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Bitcoin’s Memecoin-Like ‘Runes’ Get a Boost With AMM Launch on Stacks

Bitflow’s automated market maker uses Stacks’ Nakamoto upgrade with the aim of addressing some shortcomings inhibiting Runes trading.

Crypto degens have a new – and, if all goes according to plan, faster, cheaper and safer – way to trade Runes, the Bitcoin ecosystem’s answer to memecoins.

An automated-market maker (AMM) for the Runes protocol is being deployed on Stacks. It’s the first AMM for such tokens on that Bitcoin layer-2 network. The AMM went live on Wednesday, following the unveiling of Stacks’ native BTC-backed asset sBTC on Tuesday.

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The teams behind decentralized exchange (DEX) Bitflow Finance and Bitcoin bridge Pontis developed the AMM, a tool that facilitates trading through algorithmic means to improve liquidity. They announced the project Wednesday.

The Runes protocol is a standard for issuing fungible tokens on Bitcoin, building on the work of Ordinals, which allowed data to be inscribed on small denominations of BTC, thus making each one unique and potentially valuable. In the same way that Ordinals could be considered a means of creating the Bitcoin equivalent of NFTs, Runes could be considered a venue for creating memecoins.

Runes launched in April, coinciding with Bitcoin’s fourth halving event, and spurred a flurry of activity, paying 78.6 BTC ($8.18 million) in fees in the 90 minutes after the halving took place.

However, less than a month later, this excitement waned considerably, with fees dropping more than 50%.

Bitflow’s aim is for its AMM to to help Runes scale and address some of the shortcomings holding it back such as slow transaction speeds, high fees and sniping of pending transactions. Sniping is when users exploit the time lag in which a transaction is waiting to be added to a Bitcoin block, by removing them from the waiting room, then adding them back in with their own signature and a higher fee attached.

Bitflow is harnessing Stacks’ Nakamoto upgrade. Stacks is one of several layer-2s that aim to allow smart contracts and other decentralized finance-related functions using Bitcoin as a base layer.

Stacks activated its Nakamoto upgrade in October. It is designed to speed up transaction times considerably by decoupling the L2’s block production schedule from Bitcoin’s.

“Another key feature that Nakamoto unlocks is Bitcoin finality,” Bitflow said. “After a transaction is confirmed, reversing it is at least as hard as reversing a Bitcoin transaction.”

Bitflow is using the Bitcoin bridge Pontis to allow trading between BTC and Runes. Each trade is recorded in one Bitcoin block, which usually takes 10 minutes, and one Stacks block, which takes between five and 10 seconds.

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Solana Smashes Record With 66.9M Daily Transactions as Pengu Token Debuts

PENGU’s debut sparked a surge on the Solana blockchain, resulting in more transactions than the combined activity of other leading blockchains.

Solana’s network activity lit up on Tuesday as the Pudgy Penguins NFT project debuted its native token, PENGU, on the programmable blockchain.

The layer 1 blockchain, considered a cheap alternative to Ethereum, registered a total transaction tally of 66.9 million, the highest since its inception in 2020, according to data source Artemis. To highlight how busy it was, Solana’s transaction count eclipsed the total of all other major chains combined.

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Solana also led other blockchains in terms of daily decentralized exchange trading volume and daily active addresses but lagged Base, Ethereum and Tron in the stablecoin transfer volume.

Since the dawn of the ongoing crypto bull run in early 2024, Solana has been a go-to blockchain for retail investors looking to make a quick buck from memecoins, NFTs and other smaller tokens.

Tuesday was no different, as holders of original Pudgy Penguins, Lil Pudgys, Rogs, and Soul Bound Tokens (SBT) lined up for the PENGU airdrop, which began at 08:00 ET. The project reported over 100,000 claims in the first hour with over 4.7 million website views.

PENGU debuted at a market cap of $2.3 billion but has since seen the value drop to $2 billion, according to data from Coingecko.

Solana’s SOL token rose 3.2% to $229 on Tuesday, following the market leader bitcoin higher. However, the token has struggled to keep the momentum going today, receding to $217, likely representing caution ahead of the Fed rate decision.

