EIP 7781 proposal aims to increase Ethereum network throughput
The Ethereum community is evaluating the EIP 7781 Improvement
Proposal, which suggests reducing the slot time from 12 to 8
seconds, increasing throughput by about 33%. This change would
better distribute rollup latency and data capacity, improving
bandwidth usage. Researcher Justin Drake supported the proposal,
stating it could save millions for decentralized exchange users.
However, the proposal must ensure it doesn’t increase hardware
requirements for validators.
Buterin converts memecoins into charity donations
Vitalik Buterin, co-founder of Ethereum (COIN:ETHUSD), sold 10
billion Moodeng tokens for 308.69 ETH (about $762,000), donating
260 ETH to the biotech platform Kanro. He still holds 40 billion
Moodeng, valued at $3.66 million. The MOODENG memecoin, inspired by
a hippo at a Thai zoo, surged 403% in 24 hours. MOODENG is the
first Thai memecoin nearing $100 million in market value,
highlighting the growing influence of memecoins.
Earlier this year, Buterin sold several animal-themed meme
coins, donating $532,000 in ETH to the Animal Welfare Fund.
Recently, Buterin also donated 100 ETH to the legal defense fund of
Roman Storm, Tornado Cash developer. Buterin encourages memecoin
creators to donate directly to causes, suggesting the creation of
DAOs to increase transparency and social impact.
Wallet drainer halts operations on TON blockchain due to lack of
whales
Scam Sniffer reported the shutdown of a wallet drainer on The
Open Network (COIN:TONCOINUSD) blockchain due to the absence of
large investors (“whales”). The drainer claimed that TON has a
small community with no major targets. Yu Xian, founder of
SlowMist, suggested that the drainer underestimated the network’s
potential. TON, which has been growing in 2024, has also faced
increasing phishing attacks. Recently, hackers indicated an
interest in targeting Bitcoin due to its high transaction volume
and significant user base.
Bitcoin rises amid anticipation of US economic data
Bitcoin rose at the start of a week packed with US economic data
releases. Bitcoin’s price (COIN:BTCUSD) increased 1.1% in the last
24 hours, trading at $63,526 after reaching an intraday high of
$64,467.02. The FOMC minutes, September inflation data, and
unemployment claims will be the market’s main catalysts this
week.
From September 29 to October 5, cryptocurrency investment
products recorded $147 million in outflows, according to
CoinShares. This halted weeks of significant inflows totaling
nearly $2 billion. CoinShares attributed the outflows to stronger
economic data, reducing expectations for rate cuts. However,
multi-asset products continued attracting inflows, with $29 million
last week, marking their 16th consecutive week of growth.
Despite $25.59 million in inflows on Friday, US spot Bitcoin
ETFs closed the week with a net outflow of $301 million. This is
the first time since September 6 that they recorded weekly net
outflows. The Bitwise (AMEX:BITB) and Fidelity (AMEX:FBTC) funds
saw significant inflows but not enough to offset the large outflows
earlier in the week. Total Bitcoin ETF value fell 5.68% to $57.73
billion.
Spot Ethereum ETFs saw $7.39 million in inflows on Friday but
ended the week with a total net outflow of $30.69 million.
Metaplanet expands Bitcoin holdings with 108,786 BTC purchase
Tokyo-listed company Metaplanet acquired 108,786 BTC for $6.7
million (¥1 billion) at an average price of $61,904 per Bitcoin.
Since early October, the company has increased its reserves, now
totaling 639,503 BTC. Metaplanet’s shares rose after the
announcement, and the company plans to acquire an additional $50.5
million (¥7.5 billion) in Bitcoin by the end of 2024, aiming to
reach 1,000 BTC.
Worldcoin shifts focus to Asia and Latin America after European
challenges
Worldcoin (COIN:WLDUSD), a digital identity project co-founded
by Sam Altman, is shifting its focus from Europe to Asia and Latin
America, according to CoinDesk. Worldcoin executive Fabian
Bodensteiner stated that markets like Japan, Malaysia, and
Argentina offer greater opportunities for technological adoption.
Despite regulatory challenges in Europe, such as data protection
investigations, Worldcoin remains committed to the region but
prioritizes more receptive markets to expand its World ID digital
passport technology.
Bitget promises compensation to holders after BGB token drop
Bitget has committed to compensating holders of its native
token, BGB, after a sudden 52% drop on Monday when the price fell
from $1.14 to $0.54 in 15 minutes. The exchange attributed the
event to the “overall market slowdown,” influenced by Asian
holidays. Bitget promised to fully reimburse those affected, with a
compensation plan within 24 hours and completion in 72 hours. After
the incident, BGB recovered to $1.09.
Crypto.com and 21.co partner for Bitcoin liquidity
Crypto.com has partnered with 21.co, the parent company of
21Shares, to provide Bitcoin liquidity for the 21BTC product.
Announced on October 7, this collaboration strengthens 21.co’s
ETPs, allowing retail and institutional clients to use Bitcoin
across multiple blockchains, such as Ethereum and Solana. The
partnership highlights Crypto.com’s robust liquidity and aims to
expand future offerings, while 21BTC offers greater transparency
through Chainlink’s proof of reserve.
21Shares requests standardized crypto regulations for UCITS funds
21Shares has requested that ESMA establish uniform guidelines
for including cryptocurrencies in UCITS funds. Currently,
regulations vary across European countries, causing uncertainty for
investors. Germany and Malta allow crypto in UCITS, while
Luxembourg and Ireland do not. Mandy Chiu, head of development at
21Shares, stated that consistent rules would allow greater
diversification and stability for investors. The request aligns
with the gradual implementation of MiCA, which already regulates
digital assets in the EU, while the fund sector still lacks similar
clarity.
Copper CEO plans to step down
Dmitry Tokarev, CEO of Copper, a cryptocurrency custody company,
plans to step down from his role and leave daily operations, though
he will remain a significant shareholder. The company is searching
for a replacement. Tokarev helped found Copper in 2018 and will
remain involved in the business. Recently, other executives also
left Copper, such as Boris Bohrer-Bilowitzki and Mike Milner, who
moved to Concordium.
UAE exempts cryptocurrency transactions from VAT
The United Arab Emirates has exempted cryptocurrency
transactions from the 5% value-added tax (VAT), under an amendment
to the Federal Decree-Law on VAT, effective from November 15, 2024,
retroactive to 2018. The move aims to integrate digital assets into
the financial system, attracting cryptocurrency companies and
positioning the country as a blockchain innovation hub. Companies
like Tether and Ripple are already benefiting from the favorable
regulatory environment, reinforcing the UAE’s commitment to
building a globally competitive digital economy.
Melania Trump plans to expand Web3 initiatives to support foster
children
Melania Trump plans to expand her Web3 and NFT initiatives to
benefit foster children if she returns to the White House. In an
interview, she highlighted the continuity of her “Be Best”
platform, which focuses on the well-being of women and children,
integrating blockchain and digital collectibles to promote her
causes. Despite challenges in previous projects, Melania remains
committed to expanding her efforts, offering educational support to
foster children and promoting individual freedom through
technology.
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