🔮BTC Transaction Fees Up, Stablecoin Bill, L2 Updates, Tether on Telegram, Mt. Gox Repayment

Token Specific News

Bitcoin Transaction Fees Quadruple Amid Runes Protocol Launch

Transaction fees on the Bitcoin network have surged in the past week, quadrupling from $4, largely attributed to the upcoming launch of the Runes protocol. Set to debut at block 840,000, the protocol promises fungible tokens on the Bitcoin blockchain, sparking a race among users to mint initial tokens. With the imminent Bitcoin halving reducing mining rewards, miners are expected to rely more on transaction fees for revenue, leading to a shift in profitability dynamics. Bitcoin miners have surpassed Ethereum stakers in earnings over the past three days, signaling heightened activity ahead of the Runes launch and the evolving landscape of Bitcoin-based assets like Ordinals and BRC-20s. See more: Centralized Exchanges Are Already Listing Bitcoin Runes

Decline in DEX Traders on Ethereum

The number of decentralized exchange (DEX) traders on Ethereum has plummeted from over 95,000 at the start of the month to just 63,000 last week, marking the lowest figure since February. Despite a surge in DEX activity at the beginning of March during a broader crypto rally, particularly fueled by memecoins, Ethereum faced challenges for dominance as other networks offering cheaper trading gained attention. While Ethereum still enjoyed heightened DEX activity reminiscent of the memecoin mania in March 2023, the recent trend indicates a broader slowdown in the decentralized exchange market. Factors contributing to this decline include geopolitical tensions, concerns over higher-than-expected inflation data in the U.S., and a waning excitement around memecoins, which have collectively dampened market sentiment and DEX activity.

Source: The Block

Layer 2 Solutions and Innovative Projects Reshape Its Potential

The Bitcoin ecosystem is undergoing a transformation, moving beyond its traditional role as digital gold to explore new avenues of utility and scalability. Initiatives such as Ordinals and BitVM are driving innovation within the Bitcoin space, alongside the adoption of Layer 2 solutions. While Ethereum's Layer 2 and Appchain ecosystems have seen rapid development, Bitcoin's approach, characterized by initiatives like Babylon and BitVM, prioritizes a conservative upgrade strategy. Despite potential challenges, these efforts aim to expand Bitcoin's utility and redefine its role in the blockchain landscape. While Bitcoin's Layer 2 ecosystem may currently trail behind Ethereum's in certain aspects, strategic partnerships and a focus on use case expansion indicate its potential to become a central hub for shared security and innovation in the future.

Source: Messari

Tether to Launch on Telegram's TON Blockchain, Accelerating Adoption

At Token 2049 in Dubai, the CEOs of Tether and Telegram announced the upcoming launch of USDT on The Open Network (TON) and the Telegram wallet. With over 900 million monthly active users, Telegram's integration of TON's native token, Toncoin, into its ad revenue sharing programs has already driven significant growth. The addition of USDT aims to further expand Telegram's crypto presence and accelerate the growth of the TON blockchain. TON's leadership sees USDT integration as a catalyst for bringing non-crypto users into the space and expects it to foster the proliferation of Telegram mini-apps. The move follows Telegram's recent launch of a crypto wallet, TON Space, within its messaging app, signaling a deeper integration with blockchain technology.

Own The Doge Secures Legal Rights to Iconic Doge Meme Image

Own The Doge, a DAO linked to the iconic Shiba Inu meme associated with Dogecoin (DOGE), has acquired exclusive licensing rights to the meme image from Sato Atsuko, the owner of the Shiba Inu Kabosu. This landmark deal grants Own The Doge control over the use of the meme image in merchandise and other crypto-related ventures. While the project aims to foster partnerships with major brands and promote unity within the Doge community, it does not plan to aggressively enforce its copyright claim. Despite this acquisition, it is unlikely to impact the usage of the image by the Dogecoin Foundation or the meme token. Kabosu's upcoming 19th birthday celebration in Japan underscores her enduring popularity as the inspiration behind one of the internet's most beloved memes. See similar: Shiba Inu raised $12M to develop a new Layer 3 blockchain

Regulation

Binance Plans India Return with $2 Million Penalty

Binance aims to re-enter the Indian market by paying a $2 million penalty to address past regulatory issues, as per local media reports. The exchange intends to reform its South Asian entity to achieve full registration with India's Financial Intelligence Unit and ensure compliance with local regulations, including anti-money laundering and taxation laws. Previously, in January, the Indian government blocked nine non-compliant crypto websites, resulting in the removal of exchange apps from Apple and Google stores. Binance had held a significant market share in India before the ban, with around 90% of investors' crypto holdings valued at an estimated $4 billion.

