BRC20 Standard, Meme Coin Mania, SushiSwap Expansion, and More! 🚀
BRC20 Standard, Meme Coin Mania, SushiSwap Expansion, and More! 🚀
This week’s edition of The Web3 Digest covers events from 01 May to 08 May 2023 and the cover story of Bitcoin’s latest challenge to Ethereum 🥷
GM ser and madams,
Join The Web3 Digest as we present you the latest updates in the crypto world, including new listings, regulatory developments, and exciting partnerships 🎉
TL;DR:
📈 Binance lists $FLOKI and $PEPE
🍣 SushiSwap rolls out V3 Liquidity Pool on 13 chains
⚖️ Former OpenSea executive convicted in NFT insider trading trial
🇬🇧 a16z urges UK to adopt a 'more nuanced' regulatory framework
🤝 Blur and Paradigm launch NFT perpetual lending platform: Blend
💡 Biden administration to impose 30% tax on Bitcoin mining electricity
📢 SEC ordered to respond to Coinbase's complaint within 10 days
☁️ Alibaba Cloud enters the metaverse on Avalanche
🇱🇮 Liechtenstein to accept Bitcoin for certain state services
📕 This Week's Cover Story
Curious Case of BRC-20 Tokens: Bitcoin's Bold Move Towards Fungibility
The recent emergence of BRC-20 tokens, powered by Ordinal theory, has caught the eyeballs of many and taken the crypto community by storm. By introducing fungible tokens into the Bitcoin ecosystem, the new standard aims to rival Ethereum's utility and versatility.
The crypto community is watching these developments very closely as the total market cap of the BRC20 ecosystem reached 770 million+ with a staggering number of over 14000 tokens on the Bitcoin blockchain. 🤯
What’s next? Will this new development challenge Ethereum's position as the king of smart contracts?
Hold on to your hats as we dive into this groundbreaking development in the Bitcoin world.
Understanding BRC-20 Tokens:
Enabled by the revolutionary Ordinal theory, BRC-20 tokens introduce fungibility and Bitcoin-based NFTs, expanding the potential applications of the Bitcoin blockchain.
BRC-20 tokens differ from Ethereum tokens in that they aren't generated through smart contracts, resulting in fewer programmable money use cases. Nonetheless, they benefit from Bitcoin's well-established proof of work network.
Due to Bitcoin's limited transaction processing capacity, BRC-20 tokens could incur higher transfer costs compared to Ethereum-based tokens.
Currently, there are ~450k Bitcoin transactions stuck in limbo, waiting for confirmation!
It’s a mega traffic jam on the Bitcoin blockchain right now!
Evaluating the Threat to Ethereum:
While BRC-20 tokens present an intriguing alternative, Ethereum's dominance in smart contracts and decentralized applications remains largely unchallenged. Ethereum continues to be the premier platform for programmable money and innovative blockchain solutions.
BRC20 protocol in its current state, is majorly being used by meme coin freaks as they milk the latest meme coin gold rush started by $PEPE.
Will Bitcoin evolve into digital oil?
The BRC-20 standard might propel Bitcoin from a simple store of value to "digital oil," providing a settlement layer for various tokens. Such a development could boost adoption and innovation within the blockchain ecosystem, unlocking new possibilities for Bitcoin.
❗ Final thoughts 👉 A Pivotal Moment for Bitcoin✨
The advent of BRC-20 tokens signifies a crucial milestone in Bitcoin's evolution. Although it's unlikely to dethrone Ethereum as the king of smart contracts, it paves the way for Bitcoin to serve as a settlement layer and a medium for token transactions (only if the meme coin enjoyers let it).
Keep a close watch on this exciting innovation as it unfolds and shapes the future of the blockchain world.
More of This Week's Top Stories
📈 Binance Lists $FLOKI and $PEPE
Binance has announced the listing of $FLOKI and $PEPE, expanding its selection of cryptocurrencies available for trading.
https://twitter.com/binance/status/1655463123908714496
🍣 SushiSwap Expands to 13 Chains
SushiSwap has rolled out its V3 Liquidity Pool on 13 different chains, further extending its reach in the DeFi ecosystem.
https://twitter.com/SushiSwap/status/1654169248095432704?s=20
⚖️ Conviction in NFT Insider Trading Trial
A former OpenSea executive has been convicted in an NFT insider trading trial, highlighting the need for transparency and regulation in the space.
https://twitter.com/web3isgreat/status/1654153603425222658?s=20
🇬🇧 a16z Encourages a Nuanced Approach in the UK
Venture capital firm a16z has urged the UK to consider a 'more nuanced' regulatory framework for the growing crypto industry.
https://twitter.com/Blockworks_/status/1653338468028751879?s=20
🤝 Blend: An NFT Perpetual Lending Platform
Blur and Paradigm have collaborated to launch Blend, an NFT perpetual lending platform, offering new opportunities for NFT holders and investors.
https://twitter.com/blur_io/status/1653051809240604674?s=20
💡 30% Tax on Bitcoin Mining Electricity
The Biden administration is set to impose a 30% tax on electricity used for Bitcoin mining, potentially affecting the industry's growth in the U.S.
https://twitter.com/Cointelegraph/status/1653631481703731200?s=20
📢 SEC Ordered to Respond to Coinbase
The SEC has been ordered to respond to Coinbase's complaint over how it applies securities laws to digital assets within 10 days, marking a significant development in regulatory discussions.
https://twitter.com/Blockworks_/status/1654119496142196740?s=20
☁️ Alibaba Cloud Enters the Metaverse
Alibaba Cloud has announced its entry into the metaverse on the Avalanche blockchain, signaling the growing interest of major tech companies in Web3 technologies.
https://twitter.com/avax/status/1654139366044737536?s=20
🇱🇮 Liechtenstein Embraces Bitcoin for State Services
Liechtenstein is set to allow payment for certain state services in Bitcoin, reflecting the growing acceptance of cryptocurrencies in the public sector.
https://twitter.com/BitcoinMagazine/status/1655572026617217024?s=20
That's all for this week's edition of The Web3 Digest! Make sure to subscribe and share this newsletter with your friends and colleagues.