Bitcoin's Blockchain Usage Soars; LayerZero Token Stirs Controversy; Winklevoss Twins Back Trump; BTC Miner Reserves at 14-Year Low
Summary:
Bitcoin's blockchain usage exceeds 90% for the first time since the 2024 halving, indicating heightened network activity. Cross-chain interoperability protocol LayerZero's token, LayerZero (ZRO), falls 17% amid controversy over a required donation to claim tokens. The Winklevoss twins pledge $2 million in Bitcoin towards Trump's campaign, surprising no one. Lastly, miner-held Bitcoin reserves hit a 14-year low, dropping to 1.90 million BTC.
The bandwidth usage of Bitcoin's blockchain surpassed 90% for the first time since the halving event in 2024. LayerZero's fresh token launch has stirred controversy due to a mandatory donation for token claiming. Also, the Winklevoss twins' support for Trump did not surprise anyone.
The increased use of Bitcoin's blockchain is a strong indicator of heightened network activity. A chart created by Cryptokoryo, a Dune Analytics user, highlighted June 20 as the historic day when Bitcoin's dominance of 91.4% surpassed that of Runes (6.8%), BRC-20 (1.6%) and Ordinals (0.2%) in transactional shares. The post-halving rise in usage can also be attributed in part to the adoption of new token standards like Runes and BRC-20.
The landmark token LayerZero (ZRO), the recent launch of cross-chain interoperability protocol LayerZero, experienced a 17% plunge amid debates over a necessary donation to claim tokens. Often likened to a 'tax,' some see it as a positive step toward addressing current token airdrop issues. LayerZero anticipates the donations pooling into approximately $18.5 million for Protocol Guild, an Ethereum (ETH) developers fund, which immediately triggered backlash from the crypto community.
The Winklevoss twins, the Gemini cryptocurrency exchange cofounders, unsurprisingly pledged $2 million in Bitcoin towards Donald Trump's campaign. Tyler Winklevoss asserts that the current US president Joe Biden harbors anti-crypto sentiments, with Cameron Winklevoss echoing his brother's stance.
On another note, Bitcoin reserves held by miners hit their lowest in over 14 years. The reserves plunged to 1.90 million BTC on June 19 from 1.95 million at the start of the year. As halving squeezes margins, miners are expected to sell more of their reserves, contributing to the decline.
Reported by Geraint Price, Sam Bourgi, and Felix Ng.
Published At
6/21/2024 2:21:28 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.