We bang on about cryptocurrencies on Dispatch – it is our thing after all – and this week's buzz has been all about Litecoin’s halving successfully taking place on Wednesday evening. A big event indeed, the network’s third block rewards halving, sees the payouts to miners, validating the transactions on the network slashed in half to control supply and maintain scarcity, a symbol of stability in the ever-changing world of crypto.
And while some will focus way ahead in 2024 for the grand daddy event a.k.a. Bitcoin’s next halving, it’s important to acknowledge Litecoin’s achievements in the space – it is the original altcoin and possibly one of the few survivors of that 2011 era. It’s all understandable when we look past the price charts and into how Litecoin has helped cryptocurrency adoption in general. And as simple as it is, it’s been the pursuit of Litecoin’s original mission – a “lite version of Bitcoin”, delivering faster, cheaper transactions. And oh, boy, don’t we need them all.
Litecoin's mantra, 'Make it accessible,' has been manifested through a myriad of partnerships with sports clubs, film festivals, financial institutions, travel agencies, and software companies, to name just a few.
Yet, one relationship remains relatively obscured – the connection to Dogecoin. In the early days, Litecoin came into existence by cloning Bitcoin's code. Dogecoin, in turn, found its genesis by cloning Luckycoin, itself a derivative of Litecoin. This lineage has cultivated a supportive relationship, with Litecoin aiding DOGE through shared-mining infrastructure, a key aspect of ensuring network security. Thus, a gentle reminder to crypto aficionados and Elon Musk fans alike: one of the top 10 assets, Dogecoin, owes a debt of gratitude to Litecoin, the pioneering altcoin that refused to remain in the shadows.
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The Three to See July Through
Bitcoin and Ether frequently steal the headlines when it comes to the top-performing cryptocurrencies, but not this past month they don’t. It’s been all about three other assets, conveniently all on Nexo – Ripple’s XRP, Maker’s MKR and Stellar’s XLM. Here’s what moved markets in July:
MakerDAO's MKR token surged 47%, claiming the top gainer spot in July as per the Coindesk Market Index (CMI). MKR's surge came after introducing a token buyback program, driving it to a near one-year high.
Bitcoin (BTC) and Ethereum (ETH) had a minor setback, losing 4% each during the month, even though market excitement is building for a potential SEC decision on spot bitcoin ETF applications, with hopes of institutional adoption taking center stage.
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An Algorithmic Trading Bot: The Hero We Needed
It always makes for an inspiring story when man and machine unite as the protagonist to save the hopes and give us all the silver lining. That is what happened when a software trading bot was deployed to limit the damage during a recent exploit on Curve Finance. Here is how it all unraveled:
A trading bot intervened during a multi-million theft from Curve Finance in the DeFi ecosystem, by executing a split-second arbitrage strategy, using flash loans and Uniswap to capitalize on the price discrepancy of Curve DAO (CRV) tokens.
The bot used a Vyper programming language exploit to secure around $5.4 million in Ethereum from the attackers, returning the stolen Ethereum to Curve, while also giving back $1.6 million taken from another protocol.
Despite the massive profit, the bot fulfilled a selfless, white-hat service by returning the funds. Historically the trading algorithm had made $29,000 in profit from other arbitrage transactions.
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Barbie: Bitcoin is Ken’s Thing
$800 million in box office revenue is seemingly the major milestone so far for the Barbie movie, but it is another revelation that has piqued our interest – apparently Bitcoin is a Ken-type of thing, said barbie star actress Margot Robbie. You’d be forgiven for thinking there is more to it than some light-hearted jokes from Robbie. On the other hand though, “Barbie” parent company Mattel has been active in the space by exploring blockchain technology to support some of its brands, with Barbie-themed NFT airdrops already taking place, but there’s more:
Mattel released themed NFTs in collaboration with Boss Beauties, aiming to empower women and collectors to explore Web3. They also had a previous collaboration with French fashion house Balmain.
Mattel launched a marketplace on the Flow blockchain for direct NFT sales, with plans to expand beyond Barbie and Hot Wheels to include the entire brand portfolio.
Mattel has 45 films in development based on its toys, and the success of the "Barbie" movie will impact the fate of these projects.
The "Barbie" movie has been a major financial success, grossing $775 million in theaters in its first two weeks, according to Box Office Mojo.
NFTs have seen better, more appreciative times, but the concept’s brands-strengthening abilities have been adopted by many house-hold names. Question is: Will the Chads get along with the Kens?
The Week’s Most Interesting Data Story
Addresses to the People
Congratulations, Bitcoiners! Bitcoin adoption now amounts to 47.9 million addresses with non-zero balances for a new all-time high, indicating active ownership and engagement with the cryptocurrency. #Wen50million, anyone?