Cardano Rumor Rundown July 28, 2023

Hey Everyone!

Let’s go….

Newly Covered Today:

1. Here's the Financial Innovation & Technology for the 21st Century Act (FIT21). This is probably as good a regime as we will see. Provisions will seem familiar if you’ve read similar previous bills. Crypto can easily live with this. https://docs.house.gov/meetings/BA/BA00/20230726/116291/BILLS-118HR4763ih.pdf
2. FIT21 traveled through two different committees in the House. https://twitter.com/brian_armstrong/status/1684417921244880896
3. FIT 21 passed the House Financial Services Committee. On to the House Agriculture Committee (the wheelhouse of which includes commodities). https://twitter.com/FinancialCmte/status/1684350726107955203
4. Looks like the FIT 21 vote in the House Financial Services Committee was 35-15. The bipartisan support will be meaningful going forward. https://twitter.com/jchervinsky/status/1684368595323584512
5. Ritchie Torres making way too much sense. A true ally of crypto and a very impressive speaker and advocate on our behalf. https://twitter.com/FinancialCmte/status/1684275868636438538
6. FIT21 passed the House Agriculture Committee (which covers commodities). On to the full House of Representatives. https://twitter.com/HouseAgGOP/status/1684649912191893504
7. Charles dropped a video laying out some details regarding the MBO. https://www.youtube.com/watch?v=5_3WDIqRmm4
8. People have questions about the Worldcoin token distribution. https://twitter.com/ArmySpies/status/1683629987805683712
9. The backlash has begun! https://twitter.com/cryptograffiti/status/1684626995270004736
10. Looks like Milk holders got a little something. https://twitter.com/MuesliSwapTeam/status/1683841736798507008
11. Mithril on Mainnet! https://twitter.com/conraddit/status/1684572674578878465
12. It looks like human biology had a strategy for planned obsolescence of our politicians who refuse to give up the reigns. https://twitter.com/WallStreetSilv/status/1684272379424301073
13. Drama over the House Financial Services Committee markup of the Stablecoin Bill. Sounds like McHenry and Waters had a deal but the White House is blocking it. So now, Waters is pumping the brakes. https://twitter.com/mud2monarch/status/1684582463287488514
14. Wow. Very cool. A searchable database of topics covered in Charles’s AMAs? https://twitter.com/matthewjura/status/1684585116658434048

Previously covered, but still interesting:

