⛏Bitcoin miners made record $107 million in daily revenue
After the recent Bitcoin halving event, Bitcoin miners experienced a significant boost in daily revenue, which rocketed to $107 million.
This surge was primarily driven by the Runes protocol, which dramatically increased transaction fees, constituting about 75% of this revenue.
The remainder stemmed from block rewards. This increase reflects the profitability of mining activities in the current phase of Bitcoin's lifecycle, despite the reduced block rewards post-halving, showing a robust demand and utilization within the network.
After the recent Bitcoin halving event, Bitcoin miners experienced a significant boost in daily revenue, which rocketed to $107 million.
This surge was primarily driven by the Runes protocol, which dramatically increased transaction fees, constituting about 75% of this revenue.
The remainder stemmed from block rewards. This increase reflects the profitability of mining activities in the current phase of Bitcoin's lifecycle, despite the reduced block rewards post-halving, showing a robust demand and utilization within the network.
🔥Last Week’s in Crypto
Bitcoin Halving 2024 — Done and Dusted; OKX Launches New Layer 2 on Mainnet; Kraken Launches Self-Custodial Mobile Wallet… The steady flow of cryptocurrency news keeps coming, and it's getting trickier to stay updated.
But for those keen to know the latest blockchain, let's explore the interesting bits from the last week!
The Highlights of the Week:
✔️GBTC Down 50% in Bitcoin Holdings
✔️Ethereum On Track for $1B Annual Profit
✔️Worldcoin to Have Its Own Layer 2 Blockchain
✔️Binance to Re-Enter India by Paying $2M Fee
✔️Adidas Partners with Crypto Fitness App Stepn
✔️Sensay Integrates With Carbon
✔️Blur Remained Top NFT Marketplace in Q1
✔️Tether Plans to Reorganize Into Four New Divisions
✔️DAO Buys Rights to Shiba Inu Photo
✔️PayPal Removes Buyer and Seller Protections for NFTs
Next Week’s Events
✔️Satoshi Club X Space With GPT Protocol
✔️Ronin Token Unlock Incoming
✔️United States Core PCE
✔️Optimism Token Unlock Incoming
✔️Germany Inflation Rate
Do you want more news? You can find them in our most recent newsletter. Read it now!
Bitcoin Halving 2024 — Done and Dusted; OKX Launches New Layer 2 on Mainnet; Kraken Launches Self-Custodial Mobile Wallet… The steady flow of cryptocurrency news keeps coming, and it's getting trickier to stay updated.
But for those keen to know the latest blockchain, let's explore the interesting bits from the last week!
The Highlights of the Week:
✔️GBTC Down 50% in Bitcoin Holdings
✔️Ethereum On Track for $1B Annual Profit
✔️Worldcoin to Have Its Own Layer 2 Blockchain
✔️Binance to Re-Enter India by Paying $2M Fee
✔️Adidas Partners with Crypto Fitness App Stepn
✔️Sensay Integrates With Carbon
✔️Blur Remained Top NFT Marketplace in Q1
✔️Tether Plans to Reorganize Into Four New Divisions
✔️DAO Buys Rights to Shiba Inu Photo
✔️PayPal Removes Buyer and Seller Protections for NFTs
Next Week’s Events
✔️Satoshi Club X Space With GPT Protocol
✔️Ronin Token Unlock Incoming
✔️United States Core PCE
✔️Optimism Token Unlock Incoming
✔️Germany Inflation Rate
Do you want more news? You can find them in our most recent newsletter. Read it now!
🚀Shiba Inu raised $12 million for new blockchain and TREAT Token
The Shiba Inu cryptocurrency project has successfully raised $12 million to support the development of its own dedicated blockchain, aiming to further enhance the functionality and reach of the Shiba Inu ecosystem.
This initiative includes the introduction of a new token, TREAT, which will be integrated into the ecosystem on their newly developed layer-three network, built atop Shibarium.
