finance (DeFi) ecosystems.

Karma Protocol and Rewards: OM powers the Karma Protocol, a reputation system rewarding positive contributions. Users with higher Karma scores receive better staking rewards, reduced fees, and favorable loan terms. This system incentivizes active and ethical engagement within the ecosystem, enhancing both user benefits and overall platform growth.

Token Burning for Scarcity: OM employs a token-burning mechanism that permanently removes tokens from circulation, reducing supply and creating scarcity. This deflationary practice can increase the token’s market value over time, benefitting holders by limiting inflation and driving demand within the MANTRA ecosystem.

Cross-Chain Lending and Borrowing: OM facilitates decentralized lending and borrowing across multiple blockchain networks. Users can earn interest or access liquidity using OM across different platforms, providing flexibility and integration with various ecosystems, enhancing the token’s utility in decentralized finance (DeFi) applications.

Saving Game Participation: OM is used in MANTRA’s gamified saving mechanism, where staked tokens offer participants a chance to win rewards. This system engages the community while promoting long-term staking, aligning token scarcity with user participation and platform growth through its dual-purpose functionality.

MANTRA (OM) Overview

Daily Trading Volume

MANTRA (OM) has seen a trading volume of $73,261,045 over the last 24 hours, marking a 6.00% increase from the previous day. This uptick in trading activity indicates a rising investor interest and engagement in the token's market performance.

All-Time High

The all-time high for MANTRA (OM) is $1.41, recorded on July 21, 2024. The token is currently trading 8.85% below this peak, showcasing recent price adjustments but reflecting overall market strength.

All-Time Low

The all-time low for MANTRA (OM) is $0.01726, recorded on October 12, 2023. The current price signifies an impressive 7,366.15% gain from this low, highlighting its significant market growth over the past year.

Market Capitalization

As of now, MANTRA (OM) boasts a market capitalization of $1,095,199,477, ranking #72 on CoinGecko. This valuation is based on a circulating supply of 850 million OM tokens.

Fully Diluted Valuation (FDV)

The fully diluted valuation (FDV) of MANTRA (OM) is $1,145,123,262, assuming the maximum supply of 890 million OM tokens is fully circulated. This valuation may take several years to realize, depending on the token emission schedule.

Price Performance

Over the last 7 days, MANTRA (OM) has demonstrated a 9.70% price increase, outperforming the global cryptocurrency market, which has declined by 6.80%, and similar Layer 1 (L1) cryptocurrencies, which are down by 4.30%.

Latest Airdrops 🪂

Humanity Protocol

Humanity Protocol is revolutionizing how we think about online identity. By using their innovative Proof of Humanity (PoH) system, they’re making sure that your credentials are secure, verified, and completely decentralized. 🔒 Now's your chance to get involved—join the PoH Testnet to claim your unique Human ID and boost your points by referring others. These points could lead to a future $RWT token Airdrop after their token generation event. Don’t sleep on this one! 😎

About Humanity Protocol

Humanity Protocol operates on a Layer-2 zkEVM blockchain, putting secure identity verification front and center with their Proof of Humanity tech. This clever system uses palm scans and zkProofers to generate digital IDs that are both private and safe from identity theft or Sybil attacks. 🚫👤

Having raised $30M from big players like Kingsway Capital and Animoca Brands, they’re tackling the threats posed by deepfakes and identity fraud. With their partnership with LayerZero Labs, they ensure their protocol can work across more than 70 blockchains, pushing the adoption of decentralized identity solutions even further.

How to join the Humanity Protocol Airdrop:

  1. Log into the Humanity Protocol Testnet dashboard.

  2. Claim your Human ID and complete your profile.

  3. Request tHP tokens from the faucet, then use the Sepolia/HP bridge.

  4. Share your unique referral link with friends to rack up more points.

Musicdibs

Musicdibs, brought to you by iCommunity Labs, is changing the way musicians and creators protect their art. 🎶 Using blockchain, it allows musicians and audiovisual artists to lock in their rights across 175 countries. Plus, with the Musicdibs Airdrop, you can effortlessly earn 200 $DIBS tokens worth €10. It’s a piece of cake, and with 5 million tokens up for grabs, rewards can go up to €5,000! 🚀

About Musicdibs

Musicdibs is a global platform for registering intellectual property in the music industry using blockchain tech. It ensures creators can protect their works permanently and without those pesky maintenance fees. Thanks to blockchain, verification is easy, and authorship protection is guaranteed across any country that follows the Berne Convention. 🎤

The $DIBS token runs this ecosystem, making it affordable for musicians to register their creations, trade content, and even dive into NFTs. Built on Solana, it’s fast and secure, with added benefits like premium features and governance options for token holders.

