TL;DR

• MicroStrategy Unveils the Orange Decentralized Identity Protocol

• Block Launches DCA Program to Procure Bitcoin

• Snowden Launches Dig at Bitcoin Devs

• EigenLayer Launches $EIGEN

• Optimism Secures $90M for Further Development of L2s

• Tether $4.5B Q1 2024 Home Run

• Osmosis Enters Bitcoin L2 Race

• Akash Upgrades to Mainnet 11

• Zeus Network Announces Solana-Bitcoin Cross-chain

• Avalanche Partners with Stripe for Seamless Crypto Onramping

• Pantera Ventures into TON with Optimistic Outlook on Telegram's Future

And much more!

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Bitcoin Highlights of the Week

MicroStrategy Unveils the Orange Decentralized Identity Protocol

MicroStrategy (MSTR), recognized as the largest corporate holder of bitcoin, has unveiled its intention to create a decentralized identity service utilizing Ordinals inscriptions. Earlier this year, the software consulting firm repositioned itself as a "bitcoin development company," pledging to contribute to the advancement of the Bitcoin network through various avenues, including financial markets, advocacy, and innovation.

The introduction of "MicroStrategy Orange" signals the company's commitment to realizing this objective. Founder Michael Saylor disclosed during the company's Bitcoin For Corporations conference on Wednesday that the primary aim of MicroStrategy Orange is to establish decentralized identities on the Bitcoin blockchain, ensuring trustlessness, tamper resistance, and durability.

Block Launches DCA Program to Procure Bitcoin

The payments company Block (SQ) has initiated a dollar-cost averaging (DCA) strategy to increase its existing substantial bitcoin (BTC) holdings. Under the leadership of CEO Jack Dorsey, the company started allocating 10% of its monthly bitcoin-related gross profit towards purchasing additional bitcoin starting in April, with intentions to continue this practice throughout 2024.

Block reported $80 million in bitcoin gross profit for the first quarter, as per its earnings data. If this profit level persists for the rest of the year, the company would accumulate an additional $24 million worth of bitcoin under this initiative.

Block already possesses significant bitcoin reserves, having acquired 4,709 bitcoins in October 2020 and an additional 3,318 tokens in early 2021. With the current price hovering around $59,000 per bitcoin, this stash is now valued at approximately $4.7 billion. In addition, Block announced their Q1 2024 results:

• Revenue: $5.96B (up 19% year-over-year)

• Net Income: $2.09B (up 22% year-over-year)

• Earnings-per-share: $0.85 per share

Bitcoin Valued at $175B Held by ETFs, Nations and Companies

VanEck's recent report reveals that approximately $175 billion worth of bitcoin is currently held by various entities, including ETFs, nations, and public and private companies. The report highlights a growing interest in bitcoin among institutional investors, with hedge funds, asset management firms, and endowments increasingly recognizing its potential as a store of value.

This amount represents around 15% of the total bitcoin supply, as estimated by CoinGecko. Despite fluctuations, with bitcoin's market capitalization standing at approximately $1.2 trillion, its price has seen a decline in the past week, dropping from over $64,000 to $57,000.

Bitcoin Miners Achieved Second-highest Monthly Revenue in April

During April, Bitcoin miners earned their second-highest monthly revenue in the past year, coming close to the record earnings seen in March. Despite a slight dip from the previous month, miners collectively amassed $1.79 billion. This figure, although lower by $220 million compared to March, surpassed the revenues of December 2023, which amounted to $1.56 billion.

According to data from The Block crypto metrics, miners earned $1.79 billion from block rewards in April, with on-chain fees contributing $281.47 million to this total. March remains the month with the highest earnings over the same period, with miners raking in $2.01 billion, although on-chain fees were significantly lower at $85.81 million.

Snowden Launches Dig at Bitcoin Devs

Edward Snowden, the former United States National Security Agency contractor, known for leaking classified information and accused of espionage, made waves on the X social media platform this week.

Snowden, recognized as a whistleblower and residing in Russia until 2022 when he was granted citizenship, has become a prominent figure in the media. He enjoys celebrity status, particularly within technology circles, and is renowned for championing freedom and privacy issues.

In a recent post, Snowden cautioned Bitcoin developers about the urgency of integrating privacy features at the protocol level, emphasizing that time is running out. This warning coincided with the announcement of zkSNACKs, the developer of Wasabi Wallet, shutting down. While the exact nature of Snowden's warning remains unclear, he has long been associated with cryptocurrencies like Bitcoin and is a vocal advocate for their adoption and development.

Ethereum Highlights of the Week

EigenLayer Launches $EIGEN

EigenLayer made headlines on Monday with the launch of its token $EIGEN, sparking mixed reactions among many. Here's a breakdown of what you need to know about $EIGEN and EigenLayer's airdrops:

• 5% of the token supply is earmarked for the initial airdrop.

• Future airdrops will receive 10% of the $EIGEN supply.

• The snapshot for the first airdrop was taken on March 15th.

• The eligibility for airdrops among users of complex DeFi protocols like Pendle is pending verification.

• Claiming for the first airdrop starts on May 10th.

• Initially, the token won't be transferable.

• $EIGEN will primarily serve to secure the EigenDA network.

The team has clarified that the initially airdropped $EIGEN won't be transferable to encourage community participation in protocol governance.

It appears that the token will remain non-transferable for at least a few months. While EigenLayer presents an intriguing concept, some express disappointment in the execution of its airdrop, particularly regarding the small percentage of $EIGEN allocated and the initial non-transferability, which didn't meet the expectations of many in the community.

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