This new blockchain platform is designed to focus on enhancing transaction privacy using Fully Homomorphic Encryption (FHE), setting a new standard in privacy and security for its users. This move is part of a broader strategy to expand Shiba Inu's technological infrastructure and market utility, potentially increasing its appeal and adoption within the crypto community.
The Shiba Inu cryptocurrency project has successfully raised $12 million to support the development of its own dedicated blockchain, aiming to further enhance the functionality and reach of the Shiba Inu ecosystem.
This initiative includes the introduction of a new token, TREAT, which will be integrated into the ecosystem on their newly developed layer-three network, built atop Shibarium.
This new blockchain platform is designed to focus on enhancing transaction privacy using Fully Homomorphic Encryption (FHE), setting a new standard in privacy and security for its users. This move is part of a broader strategy to expand Shiba Inu's technological infrastructure and market utility, potentially increasing its appeal and adoption within the crypto community.
🌐The Problem of Receiving Off-Chain Data
One of the biggest challenges of decentralized applications, which operate through an extensive smart contracts system, is receiving data from off-chain sources.
Usually, software applications are connected through APIs, a communication tool that allows data to flow through different programs💻
The problem is that smart contracts don’t have direct access to external APIs, as they only use on-chain data. This problem was partially solved by creating oracles—which are bridges connecting the real world with the decentralized world.
However, most of these projects, including Chainlink (the biggest decentralized oracle network), are centralized and vulnerable to manipulation and excessive fees charged by middlemen.
That’s the exact problem API3 aims to solve: directly connecting Web APIs to decentralized applications and eliminating the middleman.
👇Here's how they do that👇
The platform has created TWO crucial technologies: Decentralized APIs (dAPIs) and the Airnode. dAPIs are fully compatible with blockchain technology, eliminating the need for proprietary systems or intermediaries. These dAPIs can seamlessly integrate with any blockchain and serve as a reliable data source for decentralized ecosystems⛓
Unlike traditional models, API3's approach directly aggregates data from first-party providers, enhancing transparency and reducing the risk of tampering. This not only ensures data integrity but also empowers API providers by eliminating middlemen and maximizing revenue.
🏛Central to API3's architecture is Airnode, a technology enabling API providers to operate their own oracle nodes without complex maintenance. Airnode decentralizes data feeds at the source, streamlining access for dApps and simplifying monetization for API providers.
With its user-friendly design and on-demand pricing model, Airnode makes becoming a first-party oracle node accessible to API providers of all technical backgrounds, further bolstering the decentralized data landscape🖥
For more information about the project and its technologies, check out API3's website!
#NFA #DYOR
One of the biggest challenges of decentralized applications, which operate through an extensive smart contracts system, is receiving data from off-chain sources.
Usually, software applications are connected through APIs, a communication tool that allows data to flow through different programs💻
The problem is that smart contracts don’t have direct access to external APIs, as they only use on-chain data. This problem was partially solved by creating oracles—which are bridges connecting the real world with the decentralized world.
However, most of these projects, including Chainlink (the biggest decentralized oracle network), are centralized and vulnerable to manipulation and excessive fees charged by middlemen.
That’s the exact problem API3 aims to solve: directly connecting Web APIs to decentralized applications and eliminating the middleman.
👇Here's how they do that👇
The platform has created TWO crucial technologies: Decentralized APIs (dAPIs) and the Airnode. dAPIs are fully compatible with blockchain technology, eliminating the need for proprietary systems or intermediaries. These dAPIs can seamlessly integrate with any blockchain and serve as a reliable data source for decentralized ecosystems⛓
Unlike traditional models, API3's approach directly aggregates data from first-party providers, enhancing transparency and reducing the risk of tampering. This not only ensures data integrity but also empowers API providers by eliminating middlemen and maximizing revenue.
🏛Central to API3's architecture is Airnode, a technology enabling API providers to operate their own oracle nodes without complex maintenance. Airnode decentralizes data feeds at the source, streamlining access for dApps and simplifying monetization for API providers.