How to claim the Musicdibs Airdrop:

  1. Register on the DIBS token page to get started.

  2. Follow @Musicdibs on X (formerly Twitter), retweet their pinned post, and join the Musicdibs Telegram channel.

  3. Enter your Telegram and X usernames on the rewards page to collect your 200 $DIBS tokens.

  4. Optional: Grab an extra 200 $DIBS tokens by reserving your tokens during the pre-sale. Just use the voucher code JKF26 at checkout. (See cancellation terms).

  5. Want more? Earn another 200 $DIBS for every friend who spends €100 or more using your voucher code—and your friend will get 200 $DIBS too!

Uplink is building a decentralized telecom network that lets anyone join the connectivity revolution. Whether you use your current Wi-Fi router or set up a new one, you can help expand internet coverage and earn $ULX tokens as a reward. 🌐 Their Points & Referrals Program is now live, so you can start earning points by completing tasks and inviting friends. These points will convert into $ULX tokens after their token launch. Time to get connected! 🚀

About Uplink

Uplink is creating a decentralized telecom network, also known as a DePIN (Decentralized Physical Infrastructure Network). It’s all about bringing internet access to more people, driven by community efforts. As users join, they’re rewarded in $ULX tokens for helping grow the network.

Led by Carlos Lei Santos, a Forbes 30 Under 30 entrepreneur, Uplink has attracted investment from industry giants like Framework Ventures, Ericsson, and Deutsche Telekom. They’ve secured $10 million to boost their DePIN network, making this a major player in the connectivity game.

How to participate in the Uplink Airdrop:

  1. Visit the Uplink registration portal and create an account.

  2. Pre-register your router and complete some easy social tasks to start earning points.

  3. Share your referral link with friends to grab even more points!

Bybit WSOT 2024

Buckle up for Bybit’s WSOT 2024, where massive prizes are on the line, and anyone can win! 💸 You don’t have to be a trading wizard to walk away with something amazing—there’s a 10,000,000 $USDT prize pool up for grabs, plus luxury yachts, Rolex watches, and world travel tickets! 🌍 Register early to pocket a $50 Early Bird Bonus, and new users get a $30,000 Welcome Gift just for signing up. 🤑

About Bybit

Bybit is one of the top cryptocurrency exchanges, offering up to 100x leverage on perpetual contracts. Known for its liquidity and solid 24/7 customer support, Bybit is a trusted exchange with a focus on keeping your assets safe.

How to join the Bybit WSOT 2024 Airdrop:

  1. Head to the Bybit WSOT 2024 page and hit "Join" to register for the AirdropTraders squad. Make sure to upgrade to a Unified Trading Account or create a Standard Subaccount to participate.

  2. Trade between October 10, 2024, 10:00 AM UTC and October 31, 2024, 10:00 AM UTC during the event to score major prizes. Don’t forget to top up 500 USDT to qualify and activate your score for WSOT 2024.

  3. Invite more friends to the AirdropTraders squad to boost your rewards even further!

Mark your calendars for the WSOT 2024 Livestream Giveaway on October 29, 2024, at 10:00 AM UTC for a chance to win a luxury yacht, Rolex, or a world travel ticket. 🎁✨

Bitcoin Highlights of the Week

HBO’s upcoming documentary "Money Electric: The Bitcoin Mystery," set to release on October 9, claims to reveal the identity of Bitcoin’s mysterious creator, Satoshi Nakamoto. Directed by Cullen Hoback, the film suggests that Len Sassaman, a prominent cypherpunk who passed away in 2011, could be Nakamoto, as noted by Galaxy Digital’s Head of Research.

While this new theory is expected to reignite debate within the crypto community, the documentary’s conclusion is unlikely to settle the matter. Given the many individuals who have been speculated to be Nakamoto over the years, the true identity may remain unsolved.

Japan’s Metaplanet Inc. earned 23.972 BTC ($1.46 million) by selling bitcoin put options, increasing its total holdings to 530.717 BTC. The firm sold 223 put options with a $62,000 strike price, set to mature on December 27, 2024. If bitcoin's price drops below the strike price, Metaplanet will buy more bitcoin, further boosting its reserves.

CEO Simon Gerovich highlighted the strategy as a way to capitalize on bitcoin’s volatility, generating additional returns while maintaining significant pure bitcoin holdings. The company has been on a bitcoin buying spree, securing additional holdings to strengthen its financial position.

