Ethereum is gearing up to launch its first-ever hackathon, featuring a reward pool of $2 million. This event, dubbed the “Attackathon,” aims to be the largest crowdsourced security audit of Ethereum’s codebase.
The “Attackathon” invites security researchers to actively search for vulnerabilities in the protocol’s code during a four-week, time-bound audit challenge, as explained by the Ethereum Protocol Security (EPS) research team in a July 8 blog post.
“They will follow specific rules set for the competition, and only impactful and rule-compliant reports will be rewarded,” the post elaborated.
Participants will begin with a technical walkthrough of the blockchain’s code to ensure they are well-prepared to identify and understand potential vulnerabilities.
Following the event, Immunefi, the bug bounty platform hosting the hackathon, will compile the findings and produce a report detailing the discovered vulnerabilities.
The EPS team has contributed $500,000 to the competition’s prize pool and is seeking additional sponsors to raise another $1.5 million by August 1. More details will be shared on this date.
The EPS team plans to host similar hackathons at every hard fork to cover changes to the codebase.
The next major update, the “Pectra” hard fork, is anticipated to go live later in 2024 or early 2025.
This update will combine the “Prague” and “Electra” upgrades.
Among the significant updates for users is the introduction of a “social recovery” feature.
READ MORE: Bitcoin Mining Difficulty Drops Over 5% to Quarterly Low, Impacting Profitability Thresholds
This feature could eliminate the need to remember the up to 24-word private wallet key and provide wallets with smart contract-like capabilities, Investing Insider reported.
Hackathons are common in the tech industry, and the crypto sector has seen its fair share of these events. Various blockchains and projects frequently host similar hacking sprints.
In addition to hackathons, crypto projects regularly offer bug bounties to encourage hackers to report their exploits instead of using them maliciously.
According to Immunefi’s website, most bounties range from tens to hundreds of thousands of dollars, with the largest reward, offered by LayerZero, reaching $15 million.
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Blockchain-focused asset manager DigitalX has secured regulatory approval to launch its spot Bitcoin exchange-traded fund (ETF), marking the second Bitcoin ETF to trade on the Australian Securities Exchange (ASX).
Scheduled to list under the ticker BTXX on July 12 at 10 am local time, the DigitalX Bitcoin ETF’s approval was announced in a July 8 post on X by the firm.
Describing the approval as a “watershed moment,” DigitalX CEO Lisa Wade stated, “The DigitalX Bitcoin ETF is a spot ETF product that provides ASX customers with direct access to Bitcoin via a regulated and liquid fund structure.”
DigitalX’s chair Toby Hicks added, “It is exciting to see the growth and development of the digital assets markets reflected in this approval” in Australia.
To bring this product to market, DigitalX has partnered with K2 Asset Management, which will act as the responsible entity and issuer of the spot Bitcoin ETF.
Additionally, DigitalX will collaborate with 3iQ, a cryptocurrency-focused investment firm, to promote and distribute the product both in Australia and internationally.
This development follows closely behind the ASX’s approval of VanEck’s spot Bitcoin ETF on June 15, which began trading on June 20.
The VanEck Bitcoin ETF (VBTC) recorded $1.3 million in trading volume on its first day, significantly lower than the $450 million daily average seen by the nine U.S.-based spot Bitcoin ETFs during their initial 10 trading days.
In a related note, Australian fund manager Betashares is also pursuing a Bitcoin ETF on the ASX, according to an April report from Bloomberg.
The DigitalX Bitcoin ETF aims to capitalize on the increasing interest in digital assets, offering a regulated avenue for investors to gain exposure to Bitcoin.
As the second Bitcoin ETF on the ASX, BTXX is poised to attract both local and international investors looking to diversify their portfolios with digital currencies.
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Mafia Tate could turn early investors into multi-millionaires, like Shiba Inu (SHIB) and Dogecoin (DOGE) did.
Mafia Tate, a new Solana memecoin that was launched today, is poised to explode over 14,000% in price in the coming days.
This is because MAFTATE has announced its first centralized exchange listing, which will be on KuCoin.
This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up.