Stablecoin Bill Introduced, Warren Pushes AML/CFT Rules

U.S. Senators Cynthia Lummis and Kirsten Gillibrand have introduced the Lummis-Gillibrand Payment Stablecoin Act, a new bill crafted to address concerns surrounding stablecoin regulation. The legislation, developed in collaboration with federal and state agencies, aims to work within the existing dual federal/state banking system while ensuring stablecoins are fully backed by reserve assets and prohibiting algorithmic stablecoins. Federally authorized institutions would have no issuance limits, while non-depository state trust companies would be capped at $10 billion. The bill also emphasizes robust custody requirements and mandates conversion of stablecoins to dollars upon request, with Senator Sherrod Brown signaling openness to stablecoin legislation if it includes sufficient safeguards. Despite previous regulatory efforts languishing in Congress, the new bill seeks to navigate the complex regulatory landscape surrounding stablecoins. Meanwhile, Senator Elizabeth Warren urged lawmakers to extend AML/CFT rules to blockchain network participants, marking her second such appeal in two weeks. In the House, a pro-innovation bill advanced by Republicans faced limited bipartisan support, dimming its prospects for progress.

Mt. Gox Creditors Begin Receiving Repayments

Mt. Gox creditors have started receiving repayments as the trustee's rehabilitation claims system updates with amounts of bitcoin and bitcoin cash due, along with completion dates for repayment. Screenshots shared on the Mt. Gox insolvency subreddit reveal that repayment statuses for fiat currencies are labeled as complete, with several creditors confirming receipt of payments in their bank accounts. Mt. Gox, once the world's largest bitcoin exchange, faced a security breach in 2014, resulting in the loss of 850,000 BTC. Following the trustee's announcement in September 2023, distributions of 142,000 bitcoin, 143,000 bitcoin cash, and 69 billion Japanese yen are expected to be completed by October 2024.

Source: Reddit

PayPal Collaborates with Energy Web and DMG Blockchain Solutions to Incentivize Green Bitcoin Mining

PayPal has partnered with Energy Web and DMG Blockchain Solutions to launch a Green Mining Initiative aimed at encouraging Bitcoin miners to adopt sustainable energy practices. The initiative involves a cryptoeconomic incentive mechanism designed to reward miners who utilize low-carbon energy sources in their operations. Through Energy Web's clean energy validation platform, miners can receive accreditation known as "green keys" for using environmentally friendly energy sources. These green keyholders are then incentivized with additional Bitcoin rewards for processing transactions, creating a financial incentive for miners to transition to clean energy.

Hong Kong Approves Crypto ETFs Amid Surge in Demand

Hong Kong authorities have greenlit the launch of six crypto-based spot exchange-traded funds (ETFs) set to commence trading on April 30, including three each for bitcoin and ether. Earlier approvals this month for spot ETFs managed by prominent firms like China Asset Management and Harvest Global signaled the city's increasing openness to crypto investment vehicles. While analysts predict these ETFs could amass around $1 billion in assets under management within the first few years, mainland Chinese investors are barred from accessing these Hong Kong-regulated products. See similar: SEC delays making a decision on spot Ethereum ETF proposals from Franklin Templeton, Grayscale

Other Domestic Regulation Updates

• Avi Eisenberg Convicted in $110 Million Mango Markets Exploit
• Binance co-founder Yi He says CZ in 'positive situation' in US
• SEC Attorneys Resign After Agency Sanctioned Over Debt Box Lawsuit
• US DOJ seeks 36 months' imprisonment for Binance founder Changpeng Zhao
• SEC Delays Decision on Franklin Templeton, Grayscale Spot Ether ETF
• BlackRock's spot bitcoin ETF joins exclusive club after 70 straight days of growth

Other International Regulation Updates

• SEC amends case against Justin Sun to establish jurisdiction
• No, ETH isn’t suddenly a security now
• Venezuela’s State-Run Oil Company Shifts to USDT Payments as U.S. Sanctions Return
• Ripple files opposition to SEC's proposed $2 billion in fines, calling it 'evidence of its ongoing intimidation'
• FTX Will Auction Off the Rest of Its Locked Solana Tokens

Pain & Gain

Pain

• DeFi Protocol Hedgey Finance Suffers $44M Hack
• Millions In ‘Forgotten’ Crypto Lies Dormant On Bridges
• Renzo’s Restaked ETH Depegs to $700 As Season 1 of Airdrop Ends

Gain

• Google Searches for 'Bitcoin Halving' Hit All-time High
• Optimism Offers $22M in Grants to Superchain Builders
• Ethereum Name Service integrates browser-compatible .box web domains
• Aptos to Partner With Microsoft, Brevan Howard, SK Telecom on DeFi Gateway