3 May

The Swiss National Bank (SNB) isn’t currently interested in holding bitcoin (BTC), but could move quickly to do so at some point, said Chairman Thomas Jordan.

Buying bitcoin is not a problem for us, we can do that either directly or can buy investment products which are based on bitcoin. We can arrange the technical and operative conditions relatively quickly, when we are convinced we must have bitcoin in our balance sheet.”

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The mad rush to buy Otherdeed NFTs over the weekend spiked gas fees on the number two crypto network, and burned 55,843 Ethereum in the process, worth approximately $157 million, making it the sixth-largest source of burned ETH ever.

The Otherdeed NFTs that caused fees to skyrocket over the weekend are required to buy plots of land in Yuga Labs’ Otherside metaverse project, an extension of the wildly popular Bored Ape Yacht Club (BAYC) collection.

This effectively means that the Ethereum network has undergone a massive deflationary shock, providing another example of the popular meme ‘ultra-sound money.'”

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“Bots had swarmed the popular non-fungible token (NFT) minting tool known as Candy Machine earlier Saturday with an unprecedented tsunami of inbound traffic.

For reasons not yet clear, this swarm pushed validators out of consensus. Block production became impossible and the network went dark at 4:32 p.m. ET. By 11 p.m. ET, validators (coordinating through Solana’s Discord channels and a Google doc created by one of the validators) restarted the cluster.

Unlike last September’s 17-hour outage, Saturday’s hard fork restart did not resolve with new-and-improved code populating across the validators. It simply picked up where the network flopped seven hours prior. Solana core developers have yet to diagnose what went wrong.

In preparing for the restart validators mulled whether to implement code that would temporarily block Candy Machine transactions. Some debated in the Discord whether such a move constituted censorship. Regardless, it would only be effective if two-thirds of validators opted in. Few appeared to do so on Saturday night.”

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“Value locked on layer 2, or scaling services built atop Ethereum, increased 964% to $7.3 billion in Q1 2022 compared to $686.9 million in Q1 2021. Activity on Arbitrum and Optimism, two popular layer 2 networks, generated just over $15 million in fees for the Ethereum network.

Volumes on decentralized exchanges (DEX) grew 667%. DEX volumes for spot assets increased as much as $3.9 trillion traded over the past year, while futures volumes increased by 2,704% from $7.4 billion to $209.1 billion. Part of these trades came from layer 2-based DEXs, such as dydx and Loopring.”

See Also: State of Ethereum: Q1 2022
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“As told by Cuban, the problem can be solved by first adding an “Optimistic Rollup,” or layer-2 solution, to Dogecoin (DOGE).

To post on Twitter on an unlimited basis, everyone would need to put up one DOGE ($0.13 per coin at the time of writing) as collateral. Then, if anyone contests a post and humans confirm that it is spam, those who flagged the post would receive and share the spammer’s DOGE. Consequently, spammers would then need to put up 100 DOGE as collateral for the right to create further posts. If, however, the post turns out to not be spam, the contesters would lose their DOGE.

In other words, it is a prediction system that creates monetary consequences to deter spamming. Though, users were quick to point out the possibility that scammers may be well-funded and could simply “out-contest” posts marked as spam in such a pay-to-win system. Nevertheless, Shibetoshi Nakamoto, creator of Dogecoin, praised such a system.”

Hoseki, an app used to attest to a user’s digital asset holdings without storing the assets itself as a custodian, has formed a partnership with Ledn, the Canada-based crypto lending platform that’s testing a bitcoin-backed mortgage product.

The approach is similar to industry-grade proof-of-reserves for custodians, something seen as a vehicle for establishing trust in a market that has often lacked it.

Hoseki is seeking to build a framework that allows people to express ownership in bitcoin.”

Europe and the U.S. should work together to limit “significant risks” to investors and the environment, Mairead McGuinness said.

McGuinness, the EU’s most senior financial-services official, said she wanted to ensure “no product remains unregulated,” and warned of risks like sanctions evasion and financial instability.”