Currently, Mafia Tate can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and Mafia Tate could become the next viral memecoin.
Mafia Tate launched with over $6,000 of locked liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.
To buy Mafia Tate on Raydium or Jupiter ahead of the KuCoin listing, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Mafia Tate by entering its contract address – AHi2iF9QmihvZ9xP7LeczZi2J5pExatYtcDFAMjeZS8 – in the receiving field.
If you don’t have one of these wallets already, they can create a new wallet in a few minutes and transfer some Solana to it (which will then be used to buy the memecoin), from an exchange like Coinbase, Binance and many others.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like MAFTATE.
EOS Network has announced the launch of its 250M EOS staking rewards program as part of the network’s revamped tokenomics plan.
As part of this newly unveiled staking rewards program, 85.6K EOS is distributed daily to Stakers, with over 31 million EOS tokens set to be distributed over the next year.
Early Stakers will benefit from an initial APY of up to 60%. Users can begin participating in the 250M Staking program at stake.eosnetwork.com.
Furthermore, the lock up period for staking has increased from four to 21 days, and EOS Block Producers (BPs) will start receiving network generated fees (in addition to their block reward income) as an extra incentive.
EOS Network said that the “updated EOS staking program is designed to provide sustainable rewards for participants and support ecosystem growth.”
Dogecoin [DOGE], known for its quirky origins, experienced a significant downturn of 15.55% over the last 24 hours, according to CoinMarketCap.
This decline was emphasized by the Relative Strength Index (RSI), which dropped well below the neutral level into the oversold zone.
In the unpredictable world of cryptocurrencies, extreme RSI levels often signal a potential rebound.
Sumit Kapoor, founder of WiseAdviceSumit, noted, “Bullish recovery soon.”
Until the 3rd of July, the MACD indicator suggested bullish sentiment, but on the 4th of July, bearish forces gained momentum, highlighting DOGE’s ongoing market volatility.
Despite this downturn, billionaire entrepreneur Elon Musk stated in a recent interview, “I intend to personally support Dogecoin.”
His comments have given hope to investors worried about DOGE’s declining price. Musk also claimed in a separate interview, “Dogecoin is better suited for transactions as compared to Bitcoin.”
AMBCrypto analyzed data from IntoTheBlock, revealing that Dogecoin bulls outnumbered bears at press time, suggesting a potential shift in sentiment.
In contrast, Bitcoin [BTC] showed a more bearish outlook, with bear activity surpassing that of the bulls. Both Bitcoin and Dogecoin serve as benchmarks for the broader crypto market.
READ MORE: Analyst Urges Calm Amid Government Bitcoin Sell-Offs, Highlights Minimal Market Impact
A decline in Bitcoin typically triggers a market-wide downturn, and similarly, when Dogecoin falls, the entire memecoin segment follows suit.
This pattern underscores the significant influence these top coins have on market trends and investor behavior.
As of the latest update, Bitcoin was trading at $54,000, marking a 4.72% decline in the past 24 hours.
Consequently, the global crypto market cap decreased by 6.91%, now standing at $1.99 trillion.
Dogecoin, meanwhile, was trading at $0.09551, experiencing a significant 15.55% drop within the same timeframe.
The memecoin market cap was at $38.1 billion, reflecting a substantial 20.1% decline in the last 24 hours, as per CoinGecko.
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Bitcoin mining difficulty saw a significant drop of over 5% on July 5, reaching a quarterly low of 79.50 terahashes per second (TH/s).
This reduction was the most substantial since March, when it briefly dipped below 80 TH/s. After spiking between March and May to an all-time high of 88.10 TH/s, the difficulty gradually settled to its current level at the time of this writing.
Bitcoin mining difficulty is quantified by hashrate, representing the number of attempts a mining machine makes to solve the cryptographic puzzle required to unlock a Bitcoin.
Hashrate updates occur every 2,016 blocks, approximately every two weeks. Generally, Bitcoin’s hashrate has increased monthly, with few exceptions.
In 2014, the hashrate was around 1.1 gigahashes per second, allowing most desktop PCs to mine Bitcoin.