U.S. spot bitcoin ETFs saw $242.53 million in net outflows on Tuesday, the largest since early September, ending an eight-day streak of positive inflows. Fidelity’s FBTC led the outflows with $144.67 million, followed by Ark and 21Shares' ARKB at $84.35 million, and Bitwise’s BITB at $32.7 million. BlackRock's IBIT was the only ETF to record positive inflows, with $40.84 million. Total trading volume for spot bitcoin ETFs reached $2.53 billion.

Spot Ether ETFs also experienced significant outflows, totaling $48.52 million. The Grayscale Ethereum Trust led with $26.64 million in outflows, while Fidelity’s FETH saw its largest-ever daily outflows at $24.97 million.

U.S. spot Bitcoin ETFs have accumulated 312,488 BTC since their approval nine months ago, vastly outpacing the 169,942 BTC created by miners. These ETFs, including BlackRock's, have seen consistent inflows, with institutions, pension funds, and wealthy investors pouring in. Despite this, smaller Bitcoin holders are selling their BTC to these ETFs, missing out on long-term wealth-building potential.

Many of these coins are being locked in ETFs, where investors only redeem for US dollars, losing the key benefits of Bitcoin’s decentralized nature. Holding BTC long-term remains one of the best strategies for building wealth in a sovereign way.

Ohio State Senator Niraj Antani has introduced a bill to mandate the acceptance of Bitcoin and other cryptocurrencies for state and local tax payments. This legislation aims to normalize cryptocurrency usage within Ohio’s financial framework, positioning the state among the few to adopt such measures.

Antani emphasized that cryptocurrency represents the present and future of the economy, drawing on Ohio’s past attempt in 2018 to allow Bitcoin tax payments, which failed due to regulatory hurdles. The new bill seeks to enable state universities and pension funds to invest in cryptocurrencies, marking a significant step toward broader crypto engagement in Ohio.

Ethereum Highlights of the Week

Vitalik Buterin has introduced a set of metrics aimed at measuring the alignment of Ethereum-based projects with the core values of the Ethereum ecosystem. In his recent blog post, he emphasized the need for collective efforts to create a unified ecosystem rather than a collection of isolated projects.

Proposed criteria for evaluation include open-source accessibility, interoperability with ERC standards, and project resilience in the absence of core teams. Buterin stressed that maintaining Ethereum's credible neutrality is essential and that alignment should be assessed by a project's positive contributions to the community and society, including financial inclusion efforts.

The EIGEN token from EigenLayer commenced trading recently, achieving a fully diluted market valuation of $7 billion. Following its initial "stakedrop" launch in April, EIGEN briefly reached a high of $4.44 before settling around $4.20. The token distribution included two stakedrops, resulting in an estimated circulating supply of 200 million tokens.

This launch is viewed as a significant milestone for the restaking ecosystem, with plans for Programmatic Incentives aimed at rewarding stakers and those supporting Autonomous Validation Services (AVSs). Additionally, features like Intersubjective Slashing are set to enhance the overall security of the protocol.

Grayscale Investments has introduced the Grayscale Aave Trust, enabling qualified investors to gain exposure to AAVE, the governance token of the Aave decentralized finance platform. This fund adds to Grayscale's existing suite of single-asset crypto investment products and follows the launch of trusts for other protocols.

Aave, which facilitates transparent borrowing and lending through smart contracts, has seen significant growth, boasting nearly $12 billion in total value locked (TVL) and a 110% price increase over the past year. The recent tokenomics upgrade, approved by Aave tokenholders, channels a portion of protocol revenues to AAVE stakers, enhancing the token’s attractiveness.

On October 1, the Fidelity Ethereum Fund (FETH) experienced unprecedented outflows, exceeding $25 million, marking the highest daily withdrawal for U.S.-based spot Ether ETFs, excluding Grayscale. Total outflows across nine Ether ETFs reached $48.6 million, with FETH, Grayscale's Ethereum Trust (ETHE), and Bitwise Ethereum ETF (ETHW) contributing significantly.

Meanwhile, only 21Shares’ Core Ethereum ETF (CETH) and VanEck Ethereum ETF (ETHV) recorded positive inflows. Despite the outflows, FETH maintains a solid total investment of $453.5 million, trailing only BlackRock’s iShares Ethereum Trust (ETHA), which surpassed $1.14 billion.

On October 1, asset manager Hashdex submitted an amended registration for its proposed Nasdaq Crypto Index US ETF, signaling progress towards a potential listing in the U.S. The filing comes after the SEC requested additional time to decide on the fund’s trading authorization in August.

Initially, the ETF will consist of Bitcoin and Ether, the only assets currently included in the Nasdaq Crypto US Index, but may later expand to include more cryptocurrencies. Industry experts view crypto index ETFs as the next significant focus for issuers, following recent launches of Bitcoin and Ether ETFs, with total U.S. ETF assets recently surpassing $10 trillion.

