📈 General Bitcoin Market News
Fear and Greed Index
- Current Value: 66
- Change Since Last Week: -2
Bitcoin Price Update
- Current Price: $61,267.50
- Weekly Percentage Change: -3.8%
Market Sentiment
- With many analysts calling for a summer lull, others are saying 'this time it's different' due to the ETF inflows, there is some uncertainty in the market, though Bitcoin is still holding up at the range highs, while alts bleed.
- US ETFs are netting an inflow of +$2.856B whilst HK are netting a modest inflow of +$8.4M bringing total net inflows across US and HK to around +$2.874B which seems to further indicate some optimism: source
- With Bitcoin having reached all time highs, greed has been high leading to some profit taking. Potentially a 'Sell In May and Go Away' situation but remains to be seen. This week, ETF inflows suggest there is still appetite for Bitcoin.
- The federal funds rate (FFR) is steady at 5.25-5.5%.
BTC Liquidations
- Total Shorts Liquidated: $96.45M
- Total Longs Liquidated: $117.81M
🌐 Bitcoin Ecosystem Updates
Stacks News
The latest update on the Nakamoto Rollout has projected another 7 weeks of required development time followed by time for testing before the eventual activation of the Nakamoto Upgrade. This could mean that activation could be more likely to happen in August. This change is being made to ensure the safety and liveness of the network upgrade. This grand upgrade to the network will usher in fast block times and transactions secured by 100% Bitcoin finality.
Key Changes with the Nakamoto Upgrade
- Fast Block Production: The upgrade will decouple block production from cryptographic sortition, allowing for faster production of blocks. This change will enable miners to produce more blocks simultaneously while stackers help validate, eliminating the need for sortition.
- Bitcoin Finality: Transactions on the Stacks blockchain will become as irreversible as those on Bitcoin, enhancing the immutability and security of the network.
- Elimination of Forks: The upgrade aims to prevent the Stacks blockchain from forking on its own, ensuring more stability and consistency.
- Fair Play in Mining: Adjustments to the sortition algorithm will reduce the advantage that Bitcoin miners currently have over Stacks miners, aiming to minimize Miner Extractable Value (MEV) manipulation and ensure fair competition.
- Tying Block Production to Bitcoin: Stacks block production will be tied directly to Bitcoin block production, leading to synchronized and faster block times while maintaining security and preventing forks.
The Nakamoto Upgrade is designed to address various issues within the Stacks ecosystem, including slow block times and challenges in miner cooperation, by implementing significant technical advancements to enhance speed, security, and fairness in mining practices.
Here's how easy it is to create a dashboard with Stacks data on Ortege Studio:
Check out our Stacks Nakamoto Dashboard
Sign Up
Stacks Ecosystem Update
- Zest Protocol raises $3.5M Seed round to redefine Bitcoin lending, led by Draper Associates with participation from Binance Labs, Flow Traders, Trust Machines, Assymetric and more.
- Velar partner with Defense Audits to enhance Bitcoin L2 security via security audits - read on.
- Stacking DAO deposits surpass $50M milestone.
- ALEX surpasses 60,000 unique wallet addresses.
- XLink adds support for Core DAO and BOB.
- LISA's TVL increases by another $1.5M in STX.
- Learn more about Hermetica's Bitcoin backed stabllecoin USDh from the founder, in this video.
Top Bitcoin Ecosystem Highlights
- BOB | Build on Bitcoin
- In phase 1 of mainnet, BOB hits $300M TVL with over 40 projects launched.
- Details on BOB Fusion, Season 2, here.
- Shoebill Finance launches their BOB stable market with USDC and USDT listed and ready for supplying or borrowing.
- LayerSwap goes live on BOB enabling ETH transfers to BOB from a variety of networks.
- Bridged USDC has launched on BOB using Circle ’s Bridged Standard.
- A thread on the range of products and projects on BOB, here.
- Talisman adds support for BOB meaning Talisman users can bridge assets to BOB, and begin harvesting Spice.
- Redstone Oracles add support for BOB.
Here is an example of how you can query for the BOB Mainnet TPS using Ortege Studio.
Step 1: Create Free Account.
Step 2: Go to Ortege Studio SQL Lab.
Step 3: Run Query:
SELECT sum(`SUM(average_transactions_per_second)`) AS `SUM(SUM(average_transactions_per_second))`
FROM
(SELECT sum(`average_transactions_per_second`) AS `SUM(average_transactions_per_second)`
FROM
(SELECT AVG(transactions_per_second) as average_transactions_per_second
FROM
(SELECT 1 / NULLIF(UNIX_TIMESTAMP(converted_block_timestamp) - UNIX_TIMESTAMP(LAG(converted_block_timestamp) OVER (
ORDER BY converted_block_timestamp)), 0) AS transactions_per_second
FROM
(SELECT block_timestamp,
TO_TIMESTAMP(block_timestamp) as converted_block_timestamp
FROM db_bob_mainnet.tbl_test_br_transactions) AS timestamp_conversion) AS tps_calculation) AS `virtual_table`
LIMIT 50000) AS `virtual_table`
LIMIT 50000;
Step 4: Click Create Chart
Step 5: Select Chart, Drag Parameters in Place and Run
Watch the Tutorial Below
- B2 Network:
We now have B2 data you can query – Sign up
- Bitcoin Virtual Machine:
- Join the builder program, here.
- Any Bitcoin L2 powered by BVM can deploy its own Bitcoin Decentralized Bridge. Learn more.
- With BVM, Celestia is unlocking massive scalability for Bitcoin by offering the DA solution for not only 1, but many Bitcoin L2 blockchains.
- The 9th BVM burn is done. 4,670.32 BVM were burned, bringing the cumulative amount of BVM burned to 224,079, valued at around $640k at the current rate. Here is the hash.
