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The Ethereum community is evaluating the EIP 7781 Improvement Proposal, which suggests reducing the slot time from 12 to 8 seconds, increasing throughput by about 33%. This change would better distribute rollup latency and data capacity, improving bandwidth usage. Researcher Justin Drake supported the proposal, stating it could save millions for decentralized exchange users. However, the proposal must ensure it doesn’t increase hardware requirements for validators.
Vitalik Buterin, co-founder of Ethereum (COIN:ETHUSD), sold 10 billion Moodeng tokens for 308.69 ETH (about $762,000), donating 260 ETH to the biotech platform Kanro. He still holds 40 billion Moodeng, valued at $3.66 million. The MOODENG memecoin, inspired by a hippo at a Thai zoo, surged 403% in 24 hours. MOODENG is the first Thai memecoin nearing $100 million in market value, highlighting the growing influence of memecoins.
Earlier this year, Buterin sold several animal-themed meme coins, donating $532,000 in ETH to the Animal Welfare Fund. Recently, Buterin also donated 100 ETH to the legal defense fund of Roman Storm, Tornado Cash developer. Buterin encourages memecoin creators to donate directly to causes, suggesting the creation of DAOs to increase transparency and social impact.
Scam Sniffer reported the shutdown of a wallet drainer on The Open Network (COIN:TONCOINUSD) blockchain due to the absence of large investors (“whales”). The drainer claimed that TON has a small community with no major targets. Yu Xian, founder of SlowMist, suggested that the drainer underestimated the network’s potential. TON, which has been growing in 2024, has also faced increasing phishing attacks. Recently, hackers indicated an interest in targeting Bitcoin due to its high transaction volume and significant user base.
Bitcoin rose at the start of a week packed with US economic data releases. Bitcoin’s price (COIN:BTCUSD) increased 1.1% in the last 24 hours, trading at $63,526 after reaching an intraday high of $64,467.02. The FOMC minutes, September inflation data, and unemployment claims will be the market’s main catalysts this week.
From September 29 to October 5, cryptocurrency investment products recorded $147 million in outflows, according to CoinShares. This halted weeks of significant inflows totaling nearly $2 billion. CoinShares attributed the outflows to stronger economic data, reducing expectations for rate cuts. However, multi-asset products continued attracting inflows, with $29 million last week, marking their 16th consecutive week of growth.
Despite $25.59 million in inflows on Friday, US spot Bitcoin ETFs closed the week with a net outflow of $301 million. This is the first time since September 6 that they recorded weekly net outflows. The Bitwise (AMEX:BITB) and Fidelity (AMEX:FBTC) funds saw significant inflows but not enough to offset the large outflows earlier in the week. Total Bitcoin ETF value fell 5.68% to $57.73 billion.
Spot Ethereum ETFs saw $7.39 million in inflows on Friday but ended the week with a total net outflow of $30.69 million.
Tokyo-listed company Metaplanet acquired 108,786 BTC for $6.7 million (¥1 billion) at an average price of $61,904 per Bitcoin. Since early October, the company has increased its reserves, now totaling 639,503 BTC. Metaplanet’s shares rose after the announcement, and the company plans to acquire an additional $50.5 million (¥7.5 billion) in Bitcoin by the end of 2024, aiming to reach 1,000 BTC.
Worldcoin (COIN:WLDUSD), a digital identity project co-founded by Sam Altman, is shifting its focus from Europe to Asia and Latin America, according to CoinDesk. Worldcoin executive Fabian Bodensteiner stated that markets like Japan, Malaysia, and Argentina offer greater opportunities for technological adoption. Despite regulatory challenges in Europe, such as data protection investigations, Worldcoin remains committed to the region but prioritizes more receptive markets to expand its World ID digital passport technology.
Bitget has committed to compensating holders of its native token, BGB, after a sudden 52% drop on Monday when the price fell from $1.14 to $0.54 in 15 minutes. The exchange attributed the event to the “overall market slowdown,” influenced by Asian holidays. Bitget promised to fully reimburse those affected, with a compensation plan within 24 hours and completion in 72 hours. After the incident, BGB recovered to $1.09.
Crypto.com has partnered with 21.co, the parent company of 21Shares, to provide Bitcoin liquidity for the 21BTC product. Announced on October 7, this collaboration strengthens 21.co’s ETPs, allowing retail and institutional clients to use Bitcoin across multiple blockchains, such as Ethereum and Solana. The partnership highlights Crypto.com’s robust liquidity and aims to expand future offerings, while 21BTC offers greater transparency through Chainlink’s proof of reserve.
21Shares has requested that ESMA establish uniform guidelines for including cryptocurrencies in UCITS funds. Currently, regulations vary across European countries, causing uncertainty for investors. Germany and Malta allow crypto in UCITS, while Luxembourg and Ireland do not. Mandy Chiu, head of development at 21Shares, stated that consistent rules would allow greater diversification and stability for investors. The request aligns with the gradual implementation of MiCA, which already regulates digital assets in the EU, while the fund sector still lacks similar clarity.
Dmitry Tokarev, CEO of Copper, a cryptocurrency custody company, plans to step down from his role and leave daily operations, though he will remain a significant shareholder. The company is searching for a replacement. Tokarev helped found Copper in 2018 and will remain involved in the business. Recently, other executives also left Copper, such as Boris Bohrer-Bilowitzki and Mike Milner, who moved to Concordium.
The United Arab Emirates has exempted cryptocurrency transactions from the 5% value-added tax (VAT), under an amendment to the Federal Decree-Law on VAT, effective from November 15, 2024, retroactive to 2018. The move aims to integrate digital assets into the financial system, attracting cryptocurrency companies and positioning the country as a blockchain innovation hub. Companies like Tether and Ripple are already benefiting from the favorable regulatory environment, reinforcing the UAE’s commitment to building a globally competitive digital economy.
Melania Trump plans to expand her Web3 and NFT initiatives to benefit foster children if she returns to the White House. In an interview, she highlighted the continuity of her “Be Best” platform, which focuses on the well-being of women and children, integrating blockchain and digital collectibles to promote her causes. Despite challenges in previous projects, Melania remains committed to expanding her efforts, offering educational support to foster children and promoting individual freedom through technology.
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