Cosmos Highlights of the Week

Levana has partnered with THORChain and Team Kujira to develop Ruji Perps, a unique DeFi perpetual swap platform on Rujira. The collaboration will benefit $RUJI and $RUNE stakers through a model where all platform fees are distributed to them.

With THORChain’s ability to support native liquidity for assets like BTC, ETH, and SOL, Ruji Perps aims to capture a significant portion of the $5.97 billion DeFi perpetuals market. Levana also announced a swap for $LVN holders to convert to $RUJI, with 5% of the total supply reserved for the swap process.

Lava Network, an infrastructure protocol connecting users to over 30 blockchains, now has its LAVA token available on PancakeSwap (Base and BNB chain) and Osmosis. With over 2.5 million users, Lava previously offered its token on Uniswap Arbitrum but has expanded to ensure users from multiple ecosystems can access the network.

LAVA tokens, which operate on both Cosmos and ERC-20 standards, are crucial for interacting with blockchain applications, staking, and boosting providers for faster, more reliable performance. Users are urged to verify they are using the correct LAVA contract addresses to avoid scams.

Persistence One has integrated B² Network, a leading Bitcoin Layer-2 solution, into its BTC interoperability platform. This integration enhances cross-chain BTC swaps without relying on centralized exchanges, supporting BTC variants like Coinbase Wrapped Bitcoin (cbBTC) and Binance Bitcoin (BTCB).

B² Network, known for its EVM-compatible BTCfi platform and zero-knowledge proof rollup, boosts scalability and programmability in the BTC ecosystem. The collaboration will improve user experience, liquidity, and adoption by enabling seamless asset transfers across BTC Layer-2 networks, accelerating growth and reducing the fragmented nature of the BTCfi landscape.

The Cosmos Hub has successfully upgraded to Gaia v20, introducing features that lower barriers for new Consumer Chains and validators. The upgrade includes Permissionless Interchain Security (ICS), allowing chains to launch without governance approval, simplifying the onboarding process.

Additionally, inactive validators can now secure Consumer Chains, broadening participation beyond the Hub's active set. The removal of unbonding pauses enhances efficiency by eliminating dependencies between the Hub and Consumer Chains. With these changes, Gaia v20 streamlines chain launches, boosts validator diversity, and accelerates the growth of the Cosmos interchain ecosystem.

Namada's Pre-Genesis Stage 2 has commenced, allowing eligible $NAM holders to stake their tokens for two weeks prior to the mainnet launch. A minimum 5% fee applies, and users are urged to select their validators carefully due to the introduction of cubic slashing.

Current validator rankings reveal @mandragora_spem leading with nearly 100% uptime, followed closely by @CosmicValidator, which is developing a comprehensive mainnet dashboard. Resources are available for staking through Kintsugi's tool, and tutorials are provided for users to navigate the staking process effectively.

Other Highlights of the Week

The SEC has won a case against Rivetz, a mobile crypto wallet provider, for conducting an unregistered initial coin offering (ICO) in 2017, raising $18 million. The SEC accused Rivetz of violating securities laws, with CEO Steven Sprague personally promoting the ICO without filing the required registration.

By October 22, the SEC and Sprague will work on a proposed judgment for both injunctive and monetary relief. This case highlights the SEC's continued scrutiny of ICO-era projects, underscoring that past violations still face regulatory action years later.

PayPal successfully completed its first business transaction using its PYUSD stablecoin by paying an invoice to Ernst & Young, showcasing the utility of digital currencies in business-to-business payments. This transaction highlights the potential benefits of stablecoins, including near-instant transfers and real-time settlement, as stated by PayPal's Director of Market Development, Steve Everett.

While PYUSD's market cap has decreased from over $1 billion to $716 million, PayPal remains focused on growing its digital assets division. Recent initiatives include enabling U.S. businesses to buy, sell, hold, and transfer crypto, signaling the company's commitment to expanding PYUSD’s utilization.

The Securities and Exchange Commission (SEC) has filed an appeal against a prior judgment regarding Ripple, arguing that it contradicts established Supreme Court precedents and securities laws. An SEC spokesperson stated that the agency looks forward to presenting its case to the Second Circuit.

Ripple CEO Brad Garlinghouse criticized the appeal, asserting that the ruling affirming XRP’s status as a non-security is already the law. On August 7, a judge ordered Ripple to pay a $125 million civil penalty, significantly lower than the SEC's initial $2 billion request, while recognizing that XRP's programmatic sales did not violate securities laws.

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