1. Who’s in the graveyard now? https://twitter.com/StakeWithPride/status/1669467693643341824
2. The Blockchain Association sent a FOIA request on the SEC’s dealings with Prometheum (entity of the pro-SEC witness in the recent House hearing). https://twitter.com/jchervinsky/status/1669359087858126852
3. Like many of us have predicted for a long time, the regulators dismantle just for the TradFi players to swoop in, pick up the pieces, and take over the space. https://twitter.com/AP_Abacus/status/1670455968608538624
4. Here’s a little progress report from a long awaited Cardano project. https://twitter.com/axotrade/status/1670563008446337024
5. Fidelity currently has a career landing page specifically for crypto jobs at Fidelity. https://jobs.fidelity.com/crypto/
6. Reports that SBF may be doing a lot of talking with the Feds right now. https://twitter.com/WhaleChart/status/1670412687287676932
7. Binance says the SEC has not yet presented any evidence that they misused customer funds. https://twitter.com/BinanceUS/status/1670077275419869186
8. Rumor: Party donors unhappy with Yellen and Gensler. White House mulling removal approaching election. https://twitter.com/adamscochran/status/1670566635218915328
9. There are also individual rumors about Gensler being replaced. https://twitter.com/WhaleChart/status/1670141859891388419
10. Cardano Node 8.1.1 is out. https://github.com/input-output-hk/cardano-node/releases/tag/8.1.1
11. People discuss the Cardano genesis keys. https://twitter.com/amw7/status/1670857990037970945
12. For comparison, Bitcoin only had five core maintainers with Github commit access as recently as February 2023. https://crypto.news/bitcoin-core-has-only-5-developers-left-as-key-maintainer-departs
13. I think this is a race we are already winning among top blockchains. https://www.coindesk.com/policy/2023/06/19/hinman-documents-release-in-sec-ripple-case-is-a-boost-to-ether-jpmorgan/
14. Powell: “Inflation has not really moved down…so we’re gonna have to keep at it.” https://twitter.com/unusual_whales/status/1670793807825350656
15. Interesting reports that Hinman’s son was involved in an Ethereum startup. https://twitter.com/Leerzeit/status/1670869495039000602
16. Now the IMF wants to issue a cross-border CBDC. https://www.coindesk.com/policy/2023/06/19/imf-official-presents-blueprint-for-cross-border-cbdcs/
17. Apparently some people in ETH are willing to see more dramatic slashing events. https://twitter.com/StakeWithPride/status/1670925629305520130
18. Behold the swoopening! Now they pick up the pieces. https://twitter.com/PrestonPysh/status/1671153596547874820
19. Ahhhhh...me feels. This one got me. Recollections of a metaverse summit on a sea turtle’s back. https://twitter.com/IOHK_Charles/status/1671300097353678853
20. Invesco and WisdomTree also enter the arena. https://twitter.com/AP_Abacus/status/1671332645156814854
21. A good visual depiction of the Blackrock BTC product. https://twitter.com/OnrampBitcoin/status/1671228757158264853
22. A good point about what we may experience. https://twitter.com/cardano_whale/status/1671364910163587072
23. If anything in this unlisted video is even remotely true, it only confirms what most of crypto thinks about Blackrock. https://www.youtube.com/watch?v=tgONwXR1Uwo
24. Looks like Blackrock is adding to their crypto bench just like Fidelity. https://twitter.com/TheOCcryptobro/status/1671310779629584384
25. McHenry reiterated again today in the House Financial Services Committee hearing (otherwise featuring Jerome Powell) that they intend to have markups of the Digital Asset Market Structure Bill & a stablecoin bill in the second week of July when they return from holiday. https://www.youtube.com/live/_pJFaKJKYgA?feature=share&t=60
26. Powell says stablecoins are money. https://www.youtube.com/live/_pJFaKJKYgA?feature=share&t=1556
27. Davidson was able to get Powell to agree that the $1.1 trillion asset class of crypto does appear to have some staying power. https://www.youtube.com/live/Mxqfoij6rp8?feature=share&t=11009
28. The assets to be traded on the TradFi EDX exchange are predictable. https://twitter.com/MetaLawMan/status/1671529458858094597
29. The catchy song about crypto regulation makes the important point. https://twitter.com/songadaymann/status/1669445961691611138
30. Like it or not, this is an important moment in time for Cardano’s future role in TradFi crypto. https://twitter.com/cardano_whale/status/1671798040083197952
31. We need the future to include Cardano just as prominently as you see it here. https://twitter.com/cardano_whale/status/1671796995953160194
32. The heat is really getting turned up on Gensler. https://twitter.com/FinancialCmte/status/1671897233371930626
33. Yep. Charles knew. https://twitter.com/IOHK_Charles/status/1672012529021734918
34. SEC General Counsel is getting called out for massively dragging its feet on providing documents related to Sam Bankman-Fried to Congress. https://twitter.com/FinancialCmte/status/1671879033657892866
35. We’re now in that part of the cycle where everyone sues everyone else, and this time they’re tokenizing the suits. https://twitter.com/CoinDesk/status/1671994608694317058