With its user-friendly design and on-demand pricing model, Airnode makes becoming a first-party oracle node accessible to API providers of all technical backgrounds, further bolstering the decentralized data landscape🖥
For more information about the project and its technologies, check out API3's website!
#NFA #DYOR
💰$25 million lost in Solana memecoin presales last month
Over $25 million has been lost by investors in Solana memecoin presales within a month, with more than half of these projects being abandoned, some without launching their promised tokens.
Anatoly Yakovenko, co-founder of Solana, has criticized the practice, urging avoidance.
The trend of failed projects continues, now shifting to the Base blockchain, signaling unresolved issues in the meme coin sphere. This has negatively impacted SOL’s market value, which has significantly dropped from its recent peak.
Over $25 million has been lost by investors in Solana memecoin presales within a month, with more than half of these projects being abandoned, some without launching their promised tokens.
Anatoly Yakovenko, co-founder of Solana, has criticized the practice, urging avoidance.
The trend of failed projects continues, now shifting to the Base blockchain, signaling unresolved issues in the meme coin sphere. This has negatively impacted SOL’s market value, which has significantly dropped from its recent peak.
💰7 years old 'Buy Bitcoin' sign sold for $1 million
The iconic 'Buy Bitcoin' sign, famously displayed behind Janet Yellen during her 2017 Congressional testimony, has been sold for 16 BTC, amounting to over $1 million.
The auction, conducted by
Scarce City at PubKey, a Bitcoin themed bar in NYC, set a record for the auction house.
The proceeds will support the development of Tirrel Corp's Bitcoin Lightning network wallet. The sign's new owner, known by the handle Squirrekkywrath, remains a mysterious figure in the Bitcoin community.
The iconic 'Buy Bitcoin' sign, famously displayed behind Janet Yellen during her 2017 Congressional testimony, has been sold for 16 BTC, amounting to over $1 million.
The auction, conducted by
Scarce City at PubKey, a Bitcoin themed bar in NYC, set a record for the auction house.
The proceeds will support the development of Tirrel Corp's Bitcoin Lightning network wallet. The sign's new owner, known by the handle Squirrekkywrath, remains a mysterious figure in the Bitcoin community.
📈Bitcoin Runes generate over $135 million in fees in the first week
The launch of Runes came with the fourth Bitcoin halving occurring at block height 840,000. The protocol has quickly become a major contributor to network transaction and fee activity.
This success follows its capability to mint tokens, primarily memecoins, directly on Bitcoin, using the network’s UTXO model and OP_RETURN opcode for efficient tokenization.
This has led to increased network transactions, with Runes-related activity constituting a significant portion of Bitcoin’s total transactions.
The launch of Runes came with the fourth Bitcoin halving occurring at block height 840,000. The protocol has quickly become a major contributor to network transaction and fee activity.
This success follows its capability to mint tokens, primarily memecoins, directly on Bitcoin, using the network’s UTXO model and OP_RETURN opcode for efficient tokenization.
This has led to increased network transactions, with Runes-related activity constituting a significant portion of Bitcoin’s total transactions.
👮♂️Law enforcement agencies will no longer need to wait for an arrest to seize crypto
In UK, new regulations now enable law enforcement agencies to seize cryptocurrencies without requiring an arrest.
This significant change, driven by a crime bill passed last year, is designed to streamline the process of confiscating crypto assets suspected of being linked to criminal activities.
These reforms allow police to control the seized crypto by transferring it to government-controlled wallets and even destroy certain assets if deemed harmful to public interest.
This adjustment aims to enhance the government's response to crimes involving cryptocurrencies, such as funding for terrorist organizations, by providing the legal framework needed to act swiftly and effectively.
In UK, new regulations now enable law enforcement agencies to seize cryptocurrencies without requiring an arrest.