WBTC Episode ‘Reopened Old Wounds’ of Centralized Failures: Bitcoin Builders Association

The venture between BitGo and BiT Global provided a reminder of the distrust many BTC holders still have for centralized custody, according to a new report

Earlier this year, some users of wrapped bitcoin wBTC were dismayed to find its issuer BitGo was sharing custody of their bitcoin (BTC) with BiT Global, a Hong Kong-based crypto custodian partly owned by TRON founder Justin Sun.

The episode “reopened old wounds inflicted by previous centralized custody failure,” even though it did not expose any novel flaws, the Bitcoin Builders Association (BBA) said in a report on Wednesday.

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“These wounds cause BTC holders to be unwilling to trade off their self-custody for trusted solutions,” the report said.

The BBA noted that there’s been signs of growing distrust toward centralized entities. WBTC’s supply has dwindled to 0.74% of the total bitcoin circulating supply from 1.5% over two years ago.

The collapse of numerous crypto entities in 2022 highlighted the risks of ceding custody of one’s coins to centralized custodians, a lesson that many users are not willing to learn the hard way again.

WBTC Dominance

WBTC is an Ethereum-based token tradable 1:1 for BTC, allowing users to put their assets to work in the decentralized finance (DeFi) world which is largely unavailable in the Bitcoin ecosystem.

The token is comfortably the market leader in the tokenized BTC sector, accounting for a 60.4% share, according to the BBA. When added together with distant runner up BTCB (built on BNB), the two tokens have a market share of 87.2%.

However, this consolidation could be in the process of being broken up given the uptick in new tokens emerging of late. Of the 21 different participants in this sector, 40% have launched in 2024 or will do so in the near future, the BBA said.

The BBA listed each of these participants in the report and addressed some of the pros and cons of a select few. For example, wBTC is the most liquid token, is integrated across all the largest blockchains and has been stress-tested for over five years. However, the venture with BiT Global is a concern for many given the counterparty risk it introduces, “especially considering the involvement of Justin Sun, known for controversial practices in the crypto space,” according to the report.

On other hand, a token like Bitcoin layer-2 Stacks’ sBTC has yet to be stress tested (having gone live only this week) and its novel programming language Clarity can make DeFi integration more tricky. On the plus side, it is more decentralized than wBTC and inherits the protection of the Bitcoin network’s security.

The tokenized BTC market represents a mere 1.23% of the total bitcoin market cap, equal to around $25 billion at the time of writing.

“This highlights the immense untapped potential for solutions offering a programmable version of BTC,” the BBA said.

Trump Administration Has Already Unlocked ‘New Era’ for U.S. Crypto: JPMorgan

The worst regulatory environment for crypto markets is behind us, the report said.

Donald Trump’s victory in the November presidential election is already ushering in a new era for crypto in the U.S., JPMorgan (JPM) said in a report Wednesday, noting that the total cryptocurrency market cap has jumped about 65% since his reelection.

“Not only does this new administration bring a sense of crypto friendliness, but it also has shown an eagerness to promote the asset class,” analysts led by Kenneth Worthington wrote.

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The incoming administration has shown a willingness to talk about crypto market regulation and about how to keep future development in the U.S., the report said, adding that the president-elect has already nominated a number of people who will take part in the formulation of crypto policy and enforcement.

This means a floor has been established, in that the “worst regulatory environment for crypto” is in the past, the report said. The ecosystem is now expected to become a “safer, more transparent, and more productive industry (from a regulatory perspective) from this point.”

Still, these positive tailwinds could take some time to have an effect. JPMorgan cautioned that the market might not see policy impacts for at least nine to 12 months into Trump’s term.

Trump’s nomination for the Commodity Futures Trading Commission (CFTC) chair is one piece missing from the administration’s pro-crypto agenda, the Wall Street bank said. The position is important because of its likely role in regulating bitcoin (BTC) and ether (ETH).

A more productive regulatory environment would lead to the listing of more tokens by exchanges and brokers, and would also encourage more product innovation, the report added.

