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- The R Roundup : $1,8m Stuck In Shibarium - Issue #102
The R Roundup : $1,8m Stuck In Shibarium - Issue #102
Issue #102 : Web 3 News Headlines Of The Week
The R Roundup.sol
August 20, 2023
The R Roundup : $1,8m Stuck In Shibarium - Issue #102
Does hype always result in the best launches? Shiba Inu expected so, the tech said otherwise.
It all begun when news surfaced that memecoin Shiba Inu’s Shibarium would be going live on mainnet following a successful beta phase with over 21 million wallets on the network.
The Ethereum L2 scaling solution is built on proof-of-participation a contemporary consensus mechanism however the launch didn’t go as expected.
Following the launch, Shibarium instantly realised that transactions on the network were stuck in a pending state resulting in over $1,8m being stuck.
Reports circulated that funds were locked and users were advised to stop using Shibarium despite the initial hype before the launch. It went as far as no transactions appearing on the primary blockchain explorer as confirmed further establishing worries.
SpaceX Sends Bitcoin Down Under🛰️
Just as the bullish momentum was starting to overextend, Elon Musk and his space frends sent us right down to reality.
Last week Thursday, reports surfaced that Elon Musk’s SpaceX sold the $373m worth of Bitcoin holdings after writing down that value back in 2021 and 2022.
Whilst this news alone wasn’t the sole catalyst, it was a tipping point for an Oppenheimer style liquidation event allowing $1b to be drained from the parts in almost 24hrs. Bitcoin’s 7.2% drop accounted for more than half of that liquidated value.
Elon Musk often impacts crypto more than expected and it made headlines when Tesla sold 75% of their Bitcoin holdings last year, which investors often cite with the X’s owners sentiment towards any coin other than Doge.
Coinbase Catalyst For US Futures Trading🖲️
Earlier on Coinbase filed an application with the NFA to register as an FCM in order to work with regulators in an attempt to bring regulated derivative products to US customers.
It was announced last week that this approval was secured enabling eligible US customers to access regulated products through Coinbase Financial Markets.
Approval for US customers to access regulated crypto derivatives will allow more people to access the cryptoeconomy in the United States in a safe way that helps keep the US at the center of digital innovation
Ether-ETF Frenzy🇺🇸
ETFs have been a 2023 buzzword. With talks of the SEC likely to greenlight an Ether-Futures ETF, has the landscape altered?
Rumours began surfacing that it would be unlikely for The SEC to block the launch of Ethereum futures ETFs. Over 12 companies have filed applications for a Ether ETF to be launched in the couple weeks.
Whilst there is little to indicate which ETF applications would be approved officials suggest October could be when we see a number of filings potentially approved.
Following this news $ETH rose over 11% helping its recovery from the market wide flush-out that occurred this week.
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Over the last 24 hours, Friend Tech has generated more fees than #Bitcoin, Uniswap and BSC.
Specifics aside, what excites me is how quick market penetration occurs when a product has a strong market fit.
The next killer dApp can gain traction much quicker than you think.
— Miles Deutscher (@milesdeutscher)
10:29 AM • Aug 20, 2023
(1/n)
Accelerators have always fueled startups to success!
But in the #Web3 universe, their role is CRUCIAL
Yet, the landscape is evolving... 🌐
— Symbiote (@SymbioteSync)
4:39 PM • Aug 18, 2023
1/10 Are we going 📈 or 📉?
Here are some market metrics to consider:
First, the decline of BTC on exchanges is bullish.
But other metrics present a mixed picture: 👇
— Ignas | DeFi Research (@DefiIgnas)
1:15 PM • Aug 18, 2023
There are 4 Phases of a Bull market.
We’re nearing the end of Phase 1. Here's how to play market cycles so you don’t screw up your best chance at generational wealth.
Here’s your playbook for:
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3) and… twitter.com/i/web/status/1…— Edgy - The DeFi Edge 🗡️ (@thedefiedge)
11:12 AM • Aug 17, 2023
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