36. Never forget what they told you during the last bull market. https://twitter.com/StakeWithPride/status/1672015768060588033
37. A little reminder of why the Cardano Community is so special. https://twitter.com/JaromirTesar/status/1673021546556710913
38. More questions are asked about the path taken by Meld. https://twitter.com/DeansEpoch/status/1673038634843340815
39. Catalyst Fund 10 is in full swing! https://twitter.com/danny_cryptofay/status/1672516223366492161
40. Apparently, Larry Fink & Blackrock are retiring use of the term “ESG” because of the backlash. https://www.axios.com/2023/06/26/larry-fink-ashamed-esg-weaponized-desantis
41. Here are the Heritage Foundation’s economic freedom rankings. https://www.heritage.org/index
42. Vodafone surprised everyone (except NMKR) by revealing it’s interest in Cardano. https://twitter.com/vodafoneservice/status/1673651108592381953
43. NMKR eventually revealed its hand in the Vodafone onboarding. https://twitter.com/Padierfind/status/1673664856988217346
44. Wow. Do we have a presidential candidate talking about an inviolable right to use a cryptocurrency?!? https://twitter.com/RobertKennedyJr/status/1673812201457479681
45. Apparently the secret to crypto SEC compliance all along was just writing “N/A”. https://twitter.com/laurashin/status/1673684808893964293
46. Very interesting predictions on the staking yield of Cardano’s biggest competitor. https://www.dlnews.com/articles/defi/as-ether-staking-yields-fall-protocols-need-to-get-creative/
47. Here’s a new clip on the Pavia Playground. https://twitter.com/Pavia_io/status/1673683934754865152
48. The Pavia Playground has launched. It’s a PC download. https://twitter.com/Pavia_io/status/1674347661766303746
49. Your boy Vitalik only stakes “a fairly small portion” of his own Ethereum. He mentions “safety” and “it gets complicated in a bunch of ways.” People are vastly underestimating the advantages of Cardano staking over the competition. https://twitter.com/StakeWithPride/status/1674439555620159489
50. The Coinbase answer to the SEC complaint has been filed. https://assets.ctfassets.net/c5bd0wqjc7v0/4oVJN5EioULD0QnSyg01b8/2b1f34594a800c727fb61a384f37e74a/SEC_v._Coinbase__Coinbase_Answer_to_Complaint__As-Filed_.pdf
51. Looks like Coinbase has scheduled a Major Questions vs. Chevron Doctrine rodeo for us by asking for leave to request a ruling just on the SEC’s complaint. Very smart move to create a path to early victory or early appeal. https://twitter.com/BillHughesDC/status/1674445649855541250
52. Some very serious questions are being asked about how smart contracts work on Solana. The more I learn about things like this, the happier I am to be in Cardano. https://twitter.com/lex_node/status/1674348070287335424
53. ETH insiders now trying to normalize “maybe decentralization doesn’t matter.” https://twitter.com/ChrisBlec/status/1675127714393518083
54. Epoch Lacrosse is using Cardano for an NFT-based authenticity assurance system for their 2023 Lacrosse World Championship jerseys. https://twitter.com/JeremyFirsterCF/status/1675227536203350016
55. The SEC is telling NASDAQ and the CBOE that the Bitcoin ETF filings from the likes of Blackrock and Fidelity are inadequate. https://www.wsj.com/articles/sec-says-spot-bitcoin-etf-filings-are-inadequate-390336e8
56. Not surprisingly, within 24 hours of the news of the ETF filing inadequacies there are rumors of Gary Gensler resigning due to an internal investigation. https://www.thecryptoalert.com/post/sec-sources-confirm-gary-gensler-resignation
57. Seems like recusal from crypto enforcement decisions could be a plausible result if people buy into the very logical assertions here. https://twitter.com/jchervinsky/status/1674464911714398229
58. Even the former SEC chair thinks the current SEC approach is ridiculous! https://twitter.com/StreetTraderJPP/status/1674137673718550549
59. Here’s a long and very detailed thread on Ouroboros Genesis. https://twitter.com/MHiesboeck/status/1675770878989049856
60. Fingers crossed for no hurricanes if the insurance companies are all FUBAR at these interest rates due to their bond purchases. Actually, all different types of institutions affected by this. So cross all fingers. https://twitter.com/balajis/status/1675990926165168128
61. Slovakia is enacting some common sense crypto tax laws. Everyone should follow suit. https://twitter.com/uPeterKris/status/1675408386060345344
62. This feels like sponsored self-destruction. https://twitter.com/StakeWithPride/status/1676619103438782464
63. Larry Fink, BlackRock CEO, says the role of crypto is digitizing gold. https://twitter.com/i/status/1676687973104885763
64. Terrible bill amendment offered by Rep. Brad Sherman. He is unbelievably anti-crypto. https://twitter.com/BillHughesDC/status/1676583526651535361
65. Meredith Whittaker is setting people straight on encryption backdoors. https://twitter.com/Channel4News/status/1675922360237694978
66. Apparently, there was a two pools, one household scenario we didn’t know about. https://twitter.com/Cinnamon__Bunnn/status/1676737853173137408