As hashrate increases, more powerful and energy-efficient mining rigs are needed for profitability.
By the end of 2017, as Bitcoin adoption surged, the hashrate crossed the terahash threshold for the first time. As of July 6, 2024, the hashrate stands at 79.5 TH/s, awaiting the next difficulty adjustment.
Under the current difficulty of 79.5 TH/s, F2Pool, a prominent mining pool, suggests that an ASIC rig with an efficiency of 26 watts per terahash or better would remain profitable as long as Bitcoin’s price stays above $54,000.
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“With a $BTC price of $54k, ASICs with Unit Power of 26 W/T or less can make a profit. We estimate this at $0.07 per kWh,” F2Pool stated.
Should Bitcoin’s price fall below this threshold, more efficient mining rigs would be necessary to sustain profitability.
However, if the price remains stable, conditions are expected to be favorable for major miners, especially those in regions offering energy subsidies for mining operations.
In summary, the recent decrease in mining difficulty presents an intriguing shift in the Bitcoin mining landscape, affecting profitability and operational strategies for miners worldwide.
The industry will closely watch upcoming difficulty adjustments and market conditions to navigate these changes effectively.
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The inaugural DePIN Alliance Yacht Party, recently held as a glamorous kickoff for the groundbreaking initiative, marked a significant milestone in the world of decentralized physical infrastructure networks (DePIN). Hosted by U2U Network, Chain Capital, and JDI Ventures, the event successfully brought together leaders and innovators from across the globe, setting the stage for a transformative approach to global infrastructure challenges. This event attracted notable leaders from IoTeX, Bmoon, Borderless Capital, MVL Chain, Deeplink Chain, NOTT, Aethir, Witness Chain, Powerpod, AzCoiner, Farmsent, Hashlock, Haven1, ATOR, and Hotspotty, among others. This festive gathering not only showcased the potential of DePIN but also served as a precursor to a more significant announcement.
This illustrious gathering also marked the official launch of the DePIN Alliance, an initiative established by U2U Network, Chain Capital, JDI Ventures, and Social Live. The DePIN Alliance harnesses decentralized technology to create robust, accessible, and community-empowering infrastructure networks that drive innovation and promote sustainable development worldwide. The vision of the DePIN Alliance is bold and transformative, foreseeing a world where communities are empowered through accessible and resilient infrastructure.
Furthermore, the Alliance is dedicated to supporting cutting-edge research and development initiatives that push the boundaries of what decentralized technologies can achieve. This approach not only addresses the immediate needs of communities but also ensures long-term benefits, such as reduced environmental impact, increased resilience to global challenges, and enhanced social equity. By driving widespread adoption and educating communities, policymakers, and businesses about the practical benefits of DePIN solutions, the Alliance seeks to foster a new era of infrastructure development that is not only technologically advanced but also sustainable and beneficial to society at large.
The governance of the DePIN Alliance includes a council comprising leading venture capital investors such as Chain Capital and JDI Ventures, which specialize in DePIN investments, Social Live – The Protocol for Building Web3 Social Media, alongside U2U Network, the largest layer 1 blockchain network focusing on DePIN in Southeast Asia. The Alliance also boasts many top-tier VC firms and DePIN projects as members, including LBank, Blockus, Lightnet, Farmsent, Ktro Media, W Tech Labs, Zero1 Labs, Nott, Nimbus, and more. This council is actively seeking to expand its membership to include influential key opinion leaders and reputable Web3 organizations, thereby incorporating a diverse range of insights and expertise.
Members of the DePIN Alliance will gain access to many benefits such as exclusive industry insights, networking opportunities with key stakeholders, participation in collaborative projects, early access to research findings, and discounts on events and seminars. These benefits are designed to foster an environment of growth and innovation among its members.
Looking ahead, the DePIN Alliance has outlined a clear and ambitious roadmap for its development. Over the next two weeks, the Alliance plans to launch its official website and social media channels to facilitate communication and engagement. Within the next four weeks, it aims to onboard 20 pioneering DePIN projects. The next three months will see the hosting of the first DePIN Summit, establishing key partnerships that will further the Alliance’s goals. Over the next six months, the Alliance plans to expand its membership to include over 50 members and launch several collaborative projects that will demonstrate the practical applications of DePIN technologies. Within a year, the Alliance will release industry standards and a bi-annual report detailing the progress and developments within the DePIN sector.