This significant change, driven by a crime bill passed last year, is designed to streamline the process of confiscating crypto assets suspected of being linked to criminal activities.
These reforms allow police to control the seized crypto by transferring it to government-controlled wallets and even destroy certain assets if deemed harmful to public interest.
This adjustment aims to enhance the government's response to crimes involving cryptocurrencies, such as funding for terrorist organizations, by providing the legal framework needed to act swiftly and effectively.
🔥Last Week’s in Crypto
Solo Bitcoin Miner Wins the 3.125 BTC Lottery; Yuga Labs Restructures Company; Binance Sued in Canada… The steady flow of cryptocurrency news keeps coming, and it's getting trickier to stay updated.
But for those keen to know the latest blockchain, let's explore the interesting bits from the last week!
The Highlights of the Week:
✔️Runes Generate Over $135M in Fees
✔️cLabs Proposes Using OP Stack
✔️EigenLayer's TVL Crosses $15 Billion
✔️Mt. Gox Creditors Report Payment Update
✔️Ledger Live to Offer Crypto Swaps
✔️Sensay Partners with Octavia Token
✔️Magic Eden Launches Platform for Runes
✔️Enthusiasm Rises On Stablecoin Bill Passage
✔️Consensys Sues SEC
✔️Stablecoin Supply Hits Highest Level
Next Week’s Events
✔️United States Fed Funds Interest Rate
✔️United States Unemployment Rate
✔️Germany Inflation Rate
✔️Euro Area GDP Growth Rate
✔️Sui Token Unlock Incoming
Do you want more news? You can find them in our most recent newsletter. Read it now!
Solo Bitcoin Miner Wins the 3.125 BTC Lottery; Yuga Labs Restructures Company; Binance Sued in Canada… The steady flow of cryptocurrency news keeps coming, and it's getting trickier to stay updated.
But for those keen to know the latest blockchain, let's explore the interesting bits from the last week!
The Highlights of the Week:
✔️Runes Generate Over $135M in Fees
✔️cLabs Proposes Using OP Stack
✔️EigenLayer's TVL Crosses $15 Billion
✔️Mt. Gox Creditors Report Payment Update
✔️Ledger Live to Offer Crypto Swaps
✔️Sensay Partners with Octavia Token
✔️Magic Eden Launches Platform for Runes
✔️Enthusiasm Rises On Stablecoin Bill Passage
✔️Consensys Sues SEC
✔️Stablecoin Supply Hits Highest Level
Next Week’s Events
✔️United States Fed Funds Interest Rate
✔️United States Unemployment Rate
✔️Germany Inflation Rate
✔️Euro Area GDP Growth Rate
✔️Sui Token Unlock Incoming
Do you want more news? You can find them in our most recent newsletter. Read it now!
🚀Omnity introduced no fees for trading Runes on their platform
Omnity has launched a significant update offering no-fee trading of Runes on its platform, leveraging the innovative chain fusion technology from the Internet Computer Protocol.
This technology facilitates seamless and cost-free transactions across Bitcoin and other blockchains, promoting a more accessible and efficient trading environment.
This move is especially pivotal as it addresses the scalability challenges often faced on the Bitcoin network due to the surge in transactions, enhancing the appeal of Runes trading without financial barriers.
Omnity has launched a significant update offering no-fee trading of Runes on its platform, leveraging the innovative chain fusion technology from the Internet Computer Protocol.
This technology facilitates seamless and cost-free transactions across Bitcoin and other blockchains, promoting a more accessible and efficient trading environment.
This move is especially pivotal as it addresses the scalability challenges often faced on the Bitcoin network due to the surge in transactions, enhancing the appeal of Runes trading without financial barriers.
HAAQ Network — An Ethics-First Network
HAQQ Network is a scalable, high-throughput Proof-of-Stake blockchain that is fully compatible and interoperable with Ethereum. It's built using the Cosmos SDK which runs on top of CometBFT consensus engine.
