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Bitcoin mutates toward Web3

Igor Grigorchenko

News editor

Jun 4, 2023 at 09:35

Salute to all degens and crypto enthusiasts! This is the buidlbee crypto community team here with new insights and perks of the day.

What’s new in the crypto market over the past 24 hours? We list the main events in the world as briefly as possible. In the second part of the review, we traditionally offer fresh trading ideas that will allow you to get practical benefits from innovations in the crypto world.

XRP as the top trendy asset

According to Santiment, XRP Network is now the trending asset in cryptocurrency, as its price has jumped +22% in the past 19 days. We are also seeing the historically highest surge in address activity, now ranked 6th by market capitalization. The $XRP price is expected to be in an uptrend for at least the summer.

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Staking is gaining popularity

According to Glassnode, the Ethereum pool has been experiencing continuous growth for 20 consecutive days, resulting in over 589,824 active validators. We are seeing steady growth in the popularity of Ethereum staking, which is very positive for ETH in terms of the expectations of many investors.

Bitcoin mutates toward Web3 

The OKX exchange announced in a press release that it is launching a new standard, BRC-30, an expanded version of the popular BRC-20 protocol. The main innovation of the new standard is the BRC-20 token-staking mechanism.

The exchange’s project team will issue BRC-30 tokens, create a staking pool, and bring in initial participants. Users will now be able to make deposits, withdrawals, and staking rewards.

Previously, we wrote about the ultra-fast development of a brand new ecosystem within Bitcoin based on BRC-20, with the first stablecoin and DeFi deployment primitive services. 

The BRC-20 economy

  • Bitcoin Magazine Ventures is launching the world’s first investment fund for the BTC ecosystem. The fund will finance the creation of tools and infrastructure for Ordinals, Lighting, BRC20, DLC, etc. The start-up has already raised $90 million.
  • It’s very interesting how economically viable the Ordinals ecosystem is. Early numbers say that NFT sales on the Bitcoin network reached nearly $200 million in May, the highest in a single month.
  • Ordinals, on the other hand, earn money for miners; according to May data, Ordinals now generate about 25% of all transaction fees, adding up to 40% of data to all transactions on the Bitcoin blockchain.

Based on these facts, we can state that BRC-20 is fast becoming a quite sustainable and self-sufficient business.

Binance News

  • The largest exchange in the world, Binance, is considering the possibility of allowing large traders to keep collateral in the bank rather than in the account of the exchange itself. This is a very interesting and unique initiative; the possibility of this is being actively discussed after the collapse of FTX and the loss of many investors.
  • Binance said that it is proud that it helped U.S. law enforcement agencies seize and freeze millions of dollars from accounts linked to organized crime. Binance is one of the leading exchanges in terms of compliance and is very responsive to any law enforcement inquiries, especially from the US. This close interaction with the authorities and spying on its users does not please ordinary users, giving Binance a bad reputation in this regard.

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