Kraken’s Ink Layer-2 Goes Live

The team had originally planned for Ink to go live in early 2025, so the launch of the main network is ahead of schedule.

Kraken, the seventh-largest crypto exchange, said its layer-2 rollup network, built on top of the Ethereum blockchain, has gone live.

The network, called Ink, is based on the OP stack, a customizable framework that lets developers build their own rollups using Optimism’s technology. The team had originally planned for Ink to go live in early 2025, so the launch of its main network is ahead of schedule.

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We’re excited to announce Ink is live on mainnet!

Months ahead of schedule, we’re officially launching as part of the Optimism Superchain. This is just the beginning of our journey to bridge the gap between users and builders in DeFi.

Let’s ink the future together ✍️ pic.twitter.com/WmOKNiMO06

— ink (@inkonchain) December 18, 2024

Kraken agreed to receive 25 million OP tokens (worth about $58 million) as part of a deal to build on the OP Stack. Optimism has acknowledged that handing out developer grants for participants building on the stack is part of its strategy, which in turn contributes back to the wider “Superchain” ecosystem.

Kraken competitor Coinbase said in August 2023 that it would build a layer-2 network with OP Stack. The product, called Base, is now the second-largest rollup network according to L2beat. At the time, Optimism said the Base team would receive up to 118 million OP tokens and, in return, would contribute the higher of 2.5% of its sequencer revenue or 15% of its profits to the Optimism Collective.

Other participants building a layer 2 with the OP Stack — including Uniswap, World Network, and Sony Blockchain Labs — have not said how many OP tokens they expect to receive as part of their deals.

“Today is just the beginning for Ink, and now our boldest work really begins – growing Ink,” said Andrew Koller, the founder of Ink, in a press release. “We’re pushing the boundaries of on-chain experiences to unlock new applications and opportunities for builders and users alike, layering privacy, security and UX enhancements on a foundation of deep liquidity.”

Fed Cuts Interest Rates by 25 Basis Points, Bitcoin Slips Below $104K on Hawkish Tone

The price of bitcoin, already lower from yesterday, dipped below $104,000 in the minutes following the announcement.

The U.S. Federal Reserve lowered its benchmark fed funds rate by 25 basis points to the 4.25%- 4.50% range, its third consecutive easing move this year and now marking a total of 100 basis points of rate cuts since September.

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Market participants had fully expected Wednesday’s move by the central bank, but recent data had shown continued solid economic growth and perky inflation. This turned the focus today to the policy statement, updated economic projections and the upcoming press conference with Chairman Jerome Powell for clues about the Fed’s thinking on future policy actions.

The Fed’s quarterly economic projections — which include the “dot plot” indicating where the central bank expects the Fed funds rate to land over time — reveal that policymakers expect the Fed funds rate to decline to 3.9% by year-end 2025 or another 50 basis points in rate cuts next year. That’s higher than the 3.4% projected in September, signaling a less dovish monetary policy in 2025.

Already lower in the session, the price of bitcoin (BTC) traded slightly above $104,000 in the minutes following the announcement. The S&P 500 index also fell to a session low on Wednesday.

“I think the biggest headache for the Fed right now is the fact that financial conditions have still tightened despite the Fed cutting rates,” Andre Dragosch, European Head of Research at Bitwise, told CoinDesk prior to today’s action. “Long bond yields and mortgage rates have increased since September and the dollar has appreciated which also implies a tightening in financial conditions.”

“A continued appreciation of the US dollar also poses a macro risk for bitcoin since dollar appreciation is associated with global money supply contraction as well which tends to be bad for bitcoin and other crypto assets,” Dragosch continued. “In fact, Fed net liquidity continues to decrease. Tightening liquidity and strong dollar is also the biggest risk for BTC in my view … On the other hand, on-chain factors for BTC continue to be very supportive, in particular the ongoing decline in exchange balances which supports the hypothesis that the BTC supply deficit continues to intensify.”

Fed Chairman Jerome Powell will hold a post-meeting press conference at 2:30 pm ET, which will provide further signals about the U.S. central bank’s intentions.

