BitPactum

Grayscale is on fire and moving in the right direction!

0/ 80% of 100 dollar bills are held offshore, representing over $1.5T in value! For most, outside of the global elite, the only access to USD was cold hard cash. Stablecoins introduced digital dollars to the rest of the worlds, and the adoption metrics are astounding. 👇

JUST IN: 🇺🇸 #Bitcoin ETFs cumulative inflows are now over $45 billion 🤯 The fastest growing ETFs in history 🙌

Introducing the ZK Market Map! We’ve charted 250+ crypto projects advancing zero knowledge (ZK) tech. This detailed map is an extension of our Crypto Market Map meant to showcase the differences between projects within ZK subsectors. Why did we make this and why does ZK matter?

This is a VERY similar view to the one I expressed in my article a week ago. 👏👏👏

Thanks to @jdiegooliva for being there at the very beginning and good luck to @strjd87 -- it's going to be a very challenging, but hopefully rewarding

Layer-2 networks are not important anymore, so what's next? Just a few years ago, if you were a crypto or blockchain builder with your home in the Ethereum ecosystem, you were in big trouble - gas became prohibitively expensive, on-chain activity was only possible for high-volume transactions, and a congested network put any real product use to a halt. We've made our first transition from "Ethereum is for a few" to "Ethereum is for the masses", and with the network that was majorly not ready for that transition and ecosystem mentality of "We need to prepare for the next billion of users" we all desperately prayed for a solution that could enable the next wave of innovation and new products development. And our prayers were answered - first with the optimistic and naive scaling solutions, but soon after that - rock-solid, trustless, mathematically proven solutions - SNARKs and STARKs and general Zero-Knowledge based scaling solutions - and at that moment, the epoch of Layer-2 networks started. Layer-2, especially ZK-Proofs based Layer-2 were the answer to all our problems - price of gas, speed of execution and security. The coined term "Layer-2" was, without understatement, the most genius marketing term ever created in the crypto and blockchain industry. At the time when Ethereum desperately needed scaling, we already had a variety of other networks (colloquially called - Layer-1 networks). Still, in order to gain users' trust and speed up the adoption of scaling for Etherium, we had to distinguish 'other' networks and 'ethereum-based' networks, so the term "Layer-2" and narrative of "inherited security of Etherium" massively helped on both fronts. Any network that can execute smart contracts internally, even if it keeps the network's state in sync with Ethereum, is just a side network. We say "Layer-2" networks sit on top of Ethereum and this architecture makes them, by proxy, an extension of Ethereum itself. But in principle, because you can't enforce an escape hatch on the product level of any protocol running on Layer-2, it is the same as any other Layer-1 network connected to Ethereum with a bridge - a side chain. And normally, if this architecture (Ethereum <> Layer-2) continues to prevail, it will eventually become a problem simply because you can't inherit Ethereum security to every part of a side chain (or Layer-2). However I believe Layer-2 networks are not important anymore. Hence, the relation between Ethereum and its scaling solution doesn't matter either. Why so? Three years ago, @HaymanLiron told me, "@Starknet makes Ethereum better." This was true, and it empowered dozens of creators, builders, and developers to have that next wave of innovation that would not have been possible on Ethereum at the time. But it's not about making Ethereum better anymore. Every single change the community made in the Ethereum core in the last couple of years made it future-proof without any scaling solutions, but only from the technical perspective. We all believe that the crypto ecosystem lives in cycles - we've seen many crypto-winters and crypto-springs and even some crypto-summers. But every new cycle is based on demand, and users come to the crypto and blockchain because they see something exciting or beneficial to them. We are past the novelty of crypto, we are past 'get rich fast' stage, and if we want to see crypto booming again, even on a larger scale, with more users and more funds, we need to have real products that make users come and use these products not because there is FUD or greed, but because users genuinely benefit by using these products. The next crypto cycle won't start otherwise - we need to have retail users coming to the industry, but they need to have a solid reason to come. And this reason is not technical innovation, not multi-million-dollar-worth-GIFs or meme coins, but actual working products. I believe the future of @Starknet (and other "Layer-2s") is not about making Ethereum better anymore, it's about making finance and the internet better. Right now, all L1s are L2 are commoditised - you can build a very limited product that functions within the network's boundaries and bridges. Apart from the userbase and reach of the said network there is no difference in where you build. But that's not enough to build new valuable products, and it's limited to the original principles of crypto that have mostly stayed the same in the last decade. Imagine how unique and powerful a network can be if it provides the building blocks, out of the box, to build cross-border native swift integration, instant and direct bank payments and settlements, currency conversions, frameworks for different legislations, KYCs and KYBs plugins, access to real-world yields, funds, traditional and innovative financial products, access to real-world assets, and standardised tokenisation. It means any entrepreneur or builder with an idea for the product can come to this network, pick and mix underlying functions and focus on building a product for the users they know, focusing on the product, interfaces and user acquisition, retention and satisfaction, returns and profits. Right now, we have networks facilitating transactions; we need a network facilitating product creation and innovation. I believe these changes will come, and Starknet is perfectly positioned to be the foundation of the new wave of fintech products, not the layer on top of Ethereum. After all, Layer-2 networks are not important anymore. 🚀

Let's go!!!

