This episode of Bankless covers several key crypto stories: the failed Bitcoin anti-ordinals fork (BIP 110) which died within two blocks due to insufficient hash power, Michael Saylor's third consecutive week of selling Bitcoin, Robinhood Chain becoming the number one Ethereum L2 by revenue, and Fidelity filing to stake up to 100% of its ETH ETF. The hosts also discuss the state of the crypto market, meme coins, and the FOMO vs. Pump app rivalry.
Summarized by Podsumo
The Bitcoin anti-ordinals fork (BIP 110) failed spectacularly, attracting only 2.5% of hash power instead of the needed 55%, effectively dying after two blocks.
Michael Saylor sold another 1,691 Bitcoin this week, marking three consecutive weeks of selling, which may be contributing to Bitcoin's price dipping below the 200-week moving average.
Robinhood Chain generated $3.6 million in revenue in July, becoming the number one Ethereum L2 by revenue, driven largely by meme coin trading and a sold-out NFT mint.
Fidelity has filed to stake up to 100% of its ETH ETF and pay holders quarterly cash dividends, offering a contrast to BlackRock's approach of accruing value in the underlying asset.
Meme coins remain surprisingly durable even in the bear market, with the FOMO app gaining 40,000 new users in a month and engaging in a rivalry with Pump for user acquisition.
"Nick Carter called this the 'death of Bitcoin maximalism' and said their 'most hardcore foot soldiers defect to a doomed ultra orthodox faction never to return.' — Nick Carter"
"'The time to buy is when it's back to boring mode again, and we're definitely quite boring.' — Ryan"
"'You can take away the exchanges, but leave the rest, that's the market deciding. To me, the answer is always just it's the broad, nebulous idea of the market.' — David"