Web3 🌖Tuesday Highlights: Crypto Aid, NFT Records, Ripple's CFO Move, BitVM, and Ethereum's Trade
- Crypto Aid Fund for Israel by Firms
- CrypToadz NFT Achieves $1.6M
- Ripple's CFO Transition
- BitVM: Bitcoin's Ethereum-Like Contracts
- Ethereum Foundation's $2.76M ETH-USDC Trade.
Keep reading for in-depth insights!🌞
Hello readers, and welcome to another exciting day in the world of Web3! In today's highlights, we have a diverse range of topics shaping the crypto landscape. Join us as we embark on a journey through these compelling narratives, offering deep insights into the evolving Web3 ecosystem. Stay tuned for a comprehensive exploration of each of these stories!
1. Crypto Aid Fund for Israel by Firms
The Crypto Aid Israel initiative seeks to aid Israelis affected by the conflict with Hamas. They've set up a multi-signature wallet, accepting BTC, ETH, USDT, and USDC for donations. This wallet, jointly controlled by multiple parties, aims to facilitate humanitarian aid. Israeli banks and regulators are cooperating to facilitate the flow of crypto donations, possibly acting as a bridge to traditional banking. Crypto asset management firm Fireblocks is overseeing these assets. A strict policy demands at least four out of seven signatories to move funds from the wallet. This effort involves various organizations, including Fireblocks, MarketAcross, Collider Ventures, CryptoJungle, and the Israel Blockchain Association, all aiming to provide essential resources and raise awareness for affected Israeli civilians.
Margaux Nijkerk
2. CrypToadz NFT Achieves $1.6M
A $1.6 million CrypToadz NFT purchase raises eyebrows due to its connection to Tornado Cash, possibly indicating wash trading or money laundering. The buyer paid well above market rates. The wallet that funded the purchase received significant ETH from Tornado Cash in September, a tool criticized for its potential to launder money. While this may suggest illicit activity, it doesn't confirm wrongdoing. Crypto Twitter initially speculated it was a "fat finger" mistake. The purchase's unusual nature amid decreased NFT demand adds intrigue to the situation. OpenSea has not commented on the matter.
Andrew Hayward
3. Ripple's CFO Transition
Ripple's CFO, Kristina Campbell, is leaving the company, having joined another firm as CFO. Ripple expressed gratitude for her leadership and contributions during a period of growth and regulatory challenges. The search for her replacement is underway. Campbell thanked her colleagues for her time at Ripple, where she faced the SEC's legal battle. Ripple recently dropped plans to acquire Fortress Trust. Campbell, a Harvard Business School graduate with a finance background, will now work as CFO at Maven Clinic, specializing in virtual healthcare for women and families. Her career spans financial roles at Citigroup, Saybrook Capital, Bain & Company, Avery Dennison, and Green Dot Corporation. She's also a founding member of The F Suite, an exclusive community for CFOs.
James Cirrone
4. BitVM: Bitcoin's Ethereum-Like Contracts
Bitcoin developer Robin Linus proposes BitVM, enabling expressive off-chain smart contracts for Bitcoin without a soft fork. BitVM's architecture, based on Ethereum's optimistic rollups, allows Turing-complete contracts off-chain with on-chain verification. It broadens Bitcoin's capabilities, potentially enabling games, validity proofs, and more. Limitations include a two-party setting and significant off-chain computation. The next milestone is full BitVM implementation alongside Tree++, a high-level language. Enabled by the Taproot soft fork, BitVM has garnered positive responses from Bitcoiners. It's considered an opt-in feature, not forcing coins into Turing complete contracts. Overall, BitVM holds potential for Bitcoin's growth.
Brayden Lindrea
5. Ethereum Foundation's $2.76M ETH-USDC Trade.
The Ethereum Foundation exchanged 1,700 ETH for $2.76M USDC via Uniswap. This follows Vitalik Buterin's $3.79M ether transfers. The move sparked speculation, with enthusiasts suggesting it's for worker payments, projects, and developer support. The Foundation still holds 316,761 ether worth $501M and $49M in wrapped ether. They maintain a history of financial transparency, and this trade may feature in their upcoming disclosure. ETH saw a 3% drop, possibly influenced by Israel-Hamas tensions, now trading around $1,578, below the $1,600 mark.
Jamie Redman
As we conclude our journey through today's Web3 highlights, we've witnessed the incredible resilience and innovation within the crypto space. From the heartfelt Crypto Aid Fund for Israel to the record-breaking CrypToadz NFT sale, each story exemplifies the dynamism of this ecosystem.
Ripple's CFO transition marks a pivotal moment in the company's journey, while BitVM's proposal to bring Ethereum-like contracts to Bitcoin opens new horizons for smart contracts. The Ethereum Foundation's substantial trade further emphasizes the growing integration of cryptocurrencies in the broader financial landscape.
We hope you found these insights as intriguing and enlightening as we did. Stay tuned for more updates, as the Web3 space continues to evolve and shape the future of decentralized technologies. Thank you for joining us on this exploration!