67. Response from one of the spouses. https://twitter.com/LeadTimeNull/status/1676986004433952768
68. Here’s the Pavia June Dev Update. https://twitter.com/Pavia_io/status/1676957233605918720
69. The Clay Nation Ledger devices are being advertised. No matter what you currently think of Ledger, this is big exposure for a Cardano project. https://twitter.com/Ledger/status/1676994116461133828
70. Things may not be going well for Binance with the DoJ. https://twitter.com/tier10k/status/1677060315438100483
71. Wut? https://twitter.com/tier10k/status/1677079136488046597
72. SEC v. Coinbase Pre-Trial Hearing Transcript and relevance to Cardano. https://twitter.com/ArmySpies/status/1680732338765066242
73. Interesting prediction from a former SEC attorney regarding the window for the SEC to ask permission to file an interlocutory appeal of the summary judgment in Ripple. https://twitter.com/TuongvyLe12/status/1680622625268088835
74. This visualization of Cardano TVL leaping up the ranks is amazing. https://twitter.com/jotapippo/status/1678139372393099265
75. Good job Minswap Dao! https://twitter.com/intel_honesty/status/1678355320106516486
76. SEC v. Coinbase pre-trial hearing transcript. https://assets.ctfassets.net/c5bd0wqjc7v0/46XloV2v8raTCNRhg8XTKZ/2a13c4bec44230bc8ae30ab37c01722e/Premotion_Conference_Tr.__7.13.23_.pdf
77. Once again, great job forcing functionality offshore. https://twitter.com/jpgstoreNFT/status/1678464147128823808
78. The Fed’s Dot Plot has been hilariously inaccurate. https://twitter.com/balajis/status/1678568474728370176
79. DeFi enforcement actions incoming. https://twitter.com/ATDrummond/status/1677283072323076097
80. New Gillibrand-Lummis Bill. https://twitter.com/MetaLawMan/status/1679195219567181824
81. The Edinburgh CIP-1694 workshop begins. https://twitter.com/IOHK_Charles/status/1679010944029020165
82. The website has launched for Intersect, Cardano’s Member-Based Organization (MBO). https://www.intersectmbo.org/
83. World Mobile has licensed spectrum in the US. https://twitter.com/WorldMobileTeam/status/1679476046112911362
84. Apparently, ETH has too many validators. https://twitter.com/StakeWithPride/status/1680956373323104256
85. Why the SEC may not want to appeal the Ripple decision. https://twitter.com/BillHughesDC/status/1680962427410685955
86. Now we’re going to get a California BitLicense? Great…great. https://twitter.com/BillHughesDC/status/1681395245823533066
87. Rep. Ritchie Torres writes a scathing letter to Gensler in the wake of the Ripple Decision. He also coins a new label for the thinking behind the decision: “the Torres Doctrine”. https://twitter.com/RepRitchie/status/1681316449464508416
88. Oh how the tide has turned. That moment when you realize you are on the wrong side of history. https://twitter.com/JoeConsorti/status/1681327086705819649
89. There is a vote in Catalyst right now on the future of Catalyst and who will run it. This is one that probably deserves all of our attention. Haven’t read any proposals yet. But, it would be hard to get me to vote against IOG running Catalyst. https://twitter.com/Padierfind/status/1681584237256884224
90. This probably sums it all up. https://twitter.com/spudiot1/status/1681615055677440001
91. MuesliSwap is launching an options protocol! https://twitter.com/MuesliSwapTeam/status/1681783751372681216
92. Subsequent to the on-chain poll on K and minPoolCost, people are rightfully asking questions about exactly who is on the Parameters Committee and how it works. https://twitter.com/earncoinpool/status/1682190162569166850
93. Now the Senate is getting around to sanctions control and AML in DeFi. Shocker…it’s very bad for DeFi with severe liability possibly imputed to broadly defined “backers” and “facilitators” of protocols. This won’t happen overnight. But, it could be the start of something possibly lethal for US participation in DeFi. https://twitter.com/BillHughesDC/status/1681729154360721410
94. Wow. Strange bedfellows on this proposed crypto AML amendment to a must pass bill. Note the remark that odds are against any single amendment like this actually being included. https://twitter.com/BillHughesDC/status/1681676117671903233
95. Judge Torres hasn’t taken much heat for the Torres Doctrine. Some are chalking this up to her Dem bona fides. https://twitter.com/MetaLawMan/status/1681429238191394817
96. As much as I don’t care for TVL as a metric, it’s beautiful to see this progress. https://twitter.com/cardano_whale/status/1681567936018886657
97. It seems like there’s always a back story on these vehement crypto critics. https://twitter.com/ArmySpies/status/1681762939660034048
98. Senator Kennedy on SBF to Gensler: “prides himself on looking like the 4th runner-up in a John Belushi look-alike contest...underdressed and overhaired…you could’ve sent one investigator…” https://twitter.com/NerdNationUnbox/status/1681758427301683206
99. RFK, JR. is saying he would begin to back USD with real finite resources like gold, platinum, and Bitcoin. https://twitter.com/DocumentingBTC/status/1681495312702005251

