Crypto Report - Sunday June 11th, 2023
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Summary
Ethereum’s Buterin Releases Roadmap Addressing Scaling, Privacy, Wallet Security
Crypto Exchange OKX Burns $258M of OKB Tokens in Record Move
Vitalik Buterin’s Shiba Inu Donations to Power New Round of India Covid Relief Funds
Bitcoin Payments Firm Strike Moves Custody In-House After Ditching Third-Party Services
First Mover Asia: Bitcoin Remains Resilient Near $26.5K, Despite Ongoing Binance, Coinbase Fallout
Ethereum’s Buterin Releases Roadmap Addressing Scaling, Privacy, Wallet Security
Ethereum co-founder Vitalik Buterin has presented a new roadmap for the network, emphasizing three key goals: layer 2 scaling, wallet security, and privacy. In a blog post titled "The Three Transitions," Buterin stresses the need to address these goals simultaneously to maintain the protocol's core components while offering users a global and permissionless experience. Layer 2 scaling is vital to prevent the adoption of centralized workarounds, and Ethereum has experienced significant growth in this area, with ZK rollups released by Polygon and Matter Labs. A major upgrade called Dencun is also planned for later this year, featuring proto-danksharding to make rollups more affordable. Wallet security is the second component, which entails moving all user wallets to smart contract wallets to increase users' comfort in storing cryptocurrency payments and data on-chain. Lastly, privacy is essential to prevent the public exposure of on-chain activities. Buterin emphasizes that not only do the protocol's features need improvement, but the way users interact with Ethereum must also undergo fundamental changes, necessitating deep adjustments from applications and wallets.
Crypto Exchange OKX Burns $258M of OKB Tokens in Record Move
Crypto exchange OKX has burned over $258 million worth of its OKB tokens between March and May as part of a planned move, causing the token's value to rise while the broader crypto market remained stable. According to OKX's buy back-and-burn report, a total of 5,497,312.77 OKB tokens were purchased and burned from the secondary market, pushing the token's price from $44 to $45. The OKB token has a market capitalization of over $2.6 billion and has seen a 1.4% increase in the past 24 hours. The buy-and-burn program was initiated in May 2019, with OKX buying back OKB tokens from the original supply of 300,000,000 every three months based on market conditions and operational performance. Burning refers to the permanent deletion of tokens from the circulating supply by sending them to an uncontrolled wallet address. This reduction in supply can potentially lead to price increases for such tokens if demand continues to grow.
Vitalik Buterin’s Shiba Inu Donations to Power New Round of India Covid Relief Funds
Ethereum co-creator Vitalik Buterin announced a new $100 million tranche of donations, with $10 million going to the India-focused coronavirus prevention initiative CryptoRelief. Led by Polygon co-founder Sandeep Nailwal, CryptoRelief will receive an additional $90 million in USDC from the sales of Shiba Inu (SHIB) tokens sent to them by Buterin in early 2021. The donations will concentrate on enhancing indoor air quality to curb the spread of COVID-19 and funding research to mitigate its long-term effects. Shiba Inu's creators sent 50% of the token supply to Buterin after its issuance in 2020, generating buzz for the project. In 2021, Buterin burned over $6 billion worth of tokens, representing 90% of his holdings at that time, and donated the remaining tokens, valued at $1.2 billion then. Coronavirus vaccinations and testing continue in India, according to official data.
Bitcoin Payments Firm Strike Moves Custody In-House After Ditching Third-Party Services
Digital payments firm Strike has transitioned all customer bitcoin (BTC) and U.S. dollar (USD) assets to its in-house infrastructure, as announced by CEO and cofounder Jack Mallers in a June 8 blog post. The move, which is part of a two-year effort, aims to reduce counterparty risk and enhance the company's product and service performance. This development follows rumors of bankruptcy surrounding Strike's former custodian, Prime Trust, which is set to be acquired by digital asset custody rival BitGo. Strike emphasized that their decision to move custody in-house had been in progress for two years. With this change, Strike customers from over 65 countries will now directly custody bitcoin and fiat with the company. Mallers highlighted the short and long-term benefits of the transition, including new features and capabilities such as peer-to-peer bitcoin transactions, options for receiving funds in cash or bitcoin, and tiered on-chain payments. The company has also increased deposit limits and has plans to introduce global on/off ramps, instant withdrawals, improved DCA capabilities, and cross-currency features in the future.
First Mover Asia: Bitcoin Remains Resilient Near $26.5K, Despite Ongoing Binance, Coinbase Fallout
Bitcoin remains resilient, trading near $26.5K despite the recent SEC lawsuits against Binance and Coinbase. Investors appear largely unfazed, focusing on the upcoming Federal Reserve's monetary policy decision. Although the regulatory situation for digital assets in the United States seems challenging, Bitcoin and other key crypto assets have demonstrated significant resilience. The cryptocurrency's stability can be partly attributed to the growing adoption of digital assets outside the US, particularly in Asia, the European Union, and Dubai. Meanwhile, Ether maintains its position at around $1,852 and continues to hold in "uptrend" territory. Tokens mentioned in the lawsuits, including BNB, ADA, SOL, and MATIC, have experienced slight rebounds, while meme coins DOGE and SHIB remain in the green. Major stock indexes closed on the upside, with the S&P 500 ending its longest bear market in 85 years, and Nasdaq Composition rising by a percentage point. Treasury yields have declined, and investors are looking to the upcoming Consumer Price Index for signs of waning inflation.
