Bitcoin’s Halving Is Here
Countdown with me…
3…2…1
By the time you’re reading this, the Bitcoin halving will have happened.
Cheers! 🍻
Here is your weekend crypto update…
Here’s what’s in today’s issue:
- Rebecca shares her thoughts on the Bitcoin halving, Tether expanding beyond stablecoins, Aptos ascending into big tech deal, Worlcoins’s L2 & Avail confirms airdrop.
- Altcoin alpha by David.
- This week’s airdrop by Jesse.
- Sam has an NFT report on top 6 NFT gaming projects to watch.
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Breaking Down The Bitcoin Halving
The Bitcoin blockchain has reached block no. 840,000 which means Bitcoin’s fourth halving has been activated.
Here are 3 key things to note:
1. Bitcoin Becomes More Scarce
Bitcoin’s inflation rate just got cut by 50% from around 1.8% to 0.9%.
This means that Bitcoin miners will only get paid 3.125 Bitcoins for adding a new block to the blockchain. Bringing the number of new Bitcoins created each day down from 900 to 450.
Bitcoin just became twice as rare as gold!
2. Demand is Increasing
So far in 2024, the spot Bitcoin ETFs in the US have bought up around 3,214 BTC on average each day.
That alone is 7x the new number of Bitcoins that will be created each day post-halving. But with MicroStrategy, Tether and El Salvador still adding Bitcoin to reserves, the ETFs aren’t the only big buyers in the market.
Let’s not forget that Hong Kong ETFs are now live too. And all this is happening before retail investors are even fully back yet!
3. A Supply Shock is Coming
It’s clear that a supply shock is coming to Bitcoin’s supply, we just don’t know when. But according to ByBit exchange, 9 months is all it may take.
They say that the 2 million Bitcoins currently available to buy on exchanges could run out by January 2025 if the demand keeps pace.
With Google searches for “Bitcoin halving” already at all-time high levels and estimated to reach a maximum score of 100 by the end of the month, retail could be on its way back into the market.
Welcome to the next phase of the bull market!
What’s your price prediction for Bitcoin’s peak this cycle? Reply to this email and let us know.
Tether Is Expanding Beyond Stablecoins
Tether is the world’s largest stablecoin issuer by market cap. Its USDT stablecoin has been under intense regulatory scrutiny over the years due to concerns about its reserve backing.
Since those days, Tether has boosted its reserves with 75,354 Bitcoins, making Tether the seventh largest BTC holder.
Now it seems Tether wants to diversify its business model even more beyond stablecoins. Tether is introducing four new business divisions:
- Tether Finance: traditional stablecoin and financial services
- Tether Power: sustainable mining and energy initiatives
- Tether Data: strategic technology investments such as AI and P2P platforms
- Tether Edu: digital education to promote blockchain adoption
This announcement comes right after US Senators Cynthia Lummis and Kirsten Gillibrand debuted a new bill for stablecoin issuers.
The proposed bill outlines reserve and operational criteria that stablecoin issuers would need to follow. The idea is that any stablecoin used for payments would need to be fully backed by reserve assets and provide proof of reserves to the public.
Aptos Ascends Into Big Tech Deal
Aptos has assembled a team to create Aptos Ascend, designed to bring DeFi to institutions. To do so it’s partnered with Microsoft, Singapore-based SK Telecom and hedge fund management company, Brevan Howard.
- Microsoft will provide the hosting on its Azure platform
- SK Telecom will bring its KYC and authentication experience
- Brevan Howard will bring its industry network and expertise
Together, they will build a financial suite providing institutions, banks, and money markets with access to DeFi on the Aptos network. The aim is to bring more institutional capital into the world of DeFi, introduce uncollateralized lending and launch tokenized assets.
WorldCoin Creates Ethereum Layer-2
Worldcoin’s dystopian digital ID project may be controversial, but it’s racking up some insane adoption numbers:
- 10+ million World App users
- 70+ million transactions
Now, WorldCoin is building an Ethereum Layer-2 network called World Chain.
They claim that network congestion can often come from bot activity. So World Chain is aiming to eliminate this extra load to become the first botless blockchain.
World Chain is built using Optimism’s OP stack, just like Coinbase’s Base network. And it’s expected to drop by summertime.