The DePIN Alliance is steadfastly expanding its membership, ensuring a wealth of resources and fostering both the Alliance’s growth and the development of each individual member. This deliberate expansion underscores a commitment to creating a dynamic and collaborative environment, driving collective progress and innovation.
To become a member of the DePIN Alliance, interested parties are encouraged to follow the Alliance’s activities on X, join the Telegram group for real-time discussions, submit a membership application for approval, and actively participate in community initiatives and working groups.
The DePIN Alliance represents not just a technological shift but a paradigm shift in how infrastructural projects are conceived, developed, and implemented. It stands at the forefront of blending technological innovation with practical, community-focused solutions.
About U2U Network:
U2U Network is a pioneering modular chain built on top of DAG and compatible with EVM. Setting sights on becoming a comprehensive ecosystem for Web3 builders, U2U Network is dedicated to delivering a robust infrastructure emphasizing a Modular Layer-1 Network and a DePIN Ecosystem. Leveraging the innovative Helios Consensus mechanism, U2U Network’s Modular architecture bring an impressive throughput of 17,000 transactions per second (TPS) and a finality time of approximately 350 milliseconds, ensuring high performance, efficiency, and Ethereum Virtual Machine (EVM) compatibility. All this makes our network structure a perfect fit for DePIN.
Learn more about U2U Network:
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United States-based spot Bitcoin exchange-traded funds (ETFs) saw significant inflows on July 6, notably after Bitcoin’s price decreased to under $54,000 on July 4.
Farside Investors reported that these spot Bitcoin ETFs registered their largest net inflows for the month, attracting $143.1 million.
The Fidelity Wise Origin Bitcoin Fund (FBTC) received the most with $117 million, followed by the Bitwise Bitcoin ETF (BITB) which saw $30.2 million.
Additionally, the ARK 21Shares Bitcoin ETF (ARKB) and the VanEck Bitcoin Trust (HODL) ETFs gained $11.3 million and $12.8 million, respectively. However, the Grayscale Bitcoin Trust (GBTC) experienced a net outflow of $28.6 million.
Despite the market’s instability, the robust inflows into these ETFs indicate that institutional investors and significant buyers are seizing the opportunity to purchase Bitcoin at reduced prices during the downturn.
Hunter Horsley, CEO of Bitwise Asset Management, emphasized the efficiency of his team in acquiring Bitcoin at less than half a basis point.
He remains optimistic about Bitcoin’s future, presenting the current market conditions as an excellent opportunity for both new and existing investors.
“The outlook for Bitcoin has never been stronger.
“For many who don’t yet have exposure, this week is a chance to buy the dip,” he said.
In the same week, the BITB ETF saw inflows exceeding $66 million, bringing its total Bitcoin holdings to over 38,000 BTC.
Bitcoin critic Peter Schiff also weighed in on the situation.
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Despite the market’s volatility, he noted the resilience of Bitcoin ETF investors who have maintained their holdings without panic.
“So far, there’s no sign of panic.
“It will likely take a much larger drop in Bitcoin before they finally capitulate,” Schiff stated.
He speculated that a significant sell-off might be imminent, potentially leading to widespread capitulation among Bitcoin holders.
The decline in Bitcoin’s price was partly triggered by the transfer of 47,229 Bitcoin by the defunct Japanese crypto exchange Mt. Gox.
This marked its first significant transaction since May, moving the coins, worth approximately $2.71 billion at that time, to a new wallet address.
Bitcoin’s price briefly fell to $55,200 on Coinbase following the transfer.
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Oladotun Wilfred Akangbe, the chief marketing officer of Flincap, a platform for African over-the-counter crypto exchanges, emphasized the cryptocurrency industry’s impressive growth and maturity, with a particular focus on Solana’s resilience and community efforts in Africa.