Announcing the biggest milestone in this incredible journey 🥁 The $ZKX token is now LIVE! Today is not just a big day for us; it's a significant moment for everyone in the ZKX community. Full announcement here: bit.ly/3KPYSvD Scroll to read more! 1/9 🧵

📢 @zkxprotocol $ZKX Is Available on BurningDrop! ✅ Stake $KCS to subscribe 🔥 Burn $KCS to mine more $ZKX airdrops ⏰ Subscription period: 9:00:00 on June 13, 2024 to 18:00:00 on June 13, 2024 (UTC) 👀 See details ⬇️

Upcoming Listing Announcement 📣 Excited to announce that $ZKX also will be listed on @gate_io on June 19th, 2024 🗓 In addition to $ZKX joining Gate.io's Launch Pool, there's more to look forward to! Keep an eye on our X, more listings are on the horizon.

Up and onwards!!! 🚀🚀🚀

Super proud to be part of @zkxprotocol and kudos to @Starknet for supporting us!

@zkxprotocol ZKX + STRK Rewards are booming!

@HaymanLiron @abdelstark Onwards & upwards!

Together with my friend @abdelstark, I have recently decided to join StarkWare. I am taking this position personally, not representing any other entity, with a focus on the challenges and innovations within the company. I am therefore fully expected to take contrarian views on StarkWare's developments when necessary. I do receive a significant compensation package from this position. I do not believe that this will influence my opinions on the core protocol's development, but I believe that the community should be aware of this, so they can hold me accountable. I think StarkWare has the potential to greatly benefit the blockchain ecosystem if it is led by individuals with high integrity. I trust the current leadership is committed to this, and I plan to hold them accountable. I will not hesitate to speak out or resign if I believe this is no longer the case. My views on scaling solutions and zero-knowledge proofs may differ from Abdel's, and they have been consistent since I developed them last year. To summarize: StarkWare comes with significant challenges: 1. The technology is still not decentralized. We need to be accountable to eventually decentralize our technology. While innovation is necessary, it must not come at the cost of compromising security. 2. Cairo does not have the same adoption as Solidity. We need to ensure that the community is aware of the advanced dev tooling that Cairo already has, and to assist them in onboarding to a new language. 3. We need to be more user-centric and listen to the pains of the end user. This is something I care about deeply. Addressing these challenges is one of the main reasons I decided to join StarkWare. Clearly, I would never have taken this position if I did not also see significant benefits to the blockchain ecosystem from StarkWare's technology when implemented well: 1. We want blockchains to be the backbone of the internet, and this requires hundreds of millions of daily active users and low costs. StarkWare can provide a much-needed solution to achieve these goals. 2. Hybrid solutions like an off-chain order book and matching engine with on-chain settlement can still guarantee censorship resistance and self-custody, whilst faciliating high throughput and good UX. I want to drive products like these from within. 3. We all know that ZK is the end game and I have full conviction that the team at StarkWare is the best team in the world to drive this.

It's interesting how the approach to using technology changes over time. When @zkxprotocol started, the multi-layered cake approach, where we used L1 to rely on Ethereum's fundamental security, L2 to benefit from low gas costs, and our own ZKX Appchain to have gas-less transactions and a third of a second block time for the speed of trading and execution - all that was very rare and very unusual. Almost 3 years later, this approach is the industry standard - only DeFi projects with complex and nuanced architecture can survive the arms race. All of that makes me believe that every strategic decision we take at every turn of ZKX's journey is correct, and every big project in DeFi turning into a multi-layered approach pioneered by ZKX is proof of that.

Shout out to @StarknetFndn for the amazing work they are doing! Up & Onwards!!! 🚀🚀🚀 ZKX and Starknet to the moon!

GM everyone 🌞 We're dropping a MASSIVE update covering all about our narrative, $ZKX listing event, May - June roadmap & Airdrop 2 criteria. But first, wen $ZKX Token Launch? 06.06.24 🔥 You REALLY don't wanna miss this one 👇 1/12 🧵

Three major benefits of "DEXes" right now: 1. "Decentralisation" - Users from your country can't access this service 2. "Privacy" - Please complete your verification, live stream your face while doing 360 rotation of your head while holding your passport 3. "Security" - Your account is blocked. Don't be like that - it's not a DEX if it's not permissionless!

Transparency, decentralisation, permissionless - all the principles @zkxprotocol was, is, and will be standing for.