HAQQ allows for running vanilla Ethereum as a Cosmos application-specific blockchain. This allows developers to have all the desired features of Ethereum, while at the same time, benefit from CometBFT’s PoS implementation.
Also, because it is built on top of the Cosmos SDK, it will be able to exchange value with the rest of the Cosmos Ecosystem through the Inter Blockchain Communication Protocol.
The Islamic Coin is the native currency of Haqq Network. It is used for paying transaction fees, governance and staking. The token is traded on SushiSwap and has great returns on its liquidity pools:
🔸ISLM <> USDC ~ 25.01%
🔸ISLM <> wBTC ~ 32.31%
🔸ISLM <> ETH ~ 22.25%
🔸ISLM <> DAI ~ 32.81%
For more information about the project, check out their social media accounts! But if you want to earn high yields, don't hesitate to go on Sushi swap and take a look at $ISLM.
#NFA #DYOR
HAQQ Network is a scalable, high-throughput Proof-of-Stake blockchain that is fully compatible and interoperable with Ethereum. It's built using the Cosmos SDK which runs on top of CometBFT consensus engine.
HAQQ allows for running vanilla Ethereum as a Cosmos application-specific blockchain. This allows developers to have all the desired features of Ethereum, while at the same time, benefit from CometBFT’s PoS implementation.
Also, because it is built on top of the Cosmos SDK, it will be able to exchange value with the rest of the Cosmos Ecosystem through the Inter Blockchain Communication Protocol.
The Islamic Coin is the native currency of Haqq Network. It is used for paying transaction fees, governance and staking. The token is traded on SushiSwap and has great returns on its liquidity pools:
🔸ISLM <> USDC ~ 25.01%
🔸ISLM <> wBTC ~ 32.31%
🔸ISLM <> ETH ~ 22.25%
🔸ISLM <> DAI ~ 32.81%
For more information about the project, check out their social media accounts! But if you want to earn high yields, don't hesitate to go on Sushi swap and take a look at $ISLM.
#NFA #DYOR
🎮Gaming investments surge 94% in Q1 2024 as market rebounds
In Q1 2024, venture capital investments in the gaming sector surged by 94%, totaling $594 million, as investors increasingly focus on the potential of Web3 and blockchain technologies to revolutionize the industry.
This trend reflects a significant shift towards decentralized platforms that offer innovative gameplay experiences beyond traditional models.
Blockchain games, which allow for unique in-game economies and player ownership of assets, are particularly attracting significant funding, emphasizing their role in driving the next evolution of the gaming industry.
In Q1 2024, venture capital investments in the gaming sector surged by 94%, totaling $594 million, as investors increasingly focus on the potential of Web3 and blockchain technologies to revolutionize the industry.
This trend reflects a significant shift towards decentralized platforms that offer innovative gameplay experiences beyond traditional models.
Blockchain games, which allow for unique in-game economies and player ownership of assets, are particularly attracting significant funding, emphasizing their role in driving the next evolution of the gaming industry.
🐳Bitcoin whale buys 2500 BTC for $147 million
The Bitcoin whale known as "Mr. 100", has purchased 2,500 BTC for the first time since the recent Bitcoin halving, spending over $147 million.
This significant buy occurred as market analysts suggest that Bitcoin might be nearing a local bottom, reflecting on the rebound from $56,000 lows.
This activity could indicate a market recovery or at least stabilization following the halving event, which traditionally impacts Bitcoin's price positively in the long term.
The Bitcoin whale known as "Mr. 100", has purchased 2,500 BTC for the first time since the recent Bitcoin halving, spending over $147 million.
This significant buy occurred as market analysts suggest that Bitcoin might be nearing a local bottom, reflecting on the rebound from $56,000 lows.
This activity could indicate a market recovery or at least stabilization following the halving event, which traditionally impacts Bitcoin's price positively in the long term.