Deutsche Bank’s L2 Blockchain to Be ‘Public and Permissioned,’ Says Tech Partner

The banking giant is building a rollup on Ethereum using Matter Labs’ ZKsync technology.

Banking giant Deutsche Bank is building out a layer-2 rollup network on Ethereum with Matter Labs’ ZKsync technology.

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Bloomberg reported the project Wednesday, and a representative for Matter Labs confirmed the story.

The chain will be “a public and permissioned L2,” Omar Azhar, the head of business development at Matter Labs, told CoinDesk over Telegram. When asked to elaborate, he referred a reporter to another participant in the project, Memento Blockchain, which did not immediately respond to a request for comment. Generally “public permissioned” means anyone can see what’s happening on the network but only authorized participants can do certain things.

The project is a sign of a renewed interest in blockchain technology among institutions, as prices for various cryptocurrencies reach all-time highs. It also echoes the private enterprise blockchains that were in vogue nearly a decade ago. Those systems were disconnected from public chains like Ethereum and Bitcoin, though they sometimes borrowed code from them.

According to the Bloomberg report, the bank is creating the layer-2 network in order to address regulatory compliance issues that come with public blockchains in finance. (Regulated institutions have to know who they are dealing with, which is hard in completely open networks like the main Ethereum chain). The bank believes that by creating a layer-2 on top of Ethereum, it will improve the speed of transactions as well as address those compliance needs.

The ZKsync-based rollup could allow banks to experiment with blockchains, and let them select which validators could run said blockchain, Boon-Hiang Chan, Deutsche Bank’s Asia-Pacific industry applied innovation lead, told Bloomberg. The L2 blockchain may also give regulators “super admin rights,” allowing them to look more deeply into the movement of funds, Chan said.

Memento Blockchain announced the L2 endeavor on Nov. 6, but it received little attention at the time. The chain is currently in a test network environment. It is built with ZK Stack, a customizable toolkit that lets developers build their own blockchains based on ZKsync’s technology.

The L2 is part of Dama 2, a multi-chain initiative led by Deutsche Bank. Dama 2, in turn, is part of the Singapore Monetary Authority’s Project Guardian, which is bringing together 24 major financial institutions that are looking into ways to use blockchains to tokenize their assets.

‘DeFi on Bitcoin’ Gets a Boost as BOB L2 Integrates $6B BTC Staking Protocol Babylon

The integration allows BOB, a “hybrid L2,” to use Bitcoin as its anchor chain where transactions with assets from other chains can be irreversibly recorded.

BOB, the “hybrid layer-2” network seeking to make Bitcoin the center of the decentralized finance (DeFi) universe, has taken a step toward that goal by integrating with BTC restaking protocol Babylon.

An abbreviation of “Build on Bitcoin,” BOB’s aim is to establish Bitcoin as the foundational network for DeFi by creating bridges between itself and other blockchains, using Bitcoin as the anchor chain to finalize transactions.

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Integrating with Babylon forms part of BOB’s roadmap by giving it “Bitcoin finality,” the point at which a transaction is permanent and irreversible on the oldest blockchain. Assets deposited from other chains on BOB would be confirmed and verified on Bitcoin via Babylon’s protocol.

Babylon, which is billed as a way of using BTC to secure other protocols and decentralized applications, is the foremost Bitcoin staking project in the sector, with total value locked (TVL) of around $6 billion.

Staking refers to offering up crypto tokens to support the running of a blockchain network in return for rewards, similar to accruing interest in a bank account.

Such a process is fundamental to networks like Ethereum and Solana which run on a “proof-of-stake” mechanism, but is absent from Bitcoin, which use “proof of work.”

However, given that the total market cap of bitcoin is greater than every other crypto asset combined, projects like Babylon are exploring ways of tapping into BTC’s deep reserves to benefit the broader industry.

This week, Babylon completed its third staking round in which it took its total BTC staked to 57,290 ($5.93 billion), placing it in the top 10 protocols by TVL, according to data tracked by DeFiLlama.

BOB’s next step is to launch bridges connecting Bitcoin to other networks, using BitVM, a computing paradigm designed to allow Ethereum-style smart contracts on the world’s original blockchain. BitVM is set for testnet release in Q1 of 2025.

