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  • The R Roundup: Bitcoins Happy Hour⏰ - Issue #112

The R Roundup: Bitcoins Happy Hour⏰ - Issue #112

Issue #112 : Web 3 News Headlines Of The Week

The R Roundup: Bitcoins Happy Hour⏰ - Issue #112

In a sudden twist, BlackRock's Bitcoin ETF, iBTC, has been removed from the Depository Trust and Clearing Corporation (DTCC) list, quelling hopes of an imminent spot Bitcoin ETF launch.

Analysts had raised expectations earlier this week, but the DTCC's decision to remove iBTC has left the market in suspense. Despite the setback, Bitcoin managed to recover, trading above $34,500.

The removal followed BlackRock's brief appearance on the DTCC list, sparking excitement in the market. While industry experts anticipated a swift approval, the abrupt removal has left experts puzzled. BlackRock declined to comment, citing ongoing compliance with SEC filing restrictions.

The SEC's stance on Bitcoin ETFs remains uncertain, with Grayscale's application also under review. The public comment period for BlackRock and other Bitcoin ETF applicants is still active, adding to market tension.

It's crucial to note that appearing on the DTCC list doesn't guarantee regulatory approval, as clarified by a DTCC spokesperson. Investors are now eagerly awaiting further developments, seeking clarity amid the ongoing regulatory ambiguity surrounding Bitcoin ETFs.

dYdX Launches Mainnet 🚀

dYdX Chain has unveiled its alpha mainnet on a standalone Cosmos Layer 1 blockchain, ushering in a new era for decentralized derivatives trading.

This launch signifies a significant shift to dYdX version 4 and its community-driven blockchain, marking a monumental milestone for the platform.

The dYdX Foundation's CEO, Charles d’Haussy, expressed the community's excitement, stating:

"After years of development, the dYdX Chain has been officially launched, heralding a new era of complete decentralization."

dYdX Foundation's CEO, Charles d’Haussy

Powered by Cosmos SDK, the alpha version introduces an independent blockchain tailored to meet the project's unique needs, following the recent release of its open-source code.

This phase primarily focuses on stress-testing the network, with plans to onboard over 60 validators for enhanced security. Subsequent phases, contingent on community governance votes, will pave the way for full-scale trading on the platform.

Solana Labs’ Startup Incubator 🌞

In a bold move to revolutionize the world of blockchain technology, Solana Labs has launched an enticing startup incubator.

With a whopping $314 million backing from a private token sale, Solana Labs aims to lure startup founders and builders into choosing Solana as their ultimate blockchain destination. Emon Motamedi, Product Manager at Solana Labs, emphasized the vital role of such programs in the evolving Web3 landscape, acknowledging the challenges faced by blockchain startups.

This initiative, part of a series of efforts to boost Solana's network growth, not only includes hackathons and AI accelerators but also seeks to persuade developers to swap their current blockchain affiliations.

While competitors like Aptos invest in similar strategies, Solana's focus on attracting talent from other chains showcases its commitment to pushing the boundaries of blockchain innovation.

FTX & Alameda Sell-A-Thon 🔻

As the SBF trial beings to heat up, some interesting movement have been identified by on-chain sleuths.

Less than 3 days ago, it was highlighted that FTX/Alameda cold storage wallets began selling large numbers of tokens ranging from $RNDR, $COMP, $SOL & more.

Crypto investors have been concerned about the contagion of the FTX lawsuit regarding the knock-on effect for tokens they are still holding & fears spiked as the market began indicating signs of bullish sentiment.

Over the next few weeks, many tokens are expected to be moving from FTX/Alameda wallets which is certainly something to keep an eye on.

A Week At RR📆

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As a reminder, this is not a trading signal or investment advice; it is an opinion, and each trader/investor should know and understand the risks of trading cryptocurrencies.

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