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TL;DR

• Lightning Network Explores Bitcoin-Backed Stablecoins

• Mainnet of Build on Bitcoin Goes Live

• Bitcoin ETFs for Mainland China on the Horizon

• Vitalik Buterin Proposes EIP-7702

• Bybit Integrates Ethena Labs' USDe as Collateral Asset

• Injective and Arbitrum Launches inEVM Integration with Arbitrum Orbit

• Osmosis Launches a Bitcoin L2

• Marginfi’s Introduces Solana’s First Notable Stablecoin

• Silk Nodes Expands From Cosmos to Avalanche Using GoGoPool Minipools

• Trump's Embrace of Cryptocurrency

• Binance Executive Remain in Detention in Nigeria Despite Release Calls

And much more!

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Bitcoin Highlights of the Week

Lightning Network Explores Bitcoin-Backed Stablecoins

According to Lightning Labs CEO Elizabeth Stark, the developer behind Bitcoin's Lightning Network, they have experimented with a protocol aimed at facilitating the issuance of stablecoins on the Bitcoin blockchain. Speaking at this week's Financial Times Crypto and Digital Assets Summit, Stark revealed that the developer had recently conducted a test transaction on the Lightning Network using an asset generated through the Taproot Assets protocol.

"We've released an initial segment of the code back in October, and just this past Thursday, we demonstrated the first-ever transaction on Lightning involving an asset," Stark stated. She elaborated, "The goal is to introduce crypto dollars and stablecoins onto the Bitcoin blockchain."

Mainnet of Build on Bitcoin Goes Live

This week, the Build on Bitcoin (BOB) initiative unveiled the commencement of its initial phase, allowing decentralized applications (dapps) to engage with the world's leading blockchain.

According to announcements on Twitter by the BOB team, the BOB mainnet is now live with a total value locked (TVL) of $300 million and boasts over 40 available dapps. The team heralded "a Bitcoin-driven DeFi summer," promising more developments in the coming three weeks.

Build on Bitcoin is designed to function as a hybrid layer-2 network, akin to an "Ethereum rollup," amalgamating Bitcoin's widespread adoption, liquidity, and proof-of-work security with Ethereum's decentralized finance (DeFi) functionalities, including smart contracts, wallets, and access to stablecoins.

Botanix Labs Secures $8.5M Funding for Bitcoin DeFi

Botanix Labs, a Bitcoin development startup, has secured $8.5 million in a seed series funding round from Polychain Capital, Placeholder Capital, Valor Equity Partners, and ABCDE. The funding will support the creation of a Bitcoin-native DeFi ecosystem.

Based in New York, the company intends to utilize the funds to construct Spiderchain, a Bitcoin-native Layer 2 protocol with full Ethereum Virtual Machine compatibility. Specifically, Botanix Labs plans to expand its team and concentrate on product development with the capital injection.

Wells Fargo Joins the Bitcoin ETFs

Wells Fargo revealed its investments in Bitcoin exchange-traded funds offered by Grayscale and ProShares. According to reports, Wells Fargo disclosed ownership of 37 shares of the ProShares Bitcoin Strategy ETF (BITO), which provides exposure to BTC futures, and 2,245 shares of Grayscale Bitcoin Trust (GBTC), recently converted to an ETF. Additionally, the firm reported ownership of 52 shares in Bitcoin Depot, a provider of crypto ATMs.

The combined value of these three Bitcoin-related investments amounted to $143,111. Despite this, it represents a relatively small portion of the major bank's holdings, considering Wells Fargo's reported assets of approximately $1.7 trillion as of June 2023, positioning it as the third-largest bank in the U.S.

Bitcoin ETFs for Mainland China on the Horizon

The CEO of Harvest, the issuer of a spot Bitcoin exchange-traded fund (ETF) in Hong Kong, aims to extend accessibility of its Bitcoin ETF to investors in mainland China.

Han Tongli is exploring avenues to enable mainland Chinese investors to access Harvest's Bitcoin and Ether ETFs by offering these products through Hong Kong's ETF Connect framework.

Launched in 2022 and approved by both the China Securities Regulatory Commission and the Securities and Futures Commission, ETF Connect facilitates interaction and integration between Hong Kong and mainland China. It aims to provide diverse asset allocation options and enhance liquidity.

Other Good Reads

Ethereum Highlights of the Week

$EIGEN Phase I Claims Goes Live

EigenLayer initiates the eagerly awaited EIGEN token airdrop, marking a significant milestone for the project. However, the new tokens are currently non-transferable for an unspecified duration, delaying their tradability. Amidst speculations placing EIGEN's fully diluted market capitalization around $15 billion, the Eigen Foundation, established by Eigen Labs, announced the commencement of EIGEN token claims on May 10th, 2024. This inaugural phase, within Season 1, encompasses 6.05% of the token's initial supply, equivalent to approximately 113 million EIGEN tokens.

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