Protos

2 days ago | protos.com | Aaron Wise

Coinbase-supported Instagram copycat Zora has frustrated users with a number of controversial decisions that appear to completely go against its previous stances on several of its offerings. First, with little warning, it terminated years of its support for NFTs (ERC-721s) for creators in favor of ERC-20-like memecoins. Second, as a way to underhandedly hand out money to disgruntled users, it announced an airdrop.

3 days ago | protos.com | Aaron Wise

As institutional adoption of bitcoin (BTC) has grown, the centralization of wealth has reached a new record. For the first time in over a decade, just two entities hold as much BTC as its creator, Satoshi Nakamoto. As of their latest attestation, BlackRock’s flagship spot BTC ETF holds 573,187 and MicroStrategy (MSTR) holds 538,200 BTC. Their 1,111,387 BTC exceeds the quantity rumored to belong to Satoshi Nakamoto. Arkham Intelligence estimates Satoshi’s holdings at approximately 1,096,000 BTC.

3 days ago | protos.com | Aaron Wise

A Binance customer accused the giant exchange of stealing a picture-based Ordinal, a bitcoin asset similar to a Non-Fungible Token (NFT). He mistakenly sent the asset to his bitcoin (BTC) deposit address, despite Binance’s warnings to only deposit common BTC. After realizing his mistake, he contacted Binance support for help. Binance’s customer service said they could not help him. At that point, he assumed the asset was lost forever. However, he later found his Ordinal listed for sale on Magic Eden.

1 week ago | protos.com | Aaron Wise

Bank of America is lobbying Congress to pass legislation that will favor banks when determining who can issue stablecoins. The $284 billion Global Systemically Important Bank (G-SIB) aims to limit non-banks’ legal abilities to create stablecoins. This year, CEO Brian Moynihan has been working with lobbying groups like the American Bankers Association and Bank Policy Institute, according to The Block.

1 week ago | protos.com | Aaron Wise

Base, the Coinbase-sponsored second layer blockchain for Ethereum that prided itself on not having a proprietary token, has launched a proprietary token. After a brief rally of two hours on its surprise announcement, the newly minted BASEISFOREVERYONE memecoin crashed 88% within two minutes. Then, at 4:30pm, someone decided to pull the rug out from under buyers, and within seven minutes, its price crashed 94%. It has since rebounded to just shy of $10.4 million.