🔄Jack Dorsey's company will reinvest 10% of Bitcoin Profits Into BTC
Jack Dorsey's company, Block (formerly Square), plans to reinvest 10% of its gross profits from Bitcoin-related products into buying more Bitcoin throughout 2024.
This decision follows a significant revenue from Bitcoin sales and is part of a broader investment strategy. The company processed substantial transactions last year and has incorporated Bitcoin into its balance sheet since early on, aligning with its digital asset commitment.
Jack Dorsey's company, Block (formerly Square), plans to reinvest 10% of its gross profits from Bitcoin-related products into buying more Bitcoin throughout 2024.
This decision follows a significant revenue from Bitcoin sales and is part of a broader investment strategy. The company processed substantial transactions last year and has incorporated Bitcoin into its balance sheet since early on, aligning with its digital asset commitment.
📱Vodafone is advancing blockchain integration by incorporating cryptocurrency wallets into SIM cards.
This initiative, part of their broader strategy to merge blockchain with mobile technology, aims to simplify the use of digital identities and crypto transactions on mobile devices.
By 2030, the company plans to widely implement these features across an anticipated 20 billion mobile phones, reflecting a significant step towards enhancing digital and financial accessibility on a global scale.
This initiative, part of their broader strategy to merge blockchain with mobile technology, aims to simplify the use of digital identities and crypto transactions on mobile devices.
By 2030, the company plans to widely implement these features across an anticipated 20 billion mobile phones, reflecting a significant step towards enhancing digital and financial accessibility on a global scale.
🔥Last Week’s in Crypto
Binance Founder CZ Gets 4 Months in Prison; Bitcoin Reaches One Billion Transactions; Tether Nets Record $4.5B Profit in Q1 2024… The steady flow of cryptocurrency news keeps coming, and it's getting trickier to stay updated.
But for those keen to know the latest blockchain, let's explore the interesting bits from the last week!
The Highlights of the Week:
✔️Riot Platforms Reports Record $211M Net Income
✔️Stacks Active Accounts Reach Record High
✔️Eigenlayer Releases EIGEN White Paper
✔️Coinbase Posts $1.2B Net Income in Q1
✔️Binance Wallet Announces Support for ARC-20
✔️Avalanche Integrates with Stripe
✔️Crypto VC Funding Hits $1B for Second Straight Month
✔️Pike Finance Exploited for $1.6M
✔️Tether Invests $200M in Neurotech Company
✔️USDC Overtakes USDT in Stablecoin Transactions
Next Week’s Events
✔️OORT To Launch DataHub
✔️China Inflation Rate
✔️United Kingdom Interest Rate
Do you want more news? You can find them in our most recent newsletter. Read it now!
Binance Founder CZ Gets 4 Months in Prison; Bitcoin Reaches One Billion Transactions; Tether Nets Record $4.5B Profit in Q1 2024… The steady flow of cryptocurrency news keeps coming, and it's getting trickier to stay updated.
But for those keen to know the latest blockchain, let's explore the interesting bits from the last week!
The Highlights of the Week:
✔️Riot Platforms Reports Record $211M Net Income
✔️Stacks Active Accounts Reach Record High
✔️Eigenlayer Releases EIGEN White Paper
✔️Coinbase Posts $1.2B Net Income in Q1
✔️Binance Wallet Announces Support for ARC-20
✔️Avalanche Integrates with Stripe
✔️Crypto VC Funding Hits $1B for Second Straight Month
✔️Pike Finance Exploited for $1.6M
✔️Tether Invests $200M in Neurotech Company
✔️USDC Overtakes USDT in Stablecoin Transactions
Next Week’s Events
✔️OORT To Launch DataHub
✔️China Inflation Rate
✔️United Kingdom Interest Rate
Do you want more news? You can find them in our most recent newsletter. Read it now!
📈Arbitrum has achieved $150 billion in total transaction volume on Uniswap
Arbitrum is the first Layer2 to pass this threshold on the DEX, with a 2.64 billion TVL, making it the largest Layer 2 by TVL.