There’s a bonus for verified users who will get a free gas allowance. A much-needed incentive to make sure adoption numbers keep going up. The aim is for power users to subsidize casual users.
But it’s not all good news coming out of WorldCoin’s camp. The controversy continues with Argentina potentially slapping them with a $1.2 million fine.
WorldCoin has allegedly violated consumer protection laws and included “abusive clauses” in its company’s contracts. Contradictions were also found relating to how WorldCoin stores its biometric data. Yikes!
Avail Confirms Airdrop
Polygon’s data availability project called Avail caused quite a stir last week on social media. Details of its planned airdrop for its AVAIL token were leaked online.
X user @Bitcoineo posted a screenshot of a document outlining the criteria for the airdrop. So with the news no longer a surprise, the Avail team have now confirmed the airdrop details.
There are 354,605 wallet addresses eligible for the 600M token airdrop. Users can claim their airdrop tokens from now through to May 4, but to meet the criteria you must be one of the following user types and have made significant contributions:
- Blockchain ecosystem developer
- Testnet contributor
- Ecosystem rollup user (Polygon, zkSync, Starknet, Optimism, and Arbitrum)
- Polygon PoS staker
- Avail community member
The airdropped tokens will be distributed once Avail’s data availability solution debuts on the mainnet.
Existing Projects / Tokens
- Core Chain [CORE] has introduced non-custodial bitcoin staking to its blockchain. Core developers say that this is a novel development in bitcoin staking.
- Internet Computer Protocol [ICP] is implementing some tech upgrades in order to build a bitcoin DeFi ecosystem within the protocol.
- Polygon’s [POL] 2.0 ecosystem just got a huge boost from OKX. The exchange just launched X-Layer [OKB], an ETH L2 built with Polygon’s CDK. Developers say X-Layer will integrate within Polygon 2.0, and participate and contribute to the larger network. OKX has 50M global users.
- Polyhedra Network [ZK] has partnered with Google Cloud to provide ZK proof technology to developers across both Web2 and Web3. Polyhedra Network is one of the original developers of the zkBridge, which is a zk interoperability solution.
- SUI has entered into a strategic partnership with ByteDance (i.e. parent company of TikTok) to explore integrating AI algorithms and data shortage technology into its blockchain ecosystem. Keep your eyes on this.
Upcoming Projects / Tokens
- Nuklai [NAI] is a new L1 that provides data infrastructure for the development of next-gen AI and LLMs. The protocol’s token – NAI – just became available on Gate.io and MEXC.
- Zignaly [ZIG] has announced the development of a new L1 blockchain on Cosmos, called ZIGChain. Zignaly is also shelling out $100M for an ecosystem development fund. Zignaly describes itself as a revenue-generating social investment platform.
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Cryptopia Airdrop
Cryptopia is building a fun and free-to-earn game that doesn’t require any large startup costs or hidden NFT markets. Built to accommodate multi-sig built-in wallets there’s also no need to need any extensions to play Cryptopia. It also means that players do not leave the game environment when interacting with the blockchain. Everything is done from the game UI, making it a seamless experience.
Unlike other games, Cryptopia is 100% decentralized and runs onchain over a peer-to-peer network. There are no central servers and ownership of game items is safeguarded by community governance. To get started and qualify for the upcoming Cryptopia Airdrop. Begin by Registering your Email at Cryptopia. Once you’ve signed up and confirmed your address you can begin completing social tasks and other missions exclusive to the Airdrop Event.
Once the game is officially available, you’ll be one of the first to Access and Install Cryptopia from Github. At the end of the event, all Points earned on Cryptopia will be converted into TOS tokens.
6 Top NFT Gaming Projects to Watch
NFT gaming, incorporating in-game assets and ecosystem tokens, remains a strong crypto narrative, with projects building for the long-term and looking to onboard players from outside of Web3, while building efficient in-game economies.
There are multiple high quality projects garnering attention, including Nyan Heroes, NFL Rivals, Age of Dino, Saku Monsters, Vallarok, and Somo.
TO READ THE REST OF THIS ARTICLE, CLICK HERE – “6 Top NFT Gaming Projects to Watch”
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Thank you so much for your support, and I truly hope that today’s issue will give you insights needed to help you master your wealth.
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Lark and the Wealth Mastery Team
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