~Army of Spies

Lack of bullish momentum. When volatility will return to Bitcoin

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Lack of bullish momentum

Our experts have told us what events. And market factors could lead to the beginning of a more noticeable change in the price of Bitcoin

Bitcoin (BTC) exchange rate has been in the range of $29-31 thousand since the end of June. And in case of short-term price changes, it quickly returns to its previous values.

According to Glassnode, a huge number of Bitcoins changed hands in the range of $30,400 to $31,100. Due to this, the Bitcoin price has formed strong resistance levels that will not be broken without significant fundamental triggers in the next few days.

The current period of consolidation of the cryptocurrency price is primarily due to the market’s expectation regarding the denouement of the Bitcoin-ETF story. And uncertainty about the US Federal Reserve policy and interest rates.

On the one hand, based on the 30-day federal funds rate data, there is a 99.8 percent probability of a rate hike. And what is traditionally a bearish signal for the market. On the other hand, analysts are expecting very soft rhetoric from Jerome Powell regarding further rate hikes. And there is a probability that he will announce the current rate hike as the last one in this cycle. In that case, we can expect a bull rally for Bitcoin as well as other cryptocurrencies.

Also, anytime before August 12, we may get news on the SEC’s decision on Bitcoin-ETF applications by BlackRock and other investment funds. If the applications are approved, Bitcoin could “fly” to $35-40k. But if they are rejected or returned for revision, the price will most likely return to the $27-28k levels.

BTC exchange rate seems to have frozen up

The main reason Bitcoin is stagnating is the lack of bullish momentum. To overcome the $32.5k mark and consolidate above it. Now Bitcoin lacks the inflow of institutional money. And this inflow is hindered by the lack of clear and precise regulation.

Bitcoin’s noticeable growth stopped at the end of June. And since then, the main cryptocurrency has been hovering around $30 thousand for a whole month. This was the case until recently, when several notable events occurred in the crypto market. First, Ripple won a partial victory in court against the SEC. Second, there was the collapse of the dollar in the global currency market. All this, of course, affected the growth of interest in Bitcoin.

Today it continues to trade at the same level, but in the near future it will begin a steady, albeit small growth. Some analysts make predictions based on the 200-day moving average indicator (MACD). And they forecast its reaching the value of $32 th. at the moment of halving. Our experts think that this is quite a balanced position. And it is unlikely that by the halving the indicator will exceed this value by more than 50%. At this point, our experts see a price opportunity between $40k and $50k (most likely $47k).

/

No, DCA is not a guaranteed way to earn profit.

The mantra on this subreddit is 'DCA is a viable strategy to guarantee profit'. I would argue from a risk analysis point of view, this is plain misleading and has the potential to lead new crypto investors down the wrong path.

Firstly what you DCA into is more important that simply DCAing. For example, if you DCA into Bitcoin long term over let's say safemoon (just to use an extreme example) the person DCAing into Bitcoin is likely to come out better long term over safemoon. I am not suggesting bitcoin is the guaranteed performer long term but simply making the point what you DCA into is more important than blindly implementing the strategy.

Secondly even if you do your research and commit to a DCA strategy, you are still subject to a huge amount of risk. Crypto is a highly volatile asset. You only need to compare the 2020/2021 bull run to Now to see just how much crypto can flip so rapidly. There are still so many risks in crypto, government regulation, unforseen black swan events like exchanges collapsing, inflation. Let's just say you DCA for 5 years into Bitcoin. At the end of the 5 years Bitcoin is worth significantly less than your lowest of DCA averages. Let's say bitcoin continues to decline and never recovers. You have spent 5 years investing in an asset that is depreciated and now you are faced with the decision to be trapped investing in bitcoin or covering your losses. Arguably in this scenario you were better simply putting your money in a bank.

I understand there are alot of variables, but the bottom line is in my opinion, DCA is not immune from the broader risk of investing in crypto. I would say consider your options carefully before blindly following the mantra of DCA on this subreddit.

PERCS Ultimate Crypto Grants List: Everything you need to know

Discover Crypto Grant Programs driving blockchain innovation and development. Get funded for your ideas and contribute to the future of blockchain

Crypto Grant Programs are essentially financial incentives offered by blockchain and cryptocurrency organizations to encourage innovation and development within their ecosystems. These grants are typically awarded to individuals or teams that propose projects which align with the company's goals and contribute to the growth and development of their platform.