Akangbe discussed with Cointelegraph how the crypto industry is steadily maturing, showcasing its ability to overcome challenges that previously would have caused significant market downturns
Despite obstacles, including regulatory issues with Binance and its founder Changpeng Zhao pleading guilty in November 2023 to violating U.S. money laundering laws, the industry continues to expand.
Akangbe noted that the strength and adoption of technology largely depend on the vitality of its community.
Crypto projects that consistently address community problems, especially in areas like remittances and international payments, demonstrate positive year-on-year growth.
“With the kind of communities built around several crypto projects, we’re closer to mainstream adoption than ever before,” Akangbe stated.
His comments follow a series of Solana Allstars Nigeria community meetups across various Nigerian locations, highlighting Solana’s robust community presence in Africa.
The Solana Foundation has launched numerous activities, including meetups, hackathons, and educational workshops, effectively integrating many Africans into the Solana ecosystem.
These initiatives enhance community engagement and drive the practical application of blockchain technology.
Globally, various decentralized groups promote Solana, with the Solana Allstars team in Nigeria recently emerging as one of the most active Web3 adoption groups.
Akangbe pointed out that these efforts shift user focus from price fluctuations to the real-world utility of Solana’s projects.
Speculation has grown around the potential approval of a spot Solana exchange-traded fund (ETF) in the U.S.
Bloomberg analyst Eric Balchunas suggested that such an ETF might only become feasible with a change in U.S. administration and leadership at the Securities and Exchange Commission.
Several ETF issuers have submitted applications for a spot Solana ETF. On June 28, 21Shares filed an S-1 application with the SEC, a day after ETF issuer VanEck filed their application.
On July 1, Solana (SOL) dropped over 15% in 48 hours, reaching a low of $121. Weekly losses for SOL stood at around 10%, with a 23% decline over the past month.
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Donald Verrilli, former U.S. Solicitor General from 2011 to 2016, has asserted in an appellate brief that the digital asset industry is being targeted by federal regulators through systematic efforts to restrict their banking access.
On July 3, representing the Blockchain Association, Verrilli filed an amicus brief with the U.S. Tenth Circuit Court of Appeals in support of Custodia Bank’s appeal.
This follows a district court ruling in March which upheld the Federal Reserve’s decision to deny the bank a master account.
Custodia Bank had initially applied for a master account in October 2020. After facing prolonged delays, the bank sued the Federal Reserve in June 2022.
The lawsuit cited “unlawful delay” by the Fed in processing its application.
In 2023, the Fed formally rejected the application, pointing to Custodia’s ties with the cryptocurrency sector as a factor.
A judge later endorsed this decision in March 2024, leaving Custodia without recourse to further review its application.
In the brief, Verrilli highlighted the broader regulatory actions against the crypto industry, stating, “Unfortunately for Custodia, its application was caught in the current of federal regulators’ aggressive, coordinated efforts to ‘debank’ the digital asset industry.”
Further complicating matters, Verrilli referenced statements from January 2023 by the Federal Reserve, Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, which collectively suggested that involvement with cryptocurrencies was likely incompatible with safe banking practices.
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Following these statements, Custodia’s application was denied.
“Through no fault of its own, Custodia became the focus of federal banking regulators’ campaign to isolate the digital asset industry from the greater national economy,” Verrilli added.
Support for Custodia has come from various quarters, including former U.S. Senator Pat Toomey, Wyoming Secretary of State Chuck Gray, and members of key congressional committees.
Another former Solicitor General, Paul Clement, also filed a supporting brief, emphasizing that Custodia had become unfavorably viewed by federal regulators.
The timing of the appellate court’s decision remains uncertain.
The outcome could potentially be influenced by a recent Supreme Court decision that overturned the Chevron doctrine, which had previously mandated judicial deference to federal agency interpretations of law, possibly impacting the review of Custodia’s application.
Amidst these legal battles, the U.S. House of Representatives is set to revisit a Securities and Exchange Commission rule that restricts banks from engaging with crypto, following a veto by President Joe Biden. A successful override of the veto would require a two-thirds majority in the House.
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