Bitcoin’s Nosedive to Under $100K Shaves $700M Crypto Longs, XRP Drops 5%

XRP and DOGE futures recorded an unusually high $70 million in liquidations, indicative of rising speculative activity in majors.

A bitcoin (BTC) slump spiraled into over $700 million worth of liquidations across futures tracking major tokens, with XRP and dogecoin (DOGE) products recording unusually high losses.

BTC fell under $100,000 in late U.S. hours before slightly recovering during early Asian hours Thursday, as the Federal Reserve hinted at a few rate cuts in 2025. Fed chair Jerome Powell then said at a post-FOMC press conference that the central bank wasn’t allowed to own bitcoin under current regulations — in response to a question about President-elect Donald Trump’s strategic reserve promises.

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“That’s the kind of thing that Congress should consider, but we are not looking for a law change,” Powell said. In a July campaign, Trump said the government would keep 100% of all the bitcoin it currently holds or acquires in the future under his administration — referring to the stockpile of seized BTC held by the country.

BTC fell 3% after Powell’s comments, causing a dive across majors. XRP, dogecoin (DOGE) and Solana’s SOL fell as much as 5.5%, with BNB Chain’s BNB and ether (ETH) down 2.5%. Chainlink’s LINK fared the worst with a 10% drop — erasing some gains from earlier in the week as Trump-backed World Liberty Financial purchased $2 million worth of the tokens.

The market slide led to over $700 million in bullish bets liquidated, with futures tracking smaller altcoins and meme tokens recording higher losses than BTC or ETH futures in an unusual move, data shows.

A liquidation occurs when an exchange forcefully closes a trader’s leveraged position due to the trader’s inability to meet the margin requirements. Large-scale liquidations can indicate market extremes, like panic selling or buying.

A cascade of liquidations might suggest a market turning point, where a price reversal could be imminent due to an overreaction in market sentiment.

Some traders say Powell’s comment may mark a local top, dampening expectations of a continued rally toward the end of the month.

“Crypto markets may have entered a peak if a U.S. Bitcoin strategic reserve is no longer in play, as this promise helped to fuel the recent months’ rally to new all-time highs, Nick Ruck, director at LVRG Research, shared with CoinDesk in a Telegram message. “Although an interest rate cut would normally have a bullish reaction since it was largely expected, the market strongly reacted after Fed Chair Jerome Powell stated that inflation would be a continuing problem throughout the next year.”

Traders at Singapore-based QCP Capital, however, remain generally bullish for the coming year.

“Don’t get shaken out of your positions if a drop occurs. With 2025 poised to be a potentially bullish year for crypto, particularly with Trump in office, staying the course may prove beneficial,” the company said in a Thursday broadcast message.

Hawkish Fed Has Bitcoin Market Showing Strongest Bias for Downside Protection in 3 Months

Short-term BTC puts are in demand after hawkish Fed dented the bullish sentiment in risk assets.

Crypto traders initial worries about a hawkish Fed materialized Wednesday as Chairman Jerome Powell cut interest rates but expressed uncertainty about the speed and extent of future easing. And now the sentiment has deteriorated.

Bitcoin’s seven-day call-put skew shows that Deribit-listed put options offering downside protection and expiring in one week are trading at the highest implied volatility premium to call options since September, according to data source Amberdata. In other words, put options are the most expensive relative to calls in three months.

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Its a sign of traders scrambling to hedge their bullish bets against a potential continuation of Wednesday’s price slide, triggered by a hawkish Fed.

The dour sentiment is also evident from the negative one-month skew, reflecting a bias for puts and a significantly weaker call bias in options ranging from two to six months. These calls traded at a 3 vol premium to puts at press time, down from the 4-5 vol premium observed early this month.

On Wednesday, the Fed cut the benchmark interest rate by 25 basis points to the 4.25% to 4.5% range. That’s 100 basis points lower than the September levels when it began the easing cycle.

Bitcoin declined following the rate cut, as Fed Chairman Jerome Powell described it as a close call and emphasized caution regarding future moves as rates