Bitcoin’s volunteer initiative, Ethena’s USDe, and Blast’s launch.

In this week's edition of CoinDesk's newsletter about blockchain technology, we present an exclusive interview with Muneeb Ali, co-creator of Stacks. PLUS Over $200 million raised for blockchain projects.

🚀 Bitcoin Breaks $60,000: Updates from the World of Blockchain Technology

The recent surge in the price of Bitcoin, pushing past $60,000 for the first time since November 2021, has ignited excitement in the world of blockchain and cryptocurrency. In this article, we’ll delve into the latest developments in Bitcoin’s technology, explore the rise of Bitcoin layer-2 networks, and highlight some interesting projects and fundraising activities in the blockchain space. So buckle up and let’s dive into the wonderful world of digital assets!

Network News: Unveiling Ethena’s USDe and Help Wanted for Bitcoin Upgrades

TERRA-FI-ING? 🌌

Ethena, a crypto project, has launched a new token called USDe, described as a “synthetic dollar.” Backed by Ethereum liquid staking tokens, USDe is an interesting venture that offers an annualized yield of 24%. However, some members of the crypto community worry that this could lead to another Terra-like collapse, similar to the UST stablecoin debacle in 2022. Ethena has taken steps to mitigate risks and has a $10 million insurance fund in place, but critics still express concerns about its potential impact on the market. Only time will tell if USDe will prove to be sustainable or not. 🤔

Luke Dashjr’s Call for Help 👩‍💻

Luke Dashjr, a pseudonymous Bitcoin developer, recently reached out to the community, calling for volunteers to assist with Bitcoin Improvement Proposal (BIP) editing. Dashjr highlighted a backlog of 133 pull requests in the BIP repository, emphasizing the importance of this “thankless and boring job” in managing proposals for Bitcoin software upgrades. With the resignation of the previous BIP editor, the Bitcoin community is in dire need of assistance. So, if you’re passionate about Bitcoin and possess some editing skills, now’s your chance to contribute to this vital aspect of the cryptocurrency’s development!

Protocol Village: Uncovering the Latest Blockchain Upgrades and News

Dune’s Data Revolution 📊

Dune, a pioneer in democratizing access to crypto data, has taken a significant step forward with the unveiling of Dune Datashare. This new development streamlines access to Dune’s extensive repository of crypto data through the Snowflake Marketplace. With over 1.5 million datasets available, Dune is empowering users with valuable insights and knowledge about the blockchain sector. So if you’re eager to dive into the world of crypto data, Dune Datashare might just be the perfect tool for you!

• Bitcoin price could hit $100,000 as it nears its all-time high in March. Exciting times ahead for BTC!
• US miners using less energy less affected by Bitcoin halving
• Bitcoin Skyrockets Above $60,000: Are New All-Time Highs Just Ahead?

Arbitrum Foundation Teams Up With OpenZeppelin 💪

Arbitrum, the top-ranked Ethereum layer-2 network, has announced a partnership with OpenZeppelin, a renowned smart-contracts code auditor. This collaboration aims to enable next-generation development on Arbitrum Stylus, an upgrade to the existing Arbitrum Nitro technology. With Stylus, developers can write smart contracts in various languages like Rust, C, and C++ that compile to WebAssembly (WASM). This exciting integration opens up new possibilities and accelerates innovation on the Arbitrum network, cementing its position as a key player in the Ethereum ecosystem.

Lens Protocol: Going Permissionless 📸

Lens Protocol, a decentralized social media platform and sister project of lending protocol Aave, is breaking free from its beta phase and going permissionless. Previously, users could join Lens through invites or waitlists, but now anyone can mint a user profile directly on the Lens website. This move opens up avenues for builders and developers to contribute to Lens and participate in its growing ecosystem. So if you’re a social media enthusiast looking for a decentralized platform, Lens is ready and waiting for you!

Ripple and Axelar Partner Up 💼

In an exciting collaboration, Ripple and Axelar Foundation have joined forces to integrate the Axelar network with XRP Ledger. This integration aims to strengthen the XRPL DeFi ecosystem by providing essential liquidity for stablecoins and large-cap assets. Both Ripple and Axelar are at the forefront of innovation in the blockchain industry, and this partnership represents a significant step forward in expanding the use cases of XRP Ledger. So keep an eye out for the exciting developments that will emerge from this collaboration!