This achievement highlights Arbitrum's growing influence and adoption in the DeFi space, particularly in facilitating high-volume trading.
This level of activity underscores the scalability and efficiency of Arbitrum as a layer 2 solution, enhancing Ethereum's capabilities without compromising security.
Arbitrum is the first Layer2 to pass this threshold on the DEX, with a 2.64 billion TVL, making it the largest Layer 2 by TVL.
This achievement highlights Arbitrum's growing influence and adoption in the DeFi space, particularly in facilitating high-volume trading.
This level of activity underscores the scalability and efficiency of Arbitrum as a layer 2 solution, enhancing Ethereum's capabilities without compromising security.
💰Fantasy Top, a Blast L2 game, has become one of the most profitable crypto apps
"Fantasy Top," an Ethereum-based NFT game, has emerged as one of the most profitable crypto applications, earning significant revenue by selling NFT card packs and collecting fees on its secondary marketplace.
The game involves creating lineups of heroes, represented as NFTs, based on crypto influencers, whose performance is linked to their social media engagements.
This has placed "Fantasy Top" among the top earners in the crypto space, even surpassing some major blockchains by fees generated.
"Fantasy Top," an Ethereum-based NFT game, has emerged as one of the most profitable crypto applications, earning significant revenue by selling NFT card packs and collecting fees on its secondary marketplace.
The game involves creating lineups of heroes, represented as NFTs, based on crypto influencers, whose performance is linked to their social media engagements.
This has placed "Fantasy Top" among the top earners in the crypto space, even surpassing some major blockchains by fees generated.
Base dominates the SocialFi sector, capturing 46% of transactions
Coinbase's Layer 2 solution, Base, has rapidly grown to dominate the SocialFi sector within the Ethereum ecosystem, accounting for 46% of transaction activity.
This significant market share is partly due to successful integrations with social platforms, particularly Friend.Tech, where user engagement is high.
Base has also seen substantial inflows of USDC and Ethereum, enhancing its liquidity and utility. This growth is supported by its seamless connectivity with Coinbase's extensive user base, enabling efficient, low-cost transactions and fostering a robust development environment for decentralized applications.
Coinbase's Layer 2 solution, Base, has rapidly grown to dominate the SocialFi sector within the Ethereum ecosystem, accounting for 46% of transaction activity.
This significant market share is partly due to successful integrations with social platforms, particularly Friend.Tech, where user engagement is high.
Base has also seen substantial inflows of USDC and Ethereum, enhancing its liquidity and utility. This growth is supported by its seamless connectivity with Coinbase's extensive user base, enabling efficient, low-cost transactions and fostering a robust development environment for decentralized applications.
📉The Runes protocol activity dropped 95% from it's peak only 3 weeks after launch
The Runes protocol, which debuted on the Bitcoin blockchain, saw an explosive start coinciding with Bitcoin's halving event, generating an impressive $135 million in transaction fees during its first week.
This initial surge in activity indicated a high level of investor interest and competition for block space, significantly benefiting Bitcoin miners.
Despite the strong launch, the protocol has experienced a noticeable decline in engagement. By May 10th, activity levels reached their lowest, with a sharp drop in new mints and wallets interacting with the protocol. This decline poses significant challenges for Runes, testing its ability to maintain user interest and activity beyond the initial excitement.
The Runes protocol, which debuted on the Bitcoin blockchain, saw an explosive start coinciding with Bitcoin's halving event, generating an impressive $135 million in transaction fees during its first week.
This initial surge in activity indicated a high level of investor interest and competition for block space, significantly benefiting Bitcoin miners.
Despite the strong launch, the protocol has experienced a noticeable decline in engagement. By May 10th, activity levels reached their lowest, with a sharp drop in new mints and wallets interacting with the protocol. This decline poses significant challenges for Runes, testing its ability to maintain user interest and activity beyond the initial excitement.