- SHARD holders (BVM stakers) are eligible for 30M GSWP airdrop which amounts to 3% of the GSWP supply. Stake BVM to mine SHARD, here.
- Botanix Labs:
- Botanix Labs has raised $11.5 million in funding from Polychain Capital, Placeholder Capital, and other industry-leading investors.
- Botanix testnet has amassed over 1,000,000 transactions.
- Vertex announce partnership with Botanix to bring their fully cross-margined all-in-one DEX to Bitcoin users.
We now have Botanix Testnet data you can query – Sign up
- Citrea:
- Citrea, powered by RiscZero, utilizes two different types of proofs: Batch Proofs & Light Client Proofs. Learn more.
- Bison Labs:
- Partners with Ordinal Hive. Learn more.
- Core DAO:
- Core Chain explained.
- Full Force launched their innovative launchpad on Core.
- Metaschool partner with Core to bring Web3 education to the masses.
- Alchemy Pay integrates Core for easy fiat on-ramping.
- Symbiosis integrates Core to enhance blockchain interoperability, enabling straightforward trading across different networks.
- Over 600 BTC is currently staked with Core Chain. Learn more.
- World of Dypians is now fully integrated on Core Chain bringing exciting metaverse events for the community.
- Elastos:
- Elastos community's achievements:
- BTC Merge Mining Blockchain: Elastos has developed a blockchain that supports Bitcoin merge mining, allowing miners to secure both blockchains simultaneously.
- EVM-Compatible Chain: A smart contract chain compatible with Ethereum, enabling developers to use Ethereum’s tools and programming language.
- CyberRepublic Governance: A decentralized governance model, empowering the community to participate in decision-making processes.
- BeL2 Decentralized Financial Infrastructure: A Layer 2 solution aimed at enhancing decentralized financial services, improving scalability and transaction speeds.
- Decentralized DRM Digital Goods Platform, Elacity: A platform for managing digital rights and distributing digital goods in a decentralized manner.
- SmartWeb Digital Fairyland (DePIN): A new digital realm within Elastos, focusing on enhancing the web experience through decentralization, is coming this year.
- Elastos community's achievements:
- LumiBit:
- A Bitcoin Layer 2 solution based on zero-knowledge rollup.
- Introducing native signature. Read more.
- Merlin Chain:
- LayerZero is now live on Merlin. This integration enables connectivity between Merlin and 70 other networks.
- Developer Update:
- All assets of Merlin’s Seal is Available to Unstake (BTC, Bitmap, BRC-20, BRC-420, ORDI-NFT, USDT, USDC, ETH)
- Enabled assets transfer from Merlin (L2) to L1, including: BTC, Bitmap, BRC-20, BRC-420, ORDI-NFT, ERC-20.
- Only Runes is temporarily not supported by Cross-Chain Withdrawal.
- Reduced Gas Fee from 0.00008 BTC ($5.03) to 0.00005 BTC ($3.15).
- Enabled restart the process for failed withdrawal/unstake transaction.
- Fixed issues from cross-chain withdrawals, reducing failures due to insufficient gas.
- Mainnet Upgrade coming late May with Lumoz.
- AA Wallet Upgrade coming late May with Particle Network.
- Cross-Chain Withdrawal for Runes coming late May.
We now have Merlin data you can query – Sign up
- Mintlayer:
- Mintlayer technical architecture focuses on Simplicity, Security & Reliability over everything. Learn more.
- Native tokens of Mintlayer mainnet, ML, are now available to deposite/withdraw on MEXC.
- Rollux:
- Apro Oracle announce partnership with Rollux.
- Learn more about the phase 2 launch.
- ROOS Network:
- The first modular Layer2 to scale Bitcoin’s Computing & Storage based on ZK technology.
- Richverse announce partnership with ROOS. Richverse is an application metaverse focused on the Bitcoin ecosystem. Learn more.
- Claim your ROOS OG NFT here.
- Bool Network announce partnership with ROOS. Bool Network is Permissionless, decentralized, secure Bitcoin verification layer.
- Rootstock:
- Stream Finance launch on Rootstock enabling users to deposit rBTC into Stream and earn one of the best yielding products on BTC.
- A guide on how to write, deploy and interact with smart contracts on Rootstock, here.
- KicksPad announces partnership with Rootstock. They will bring IDO launches to the network and benefit from Bitcoin-backed stability.
- Ortege AI is currently indexing Rootstock mainnet. Soon, you will be able to generate insights in Ortege Studio!
Check out our docs.
We now have Rootstock data you can query – Sign up
- Satoshi VM:
- SAVM alpha mainnet is live!
- You can now bridge Runes on the Satoshi VM testnet. Learn more.
- Sovryn:
- Sovryn DEX 2.0 now live on BOB. Learn more.
- eSOV Staking is now live. Transfer from Ethereum to BOB. Stake here.
- Segment Finance add eSOV to their core pools enabling users to lend eSOV and earn spice points
Runes Ecosystem
At Ortege, we have native Bitcoin data available to query, and that includes Runes – Sign up
Closing Thoughts
In a landscape punctuated by rapid advancements and fluctuating market sentiments, staying informed is paramount. From intriguing inflows in ETFs that hint at sustained interest, to technological strides like the Nakamoto Upgrade poised to refine blockchain dynamics, the narrative around Bitcoin continues to evolve. As you navigate this complex terrain, remember that the tools and data to make sense of these shifts are just a sign-up away. Harness the power of real-time insights with us and keep ahead in the fast-paced world of Bitcoin.
Don't forget to sign up and begin your data journey with us today!
Never has it been this easy to generate on-chain insights – Sign Up.