Telos Foundation and Input Output Global Unveil Snarktor 🎯

Researchers from Telos Foundation and Input Output Global have published a white paper introducing a new protocol called “Snarktor.” This protocol leverages zk-SNARK technology to scale blockchains more efficiently and securely across millions of use cases. With Snarktor, developers have a powerful tool at their disposal to enhance scalability and privacy in blockchain networks. This innovation demonstrates the continuous efforts to improve blockchain technology and overcome its limitations.

Stacks Creator Ali Talks Bitcoin’s Resurgence 📈

Muneeb Ali, the co-creator of Stacks and CEO of Trust Machines, recently discussed the surge of development happening on the Bitcoin blockchain. Once considered slower and less programmable compared to Ethereum, Bitcoin is now experiencing a renaissance. Top podcasts are exploring the potential of Bitcoin layer-2 networks, and NFT-like digital art on Bitcoin is fetching high prices. Ali spoke about the upcoming Nakamoto upgrade and his expectations for the future of Bitcoin. With the growing excitement and development happening in the Bitcoin space, it’s an exciting time to be a part of the digital asset revolution!

Money Center: Fundraisings, Deals, and Regulatory Updates

Fundraisings 💰

Several blockchain projects have secured significant funding to fuel their growth and development:

• Ether.fi, the largest liquid restaking protocol, raised $23 million in a Series A round.
• Avail, a data availability blockchain project, raised $27 million in a fundraising round led by Founders Fund and Dragonfly.
• Backpack, a crypto wallet and exchange company, raised $17 million in a funding round led by Placeholder VC.
• Flare, a layer-1 network for data, raised $35 million in a private round.
• Eigen Labs, the developer behind EigenLayer, a crypto restaking project, secured a $100 million investment from a16z crypto.
• And many more! The blockchain space is buzzing with funds flowing into innovative projects that hold great potential for the future.

Deals, Grants, and Legal Updates 💼

• Risk manager Gauntlet shifted to rival lender Morpho, following its departure from Aave.
• Strike, a Bitcoin-focused payment app, expanded its services to Africa, bringing financial inclusivity to the continent.
• Dan Held, former Kraken marketing executive, joined Asymmetric Financial as a general partner, targeting a raise of $21 million for a new Bitcoin DeFi Venture Fund I.
• Safe and Coinbase’s Ethereum layer-2 network, Base, joined forces to provide financial incentives and tools for developers building with smart accounts.
• And various regulatory, policy, and legal developments continue to shape the evolving landscape of the blockchain industry.

Uniswap’s UNI Leads the Way as Bitcoin Surges 📈

In February, the digital asset market experienced significant growth, with every member of the Blocking.net 20 Index registering gains. Bitcoin gained for the sixth consecutive month, rising 45% and pushing past $60,000. Uniswap’s UNI token stole the spotlight with a soaring 79% surge. The decentralized exchange’s proposed mechanism to reward token holders who stake and delegate tokens garnered attention and enthusiasm. Polygon’s MATIC token and Ethereum’s ETH also performed well, rising 36% and 49% respectively. Stellar’s XLM token trailed with a 13% increase. It’s an exciting time for digital assets!

Outlook: The Future of Blockchain Technology 🚀

The blockchain industry is evolving at a rapid pace, with new innovations, developments, and partnerships emerging every day. As the technology matures, more use cases and applications are being explored, leading to greater adoption and recognition. From layer-2 networks to decentralized finance (DeFi) projects, the potential of blockchain technology knows no bounds. It’s an exciting time to be a part of this dynamic and transformative industry. So keep your eyes peeled, as the future promises even more innovation, breakthroughs, and opportunities!

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References:

• 📜 Ethena’s USDe Token
• 📜 Terra-like Collapse Concerns
• 📜 Luke Dashjr’s Call for Volunteers
• 📜 Bitcoin Improvement Proposal Editor Role
• 📜 Muneeb Ali’s Interview
• 📜 Dune’s Data Revolution
• 📜 Arbitrum Foundation Partnership with OpenZeppelin
• 📜 Lens Protocol Going Permissionless
• 📜 Ripple and Axelar Partnership
• 📜 Telos Foundation and Input Output Global’s Snarktor
• 📜 Fundraising Roundups
• 📜 Regulatory, Policy, and Legal Updates
• 📜 Uniswap’s UNI Performance
• 📜 Future Outlook of Blockchain Technology

We will continue to update Blocking; if you have any questions or suggestions, please contact us!