The grants can be used for a variety of purposes, such as developing new features, improving existing ones, conducting research, creating educational content, or fostering community growth. The amount of funding provided can vary greatly depending on the scope of the project and the resources required.

Companies Promoting Crypto Grant Programs

As of now, numerous companies in the blockchain and cryptocurrency space are offering grant programs. Here are some of them:

1. Uniswap: Uniswap's Ecosystem Grant Program funds projects that contribute to the Uniswap protocol ecosystem and benefit the broader DeFi space.
2. Gitcoin: Gitcoin's grant program is a community-driven funding initiative that supports open-source projects in the Ethereum ecosystem.
3. Solana: The Solana Foundation Grants Program provides funding, technical support, and recruiting assistance to projects building on the Solana blockchain.
4. AngelBlock: AngelBlock provides grants up to $15,000 per project and operates as an incubator, offering assistance to web3 teams and projects.
5. Aave: Aave Grants DAO is a community-led grants program that funds ideas and projects that benefit the Aave protocol’s community.
6. MakerDAO: The MakerDAO Community grants program funds projects that help grow the Dai and MakerDAO ecosystem.
7. Ethereum: Ethereum offers a Network Grant for projects that contribute to the development and improvement of the Ethereum network.
8. Chainlink: The Chainlink grants program deploys resources toward the development of developer tools, applications, and other projects that expand the Chainlink ecosystem.
9. Filecoin: Filecoin's grant program encourages community members to contribute to the Filecoin protocol, project, and ecosystem.
10. Kraken: Kraken awards quarterly open-source developer grants for projects that contribute to the cryptocurrency ecosystem.
11. Bloom Grants: Bloom Grants are offered to projects that contribute to the growth and development of the Oasis blockchain.
12. Nervos: The Nervos Grants Program was created to empower innovation and development, and to support the growth of a diverse and thriving ecosystem.
13. Nexus Mutual: The Nexus Mutual Community Fund supports community members to bring their skills and experience to growing and developing the mutual.
14. Avalanche: Avalanche-X is Avalanche’s accelerator for developers building decentralized applications, providing funding for community work, and more.
15. Polkadot: Polkadot's grant program supports work done in the Polkadot ecosystem, including development, research, and community growth.
16. Flow: Flow's grant program supports projects that contribute to a new generation of games, apps, and the digital assets that power them.
17. 0x: The 0x Ecosystem Acceleration Program provides funding, technical support, and recruiting assistance to projects building on the 0x protocol.
18. Algorand: Algorand's grant program supports projects that contribute to building a public and permissionless infrastructure for the borderless economy.
19. Compound: Compound's grant program provides funding to projects, ideas, and events that benefit the Compound protocol and its ecosystem.
20. Mina: The Mina Project Grant program encourages community members to work on projects related to developing the Mina protocol and community.
21. Ocean DAO: OceanDAO grants funds towards teams creating positive ROI for the Ocean Ecosystem. OCEAN holders help by voting and funding projects that lead to growth.
22. OKCoin: OKCoin's grant program supports open-source development of the Bitcoin network.
23. Binance Smart Chain: Binance Smart Chain's grant program supports projects that build and accelerate on the Binance Smart Chain.
24. Consensys: ConsenSys Grants funds blockchain technology projects that meet the needs of a rapidly-accelerating Ethereum ecosystem.
25. Cardano: Cardano's Kickstarter Program supports developers and early-stage project teams contributing to the blockchain ecosystem worldwide.
26. Interchain: The Interchain Foundation provides grants, service agreements, full-time employment, and investments to projects that contribute to the Interchain ecosystem.
27. Kadena: Kadena's grant program supports projects that contribute to the development and expansion of the Kadena public blockchain.
28. Stacks: Stacks' grant program funds infrastructure development, community resources, tools, research, and education that serve the mission of a user-owned internet, powered by the Stacks Blockchain.
29. Zcash: Zcash's grant program supports development, research, and community growth that contribute to a better Zcash ecosystem.
30. Tezos: Tezos' grant program supports projects that improve the developer experience, app ecosystem, and security on the Tezos platform.
31. Audius: Audius' grant program supports projects that contribute to making Audius a music streaming and sharing platform that puts power back into the hands of content creators.
32. Harmony: Harmony's grant program supports projects that contribute to the creation and use of decentralized applications (DApps) on the Harmony platform.
33. Skale: Skale's grant program supports projects that contribute to the development and expansion of the Skale network.
34. mStable: mStable Dev Grants fund community efforts to contribute to and grow the mStable ecosystem of products, tools, and utility.
    

Stay Informed, Stay Empowered

We understand the importance of staying informed about the latest developments and opportunities in the blockchain space. By knowing about crypto grant programs, you can stay ahead of the curve and engage with projects that align with your interests or contribute to the blockchain ecosystem.

At PERCS Token Gating company, we are committed to supporting the blockchain community and empowering individuals and organizations with valuable information. As the blockchain landscape evolves, we will keep refreshing the list of blockchain companies promoting crypto grant programs to ensure you have access to the most up-to-date information.

Are you a builder or a brand and you want to get in contact with us? Please send us a message to builders@getpercs.com or through our Social Media Channels.

The Block Covers The Historic Kin Burn

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https://preview.redd.it/szn1newqjkeb1.png?width=2506&format=png&auto=webp&s=b7256ffd7e18a2e792c05701fd88a0beaccb1c48

Link to article:

https://www.theblock.co/post/241582/proposal-to-burn-large-part-of-kin-supply-closes-with-full-support?utm_source=rss&utm_medium=rss

🌩️ The amount of Bitcoin on the Lightning Network is the lowest in almost a year — the number of channels in the Layer 2 payment network has also shown a constant decline overtime

🌩️ The amount of Bitcoin on the Lightning Network is the lowest in almost a year

The number of channels in the Layer 2 payment network has also shown a constant decline overtime

\originally posted in Portuguese-BR on* Portal do Bitcoin (by myself).

The Lightning Network (LN) recorded a liquid capacity of less than 5,000 BTC on Monday (24). It's the first time this happened since September 2022. The number of channels on the network has also been showing a steady drop since February of this year. Data is from Amboss Space.

As of today (27), there are 4,834.64 BTC available to be moved between 74,157 channels on the Lightning Network, controlled by 17,995 nodes.

These nodes are operated by businesses, services, users, and enthusiasts of the payment network that offers faster and cheaper transactions than Bitcoin's first layer.

Unlike the main network, whose transactions take place on the blockchain: transferring ownership of coins from one wallet to another, under miner's validation. The Lightning Network operates via bilateral channels opened by node operators + network users and requires prior liquidity to be used.

It is necessary to deposit Bitcoin in a joint (multi-sig) wallet (opening or replenishing a channel) with the other peer that a user wants to transact with. Another form of use is through intermediate channels as an access route to a recipient without a direct path (channel).

The entire process requires prior liquid capacity before changing the BTC balances of each Lightning account. For each 'hop' a payment makes in each routing node (middle-men), more total capacity is needed.

If users want to confirm the transaction on the Bitcoin blockchain, or send it to a private wallet (which is not shared with another node). It is necessary to close the previously opened channel, withdrawing liquidity (or capacity) from the LN.

The lack of liquidity, or available transaction routes, can lead to the failure of payments. As reported by multiple users in time.

Operators are leaving the Lightning Network

Over the past few days, a massive Bitcoin breakout from the Lightning Network has been observed. After registering 5,619.3 BTC on July 08, there was an aggressive drop to 5,035.6 BTC just four days later (July 12) — a loss of 10% of total capacity.

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The liquidity loss occurred a few days after LN capacity reached historic highs.

Although the net capacity drop in BTC is recent, the Layer 2 network has already seen the number of open channels consistently decreasing for months.

After surpassing the maximum with more than 84,000 channels opened in the second half of 2022, closures have been constant so far, with the Lightning Network having lost more than 10,000 payment channels in the period.

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Lightning Network exit events occur concurrently with Binance entering the BTC-L2 ecosystem; which integrated LN into its services on July 17th.

In this same period, Bitcoin also had the lowest average transaction fees on the mainnet since the May high — which recorded an average fee of $31 for each 'spending' made on the leading blockchain, according to BitInfoCharts.

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When considering that openings and closings of channels in the LN charge fees for Bitcoin miners, the decrease in capacity and number of channels along with a decrease in fees could indicate that operators are taking advantage of the low cost/barrier to leave the second layer.

At the moment, public data from the Binance node reveals that the largest cryptocurrency exchange has only 340 BTC available in six Lightning channels.

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